{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "pine": "http://www.pinewoodtech.com/20240131", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.pinewoodtech.com/xbrl/2024/213800VRSPZFOGMMIS18-2024-01-31.xsd" ] }, "facts": { "f6963": { "value": "24500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f6965": { "value": "19100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f6968": { "value": "2700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f6970": { "value": "2000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f6973": { "value": "21800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f6975": { "value": "17100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f6979": { "value": "11800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f6981": { "value": "10100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f6984": { "value": "10000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f6986": { "value": "7000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f6990": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f6992": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f6996": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f6998": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7001": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7003": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7006": { "value": "9900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7008": { "value": "7000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7012": { "value": "1600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7014": { "value": "1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7017": { "value": "8300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7019": { "value": "5700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7023": { "value": "73400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7025": { "value": "39800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7028": { "value": "81700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7030": { "value": "45500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7035": { "value": "1.17", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f7037": { "value": "0.654", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f7041": { "value": "1.17", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f7043": { "value": "0.63", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f7048": { "value": "0.119", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f7050": { "value": "0.082", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f7054": { "value": "0.119", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f7056": { "value": "0.079", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f7091": { "value": "81700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7093": { "value": "45500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7099": { "value": "-11300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7101": { "value": "8200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7105": { "value": "-2300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7107": { "value": "1600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7109": { "value": "-9000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7111": { "value": "6600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7115": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7117": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7119": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7121": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7124": { "value": "-9100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7126": { "value": "7100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7129": { "value": "72600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7131": { "value": "52600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7136": { "value": "8200000", "decimals": -5, "dimensions": { "concept": "pine:ComprehensiveIncomeForThePeriodAttributableToEquityShareholdersOfTheCompanyArisesFromContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7138": { "value": "6200000", "decimals": -5, "dimensions": { "concept": "pine:ComprehensiveIncomeForThePeriodAttributableToEquityShareholdersOfTheCompanyArisesFromContinuingOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7141": { "value": "64400000", "decimals": -5, "dimensions": { "concept": "pine:ComprehensiveIncomeForThePeriodAttributableToEquityShareholdersOfTheCompanyArisesFromDiscontinuedOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7143": { "value": "46400000", "decimals": -5, "dimensions": { "concept": "pine:ComprehensiveIncomeForThePeriodAttributableToEquityShareholdersOfTheCompanyArisesFromDiscontinuedOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7145": { "value": "72600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7147": { "value": "52600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7183": { "value": "69900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7185": { "value": "56800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7187": { "value": "5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7189": { "value": "12600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7191": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7193": { "value": "135600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7195": { "value": "281000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7199": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7201": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7203": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7205": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7207": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7209": { "value": "81700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7211": { "value": "81700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7215": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7217": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7219": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7221": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7223": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7225": { "value": "-9000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7227": { "value": "-9100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7230": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7232": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7234": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7236": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7238": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7240": { "value": "72700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7242": { "value": "72600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7245": { "value": "3300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7247": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7249": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7251": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7253": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7255": { "value": "-3300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7257": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7260": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7262": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7264": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7266": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7268": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7270": { "value": "5900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7272": { "value": "5900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7276": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:ReserveRealisedDueToReOrganisation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7278": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:ReserveRealisedDueToReOrganisation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7280": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:ReserveRealisedDueToReOrganisation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7282": { "value": "-12600000", "decimals": -5, "dimensions": { "concept": "pine:ReserveRealisedDueToReOrganisation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7284": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:ReserveRealisedDueToReOrganisation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7286": { "value": "12600000", "decimals": -5, "dimensions": { "concept": "pine:ReserveRealisedDueToReOrganisation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7288": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:ReserveRealisedDueToReOrganisation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7291": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7293": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7295": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7297": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7299": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7301": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7303": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7306": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:EBTConsiderationOnRepurchasedShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7308": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:EBTConsiderationOnRepurchasedShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7310": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:EBTConsiderationOnRepurchasedShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7312": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:EBTConsiderationOnRepurchasedShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7314": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:EBTConsiderationOnRepurchasedShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7316": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "pine:EBTConsiderationOnRepurchasedShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7318": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "pine:EBTConsiderationOnRepurchasedShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7321": { "value": "73200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7323": { "value": "56800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7325": { "value": "5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7327": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7329": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7331": { "value": "224400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7333": { "value": "360400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7336": { "value": "69900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7338": { "value": "56800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7340": { "value": "5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7342": { "value": "12600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7344": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7346": { "value": "80700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7348": { "value": "225600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7352": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7354": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7356": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7358": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7360": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7362": { "value": "45500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7364": { "value": "45500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7368": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7370": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7372": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7374": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7376": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7378": { "value": "6600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7380": { "value": "7100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7383": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7385": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7387": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7389": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7391": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7393": { "value": "52100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7395": { "value": "52600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7398": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7400": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7402": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7404": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7406": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7408": { "value": "3300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7410": { "value": "3300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7413": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7415": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7417": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7419": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7421": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7423": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7425": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7428": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7430": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7432": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7434": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7436": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7438": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7440": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SaleOrIssueOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7443": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7445": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7447": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7449": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7451": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7453": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7455": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7458": { "value": "69900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f7460": { "value": "56800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f7462": { "value": "5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "f7464": { "value": "12600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "f7466": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "f7468": { "value": "135600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f7470": { "value": "281000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7482": { "value": "Approved by the Board of Directors on 25 April 2024 and signed on its behalf by:
W Berman
O Mann
Chief Executive
Chief Financial Of\ufb01cer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7502": { "value": "1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7504": { "value": "515900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7508": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7510": { "value": "144600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7514": { "value": "13800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIntangibleAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7516": { "value": "12400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIntangibleAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7519": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentFinanceLeaseReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7521": { "value": "14800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentFinanceLeaseReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7525": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7527": { "value": "11600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7530": { "value": "15200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7532": { "value": "699300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7537": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7539": { "value": "620300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7543": { "value": "421800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7545": { "value": "115700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7548": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentFinanceLeaseReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7550": { "value": "2400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinanceLeaseReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7553": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7555": { "value": "3300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7559": { "value": "47400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7561": { "value": "171900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7565": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7567": { "value": "6100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7570": { "value": "469500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7572": { "value": "919700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7575": { "value": "484700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7577": { "value": "1619000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7582": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7584": { "value": "102500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7588": { "value": "93000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7590": { "value": "1700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7594": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7596": { "value": "20000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7600": { "value": "23000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7602": { "value": "812000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7606": { "value": "6500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7608": { "value": "38200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDeferredIncomeIncludingCurrentContractLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7611": { "value": "122900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7613": { "value": "974400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7618": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7620": { "value": "91000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7624": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7626": { "value": "197900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7630": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7632": { "value": "35700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7636": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7638": { "value": "36400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDeferredIncomeIncludingNoncurrentContractLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7642": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7644": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7648": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7650": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7653": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7655": { "value": "363600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7658": { "value": "124300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7660": { "value": "1338000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7663": { "value": "360400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7665": { "value": "281000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7670": { "value": "73200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7672": { "value": "69900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7676": { "value": "56800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7678": { "value": "56800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7682": { "value": "5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7684": { "value": "5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7688": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7690": { "value": "12600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7694": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7696": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7699": { "value": "224400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7701": { "value": "135600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7704": { "value": "360400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7706": { "value": "281000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7732": { "value": "81700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7734": { "value": "45500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7738": { "value": "10100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7740": { "value": "11700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7743": { "value": "65800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7745": { "value": "43800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7747": { "value": "157600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7749": { "value": "101000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7752": { "value": "30700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7754": { "value": "33500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7757": { "value": "5900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7759": { "value": "3300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7762": { "value": "500000", "decimals": -5, "dimensions": { "concept": "pine:ProfitOnDisposalOfOwnSharesByEBT", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7764": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:ProfitOnDisposalOfOwnSharesByEBT", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7767": { "value": "41800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7769": { "value": "7700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7772": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7774": { "value": "3600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7777": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7779": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7782": { "value": "14200000", "decimals": -5, "dimensions": { "concept": "pine:AdjustmentForContributionIntoDefinedBenefitPensionScheme", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7784": { "value": "13100000", "decimals": -5, "dimensions": { "concept": "pine:AdjustmentForContributionIntoDefinedBenefitPensionScheme", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7788": { "value": "38500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7790": { "value": "-119800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7793": { "value": "-45900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7795": { "value": "-15200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7798": { "value": "39700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7800": { "value": "150800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7804": { "value": "-57300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7806": { "value": "-20900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7809": { "value": "113700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7811": { "value": "116700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7814": { "value": "6600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7816": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7819": { "value": "45400000", "decimals": -5, "dimensions": { "concept": "pine:BankAndStockingInterestPaid", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7821": { "value": "25500000", "decimals": -5, "dimensions": { "concept": "pine:BankAndStockingInterestPaid", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7824": { "value": "1900000", "decimals": -5, "dimensions": { "concept": "pine:BankInterestReceived", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7826": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:BankInterestReceived", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7829": { "value": "16200000", "decimals": -5, "dimensions": { "concept": "pine:LeaseInterestPaid", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7831": { "value": "14700000", "decimals": -5, "dimensions": { "concept": "pine:LeaseInterestPaid", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7834": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7836": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7839": { "value": "48400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7841": { "value": "76100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7846": { "value": "1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7848": { "value": "3900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7852": { "value": "6600000", "decimals": -5, "dimensions": { "concept": "pine:FeesPaidInAdvanceOfCompletionOnBusinessDisposalToLithia", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7854": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:FeesPaidInAdvanceOfCompletionOnBusinessDisposalToLithia", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7858": { "value": "15300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7860": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7864": { "value": "40200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7866": { "value": "44300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7870": { "value": "11000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7872": { "value": "13300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7875": { "value": "2400000", "decimals": -5, "dimensions": { "concept": "pine:ReceiptOfLeaseReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7877": { "value": "2000000", "decimals": -5, "dimensions": { "concept": "pine:ReceiptOfLeaseReceivables", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7880": { "value": "-47400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7882": { "value": "-25100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7886": { "value": "19000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7888": { "value": "22200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7891": { "value": "4000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7893": { "value": "90500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7896": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7898": { "value": "93800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7901": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:DisposalOfSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7903": { "value": "100000", "decimals": -5, "dimensions": { "concept": "pine:DisposalOfSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7906": { "value": "0", "decimals": -6, "dimensions": { "concept": "pine:PurchaseOfSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7908": { "value": "500000", "decimals": -5, "dimensions": { "concept": "pine:PurchaseOfSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7911": { "value": "-23000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7913": { "value": "-19300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7916": { "value": "-22000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7918": { "value": "31700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7921": { "value": "69400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7923": { "value": "37600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7926": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7928": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7932": { "value": "47400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2024-02-01T00:00:00", "unit": "iso4217:GBP" } }, "f7934": { "value": "69400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7947": { "value": "SECTION 1 - BASIS OF PREPARATION
Presented below are those accounting policies that relate to the \ufb01nancial statements as a whole and includes details of new accounting
standards that are or will be effective for 2024 or later years. To facilitate the understanding of each note to the \ufb01nancial statements those
accounting policies that are relevant to a particular category are presented within the relevant notes.
On 6 February 2024, the Company extended its accounting reference period to end on 31 January 2024. On 13 February 2024, the Company
changed it name to Pinewood Technologies Group PLC (formerly Pendragon PLC).
Pinewood Technologies Group Plc is a Group domiciled in the United Kingdom. The consolidated \ufb01nancial statements of the Group for
the 13 month period ended 31 January 2024 comprise the Group and its subsidiaries and the Group\u2019s interest in jointly controlled entities,
together referred to as the \u2018Group\u2019.
The consolidated \ufb01nancial statements of the Group as at and for the 13 month period ended 31 January 2024 (2022: 12 month period
ended 31 December 2022) are prepared in accordance with UK-adopted international accounting standards.
The Group has elected to prepare its parent Company \ufb01nancial statements in accordance with FRS 101. These are presented on pages
146 to 157.
The \ufb01nancial statements are presented in millions of UK pounds, rounded to the nearest \u00a30.1m. They have been prepared under the
historical cost convention and where other bases are applied these are identi\ufb01ed in the relevant accounting policy in the notes below.
Going concern
The Directors are, at the time of approving the \ufb01nancial statements, satis\ufb01ed that the Group has adequate resources to continue in
operational existence for the foreseeable future.
Thus, they continue to adopt the going concern basis of accounting in preparing the
\ufb01nancial statements.
The Directors have considered the potential impact of a 10% reduction in revenue. Given the Group\u2019s activity is
Software as a Service (SaaS), with net customer \u2018churn\u2019 of less than 2%, as well as annual price increases for all customers that are out of
their initial three year contract, this is a severe but plausible downside scenario.
When the 10% revenue reduction was applied in FY24, the
Group was still forecast to generate \u00a32.9m of cash in the year.
The Group meets its day-to-day working capital requirements from operating in a net cash position and being a highly cash generative
business.
As at 31 January 2024, the Group had cash of \u00a347.4m and debt of \u00a393.2m.
Following receipt of the proceeds from the sale of
the UK Motor and Leasing business and repayment of
debt on 1 February 2024, the Group had net cash of \u00a3372.3m.
This will be used to
pay a special dividend of \u00a3358.4m on 7 May 2024. The Group is forecasting a cash in\ufb02ow of \u00a35.9m in FY24. The Group also has access
to a \u00a310m RCF, which expires in February 2027 and is not forecast to be utilised in the forecast period.
In the context of the above, the directors have prepared cash \ufb02ow forecasts for the period to 30 April 2025 which indicate that, taking
account of reasonably possible downsides, the Group will have suf\ufb01cient funds to meet its liabilities as they fall due for that period. The
Directors have modelled scenarios as follows:
1. A base cash \ufb02ow forecast. The 2024 \ufb01gures in this forecast are based on the Group\u2019s FY24 budget, which re\ufb02ect current run-rates and
expected strategic improvements. The 2024 \ufb01gures in the base cash \ufb02ow forecast are based on the 2024 budget.
2. A severe, but plausible downside scenario.
The directors have also prepared a sensitised forecast which considers the impact of a 10%
reduction in revenue when compared to the base case.
In this scenario, the Group would remain cash generative.
The Directors are mindful of the potential impacts to macro-economic conditions but after assessing the risks do not believe there to be
a material risk to going concern.
Based on the above, the directors are con\ufb01dent that the Group and Company will have suf\ufb01cient funds to continue to meet its liabilities
as they fall due for at least 12 months from the date of approval of the \ufb01nancial statements, and therefore the directors believe it remains
appropriate to prepare the \ufb01nancial statements on a going concern basis.
Judgements
The Group applies judgement in how it applies its accounting policies, which do not involve estimation, but could materially affect the
numbers disclosed in these \ufb01nancial statements. The following accounting judgements, without estimation, have been applied in these
\ufb01nancial statements.
In presenting continuing and discontinuing operations, it was necessary to reconsider the allocation of expenses to the segments that
are now classi\ufb01ed as a discontinued operation. Only those expenses which will cease to be incurred on disposal of the discontinued
operations are presented within discontinuing operations i.e. corporate overhead expenses will continue to be incurred and are therefore
recognised within continuing operations within the Consolidated Statement of Comprehensive Income. The full costs associated with the
crystallisation of long-term incentive plans (LTIPs) have been included within discontinued operations given that the sale was the trigger
for the LTIPs ending earlier than scheduled. As disclosed in the directors\u2019 remuneration report, the Group will discuss with shareholders
the design and costs associated with any future LTIPs.
Internally generated intangible assets relate to activities that involve the development of the dealer management system by the Group\u2019s
Pinewood division. The Directors consider the dealer management system to be one separately identi\ufb01able intangible asset that is
continuously developed. Accordingly, subsequent expenditure that does not relate to ongoing maintenance or research activities provides
additional future economic bene\ufb01t and meets the de\ufb01nition of an intangible asset.
Accounting Estimates
The preparation of \ufb01nancial statements in conformity with adopted IFRSs requires the use of estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the \ufb01nancial statements and the reported amounts of revenues and expenses
during the reporting period/year. Although these estimates are based on management\u2019s best knowledge of the amount, events or actions,
actual results ultimately may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. The estimates and associated assumptions are based
on historical experience and various other factors that are believed to be reasonable under the circumstances. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision
and future periods if the revision affects both current and future periods. The Directors do not consider there to be any areas of estimation
uncertainty that could be signi\ufb01cant under IAS 1, \u2018Presentation of Financial Statements\u2019, being areas of estimation uncertainty with a
signi\ufb01cant risk of a material change to the carrying value of assets and liabilities within the next \ufb01nancial year.
Climate change
In preparing these \ufb01nancial statements, management has taken into account climate change risks. This has included reassessing the
estimated useful lives of assets and developing assumptions, used in determining estimates, by considered potential impacts of climate
risks and the Group\u2019s planned response.
Basis of consolidation
The consolidated \ufb01nancial statements include the \ufb01nancial statements of Pinewood Technologies Group Plc, all its subsidiary undertakings
and investments. Consistent accounting policies have been applied in the preparation of all such \ufb01nancial statements.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The \ufb01nancial statements
of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences until the date that control
ceases.
Intragroup balances and any unrealised gains or losses or income and expenses arising from intragroup transactions, are eliminated in
preparing the consolidated \ufb01nancial statements.
Foreign currencies
Transactions in foreign currencies are translated to the respective functional currency of Group entities at the foreign exchange rate ruling
at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated
to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms
of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and
liabilities denominated in foreign currencies that are stated at fair value are translated to sterling at foreign exchange rates ruling at the
dates the fair value was determined. Foreign currency differences arising on retranslation are recognised in pro\ufb01t or loss.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
sterling at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated to
sterling at rates approximating to the foreign exchange rates ruling at the dates of the transactions.
Foreign currency differences arising on the retranslation of a \ufb01nancial liability designated as a hedge of a net investment in a foreign
operation are recognised directly in equity, in the foreign currency translation reserve, to the extent the hedge is effective. To the extent
the hedge is ineffective, such differences are recognised in pro\ufb01t or loss. When the hedged net investment is disposed of, the cumulative
amount in equity is transferred to pro\ufb01t and loss on disposal.
In respect of all foreign operations, any differences that have arisen after 1 January 2004, the date of transition to IFRS, are presented as
a separate component of equity.
Cash and cash equivalents
For the purposes of the cash \ufb02ow statement, cash and cash equivalents comprise deposits with banks and \ufb01nancial institutions, bank and
cash balances, and liquid investments, net of bank overdrafts. Bank overdrafts that are repayable on demand and form an integral part of
the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash \ufb02ows.
In the balance sheet, bank overdrafts are included in current borrowings.
Government grants
Government grants are recognised when there is reasonable assurance the grants will be received and the conditions of the grant will be
complied with. There was no income support from government grants during the 13 month period to 31 Jan 2024 (2022: \u00a3nil). The Group
received a local authority grant of \u00a34.5m in respect of the construction of a property which replaced a similar property which was subject
to a compulsory purchase order.
The grant received was directly credited against the expenditure incurred.
I
mpairment
The carrying amounts of the Group's assets, other than inventories (see note 3.4) and deferred tax assets (see note 2.7), are reviewed at
each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable
amount is estimated.
For goodwill the recoverable amount is estimated at each balance sheet date. The recoverable amount is the higher of fair value less
costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a
pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the
estimates of future cash \ufb02ows have not been adjusted.
In assessing fair value less costs to sell, the estimated future cash \ufb02ows are multiplied by an appropriate trading multiple or by assessing
the fair value of the individual assets.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from
continuing use that are largely independent of the cash in\ufb02ows from other groups of assets ('the cash generating unit'). The goodwill
acquired in a business combination, for the purpose of impairment testing is allocated to cash generating units.Following the disposal of
the Motor and Leasing segments management have determined that the cash generating unit of the Group is the Software segment.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount.
Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash generating units are allocated \ufb01rst to reduce the carrying amount of any goodwill
allocated to cash generating units and then, to reduce the carrying amount of the other assets in the unit on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's
carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised. The impact of the current period impairment review can be seen in note 3.1.
Adoption of new and revised standards and new standards and interpretations not yet adopted
In 2023 the following amendments had been endorsed by the UK became effective and therefore were adopted by the Group:
\u2022
IFRS 17 Insurance Contracts - this has not had a signi\ufb01cant impact on the Group\u2019s consolidated \ufb01nancial statements.
Other standards
A number of new standards, amended standards and interpretations are effective for annual periods beginning after 1 January 2024 and
earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated
\ufb01nancial statements. The following new standards, amended standards and interpretations are not expected to have a signi\ufb01cant impact
on the Group\u2019s consolidated \ufb01nancial statements.
\u2022
Amendment to IFRS 16 \u2013 Leases on sale and leaseback
\u2022
Amendment to IAS 1 \u2013 Non-current liabilities with covenants
\u2022
Amendment to IAS 7 and IFRS 7 - Supplier \ufb01nance agreements
\u2022
Amendments to IAS 21 - Lack of Exchangeability
Alternative performance measures
The Group uses a number of key performance measures ('KPI\u2019s') which are non-IFRS measures to monitor the performance of its
operations. The Group believes these KPIs provide useful historical \ufb01nancial information to help investors and other stakeholders evaluate
the performance of the business and are measures commonly used by certain investors for evaluating the performance of the Group. As a
result of the disposal, the group is now a pure play SaaS business and as such the alternative performance measures used have changed,
with comparatives also provided. The Group will the following KPIs on a consistent basis and they are de\ufb01ned and reconciled as follows:
Revenue including intercompany revenue
is reconciled in
note 2.3 to the nearest GAAP measure.
Gross pro\ufb01t including intercompany gross pro\ufb01t
is reconciled on page 15 of the annual accounts to the nearest GAAP measure.
Core business operating pro\ufb01t
is reconciled on page 15 of the annual accounts to the nearest GAAP measure
Core business operating expenses
is reconciled on page 15 of the annual accounts to the nearest GAAP measure
Continuing operations EBITDA
- Continuing operations earnings before Interest, Tax, Depreciation and Amortisation.
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Operating Pro\ufb01t
10.0
7.0
Depreciation and Amortisation
5.6
4.3
EBITDA
15.6
11.3
EBITDA Margin (%)
\u2013 Continuing operations EBITDA divided by Revenue, including intercompany revenue ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7953": { "value": "On 6 February 2024, the Company extended its accounting reference period to end on 31 January 2024. On 13 February 2024, the Company changed it name to Pinewood Technologies Group PLC (formerly Pendragon PLC).", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7957": { "value": "Pinewood Technologies Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7958": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7959": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7960": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7961": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7963": { "value": "2024-01-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7966": { "value": "The consolidated \ufb01nancial statements of the Group as at and for the 13 month period ended 31 January 2024 (2022: 12 month period ended 31 December 2022) are prepared in accordance with UK-adopted international accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f7974": { "value": "Going concern
The Directors are, at the time of approving the \ufb01nancial statements, satis\ufb01ed that the Group has adequate resources to continue in
operational existence for the foreseeable future.
Thus, they continue to adopt the going concern basis of accounting in preparing the
\ufb01nancial statements.
The Directors have considered the potential impact of a 10% reduction in revenue. Given the Group\u2019s activity is
Software as a Service (SaaS), with net customer \u2018churn\u2019 of less than 2%, as well as annual price increases for all customers that are out of
their initial three year contract, this is a severe but plausible downside scenario.
When the 10% revenue reduction was applied in FY24, the
Group was still forecast to generate \u00a32.9m of cash in the year.
The Group meets its day-to-day working capital requirements from operating in a net cash position and being a highly cash generative
business.
As at 31 January 2024, the Group had cash of \u00a347.4m and debt of \u00a393.2m.
Following receipt of the proceeds from the sale of
the UK Motor and Leasing business and repayment of
debt on 1 February 2024, the Group had net cash of \u00a3372.3m.
This will be used to
pay a special dividend of \u00a3358.4m on 7 May 2024. The Group is forecasting a cash in\ufb02ow of \u00a35.9m in FY24. The Group also has access
to a \u00a310m RCF, which expires in February 2027 and is not forecast to be utilised in the forecast period.
In the context of the above, the directors have prepared cash \ufb02ow forecasts for the period to 30 April 2025 which indicate that, taking
account of reasonably possible downsides, the Group will have suf\ufb01cient funds to meet its liabilities as they fall due for that period. The
Directors have modelled scenarios as follows:
1. A base cash \ufb02ow forecast. The 2024 \ufb01gures in this forecast are based on the Group\u2019s FY24 budget, which re\ufb02ect current run-rates and
expected strategic improvements. The 2024 \ufb01gures in the base cash \ufb02ow forecast are based on the 2024 budget.
2. A severe, but plausible downside scenario.
The directors have also prepared a sensitised forecast which considers the impact of a 10%
reduction in revenue when compared to the base case.
In this scenario, the Group would remain cash generative.
The Directors are mindful of the potential impacts to macro-economic conditions but after assessing the risks do not believe there to be
a material risk to going concern.
Based on the above, the directors are con\ufb01dent that the Group and Company will have suf\ufb01cient funds to continue to meet its liabilities
as they fall due for at least 12 months from the date of approval of the \ufb01nancial statements, and therefore the directors believe it remains
appropriate to prepare the \ufb01nancial statements on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8031": { "value": "Judgements
The Group applies judgement in how it applies its accounting policies, which do not involve estimation, but could materially affect the
numbers disclosed in these \ufb01nancial statements. The following accounting judgements, without estimation, have been applied in these
\ufb01nancial statements.
In presenting continuing and discontinuing operations, it was necessary to reconsider the allocation of expenses to the segments that
are now classi\ufb01ed as a discontinued operation. Only those expenses which will cease to be incurred on disposal of the discontinued
operations are presented within discontinuing operations i.e. corporate overhead expenses will continue to be incurred and are therefore
recognised within continuing operations within the Consolidated Statement of Comprehensive Income. The full costs associated with the
crystallisation of long-term incentive plans (LTIPs) have been included within discontinued operations given that the sale was the trigger
for the LTIPs ending earlier than scheduled. As disclosed in the directors\u2019 remuneration report, the Group will discuss with shareholders
the design and costs associated with any future LTIPs.
Internally generated intangible assets relate to activities that involve the development of the dealer management system by the Group\u2019s
Pinewood division. The Directors consider the dealer management system to be one separately identi\ufb01able intangible asset that is
continuously developed. Accordingly, subsequent expenditure that does not relate to ongoing maintenance or research activities provides
additional future economic bene\ufb01t and meets the de\ufb01nition of an intangible asset.
Accounting Estimates
The preparation of \ufb01nancial statements in conformity with adopted IFRSs requires the use of estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the \ufb01nancial statements and the reported amounts of revenues and expenses
during the reporting period/year. Although these estimates are based on management\u2019s best knowledge of the amount, events or actions,
actual results ultimately may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. The estimates and associated assumptions are based
on historical experience and various other factors that are believed to be reasonable under the circumstances. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision
and future periods if the revision affects both current and future periods. The Directors do not consider there to be any areas of estimation
uncertainty that could be signi\ufb01cant under IAS 1, \u2018Presentation of Financial Statements\u2019, being areas of estimation uncertainty with a
signi\ufb01cant risk of a material change to the carrying value of assets and liabilities within the next \ufb01nancial year.Estimates and judgements
The actual tax on the Group's pro\ufb01ts is determined according to complex laws and regulations. Where the effect of these laws and
regulations is unclear, estimates are used in determining the liability for the tax to be paid on pro\ufb01ts which are recognised in the \ufb01nancial
statements. The Group considers the estimates, assumptions and judgements to be reasonable but this can involve complex issues
which may take a number of years to resolve. The \ufb01nal determination of tax liabilities could be different from the estimates re\ufb02ected in
the \ufb01nancial statements but the Group believes that none have a signi\ufb01cant risk of causing a material adjustment to the carrying amount
of the liability within the next \ufb01nancial year.
Deferred tax assets and liabilities require management judgement in determining the amounts to be recognised. In particular, judgement
is used when assessing the extent to which deferred tax assets should be recognised with consideration given to the timing and level of
future taxable income. The unrecognised deferred tax assets are disclosed below.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8085": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements include the \ufb01nancial statements of Pinewood Technologies Group Plc, all its subsidiary undertakings
and investments. Consistent accounting policies have been applied in the preparation of all such \ufb01nancial statements.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The \ufb01nancial statements
of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences until the date that control
ceases.
Intragroup balances and any unrealised gains or losses or income and expenses arising from intragroup transactions, are eliminated in
preparing the consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8097": { "value": "Foreign currencies
Transactions in foreign currencies are translated to the respective functional currency of Group entities at the foreign exchange rate ruling
at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated
to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms
of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and
liabilities denominated in foreign currencies that are stated at fair value are translated to sterling at foreign exchange rates ruling at the
dates the fair value was determined. Foreign currency differences arising on retranslation are recognised in pro\ufb01t or loss.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
sterling at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated to
sterling at rates approximating to the foreign exchange rates ruling at the dates of the transactions.
Foreign currency differences arising on the retranslation of a \ufb01nancial liability designated as a hedge of a net investment in a foreign
operation are recognised directly in equity, in the foreign currency translation reserve, to the extent the hedge is effective. To the extent
the hedge is ineffective, such differences are recognised in pro\ufb01t or loss. When the hedged net investment is disposed of, the cumulative
amount in equity is transferred to pro\ufb01t and loss on disposal.
In respect of all foreign operations, any differences that have arisen after 1 January 2004, the date of transition to IFRS, are presented as
a separate component of equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8100": { "value": "Transactions in foreign currencies are translated to the respective functional currency of Group entities at the foreign exchange rate ruling
at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated
to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms
of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and
liabilities denominated in foreign currencies that are stated at fair value are translated to sterling at foreign exchange rates ruling at the
dates the fair value was determined. Foreign currency differences arising on retranslation are recognised in pro\ufb01t or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8119": { "value": "Cash and cash equivalents
For the purposes of the cash \ufb02ow statement, cash and cash equivalents comprise deposits with banks and \ufb01nancial institutions, bank and
cash balances, and liquid investments, net of bank overdrafts. Bank overdrafts that are repayable on demand and form an integral part of
the Group's cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash \ufb02ows.
In the balance sheet, bank overdrafts are included in current borrowings.Cash and cash equivalents \n \n
Carrying value
Carrying value
and fair value
and fair value
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Bank balances and cash equivalents
47.4
69.4
Cash and cash equivalents in the Balance Sheet
47.4
171.9
Bank overdrafts repayable on demand and used for cash management in the Balance Sheet
-
(102.5)
Cash and cash equivalents in the statement of cash \ufb02ows
47.4
69.4
Bank overdrafts re\ufb02ect the aggregated overdrawn balances of Group companies (even if those companies have other positive cash
balances).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8148": { "value": "Government grants
Government grants are recognised when there is reasonable assurance the grants will be received and the conditions of the grant will be
complied with. There was no income support from government grants during the 13 month period to 31 Jan 2024 (2022: \u00a3nil). The Group
received a local authority grant of \u00a34.5m in respect of the construction of a property which replaced a similar property which was subject
to a compulsory purchase order.
The grant received was directly credited against the expenditure incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8157": { "value": "I
mpairment
The carrying amounts of the Group's assets, other than inventories (see note 3.4) and deferred tax assets (see note 2.7), are reviewed at
each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable
amount is estimated.
For goodwill the recoverable amount is estimated at each balance sheet date. The recoverable amount is the higher of fair value less
costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a
pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the
estimates of future cash \ufb02ows have not been adjusted.
In assessing fair value less costs to sell, the estimated future cash \ufb02ows are multiplied by an appropriate trading multiple or by assessing
the fair value of the individual assets.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from
continuing use that are largely independent of the cash in\ufb02ows from other groups of assets ('the cash generating unit'). The goodwill
acquired in a business combination, for the purpose of impairment testing is allocated to cash generating units.Following the disposal of
the Motor and Leasing segments management have determined that the cash generating unit of the Group is the Software segment.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount.
Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash generating units are allocated \ufb01rst to reduce the carrying amount of any goodwill
allocated to cash generating units and then, to reduce the carrying amount of the other assets in the unit on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's
carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised. The impact of the current period impairment review can be seen in note 3.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8204": { "value": "Adoption of new and revised standards and new standards and interpretations not yet adopted
In 2023 the following amendments had been endorsed by the UK became effective and therefore were adopted by the Group:
\u2022
IFRS 17 Insurance Contracts - this has not had a signi\ufb01cant impact on the Group\u2019s consolidated \ufb01nancial statements.
Other standards
A number of new standards, amended standards and interpretations are effective for annual periods beginning after 1 January 2024 and
earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated
\ufb01nancial statements. The following new standards, amended standards and interpretations are not expected to have a signi\ufb01cant impact
on the Group\u2019s consolidated \ufb01nancial statements.
\u2022
Amendment to IFRS 16 \u2013 Leases on sale and leaseback
\u2022
Amendment to IAS 1 \u2013 Non-current liabilities with covenants
\u2022
Amendment to IAS 7 and IFRS 7 - Supplier \ufb01nance agreements
\u2022
Amendments to IAS 21 - Lack of Exchangeability", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8300": { "value": "SECTION 2 - RESULTS AND TRADING
This section contains the notes and information to support the results presented in the income statement:
2.1
Revenue
2.5
Audit fees
2.2
Net operating expenses
2.6
Taxation
2.3
Operating segments
2.7
Earnings per share
2.4
Staff costs
2.1 Revenue
Accounting policy
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and excludes amounts collected on behalf of
third parties. The Group recognises revenue when it transfers control over a product or service to a customer.
The following is a description of principal activities from which the Group generates its revenue categorised by the reportable segments
as detailed in note 2.3.
Software
The Group, through its Pinewood business, supplies dealer management systems to motor vehicle dealers. These systems include
consultancy, training and installation services and the right to use the Group's software over a contractual period.
Products and services
may be sold separately or in bundled packages. Examples of a bundled package will include system consultancy, on and off site training
for users together with the right for a number of users to use the software.
For bundled packages, the Group accounts for individual
products and services separately as they are distinct items, as each performance obligation within that contract is separately identi\ufb01able
from other items in the bundled package. The consideration is allocated between separate products and services in a bundle based on
their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices at which the Group sells these items
and are separately identi\ufb01ed on the customer's contract and subsequent invoice.
\n \n
Products
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
and services
Software
Pinewood supply its software on a hosting basis and licence speci\ufb01c numbers of users to access this
service. As such Pinewood supply 'Software as a Service' (SaaS). The software licences are provided only in
conjunction with a hosting service, the customer cannot take control of the licence or use the software without
the hosting service and as such the customer cannot bene\ufb01t from the licence on its own and the licence is
not separable from the hosting services. Therefore, the licence is not distinct and would be combined with the
hosting service. The Group's assessment of its performance obligation under IFRS 15 of providing SaaS is that
revenue is recognised over the period of the contract. SaaS is billed one month in advance of a quarterly billing
cycle ensuring payment is received prior to commencement of usage.
Training, Installation
The Group recognises revenue on the provision of any consultancy time, training and installation at the point
and Consultancy
of providing and delivering the service. Consultancy hours are billed at the time of delivery. Training courses
are billed at the time of booking which may be in advance of the date the training is scheduled for. Installation
hours are billed at the time of completion of the service.
UK Motor segment - discontinued operation
The UK Motor segment principally generates revenue from the sale of new and used motor vehicles, together with the supply of motor
vehicle parts, servicing and repair activities, collectively referred to as aftersales.
Products and services may be sold separately or in
bundled packages. Examples of a bundled package will include the supply of a vehicle with an extended warranty or a servicing plan. For
bundled packages, the Group accounts for individual products and services separately as they are distinct items, as each performance
obligation within that contract is separately identi\ufb01able from other items in the bundled package. The consideration is proportionately
allocated between separate products and services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are
determined based on the list prices at which the Group sells these items and are separately identi\ufb01ed on the customer's invoice.
The Group had a number of manufacturer partners who will provide goods/services to customers, for example a warranty or free servicing
when purchasing a new vehicle. Such items do not have a contractual obligation on the Group as the obligation lies with the manufacturer
and therefore no revenue is recognised in respect of these items.
\n \n
Products
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
and services
New and used
The Group recognises revenue on the sale of motor vehicles and parts revenue when they have been supplied
vehicles, parts and
to the customer. The satisfaction of the performance obligation occurs on delivery or collection of the product.
accessories
Vehicles are usually paid for prior to delivery though selected corporate operators may be granted terms of up
to seven days. Parts are either paid for on delivery or within one month, dependant upon whether or not the
customer is retail or has trade terms.
Aftersales service and
The Group recognises revenue when the one time service has been completed.
Revenue is recognised at
repairs
this point provided that the revenue and costs can be measured reliably, the recovery of the consideration
is probable and there is no continuing management involvement with the goods. Payment terms are upon
completion of the service or within one month, dependant upon whether or not the customer is retail or trade.
Commissions
The Group receives commissions when it arranges \ufb01nance and insurance packages for its customers to
received
purchase its products and services, acting as agent on behalf of various \ufb01nance and insurance companies.
Any commission earned is recognised when the customer draws down the \ufb01nance or commences the
insurance policy from the supplier which coincides with the delivery of the product or service. Commissions
receivable are paid typically in the month after the \ufb01nance is drawn down.
Vehicle warranty
The Group offers a warranty product on vehicles supplied with a guarantee period typically ranging from 3
months to 3 years. The Group recognises revenue on warranties on a straight-line basis over the warranty
period. The performance obligation of the Group, being the recti\ufb01cation of mechanical faults on vehicles sold,
will be the period over which the customer can exercise their rights under the warranty and therefore revenue
should be recognised over the period of the warranty. Warranties are paid for prior to the commencement
of the policy. The unrecognised income is held within deferred income (see note 3.8). There were no such
warranties offered for sale in the US Motor segment.
Leasing
\n
The leasing segment generates revenue from the provision of vehicle leasing services, principally to \ufb02eets run by various commercial
\n
operators. Vehicles are supplied to customers on operating leases and may include servicing and maintenance agreements, which are
\n
bundled into the overall contract.
For bundled packages, the Group accounts for individual products and services separately as they are
\n
distinct items, as each performance obligation within that contract is separately identi\ufb01able from other items in the bundled package. At
\n
the end of each contract the Group will generate revenue from the disposal of the vehicle, recovery of any recti\ufb01cation work and in some
\n
instances additional rentals beyond the original contract term.
\n\n \n
Products
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
and services
Leasing
Where vehicles are supplied to a leasing group for contract hire purposes and the Group undertakes to
repurchase the vehicle at a predetermined date and value the transfer of control is deemed not to have
transferred outside the Group and consequently no sale is recognised. As a result the accounting for the
arrangement re\ufb02ects the Group's retention of the asset to generate future rentals and, in accordance with IFRS
16 Leases, the Group is considered to be an operating lessor for all arrangements in place. The initial amounts
received in consideration from the leasing group are held as deferred income allocated between the present
value of the repurchase commitment, held within trade and other payables and a residual amount of deferred
revenue held within deferred income. A \ufb01nance charge is accrued against the present value of the repurchase
commitment and recorded as a \ufb01nance expense in the income statement. The remaining deferred revenue,
which effectively represents rentals received in advance, is taken to the income statement on a straight line
basis over the related lease term. No additional disclosures are made under IFRS 16 as there are no future
rentals receivable. These vehicles are held within 'property, plant and equipment' at their cost to the Group and
are depreciated to their residual values over the terms of the leases. These assets are transferred into inventory
at their carrying amount when they cease to be rented and they become available for sale as part of the Group's
ordinary course of business. Rentals are billed and paid for on a monthly basis.
Maintenance
The Group offer a maintenance contract to customers to cover routine servicing and unexpected repairs of
vehicles under a leasing contract. Revenue is recognised over the period of the contract on a straight line basis.
Maintenance contracts are billed and paid for on a monthly basis.
Used Vehicles
The Group recognises revenue on the sale of ex contract hire motor vehicles when they have been supplied to
the customer. This occurs on delivery or collection of the product. Vehicles are paid for on delivery.
Disaggregation of revenue
\n
In the following table, revenue is disaggregated by primary geographical market, major products/service lines and timing of revenue
\n
recognition. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s four strategic divisions, which are its
\n
reportable segments, see note 2.3.
\n\n \n
Continuing operations
Discontinued operations
_____Software_____
____UK Motor____
____Leasing____
____Sub total____
____Total____
13m period
Year
13m period
Year
13m period
Year
13m period
Year
13m period
Year
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
January
December
January
December
January
December
January
December
January
December
2024
2022
2024
2022
2024
2022
2024
2022
2024
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Primary geographical
markets
Europe
23.1
18.1
4,235.1
3,536.2
82.9
64.7
4,318.0
3,600.9
4,341.1
3,619.0
Africa
0.6
0.6
-
-
-
-
-
-
0.6
0.6
Asia and Middle East
0.8
0.4
-
-
-
-
-
-
0.8
0.4
Revenue from external
customers
24.5
19.1
4,235.1
3,536.2
82.9
64.7
4,318.0
3,600.9
4,342.5
3,620.0
Major products/service
lines
Aftersales revenue
-
-
343.7
276.1
-
-
343.7
276.1
343.7
276.1
Used vehicle revenue
-
-
2,190.2
1,808.6
-
-
2,190.2
1,808.6
2,190.2
1,808.6
New vehicle revenue
-
-
1,701.2
1,451.5
-
-
1,701.2
1,451.5
1,701.2
1,451.5
Software revenue
24.5
19.1
-
-
-
-
-
-
24.5
19.1
Leasing revenue
-
-
-
-
82.9
64.7
82.9
64.7
82.9
64.7
Revenue from external
customers
24.5
19.1
4,235.1
3,536.2
82.9
64.7
4,318.0
3,600.9
4,342.5
3,620.0
Timing of revenue
recognition
At point in time
2.5
1.4
4,221.4
3,526.7
48.0
30.9
4,269.4
3,557.6
4,271.9
3,559.0
Over time
22.0
17.7
13.7
9.5
34.9
33.8
48.6
43.3
70.6
61.0
Revenue from external
customers
24.5
19.1
4,235.1
3,536.2
82.9
64.7
4,318.0
3,600.9
4,342.5
3,620.0
Contract liabilities
The Group recognises the following contract liabilities:
\n \n
13 m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Deposits received from customers
-
30.4
Unearned proportion of warranty policies sold
-
21.2
Unearned proportion of software as a service sold
6.5
-
Movements in the deferred income balance in respect of the warranty policies and software as a service income are presented in note 3.8
which shows the value of policies and service sold during the year and the income recognised during the year.
2.2 Net operating expenses
\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net operating expenses:
Distribution costs
(7.6)
(212.9)
(220.5)
(5.5)
(179.7)
(185.2)
Administrative expenses
(4.2)
(169.8)
(174.0)
(4.6)
(176.7)
(181.3)
Impairment loss on trade
receivables
-
(0.3)
(0.3)
-
(0.3)
(0.3)
Rents received
-
3.4
3.4
-
2.9
2.9
(11.8)
(379.6)
(391.4)
(10.1)
(353.8)
(363.9)
2.3 Operating segments
There were three reportable segments, as described below, which were the Group's strategic business units prior to the disposal of the
UK Motor and Leasing segments to Lithia Uk Holding Limited on 31 January 2024. The segments offered different ranges of products
and services and were managed separately because they require their own specialism in terms of market and product. For each of these
segments, the Executive Committee which is deemed to be the Chief Operating Decision Maker (CODM), reviewed internal management
reports on at least a monthly basis. The review of these management reports enabled the CODM to allocate resources to each segment
and form the basis of strategic and operational decisions, such as acquisition strategy, closure programme or working capital allocation.
The following summary describes the operations in each of the Group's reportable segments operational in the period:
Software.
This segment comprises the Group's activities as a dealer management systems provider.
UK Motor.
Following the sale of the entire issued share capital of Pendragon NewCo 2 Limited to Lithia UK Holding Limited on 31 January
2024, the UK Motor segment is now a discontinued operation.
Leasing.
Following the sale of the entire issued share capital of Pendragon NewCo 2 Limited to Lithia UK Holding Limited on 31 January
2024, the Leasing segment is now a discontinued operation.
The tables of \ufb01nancial performance presented in the Operational and Financial Review on pages 15 to 17 are based upon these segmental
reports.
Inter-segment transfers and transactions are entered into under normal commercial terms and conditions that would also be available to
unrelated third parties.
13 month period ended 31 January 2024
\n \n
Continuing
Discontinued
operations
Group
operations
Software
UK Motor
Leasing
Interest
Sub total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue including intercompany amounts
32.0
4,235.1
99.8
-
4,334.9
4,366.9
Inter-segment revenue
(7.5)
-
(16.9)
-
(16.9)
(24.4)
Revenue from external customers
24.5
4,235.1
82.9
-
4,318.0
4,342.5
Operating pro\ufb01t
10.0
124.6
23.0
-
147.6
157.6
Finance expense
(0.1)
-
(3.3)
(65.5)
(68.8)
(68.9)
Finance income
-
-
-
3.1
3.1
3.1
Segmental pro\ufb01t
9.9
124.6
19.7
(62.4)
81.9
91.8
Other items included in the income statement are as follows:
Depreciation and impairment
(0.4)
(24.8)
(28.2)
-
(53.0)
(53.4)
Amortisation
(5.2)
(0.2)
(0.2)
-
(0.4)
(5.6)
Share based payments
-
(5.9)
-
-
(5.9)
(5.9)
Other income - pro\ufb01t on the sale of businesses and
property, plant and equipment
-
41.8
-
-
41.8
41.8
As explained in Note 1, in presenting continuing and discontinuing operations, it was necessary to reconsider the allocation of expenses to segments.
As a result, the operating pro\ufb01t by segment has changed to reallocate expenses that will continue to be incurred into the Software segment.
Year ended 31 December 2022
\n \n
Continuing
Discontinued
operations
Group
operations
Software
UK Motor
Leasing
Interest
Sub total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue including intercompany amounts
25.4
3,536.2
83.7
-
3,619.9
3,645.3
Inter-segment revenue
(6.3)
-
(19.0)
-
(19.0)
(25.3)
Revenue from external customers
19.1
3,536.2
64.7
-
3,600.9
3,620.0
Operating pro\ufb01t
7.0
74.1
19.9
-
94.0
101.0
Finance expense
-
-
(2.5)
(42.3)
(44.8)
(44.8)
Finance income
-
-
-
1.0
1.0
1.0
Segmental pro\ufb01t
7.0
74.1
17.4
(41.3)
50.2
57.2
Other items included in the income statement are as follows:
Depreciation and impairment
(0.1)
(28.5)
(36.1)
-
(64.6)
(64.7)
Impairment of property, plant and equipment
-
(1.2)
-
-
(1.2)
(1.2)
Amortisation
(4.2)
(0.6)
(0.1)
-
(0.7)
(4.9)
Share based payments
-
(3.3)
-
-
(3.3)
(3.3)
Other income - pro\ufb01t on the sale of businesses and
property, plant and equipment
-
7.7
-
-
7.7
7.7
As explained in Note 1, in presenting continuing and discontinuing operations, it was necessary to reconsider the allocation of expenses to segments.
As a result, the operating pro\ufb01t by segment has changed to reallocate expenses that will continue to be incurred into the Software segment.
Geographical information.
All segments originate in the United Kingdom. The UK Motor and Leasing segments are discontinued operations.
2.4 Staff costs
The average number of people employed by the Group in the following areas was:
\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sales
33
1,800
1,833
30
1,793
1,823
Aftersales
-
2,500
2,500
-
2,487
2,487
Administration
173
1,049
1,222
163
1,053
1,216
206
5,349
5,555
193
5,333
5,526
Following the disposalof the UK Motor and Leasing business to Lithia UK Holding Limited on 31 January 2024 employees in the discontinued operations transferred to the new owners and are no longer
employed by the Group.
Costs incurred in respect of these employees were:
\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Wages and salaries
13.3
215.3
228.6
10.3
181.8
192.1
Social security costs
1.4
20.9
22.3
1.1
19.3
20.4
Contributions to de\ufb01ned contribution
plans (see note 5.1)
0.4
5.8
6.2
0.6
11.1
11.7
Income/(cost) recognised for de\ufb01ned
bene\ufb01t plans (see note 5.1)
-
(0.2)
(0.2)
-
0.3
0.3
Surplus on disposal of pension scheme
-
0.5
0.5
-
-
-
Share based payments
(see note 4.6)
-
5.9
5.9
-
3.3
3.3
15.1
248.2
263.3
12.0
215.8
227.8
Information relating to directors' emoluments, share options and pension entitlements is set out in the Directors' Remuneration Report on
pages 51 to 61.
2.5 Audit fees
\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
Auditor\u2019s remuneration:
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Fees payable to the company's auditor
for the audit of the company's annual
265.0
501.0
766.0
265.0
505.0
770.0
accounts
Fees payable to the company's auditor
and its associates for other services:
Audit of the Group's subsidiaries
pursuant to legislation
50.0
400.0
450.0
50.0
335.0
385.0
Audit-related assurance services
-
167.0
167.0
-
155.0
155.0
Other assurance services
-
425.0
425.0
-
-
-
315.0
1,493.0
1,808.0
315.0
995.0
1,310.0
2.6 Taxation
Accounting policy
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to
items recognised directly in other comprehensive income, in which case it is recognised in the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the period/year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet liability method, recognising temporary differences between the carrying amounts of
assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences
are not recognised: initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable pro\ufb01t. The amount of deferred tax recognised is based on the expected manner
of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the
balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.
Estimates and judgements
The actual tax on the Group's pro\ufb01ts is determined according to complex laws and regulations. Where the effect of these laws and
regulations is unclear, estimates are used in determining the liability for the tax to be paid on pro\ufb01ts which are recognised in the \ufb01nancial
statements. The Group considers the estimates, assumptions and judgements to be reasonable but this can involve complex issues
which may take a number of years to resolve. The \ufb01nal determination of tax liabilities could be different from the estimates re\ufb02ected in
the \ufb01nancial statements but the Group believes that none have a signi\ufb01cant risk of causing a material adjustment to the carrying amount
of the liability within the next \ufb01nancial year.
Deferred tax assets and liabilities require management judgement in determining the amounts to be recognised. In particular, judgement
is used when assessing the extent to which deferred tax assets should be recognised with consideration given to the timing and level of
future taxable income. The unrecognised deferred tax assets are disclosed below.
\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK corporation tax:
Current tax on pro\ufb01t for the period/year
1.6
-
1.6
1.0
1.6
2.6
Adjustments in respect of prior periods
(0.7)
(0.1)
(0.8)
-
0.3
0.3
0.9
(0.1)
0.8
1.0
1.9
2.9
Overseas taxation:
Current tax on pro\ufb01t for the year
-
-
-
-
-
-
Adjustments in respect of prior periods
-
-
-
-
-
-
-
-
-
-
-
-
Total current tax
0.9
(0.1)
0.8
1.0
1.9
2.9
Deferred tax expense:
Origination and reversal of temporary
differences
0.7
7.6
8.3
0.3
8.0
8.3
Adjustments in respect of prior periods
-
1.0
1.0
-
0.5
0.5
Total deferred tax
0.7
8.6
9.3
0.3
8.5
8.8
Total income tax expense in the income
statement
1.6
8.5
10.1
1.3
10.4
11.7
\n\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pro\ufb01t before taxation
9.9
81.9
91.8
7.0
50.2
57.2
Tax on pro\ufb01t from continuing operations
at UK rate of 23.64% (2022: 19.00%)
2.3
19.4
21.7
1.3
9.6
10.9
Differences:
Tax effect of expenses that are not
deductible in determining taxable pro\ufb01t
-
0.7
0.7
-
1.4
1.4
Permanent differences arising in respect
of \ufb01xed assets
-
1.1
1.1
-
(1.7)
(1.7)
Unrecognised losses
-
0.1
0.1
-
0.3
0.3
Employee share option plan
(0.3)
(2.4)
(2.7)
-
-
-
Impact of UK corporation tax rate change
0.3
(1.8)
(1.5)
-
-
-
Non-taxable disposal of investments in
subsidiaries
(9.5)
(9.5)
-
-
-
Adjustments to tax charge in respect of
previous periods
(0.7)
0.9
0.2
-
0.8
0.8
Total income tax expense in the income
statement
1.6
8.5
10.1
1.3
10.4
11.7
Tax rate
The UK tax rate applying throughout 2023 was 23.6% (2022: 19%), the tax rate increased from 19% to 25% on 1 April 2023.
The rate
change to 25% was substantively enacted on 24 May 2021, in 2021 a proportion of deferred tax assets and deferred tax liabilities that were
forecast to unwind after 2023 were translated to 25%.
In 2023 any deferred tax assets and liabilities remaining at 31 January 2024 have
been translated to 25%.
The adjustment to prior period tax charge of \u00a30.7m in 2023 continuing operations is the release of a historic brought forward liability which
has no probability of requiring payment.
This liability related to a historic group relief claim from a joint venture partner where payment
for the group relief was separately settled.
The adjustment to prior period tax charge of \u00a30.9m in 2023 discontinued operations primarily
relates to a taxable reversal of an impairment of amounts due from group undertakings.
Factors affecting the tax charge
The tax charge is decreased by the release of prior year provisions relating to UK corporation tax returns.
The tax charge is increased by
the incidence of non-deductible expenses including the impairment of goodwill and non-qualifying depreciation.
Pillar 2
Following the disposal of the UK Motor and leasing business the remaining Pinewood Technologies Group PLC will not be within scope of
the enacted Pillar 2 rules due to revenue being below the threshold of \u20ac750m.
Unrecognised deferred tax assets
There is an unrecognised loss of \u00a32.5m (2022: \u00a31.2m) relating to the US operations following the sale of the \ufb01nal dealerships in 2021.
These losses are likely to increase as the US operation continues to incurr losses in administering the \ufb01nal transactions in the wind down
of the business. These US losses carry forward inde\ufb01nitely.
The previously unrecognised intra-EU losses (2022: \u00a313.8m) and capital
losses net of rolled over gains (2022: \u00a352.5m) relate to companies disposed of during the period.
Deferred tax assets/(liabilities)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred income taxes relate to the same \ufb01scal authority. The deferred tax assets all relate to the UK.
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Deferred tax assets
-
11.6
Deferred tax liabilities
(0.6)
-
Deferred tax (liabilities)/assets
(0.6)
11.6
The table below outlines the deferred
tax (liabilities)/assets that
are recognised on
the balance sheet,
together with their movements in
the period/year;
\n \n
(Charged) to
(Charged)
to
At 1
consolidated
other
At 31
January
income
comprehensive
December
2022
statement
income
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
8.0
(1.7)
-
6.3
Retirement bene\ufb01t obligations
5.1
(2.5)
(1.6)
1.0
Other short term temporary differences
1.7
(1.2)
(0.1)
0.4
Losses
7.3
(3.4)
-
3.9
Tax assets
22.1
(8.8)
(1.7)
11.6
\n \n
(Charged)/
Credited/
credited
to
(charged) to
At 1
consolidated
other
At 31
January
income
comprehensive
January
2023
statement
income
Disposed
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
6.3
(8.7)
-
2.6
0.2
Retirement bene\ufb01t obligations
1.0
(3.4)
2.3
0.1
0.0
Other short term temporary differences
0.4
1.4
(0.1)
(5.1)
(3.4)
Losses
3.9
1.4
-
(2.7)
2.6
Tax (liabilities)/assets
11.6
(9.3)
2.2
(5.1)
(0.6)
During 2023 the Group disposed of the UK motor and leasing business along with the an associated current tax asset and deferred
tax assets and liabilities.
As part of the disposal LTIPs vested at the end of January 2024 which gave a tax deduction to Pinewood
Technologies Group PLC which could not be group relieved to the UK motor and leasing business due to limitations in the UK group relief
rules. The tax deduction on LTIPs generated a carried forward loss which is expected to be utilised in full against future pro\ufb01ts.
2.7 Earnings per share
Accounting policy
The Group presents basic and diluted earnings per share (\u2018EPS\u2019) data for its ordinary shares. Basic EPS is calculated by dividing the pro\ufb01t or
loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares in issue during the period. The
shares held by the EBT have been excluded from the calculation until such time as they vest unconditionally with the employees. Diluted
EPS is calculated by dividing the pro\ufb01t and loss attributable to ordinary shareholders by the weighted average number of ordinary shares in
issue taking account of the effects of all dilutive potential ordinary shares, which comprise of share options granted to employees and LTIPs.
Earnings per share calculation
\n \n
13m period
13m period
Year
Year
ended
ended
ended
ended
31 January
31 January
31 December
31 December
2024
2024
2022
2022
Earnings
Earnings
Earnings
Earnings
per share
Total
per share
Total
pence
\u00a3m
pence
\u00a3m
Basic earnings per share from continuing operations
11.9
8.3
8.2
5.7
Basic earnings per share from discontinued operations
105.1
73.4
57.2
39.8
Basic earnings per share
117.0
81.7
65.4
45.5
Diluted earnings per share from continuing operations
11.9
8.3
7.9
5.7
Diluted earnings per share from discontinued operations
105.1
73.4
55.1
39.8
Diluted earnings per share
117.0
81.7
63.0
45.5
The calculation of basic, adjusted and diluted earnings per share is based on the
following number of shares in issue (millions):
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Number
Number
Weighted average number of ordinary shares in issue
69.8
69.6
Weighted average number of dilutive shares under option
-
2.6
Weighted average number of shares in issue taking account of applicable
outstanding share options
69.8
72.2
Non-dilutive shares under option
-
1.0
On 5 April 2024, the Company announced that it would undertake a capital reorganisation whereby 1 new Ordinary Share of 100 pence
each will be issued for every 20 existing Ordinary Shares of 5 pence each. This is an adjusting post balance sheet event and therefore the
earnings per share calculations for the current period and prior period \ufb01nancial statements have been presented re\ufb02ecting the revised
number of shares post the capital reorganisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8318": { "value": "2.1 Revenue
Accounting policy
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and excludes amounts collected on behalf of
third parties. The Group recognises revenue when it transfers control over a product or service to a customer.
The following is a description of principal activities from which the Group generates its revenue categorised by the reportable segments
as detailed in note 2.3.
Software
The Group, through its Pinewood business, supplies dealer management systems to motor vehicle dealers. These systems include
consultancy, training and installation services and the right to use the Group's software over a contractual period.
Products and services
may be sold separately or in bundled packages. Examples of a bundled package will include system consultancy, on and off site training
for users together with the right for a number of users to use the software.
For bundled packages, the Group accounts for individual
products and services separately as they are distinct items, as each performance obligation within that contract is separately identi\ufb01able
from other items in the bundled package. The consideration is allocated between separate products and services in a bundle based on
their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices at which the Group sells these items
and are separately identi\ufb01ed on the customer's contract and subsequent invoice.
\n \n
Products
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
and services
Software
Pinewood supply its software on a hosting basis and licence speci\ufb01c numbers of users to access this
service. As such Pinewood supply 'Software as a Service' (SaaS). The software licences are provided only in
conjunction with a hosting service, the customer cannot take control of the licence or use the software without
the hosting service and as such the customer cannot bene\ufb01t from the licence on its own and the licence is
not separable from the hosting services. Therefore, the licence is not distinct and would be combined with the
hosting service. The Group's assessment of its performance obligation under IFRS 15 of providing SaaS is that
revenue is recognised over the period of the contract. SaaS is billed one month in advance of a quarterly billing
cycle ensuring payment is received prior to commencement of usage.
Training, Installation
The Group recognises revenue on the provision of any consultancy time, training and installation at the point
and Consultancy
of providing and delivering the service. Consultancy hours are billed at the time of delivery. Training courses
are billed at the time of booking which may be in advance of the date the training is scheduled for. Installation
hours are billed at the time of completion of the service.
UK Motor segment - discontinued operation
The UK Motor segment principally generates revenue from the sale of new and used motor vehicles, together with the supply of motor
vehicle parts, servicing and repair activities, collectively referred to as aftersales.
Products and services may be sold separately or in
bundled packages. Examples of a bundled package will include the supply of a vehicle with an extended warranty or a servicing plan. For
bundled packages, the Group accounts for individual products and services separately as they are distinct items, as each performance
obligation within that contract is separately identi\ufb01able from other items in the bundled package. The consideration is proportionately
allocated between separate products and services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are
determined based on the list prices at which the Group sells these items and are separately identi\ufb01ed on the customer's invoice.
The Group had a number of manufacturer partners who will provide goods/services to customers, for example a warranty or free servicing
when purchasing a new vehicle. Such items do not have a contractual obligation on the Group as the obligation lies with the manufacturer
and therefore no revenue is recognised in respect of these items.
\n \n
Products
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
and services
New and used
The Group recognises revenue on the sale of motor vehicles and parts revenue when they have been supplied
vehicles, parts and
to the customer. The satisfaction of the performance obligation occurs on delivery or collection of the product.
accessories
Vehicles are usually paid for prior to delivery though selected corporate operators may be granted terms of up
to seven days. Parts are either paid for on delivery or within one month, dependant upon whether or not the
customer is retail or has trade terms.
Aftersales service and
The Group recognises revenue when the one time service has been completed.
Revenue is recognised at
repairs
this point provided that the revenue and costs can be measured reliably, the recovery of the consideration
is probable and there is no continuing management involvement with the goods. Payment terms are upon
completion of the service or within one month, dependant upon whether or not the customer is retail or trade.
Commissions
The Group receives commissions when it arranges \ufb01nance and insurance packages for its customers to
received
purchase its products and services, acting as agent on behalf of various \ufb01nance and insurance companies.
Any commission earned is recognised when the customer draws down the \ufb01nance or commences the
insurance policy from the supplier which coincides with the delivery of the product or service. Commissions
receivable are paid typically in the month after the \ufb01nance is drawn down.
Vehicle warranty
The Group offers a warranty product on vehicles supplied with a guarantee period typically ranging from 3
months to 3 years. The Group recognises revenue on warranties on a straight-line basis over the warranty
period. The performance obligation of the Group, being the recti\ufb01cation of mechanical faults on vehicles sold,
will be the period over which the customer can exercise their rights under the warranty and therefore revenue
should be recognised over the period of the warranty. Warranties are paid for prior to the commencement
of the policy. The unrecognised income is held within deferred income (see note 3.8). There were no such
warranties offered for sale in the US Motor segment.
\n\n\n
Leasing
\n
The leasing segment generates revenue from the provision of vehicle leasing services, principally to \ufb02eets run by various commercial
\n
operators. Vehicles are supplied to customers on operating leases and may include servicing and maintenance agreements, which are
\n
bundled into the overall contract.
For bundled packages, the Group accounts for individual products and services separately as they are
\n
distinct items, as each performance obligation within that contract is separately identi\ufb01able from other items in the bundled package. At
\n
the end of each contract the Group will generate revenue from the disposal of the vehicle, recovery of any recti\ufb01cation work and in some
\n
instances additional rentals beyond the original contract term.
\n\n \n
Products
Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
and services
Leasing
Where vehicles are supplied to a leasing group for contract hire purposes and the Group undertakes to
repurchase the vehicle at a predetermined date and value the transfer of control is deemed not to have
transferred outside the Group and consequently no sale is recognised. As a result the accounting for the
arrangement re\ufb02ects the Group's retention of the asset to generate future rentals and, in accordance with IFRS
16 Leases, the Group is considered to be an operating lessor for all arrangements in place. The initial amounts
received in consideration from the leasing group are held as deferred income allocated between the present
value of the repurchase commitment, held within trade and other payables and a residual amount of deferred
revenue held within deferred income. A \ufb01nance charge is accrued against the present value of the repurchase
commitment and recorded as a \ufb01nance expense in the income statement. The remaining deferred revenue,
which effectively represents rentals received in advance, is taken to the income statement on a straight line
basis over the related lease term. No additional disclosures are made under IFRS 16 as there are no future
rentals receivable. These vehicles are held within 'property, plant and equipment' at their cost to the Group and
are depreciated to their residual values over the terms of the leases. These assets are transferred into inventory
at their carrying amount when they cease to be rented and they become available for sale as part of the Group's
ordinary course of business. Rentals are billed and paid for on a monthly basis.
Maintenance
The Group offer a maintenance contract to customers to cover routine servicing and unexpected repairs of
vehicles under a leasing contract. Revenue is recognised over the period of the contract on a straight line basis.
Maintenance contracts are billed and paid for on a monthly basis.
Used Vehicles
The Group recognises revenue on the sale of ex contract hire motor vehicles when they have been supplied to
the customer. This occurs on delivery or collection of the product. Vehicles are paid for on delivery.
\n\n\n
Disaggregation of revenue
\n
In the following table, revenue is disaggregated by primary geographical market, major products/service lines and timing of revenue
\n
recognition. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s four strategic divisions, which are its
\n
reportable segments, see note 2.3.
\n\n \n
Continuing operations
Discontinued operations
_____Software_____
____UK Motor____
____Leasing____
____Sub total____
____Total____
13m period
Year
13m period
Year
13m period
Year
13m period
Year
13m period
Year
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
ended 31
January
December
January
December
January
December
January
December
January
December
2024
2022
2024
2022
2024
2022
2024
2022
2024
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Primary geographical
markets
Europe
23.1
18.1
4,235.1
3,536.2
82.9
64.7
4,318.0
3,600.9
4,341.1
3,619.0
Africa
0.6
0.6
-
-
-
-
-
-
0.6
0.6
Asia and Middle East
0.8
0.4
-
-
-
-
-
-
0.8
0.4
Revenue from external
customers
24.5
19.1
4,235.1
3,536.2
82.9
64.7
4,318.0
3,600.9
4,342.5
3,620.0
Major products/service
lines
Aftersales revenue
-
-
343.7
276.1
-
-
343.7
276.1
343.7
276.1
Used vehicle revenue
-
-
2,190.2
1,808.6
-
-
2,190.2
1,808.6
2,190.2
1,808.6
New vehicle revenue
-
-
1,701.2
1,451.5
-
-
1,701.2
1,451.5
1,701.2
1,451.5
Software revenue
24.5
19.1
-
-
-
-
-
-
24.5
19.1
Leasing revenue
-
-
-
-
82.9
64.7
82.9
64.7
82.9
64.7
Revenue from external
customers
24.5
19.1
4,235.1
3,536.2
82.9
64.7
4,318.0
3,600.9
4,342.5
3,620.0
Timing of revenue
recognition
At point in time
2.5
1.4
4,221.4
3,526.7
48.0
30.9
4,269.4
3,557.6
4,271.9
3,559.0
Over time
22.0
17.7
13.7
9.5
34.9
33.8
48.6
43.3
70.6
61.0
Revenue from external
customers
24.5
19.1
4,235.1
3,536.2
82.9
64.7
4,318.0
3,600.9
4,342.5
3,620.0
Contract liabilities
The Group recognises the following contract liabilities:
\n \n
13 m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Deposits received from customers
-
30.4
Unearned proportion of warranty policies sold
-
21.2
Unearned proportion of software as a service sold
6.5
-
Movements in the deferred income balance in respect of the warranty policies and software as a service income are presented in note 3.8
which shows the value of policies and service sold during the year and the income recognised during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8321": { "value": "Accounting policy
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and excludes amounts collected on behalf of
third parties. The Group recognises revenue when it transfers control over a product or service to a customer.
The following is a description of principal activities from which the Group generates its revenue categorised by the reportable segments
as detailed in note 2.3.Accounting policy
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to
items recognised directly in other comprehensive income, in which case it is recognised in the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the period/year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet liability method, recognising temporary differences between the carrying amounts of
assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences
are not recognised: initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable pro\ufb01t. The amount of deferred tax recognised is based on the expected manner
of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the
balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.Accounting policy
The Group presents basic and diluted earnings per share (\u2018EPS\u2019) data for its ordinary shares. Basic EPS is calculated by dividing the pro\ufb01t or
loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares in issue during the period. The
shares held by the EBT have been excluded from the calculation until such time as they vest unconditionally with the employees. Diluted
EPS is calculated by dividing the pro\ufb01t and loss attributable to ordinary shareholders by the weighted average number of ordinary shares in
issue taking account of the effects of all dilutive potential ordinary shares, which comprise of share options granted to employees and LTIPs.Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents the excess of the cost of acquisition
over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired subsidiary undertakings at the effective
date of acquisition and is included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash generating
units (CGUs), which are franchise groups and other business units. An impairment test is performed annually as detailed below. Goodwill
is then held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of the acquired businesses into alignment with those of the Group. The costs
associated with reorganising or restructuring are charged to the post acquisition income statement. For those acquisitions made prior to
1 January 2004, goodwill is recorded on the basis of its deemed cost which represented its carrying value as at 1 January 2004 under UK
GAAP. Fair value adjustments are made in respect of acquisitions. If at the balance sheet date the fair value of the acquiree\u2019s identi\ufb01able
assets, liabilities and contingent liabilities can only be established provisionally then these values are used. Any adjustments to these
values made within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer management systems by the Group\u2019s
Pinewood division. Development expenditure is capitalised only if development costs can be measured reliably, the product is technically
and commercially feasible, future economic bene\ufb01ts are probable and the Group intends to and has suf\ufb01cient resources to complete
development and to use or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are directly
attributable to preparing the asset for its intended use. If the development expenditure does not meet the above criteria it is expensed to
the income statement.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses and is
amortised over a period of \ufb01ve years.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any impairment losses. This category of asset
includes purchased computer software and internally generated intangible assets which are amortised by equal instalments over four
years and the fair value of the bene\ufb01t of forward sales orders assumed on acquisition, which is amortised by reference to when those
orders are delivered.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic bene\ufb01ts embodied in
the speci\ufb01c asset to which it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if the fair value of the asset can be identi\ufb01ed separately
and measured reliably. Amortisation is calculated on a straight line basis over the estimated useful life of the intangible asset. Amortisation
methods and useful lives are reviewed annually and adjusted if appropriate.Accounting policy
Freehold land is not depreciated. Depreciation is provided to write off the cost less the estimated residual value of other assets by equal
instalments over their estimated useful economic lives. On transition to IFRS as at 1 January 2004, all land and buildings were restated to
fair value as permitted by IFRS 1, which is then treated as the deemed cost. All other assets are initially measured and recorded at cost.
Depreciation rates are as follows:
\u2022
Freehold buildings \u2013 2% per annum
\u2022
Right of use assets - over the period of the lease
\u2022
Leasehold property improvements \u2013 2% per annum or over the period of the lease if less than 50 years
\u2022
Fixtures, \ufb01ttings and of\ufb01ce equipment \u2013 10 \u2013 20% per annum
\u2022
Plant and machinery \u2013 10 \u2013 33% per annum
\u2022
Motor vehicles \u2013 20 \u2013 25% per annum
\u2022
Contract hire vehicles are depreciated to their residual value over the period of their lease
The residual value of all assets, depreciation methods and useful economic lives, if signi\ufb01cant, are reassessed annually.
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when
that cost is incurred if it is possible that the future economic bene\ufb01ts embodied with the item will \ufb02ow to the Group and the cost of the
item can be measured reliably. All other costs are recognised in the income statement as an expense as incurred.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with
the carrying amount of property, plant and equipment and are recognised net within other income in the income statement.
The depreciation charge in respect of property, plant and equipment is recognised within administrative expenses within the income
statement. Accounting policy
Non-current assets that are expected to be recovered primarily through sale rather than through continuing use are classi\ufb01ed as
held for sale. Immediately before classi\ufb01cation as held for sale, the assets are measured in accordance with the Group's accounting
policies. Thereafter the assets are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on
remeasurement are recognised in the income statement. Gains are not recognised in excess of any cumulative impairment loss. Non-
current assets classi\ufb01ed as held for sale are available for immediate sale and a resultant disposal is highly probable within one year.
A non-current asset that stops being classi\ufb01ed as held for sale is remeasured at the lower of its carrying amount prior to the asset or
disposal group being classi\ufb01ed as held for sale, adjusted for any depreciation or amortisation that would have been recognised if the asset
had not been classi\ufb01ed as held for sale, or, its recoverable amount at the date of the decision not to sell.Accounting policies
Motor vehicle inventories are stated at the lower of cost and net realisable value. Costs incurred in bringing each product to its present
location and condition are included and cost is based on price including delivery costs less speci\ufb01c trade discounts. Fair value reviews
of stock are conducted regularly utilising our market intelligence and analysis of the market which we conduct by segment and by model,
these fair values are updated in the light of any changing trends by model line. The assessment of fair values involves an element of
estimation: the Group takes the age pro\ufb01le of our inventories at the year end, estimates the likely sale period and the expected pro\ufb01t or
loss on sale to determine the fair value at the balance sheet date. Whilst this data is deemed representative of current values it is possible
that ultimate sales values can vary from those applied. Parts inventories are based on an average purchase cost principle and are written
down to net realisable value by providing for obsolescence on a time in stock based formula approach.
Consignment vehicles are regarded as being effectively under the control of the Group and are included within inventories on the balance
sheet as the Group has the signi\ufb01cant risks and rewards of ownership even though legal title has not yet passed. The corresponding
liability is included in trade and other payables. Movements in consignment vehicle inventory and its corresponding liability within trade
and other payables are not included within movements of inventories and payables as stated in the consolidated cash \ufb02ow statement as
no cash \ufb02ows arise in respect of these transactions until the vehicle is either sold or purchased at which point it is reclassi\ufb01ed within new
and used vehicle inventory.
Motor vehicles are transferred from contract hire activities at the end of their lease term to inventory at their depreciated cost. No physical
cash \ufb02ow arises from these transfers.Accounting policy
Trade and other receivables are recognised initially at fair value and are subsequently stated at amortised cost using the effective interest
method, less any impairment losses.
Impairment losses are measured in accordance with IFRS 9, which is based on an \u2018expected credit loss\u2019 (ECL) model. The impairment
model applies to \ufb01nancial assets measured at amortised cost.
The calculation of ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash
shortfalls (i.e. the difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group
expects to receive).
The Group considers a trade or other receivable to be in default when the borrower is unlikely to pay its credit obligations to the Group in
full after all reasonable actions have been taken to recover the debt.Accounting policy
Trade and other payables are recognised initially at fair value and are subsequently stated at amortised cost using the effective interest
method, less any write-offs.4.1 Accounting policies
IFRS 9 requires an entity to recognise a \ufb01nancial asset or a \ufb01nancial liability in its statement of \ufb01nancial position when it becomes party to
the contractual provisions of the instrument. At initial recognition, an entity measures a \ufb01nancial asset or a \ufb01nancial liability at its fair value
plus or minus, in the case of a \ufb01nancial asset or a \ufb01nancial liability not at fair value through pro\ufb01t or loss, transaction costs that are directly
attributable to the acquisition or issue of the \ufb01nancial asset or the \ufb01nancial liability. Subsequent to initial recognition \ufb01nancial assets and
\ufb01nancial liabilities are classi\ufb01ed and measured as described below.
Financial assets
IFRS 9 classi\ufb01es assets according to the business model for their realisation, as determined by the expected contractual cash\ufb02ows. This
classi\ufb01cation determines the accounting treatment, and the classi\ufb01cation under IFRS 9 is by reference to the accounting treatment i.e.
amortised cost, fair value through other comprehensive income or fair value through pro\ufb01t and loss.
A \ufb01nancial asset is measured at amortised cost if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets in order to collect contractual cash \ufb02ows; and
the contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on
the principal amount outstanding.
Financial assets are therefore classi\ufb01ed and measured in these \ufb01nancial statements at amortised cost.
The Group recognises loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortised cost, debt investments
measured at FVOCI and contract assets (as de\ufb01ned in IFRS 15).
The Group measures loss allowances at an amount equal to lifetime ECL, except for other debt securities and bank balances for which
credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial
recognition which are measured as 12-month ECL.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECL.
When determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when estimating ECL,
the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both
quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and
including forward-looking information.
The Group assumes that the credit risk on a \ufb01nancial asset has increased signi\ufb01cantly if it is more than 30 days past due.
The Group considers a \ufb01nancial asset to be in default when:
\u2022
the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising
security (if any is held); or
\u2022
the \ufb01nancial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or
a shorter period if the expected life of the instrument is less than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the
difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the \ufb01nancial asset.
Credit-impaired \ufb01nancial assets
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost and debt securities at FVOCI are credit-
impaired. A \ufb01nancial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash \ufb02ows
of the \ufb01nancial asset have occurred.
Write-offs
The gross carrying amount of a \ufb01nancial asset is written off (either partially or in full) to the extent that there is no realistic prospect of
recovery.
Impairment of \ufb01nancial assets
IFRS 9 adopts an expected credit loss approach (ECL).
The IFRS 9 approach does not require a credit event (an actual loss or a debt past
a number of days due) to occur but is based on changes in expectations of credit losses. IFRS 9 also requires that impairment of \ufb01nancial
assets be shown as a separate line item in either the statement of comprehensive income or the income statement.
Financial assets
\n \n
IFRS 9
classi\ufb01cation
\u00a3m
Trade and other receivables
Amortised cost
417.5
Finance lease receivables
Amortised cost
-
Cash and cash equivalents
Amortised cost
47.4
Trade and other receivables
- see note 3.6
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short term highly liquid investments that are readily
convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value.
Loans and borrowings
Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being
recognised in the income statement over the period of the borrowings on an effective interest basis. The effective interest basis is a
method of calculating the amortised cost of a \ufb01nancial liability and of allocating interest payments over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the \ufb01nancial liability, or where
appropriate, a shorter period.Accounting policy
Finance income comprises interest income on funds invested, return on net pension scheme assets and gains on hedging instruments
that are recognised in pro\ufb01t and loss. Interest income is recognised as it accrues in pro\ufb01t and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions, interest on net pension scheme
obligations and losses on hedging instruments recognised in pro\ufb01t and loss. All borrowing costs are recognised in pro\ufb01t and loss using
the effective interest method.
Gross \ufb01nance costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of those
assets until such a time as the assets are substantially ready for their intended use or sale.Accounting policy
The Group operates a number of employee share option schemes and an executive share ownership plan 'exsop' awarded in 2010. The
fair value at the date at which the share options are granted is recognised in the income statement on a straight line basis over the vesting
period, taking into account the number of options that are expected to vest. The fair value of the options granted is measured using an
option pricing model, taking into account the terms and conditions upon which the options were granted. The number of options that are
expected to become exercisable is reviewed at each balance sheet date and if necessary estimates are revised.Accounting policies
Leases as a Lessee
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identi\ufb01ed asset, the Group uses the de\ufb01nition of a lease in IFRS 16. This policy is applied to
contracts entered into, on or after 1 January 2019.
The Group recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured
at cost, and subsequently at cost less accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the
lease liability. Cost comprises the initial amount of the lease liability adjusted for any initial direct costs incurred less any lease incentives
received. Depreciation is recognised on a straight line basis over the period of the lease the right of use asset is expected to be utilised.
The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by
the interest rate implicit in the lease or when this is not readily attainable, the Group\u2019s incremental borrowing rate. Lease payments include
\ufb01xed rental payments and amounts expected to be payable under a residual value guarantee. Generally the Group uses its incremental
borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external
\ufb01nancing sources and makes certain adjustments to re\ufb02ect the terms of the lease and type of the asset leased.
The lease liability is subsequently increased by the interest cost on the lease liability and reduced by payments made. It is remeasured when
there is a change in future lease payments arising from a change of index or rate, a variation in amounts payable following contractual rent
reviews and changes in the assessment of whether an extension/termination option is reasonably certain to be exercised. When the lease
liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in
pro\ufb01t or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Sale and leaseback transactions. When a transfer of an asset is made and it is deemed a sale in accordance with IFRS 15, the resulting
right-of-use asset arising from the leaseback is measured at the proportion of the previous carrying amount of the asset that relates
to the right of use retained by the seller/lessee. Gain or loss is recognised only at the amount that relates to the rights transferred to
the buyer/lessor.
The Group presents right-of-use assets that do not meet the de\ufb01nition of investment property in \u2018property, plant and equipment\u2019 and lease
liabilities in \u2018loans and borrowings\u2019 in the Balance Sheet.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The
Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Accounting policy
The Group operated a number of de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans during the period. At the balance sheet date, the Group
had disposed of its de\ufb01ned bene\ufb01t plan, and its obligations under any de\ufb01ned contribution arrangements in respect of the majority of its
employess were similarly disposed of with the departure of those Group employees on the sale of the Group's interests in the motor and
leasing dvisions. The commentary immediately following therefore pertains to arrangements that existed during the period up until the
disposal.The assets of the de\ufb01ned bene\ufb01t plan and one de\ufb01ned contribution plan are held in independent trustee administered funds. The
Group also operates a Group Personal Pension Plan which is a de\ufb01ned contribution plan where the assets are held by the insurance Group
under a contract with each individual.
De\ufb01ned contribution plans - A de\ufb01ned contribution plan is one under which the Group pays \ufb01xed contributions and has no legal or
constructive obligation to pay further amounts. Therefore, no assets or liabilities of these plans are recorded in these \ufb01nancial statements.
Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an employee bene\ufb01t expense in the income statement
when they are due.
De\ufb01ned bene\ufb01t plans - Pension accounting costs for de\ufb01ned bene\ufb01t plans are assessed by determining the pension obligation using the
projected unit credit method after including a net return on the plan assets. Under this method, in accordance with the advice of quali\ufb01ed
actuaries, the amounts charged in respect of employee bene\ufb01ts re\ufb02ect the cost of bene\ufb01ts accruing in the period and the cost of \ufb01nancing
historical accrued bene\ufb01ts. The Group recognises all actuarial gains and losses arising from de\ufb01ned bene\ufb01t plans in the statement of
other comprehensive income immediately.
The present value of pension obligations is measured by reference to market yields on high quality corporate bonds which have terms to
maturity approximating to the terms of the related pension liability. Plan assets are measured at fair value. When the calculation results
in a bene\ufb01t to the Group, the recognised asset is limited to the total of the present value of economic bene\ufb01ts available in the form of any
future refunds from the plan or reductions in future contributions to the plan. An economic bene\ufb01t is available to the Group if it is realisable
during the life of the plan, or on settlement of the plan liabilities.
Under IAS 19 Employee Bene\ufb01ts, the Group recognises an interest expense or income which is calculated on the net de\ufb01ned bene\ufb01t
liability or asset respectively by applying the discount rate to the net de\ufb01ned bene\ufb01t liability or asset.
Remeasurements arising from de\ufb01ned bene\ufb01t plans comprise actuarial gains and losses and the return on plan assets (excluding interest)
are immediately recognised directly in the statement of other comprehensive income. Actuarial gains and losses are the differences
between actual and interest income during the period, experience losses on scheme liabilities and the impact of any changes in
assumptions. Details of the last independent statutory actuarial valuation and assumptions are set out below.Accounting policy
The results of businesses disposed of during the year are included up to the effective date of disposal using the acquisition method of
accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8322": { "value": "Accounting policy
Revenue is measured based on the consideration speci\ufb01ed in a contract with a customer and excludes amounts collected on behalf of
third parties. The Group recognises revenue when it transfers control over a product or service to a customer.
The following is a description of principal activities from which the Group generates its revenue categorised by the reportable segments
as detailed in note 2.3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f8440": { "value": "The Group had a number of manufacturer partners who will provide goods/services to customers, for example a warranty or free servicing when purchasing a new vehicle.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f9333": { "value": "2.2 Net operating expenses \n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net operating expenses:
Distribution costs
(7.6)
(212.9)
(220.5)
(5.5)
(179.7)
(185.2)
Administrative expenses
(4.2)
(169.8)
(174.0)
(4.6)
(176.7)
(181.3)
Impairment loss on trade
receivables
-
(0.3)
(0.3)
-
(0.3)
(0.3)
Rents received
-
3.4
3.4
-
2.9
2.9
(11.8)
(379.6)
(391.4)
(10.1)
(353.8)
(363.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f9502": { "value": "2.3 Operating segments
There were three reportable segments, as described below, which were the Group's strategic business units prior to the disposal of the
UK Motor and Leasing segments to Lithia Uk Holding Limited on 31 January 2024. The segments offered different ranges of products
and services and were managed separately because they require their own specialism in terms of market and product. For each of these
segments, the Executive Committee which is deemed to be the Chief Operating Decision Maker (CODM), reviewed internal management
reports on at least a monthly basis. The review of these management reports enabled the CODM to allocate resources to each segment
and form the basis of strategic and operational decisions, such as acquisition strategy, closure programme or working capital allocation.
The following summary describes the operations in each of the Group's reportable segments operational in the period:
Software.
This segment comprises the Group's activities as a dealer management systems provider.
UK Motor.
Following the sale of the entire issued share capital of Pendragon NewCo 2 Limited to Lithia UK Holding Limited on 31 January
2024, the UK Motor segment is now a discontinued operation.
Leasing.
Following the sale of the entire issued share capital of Pendragon NewCo 2 Limited to Lithia UK Holding Limited on 31 January
2024, the Leasing segment is now a discontinued operation.
The tables of \ufb01nancial performance presented in the Operational and Financial Review on pages 15 to 17 are based upon these segmental
reports.
Inter-segment transfers and transactions are entered into under normal commercial terms and conditions that would also be available to
unrelated third parties.
13 month period ended 31 January 2024
\n \n
Continuing
Discontinued
operations
Group
operations
Software
UK Motor
Leasing
Interest
Sub total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue including intercompany amounts
32.0
4,235.1
99.8
-
4,334.9
4,366.9
Inter-segment revenue
(7.5)
-
(16.9)
-
(16.9)
(24.4)
Revenue from external customers
24.5
4,235.1
82.9
-
4,318.0
4,342.5
Operating pro\ufb01t
10.0
124.6
23.0
-
147.6
157.6
Finance expense
(0.1)
-
(3.3)
(65.5)
(68.8)
(68.9)
Finance income
-
-
-
3.1
3.1
3.1
Segmental pro\ufb01t
9.9
124.6
19.7
(62.4)
81.9
91.8
Other items included in the income statement are as follows:
Depreciation and impairment
(0.4)
(24.8)
(28.2)
-
(53.0)
(53.4)
Amortisation
(5.2)
(0.2)
(0.2)
-
(0.4)
(5.6)
Share based payments
-
(5.9)
-
-
(5.9)
(5.9)
Other income - pro\ufb01t on the sale of businesses and
property, plant and equipment
-
41.8
-
-
41.8
41.8
As explained in Note 1, in presenting continuing and discontinuing operations, it was necessary to reconsider the allocation of expenses to segments.
As a result, the operating pro\ufb01t by segment has changed to reallocate expenses that will continue to be incurred into the Software segment.
Year ended 31 December 2022
\n \n
Continuing
Discontinued
operations
Group
operations
Software
UK Motor
Leasing
Interest
Sub total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue including intercompany amounts
25.4
3,536.2
83.7
-
3,619.9
3,645.3
Inter-segment revenue
(6.3)
-
(19.0)
-
(19.0)
(25.3)
Revenue from external customers
19.1
3,536.2
64.7
-
3,600.9
3,620.0
Operating pro\ufb01t
7.0
74.1
19.9
-
94.0
101.0
Finance expense
-
-
(2.5)
(42.3)
(44.8)
(44.8)
Finance income
-
-
-
1.0
1.0
1.0
Segmental pro\ufb01t
7.0
74.1
17.4
(41.3)
50.2
57.2
Other items included in the income statement are as follows:
Depreciation and impairment
(0.1)
(28.5)
(36.1)
-
(64.6)
(64.7)
Impairment of property, plant and equipment
-
(1.2)
-
-
(1.2)
(1.2)
Amortisation
(4.2)
(0.6)
(0.1)
-
(0.7)
(4.9)
Share based payments
-
(3.3)
-
-
(3.3)
(3.3)
Other income - pro\ufb01t on the sale of businesses and
property, plant and equipment
-
7.7
-
-
7.7
7.7
As explained in Note 1, in presenting continuing and discontinuing operations, it was necessary to reconsider the allocation of expenses to segments.
As a result, the operating pro\ufb01t by segment has changed to reallocate expenses that will continue to be incurred into the Software segment.
Geographical information.
All segments originate in the United Kingdom. The UK Motor and Leasing segments are discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f10063": { "value": "2.4 Staff costs
The average number of people employed by the Group in the following areas was:
\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sales
33
1,800
1,833
30
1,793
1,823
Aftersales
-
2,500
2,500
-
2,487
2,487
Administration
173
1,049
1,222
163
1,053
1,216
206
5,349
5,555
193
5,333
5,526
Following the disposalof the UK Motor and Leasing business to Lithia UK Holding Limited on 31 January 2024 employees in the discontinued operations transferred to the new owners and are no longer
employed by the Group.
Costs incurred in respect of these employees were:
\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Wages and salaries
13.3
215.3
228.6
10.3
181.8
192.1
Social security costs
1.4
20.9
22.3
1.1
19.3
20.4
Contributions to de\ufb01ned contribution
plans (see note 5.1)
0.4
5.8
6.2
0.6
11.1
11.7
Income/(cost) recognised for de\ufb01ned
bene\ufb01t plans (see note 5.1)
-
(0.2)
(0.2)
-
0.3
0.3
Surplus on disposal of pension scheme
-
0.5
0.5
-
-
-
Share based payments
(see note 4.6)
-
5.9
5.9
-
3.3
3.3
15.1
248.2
263.3
12.0
215.8
227.8
Information relating to directors' emoluments, share options and pension entitlements is set out in the Directors' Remuneration Report on
pages 51 to 61.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f10369": { "value": "2.5 Audit fees \n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
Auditor\u2019s remuneration:
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
\u00a3'000
Fees payable to the company's auditor
for the audit of the company's annual
265.0
501.0
766.0
265.0
505.0
770.0
accounts
Fees payable to the company's auditor
and its associates for other services:
Audit of the Group's subsidiaries
pursuant to legislation
50.0
400.0
450.0
50.0
335.0
385.0
Audit-related assurance services
-
167.0
167.0
-
155.0
155.0
Other assurance services
-
425.0
425.0
-
-
-
315.0
1,493.0
1,808.0
315.0
995.0
1,310.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f10566": { "value": "2.6 Taxation
Accounting policy
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to
items recognised directly in other comprehensive income, in which case it is recognised in the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the period/year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet liability method, recognising temporary differences between the carrying amounts of
assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences
are not recognised: initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable pro\ufb01t. The amount of deferred tax recognised is based on the expected manner
of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the
balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.
Estimates and judgements
The actual tax on the Group's pro\ufb01ts is determined according to complex laws and regulations. Where the effect of these laws and
regulations is unclear, estimates are used in determining the liability for the tax to be paid on pro\ufb01ts which are recognised in the \ufb01nancial
statements. The Group considers the estimates, assumptions and judgements to be reasonable but this can involve complex issues
which may take a number of years to resolve. The \ufb01nal determination of tax liabilities could be different from the estimates re\ufb02ected in
the \ufb01nancial statements but the Group believes that none have a signi\ufb01cant risk of causing a material adjustment to the carrying amount
of the liability within the next \ufb01nancial year.
Deferred tax assets and liabilities require management judgement in determining the amounts to be recognised. In particular, judgement
is used when assessing the extent to which deferred tax assets should be recognised with consideration given to the timing and level of
future taxable income. The unrecognised deferred tax assets are disclosed below.
\n\n\n\n\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK corporation tax:
Current tax on pro\ufb01t for the period/year
1.6
-
1.6
1.0
1.6
2.6
Adjustments in respect of prior periods
(0.7)
(0.1)
(0.8)
-
0.3
0.3
0.9
(0.1)
0.8
1.0
1.9
2.9
Overseas taxation:
Current tax on pro\ufb01t for the year
-
-
-
-
-
-
Adjustments in respect of prior periods
-
-
-
-
-
-
-
-
-
-
-
-
Total current tax
0.9
(0.1)
0.8
1.0
1.9
2.9
Deferred tax expense:
Origination and reversal of temporary
differences
0.7
7.6
8.3
0.3
8.0
8.3
Adjustments in respect of prior periods
-
1.0
1.0
-
0.5
0.5
Total deferred tax
0.7
8.6
9.3
0.3
8.5
8.8
Total income tax expense in the income
statement
1.6
8.5
10.1
1.3
10.4
11.7
\n\n \n
13 m period ended
Year ended
Continuing
Discontinued
31 January
Continuing
Discontinued
31 December
Operations
Operations
2024
Operations
Operations
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Pro\ufb01t before taxation
9.9
81.9
91.8
7.0
50.2
57.2
Tax on pro\ufb01t from continuing operations
at UK rate of 23.64% (2022: 19.00%)
2.3
19.4
21.7
1.3
9.6
10.9
Differences:
Tax effect of expenses that are not
deductible in determining taxable pro\ufb01t
-
0.7
0.7
-
1.4
1.4
Permanent differences arising in respect
of \ufb01xed assets
-
1.1
1.1
-
(1.7)
(1.7)
Unrecognised losses
-
0.1
0.1
-
0.3
0.3
Employee share option plan
(0.3)
(2.4)
(2.7)
-
-
-
Impact of UK corporation tax rate change
0.3
(1.8)
(1.5)
-
-
-
Non-taxable disposal of investments in
subsidiaries
(9.5)
(9.5)
-
-
-
Adjustments to tax charge in respect of
previous periods
(0.7)
0.9
0.2
-
0.8
0.8
Total income tax expense in the income
statement
1.6
8.5
10.1
1.3
10.4
11.7
Tax rate
The UK tax rate applying throughout 2023 was 23.6% (2022: 19%), the tax rate increased from 19% to 25% on 1 April 2023.
The rate
change to 25% was substantively enacted on 24 May 2021, in 2021 a proportion of deferred tax assets and deferred tax liabilities that were
forecast to unwind after 2023 were translated to 25%.
In 2023 any deferred tax assets and liabilities remaining at 31 January 2024 have
been translated to 25%.
The adjustment to prior period tax charge of \u00a30.7m in 2023 continuing operations is the release of a historic brought forward liability which
has no probability of requiring payment.
This liability related to a historic group relief claim from a joint venture partner where payment
for the group relief was separately settled.
The adjustment to prior period tax charge of \u00a30.9m in 2023 discontinued operations primarily
relates to a taxable reversal of an impairment of amounts due from group undertakings.
Factors affecting the tax charge
The tax charge is decreased by the release of prior year provisions relating to UK corporation tax returns.
The tax charge is increased by
the incidence of non-deductible expenses including the impairment of goodwill and non-qualifying depreciation.
Pillar 2
Following the disposal of the UK Motor and leasing business the remaining Pinewood Technologies Group PLC will not be within scope of
the enacted Pillar 2 rules due to revenue being below the threshold of \u20ac750m.
Unrecognised deferred tax assets
There is an unrecognised loss of \u00a32.5m (2022: \u00a31.2m) relating to the US operations following the sale of the \ufb01nal dealerships in 2021.
These losses are likely to increase as the US operation continues to incurr losses in administering the \ufb01nal transactions in the wind down
of the business. These US losses carry forward inde\ufb01nitely.
The previously unrecognised intra-EU losses (2022: \u00a313.8m) and capital
losses net of rolled over gains (2022: \u00a352.5m) relate to companies disposed of during the period.
Deferred tax assets/(liabilities)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred income taxes relate to the same \ufb01scal authority. The deferred tax assets all relate to the UK.
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Deferred tax assets
-
11.6
Deferred tax liabilities
(0.6)
-
Deferred tax (liabilities)/assets
(0.6)
11.6
The table below outlines the deferred
tax (liabilities)/assets that
are recognised on
the balance sheet,
together with their movements in
the period/year;
\n \n
(Charged) to
(Charged)
to
At 1
consolidated
other
At 31
January
income
comprehensive
December
2022
statement
income
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
8.0
(1.7)
-
6.3
Retirement bene\ufb01t obligations
5.1
(2.5)
(1.6)
1.0
Other short term temporary differences
1.7
(1.2)
(0.1)
0.4
Losses
7.3
(3.4)
-
3.9
Tax assets
22.1
(8.8)
(1.7)
11.6
\n \n
(Charged)/
Credited/
credited
to
(charged) to
At 1
consolidated
other
At 31
January
income
comprehensive
January
2023
statement
income
Disposed
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
6.3
(8.7)
-
2.6
0.2
Retirement bene\ufb01t obligations
1.0
(3.4)
2.3
0.1
0.0
Other short term temporary differences
0.4
1.4
(0.1)
(5.1)
(3.4)
Losses
3.9
1.4
-
(2.7)
2.6
Tax (liabilities)/assets
11.6
(9.3)
2.2
(5.1)
(0.6)
During 2023 the Group disposed of the UK motor and leasing business along with the an associated current tax asset and deferred
tax assets and liabilities.
As part of the disposal LTIPs vested at the end of January 2024 which gave a tax deduction to Pinewood
Technologies Group PLC which could not be group relieved to the UK motor and leasing business due to limitations in the UK group relief
rules. The tax deduction on LTIPs generated a carried forward loss which is expected to be utilised in full against future pro\ufb01ts.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f10570": { "value": "Accounting policy
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to
items recognised directly in other comprehensive income, in which case it is recognised in the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the period/year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet liability method, recognising temporary differences between the carrying amounts of
assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences
are not recognised: initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable pro\ufb01t. The amount of deferred tax recognised is based on the expected manner
of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the
balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f10578": { "value": "Deferred tax is recognised using the balance sheet liability method, recognising temporary differences between the carrying amounts of
assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences
are not recognised: initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business
combination that affect neither accounting nor taxable pro\ufb01t. The amount of deferred tax recognised is based on the expected manner
of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the
balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11210": { "value": "Deferred tax assets/(liabilities)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred income taxes relate to the same \ufb01scal authority. The deferred tax assets all relate to the UK.
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Deferred tax assets
-
11.6
Deferred tax liabilities
(0.6)
-
Deferred tax (liabilities)/assets
(0.6)
11.6
The table below outlines the deferred
tax (liabilities)/assets that
are recognised on
the balance sheet,
together with their movements in
the period/year;
\n \n
(Charged) to
(Charged)
to
At 1
consolidated
other
At 31
January
income
comprehensive
December
2022
statement
income
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
8.0
(1.7)
-
6.3
Retirement bene\ufb01t obligations
5.1
(2.5)
(1.6)
1.0
Other short term temporary differences
1.7
(1.2)
(0.1)
0.4
Losses
7.3
(3.4)
-
3.9
Tax assets
22.1
(8.8)
(1.7)
11.6
\n \n
(Charged)/
Credited/
credited
to
(charged) to
At 1
consolidated
other
At 31
January
income
comprehensive
January
2023
statement
income
Disposed
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
6.3
(8.7)
-
2.6
0.2
Retirement bene\ufb01t obligations
1.0
(3.4)
2.3
0.1
0.0
Other short term temporary differences
0.4
1.4
(0.1)
(5.1)
(3.4)
Losses
3.9
1.4
-
(2.7)
2.6
Tax (liabilities)/assets
11.6
(9.3)
2.2
(5.1)
(0.6)
During 2023 the Group disposed of the UK motor and leasing business along with the an associated current tax asset and deferred
tax assets and liabilities.
As part of the disposal LTIPs vested at the end of January 2024 which gave a tax deduction to Pinewood
Technologies Group PLC which could not be group relieved to the UK motor and leasing business due to limitations in the UK group relief
rules. The tax deduction on LTIPs generated a carried forward loss which is expected to be utilised in full against future pro\ufb01ts.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11556": { "value": "2.7 Earnings per share
Accounting policy
The Group presents basic and diluted earnings per share (\u2018EPS\u2019) data for its ordinary shares. Basic EPS is calculated by dividing the pro\ufb01t or
loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares in issue during the period. The
shares held by the EBT have been excluded from the calculation until such time as they vest unconditionally with the employees. Diluted
EPS is calculated by dividing the pro\ufb01t and loss attributable to ordinary shareholders by the weighted average number of ordinary shares in
issue taking account of the effects of all dilutive potential ordinary shares, which comprise of share options granted to employees and LTIPs.
Earnings per share calculation
\n \n
13m period
13m period
Year
Year
ended
ended
ended
ended
31 January
31 January
31 December
31 December
2024
2024
2022
2022
Earnings
Earnings
Earnings
Earnings
per share
Total
per share
Total
pence
\u00a3m
pence
\u00a3m
Basic earnings per share from continuing operations
11.9
8.3
8.2
5.7
Basic earnings per share from discontinued operations
105.1
73.4
57.2
39.8
Basic earnings per share
117.0
81.7
65.4
45.5
Diluted earnings per share from continuing operations
11.9
8.3
7.9
5.7
Diluted earnings per share from discontinued operations
105.1
73.4
55.1
39.8
Diluted earnings per share
117.0
81.7
63.0
45.5
The calculation of basic, adjusted and diluted earnings per share is based on the
following number of shares in issue (millions):
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Number
Number
Weighted average number of ordinary shares in issue
69.8
69.6
Weighted average number of dilutive shares under option
-
2.6
Weighted average number of shares in issue taking account of applicable
outstanding share options
69.8
72.2
Non-dilutive shares under option
-
1.0
On 5 April 2024, the Company announced that it would undertake a capital reorganisation whereby 1 new Ordinary Share of 100 pence
each will be issued for every 20 existing Ordinary Shares of 5 pence each. This is an adjusting post balance sheet event and therefore the
earnings per share calculations for the current period and prior period \ufb01nancial statements have been presented re\ufb02ecting the revised
number of shares post the capital reorganisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11560": { "value": "Accounting policy
The Group presents basic and diluted earnings per share (\u2018EPS\u2019) data for its ordinary shares. Basic EPS is calculated by dividing the pro\ufb01t or
loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares in issue during the period. The
shares held by the EBT have been excluded from the calculation until such time as they vest unconditionally with the employees. Diluted
EPS is calculated by dividing the pro\ufb01t and loss attributable to ordinary shareholders by the weighted average number of ordinary shares in
issue taking account of the effects of all dilutive potential ordinary shares, which comprise of share options granted to employees and LTIPs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11804": { "value": "3.1 Intangible assets and goodwill
Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents the excess of the cost of acquisition
over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired subsidiary undertakings at the effective
date of acquisition and is included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash generating
units (CGUs), which are franchise groups and other business units. An impairment test is performed annually as detailed below. Goodwill
is then held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of the acquired businesses into alignment with those of the Group. The costs
associated with reorganising or restructuring are charged to the post acquisition income statement. For those acquisitions made prior to
1 January 2004, goodwill is recorded on the basis of its deemed cost which represented its carrying value as at 1 January 2004 under UK
GAAP. Fair value adjustments are made in respect of acquisitions. If at the balance sheet date the fair value of the acquiree\u2019s identi\ufb01able
assets, liabilities and contingent liabilities can only be established provisionally then these values are used. Any adjustments to these
values made within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer management systems by the Group\u2019s
Pinewood division. Development expenditure is capitalised only if development costs can be measured reliably, the product is technically
and commercially feasible, future economic bene\ufb01ts are probable and the Group intends to and has suf\ufb01cient resources to complete
development and to use or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are directly
attributable to preparing the asset for its intended use. If the development expenditure does not meet the above criteria it is expensed to
the income statement.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses and is
amortised over a period of \ufb01ve years.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any impairment losses. This category of asset
includes purchased computer software and internally generated intangible assets which are amortised by equal instalments over four
years and the fair value of the bene\ufb01t of forward sales orders assumed on acquisition, which is amortised by reference to when those
orders are delivered.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic bene\ufb01ts embodied in
the speci\ufb01c asset to which it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if the fair value of the asset can be identi\ufb01ed separately
and measured reliably. Amortisation is calculated on a straight line basis over the estimated useful life of the intangible asset. Amortisation
methods and useful lives are reviewed annually and adjusted if appropriate.
\n \n
Continuing operations
Discontinued operations
Development
Other
Goodwill
costs
Sub Total
Goodwill
intangibles
Sub Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2022
0.3
25.4
25.7
406.5
4.5
411.0
436.7
Additions
-
5.7
5.7
-
0.5
0.5
6.2
Disposals
-
-
-
(8.2)
(0.1)
(8.3)
(8.3)
At 31 December 2022
0.3
31.1
31.4
398.3
4.9
403.2
434.6
At 1 January 2023
0.3
31.1
31.4
398.3
4.9
403.2
434.6
Additions
-
6.8
6.8
-
0.2
0.2
7.0
Classi\ufb01ed as non-current assets held for sale
-
-
-
(398.3)
(5.1)
(403.4)
(403.4)
At 31 January 2024
0.3
37.9
38.2
-
-
-
38.2
Amortisation
At 1 January 2022
-
14.7
14.7
256.5
4.1
260.6
275.3
Amortised during the year
-
4.2
4.2
-
0.7
0.7
4.9
Impairment of goodwill
-
-
-
3.6
-
3.6
3.6
Amortised during the year
-
-
-
(6.1)
(0.1)
(6.2)
(6.2)
At 31 December 2022
-
18.9
18.9
254.0
4.7
258.7
277.6
-
At 1 January 2023
-
18.9
18.9
254.0
4.7
258.7
277.6
Amortised during the period
-
5.2
5.2
-
0.4
0.4
5.6
Classi\ufb01ed as non-current assets held for sale
-
-
-
(254.0)
(5.1)
(259.1)
(259.1)
At 31 January 2024
-
24.1
24.1
-
-
-
24.1
Carrying amounts
At 1 January 2022
0.3
10.7
11.0
150.0
0.4
150.4
161.4
At 31 December 2022
0.3
12.2
12.5
144.3
0.2
144.5
157.0
At 31 January 2024
0.3
13.8
14.1
-
-
-
14.1
The following have been recognised in the income statement within net operating expenses:
\n \n
13 m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Amortisation of internally generated intangible assets
5.2
4.2
Amortisation of other intangible assets
0.4
0.7
Impairment of goodwill
-
3.6
Research and development costs (expensed)
1.6
1.2
\n
Goodwill is allocated across a single cash-generating unit which is Pinewood, following the disposal of the Group's UK Motor and Leasing
\n
cash generating units. This is the lowest level at which cash-generating units are formed. Therefore there is a consistent approach to
\n
performing the annual impairment test to assess the carrying value of this amount is taken. This value was determined by comparing
\n
the carrying value of the asset with the higher of its fair value less costs to sell (where value is determined by applying a trading multiple
\n
to the estimated future cash \ufb02ow or by assessing the depreciated replacement cost of the individual assets) and value in use (where
\n
value is determined by discounting the future cash \ufb02ows generated from the continuing use of the unit and was based on the following
\n
key assumptions):
\n
The Pinewood CGU's goodwill carrying value have been based on its fair value less costs to sell. There is signi\ufb01cant headroom between
\n
the carrying value of the goodwill asset and the fair value less costs to sell and as such no sensitivity disclosures are relevant as at
\n
31 January 2024.
\n
During the previous year goodwill was allocated across multiple cash-generating units which were the UK Motor franchise groups,
\n
Pinewood and Leasing. This was the lowest level at which cash-generating units were formed. There was therefore a consistent approach
\n
to performing the annual impairment test to assess the carrying value of goodwill. This value was determined by comparing the carrying
\n
value of the asset with the higher of its fair value less costs to sell (where value is determined by applying a trading multiple to the estimated
\n
future cash \ufb02ow or by assessing the depreciated replacement cost of the individual assets) and value in use (where value is determined
\n
by discounting the future cash \ufb02ows generated from the continuing use of the unit and was based on the following key assumptions):
\n
Future cash \ufb02ows were projected into perpetuity with reference to the Group\u2019s forecasts for 2023. The 2023 forecast was derived from
\n
the corporate plan, approved by the Board and compiled on a bottom up basis. New car volume growth was based on the latest SMMT
\n
forecasts. Used car and aftersales revenue and gross pro\ufb01t growth has been based on latest run-rates for the CGUs. The 2024 to 2027
\n
forecast represents a projection from the 2023 bottom up forecast with new volume growth based on the latest market projections and
\n
run-rates applied to determine used volume growth, with associated gross pro\ufb01ts calculated from adjusted GPUs. Short term income and
\n
costs growth have been applied at 2.0% and 2.5% respectively. These have been applied based on short term market in\ufb02ation assumptions.
\n
Future cash \ufb02ows also include any climate related risks and opportunities, such as the HM Government's decision to move to PHEV and
\n
BHEV by 2030.
\n
At 31 December 2022, it was anticipated that the units will grow revenues in the future. For the purpose of the impairment testing at 31
\n
December 2022, a long-term growth rate of 2.0% had been assumed beyond 2026. The growth rate of 2.0% that has been used in the
\n
impairment calculations was based on long-term in\ufb02ation.
Goodwill has been reviewed for any possible impairment and as a result of this review there was no impairment charge
made during the
period (2022: \u00a33.6m).
Goodwill by segment
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Pinewood
0.3
0.3
UK Motor
-
122.3
Leasing
-
22.0
0.3
144.6
Sensitivity of assumptions at 31 December 2022
The forecasts used to determine impairment at 31 December 2022 were sensitive to the key assumptions used in preparing those forecasts.
Future uncertainty with respect to the markets we operated in could have an effect on sales volumes and margins and the general costs of
doing business. The key assumptions used in our forecasts were the vehicle volumes and margins. The sensitivities below indicate the total
change in the value in use forecast, keeping other assumptions constant.
The directors and management have considered and assessed reasonably possible changes to the key assumptions. Within a downside
scenario, the reasonably possible changes to the key assumptions are a severe downturn to vehicle volumes and margins. This considers
both a worsening in economic conditions and restricted new car supply due to manufacturing constraints. This gives sensitivity of an overall
reduction in free cash\ufb02ow of 11.2%.
This downside sensitivity, there was no effect on both the Pinewood and Leasing segment goodwill values, only UK Motor, which gives rise
to an impairment charge to the Vauxhall CGU of \u00a37.5m, no other CGU impairment noted. The breakdown point for the Vauxhall CGU would
require a reduction in both new and units of 2.8% into perpetuity or a reduction in both new and used GPU of 1.2% into perpetuity.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11805": { "value": "3.1 Intangible assets and goodwill
Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents the excess of the cost of acquisition
over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired subsidiary undertakings at the effective
date of acquisition and is included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash generating
units (CGUs), which are franchise groups and other business units. An impairment test is performed annually as detailed below. Goodwill
is then held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of the acquired businesses into alignment with those of the Group. The costs
associated with reorganising or restructuring are charged to the post acquisition income statement. For those acquisitions made prior to
1 January 2004, goodwill is recorded on the basis of its deemed cost which represented its carrying value as at 1 January 2004 under UK
GAAP. Fair value adjustments are made in respect of acquisitions. If at the balance sheet date the fair value of the acquiree\u2019s identi\ufb01able
assets, liabilities and contingent liabilities can only be established provisionally then these values are used. Any adjustments to these
values made within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer management systems by the Group\u2019s
Pinewood division. Development expenditure is capitalised only if development costs can be measured reliably, the product is technically
and commercially feasible, future economic bene\ufb01ts are probable and the Group intends to and has suf\ufb01cient resources to complete
development and to use or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are directly
attributable to preparing the asset for its intended use. If the development expenditure does not meet the above criteria it is expensed to
the income statement.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses and is
amortised over a period of \ufb01ve years.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any impairment losses. This category of asset
includes purchased computer software and internally generated intangible assets which are amortised by equal instalments over four
years and the fair value of the bene\ufb01t of forward sales orders assumed on acquisition, which is amortised by reference to when those
orders are delivered.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic bene\ufb01ts embodied in
the speci\ufb01c asset to which it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if the fair value of the asset can be identi\ufb01ed separately
and measured reliably. Amortisation is calculated on a straight line basis over the estimated useful life of the intangible asset. Amortisation
methods and useful lives are reviewed annually and adjusted if appropriate.
\n \n
Continuing operations
Discontinued operations
Development
Other
Goodwill
costs
Sub Total
Goodwill
intangibles
Sub Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2022
0.3
25.4
25.7
406.5
4.5
411.0
436.7
Additions
-
5.7
5.7
-
0.5
0.5
6.2
Disposals
-
-
-
(8.2)
(0.1)
(8.3)
(8.3)
At 31 December 2022
0.3
31.1
31.4
398.3
4.9
403.2
434.6
At 1 January 2023
0.3
31.1
31.4
398.3
4.9
403.2
434.6
Additions
-
6.8
6.8
-
0.2
0.2
7.0
Classi\ufb01ed as non-current assets held for sale
-
-
-
(398.3)
(5.1)
(403.4)
(403.4)
At 31 January 2024
0.3
37.9
38.2
-
-
-
38.2
Amortisation
At 1 January 2022
-
14.7
14.7
256.5
4.1
260.6
275.3
Amortised during the year
-
4.2
4.2
-
0.7
0.7
4.9
Impairment of goodwill
-
-
-
3.6
-
3.6
3.6
Amortised during the year
-
-
-
(6.1)
(0.1)
(6.2)
(6.2)
At 31 December 2022
-
18.9
18.9
254.0
4.7
258.7
277.6
-
At 1 January 2023
-
18.9
18.9
254.0
4.7
258.7
277.6
Amortised during the period
-
5.2
5.2
-
0.4
0.4
5.6
Classi\ufb01ed as non-current assets held for sale
-
-
-
(254.0)
(5.1)
(259.1)
(259.1)
At 31 January 2024
-
24.1
24.1
-
-
-
24.1
Carrying amounts
At 1 January 2022
0.3
10.7
11.0
150.0
0.4
150.4
161.4
At 31 December 2022
0.3
12.2
12.5
144.3
0.2
144.5
157.0
At 31 January 2024
0.3
13.8
14.1
-
-
-
14.1
\n\n\n\n
The following have been recognised in the income statement within net operating expenses:
\n \n
13 m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Amortisation of internally generated intangible assets
5.2
4.2
Amortisation of other intangible assets
0.4
0.7
Impairment of goodwill
-
3.6
Research and development costs (expensed)
1.6
1.2
\n
Goodwill is allocated across a single cash-generating unit which is Pinewood, following the disposal of the Group's UK Motor and Leasing
\n
cash generating units. This is the lowest level at which cash-generating units are formed. Therefore there is a consistent approach to
\n
performing the annual impairment test to assess the carrying value of this amount is taken. This value was determined by comparing
\n
the carrying value of the asset with the higher of its fair value less costs to sell (where value is determined by applying a trading multiple
\n
to the estimated future cash \ufb02ow or by assessing the depreciated replacement cost of the individual assets) and value in use (where
\n
value is determined by discounting the future cash \ufb02ows generated from the continuing use of the unit and was based on the following
\n
key assumptions):
\n
The Pinewood CGU's goodwill carrying value have been based on its fair value less costs to sell. There is signi\ufb01cant headroom between
\n
the carrying value of the goodwill asset and the fair value less costs to sell and as such no sensitivity disclosures are relevant as at
\n
31 January 2024.
\n
During the previous year goodwill was allocated across multiple cash-generating units which were the UK Motor franchise groups,
\n
Pinewood and Leasing. This was the lowest level at which cash-generating units were formed. There was therefore a consistent approach
\n
to performing the annual impairment test to assess the carrying value of goodwill. This value was determined by comparing the carrying
\n
value of the asset with the higher of its fair value less costs to sell (where value is determined by applying a trading multiple to the estimated
\n
future cash \ufb02ow or by assessing the depreciated replacement cost of the individual assets) and value in use (where value is determined
\n
by discounting the future cash \ufb02ows generated from the continuing use of the unit and was based on the following key assumptions):
\n
Future cash \ufb02ows were projected into perpetuity with reference to the Group\u2019s forecasts for 2023. The 2023 forecast was derived from
\n
the corporate plan, approved by the Board and compiled on a bottom up basis. New car volume growth was based on the latest SMMT
\n
forecasts. Used car and aftersales revenue and gross pro\ufb01t growth has been based on latest run-rates for the CGUs. The 2024 to 2027
\n
forecast represents a projection from the 2023 bottom up forecast with new volume growth based on the latest market projections and
\n
run-rates applied to determine used volume growth, with associated gross pro\ufb01ts calculated from adjusted GPUs. Short term income and
\n
costs growth have been applied at 2.0% and 2.5% respectively. These have been applied based on short term market in\ufb02ation assumptions.
\n
Future cash \ufb02ows also include any climate related risks and opportunities, such as the HM Government's decision to move to PHEV and
\n
BHEV by 2030.
\n
At 31 December 2022, it was anticipated that the units will grow revenues in the future. For the purpose of the impairment testing at 31
\n
December 2022, a long-term growth rate of 2.0% had been assumed beyond 2026. The growth rate of 2.0% that has been used in the
\n
impairment calculations was based on long-term in\ufb02ation.
Goodwill has been reviewed for any possible impairment and as a result of this review there was no impairment charge
made during the
period (2022: \u00a33.6m).
Goodwill by segment
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Pinewood
0.3
0.3
UK Motor
-
122.3
Leasing
-
22.0
0.3
144.6
Sensitivity of assumptions at 31 December 2022
The forecasts used to determine impairment at 31 December 2022 were sensitive to the key assumptions used in preparing those forecasts.
Future uncertainty with respect to the markets we operated in could have an effect on sales volumes and margins and the general costs of
doing business. The key assumptions used in our forecasts were the vehicle volumes and margins. The sensitivities below indicate the total
change in the value in use forecast, keeping other assumptions constant.
The directors and management have considered and assessed reasonably possible changes to the key assumptions. Within a downside
scenario, the reasonably possible changes to the key assumptions are a severe downturn to vehicle volumes and margins. This considers
both a worsening in economic conditions and restricted new car supply due to manufacturing constraints. This gives sensitivity of an overall
reduction in free cash\ufb02ow of 11.2%.
This downside sensitivity, there was no effect on both the Pinewood and Leasing segment goodwill values, only UK Motor, which gives rise
to an impairment charge to the Vauxhall CGU of \u00a37.5m, no other CGU impairment noted. The breakdown point for the Vauxhall CGU would
require a reduction in both new and units of 2.8% into perpetuity or a reduction in both new and used GPU of 1.2% into perpetuity.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11806": { "value": "3.1 Intangible assets and goodwill
Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents the excess of the cost of acquisition
over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired subsidiary undertakings at the effective
date of acquisition and is included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash generating
units (CGUs), which are franchise groups and other business units. An impairment test is performed annually as detailed below. Goodwill
is then held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of the acquired businesses into alignment with those of the Group. The costs
associated with reorganising or restructuring are charged to the post acquisition income statement. For those acquisitions made prior to
1 January 2004, goodwill is recorded on the basis of its deemed cost which represented its carrying value as at 1 January 2004 under UK
GAAP. Fair value adjustments are made in respect of acquisitions. If at the balance sheet date the fair value of the acquiree\u2019s identi\ufb01able
assets, liabilities and contingent liabilities can only be established provisionally then these values are used. Any adjustments to these
values made within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer management systems by the Group\u2019s
Pinewood division. Development expenditure is capitalised only if development costs can be measured reliably, the product is technically
and commercially feasible, future economic bene\ufb01ts are probable and the Group intends to and has suf\ufb01cient resources to complete
development and to use or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are directly
attributable to preparing the asset for its intended use. If the development expenditure does not meet the above criteria it is expensed to
the income statement.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses and is
amortised over a period of \ufb01ve years.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any impairment losses. This category of asset
includes purchased computer software and internally generated intangible assets which are amortised by equal instalments over four
years and the fair value of the bene\ufb01t of forward sales orders assumed on acquisition, which is amortised by reference to when those
orders are delivered.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic bene\ufb01ts embodied in
the speci\ufb01c asset to which it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if the fair value of the asset can be identi\ufb01ed separately
and measured reliably. Amortisation is calculated on a straight line basis over the estimated useful life of the intangible asset. Amortisation
methods and useful lives are reviewed annually and adjusted if appropriate.
\n \n
Continuing operations
Discontinued operations
Development
Other
Goodwill
costs
Sub Total
Goodwill
intangibles
Sub Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2022
0.3
25.4
25.7
406.5
4.5
411.0
436.7
Additions
-
5.7
5.7
-
0.5
0.5
6.2
Disposals
-
-
-
(8.2)
(0.1)
(8.3)
(8.3)
At 31 December 2022
0.3
31.1
31.4
398.3
4.9
403.2
434.6
At 1 January 2023
0.3
31.1
31.4
398.3
4.9
403.2
434.6
Additions
-
6.8
6.8
-
0.2
0.2
7.0
Classi\ufb01ed as non-current assets held for sale
-
-
-
(398.3)
(5.1)
(403.4)
(403.4)
At 31 January 2024
0.3
37.9
38.2
-
-
-
38.2
Amortisation
At 1 January 2022
-
14.7
14.7
256.5
4.1
260.6
275.3
Amortised during the year
-
4.2
4.2
-
0.7
0.7
4.9
Impairment of goodwill
-
-
-
3.6
-
3.6
3.6
Amortised during the year
-
-
-
(6.1)
(0.1)
(6.2)
(6.2)
At 31 December 2022
-
18.9
18.9
254.0
4.7
258.7
277.6
-
At 1 January 2023
-
18.9
18.9
254.0
4.7
258.7
277.6
Amortised during the period
-
5.2
5.2
-
0.4
0.4
5.6
Classi\ufb01ed as non-current assets held for sale
-
-
-
(254.0)
(5.1)
(259.1)
(259.1)
At 31 January 2024
-
24.1
24.1
-
-
-
24.1
Carrying amounts
At 1 January 2022
0.3
10.7
11.0
150.0
0.4
150.4
161.4
At 31 December 2022
0.3
12.2
12.5
144.3
0.2
144.5
157.0
At 31 January 2024
0.3
13.8
14.1
-
-
-
14.1
\n\n\n\n
The following have been recognised in the income statement within net operating expenses:
\n \n
13 m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Amortisation of internally generated intangible assets
5.2
4.2
Amortisation of other intangible assets
0.4
0.7
Impairment of goodwill
-
3.6
Research and development costs (expensed)
1.6
1.2
\n
Goodwill is allocated across a single cash-generating unit which is Pinewood, following the disposal of the Group's UK Motor and Leasing
\n
cash generating units. This is the lowest level at which cash-generating units are formed. Therefore there is a consistent approach to
\n
performing the annual impairment test to assess the carrying value of this amount is taken. This value was determined by comparing
\n
the carrying value of the asset with the higher of its fair value less costs to sell (where value is determined by applying a trading multiple
\n
to the estimated future cash \ufb02ow or by assessing the depreciated replacement cost of the individual assets) and value in use (where
\n
value is determined by discounting the future cash \ufb02ows generated from the continuing use of the unit and was based on the following
\n
key assumptions):
\n
The Pinewood CGU's goodwill carrying value have been based on its fair value less costs to sell. There is signi\ufb01cant headroom between
\n
the carrying value of the goodwill asset and the fair value less costs to sell and as such no sensitivity disclosures are relevant as at
\n
31 January 2024.
\n
During the previous year goodwill was allocated across multiple cash-generating units which were the UK Motor franchise groups,
\n
Pinewood and Leasing. This was the lowest level at which cash-generating units were formed. There was therefore a consistent approach
\n
to performing the annual impairment test to assess the carrying value of goodwill. This value was determined by comparing the carrying
\n
value of the asset with the higher of its fair value less costs to sell (where value is determined by applying a trading multiple to the estimated
\n
future cash \ufb02ow or by assessing the depreciated replacement cost of the individual assets) and value in use (where value is determined
\n
by discounting the future cash \ufb02ows generated from the continuing use of the unit and was based on the following key assumptions):
\n
Future cash \ufb02ows were projected into perpetuity with reference to the Group\u2019s forecasts for 2023. The 2023 forecast was derived from
\n
the corporate plan, approved by the Board and compiled on a bottom up basis. New car volume growth was based on the latest SMMT
\n
forecasts. Used car and aftersales revenue and gross pro\ufb01t growth has been based on latest run-rates for the CGUs. The 2024 to 2027
\n
forecast represents a projection from the 2023 bottom up forecast with new volume growth based on the latest market projections and
\n
run-rates applied to determine used volume growth, with associated gross pro\ufb01ts calculated from adjusted GPUs. Short term income and
\n
costs growth have been applied at 2.0% and 2.5% respectively. These have been applied based on short term market in\ufb02ation assumptions.
\n
Future cash \ufb02ows also include any climate related risks and opportunities, such as the HM Government's decision to move to PHEV and
\n
BHEV by 2030.
\n
At 31 December 2022, it was anticipated that the units will grow revenues in the future. For the purpose of the impairment testing at 31
\n
December 2022, a long-term growth rate of 2.0% had been assumed beyond 2026. The growth rate of 2.0% that has been used in the
\n
impairment calculations was based on long-term in\ufb02ation.
Goodwill has been reviewed for any possible impairment and as a result of this review there was no impairment charge
made during the
period (2022: \u00a33.6m).
Goodwill by segment
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Pinewood
0.3
0.3
UK Motor
-
122.3
Leasing
-
22.0
0.3
144.6
Sensitivity of assumptions at 31 December 2022
The forecasts used to determine impairment at 31 December 2022 were sensitive to the key assumptions used in preparing those forecasts.
Future uncertainty with respect to the markets we operated in could have an effect on sales volumes and margins and the general costs of
doing business. The key assumptions used in our forecasts were the vehicle volumes and margins. The sensitivities below indicate the total
change in the value in use forecast, keeping other assumptions constant.
The directors and management have considered and assessed reasonably possible changes to the key assumptions. Within a downside
scenario, the reasonably possible changes to the key assumptions are a severe downturn to vehicle volumes and margins. This considers
both a worsening in economic conditions and restricted new car supply due to manufacturing constraints. This gives sensitivity of an overall
reduction in free cash\ufb02ow of 11.2%.
This downside sensitivity, there was no effect on both the Pinewood and Leasing segment goodwill values, only UK Motor, which gives rise
to an impairment charge to the Vauxhall CGU of \u00a37.5m, no other CGU impairment noted. The breakdown point for the Vauxhall CGU would
require a reduction in both new and units of 2.8% into perpetuity or a reduction in both new and used GPU of 1.2% into perpetuity.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11812": { "value": "Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents the excess of the cost of acquisition
over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired subsidiary undertakings at the effective
date of acquisition and is included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash generating
units (CGUs), which are franchise groups and other business units. An impairment test is performed annually as detailed below. Goodwill
is then held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of the acquired businesses into alignment with those of the Group. The costs
associated with reorganising or restructuring are charged to the post acquisition income statement. For those acquisitions made prior to
1 January 2004, goodwill is recorded on the basis of its deemed cost which represented its carrying value as at 1 January 2004 under UK
GAAP. Fair value adjustments are made in respect of acquisitions. If at the balance sheet date the fair value of the acquiree\u2019s identi\ufb01able
assets, liabilities and contingent liabilities can only be established provisionally then these values are used. Any adjustments to these
values made within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer management systems by the Group\u2019s
Pinewood division. Development expenditure is capitalised only if development costs can be measured reliably, the product is technically
and commercially feasible, future economic bene\ufb01ts are probable and the Group intends to and has suf\ufb01cient resources to complete
development and to use or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are directly
attributable to preparing the asset for its intended use. If the development expenditure does not meet the above criteria it is expensed to
the income statement.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses and is
amortised over a period of \ufb01ve years.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any impairment losses. This category of asset
includes purchased computer software and internally generated intangible assets which are amortised by equal instalments over four
years and the fair value of the bene\ufb01t of forward sales orders assumed on acquisition, which is amortised by reference to when those
orders are delivered.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic bene\ufb01ts embodied in
the speci\ufb01c asset to which it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if the fair value of the asset can be identi\ufb01ed separately
and measured reliably. Amortisation is calculated on a straight line basis over the estimated useful life of the intangible asset. Amortisation
methods and useful lives are reviewed annually and adjusted if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11813": { "value": "Accounting policies
All business combinations are accounted for by applying the purchase method. Goodwill represents the excess of the cost of acquisition
over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired subsidiary undertakings at the effective
date of acquisition and is included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash generating
units (CGUs), which are franchise groups and other business units. An impairment test is performed annually as detailed below. Goodwill
is then held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of the acquired businesses into alignment with those of the Group. The costs
associated with reorganising or restructuring are charged to the post acquisition income statement. For those acquisitions made prior to
1 January 2004, goodwill is recorded on the basis of its deemed cost which represented its carrying value as at 1 January 2004 under UK
GAAP. Fair value adjustments are made in respect of acquisitions. If at the balance sheet date the fair value of the acquiree\u2019s identi\ufb01able
assets, liabilities and contingent liabilities can only be established provisionally then these values are used. Any adjustments to these
values made within 12 months of the acquisition date are taken as adjustments to goodwill.
Internally generated intangible assets relate to activities that involve the development of dealer management systems by the Group\u2019s
Pinewood division. Development expenditure is capitalised only if development costs can be measured reliably, the product is technically
and commercially feasible, future economic bene\ufb01ts are probable and the Group intends to and has suf\ufb01cient resources to complete
development and to use or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are directly
attributable to preparing the asset for its intended use. If the development expenditure does not meet the above criteria it is expensed to
the income statement.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses and is
amortised over a period of \ufb01ve years.
Intangible assets other than goodwill are stated at cost less accumulated amortisation and any impairment losses. This category of asset
includes purchased computer software and internally generated intangible assets which are amortised by equal instalments over four
years and the fair value of the bene\ufb01t of forward sales orders assumed on acquisition, which is amortised by reference to when those
orders are delivered.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic bene\ufb01ts embodied in
the speci\ufb01c asset to which it relates. All other expenditure is expensed as incurred.
Intangible assets arising on an acquisition are recognised separately from goodwill if the fair value of the asset can be identi\ufb01ed separately
and measured reliably. Amortisation is calculated on a straight line basis over the estimated useful life of the intangible asset. Amortisation
methods and useful lives are reviewed annually and adjusted if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11818": { "value": "All business combinations are accounted for by applying the purchase method. Goodwill represents the excess of the cost of acquisition
over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired subsidiary undertakings at the effective
date of acquisition and is included in the balance sheet under the heading of intangible assets. The goodwill is allocated to cash generating
units (CGUs), which are franchise groups and other business units. An impairment test is performed annually as detailed below. Goodwill
is then held in the balance sheet at cost less any accumulated impairment losses.
Adjustments are applied to bring the accounting policies of the acquired businesses into alignment with those of the Group. The costs
associated with reorganising or restructuring are charged to the post acquisition income statement. For those acquisitions made prior to
1 January 2004, goodwill is recorded on the basis of its deemed cost which represented its carrying value as at 1 January 2004 under UK
GAAP. Fair value adjustments are made in respect of acquisitions. If at the balance sheet date the fair value of the acquiree\u2019s identi\ufb01able
assets, liabilities and contingent liabilities can only be established provisionally then these values are used. Any adjustments to these
values made within 12 months of the acquisition date are taken as adjustments to goodwill.Accounting policy
The results of businesses disposed of during the year are included up to the effective date of disposal using the acquisition method of
accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11832": { "value": "Internally generated intangible assets relate to activities that involve the development of dealer management systems by the Group\u2019s
Pinewood division. Development expenditure is capitalised only if development costs can be measured reliably, the product is technically
and commercially feasible, future economic bene\ufb01ts are probable and the Group intends to and has suf\ufb01cient resources to complete
development and to use or sell the asset. The expenditure capitalised includes the costs of labour and overhead costs that are directly
attributable to preparing the asset for its intended use. If the development expenditure does not meet the above criteria it is expensed to
the income statement.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses and is
amortised over a period of \ufb01ve years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11843": { "value": "Intangible assets other than goodwill are stated at cost less accumulated amortisation and any impairment losses. This category of asset
includes purchased computer software and internally generated intangible assets which are amortised by equal instalments over four
years and the fair value of the bene\ufb01t of forward sales orders assumed on acquisition, which is amortised by reference to when those
orders are delivered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f11886": { "value": "\n \n
Continuing operations
Discontinued operations
Development
Other
Goodwill
costs
Sub Total
Goodwill
intangibles
Sub Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2022
0.3
25.4
25.7
406.5
4.5
411.0
436.7
Additions
-
5.7
5.7
-
0.5
0.5
6.2
Disposals
-
-
-
(8.2)
(0.1)
(8.3)
(8.3)
At 31 December 2022
0.3
31.1
31.4
398.3
4.9
403.2
434.6
At 1 January 2023
0.3
31.1
31.4
398.3
4.9
403.2
434.6
Additions
-
6.8
6.8
-
0.2
0.2
7.0
Classi\ufb01ed as non-current assets held for sale
-
-
-
(398.3)
(5.1)
(403.4)
(403.4)
At 31 January 2024
0.3
37.9
38.2
-
-
-
38.2
Amortisation
At 1 January 2022
-
14.7
14.7
256.5
4.1
260.6
275.3
Amortised during the year
-
4.2
4.2
-
0.7
0.7
4.9
Impairment of goodwill
-
-
-
3.6
-
3.6
3.6
Amortised during the year
-
-
-
(6.1)
(0.1)
(6.2)
(6.2)
At 31 December 2022
-
18.9
18.9
254.0
4.7
258.7
277.6
-
At 1 January 2023
-
18.9
18.9
254.0
4.7
258.7
277.6
Amortised during the period
-
5.2
5.2
-
0.4
0.4
5.6
Classi\ufb01ed as non-current assets held for sale
-
-
-
(254.0)
(5.1)
(259.1)
(259.1)
At 31 January 2024
-
24.1
24.1
-
-
-
24.1
Carrying amounts
At 1 January 2022
0.3
10.7
11.0
150.0
0.4
150.4
161.4
At 31 December 2022
0.3
12.2
12.5
144.3
0.2
144.5
157.0
At 31 January 2024
0.3
13.8
14.1
-
-
-
14.1
\n \n
Continuing operations
Discontinued operations
Contract
Land &
Plant &
Sub
Land &
Plant &
Motor
hire
Sub
buildings
equipment
Total
buildings
equipment
vehicles
vehicles
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation
At 1 January 2022
7.0
2.0
9.0
332.3
61.8
1.0
93.6
488.7
497.7
Charge for the year
-
0.1
0.1
21.6
6.8
0.1
36.1
64.6
64.7
Impairment
-
-
-
1.0
0.2
-
-
1.2
1.2
Business disposals
-
-
-
(0.5)
(1.7)
-
-
(2.2)
(2.2)
Other disposals
(6.7)
(0.1)
(6.8)
(27.2)
(9.2)
(0.3)
-
(36.7)
(43.5)
Contract hire vehicles transferred to
inventory
-
-
-
-
-
-
(34.6)
(34.6)
(34.6)
Classi\ufb01ed as non-current assets held
for sale
-
-
-
(0.9)
-
-
-
(0.9)
(0.9)
Reinstated from non-current assets
held for sale
-
-
-
1.5
-
-
-
1.5
1.5
At 31 December 2022
0.3
2.0
2.3
327.8
57.9
0.8
95.1
481.6
483.9
At 1 January 2023
0.3
2.0
2.3
327.8
57.9
0.8
95.1
481.6
483.9
Charge for the period
0.4
-
0.4
18.0
6.7
-
28.3
53.0
53.4
Disposals
-
-
-
(32.4)
(3.9)
-
-
(36.3)
(36.3)
Contract hire vehicles transferred to
inventory
-
-
-
-
-
-
(36.3)
(36.3)
(36.3)
Classi\ufb01ed as non-current assets held
for sale
-
-
-
(313.4)
(60.7)
(0.8)
(87.1)
(462.0)
(462.0)
At 31 January 2024
0.7
2.0
2.7
-
-
-
-
-
2.7
Carrying amounts
At 1 January 2022
-
0.1
0.1
344.0
22.7
1.5
131.2
499.4
499.5
At 31 December 2022
-
-
-
364.2
25.2
1.6
124.9
515.9
515.9
At 31 January 2024
1.0
0.1
1.1
-
-
-
-
-
1.1
Assets leased out under operating
leases
Cost at 31 January 2024
-
-
-
-
-
-
-
-
-
Accumulated depreciation at 31
January 2024
-
-
-
-
-
-
-
-
-
Accumulated impairment at 31
January 2024
-
-
-
-
-
-
-
-
-
Carrying value of assets leased out
under operating leases at 31 January
-
-
-
-
-
-
-
-
-
2024
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Building projects currently under construction for which no depreciation has been
charged during the period
-
7.6
Future capital expenditure which has been contracted for but not yet provided in the
\ufb01nancial statements - property development and refurbishment
-
2.8
Cumulative interest charges capitalised as construction costs and included in land and
buildings
-
6.0
The following items have been charged to the income statement as operating expenses
during theperiod/year:
Depreciation of property, plant and equipment - leased
12.3
15.2
Depreciation of contract hire vehicles - leased
28.3
36.1
Depreciation of property, plant and equipment - owned
12.8
13.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f12523": { "value": "3.2 Property, plant and equipment
Accounting policy
Freehold land is not depreciated. Depreciation is provided to write off the cost less the estimated residual value of other assets by equal
instalments over their estimated useful economic lives. On transition to IFRS as at 1 January 2004, all land and buildings were restated to
fair value as permitted by IFRS 1, which is then treated as the deemed cost. All other assets are initially measured and recorded at cost.
Depreciation rates are as follows:
\u2022
Freehold buildings \u2013 2% per annum
\u2022
Right of use assets - over the period of the lease
\u2022
Leasehold property improvements \u2013 2% per annum or over the period of the lease if less than 50 years
\u2022
Fixtures, \ufb01ttings and of\ufb01ce equipment \u2013 10 \u2013 20% per annum
\u2022
Plant and machinery \u2013 10 \u2013 33% per annum
\u2022
Motor vehicles \u2013 20 \u2013 25% per annum
\u2022
Contract hire vehicles are depreciated to their residual value over the period of their lease
The residual value of all assets, depreciation methods and useful economic lives, if signi\ufb01cant, are reassessed annually.
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when
that cost is incurred if it is possible that the future economic bene\ufb01ts embodied with the item will \ufb02ow to the Group and the cost of the
item can be measured reliably. All other costs are recognised in the income statement as an expense as incurred.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with
the carrying amount of property, plant and equipment and are recognised net within other income in the income statement.
The depreciation charge in respect of property, plant and equipment is recognised within administrative expenses within the income
statement.
\n \n
Continuing operations
Discontinued operations
Contract
Land &
Plant &
Sub
Land &
Plant &
Motor
hire
Sub
buildings
equipment
Total
buildings
equipment
vehicles
vehicles
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2022
7.0
2.1
9.1
676.3
84.5
2.5
224.8
988.1
997.2
Additions
-
47.5
10.3
0.2
46.6
104.6
104.6
Business disposals
-
(0.5)
(1.9)
-
-
(2.4)
(2.4)
Other disposals
(6.7)
(0.1)
(6.8)
(32.3)
(9.8)
(0.3)
-
(42.4)
(49.2)
Contract hire vehicles transferred to
inventory
-
-
-
-
(51.4)
(51.4)
(51.4)
Classi\ufb01ed as non-current assets held
for sale
-
(2.8)
-
-
-
(2.8)
(2.8)
Reinstated from non-current assets
held for sale
-
3.8
-
-
-
3.8
3.8
At 31 December 2022
0.3
2.0
2.3
692.0
83.1
2.4
220.0
997.5
999.8
At 1 January 2023
0.3
2.0
2.3
692.0
83.1
2.4
220.0
997.5
999.8
Additions
1.4
0.1
1.5
18.3
9.4
0.4
55.6
83.7
85.2
Business disposals
-
-
-
-
(0.1)
-
-
(0.1)
(0.1)
Other disposals
-
-
-
(33.9)
(4.2)
(0.1)
-
(38.2)
(38.2)
Contract hire vehicles transferred to
inventory
-
-
-
(53.3)
(53.3)
(53.3)
Classi\ufb01ed as non-current assets held
for sale
-
-
-
(676.4)
(88.2)
(2.7)
(222.3)
(989.6)
(989.6)
At 31 January 2024
1.7
2.1
3.8
-
-
-
-
-
3.8
\n \n
Continuing operations
Discontinued operations
Contract
Land &
Plant &
Sub
Land &
Plant &
Motor
hire
Sub
buildings
equipment
Total
buildings
equipment
vehicles
vehicles
Total
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Depreciation
At 1 January 2022
7.0
2.0
9.0
332.3
61.8
1.0
93.6
488.7
497.7
Charge for the year
-
0.1
0.1
21.6
6.8
0.1
36.1
64.6
64.7
Impairment
-
-
-
1.0
0.2
-
-
1.2
1.2
Business disposals
-
-
-
(0.5)
(1.7)
-
-
(2.2)
(2.2)
Other disposals
(6.7)
(0.1)
(6.8)
(27.2)
(9.2)
(0.3)
-
(36.7)
(43.5)
Contract hire vehicles transferred to
inventory
-
-
-
-
-
-
(34.6)
(34.6)
(34.6)
Classi\ufb01ed as non-current assets held
for sale
-
-
-
(0.9)
-
-
-
(0.9)
(0.9)
Reinstated from non-current assets
held for sale
-
-
-
1.5
-
-
-
1.5
1.5
At 31 December 2022
0.3
2.0
2.3
327.8
57.9
0.8
95.1
481.6
483.9
At 1 January 2023
0.3
2.0
2.3
327.8
57.9
0.8
95.1
481.6
483.9
Charge for the period
0.4
-
0.4
18.0
6.7
-
28.3
53.0
53.4
Disposals
-
-
-
(32.4)
(3.9)
-
-
(36.3)
(36.3)
Contract hire vehicles transferred to
inventory
-
-
-
-
-
-
(36.3)
(36.3)
(36.3)
Classi\ufb01ed as non-current assets held
for sale
-
-
-
(313.4)
(60.7)
(0.8)
(87.1)
(462.0)
(462.0)
At 31 January 2024
0.7
2.0
2.7
-
-
-
-
-
2.7
Carrying amounts
At 1 January 2022
-
0.1
0.1
344.0
22.7
1.5
131.2
499.4
499.5
At 31 December 2022
-
-
-
364.2
25.2
1.6
124.9
515.9
515.9
At 31 January 2024
1.0
0.1
1.1
-
-
-
-
-
1.1
Assets leased out under operating
leases
Cost at 31 January 2024
-
-
-
-
-
-
-
-
-
Accumulated depreciation at 31
January 2024
-
-
-
-
-
-
-
-
-
Accumulated impairment at 31
January 2024
-
-
-
-
-
-
-
-
-
Carrying value of assets leased out
under operating leases at 31 January
-
-
-
-
-
-
-
-
-
2024
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Building projects currently under construction for which no depreciation has been
charged during the period
-
7.6
Future capital expenditure which has been contracted for but not yet provided in the
\ufb01nancial statements - property development and refurbishment
-
2.8
Cumulative interest charges capitalised as construction costs and included in land and
buildings
-
6.0
The following items have been charged to the income statement as operating expenses
during theperiod/year:
Depreciation of property, plant and equipment - leased
12.3
15.2
Depreciation of contract hire vehicles - leased
28.3
36.1
Depreciation of property, plant and equipment - owned
12.8
13.4
Cash \ufb02ow statement information
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Additions to property, plant, equipment and intangible assets:
Additions to land and buildings
(19.7)
(47.5)
Additions to plant and equipment
(9.5)
(10.3)
Additions to motor vehicles
(0.4)
(0.2)
Additions to intangible assets (see note 3.1)
(7.0)
(6.2)
Total additions
(36.6)
(64.2)
Additions to property, plant and equipment of diposal group held for sale
(8.6)
-
Less additions of property, plant and equipment acquired under leases for which no
cash \ufb02ow arises (excludes fees capitalised of \u00a30.7m (2022: \u00a32.6)) (see note 4.7)
5.0
19.9
Cash \ufb02ows from investing activities in respect of additions to property, plant and
equipment
(40.2)
(44.3)
Cash \ufb02ows relating to the purchase of contract hire vehicles are disclosed within
Movement in contract hire vehicle balances (see note
3.5).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f12527": { "value": "Accounting policy
Freehold land is not depreciated. Depreciation is provided to write off the cost less the estimated residual value of other assets by equal
instalments over their estimated useful economic lives. On transition to IFRS as at 1 January 2004, all land and buildings were restated to
fair value as permitted by IFRS 1, which is then treated as the deemed cost. All other assets are initially measured and recorded at cost.
Depreciation rates are as follows:
\u2022
Freehold buildings \u2013 2% per annum
\u2022
Right of use assets - over the period of the lease
\u2022
Leasehold property improvements \u2013 2% per annum or over the period of the lease if less than 50 years
\u2022
Fixtures, \ufb01ttings and of\ufb01ce equipment \u2013 10 \u2013 20% per annum
\u2022
Plant and machinery \u2013 10 \u2013 33% per annum
\u2022
Motor vehicles \u2013 20 \u2013 25% per annum
\u2022
Contract hire vehicles are depreciated to their residual value over the period of their lease
The residual value of all assets, depreciation methods and useful economic lives, if signi\ufb01cant, are reassessed annually.
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when
that cost is incurred if it is possible that the future economic bene\ufb01ts embodied with the item will \ufb02ow to the Group and the cost of the
item can be measured reliably. All other costs are recognised in the income statement as an expense as incurred.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with
the carrying amount of property, plant and equipment and are recognised net within other income in the income statement.
The depreciation charge in respect of property, plant and equipment is recognised within administrative expenses within the income
statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f12531": { "value": "Freehold land is not depreciated. Depreciation is provided to write off the cost less the estimated residual value of other assets by equal
instalments over their estimated useful economic lives. On transition to IFRS as at 1 January 2004, all land and buildings were restated to
fair value as permitted by IFRS 1, which is then treated as the deemed cost. All other assets are initially measured and recorded at cost.
Depreciation rates are as follows:
\u2022
Freehold buildings \u2013 2% per annum
\u2022
Right of use assets - over the period of the lease
\u2022
Leasehold property improvements \u2013 2% per annum or over the period of the lease if less than 50 years
\u2022
Fixtures, \ufb01ttings and of\ufb01ce equipment \u2013 10 \u2013 20% per annum
\u2022
Plant and machinery \u2013 10 \u2013 33% per annum
\u2022
Motor vehicles \u2013 20 \u2013 25% per annum
\u2022
Contract hire vehicles are depreciated to their residual value over the period of their lease
The residual value of all assets, depreciation methods and useful economic lives, if signi\ufb01cant, are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f13877": { "value": "Cash \ufb02ow statement information \n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Additions to property, plant, equipment and intangible assets:
Additions to land and buildings
(19.7)
(47.5)
Additions to plant and equipment
(9.5)
(10.3)
Additions to motor vehicles
(0.4)
(0.2)
Additions to intangible assets (see note 3.1)
(7.0)
(6.2)
Total additions
(36.6)
(64.2)
Additions to property, plant and equipment of diposal group held for sale
(8.6)
-
Less additions of property, plant and equipment acquired under leases for which no
cash \ufb02ow arises (excludes fees capitalised of \u00a30.7m (2022: \u00a32.6)) (see note 4.7)
5.0
19.9
Cash \ufb02ows from investing activities in respect of additions to property, plant and
equipment
(40.2)
(44.3)
Cash \ufb02ows relating to the purchase of contract hire vehicles are disclosed within
Movement in contract hire vehicle balances (see note
3.5).Cash \ufb02ow statement information \n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Movement in inventory
620.3
(107.5)
Inventory changes in business disposals Other
(1.5)
(37.2)
Non cash movement in consignment vehicles
43.5
8.1
Transfer value of contract hire vehicles from \ufb01xed assets to inventory
45.7
16.8
Inventory changes in business disposals Lithia
(669.5)
-
Cash \ufb02ow increase/(decrease) due to movements in inventory
38.5
(119.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f13975": { "value": "3.3 Assets held for sale and discontinued operations
Accounting policy
Non-current assets that are expected to be recovered primarily through sale rather than through continuing use are classi\ufb01ed as
held for sale. Immediately before classi\ufb01cation as held for sale, the assets are measured in accordance with the Group's accounting
policies. Thereafter the assets are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on
remeasurement are recognised in the income statement. Gains are not recognised in excess of any cumulative impairment loss. Non-
current assets classi\ufb01ed as held for sale are available for immediate sale and a resultant disposal is highly probable within one year.
A non-current asset that stops being classi\ufb01ed as held for sale is remeasured at the lower of its carrying amount prior to the asset or
disposal group being classi\ufb01ed as held for sale, adjusted for any depreciation or amortisation that would have been recognised if the asset
had not been classi\ufb01ed as held for sale, or, its recoverable amount at the date of the decision not to sell.
Discontinued operations
During 2023 the Group agreed to sell it's entire motor and leasing businesses together with related central activities to Lithia UK Holding
Limited.
The sale received shareholder approval in October 2023 and completed on 31 January 2024, the balance sheet date of this report.
The motor business, leasing business and related central activities were classi\ufb01ed as a disposal group held for sale in October 2023. The
comparative consolidated statement of pro\ufb01t or loss and other comprehensive income has been represented to show these discontinued
operations separately from continuing operations.
The US Motor business is now classi\ufb01ed as continuing as operations continue in
administering the \ufb01nal transactions of that business.
The results of the discontinued operations and other \ufb01nancial information relating to the discontinued operation for the period is set out
below.
Income statement
Results from discontinued operations
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Notes
\u00a3m
\u00a3m
Revenue
2.1
4,318.0
3,600.9
Cost of sales
(3,832.6)
(3,160.8)
Gross pro\ufb01t
485.4
440.1
Operating expenses
2.2
(379.6)
(353.8)
Operating pro\ufb01t before other income
105.8
86.3
Other income - gains on the sale of businesses and property, plant and equipment
(see below)
41.8
7.7
Operating pro\ufb01t
147.6
94.0
Finance expense
4.3
(68.8)
(44.8)
Finance income
4.3
3.1
1.0
Net \ufb01nance costs
(65.7)
(43.8)
Pro\ufb01t before taxation
81.9
50.2
Income tax (expense)/credit
2.6
(8.5)
(10.4)
Pro\ufb01t for the period/year
73.4
39.8
Earnings per share
Basic earnings per share
2.7
105.1p
57.2p
Diluted earnings per share
2.7
105.1p
55.1p
The following items have been credited to the income statement during the period/year:
\n\n \n
13 m period ended
Year ended
31 January
31 December
2024
2022
Pro\ufb01t on sale of assets classi\ufb01ed as held for sale:
\u00a3m
\u00a3m
Pro\ufb01t on disposal of businesses to Lithia UK Holding Limited
40.7
-
Pro\ufb01t on disposal of property, plant and equipment classi\ufb01ed as held for sale
1.2
8.0
Pro\ufb01t on sale of assets classi\ufb01ed as held for sale:
41.9
8.0
Pro\ufb01t on disposal of businesses not classi\ufb01ed as held for sale
(0.1)
-
Pro\ufb01t on disposal of property, plant and equipment not classi\ufb01ed as held for sale
-
(0.3)
Other income - gains on the sale of businesses and property, plant and equipment
41.8
7.7
Cash \ufb02ows from/(used in) discontinued operations
Net cash from operating activities
17.5
57.8
Net cash used in investing activities
(40.4)
(19.4)
Net cash used in \ufb01nancing activities
(22.9)
(19.3)
Net cash (decrease)/increase generated by discontinued operation
(45.8)
19.1
\n\n\n \n
Total
Net book value
Net assets at the date of disposal:
\u00a3m
Goodwill
144.3
Other intangible assets
0.4
Property, plant and equipment
555.3
Inventories
669.5
Trade and other receivables
117.8
Finance lease receivables
16.1
Trade and other payables
(908.3)
Bank balances and cash in hand
15.3
Retirement bene\ufb01t obligations
0.5
Lease liabilities
(207.0)
Deferred income
(97.1)
Deferred tax assets
5.1
Current tax assets
8.8
320.7
Pro\ufb01t on sale of businesses
40.7
Total proceeds - satis\ufb01ed in cash received on 1 February 2024 - included in Trade and other receivables - see note 3.6
361.4
Proceeds due from sale of to Lithia UK Holding Limited.
377.5
Less proceeds unpaid as at 31 January 2024
(377.5)
Transaction fee expense incurred in Lithia sale
(16.1)
Less fees remaining unpaid at 31 January 2024
9.5
Cash \ufb02ows from investing activities in respect of proceeds from sale of discontinued operation included within net cash
used in investing activities
(6.6)
Balance sheet
The Group held a number of freehold properties that were being marketed for sale at 31 december 2022. These properties were valued
using a combination of external quali\ufb01ed valuers and in-house experts. These properties that were classi\ufb01ed as held for sale that were
unsold at 31 January were included in the assets sold to Lithia UK Holding Limited and therefore at the balance date the Group had no
remaining assets held for sale.
Assets classi\ufb01ed for sale comprise:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Property, plant and equipment
-
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f13979": { "value": "Accounting policy
Non-current assets that are expected to be recovered primarily through sale rather than through continuing use are classi\ufb01ed as
held for sale. Immediately before classi\ufb01cation as held for sale, the assets are measured in accordance with the Group's accounting
policies. Thereafter the assets are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on
remeasurement are recognised in the income statement. Gains are not recognised in excess of any cumulative impairment loss. Non-
current assets classi\ufb01ed as held for sale are available for immediate sale and a resultant disposal is highly probable within one year.
A non-current asset that stops being classi\ufb01ed as held for sale is remeasured at the lower of its carrying amount prior to the asset or
disposal group being classi\ufb01ed as held for sale, adjusted for any depreciation or amortisation that would have been recognised if the asset
had not been classi\ufb01ed as held for sale, or, its recoverable amount at the date of the decision not to sell.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f14024": { "value": "Discontinued operations
During 2023 the Group agreed to sell it's entire motor and leasing businesses together with related central activities to Lithia UK Holding
Limited.
The sale received shareholder approval in October 2023 and completed on 31 January 2024, the balance sheet date of this report.
The motor business, leasing business and related central activities were classi\ufb01ed as a disposal group held for sale in October 2023. The
comparative consolidated statement of pro\ufb01t or loss and other comprehensive income has been represented to show these discontinued
operations separately from continuing operations.
The US Motor business is now classi\ufb01ed as continuing as operations continue in
administering the \ufb01nal transactions of that business.
The results of the discontinued operations and other \ufb01nancial information relating to the discontinued operation for the period is set out
below.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f14515": { "value": "3.4 Inventories
Accounting policies
Motor vehicle inventories are stated at the lower of cost and net realisable value. Costs incurred in bringing each product to its present
location and condition are included and cost is based on price including delivery costs less speci\ufb01c trade discounts. Fair value reviews
of stock are conducted regularly utilising our market intelligence and analysis of the market which we conduct by segment and by model,
these fair values are updated in the light of any changing trends by model line. The assessment of fair values involves an element of
estimation: the Group takes the age pro\ufb01le of our inventories at the year end, estimates the likely sale period and the expected pro\ufb01t or
loss on sale to determine the fair value at the balance sheet date. Whilst this data is deemed representative of current values it is possible
that ultimate sales values can vary from those applied. Parts inventories are based on an average purchase cost principle and are written
down to net realisable value by providing for obsolescence on a time in stock based formula approach.
Consignment vehicles are regarded as being effectively under the control of the Group and are included within inventories on the balance
sheet as the Group has the signi\ufb01cant risks and rewards of ownership even though legal title has not yet passed. The corresponding
liability is included in trade and other payables. Movements in consignment vehicle inventory and its corresponding liability within trade
and other payables are not included within movements of inventories and payables as stated in the consolidated cash \ufb02ow statement as
no cash \ufb02ows arise in respect of these transactions until the vehicle is either sold or purchased at which point it is reclassi\ufb01ed within new
and used vehicle inventory.
Motor vehicles are transferred from contract hire activities at the end of their lease term to inventory at their depreciated cost. No physical
cash \ufb02ow arises from these transfers.
Balance sheet
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
New and used vehicles
-
559.7
Consignment vehicles
-
35.3
Vehicle parts and other inventories
-
25.3
-
620.3
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Inventories recognised as an expense during the year
3,787.6
3,126.2
Carrying value of inventories subject to retention of title clauses
-
462.1
Write-down of inventories to net realisable value (included within cost of sales)
-
8.1
Prior to the disposal of inventory to Lthia UK Holding Limited on 31 January, used vehicle inventory was written down to net realisable
value with a write-down of \u00a311.5m (2022: \u00a36.9m). The key assumptions underpinning the write-down of net realisable value of the used
vehicle inventory are (i) the time to sell each vehicle; (ii) the expected sales price at the date of sale. Sensitivities have been performed
on the key assumptions; (i) a 30 day sensitivity has been used for the time to sell each vehicle as this is a plausible scenario and (ii) a
\u00a3500 sensitivity has been used for the expected sales price at the date of sale as in the region of \u00a3500 variations in GPUs have been
seen in previous reporting periods.
The inventory was sold to Lithia UK Holding Limited on 31 January 2024 and the value applied in the
computation of the pro\ufb01t on disposal includes this write down.
If the average time to sell a vehicle is increased by 30 days then it would increase the write-down of the used vehicle inventory by \u00a34.7m
(2022: \u00a32.5m). If the expected sales prices at the date of sale were to decrease by \u00a3500 per vehicle, then it would increase the expense
recognised in the income statement of the write-down of used vehicle inventory by \u00a34.8m (2022: \u00a33.7m). Whereas if the average time
to sell a vehicle is decreased by 30 days then it would decrease the value of the expense recognised of the write-down of used vehicle
inventory by \u00a33.8m (2022: \u00a32.3m). Also if the expected sales prices at the date of sale were to increase by \u00a3500 per vehicle then it would
decrease the expense recognised of the write-down of used vehicle inventory by \u00a33.2m (2022: \u00a32.4m) in the period ending 31 January
2024. As all inventory was disposed as part of the business disposal the overall income statement balance would have no sensitivity to
these changes as an expense in the period would be matched by a gain on disposal.
Cash \ufb02ow statement information
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Movement in inventory
620.3
(107.5)
Inventory changes in business disposals Other
(1.5)
(37.2)
Non cash movement in consignment vehicles
43.5
8.1
Transfer value of contract hire vehicles from \ufb01xed assets to inventory
45.7
16.8
Inventory changes in business disposals Lithia
(669.5)
-
Cash \ufb02ow increase/(decrease) due to movements in inventory
38.5
(119.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f14519": { "value": "Accounting policies
Motor vehicle inventories are stated at the lower of cost and net realisable value. Costs incurred in bringing each product to its present
location and condition are included and cost is based on price including delivery costs less speci\ufb01c trade discounts. Fair value reviews
of stock are conducted regularly utilising our market intelligence and analysis of the market which we conduct by segment and by model,
these fair values are updated in the light of any changing trends by model line. The assessment of fair values involves an element of
estimation: the Group takes the age pro\ufb01le of our inventories at the year end, estimates the likely sale period and the expected pro\ufb01t or
loss on sale to determine the fair value at the balance sheet date. Whilst this data is deemed representative of current values it is possible
that ultimate sales values can vary from those applied. Parts inventories are based on an average purchase cost principle and are written
down to net realisable value by providing for obsolescence on a time in stock based formula approach.
Consignment vehicles are regarded as being effectively under the control of the Group and are included within inventories on the balance
sheet as the Group has the signi\ufb01cant risks and rewards of ownership even though legal title has not yet passed. The corresponding
liability is included in trade and other payables. Movements in consignment vehicle inventory and its corresponding liability within trade
and other payables are not included within movements of inventories and payables as stated in the consolidated cash \ufb02ow statement as
no cash \ufb02ows arise in respect of these transactions until the vehicle is either sold or purchased at which point it is reclassi\ufb01ed within new
and used vehicle inventory.
Motor vehicles are transferred from contract hire activities at the end of their lease term to inventory at their depreciated cost. No physical
cash \ufb02ow arises from these transfers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f14798": { "value": "3.6 Trade and other receivables
Accounting policy
Trade and other receivables are recognised initially at fair value and are subsequently stated at amortised cost using the effective interest
method, less any impairment losses.
Impairment losses are measured in accordance with IFRS 9, which is based on an \u2018expected credit loss\u2019 (ECL) model. The impairment
model applies to \ufb01nancial assets measured at amortised cost.
The calculation of ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash
shortfalls (i.e. the difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group
expects to receive).
The Group considers a trade or other receivable to be in default when the borrower is unlikely to pay its credit obligations to the Group in
full after all reasonable actions have been taken to recover the debt.
Credit risk management
The Group is exposed to credit risk primarily in respect of its trade receivables and \ufb01nancial assets. Trade receivables are stated net of
provision for estimated impairment losses. Exposure to credit risk in respect of trade receivables is mitigated by the Group\u2019s policy of only
granting credit to certain customers after an appropriate evaluation of credit risk. Credit risk arises in respect of amounts due from vehicle
manufacturers in relation to bonuses and warranty receivables. This risk is mitigated by the range of manufacturers dealt with, the Group\u2019s
procedures in effecting timely collection of amounts due and management\u2019s belief that it does not expect any manufacturer to fail to meet
its obligations. Financial assets comprise trade and other receivables (as above) and cash balances. The counterparties are banks and
management does not expect any counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the
carrying amount of each \ufb01nancial asset, including derivative \ufb01nancial instruments, in the balance sheet.
Before granting any new customer credit terms the Group uses external credit scoring systems to assess the potential new customer\u2019s
credit quality and de\ufb01nes credit limits by customer. These limits and credit worthiness are regularly reviewed and use is made of monitoring
alerts provided by the providers of the credit scoring systems. The Group has no customer that represents more than 5% of the total
balance of trade receivables.
Balance sheet
\n\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Trade receivables
3.6
58.9
Allowance for doubtful debts
(0.5)
(0.3)
3.1
58.6
Manufacturer bonus receivables
-
23.3
Proceeds receivable in respect of sale of business to Lithia UK Holding Limited
377.5
-
Other receivables
41.2
24.3
Prepayments
-
9.5
421.8
115.7
\n
All amounts are due within one year.
\n
The proceeds receivable in respect of sale of the Uk Motor and Leasing businesses to Lithia UK Holding Limited were received on 1
\n
February 2024.
\n
Other receivables comprises of \u00a340.3m due from Lithia UK Holding Limited in relation to settlement of intra-group balances between the
\n
two parties at 31 January 2024 (of which \u00a328.0m was received on 1 February 2024).
\n
Total trade receivables held by the Group at 31 January 2024 was \u00a33.1m (31 December 2022: \u00a358.6m).
\n
The average credit period taken on sales of goods is 29 days (2022: 29 days). No interest is charged on trade receivables. The Group
\n
makes an impairment provision based on the expected credit losses it deems likely to incur. The calculation is based on an average of
\n
previous default experiences which is assessed against the risk of the current total in light of current economic expectations.
An expense
\n
has been recognised in respect of impairment losses during the 13 month period of \u00a30.3m (2022: \u00a30.3m).
\n
The ageing of trade and other receivables at the reporting date was:
\n\n \n
Manufacturer
Manufacturer
Trade
bonus
Other
Trade
bonus
Other
receivables
receivables
receivables
receivables
receivables
receivables
2024
2024
2024
2022
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not past due
2.8
-
418.7
27.6
22.8
23.4
Past due 0-30 days
0.1
-
-
19.8
0.2
0.6
Past due 31-120 days
0.1
-
-
8.5
0.3
0.3
Past due 120+ days
0.6
-
-
3.0
-
-
3.6
-
418.7
58.9
23.3
24.3
Provision for impairment
(0.5)
-
-
(0.3)
-
-
3.1
-
418.7
58.6
23.3
24.3
\n
Included within the Other receivables of \u00a3417.7m at 31 January 2024 is \u00a3416.6m in respect of the sale consideration and settlement of
\n
other inter party balances due from Lithia UK Holding Limited.
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Balance at 1 January 2023 / 1 January 2022
0.3
0.3
Utilisation
(0.3)
(0.3)
Impairment loss recognised
0.8
0.3
Reclassifed as assets held for sale
(0.3)
-
Balance at 31 January 2024 / 31 December 2022
0.5
0.3
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
Finance lease receivables
Where the group acts as a lessor of properties of which it is a lessee and the term of the head lease and sub lease are coterminous, rather
than recognise a right of use asset the Group recognises a \ufb01nance lease receivable which is measured at the net present value of future
cash receipts discounted at the Group's incremental borrowing rate. The \ufb01nance income element of rentals received under these leases
is credited so as to give a constant rate of \ufb01nance income on the remainder of the obligation. Finance income is credited in the income
statement. The \ufb01nance lease receivable is reduced by rentals received and increased by the interest income recognised.
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Non-current
-
14.8
Current
-
2.4
-
17.2
Finance lease rentals are invoiced quarterly on standard rent quarter days, no credit terms are extended beyond these dates. Expected
credit losses in respect of \ufb01nance lease receivables are deemed immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f14802": { "value": "Accounting policy
Trade and other receivables are recognised initially at fair value and are subsequently stated at amortised cost using the effective interest
method, less any impairment losses.
Impairment losses are measured in accordance with IFRS 9, which is based on an \u2018expected credit loss\u2019 (ECL) model. The impairment
model applies to \ufb01nancial assets measured at amortised cost.
The calculation of ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash
shortfalls (i.e. the difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group
expects to receive).
The Group considers a trade or other receivable to be in default when the borrower is unlikely to pay its credit obligations to the Group in
full after all reasonable actions have been taken to recover the debt.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f14817": { "value": "Credit risk management
The Group is exposed to credit risk primarily in respect of its trade receivables and \ufb01nancial assets. Trade receivables are stated net of
provision for estimated impairment losses. Exposure to credit risk in respect of trade receivables is mitigated by the Group\u2019s policy of only
granting credit to certain customers after an appropriate evaluation of credit risk. Credit risk arises in respect of amounts due from vehicle
manufacturers in relation to bonuses and warranty receivables. This risk is mitigated by the range of manufacturers dealt with, the Group\u2019s
procedures in effecting timely collection of amounts due and management\u2019s belief that it does not expect any manufacturer to fail to meet
its obligations. Financial assets comprise trade and other receivables (as above) and cash balances. The counterparties are banks and
management does not expect any counterparty to fail to meet its obligations. The maximum exposure to credit risk is represented by the
carrying amount of each \ufb01nancial asset, including derivative \ufb01nancial instruments, in the balance sheet.
Before granting any new customer credit terms the Group uses external credit scoring systems to assess the potential new customer\u2019s
credit quality and de\ufb01nes credit limits by customer. These limits and credit worthiness are regularly reviewed and use is made of monitoring
alerts provided by the providers of the credit scoring systems. The Group has no customer that represents more than 5% of the total
balance of trade receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15256": { "value": "3.7 Trade and other payables
Accounting policy
Trade and other payables are recognised initially at fair value and are subsequently stated at amortised cost using the effective interest
method, less any write-offs.
Balance sheet
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Trade payables
0.5
71.7
Vehicle stocking loans
-
547.4
Contract hire buyback commitments
-
58.2
Consignment vehicle liabilities
-
35.3
Payments received on account
-
30.4
Other taxation and social security
3.3
2.9
Accruals and other deferred income
19.2
101.8
23.0
847.7
Non-current
-
35.7
Current
23.0
812.0
23.0
847.7
Trade payables are classi\ufb01ed as other \ufb01nancial liabilities. Fair value is deemed to be the same as carrying value.
Details of the stocking loan facilities are presented in the Capital Management section of note 4.2 below.
The non-current element of trade and other payables relates to contract hire buyback commitments where the Group has contracted to
repurchase vehicles, at predetermined values and dates, that have been let under operating leases or similar arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15260": { "value": "Accounting policy
Trade and other payables are recognised initially at fair value and are subsequently stated at amortised cost using the effective interest
method, less any write-offs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15379": { "value": "3.8 Deferred income
Software as a Service
The Group invoices customers of its Dealer Management System on a Software as a Service basis and is billed one month in advance of
a quarterly billing cycle. Revenue and income are recognised over the quarter billed and any unrecognised income is held within deferred
income. Movements for 2023 are stated gross to include external and intra group income.
Warranty policies sold
The income received in respect of warranty policies sold and administered by the Group is recognised over the period of the policy on a
straight line basis. The unrecognised income is held within deferred income.
All warranty contracts and deferred income entitlement were
sold to Lithia UK Holding Limited on 31 January 2024.
Contract hire
Vehicles supplied to a leasing group for contract hire purposes where the Group undertakes to repurchase the vehicle at a predetermined
date are accounted for in accordance with IFRS 16 Leases, where the Group is considered to be an operating lessor for all arrangements
in place. The initial amounts received in consideration from the leasing group are allocated between the present value of the repurchase
commitment, held within trade and other payables and a residual amount of deferred revenue held within deferred income. The deferred
revenue, which effectively represents rentals received in advance, is taken to the income statement on a straight line basis over the related
lease term.
All Contract Hire contracts and deferred income entitlement were sold to Lithia UK Holding Limited. on 31 January 2024.
\n \n
Software as
Warranty
Contract
a service
policies
hire
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
-
21.2
53.4
74.6
Created in the period
28.5
24.1
53.1
105.7
Recognised as income during the period
(22.0)
(13.9)
(34.9)
(70.8)
Warranty claims paid
-
(5.9)
-
(5.9)
Balance transferred on disposal of business
-
(25.5)
(71.6)
(97.1)
At 31 January 2024
6.5
-
-
6.5
Recognition of opening balance as at 31 December 2022
Recognised during the year
-
12.5
25.7
38.2
Balance transferred on disposal of business
-
8.7
27.7
36.4
-
21.2
53.4
74.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15386": { "value": "Warranty policies sold
The income received in respect of warranty policies sold and administered by the Group is recognised over the period of the policy on a
straight line basis. The unrecognised income is held within deferred income.
All warranty contracts and deferred income entitlement were
sold to Lithia UK Holding Limited on 31 January 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15565": { "value": "4.1 Accounting policies
IFRS 9 requires an entity to recognise a \ufb01nancial asset or a \ufb01nancial liability in its statement of \ufb01nancial position when it becomes party to
the contractual provisions of the instrument. At initial recognition, an entity measures a \ufb01nancial asset or a \ufb01nancial liability at its fair value
plus or minus, in the case of a \ufb01nancial asset or a \ufb01nancial liability not at fair value through pro\ufb01t or loss, transaction costs that are directly
attributable to the acquisition or issue of the \ufb01nancial asset or the \ufb01nancial liability. Subsequent to initial recognition \ufb01nancial assets and
\ufb01nancial liabilities are classi\ufb01ed and measured as described below.
Financial assets
IFRS 9 classi\ufb01es assets according to the business model for their realisation, as determined by the expected contractual cash\ufb02ows. This
classi\ufb01cation determines the accounting treatment, and the classi\ufb01cation under IFRS 9 is by reference to the accounting treatment i.e.
amortised cost, fair value through other comprehensive income or fair value through pro\ufb01t and loss.
A \ufb01nancial asset is measured at amortised cost if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets in order to collect contractual cash \ufb02ows; and
the contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on
the principal amount outstanding.
Financial assets are therefore classi\ufb01ed and measured in these \ufb01nancial statements at amortised cost.
The Group recognises loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortised cost, debt investments
measured at FVOCI and contract assets (as de\ufb01ned in IFRS 15).
The Group measures loss allowances at an amount equal to lifetime ECL, except for other debt securities and bank balances for which
credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial
recognition which are measured as 12-month ECL.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECL.
When determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when estimating ECL,
the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both
quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and
including forward-looking information.
The Group assumes that the credit risk on a \ufb01nancial asset has increased signi\ufb01cantly if it is more than 30 days past due.
The Group considers a \ufb01nancial asset to be in default when:
\u2022
the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising
security (if any is held); or
\u2022
the \ufb01nancial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or
a shorter period if the expected life of the instrument is less than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the
difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the \ufb01nancial asset.
Credit-impaired \ufb01nancial assets
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost and debt securities at FVOCI are credit-
impaired. A \ufb01nancial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash \ufb02ows
of the \ufb01nancial asset have occurred.
Write-offs
The gross carrying amount of a \ufb01nancial asset is written off (either partially or in full) to the extent that there is no realistic prospect of
recovery.
Impairment of \ufb01nancial assets
IFRS 9 adopts an expected credit loss approach (ECL).
The IFRS 9 approach does not require a credit event (an actual loss or a debt past
a number of days due) to occur but is based on changes in expectations of credit losses. IFRS 9 also requires that impairment of \ufb01nancial
assets be shown as a separate line item in either the statement of comprehensive income or the income statement.
Financial assets
\n \n
IFRS 9
classi\ufb01cation
\u00a3m
Trade and other receivables
Amortised cost
417.5
Finance lease receivables
Amortised cost
-
Cash and cash equivalents
Amortised cost
47.4
Trade and other receivables
- see note 3.6
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short term highly liquid investments that are readily
convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value.
Loans and borrowings
Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being
recognised in the income statement over the period of the borrowings on an effective interest basis. The effective interest basis is a
method of calculating the amortised cost of a \ufb01nancial liability and of allocating interest payments over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the \ufb01nancial liability, or where
appropriate, a shorter period.
Trade and other payables
- see note 3.7
Hedging Instruments
The Group no longer holds any hedging instruments to hedge currency risks arising from its activities. There are no material Group
operations conducted in currencies other than GBP.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15574": { "value": "Financial assets
IFRS 9 classi\ufb01es assets according to the business model for their realisation, as determined by the expected contractual cash\ufb02ows. This
classi\ufb01cation determines the accounting treatment, and the classi\ufb01cation under IFRS 9 is by reference to the accounting treatment i.e.
amortised cost, fair value through other comprehensive income or fair value through pro\ufb01t and loss.
A \ufb01nancial asset is measured at amortised cost if both of the following conditions are met:
the asset is held within a business model whose objective is to hold assets in order to collect contractual cash \ufb02ows; and
the contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on
the principal amount outstanding.
Financial assets are therefore classi\ufb01ed and measured in these \ufb01nancial statements at amortised cost.
The Group recognises loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortised cost, debt investments
measured at FVOCI and contract assets (as de\ufb01ned in IFRS 15).
The Group measures loss allowances at an amount equal to lifetime ECL, except for other debt securities and bank balances for which
credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial
recognition which are measured as 12-month ECL.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECL.
When determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when estimating ECL,
the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both
quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and
including forward-looking information.
The Group assumes that the credit risk on a \ufb01nancial asset has increased signi\ufb01cantly if it is more than 30 days past due.
The Group considers a \ufb01nancial asset to be in default when:
\u2022
the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising
security (if any is held); or
\u2022
the \ufb01nancial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or
a shorter period if the expected life of the instrument is less than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the
difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the \ufb01nancial asset.
Credit-impaired \ufb01nancial assets
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost and debt securities at FVOCI are credit-
impaired. A \ufb01nancial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash \ufb02ows
of the \ufb01nancial asset have occurred.
Write-offs
The gross carrying amount of a \ufb01nancial asset is written off (either partially or in full) to the extent that there is no realistic prospect of
recovery.
Impairment of \ufb01nancial assets
IFRS 9 adopts an expected credit loss approach (ECL).
The IFRS 9 approach does not require a credit event (an actual loss or a debt past
a number of days due) to occur but is based on changes in expectations of credit losses. IFRS 9 also requires that impairment of \ufb01nancial
assets be shown as a separate line item in either the statement of comprehensive income or the income statement.
Financial assets
\n \n
IFRS 9
classi\ufb01cation
\u00a3m
Trade and other receivables
Amortised cost
417.5
Finance lease receivables
Amortised cost
-
Cash and cash equivalents
Amortised cost
47.4
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15585": { "value": "The Group recognises loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortised cost, debt investments
measured at FVOCI and contract assets (as de\ufb01ned in IFRS 15).
The Group measures loss allowances at an amount equal to lifetime ECL, except for other debt securities and bank balances for which
credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial
recognition which are measured as 12-month ECL.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECL.
When determining whether the credit risk of a \ufb01nancial asset has increased signi\ufb01cantly since initial recognition and when estimating ECL,
the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both
quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and
including forward-looking information.
The Group assumes that the credit risk on a \ufb01nancial asset has increased signi\ufb01cantly if it is more than 30 days past due.
The Group considers a \ufb01nancial asset to be in default when:
\u2022
the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising
security (if any is held); or
\u2022
the \ufb01nancial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a \ufb01nancial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or
a shorter period if the expected life of the instrument is less than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the
difference between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the \ufb01nancial asset.
Credit-impaired \ufb01nancial assets
At each reporting date, the Group assesses whether \ufb01nancial assets carried at amortised cost and debt securities at FVOCI are credit-
impaired. A \ufb01nancial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash \ufb02ows
of the \ufb01nancial asset have occurred.
Write-offs
The gross carrying amount of a \ufb01nancial asset is written off (either partially or in full) to the extent that there is no realistic prospect of
recovery.
Impairment of \ufb01nancial assets
IFRS 9 adopts an expected credit loss approach (ECL).
The IFRS 9 approach does not require a credit event (an actual loss or a debt past
a number of days due) to occur but is based on changes in expectations of credit losses. IFRS 9 also requires that impairment of \ufb01nancial
assets be shown as a separate line item in either the statement of comprehensive income or the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15652": { "value": "Impairment of \ufb01nancial assets
IFRS 9 adopts an expected credit loss approach (ECL).
The IFRS 9 approach does not require a credit event (an actual loss or a debt past
a number of days due) to occur but is based on changes in expectations of credit losses. IFRS 9 also requires that impairment of \ufb01nancial
assets be shown as a separate line item in either the statement of comprehensive income or the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15653": { "value": "Impairment of \ufb01nancial assets
IFRS 9 adopts an expected credit loss approach (ECL).
The IFRS 9 approach does not require a credit event (an actual loss or a debt past
a number of days due) to occur but is based on changes in expectations of credit losses. IFRS 9 also requires that impairment of \ufb01nancial
assets be shown as a separate line item in either the statement of comprehensive income or the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15700": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short term highly liquid investments that are readily
convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15733": { "value": "Loans and borrowings
Interest-bearing loans and borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being
recognised in the income statement over the period of the borrowings on an effective interest basis. The effective interest basis is a
method of calculating the amortised cost of a \ufb01nancial liability and of allocating interest payments over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the \ufb01nancial liability, or where
appropriate, a shorter period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15746": { "value": "Hedging Instruments
The Group no longer holds any hedging instruments to hedge currency risks arising from its activities. There are no material Group
operations conducted in currencies other than GBP.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15753": { "value": "4.2 Financial instruments and derivatives
Cash and cash equivalents
\n \n
Carrying value
Carrying value
and fair value
and fair value
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Bank balances and cash equivalents
47.4
69.4
Cash and cash equivalents in the Balance Sheet
47.4
171.9
Bank overdrafts repayable on demand and used for cash management in the Balance Sheet
-
(102.5)
Cash and cash equivalents in the statement of cash \ufb02ows
47.4
69.4
Bank overdrafts re\ufb02ect the aggregated overdrawn balances of Group companies (even if those companies have other positive cash
balances).
Borrowings
As at 31 January 2024, borrowing facilities comprised an amortising Senior Term Finance Agreement (SFA), maturing March 2027, with
an outstanding principal balance of \u00a393m and a
Revolving Credit Facility (RCF) of \u00a375m, maturing March 2026, with extension at the
option of lenders to
March 2027. Irrevocable notices to cancel and repay both were given by the balance sheet date and all facilities were
cancelled and repaid on 1 February 2024. Subsequent to the balance sheet date, the Group has signed a new \u00a310m RCF with Barclays
Bank, expiring in March 2027.
As at 31 January 2024, total facility commitments and expiry are as set out below:
\n \n
Expiry Date
\u00a3m
RCF
February 2024
75.0
SFA
February 2024
97.0
172.0
At the date of this report the RCF remains undrawn.
For the 13 month period to 31 January 2024, the following margins and fees were in place:
\n \n
Commitment
(non-utilisation)
Current
margin
fee
RCF
5.00%
2.25%
SFA
6.00%
n/a
For the 13 month period to 31 January 2024, the following covenants were in place:
The leverage covenant is calculated as the ratio of bank borrowings less cash in hand and at bank to underlying pro\ufb01t before tax,
depreciation, amortisation and \ufb01nance charges (excluding vehicle stocking plan interest charges disclosed in note 4.3) calculated on an
IAS 17 basis. This ratio can not exceed 2.00 times. At the \ufb01nal reported covenant end period of 31 December 2023 the ratio was 0.3 times.
The \ufb01xed charge cover covenant is calculated as the ratio of underlying pro\ufb01t before tax, depreciation, amortisation and \ufb01nance charges
(excluding vehicle stocking plan interest charges disclosed in note 4.3) calculated on an IAS 17 basis plus rent paid, to \ufb01nance charges
(excluding vehicle stocking plan interest charges disclosed in note 4.3) plus payments for rent, scheduled amortisation under the SFA and
pension contributions. This ratio must exceed 1.60 times. At the \ufb01nal reported covenant end period of 31 December 2023 the ratio was
2.5 times.
The minimum underlying EBITDA covenant is calculated as for the leverage covenant ratio i.e. underlying pro\ufb01t before tax, depreciation,
amortisation and \ufb01nance charges (excluding vehicle stocking plan interest charges disclosed in note 4.3) calculated on an IAS 17 basis.
This must exceed \u00a375.0m and at the \ufb01nal reported covenant end period of 31 December 2023 was \u00a3111.2m.
Summary of borrowings
\n \n
Carrying
Carrying
value
Fair value
value
Fair value
31 January
31 January
31 December
31 December
2024
2024
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current
:
SFA
-
-
90.8
90.8
Other loan notes
0.2
0.2
0.2
0.2
Lease liabilities
0.6
0.6
197.9
197.9
Total non-current
0.8
0.8
288.9
288.9
SFA
93.0
93.0
1.7
1.7
Bank overdraft
-
-
102.5
102.5
Lease liabilities
0.4
0.4
20.0
20.0
Total current
93.4
93.4
124.2
124.2
Total borrowings
94.2
94.2
413.1
413.1
The Group had terminated its SFA and therefore repaid the principal outstanding of \u00a393m on 1 February 2024.
Reconciliation of movements of liabilities to cash \ufb02ows arising from \ufb01nancing activities
\n
13 month period ended 31 January 2024
\n\n \n
____Borrowings___
__________Equity_________
Long term
Finance
Share
Other
Retained
borrowings
Lease
capital
reserves
earnings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
92.7
217.9
69.9
75.5
135.6
591.6
Cash \ufb02ows from \ufb01nancing activities
Payment of lease liabilities
-
(19.0)
-
-
-
(19.0)
Repayment of loans
(4.0)
-
-
-
-
(4.0)
Proceeds from issue of loans (net of directly attributable
transaction costs)
-
-
-
-
-
-
Proceeds from issue of loans (net of directly attributable
transaction costs)
(207.0)
-
-
-
(207.0)
(4.0)
(226.0)
-
-
-
(230.0)
Other changes
The effect of changes in foreign exchange rates
-
-
-
(0.1)
-
(0.1)
New leases undertaken - non cash
-
10.0
-
-
-
10.0
Issue of ordinary shares to the bene\ufb01t of the EBT for which no
cash \ufb02ow arises
-
-
3.3
-
(3.3)
-
Disposal of leases - non cash
-
(0.5)
-
-
-
(0.5)
Liability-related : Lease expenses - non cash
-
(0.4)
-
-
-
(0.4)
Liability-related : Amortisation of fees and expenses
4.5
-
-
-
-
4.5
Equity-related : Total other changes
-
-
-
(12.6)
92.1
79.5
At 31 January 2024
93.2
1.0
73.2
62.8
224.4
454.6
Year ended 31 December 2022
At 1 January 2022
87.3
222.1
69.9
75.0
80.7
535.0
Cash \ufb02ows from \ufb01nancing activities
Payment of lease liabilities
-
(22.2)
-
-
-
(22.2)
Repayment of loans
(90.5)
-
-
-
-
(90.5)
Proceeds from issue of loans (net of directly attributable trans-
action costs)
93.8
-
-
-
93.8
3.3
(22.2)
-
-
-
(18.9)
Other changes
The effect of changes in foreign exchange rates
0.1
0.1
-
-
-
0.2
New leases undertaken - non cash
-
35.3
-
-
-
35.3
Disposal of \ufb01nance leases - non cash
-
(17.6)
-
-
-
(17.6)
Liability-related : Lease expenses - non cash
-
0.2
-
-
-
0.2
Liability-related : Amortisation of fees and expenses
2.0
-
-
-
-
2.0
Equity-related : Total other changes
-
-
-
0.5
54.9
55.4
At 31 December 2022
92.7
217.9
69.9
75.5
135.6
591.6
\n
Interest payments in respect of the above borrowings are reported in operating cash \ufb02ows in the Consolidated Cash Flow Statement.
Fair value hierarchy
Financial instruments carried at fair value are required to be measured by reference to the following levels:
Level 1: quoted prices in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
The RCF and SFA have been measured by a Level 2 valuation method.
The effective interest rates for all borrowings are all based by reference to SONIA. Leases are effectively held at \ufb01xed rates of interest
within the range set out below. Information regarding classi\ufb01cation of balances and interest, the range of interest rates applied in the year
to 31 December 2022 and repricing periods, is set out in the table below.
\n \n
Carrying
value
Interest
Interest
Classi\ufb01cation
\u00a3m
Classi\ufb01cation
classi\ufb01cation
rate range
Repricing periods
Bank balances and cash equivalents
Loans and receivables
47.4
Amortised cost
Floating GBP
0.45%-4.50%
6 months or less
Borrowings
Non - current:
Other loan notes
Other \ufb01nancial liabilities
0.2
Amortised cost
Fixed GBP
12.50%
n/a
Lease liabilities
Other \ufb01nancial liabilities
0.6
Amortised cost
Fixed GBP
10.00%
n/a
Total non-current
0.8
RCF
Other \ufb01nancial liabilities
-
Amortised cost
Floating GBP
N/A - not drawn
6 months or less
SFA
Other \ufb01nancial liabilities
93.0
Amortised cost
Floating GBP
6.75% - 8.94%
6 months or less
Lease liabilities
Other \ufb01nancial liabilities
0.4
Amortised cost
Fixed GBP
10.00%
n/a
Total current
93.4
Total borrowings
94.2
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Pound sterling
94.2
413.1
Treasury policy, \ufb01nancial risk, funding and liquidity management
Financial risk management
The Group is exposed to the following risks from its use of \ufb01nancial instruments:
Funding and liquidity risk - the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due.
Credit risk - the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual
obligations, and arises principally from the Group\u2019s receivables from customers and investment securities.
Market risk - the risk that changes in market prices, such as interest rates and foreign exchange rates, have on the Group's \ufb01nancial
performance.
The Group's quantitative exposure to these risks is explained throughout these \ufb01nancial statements whilst the Group's objectives and
management of these risks is set out below.
Treasury policy and procedures
Group treasury matters are managed within policy guidelines set by the Board with prime areas of focus being liquidity and interest
rate exposure. Management of these areas is the responsibility of the Group\u2019s central treasury function. The Board does not permit the
speculative use of derivatives.
Funding and liquidity management
The Group is \ufb01nanced primarily by its SFA, RCF, vehicle stocking credit lines and operating cash \ufb02ow.The RCF and SFA are committed
facilities which mature within appropriate timescales and are maintained at levels in excess of planned requirements.
Each business within the Group is responsible for its own day-to-day cash management and the overall cash position is monitored on a
daily basis by the Group treasury department.
The maturity of non-current borrowings is as follows, excluding lease liabilities:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Between 1 and 2 years
-
7.3
Between 2 and 5 years
0.2
83.7
0.2
91.0
Maturities include contractual repayment dates for the amortising SFA. As at the balance sheet date, the Group had terminated its SFA and
therefore repaid the principal outstanding of \u00a393m, together with accrued interest and an early repayment premium of 2% of the principal,
the following day. The Group also has \u00a30.2m of loan notes outstanding with a contractual repayment date of March 2027. The maturities
therefore represent the \ufb01nal repayment dates for these facilities and the total cash out\ufb02ows associated with all borrowings, assuming
interest rates remain at the same rates as at the period/year end, are estimated on an undiscounted basis as follows:
\n \n
Carrying
Contractual
Within 6
6 - 12
over 5
amount
cash\ufb02ows
months
months
1-2 years
2-5 years
years
RCF
-
-
-
-
-
-
-
SFA
93.0
94.9
94.9
-
-
-
-
Loan notes
0.2
0.3
-
-
-
0.3
-
93.2
95.2
94.9
-
-
0.3
-
Leases liabilities
1.0
1.1
0.3
0.2
0.5
0.1
-
Trade payables
0.5
0.5
0.5
-
-
-
-
94.7
96.8
95.7
0.2
0.5
0.4
-
The Group has the following undrawn borrowing facilities:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Expiring in 1-2 years
70.0
-
Expiring in 2-5 years
-
70.0
70.0
70.0
The above re\ufb02ects that \u00a35m has been drawn on the RCF by way of bank guarantees to third parties, but such amounts do not constitute
borrowings.
Interest rate risk management
The objective of the Group\u2019s interest rate policy is to minimise interest costs whilst protecting the Group from adverse movements in
interest rates. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk whereas borrowings issued at \ufb01xed
rates expose the Group to fair value interest rate risk. The Group does not actively manage cash \ufb02ow interest rate risk as the Board
believes that the retail sector in which the Group operates provides a natural hedge against interest rate movements. Consequently, it is
normal Group policy to borrow on a \ufb02oating rate basis. Following the disposal of the Group'smotor businesses, the Group is expected to
have little to no drwan debt so interest rate risk management shall niot be a primary cncern going forward. For this reason, presentation if
an iterest rate risk sensitivity analysis is now not relevant.
Foreign exchange risk management
The Group faces currency risk in respect of its net assets denominated in currencies other than sterling. On translation into sterling,
movements in currency will affect the value of these assets. The Group\u2019s policy is therefore to match, where possible, net assets in
overseas subsidiaries which are denominated in a foreign currency with borrowings in the same currency. With very little US assets
remaining at the year end following the disposal all US business interests in prior years, no material hedging requirement remains so the
Group now has no USD borrowings (2022: nil) against its net assets held in overseas subsidiaries.
Hedges of net investments in overseas operations
A gain or loss in respect of an effective hedge of a net investment in an overseas operation is recognised directly in equity. Any ineffective
portion of the hedge is recognised in the income statement. Included within bank borrowings are balances denominated in US dollars
which are designated as a hedge of the net investment in the Group\u2019s US subsidiaries. Foreign exchange differences on translation of
the borrowings to sterling at the balance sheet date are recognised within the translation differences reserve in equity, net of exchange
differences in respect of the net investments being hedged.
\n \n
31 January
31 December
2024
2022
$m
$m
Aggregate fair value of borrowings designated as hedge of net investment in the
Group's US subsidiaries
-
-
\u00a3m
\u00a3m
Foreign exchange gains/(losses) on translation of borrowings to sterling at balance
sheet date
-
-
Foreign exchange (losses)/gains on translation of net investments to sterling at
balance sheet date
(0.1)
0.5
Net exchange gain/(loss) recognised within translation reserve in equity
(0.1)
0.5
Capital management
Following the disposal of the Group's UK Motor and Leasing businesses, the Group views its \ufb01nancial capital resources as primarily
comprising share capital, cash generated through operating cash\ufb02ow and access to a new RCF, which nonetheless is expectecd to remain
largely undrawn. As the Group's continuing business is Softwars as a Service (SaaS), involving payment of licence fees in advance for
periods of use, the Group is now expected to remain cash positive.
Core debt is essentially funded by the Group\u2019s SFA. The Group requires its revolving credit facility to fund its day-to-day working capital
requirements. A fundamental element of the Group\u2019s \ufb01nancial resources was the provision of vehicle stocking credit lines, provided by the
vehicle manufacturers\u2019 funding arms and other third party providers. The Group\u2019s funding of its vehicle inventories is set out below:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
New and used vehicles
-
559.7
Consignment vehicles
-
35.3
-
595.0
Amounts included within trade and other payables in respect of these are:
Manufacturer \ufb01nance arm
-
286.0
Third party stock \ufb01nance
-
296.7
-
582.7
Inventories are stated net of any Value Added Tax (VAT) whilst the related creditor is a gross amount. The creditor may also be higher than
the inventory value due to timing of the vehicle sale and payment of the related liability.
When considering vehicle stocks from a funding risk view point we split the funding into that which is funded by the vehicle manufacturers
through their related \ufb01nance arms and that funded through third party stock \ufb01nance facilities and bank borrowings. Financing for stock
other than through bank borrowings is shown in trade creditors in the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15754": { "value": "4.2 Financial instruments and derivatives
Cash and cash equivalents
\n \n
Carrying value
Carrying value
and fair value
and fair value
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Bank balances and cash equivalents
47.4
69.4
Cash and cash equivalents in the Balance Sheet
47.4
171.9
Bank overdrafts repayable on demand and used for cash management in the Balance Sheet
-
(102.5)
Cash and cash equivalents in the statement of cash \ufb02ows
47.4
69.4
Bank overdrafts re\ufb02ect the aggregated overdrawn balances of Group companies (even if those companies have other positive cash
balances).
Borrowings
As at 31 January 2024, borrowing facilities comprised an amortising Senior Term Finance Agreement (SFA), maturing March 2027, with
an outstanding principal balance of \u00a393m and a
Revolving Credit Facility (RCF) of \u00a375m, maturing March 2026, with extension at the
option of lenders to
March 2027. Irrevocable notices to cancel and repay both were given by the balance sheet date and all facilities were
cancelled and repaid on 1 February 2024. Subsequent to the balance sheet date, the Group has signed a new \u00a310m RCF with Barclays
Bank, expiring in March 2027.
As at 31 January 2024, total facility commitments and expiry are as set out below:
\n \n
Expiry Date
\u00a3m
RCF
February 2024
75.0
SFA
February 2024
97.0
172.0
At the date of this report the RCF remains undrawn.
For the 13 month period to 31 January 2024, the following margins and fees were in place:
\n \n
Commitment
(non-utilisation)
Current
margin
fee
RCF
5.00%
2.25%
SFA
6.00%
n/a
For the 13 month period to 31 January 2024, the following covenants were in place:
The leverage covenant is calculated as the ratio of bank borrowings less cash in hand and at bank to underlying pro\ufb01t before tax,
depreciation, amortisation and \ufb01nance charges (excluding vehicle stocking plan interest charges disclosed in note 4.3) calculated on an
IAS 17 basis. This ratio can not exceed 2.00 times. At the \ufb01nal reported covenant end period of 31 December 2023 the ratio was 0.3 times.
The \ufb01xed charge cover covenant is calculated as the ratio of underlying pro\ufb01t before tax, depreciation, amortisation and \ufb01nance charges
(excluding vehicle stocking plan interest charges disclosed in note 4.3) calculated on an IAS 17 basis plus rent paid, to \ufb01nance charges
(excluding vehicle stocking plan interest charges disclosed in note 4.3) plus payments for rent, scheduled amortisation under the SFA and
pension contributions. This ratio must exceed 1.60 times. At the \ufb01nal reported covenant end period of 31 December 2023 the ratio was
2.5 times.
The minimum underlying EBITDA covenant is calculated as for the leverage covenant ratio i.e. underlying pro\ufb01t before tax, depreciation,
amortisation and \ufb01nance charges (excluding vehicle stocking plan interest charges disclosed in note 4.3) calculated on an IAS 17 basis.
This must exceed \u00a375.0m and at the \ufb01nal reported covenant end period of 31 December 2023 was \u00a3111.2m.
Summary of borrowings
\n \n
Carrying
Carrying
value
Fair value
value
Fair value
31 January
31 January
31 December
31 December
2024
2024
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current
:
SFA
-
-
90.8
90.8
Other loan notes
0.2
0.2
0.2
0.2
Lease liabilities
0.6
0.6
197.9
197.9
Total non-current
0.8
0.8
288.9
288.9
SFA
93.0
93.0
1.7
1.7
Bank overdraft
-
-
102.5
102.5
Lease liabilities
0.4
0.4
20.0
20.0
Total current
93.4
93.4
124.2
124.2
Total borrowings
94.2
94.2
413.1
413.1
The Group had terminated its SFA and therefore repaid the principal outstanding of \u00a393m on 1 February 2024.
\n\n\n\n
Reconciliation of movements of liabilities to cash \ufb02ows arising from \ufb01nancing activities
\n
13 month period ended 31 January 2024
\n\n \n
____Borrowings___
__________Equity_________
Long term
Finance
Share
Other
Retained
borrowings
Lease
capital
reserves
earnings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
92.7
217.9
69.9
75.5
135.6
591.6
Cash \ufb02ows from \ufb01nancing activities
Payment of lease liabilities
-
(19.0)
-
-
-
(19.0)
Repayment of loans
(4.0)
-
-
-
-
(4.0)
Proceeds from issue of loans (net of directly attributable
transaction costs)
-
-
-
-
-
-
Proceeds from issue of loans (net of directly attributable
transaction costs)
(207.0)
-
-
-
(207.0)
(4.0)
(226.0)
-
-
-
(230.0)
Other changes
The effect of changes in foreign exchange rates
-
-
-
(0.1)
-
(0.1)
New leases undertaken - non cash
-
10.0
-
-
-
10.0
Issue of ordinary shares to the bene\ufb01t of the EBT for which no
cash \ufb02ow arises
-
-
3.3
-
(3.3)
-
Disposal of leases - non cash
-
(0.5)
-
-
-
(0.5)
Liability-related : Lease expenses - non cash
-
(0.4)
-
-
-
(0.4)
Liability-related : Amortisation of fees and expenses
4.5
-
-
-
-
4.5
Equity-related : Total other changes
-
-
-
(12.6)
92.1
79.5
At 31 January 2024
93.2
1.0
73.2
62.8
224.4
454.6
Year ended 31 December 2022
At 1 January 2022
87.3
222.1
69.9
75.0
80.7
535.0
Cash \ufb02ows from \ufb01nancing activities
Payment of lease liabilities
-
(22.2)
-
-
-
(22.2)
Repayment of loans
(90.5)
-
-
-
-
(90.5)
Proceeds from issue of loans (net of directly attributable trans-
action costs)
93.8
-
-
-
93.8
3.3
(22.2)
-
-
-
(18.9)
Other changes
The effect of changes in foreign exchange rates
0.1
0.1
-
-
-
0.2
New leases undertaken - non cash
-
35.3
-
-
-
35.3
Disposal of \ufb01nance leases - non cash
-
(17.6)
-
-
-
(17.6)
Liability-related : Lease expenses - non cash
-
0.2
-
-
-
0.2
Liability-related : Amortisation of fees and expenses
2.0
-
-
-
-
2.0
Equity-related : Total other changes
-
-
-
0.5
54.9
55.4
At 31 December 2022
92.7
217.9
69.9
75.5
135.6
591.6
\n
Interest payments in respect of the above borrowings are reported in operating cash \ufb02ows in the Consolidated Cash Flow Statement.
Fair value hierarchy
Financial instruments carried at fair value are required to be measured by reference to the following levels:
Level 1: quoted prices in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
The RCF and SFA have been measured by a Level 2 valuation method.
The effective interest rates for all borrowings are all based by reference to SONIA. Leases are effectively held at \ufb01xed rates of interest
within the range set out below. Information regarding classi\ufb01cation of balances and interest, the range of interest rates applied in the year
to 31 December 2022 and repricing periods, is set out in the table below.
\n \n
Carrying
value
Interest
Interest
Classi\ufb01cation
\u00a3m
Classi\ufb01cation
classi\ufb01cation
rate range
Repricing periods
Bank balances and cash equivalents
Loans and receivables
47.4
Amortised cost
Floating GBP
0.45%-4.50%
6 months or less
Borrowings
Non - current:
Other loan notes
Other \ufb01nancial liabilities
0.2
Amortised cost
Fixed GBP
12.50%
n/a
Lease liabilities
Other \ufb01nancial liabilities
0.6
Amortised cost
Fixed GBP
10.00%
n/a
Total non-current
0.8
RCF
Other \ufb01nancial liabilities
-
Amortised cost
Floating GBP
N/A - not drawn
6 months or less
SFA
Other \ufb01nancial liabilities
93.0
Amortised cost
Floating GBP
6.75% - 8.94%
6 months or less
Lease liabilities
Other \ufb01nancial liabilities
0.4
Amortised cost
Fixed GBP
10.00%
n/a
Total current
93.4
Total borrowings
94.2
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Pound sterling
94.2
413.1
Treasury policy, \ufb01nancial risk, funding and liquidity management
Financial risk management
The Group is exposed to the following risks from its use of \ufb01nancial instruments:
Funding and liquidity risk - the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due.
Credit risk - the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual
obligations, and arises principally from the Group\u2019s receivables from customers and investment securities.
Market risk - the risk that changes in market prices, such as interest rates and foreign exchange rates, have on the Group's \ufb01nancial
performance.
The Group's quantitative exposure to these risks is explained throughout these \ufb01nancial statements whilst the Group's objectives and
management of these risks is set out below.
Treasury policy and procedures
Group treasury matters are managed within policy guidelines set by the Board with prime areas of focus being liquidity and interest
rate exposure. Management of these areas is the responsibility of the Group\u2019s central treasury function. The Board does not permit the
speculative use of derivatives.
Funding and liquidity management
The Group is \ufb01nanced primarily by its SFA, RCF, vehicle stocking credit lines and operating cash \ufb02ow.The RCF and SFA are committed
facilities which mature within appropriate timescales and are maintained at levels in excess of planned requirements.
Each business within the Group is responsible for its own day-to-day cash management and the overall cash position is monitored on a
daily basis by the Group treasury department.
The maturity of non-current borrowings is as follows, excluding lease liabilities:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Between 1 and 2 years
-
7.3
Between 2 and 5 years
0.2
83.7
0.2
91.0
Maturities include contractual repayment dates for the amortising SFA. As at the balance sheet date, the Group had terminated its SFA and
therefore repaid the principal outstanding of \u00a393m, together with accrued interest and an early repayment premium of 2% of the principal,
the following day. The Group also has \u00a30.2m of loan notes outstanding with a contractual repayment date of March 2027. The maturities
therefore represent the \ufb01nal repayment dates for these facilities and the total cash out\ufb02ows associated with all borrowings, assuming
interest rates remain at the same rates as at the period/year end, are estimated on an undiscounted basis as follows:
\n \n
Carrying
Contractual
Within 6
6 - 12
over 5
amount
cash\ufb02ows
months
months
1-2 years
2-5 years
years
RCF
-
-
-
-
-
-
-
SFA
93.0
94.9
94.9
-
-
-
-
Loan notes
0.2
0.3
-
-
-
0.3
-
93.2
95.2
94.9
-
-
0.3
-
Leases liabilities
1.0
1.1
0.3
0.2
0.5
0.1
-
Trade payables
0.5
0.5
0.5
-
-
-
-
94.7
96.8
95.7
0.2
0.5
0.4
-
The Group has the following undrawn borrowing facilities:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Expiring in 1-2 years
70.0
-
Expiring in 2-5 years
-
70.0
70.0
70.0
The above re\ufb02ects that \u00a35m has been drawn on the RCF by way of bank guarantees to third parties, but such amounts do not constitute
borrowings.
Interest rate risk management
The objective of the Group\u2019s interest rate policy is to minimise interest costs whilst protecting the Group from adverse movements in
interest rates. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk whereas borrowings issued at \ufb01xed
rates expose the Group to fair value interest rate risk. The Group does not actively manage cash \ufb02ow interest rate risk as the Board
believes that the retail sector in which the Group operates provides a natural hedge against interest rate movements. Consequently, it is
normal Group policy to borrow on a \ufb02oating rate basis. Following the disposal of the Group'smotor businesses, the Group is expected to
have little to no drwan debt so interest rate risk management shall niot be a primary cncern going forward. For this reason, presentation if
an iterest rate risk sensitivity analysis is now not relevant.
Foreign exchange risk management
The Group faces currency risk in respect of its net assets denominated in currencies other than sterling. On translation into sterling,
movements in currency will affect the value of these assets. The Group\u2019s policy is therefore to match, where possible, net assets in
overseas subsidiaries which are denominated in a foreign currency with borrowings in the same currency. With very little US assets
remaining at the year end following the disposal all US business interests in prior years, no material hedging requirement remains so the
Group now has no USD borrowings (2022: nil) against its net assets held in overseas subsidiaries.
Hedges of net investments in overseas operations
A gain or loss in respect of an effective hedge of a net investment in an overseas operation is recognised directly in equity. Any ineffective
portion of the hedge is recognised in the income statement. Included within bank borrowings are balances denominated in US dollars
which are designated as a hedge of the net investment in the Group\u2019s US subsidiaries. Foreign exchange differences on translation of
the borrowings to sterling at the balance sheet date are recognised within the translation differences reserve in equity, net of exchange
differences in respect of the net investments being hedged.
\n \n
31 January
31 December
2024
2022
$m
$m
Aggregate fair value of borrowings designated as hedge of net investment in the
Group's US subsidiaries
-
-
\u00a3m
\u00a3m
Foreign exchange gains/(losses) on translation of borrowings to sterling at balance
sheet date
-
-
Foreign exchange (losses)/gains on translation of net investments to sterling at
balance sheet date
(0.1)
0.5
Net exchange gain/(loss) recognised within translation reserve in equity
(0.1)
0.5
Capital management
Following the disposal of the Group's UK Motor and Leasing businesses, the Group views its \ufb01nancial capital resources as primarily
comprising share capital, cash generated through operating cash\ufb02ow and access to a new RCF, which nonetheless is expectecd to remain
largely undrawn. As the Group's continuing business is Softwars as a Service (SaaS), involving payment of licence fees in advance for
periods of use, the Group is now expected to remain cash positive.
Core debt is essentially funded by the Group\u2019s SFA. The Group requires its revolving credit facility to fund its day-to-day working capital
requirements. A fundamental element of the Group\u2019s \ufb01nancial resources was the provision of vehicle stocking credit lines, provided by the
vehicle manufacturers\u2019 funding arms and other third party providers. The Group\u2019s funding of its vehicle inventories is set out below:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
New and used vehicles
-
559.7
Consignment vehicles
-
35.3
-
595.0
Amounts included within trade and other payables in respect of these are:
Manufacturer \ufb01nance arm
-
286.0
Third party stock \ufb01nance
-
296.7
-
582.7
Inventories are stated net of any Value Added Tax (VAT) whilst the related creditor is a gross amount. The creditor may also be higher than
the inventory value due to timing of the vehicle sale and payment of the related liability.
When considering vehicle stocks from a funding risk view point we split the funding into that which is funded by the vehicle manufacturers
through their related \ufb01nance arms and that funded through third party stock \ufb01nance facilities and bank borrowings. Financing for stock
other than through bank borrowings is shown in trade creditors in the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f15850": { "value": "Borrowings
As at 31 January 2024, borrowing facilities comprised an amortising Senior Term Finance Agreement (SFA), maturing March 2027, with
an outstanding principal balance of \u00a393m and a
Revolving Credit Facility (RCF) of \u00a375m, maturing March 2026, with extension at the
option of lenders to
March 2027. Irrevocable notices to cancel and repay both were given by the balance sheet date and all facilities were
cancelled and repaid on 1 February 2024. Subsequent to the balance sheet date, the Group has signed a new \u00a310m RCF with Barclays
Bank, expiring in March 2027.
As at 31 January 2024, total facility commitments and expiry are as set out below:
\n \n
Expiry Date
\u00a3m
RCF
February 2024
75.0
SFA
February 2024
97.0
172.0
At the date of this report the RCF remains undrawn.
For the 13 month period to 31 January 2024, the following margins and fees were in place:
\n \n
Commitment
(non-utilisation)
Current
margin
fee
RCF
5.00%
2.25%
SFA
6.00%
n/a
For the 13 month period to 31 January 2024, the following covenants were in place:
The leverage covenant is calculated as the ratio of bank borrowings less cash in hand and at bank to underlying pro\ufb01t before tax,
depreciation, amortisation and \ufb01nance charges (excluding vehicle stocking plan interest charges disclosed in note 4.3) calculated on an
IAS 17 basis. This ratio can not exceed 2.00 times. At the \ufb01nal reported covenant end period of 31 December 2023 the ratio was 0.3 times.
The \ufb01xed charge cover covenant is calculated as the ratio of underlying pro\ufb01t before tax, depreciation, amortisation and \ufb01nance charges
(excluding vehicle stocking plan interest charges disclosed in note 4.3) calculated on an IAS 17 basis plus rent paid, to \ufb01nance charges
(excluding vehicle stocking plan interest charges disclosed in note 4.3) plus payments for rent, scheduled amortisation under the SFA and
pension contributions. This ratio must exceed 1.60 times. At the \ufb01nal reported covenant end period of 31 December 2023 the ratio was
2.5 times.
The minimum underlying EBITDA covenant is calculated as for the leverage covenant ratio i.e. underlying pro\ufb01t before tax, depreciation,
amortisation and \ufb01nance charges (excluding vehicle stocking plan interest charges disclosed in note 4.3) calculated on an IAS 17 basis.
This must exceed \u00a375.0m and at the \ufb01nal reported covenant end period of 31 December 2023 was \u00a3111.2m.
Summary of borrowings
\n \n
Carrying
Carrying
value
Fair value
value
Fair value
31 January
31 January
31 December
31 December
2024
2024
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current
:
SFA
-
-
90.8
90.8
Other loan notes
0.2
0.2
0.2
0.2
Lease liabilities
0.6
0.6
197.9
197.9
Total non-current
0.8
0.8
288.9
288.9
SFA
93.0
93.0
1.7
1.7
Bank overdraft
-
-
102.5
102.5
Lease liabilities
0.4
0.4
20.0
20.0
Total current
93.4
93.4
124.2
124.2
Total borrowings
94.2
94.2
413.1
413.1
The Group had terminated its SFA and therefore repaid the principal outstanding of \u00a393m on 1 February 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f16695": { "value": "Fair value hierarchy
Financial instruments carried at fair value are required to be measured by reference to the following levels:
Level 1: quoted prices in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
The RCF and SFA have been measured by a Level 2 valuation method.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f16698": { "value": "Financial instruments carried at fair value are required to be measured by reference to the following levels:
Level 1: quoted prices in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
The RCF and SFA have been measured by a Level 2 valuation method.
The effective interest rates for all borrowings are all based by reference to SONIA. Leases are effectively held at \ufb01xed rates of interest
within the range set out below. Information regarding classi\ufb01cation of balances and interest, the range of interest rates applied in the year
to 31 December 2022 and repricing periods, is set out in the table below.
\n \n
Carrying
value
Interest
Interest
Classi\ufb01cation
\u00a3m
Classi\ufb01cation
classi\ufb01cation
rate range
Repricing periods
Bank balances and cash equivalents
Loans and receivables
47.4
Amortised cost
Floating GBP
0.45%-4.50%
6 months or less
Borrowings
Non - current:
Other loan notes
Other \ufb01nancial liabilities
0.2
Amortised cost
Fixed GBP
12.50%
n/a
Lease liabilities
Other \ufb01nancial liabilities
0.6
Amortised cost
Fixed GBP
10.00%
n/a
Total non-current
0.8
RCF
Other \ufb01nancial liabilities
-
Amortised cost
Floating GBP
N/A - not drawn
6 months or less
SFA
Other \ufb01nancial liabilities
93.0
Amortised cost
Floating GBP
6.75% - 8.94%
6 months or less
Lease liabilities
Other \ufb01nancial liabilities
0.4
Amortised cost
Fixed GBP
10.00%
n/a
Total current
93.4
Total borrowings
94.2
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Pound sterling
94.2
413.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f16939": { "value": "Financial risk management
The Group is exposed to the following risks from its use of \ufb01nancial instruments:
Funding and liquidity risk - the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due.
Credit risk - the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual
obligations, and arises principally from the Group\u2019s receivables from customers and investment securities.
Market risk - the risk that changes in market prices, such as interest rates and foreign exchange rates, have on the Group's \ufb01nancial
performance.
The Group's quantitative exposure to these risks is explained throughout these \ufb01nancial statements whilst the Group's objectives and
management of these risks is set out below.
Treasury policy and procedures
Group treasury matters are managed within policy guidelines set by the Board with prime areas of focus being liquidity and interest
rate exposure. Management of these areas is the responsibility of the Group\u2019s central treasury function. The Board does not permit the
speculative use of derivatives.
Funding and liquidity management
The Group is \ufb01nanced primarily by its SFA, RCF, vehicle stocking credit lines and operating cash \ufb02ow.The RCF and SFA are committed
facilities which mature within appropriate timescales and are maintained at levels in excess of planned requirements.
Each business within the Group is responsible for its own day-to-day cash management and the overall cash position is monitored on a
daily basis by the Group treasury department.
The maturity of non-current borrowings is as follows, excluding lease liabilities:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Between 1 and 2 years
-
7.3
Between 2 and 5 years
0.2
83.7
0.2
91.0
Maturities include contractual repayment dates for the amortising SFA. As at the balance sheet date, the Group had terminated its SFA and
therefore repaid the principal outstanding of \u00a393m, together with accrued interest and an early repayment premium of 2% of the principal,
the following day. The Group also has \u00a30.2m of loan notes outstanding with a contractual repayment date of March 2027. The maturities
therefore represent the \ufb01nal repayment dates for these facilities and the total cash out\ufb02ows associated with all borrowings, assuming
interest rates remain at the same rates as at the period/year end, are estimated on an undiscounted basis as follows:
\n \n
Carrying
Contractual
Within 6
6 - 12
over 5
amount
cash\ufb02ows
months
months
1-2 years
2-5 years
years
RCF
-
-
-
-
-
-
-
SFA
93.0
94.9
94.9
-
-
-
-
Loan notes
0.2
0.3
-
-
-
0.3
-
93.2
95.2
94.9
-
-
0.3
-
Leases liabilities
1.0
1.1
0.3
0.2
0.5
0.1
-
Trade payables
0.5
0.5
0.5
-
-
-
-
94.7
96.8
95.7
0.2
0.5
0.4
-
The Group has the following undrawn borrowing facilities:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Expiring in 1-2 years
70.0
-
Expiring in 2-5 years
-
70.0
70.0
70.0
The above re\ufb02ects that \u00a35m has been drawn on the RCF by way of bank guarantees to third parties, but such amounts do not constitute
borrowings.
Interest rate risk management
The objective of the Group\u2019s interest rate policy is to minimise interest costs whilst protecting the Group from adverse movements in
interest rates. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk whereas borrowings issued at \ufb01xed
rates expose the Group to fair value interest rate risk. The Group does not actively manage cash \ufb02ow interest rate risk as the Board
believes that the retail sector in which the Group operates provides a natural hedge against interest rate movements. Consequently, it is
normal Group policy to borrow on a \ufb02oating rate basis. Following the disposal of the Group'smotor businesses, the Group is expected to
have little to no drwan debt so interest rate risk management shall niot be a primary cncern going forward. For this reason, presentation if
an iterest rate risk sensitivity analysis is now not relevant.
Foreign exchange risk management
The Group faces currency risk in respect of its net assets denominated in currencies other than sterling. On translation into sterling,
movements in currency will affect the value of these assets. The Group\u2019s policy is therefore to match, where possible, net assets in
overseas subsidiaries which are denominated in a foreign currency with borrowings in the same currency. With very little US assets
remaining at the year end following the disposal all US business interests in prior years, no material hedging requirement remains so the
Group now has no USD borrowings (2022: nil) against its net assets held in overseas subsidiaries.
Hedges of net investments in overseas operations
A gain or loss in respect of an effective hedge of a net investment in an overseas operation is recognised directly in equity. Any ineffective
portion of the hedge is recognised in the income statement. Included within bank borrowings are balances denominated in US dollars
which are designated as a hedge of the net investment in the Group\u2019s US subsidiaries. Foreign exchange differences on translation of
the borrowings to sterling at the balance sheet date are recognised within the translation differences reserve in equity, net of exchange
differences in respect of the net investments being hedged.
\n \n
31 January
31 December
2024
2022
$m
$m
Aggregate fair value of borrowings designated as hedge of net investment in the
Group's US subsidiaries
-
-
\u00a3m
\u00a3m
Foreign exchange gains/(losses) on translation of borrowings to sterling at balance
sheet date
-
-
Foreign exchange (losses)/gains on translation of net investments to sterling at
balance sheet date
(0.1)
0.5
Net exchange gain/(loss) recognised within translation reserve in equity
(0.1)
0.5
Capital management
Following the disposal of the Group's UK Motor and Leasing businesses, the Group views its \ufb01nancial capital resources as primarily
comprising share capital, cash generated through operating cash\ufb02ow and access to a new RCF, which nonetheless is expectecd to remain
largely undrawn. As the Group's continuing business is Softwars as a Service (SaaS), involving payment of licence fees in advance for
periods of use, the Group is now expected to remain cash positive.
Core debt is essentially funded by the Group\u2019s SFA. The Group requires its revolving credit facility to fund its day-to-day working capital
requirements. A fundamental element of the Group\u2019s \ufb01nancial resources was the provision of vehicle stocking credit lines, provided by the
vehicle manufacturers\u2019 funding arms and other third party providers. The Group\u2019s funding of its vehicle inventories is set out below:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
New and used vehicles
-
559.7
Consignment vehicles
-
35.3
-
595.0
Amounts included within trade and other payables in respect of these are:
Manufacturer \ufb01nance arm
-
286.0
Third party stock \ufb01nance
-
296.7
-
582.7
Inventories are stated net of any Value Added Tax (VAT) whilst the related creditor is a gross amount. The creditor may also be higher than
the inventory value due to timing of the vehicle sale and payment of the related liability.
When considering vehicle stocks from a funding risk view point we split the funding into that which is funded by the vehicle manufacturers
through their related \ufb01nance arms and that funded through third party stock \ufb01nance facilities and bank borrowings. Financing for stock
other than through bank borrowings is shown in trade creditors in the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f16950": { "value": "Treasury policy and procedures
Group treasury matters are managed within policy guidelines set by the Board with prime areas of focus being liquidity and interest
rate exposure. Management of these areas is the responsibility of the Group\u2019s central treasury function. The Board does not permit the
speculative use of derivatives. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f16957": { "value": "Funding and liquidity management
The Group is \ufb01nanced primarily by its SFA, RCF, vehicle stocking credit lines and operating cash \ufb02ow.The RCF and SFA are committed
facilities which mature within appropriate timescales and are maintained at levels in excess of planned requirements.
Each business within the Group is responsible for its own day-to-day cash management and the overall cash position is monitored on a
daily basis by the Group treasury department.
The maturity of non-current borrowings is as follows, excluding lease liabilities:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Between 1 and 2 years
-
7.3
Between 2 and 5 years
0.2
83.7
0.2
91.0
Maturities include contractual repayment dates for the amortising SFA. As at the balance sheet date, the Group had terminated its SFA and
therefore repaid the principal outstanding of \u00a393m, together with accrued interest and an early repayment premium of 2% of the principal,
the following day. The Group also has \u00a30.2m of loan notes outstanding with a contractual repayment date of March 2027. The maturities
therefore represent the \ufb01nal repayment dates for these facilities and the total cash out\ufb02ows associated with all borrowings, assuming
interest rates remain at the same rates as at the period/year end, are estimated on an undiscounted basis as follows:
\n \n
Carrying
Contractual
Within 6
6 - 12
over 5
amount
cash\ufb02ows
months
months
1-2 years
2-5 years
years
RCF
-
-
-
-
-
-
-
SFA
93.0
94.9
94.9
-
-
-
-
Loan notes
0.2
0.3
-
-
-
0.3
-
93.2
95.2
94.9
-
-
0.3
-
Leases liabilities
1.0
1.1
0.3
0.2
0.5
0.1
-
Trade payables
0.5
0.5
0.5
-
-
-
-
94.7
96.8
95.7
0.2
0.5
0.4
-
The Group has the following undrawn borrowing facilities:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Expiring in 1-2 years
70.0
-
Expiring in 2-5 years
-
70.0
70.0
70.0
The above re\ufb02ects that \u00a35m has been drawn on the RCF by way of bank guarantees to third parties, but such amounts do not constitute
borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17232": { "value": "Interest rate risk management
The objective of the Group\u2019s interest rate policy is to minimise interest costs whilst protecting the Group from adverse movements in
interest rates. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk whereas borrowings issued at \ufb01xed
rates expose the Group to fair value interest rate risk. The Group does not actively manage cash \ufb02ow interest rate risk as the Board
believes that the retail sector in which the Group operates provides a natural hedge against interest rate movements. Consequently, it is
normal Group policy to borrow on a \ufb02oating rate basis. Following the disposal of the Group'smotor businesses, the Group is expected to
have little to no drwan debt so interest rate risk management shall niot be a primary cncern going forward. For this reason, presentation if
an iterest rate risk sensitivity analysis is now not relevant.
Foreign exchange risk management
The Group faces currency risk in respect of its net assets denominated in currencies other than sterling. On translation into sterling,
movements in currency will affect the value of these assets. The Group\u2019s policy is therefore to match, where possible, net assets in
overseas subsidiaries which are denominated in a foreign currency with borrowings in the same currency. With very little US assets
remaining at the year end following the disposal all US business interests in prior years, no material hedging requirement remains so the
Group now has no USD borrowings (2022: nil) against its net assets held in overseas subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17242": { "value": "Foreign exchange risk management
The Group faces currency risk in respect of its net assets denominated in currencies other than sterling. On translation into sterling,
movements in currency will affect the value of these assets. The Group\u2019s policy is therefore to match, where possible, net assets in
overseas subsidiaries which are denominated in a foreign currency with borrowings in the same currency. With very little US assets
remaining at the year end following the disposal all US business interests in prior years, no material hedging requirement remains so the
Group now has no USD borrowings (2022: nil) against its net assets held in overseas subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17355": { "value": "Capital management
Following the disposal of the Group's UK Motor and Leasing businesses, the Group views its \ufb01nancial capital resources as primarily
comprising share capital, cash generated through operating cash\ufb02ow and access to a new RCF, which nonetheless is expectecd to remain
largely undrawn. As the Group's continuing business is Softwars as a Service (SaaS), involving payment of licence fees in advance for
periods of use, the Group is now expected to remain cash positive.
Core debt is essentially funded by the Group\u2019s SFA. The Group requires its revolving credit facility to fund its day-to-day working capital
requirements. A fundamental element of the Group\u2019s \ufb01nancial resources was the provision of vehicle stocking credit lines, provided by the
vehicle manufacturers\u2019 funding arms and other third party providers. The Group\u2019s funding of its vehicle inventories is set out below:
\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
New and used vehicles
-
559.7
Consignment vehicles
-
35.3
-
595.0
Amounts included within trade and other payables in respect of these are:
Manufacturer \ufb01nance arm
-
286.0
Third party stock \ufb01nance
-
296.7
-
582.7
Inventories are stated net of any Value Added Tax (VAT) whilst the related creditor is a gross amount. The creditor may also be higher than
the inventory value due to timing of the vehicle sale and payment of the related liability.
When considering vehicle stocks from a funding risk view point we split the funding into that which is funded by the vehicle manufacturers
through their related \ufb01nance arms and that funded through third party stock \ufb01nance facilities and bank borrowings. Financing for stock
other than through bank borrowings is shown in trade creditors in the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17449": { "value": "4.3 Net \ufb01nancing costs
Accounting policy
Finance income comprises interest income on funds invested, return on net pension scheme assets and gains on hedging instruments
that are recognised in pro\ufb01t and loss. Interest income is recognised as it accrues in pro\ufb01t and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions, interest on net pension scheme
obligations and losses on hedging instruments recognised in pro\ufb01t and loss. All borrowing costs are recognised in pro\ufb01t and loss using
the effective interest method.
Gross \ufb01nance costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of those
assets until such a time as the assets are substantially ready for their intended use or sale.
Finance expense
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Continuing operations - Recognised in pro\ufb01t and loss
\u00a3m
\u00a3m
Interest payable on leases
0.1
-
Total \ufb01nance expense in continuing operations
0.1
-
Discontinued operations - Recognised in pro\ufb01t and loss
Interest payable on bank borrowings, SFA, Senior note and loan notes
15.6
10.8
Vehicle stocking plan interest
30.1
14.7
Interest payable on leases
16.2
14.7
Costs incurred on re\ufb01nancing
-
2.6
Costs incurred on early redemption of SFA
4.1
-
Net interest on pension scheme obligations
-
0.3
Less: interest capitalised
(0.5)
(0.8)
Total interest expense being interest expense in respect of \ufb01nancial liabilities
held at
amortised cost
65.5
42.3
Unwinding of discounts in contract hire residual values
3.3
2.5
Total \ufb01nance expense in discontinued operations
68.8
44.8
Total \ufb01nance expense
68.9
44.8
Included within the \ufb01nance expense in discontinued operations is interest of \u00a30.5m which has been capitalised during the period
on
assets under construction at an average rate of 9.67% (2022: \u00a30.8m).
Finance income
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Discontinued operations - Recognised in pro\ufb01t and loss
\u00a3m
\u00a3m
Net interest on pension scheme obligations
0.2
-
Bank interest receivable
1.9
-
Interest receivable on \ufb01nance leases
1.0
1.0
Total \ufb01nance income in discontinued operations
3.1
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17450": { "value": "4.3 Net \ufb01nancing costs
Accounting policy
Finance income comprises interest income on funds invested, return on net pension scheme assets and gains on hedging instruments
that are recognised in pro\ufb01t and loss. Interest income is recognised as it accrues in pro\ufb01t and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions, interest on net pension scheme
obligations and losses on hedging instruments recognised in pro\ufb01t and loss. All borrowing costs are recognised in pro\ufb01t and loss using
the effective interest method.
Gross \ufb01nance costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of those
assets until such a time as the assets are substantially ready for their intended use or sale.
Finance expense
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Continuing operations - Recognised in pro\ufb01t and loss
\u00a3m
\u00a3m
Interest payable on leases
0.1
-
Total \ufb01nance expense in continuing operations
0.1
-
Discontinued operations - Recognised in pro\ufb01t and loss
Interest payable on bank borrowings, SFA, Senior note and loan notes
15.6
10.8
Vehicle stocking plan interest
30.1
14.7
Interest payable on leases
16.2
14.7
Costs incurred on re\ufb01nancing
-
2.6
Costs incurred on early redemption of SFA
4.1
-
Net interest on pension scheme obligations
-
0.3
Less: interest capitalised
(0.5)
(0.8)
Total interest expense being interest expense in respect of \ufb01nancial liabilities
held at
amortised cost
65.5
42.3
Unwinding of discounts in contract hire residual values
3.3
2.5
Total \ufb01nance expense in discontinued operations
68.8
44.8
Total \ufb01nance expense
68.9
44.8
Included within the \ufb01nance expense in discontinued operations is interest of \u00a30.5m which has been capitalised during the period
on
assets under construction at an average rate of 9.67% (2022: \u00a30.8m).
Finance income
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Discontinued operations - Recognised in pro\ufb01t and loss
\u00a3m
\u00a3m
Net interest on pension scheme obligations
0.2
-
Bank interest receivable
1.9
-
Interest receivable on \ufb01nance leases
1.0
1.0
Total \ufb01nance income in discontinued operations
3.1
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17455": { "value": "Accounting policy
Finance income comprises interest income on funds invested, return on net pension scheme assets and gains on hedging instruments
that are recognised in pro\ufb01t and loss. Interest income is recognised as it accrues in pro\ufb01t and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions, interest on net pension scheme
obligations and losses on hedging instruments recognised in pro\ufb01t and loss. All borrowing costs are recognised in pro\ufb01t and loss using
the effective interest method.
Gross \ufb01nance costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of those
assets until such a time as the assets are substantially ready for their intended use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17459": { "value": "Finance income comprises interest income on funds invested, return on net pension scheme assets and gains on hedging instruments
that are recognised in pro\ufb01t and loss. Interest income is recognised as it accrues in pro\ufb01t and loss, using the effective rate method.
Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions, interest on net pension scheme
obligations and losses on hedging instruments recognised in pro\ufb01t and loss. All borrowing costs are recognised in pro\ufb01t and loss using
the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17463": { "value": "Finance expense comprises interest expense on borrowings, unwinding of the discount on provisions, interest on net pension scheme
obligations and losses on hedging instruments recognised in pro\ufb01t and loss. All borrowing costs are recognised in pro\ufb01t and loss using
the effective interest method.
Gross \ufb01nance costs directly attributable to the construction of property, plant and equipment are capitalised as part of the cost of those
assets until such a time as the assets are substantially ready for their intended use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17475": { "value": "Finance expense \n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Continuing operations - Recognised in pro\ufb01t and loss
\u00a3m
\u00a3m
Interest payable on leases
0.1
-
Total \ufb01nance expense in continuing operations
0.1
-
Discontinued operations - Recognised in pro\ufb01t and loss
Interest payable on bank borrowings, SFA, Senior note and loan notes
15.6
10.8
Vehicle stocking plan interest
30.1
14.7
Interest payable on leases
16.2
14.7
Costs incurred on re\ufb01nancing
-
2.6
Costs incurred on early redemption of SFA
4.1
-
Net interest on pension scheme obligations
-
0.3
Less: interest capitalised
(0.5)
(0.8)
Total interest expense being interest expense in respect of \ufb01nancial liabilities
held at
amortised cost
65.5
42.3
Unwinding of discounts in contract hire residual values
3.3
2.5
Total \ufb01nance expense in discontinued operations
68.8
44.8
Total \ufb01nance expense
68.9
44.8
Included within the \ufb01nance expense in discontinued operations is interest of \u00a30.5m which has been capitalised during the period
on
assets under construction at an average rate of 9.67% (2022: \u00a30.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17477": { "value": "\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Continuing operations - Recognised in pro\ufb01t and loss
\u00a3m
\u00a3m
Interest payable on leases
0.1
-
Total \ufb01nance expense in continuing operations
0.1
-
Discontinued operations - Recognised in pro\ufb01t and loss
Interest payable on bank borrowings, SFA, Senior note and loan notes
15.6
10.8
Vehicle stocking plan interest
30.1
14.7
Interest payable on leases
16.2
14.7
Costs incurred on re\ufb01nancing
-
2.6
Costs incurred on early redemption of SFA
4.1
-
Net interest on pension scheme obligations
-
0.3
Less: interest capitalised
(0.5)
(0.8)
Total interest expense being interest expense in respect of \ufb01nancial liabilities
held at
amortised cost
65.5
42.3
Unwinding of discounts in contract hire residual values
3.3
2.5
Total \ufb01nance expense in discontinued operations
68.8
44.8
Total \ufb01nance expense
68.9
44.8
Included within the \ufb01nance expense in discontinued operations is interest of \u00a30.5m which has been capitalised during the period
on
assets under construction at an average rate of 9.67% (2022: \u00a30.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17612": { "value": "Finance income \n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Discontinued operations - Recognised in pro\ufb01t and loss
\u00a3m
\u00a3m
Net interest on pension scheme obligations
0.2
-
Bank interest receivable
1.9
-
Interest receivable on \ufb01nance leases
1.0
1.0
Total \ufb01nance income in discontinued operations
3.1
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17614": { "value": "\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Discontinued operations - Recognised in pro\ufb01t and loss
\u00a3m
\u00a3m
Net interest on pension scheme obligations
0.2
-
Bank interest receivable
1.9
-
Interest receivable on \ufb01nance leases
1.0
1.0
Total \ufb01nance income in discontinued operations
3.1
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17681": { "value": "4.4 Capital and reserves
Ordinary share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a
deduction from equity, net of any tax effects.
\n \n
Allotted, called up and fully paid shares of 5p each
Number
\u00a3m
At 31 December 2022
1,396,944,405
69.9
Share issues
65,979,118
3.3
At 31 January 2024
1,462,923,523
73.2
During the 13 month period to 31 January 2024, 65,979,118 ordinary shares were issed at par value for proceeds of \u00a33.3m. These shares
were subsequently acquired by the EBT in order to satisfy pending share awards.
On 1 February 2024 a further 279,388,880 were issued to Lithia Motors, Inc. for a consideration of 10.7377 pence per share, totalling
\u00a330.0m pursuant to the business disposal agreement.
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 Group. All shares rank equally with regard to the Group's residual assets.
Capital redemption reserve
The capital redemption reserve has arisen following the purchase by the Group of its own shares and comprises the amount by which
distributable pro\ufb01ts were reduced on these transactions in accordance with s733 of the Companies Act 2006. There were no transfers
into the capital redemption reserve during the period in respect of shares purchased by the Group and subsequently cancelled (2022: \u00a3nil).
Other reserves
Other reserves included the amount of demerger reserve arising on the demerger of the Group from Williams Holdings PLC in 1989. During
the period the Company restructured it's investments resulting in a reclassi\ufb01cation of \u00a312.6m in respect of the merger reserve to pro\ufb01t and
loss.
Own shares held by Employee Bene\ufb01t Trust (EBT)
Transactions of the Group-sponsored EBT are included in the Group \ufb01nancial statements. In particular, the trust\u2019s purchases of shares
in the Group, which are classi\ufb01ed as own shares, are debited directly to equity through retained earnings. When own shares are sold or
reissued the resulting surplus or de\ufb01cit on the transaction is also recognised within retained earnings.
The market value of the investment in the Group's own shares at 31 January 2024 was \u00a34.5m (31 December 2022: \u00a30.3m), being 12.4m
(2022: 1.5m) shares with a nominal value of 5p each, acquired at an average cost of \u00a30.05 each (2022: \u00a30.33). The trustee of the EBT is
Accuro Trustees (Jersey) Limited. Shares in trust have been
awarded to Executive Directors and employees under the Pendragon 1999
Approved Executive Share Option Scheme, Pendragon 1999 Unapproved Executive Share Option Scheme and to satisfy amounts under
LTIPs. Details of the plans are given in the Directors' Remuneration Report on pages 51 to 61.
Dividends on the shares owned by the trust, the purchase of which were funded by interest free loans to the trust from Pinewood
Technologies Group Plc, are waived. All expenses incurred by the trust are settled directly by Pinewood Technologies Group Plc and
charged in the accounts as incurred.
The trust is regarded as a quasi subsidiary and its assets and results are consolidated into the \ufb01nancial statements of the Group.
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the net investment in foreign operations
as well as from the translation of liabilities held to hedge the respective net investment in foreign operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17684": { "value": "Ordinary share capital
Ordinary shares are classi\ufb01ed as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a
deduction from equity, net of any tax effects.
\n \n
Allotted, called up and fully paid shares of 5p each
Number
\u00a3m
At 31 December 2022
1,396,944,405
69.9
Share issues
65,979,118
3.3
At 31 January 2024
1,462,923,523
73.2
During the 13 month period to 31 January 2024, 65,979,118 ordinary shares were issed at par value for proceeds of \u00a33.3m. These shares
were subsequently acquired by the EBT in order to satisfy pending share awards.
On 1 February 2024 a further 279,388,880 were issued to Lithia Motors, Inc. for a consideration of 10.7377 pence per share, totalling
\u00a330.0m pursuant to the business disposal agreement.
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 Group. All shares rank equally with regard to the Group's residual assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17725": { "value": "Capital redemption reserve
The capital redemption reserve has arisen following the purchase by the Group of its own shares and comprises the amount by which
distributable pro\ufb01ts were reduced on these transactions in accordance with s733 of the Companies Act 2006. There were no transfers
into the capital redemption reserve during the period in respect of shares purchased by the Group and subsequently cancelled (2022: \u00a3nil).
Other reserves
Other reserves included the amount of demerger reserve arising on the demerger of the Group from Williams Holdings PLC in 1989. During
the period the Company restructured it's investments resulting in a reclassi\ufb01cation of \u00a312.6m in respect of the merger reserve to pro\ufb01t and
loss.
Own shares held by Employee Bene\ufb01t Trust (EBT)
Transactions of the Group-sponsored EBT are included in the Group \ufb01nancial statements. In particular, the trust\u2019s purchases of shares
in the Group, which are classi\ufb01ed as own shares, are debited directly to equity through retained earnings. When own shares are sold or
reissued the resulting surplus or de\ufb01cit on the transaction is also recognised within retained earnings.
The market value of the investment in the Group's own shares at 31 January 2024 was \u00a34.5m (31 December 2022: \u00a30.3m), being 12.4m
(2022: 1.5m) shares with a nominal value of 5p each, acquired at an average cost of \u00a30.05 each (2022: \u00a30.33). The trustee of the EBT is
Accuro Trustees (Jersey) Limited. Shares in trust have been
awarded to Executive Directors and employees under the Pendragon 1999
Approved Executive Share Option Scheme, Pendragon 1999 Unapproved Executive Share Option Scheme and to satisfy amounts under
LTIPs. Details of the plans are given in the Directors' Remuneration Report on pages 51 to 61.
Dividends on the shares owned by the trust, the purchase of which were funded by interest free loans to the trust from Pinewood
Technologies Group Plc, are waived. All expenses incurred by the trust are settled directly by Pinewood Technologies Group Plc and
charged in the accounts as incurred.
The trust is regarded as a quasi subsidiary and its assets and results are consolidated into the \ufb01nancial statements of the Group.
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the net investment in foreign operations
as well as from the translation of liabilities held to hedge the respective net investment in foreign operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17781": { "value": "4.5 Dividends
An dividend for of 24.5p per ordinary share amounting to a total of \u00a3358.4m is proposed to be paid on 7 May 2024 (2022: nil) as previously
communicated to shareholders in the circular to shareholders dated October 2023 in respect of the sale of part of the business to Litha
Motors Inc.
Lithia UK Holding Limited, who hold 279,388,880 ordinary shares waived their right to a dividend as per the terms of the
business sale outlined in the afore mentioned circular. Interim accounts for the 14 month period to 29 February 2024 have been deposited
at Companies House as the relevant accounts for the purpose of this distribution.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17802": { "value": "4.6 Share based compensation
Accounting policy
The Group operates a number of employee share option schemes and an executive share ownership plan 'exsop' awarded in 2010. The
fair value at the date at which the share options are granted is recognised in the income statement on a straight line basis over the vesting
period, taking into account the number of options that are expected to vest. The fair value of the options granted is measured using an
option pricing model, taking into account the terms and conditions upon which the options were granted. The number of options that are
expected to become exercisable is reviewed at each balance sheet date and if necessary estimates are revised.
Executive share options
The number and weighted average exercise prices of share options is as follows:
\n \n
Weighted
Number
Weighted
Number
average
of
average
of
exercise
options
exercise
options
price
millions
price
millions
2024
2024
2022
2022
Outstanding at beginning of period
31.8p
2.8
24.0p
3.8
Exercised during the period
31.8p
(1.4)
13.5p
(0.5)
Lapsed during the period
31.8p
(1.4)
13.5p
(0.5)
Outstanding at the end of the period
0.0p
-
31.8p
2.8
Exercisable at the end of the period
0.0p
-
31.8p
2.8
Movements in the number of options to acquire ordinary shares under the Group's various share option schemes, together with exercise
prices and the outstanding position at 31 January 2024 were as follows:
\n \n
At 31
At 31
Exercise
December
January
price per
2022
Exercised
Lapsed
2024
Exercise period
Date of grant
share
Number
Number
Number
Number
19 September 2017 to 19 September 2024
18 September 2014
31.82p
2,829,500
(1,450,000)
(1,379,500)
-
2,829,500
(1,450,000)
(1,379,500)
-
All grants of share options were issued pursuant to the 2009 Executive Share Option Scheme, which prescribed an earnings per share
performance criterion. It is a precondition to the exercise of grants made under the 2009 Scheme that the growth in the Group's earnings
per share over the prescribed three year period must exceed by at least 3 percent per annum compound the annual rate of in\ufb02ation as
shown by the RPI Index.
The weighted average share price at the date of exercise for share options exercised in the period/year was 36.35p (2022: 27.50p).
All options are settled by physical delivery of shares.
The fair value of the services received in return for share options is measured by reference to the fair value of the options granted. The
\n
estimate of the fair value of the services received in respect of share option schemes was measured using the Black-Scholes option
\n
pricing model. The weighted average fair value of the options at the date of grant for those that are outstanding at 31 January 2024 is nil
\n
(2022: 7.7p) as there are no options outstanding at the period end.
\n
As part of the disposal transaction of the motor vehicle retail and leasing businesses to Lithia UK Holding Limited on 31 January 2024,
\n
Lithia UK Holding Limited agreed to directly purchase from employees a total of 1,450,000 shares which had vested pursuant to the
\n
Company\u2019s Share Option Plan.
\n
Executive Long Term Incentive Plan (\u201cLTIPs\u201d)
\n
The number and weighted average exercise prices of executive LTIPs is as follows:
\n\n \n
Weighted
Number
Weighted
Number
average
of
average
of
exercise
options
exercise
options
price
millions
price
millions
2024
2024
2022
2022
Outstanding at the start of the period
0.00p
63.7
0.00p
44.1
Granted during the period
0.00p
15.8
0.00p
19.6
Lapsed during the period
0.00p
(13.5)
0.00p
-
Exercised during the period
0.00p
(66.0)
0.00p
-
Outstanding at the end of the period
-
-
0.00p
63.7
\n
Movements in the number of options to acquire ordinary shares under the Group's LTIP, together with the outstanding position at 31
\n
January 2024 were as follows:
\n\n \n
At 31
At 31
December
January
2022
Granted
Lapsed
Exercised
2024
Exercise period
Date of grant
Number
Number
Number
Number
Number
27 October 2023
28 October 2020
27,648,123
- (2,968,844.0)
(24,679,279)
-
12 July 2024
13 July 2021
16,506,004
-
(1,895,156.0)
(14,610,848)
-
13 August 2025
14 August 2022
19,562,808
-
(8,620,367.0)
(10,942,441)
-
11 July 2026
10 July 2023
-
15,792,361
-
(15,792,361)
-
63,716,935
15,792,361
(13,484,367)
(66,024,929)
-
\n
As part of the disposal transaction of the motor vehicle retail and leasing businesses to Lithia UK Holding Limited on 31 January 2024,
\n
Lithia UK Holding Limited agreed to directly purchase from employees a total of 65,118,689 shares which had vested pursuant to the
\n
Company\u2019s Long Term Incentive Plan.
\n
During the year, the Company modi\ufb01ed the existing conditions attached to LTIPs as part of disposal transaction. These modi\ufb01cations
\n
represented changes in non-market based terms, and therefore there was no impact on the fair value of the options. An incremental
\n
charge of \u00a32.9m (2022: \u00a3nil) was incurred by these modi\ufb01cations which included the acceleration of vesting.
\n
The weighted average fair value of the LTIPs exercised during the period is 34.69p (2022: n/a)
Consistent with the advice received from the Company\u2019s corporate lawyers, the sale of the UK Motor and Leasing divisions was treated
as a demerger for the purposes of the LTIP rules, meaning that outstanding LTIP awards vested at completion, subject to the Committee\u2019s
assessment of performance and the length of time the relevant awards had been held.
While the Committee did consider whether it would be appropriate to continue to vest the awards at the respective normal vesting dates,
this was not considered practicable given the signi\ufb01cant number of senior employees transferring outside of the group (which triggered
automatic vesting), and the fact that the original Pendragon performance targets would no longer be relevant to Pinewood going forward.
As such, the Committee determined that all LTIP award holders should be treated equally and the schemes would therefore vest on the
same terms.
As a result, and as previously disclosed, the 2020 LTIPs vested on the normal 31 October 2023 vesting date at 91.6% of the maximum and,
given that the performance period had been completed, the 2021 LTIPs vested at 91.6% at completion. In respect of the 2022 and 2023
LTIPs, the Committee assessed the relevant performance targets and the length of time the relevant awards had been held and determined
that 66.6% of maximum awards (i.e. on-target performance) should vest at completion.
The fair value at the date at which the share options are granted is recognised in the income statement on a straight line basis over the
vesting period, taking into account the number of options that are expected to vest. The number of options that are expected to become
exercisable is reviewed at each balance sheet date and if necessary estimates are revised. The fair value of the services received in return
for the LTIPs is measured by reference to the fair value of the LTIPs granted. For the options granted in the current year, as these are vested
within 12 months, there are no market based performance conditions attched and management doesn\u2019t expect to pay any dividends to the
shareholders for current year, the average market price is used to calculate the share based payment charge instead of using an option
pricing model.
\n \n
Executive LTIP Scheme
Year ended
31 December 2022
Number of share options granted in period
19,562,808
Weighted average share price (pence)
24.10
Weighted average exercise price (pence)
0.00
Weighted average fair value (pence)
23.72
Expected volatility (%)
53.5%
Expected life (years)
3.0
Risk free rate (%)
3.8%
Expected dividend yield (%)
0.0%
Expected volatility in the table above in respect of the 2022
award was determined by calculating the historical volatility of the Group's
share price over the corresponding historical period.
The expected life used in the model has been adjusted, based on management's best
estimate, for the effects of exercise restrictions and associate turnover.
Income statement
The Group recognised a total net expense, including the charge recognised for the accelerated vesting, of \u00a35.9m (2022: \u00a33.3m) as an
employee bene\ufb01t cost in respect of all equity-settled share based payment transactions included within administration costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f17806": { "value": "Accounting policy
The Group operates a number of employee share option schemes and an executive share ownership plan 'exsop' awarded in 2010. The
fair value at the date at which the share options are granted is recognised in the income statement on a straight line basis over the vesting
period, taking into account the number of options that are expected to vest. The fair value of the options granted is measured using an
option pricing model, taking into account the terms and conditions upon which the options were granted. The number of options that are
expected to become exercisable is reviewed at each balance sheet date and if necessary estimates are revised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f18394": { "value": "4.7 Leases
Accounting policies
Leases as a Lessee
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identi\ufb01ed asset, the Group uses the de\ufb01nition of a lease in IFRS 16. This policy is applied to
contracts entered into, on or after 1 January 2019.
The Group recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured
at cost, and subsequently at cost less accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the
lease liability. Cost comprises the initial amount of the lease liability adjusted for any initial direct costs incurred less any lease incentives
received. Depreciation is recognised on a straight line basis over the period of the lease the right of use asset is expected to be utilised.
The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by
the interest rate implicit in the lease or when this is not readily attainable, the Group\u2019s incremental borrowing rate. Lease payments include
\ufb01xed rental payments and amounts expected to be payable under a residual value guarantee. Generally the Group uses its incremental
borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external
\ufb01nancing sources and makes certain adjustments to re\ufb02ect the terms of the lease and type of the asset leased.
The lease liability is subsequently increased by the interest cost on the lease liability and reduced by payments made. It is remeasured when
there is a change in future lease payments arising from a change of index or rate, a variation in amounts payable following contractual rent
reviews and changes in the assessment of whether an extension/termination option is reasonably certain to be exercised. When the lease
liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in
pro\ufb01t or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Sale and leaseback transactions. When a transfer of an asset is made and it is deemed a sale in accordance with IFRS 15, the resulting
right-of-use asset arising from the leaseback is measured at the proportion of the previous carrying amount of the asset that relates
to the right of use retained by the seller/lessee. Gain or loss is recognised only at the amount that relates to the rights transferred to
the buyer/lessor.
The Group presents right-of-use assets that do not meet the de\ufb01nition of investment property in \u2018property, plant and equipment\u2019 and lease
liabilities in \u2018loans and borrowings\u2019 in the Balance Sheet.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The
Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
Balance Sheet
\n
Prior to the sale of the business to Lithia UK Holding Limited the Group leased a large number of properties for use as motor vehicle
\n
dealerships, parts distribution warehouses, storage compounds and of\ufb01ces.
At 31 January 2024, following the disposal to Lithia, the
\n
Group retained a single property lease with 2.5 years to expiry.
This lease does not contain an extension clause.
The lease has a break
\n
clause allowing the Group to terminate the agreement earlier than the lease expiry date.
The Group has applied judgement in that unless
\n
it is reasonably certain that such a break option will be exercised, the calculation of the lease liability and right of use asset is made up to
\n
the expiry date of the lease.
\n
Right of use assets are presented as part of property, plant and equipment as presented in note 3.2.
\n
Right of Use Assets
\n\n \n
Land &
Motor
buildings
vehicles
Total
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2022
126.4
0.1
126.5
Additions to right of use assets
22.5
-
22.5
Depreciation charge
(15.1)
(0.1)
(15.2)
Impairment
(0.2)
-
(0.2)
Disposals of right of use assets
(3.1)
-
(3.1)
Balance at 31 December 2022
130.5
-
130.5
Balance at 1 January 2023
130.5
-
130.5
Additions to right of use assets
5.7
-
5.7
Depreciation charge
(12.3)
-
(12.3)
Impairment
-
-
-
Disposals of right of use assets
(1.1)
-
(1.1)
Classi\ufb01ed as non-current assets
held for sale
(122.0)
(122.0)
Balance at 31 January 2024
0.8
-
0.8
\n
Disposals of right of use assets have occurred on assignment of leases, derecognition on entering into sub leases and early terminations.
Lease liabilities
\n\n \n
Land &
Motor
buildings
vehicles
Total
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2022
(222.0)
(0.1)
(222.1)
Additions to right of use assets
(34.9)
-
(34.9)
Additions to lease receivables
(0.4)
-
(0.4)
Interest expense related to lease liabilities
(14.7)
-
(14.7)
Disposals of lease liabilities
17.6
-
17.6
Repayment of lease liabilities (including interest element)
36.8
0.1
36.9
Exchange adjustments
(0.1)
-
(0.1)
Other movements
(0.2)
-
(0.2)
Balance at 31 December 2022
(217.9)
-
(217.9)
Non-current
(197.9)
-
(197.9)
Current
(20.0)
-
(20.0)
Balance at 31 December 2022
(217.9)
-
(217.9)
Balance at 1 January 2023
(217.9)
-
(217.9)
Additions to right of use assets
(5.3)
-
(5.3)
Additions to lease receivables
-
-
-
Interest expense related to lease liabilities
(12.2)
-
(12.2)
Repayment of lease liabilities (including interest element)
26.3
-
26.3
Other movements
-
-
-
Transfer of liability to Liabilities held for sale as part of a disposal group
208.1
-
208.1
Balance at 31 January 2024
(1.0)
-
(1.0)
Non-current
(0.6)
-
(0.6)
Current
(0.4)
-
(0.4)
Balance at 31 January 2024
(1.0)
-
(1.0)
\n
The calculation of the lease liability and the right of use asset relies upon the estimation of a suitable interest rate.
The Group has applied rates
\n
to represent the different types of leases it has by applying its incremental borrowing rate for shorter term leases and a higher rates based
\n
upon market rates for borrowing against equivalent assets with similar risk pro\ufb01les in speci\ufb01c markets for medium to longer term leases.
\n
Other future possible cash out\ufb02ows not included in the lease liability include the payment of dilapidations in respect of properties where
\n
the lease contains speci\ufb01c condition of return clauses. Whilst the Group endeavours to maintain its properties to a high standard it is likely
\n
that such payments will be made in the future when lease contracts end.
Amounts recognised in pro\ufb01t or loss
\n\n \n
2024
2022
\u00a3m
\u00a3m
Depreciation of right of use assets
12.3
15.2
Impairment of right of use assets
-
0.2
(Losses)/gains on the dispoal, termination and assignment of leases (non-underlying)
(included
in Other income - gains on the sale of businesses and property, plant and equipment)
(0.1)
0.6
Interest on lease liabilities
16.2
14.7
Expense relating to variable lease payments not included in lease liabilities
0.2
0.1
Expenses relating to low value leases
0.8
0.7
Expenses relating to short term leases
3.0
6.5
\n
Of the \u00a316.2m lease liability interest charge, \u00a34.0m was the charge after classi\ufb01cation as assets held for sale.
\n
Expenses relating to variable lease payments not included in lease liabilities relate to the payment of dilapidation claims made on
\n
properties.
\n
The Group as lessor
\n
Leases as a Lessor
\n
When the Group acts as a lessor, it determines at lease inception whether each lease is a \ufb01nance lease or an operating lease.
\n
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards
\n
incidental to ownership of the underlying asset. If this is the case, then the lease is a \ufb01nance lease; if not, then it is an operating lease. As
\n
part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the
\n
asset.
\n
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease
\n
classi\ufb01cation of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset.
\n
Where the Group acts as a Lessor of an operating lease, receipts of lease payments are recognised in the income statement on a straight
\n
line basis over the period of the lease. Where the Group acts as a Lessor of a \ufb01nance lease the Group will, rather than recognise a right of
\n
use asset, recognise a \ufb01nance lease receivable, this being the present value of future lease receipts discounted at the interest rate implicit
\n
in the lease or if this is not speci\ufb01ed the Group's incremental borrowing rate. The \ufb01nance lease receivable will be increased by the interest
\n
received and reduced by payments made by the lessee.
Balance Sheet
\n
Lease receivables
\n\n \n
13m period ended
Year ended
31 January
31 December
Land and buildings
2024
2022
\u00a3m
\u00a3m
Balance at 1 January 2023 / 2022
17.2
17.6
Additions to lease receivables
1.3
2.6
Interest income related to lease receivables
1.0
1.0
Disposals of lease liabilities
-
(1.0)
Payment of lease receivables (including interest element)
(3.4)
(3.0)
Disposals on sale of business (see note 6.1)
(16.1)
-
Balance at 31 January 2024 / 31 December 2022
-
17.2
Non-current
-
14.8
Current
-
2.4
-
17.2
\n
The following table sets out a maturity analysis of lease payments receivable, showing the undiscounted lease payments to be received
\n
after the reporting date:
\n\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Less than one year
-
3.3
Between one and two years
-
3.1
Between two and three years
-
2.5
Between three and four years
-
2.3
Between four and \ufb01ve years
-
2.3
More than \ufb01ve years
-
8.0
Total undiscounted lease receivable
-
21.5
Unearned \ufb01nance income
-
(4.3)
-
17.2
At the 31 January 2024 (31 December 2022) balance sheet date, the Group had contracted with tenants for the following future minimum
lease payments on leases classi\ufb01ed as operating leases.
\n \n
31 January
31 December
2024
2022
Property
Property
\u00a3m
\u00a3m
Less than one year
-
2.4
Between one and two years
-
2.3
Between two and three years
-
2.2
Between three and four years
-
1.8
Between four and \ufb01ve years
-
1.1
More than \ufb01ve years
-
2.8
-
12.6
The Group has no properties that are treated as investment properties.
Amounts recognised in pro\ufb01t or loss
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Operating lease rentals received
3.4
2.9
Interest received on \ufb01nance lease receivables
1.0
1.0
4.4
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f18398": { "value": "Accounting policies
Leases as a Lessee
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identi\ufb01ed asset, the Group uses the de\ufb01nition of a lease in IFRS 16. This policy is applied to
contracts entered into, on or after 1 January 2019.
The Group recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured
at cost, and subsequently at cost less accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the
lease liability. Cost comprises the initial amount of the lease liability adjusted for any initial direct costs incurred less any lease incentives
received. Depreciation is recognised on a straight line basis over the period of the lease the right of use asset is expected to be utilised.
The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by
the interest rate implicit in the lease or when this is not readily attainable, the Group\u2019s incremental borrowing rate. Lease payments include
\ufb01xed rental payments and amounts expected to be payable under a residual value guarantee. Generally the Group uses its incremental
borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external
\ufb01nancing sources and makes certain adjustments to re\ufb02ect the terms of the lease and type of the asset leased.
The lease liability is subsequently increased by the interest cost on the lease liability and reduced by payments made. It is remeasured when
there is a change in future lease payments arising from a change of index or rate, a variation in amounts payable following contractual rent
reviews and changes in the assessment of whether an extension/termination option is reasonably certain to be exercised. When the lease
liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in
pro\ufb01t or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Sale and leaseback transactions. When a transfer of an asset is made and it is deemed a sale in accordance with IFRS 15, the resulting
right-of-use asset arising from the leaseback is measured at the proportion of the previous carrying amount of the asset that relates
to the right of use retained by the seller/lessee. Gain or loss is recognised only at the amount that relates to the rights transferred to
the buyer/lessor.
The Group presents right-of-use assets that do not meet the de\ufb01nition of investment property in \u2018property, plant and equipment\u2019 and lease
liabilities in \u2018loans and borrowings\u2019 in the Balance Sheet.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The
Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f19350": { "value": "5.1 Pension obligations
Accounting policy
The Group operated a number of de\ufb01ned bene\ufb01t and de\ufb01ned contribution plans during the period. At the balance sheet date, the Group
had disposed of its de\ufb01ned bene\ufb01t plan, and its obligations under any de\ufb01ned contribution arrangements in respect of the majority of its
employess were similarly disposed of with the departure of those Group employees on the sale of the Group's interests in the motor and
leasing dvisions. The commentary immediately following therefore pertains to arrangements that existed during the period up until the
disposal.The assets of the de\ufb01ned bene\ufb01t plan and one de\ufb01ned contribution plan are held in independent trustee administered funds. The
Group also operates a Group Personal Pension Plan which is a de\ufb01ned contribution plan where the assets are held by the insurance Group
under a contract with each individual.
De\ufb01ned contribution plans - A de\ufb01ned contribution plan is one under which the Group pays \ufb01xed contributions and has no legal or
constructive obligation to pay further amounts. Therefore, no assets or liabilities of these plans are recorded in these \ufb01nancial statements.
Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an employee bene\ufb01t expense in the income statement
when they are due.
De\ufb01ned bene\ufb01t plans - Pension accounting costs for de\ufb01ned bene\ufb01t plans are assessed by determining the pension obligation using the
projected unit credit method after including a net return on the plan assets. Under this method, in accordance with the advice of quali\ufb01ed
actuaries, the amounts charged in respect of employee bene\ufb01ts re\ufb02ect the cost of bene\ufb01ts accruing in the period and the cost of \ufb01nancing
historical accrued bene\ufb01ts. The Group recognises all actuarial gains and losses arising from de\ufb01ned bene\ufb01t plans in the statement of
other comprehensive income immediately.
The present value of pension obligations is measured by reference to market yields on high quality corporate bonds which have terms to
maturity approximating to the terms of the related pension liability. Plan assets are measured at fair value. When the calculation results
in a bene\ufb01t to the Group, the recognised asset is limited to the total of the present value of economic bene\ufb01ts available in the form of any
future refunds from the plan or reductions in future contributions to the plan. An economic bene\ufb01t is available to the Group if it is realisable
during the life of the plan, or on settlement of the plan liabilities.
Under IAS 19 Employee Bene\ufb01ts, the Group recognises an interest expense or income which is calculated on the net de\ufb01ned bene\ufb01t
liability or asset respectively by applying the discount rate to the net de\ufb01ned bene\ufb01t liability or asset.
Remeasurements arising from de\ufb01ned bene\ufb01t plans comprise actuarial gains and losses and the return on plan assets (excluding interest)
are immediately recognised directly in the statement of other comprehensive income. Actuarial gains and losses are the differences
between actual and interest income during the period, experience losses on scheme liabilities and the impact of any changes in
assumptions. Details of the last independent statutory actuarial valuation and assumptions are set out below.
Pension arrangements
\n
The Group operated six de\ufb01ned bene\ufb01t pension schemes (one of which had a de\ufb01ned contribution section) which closed to new members
\n
and accrual of future bene\ufb01ts on 30 September 2006 and a de\ufb01ned contribution scheme which was closed to new contributions from April
\n
2006. All affected employees were offered membership of a de\ufb01ned contribution pension arrangement with Friends Provident. A Group
\n
Personal Pension arrangement with Legal & General replaced the Friends Provident arrangement from 1 January 2010. Total contributions
\n
paid by the Group in the period to the Legal & General arrangement were \u00a32.6m (2022: \u00a34.7m). To comply with the Government\u2019s automatic
\n
enrolment legislation, the Group chose to participate in the People\u2019s Pension Scheme in April 2013. This is a de\ufb01ned contribution
\n
occupational pension scheme provided by B&CE. Total contributions paid by the Group to the People\u2019s Pension in the period were \u00a33.6m
\n
(2022: \u00a36.0m). The combined contributions to the Group's Personal Pension arrangement and the Peoples Pension scheme therefore
\n
totalled \u00a36.2m in the period (2022: \u00a310.7m).
\n
During 2012 the Trustees merged the six de\ufb01ned bene\ufb01t schemes into one new de\ufb01ned bene\ufb01t scheme, \u2018the Pendragon Group Pension
\n
Scheme\u2019, which remains closed to new members and accrual of future bene\ufb01ts. The assets of the six schemes have all been transferred
\n
into the new scheme and the bene\ufb01ts previously accrued in the six schemes were transferred without amendment of the bene\ufb01t entitlement
\n
of members to the new scheme.
\n
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This,
\n
together with documents issued by the Pensions Regulator, and Guidance Notes adopted by the Financial Reporting Council, set out the
\n
framework for funding de\ufb01ned bene\ufb01t occupational pension schemes in the UK.
\n
The Board of the Trustees of the pension scheme is currently composed of a single professional independent trustee. The Trustee of the
\n
scheme is required to act in the best interest of the scheme\u2019s bene\ufb01ciaries. The appointment of the Trustee is determined by the scheme\u2019s
\n
trust documentation.
\n
Funding
\n
The Pendragon Group Pension Scheme is fully funded by the Group\u2019s subsidiaries. The funding requirements are based on the Scheme\u2019s
\n
actuarial measurement framework set out in the funding policies of the Scheme. Employees are not required to contribute to the plans.
\n
Central Asset Reserve
\n
Pinewood Technologies Group Plc was a general partner and the Pendragon Group Pension Scheme is a limited partner of the Pendragon
\n
Scottish Limited Partnership (the Partnership). The Partnership holds properties with a book value of \u00a345.1m (with a most recent market
\n
valuation of \u00a347.1m), which have been leased back to the Group at market rates. The Group, until disposal to Lithia UK Holding Limited,
\n
retained control over these properties, including the \ufb02exibility to substitute alternative properties. As such, the Partnership is consolidated
\n
into the results of the Group. During the period the Group has paid \u00a34.0m to the Pendragon Group Pension Scheme through the Partnership
\n
(2022: \u00a33.2m).
IAS 19 assumptions
\n
The
IAS assumptions have been applied to calculate the surplus in the Scheme that was disposed of to Pendragon Newco2 Limited, a
\n
subsidiary of Lithia UK Holding Limited on 31 January 2024.
\n
The principal assumptions used by the independent quali\ufb01ed actuaries for the purposes of IAS 19 for all schemes were:
\n\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
In\ufb02ation - RPI
3.10%
3.25%
In\ufb02ation - CPI
2.75%
2.85%
Discount rate
4.85%
5.00%
109% of the standard tables S3PMA/
111% of the standard tables S3PMA/
Mortality table assumption *
S3PFA_M, Year of birth, no age rating
S3PFA_M, Year of birth, no age rating
projected using CMI_2022 (1.25%)
projected using CMI_2021 (1.25%)
\n
*The mortality table assumption implies the following expected future lifetime from age 65:
\n\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
Males aged 45
22.1
22.7
Females aged 45
24.2
24.7
Males aged 65
20.8
21.4
Females aged 65
22.8
23.2
\n
The sensitivities regarding the principal assumptions used to measure scheme liabilities are set out below. The Group regards these
\n
sensitivities as reasonably likely to occur.
\n\n \n
Assumption
Change in assumption
Impact on scheme liabilities
Discount rate
Increase/decrease by 0.50%
Decrease of 5.7%/increase of 6.3%
Rate of in\ufb02ation
Increase/decrease by 0.25%
Increase of 1.5%/decrease of 1.5%
Mortality
Increase in life expectancy of 1 year
Increase by 2.9%
\n
The sensitivities shown above are approximate. The discount rate sensitivity has been set at 1.00% for 2022 to re\ufb02ect current market
\n
uncertainty.. Each sensitivity considers one change in isolation. The in\ufb02ation sensitivity includes the impact of changes to the assumptions
\n
for revaluation and pension increases. The average duration of the de\ufb01ned bene\ufb01t obligation at the period ending 31 January 2024 is 12
\n
years (2022: 14 years).
The fair value of the scheme\u2019s assets, which are not intended to be realised in the short term and may be subject to signi\ufb01cant change
\n
before they are realised, and the value of the schemes liabilities, which is derived from cash \ufb02ow projections over long periods and thus
\n
inherently uncertain, are:
\n
Scheme assets and liabilities
\n\n \n
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Global equities
16.5
31.0
Credit funds
116.4
134.9
Private markets
48.1
69.0
Liability driven investments
84.1
86.3
Diversi\ufb01ed growth fund
22.4
20.7
Cash
79.7
24.4
Fair value of scheme assets
367.2
366.3
Present value of funded de\ufb01ned bene\ufb01t obligations
(366.7)
(368.9)
0.5
(2.6)
Scheme assets and liabilities disposed as part of business disposal
(see note 6.2)
(0.5)
0
Net liability on the balance sheet
-
(2.6)
\n
In addition to the assets and liabilities set out above there are a small number of insurance policies (with a value of \u00a35.2m at the last
\n
triennial valuation date of 31 December 2021) purchased to pay annuities to 70 pensioners. These policies represent both an asset and
\n
liability of the scheme and therefore have no impact on the net de\ufb01cit position. These arrangemnts were also disposed of as at the balance
\n
sheet date.
\n
None of the fair values of the assets shown above include any of the Group\u2019s own \ufb01nancial instruments or any property occupied by, or
\n
other assets used by, the Group.
\n
The Group has reviewed implications of the guidance provided by IFRIC 14 and have concluded that it is not necessary to make any
\n
adjustments to the IAS 19 \ufb01gures in respect of an asset ceiling or Minimum Funding Requirement that would affect the value disposed of
\n
during the period or as at 31 January 2024.
\n
The Trust Deed provides the Scheme employer with an unconditional right to a refund of surplus assets assuming the full settlement of
\n
plan liabilities in the event of a plan wind-up. Based on this right, any net surplus in the UK scheme is recognised in full.
Movements in the net liability for de\ufb01ned bene\ufb01t obligations recognised in the balance sheet
\n\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Net liability for de\ufb01ned bene\ufb01t obligations at 1 January 2023/1 January 2022
(2.6)
(23.6)
Contributions received
14.2
13.1
Expense recognised in the income statement
0.2
(0.3)
Actuarial gains and losses recognised in the statement of other
comprehensive income
(11.3)
8.2
Pension balance disposed as part of buiness sale on 31 January 2024
(see note 6.2)
(0.5)
-
Net liability for de\ufb01ned bene\ufb01t obligations at 31 January 2024 / 31 December 2022
-
(2.6)
\n
Total in the income statement
\n \n
2024
2022
\u00a3m
\u00a3m
Net interest on obligation
(0.2)
0.3
\n
The expense is recognised in the following line items in the income statement:
\n\n \n
2024
2022
\u00a3m
\u00a3m
Finance costs
(0.2)
0.3
\n
The expected discount rate as at 31 January 2024 was 4.85%. This compares to the discount rate of 5.00% used in the calculation of the
\n
interest income for the period ending 31 December 2022.
\n
Past service costs
\n
The High Court ruling in the Lloyds Banking Group Pension Trustees Limited v Lloyds Bank plc and others published in October 2018 held
\n
that UK pension schemes with Guaranteed Minimum Pensions (GMPs) accrued from 17 May 1990 must equalise for the different effects
\n
of these GMPs between men and women. Allowance was made in the bene\ufb01t obligations at 31 December 2018 for the estimated impact,
\n
with a cost recorded as a bene\ufb01t change in the Income Statement. The Trustees and Company have yet to implement GMP equalisation
\n
and there is no new evidence. Therefore, the previous GMP equalisation allowance has been retained but adjusted for the passage of time
\n
and to re\ufb02ect the estimated impact of changes in market conditions.
\n
A further High Court ruling on 20 November 2020 in the Lloyds Bank Trustees' case extends the scope of the GMP equalisation to
\n
include previous transfer values paid from the scheme since 1990. An allowance for the estimated impact of this was included in the
\n
bene\ufb01t obligations at 31 December 2020 of \u00a33.3m and similarly recorded as a past service cost in the Income Statement in 2020. This
\n
approximate allowance for GMP equalisation in historic transfers out of the Plan has been retained but adjusted for the passage of time
\n
and to re\ufb02ect the estimated impact of changes in market conditions.
Actuarial gains and losses recognised directly in the statement of other comprehensive income
\n\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Cumulative amount at 1 January 2023 /1 January 2022
(29.2)
(37.4)
Recognised during the period
(11.3)
8.2
Balance on disposal of business on 31 January 2024
40.5
-
Cumulative amount at 31 January 2024 / 31 December 2022
-
(29.2)
\n
De\ufb01ned bene\ufb01t income recognised in statement of other comprehensive income
\n\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Return on plan assets, excluding interest income
(12.5)
(184.1)
Experience gain on scheme liabilities
(1.1)
(25.6)
Changes in assumptions underlying the present value of scheme obligations
2.3
217.9
(11.3)
8.2
\n
Changes in the present value of the de\ufb01ned bene\ufb01t obligation
\n\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Opening present value of de\ufb01ned bene\ufb01t obligation
368.9
569.2
Interest cost
19.5
10.1
Remeasurements:
Experience adjustments
1.1
25.6
Actuarial gains due to changes in demographic assumptions
(7.5)
(1.3)
Actuarial losses/(gains) to changes in \ufb01nancial assumptions
5.2
(216.6)
Bene\ufb01ts paid
(20.5)
(18.1)
De\ufb01ned bene\ufb01t obligation disposed as part of business disposal (see note 6.1)
(366.7)
-
Closing present value of de\ufb01ned bene\ufb01t obligation
-
368.9
\n
Movement in fair value of scheme assets during the period
\n\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Opening fair value of assets
366.3
545.6
Interest income
19.7
9.8
Return on plan assets, excluding interest income
(12.5)
(184.1)
Contributions by employer
14.2
13.1
Bene\ufb01ts paid
(20.5)
(18.1)
Scheme assets disposed as part of business disposal
(see note 6.1)
(367.2)
-
End of period
-
366.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f20217": { "value": "6.1 Business disposals
Accounting policy
The results of businesses disposed of during the year are included up to the effective date of disposal using the acquisition method of
accounting.
Activity
On 31 January 2024 the Group disposed of its entire motor retail and leasing business, together with related central support functions, to
Lithia UK Holding Limited for a consideration of \u00a3377.5m, resulting in a pro\ufb01t on disposal of \u00a340.7m. Consideration was received in cash
on 1 February 2024.
Net assets at the date of disposal:
\n \n
Total net
book value
\u00a3m
Assets held for sale
305.4
Bank balances and cash in hand
15.3
320.7
Pro\ufb01t on sale of businesses
40.7
Total proceeds
361.4
Proceeds on sale comprise
Proceeds on sale satis\ufb01ed by cash and cash equivalents - received 1 February 2024
377.5
Transaction fees
(16.1)
361.4
On 2 October 2023, the Boards of Directors of Pendragon and of Lithia Motors, Inc. announced
that they had agreed the terms of a
proposed sale by Pendragon Group Holdings Limited of the entire issued share capital of Pendragon NewCo 2 Limited which will hold,
either directly or indirectly through its wholly-owned subsidiaries, the Company's entire UK motor business and leasing business, to Lithia
UK Holding Limited, a wholly-owned subsidiary of Lithia Motors, Inc. for a gross aggregate consideration of \u00a3397m, subject to certain
\ufb01nancial adjustments including settlement the Group's net debt (borrowings less cash in hand and at bank), settlemnt of any intercompany
balances and provision for a working capital facility for the remaining group, as of 31 January 2024 and a subscription for new ordinary
shares in Pinewood Technologies Group Plc totalling \u00a330.0m.
Consideration analysis
\n \n
Total net
book value
\u00a3m
Total consideration
397.0
Share subscription in Pinewood Technologies Group Plc by Lithia UK Holding Limited
(30.0)
Base consideration
367.0
Adjustment for settlement of net debt
37.8
Settlement of inter group balance
(28.0)
Working capital adjustment
0.7
Proceeds recognised on sale
377.5
During the earlier part of the 13m period ending 31 January 2024 the Group disposed of a single motor vehicle dealership business for net
proceeds of \u00a31.3m which resulted in a loss on disposal of \u00a30.1m.
Net assets at the date of disposal:
\n \n
Total net
book value
\u00a3m
Property, plant and equipment
0.1
Inventories
1.5
Trade and other payables
(0.2)
1.4
Loss on sale of businesses
(0.1)
Proceeds on sale satis\ufb01ed by cash and cash equivalents net of costs
1.3
During the previous year the Group disposed of its DAF businesss of \u00a33.2m and realising a pro\ufb01t of \u00a30.3m on disposal and received a
futher \u00a30.7m in the form of deferred considerationr relating to the sale of the US businesses in 2021.
Cash \ufb02ow statement information
\n \n
Total net
book value
\u00a3m
Proceeds from sale of to Lithia UK Holding Limited
377.5
Less proceeds unpaid as at 31 January 2024
(377.5)
Transaction fee expense incurred in Lithia sale
(16.1)
Less fees remaining unpaid at 31 January 2024
9.5
Fees paid in advance of completion on business disposal to Lithia
(6.6)
Proceeds from sale of other business
1.3
Cash \ufb02ows from investing activities in respect of proceeds from sale of businesses net of fees paid
(5.3)
Cash disposed as part of any business disposal during the period/year.
15.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f20222": { "value": "Accounting policy
The results of businesses disposed of during the year are included up to the effective date of disposal using the acquisition method of
accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f20469": { "value": "6.2 Related party transactions
Subsidiaries
The Group's ultimate parent company is Pinewood Technologies Group Plc. A listing of subsidiaries is shown within the \ufb01nancial
statements of the Group on page 154.
Transactions with key management personnel
The key management personnel of the Group comprise the executive and non-executive directors. The details of the remuneration,
long term incentive plans, shareholdings, share option and pension entitlements of individual directors are included in the Directors'
Remuneration Report on pages 51 to 61.
Directors of the Group and their immediate relatives control 1.17% of the ordinary shares of the Group.
During the period/year key management personnel compensation was as follows:
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Short term employee bene\ufb01ts
3.1
3.0
Post-employment bene\ufb01ts
0.1
0.1
Share based payments (including the charge recognised for the accelerated vesting
in the period ending 31 January 2024)
2.3
1.9
5.5
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f20472": { "value": "Subsidiaries
The Group's ultimate parent company is Pinewood Technologies Group Plc. A listing of subsidiaries is shown within the \ufb01nancial
statements of the Group on page 154.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f20475": { "value": "Pinewood Technologies Group Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f20510": { "value": "Transactions with key management personnel
The key management personnel of the Group comprise the executive and non-executive directors. The details of the remuneration,
long term incentive plans, shareholdings, share option and pension entitlements of individual directors are included in the Directors'
Remuneration Report on pages 51 to 61.
Directors of the Group and their immediate relatives control 1.17% of the ordinary shares of the Group.
During the period/year key management personnel compensation was as follows:
\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Short term employee bene\ufb01ts
3.1
3.0
Post-employment bene\ufb01ts
0.1
0.1
Share based payments (including the charge recognised for the accelerated vesting
in the period ending 31 January 2024)
2.3
1.9
5.5
5.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f20575": { "value": "6.3 Contingent liabilities
One of the Group\u2019s subsidiary companies, Pinewood Technologies PLC (\u201cPinewood\u201d), is currently in dispute with one of its former software
resellers, Pinewood Technologies Asia Paci\ufb01c Limited (\u201cPAP\u201d).
PAP owes Pinewood over \u00a30.5m (plus daily interest), which relates to unpaid invoices arising from the reseller agreements. Subsequent
to the non-payment of this debt, PAP has claimed that Pinewood is in breach of the reseller agreements, and has made a claim against
Pinewood.
Pinewood considers PAP's claim to be entirely misconceived and lacking merit and no provision has been made for it on that basis.
There have been a number of letters of claim, and complaints escalated to the Financial Ombudsman Service (FOS) relating to discretionary
\ufb01nance commission structures. It is the view of the directors that the Company fully complied with the FCA regulations applicable at the
relevant time, and any liabilities relating to potential claims on this issue are capped at \u00a31 due to an indemnity policy that is in place, as a
result of the disposal agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f20589": { "value": "6.4 Post balance sheet events
The sale of the Motor and Leasing business to Lithia UK Holding Limited was concluded on 31 January 2024.
The consideration for the
sale of \u00a3377.5m was received on 1 February 2024. At the same time the Senior Term Finance Agreement, with an outstanding principal
balance of \u00a393m was repaid and the existing Revolving Credit Facility of \u00a375m was cancelled. A new \u00a310m RCF was agreed on 14
February 2024 expiring February 2027.
On 1 February 2024 a further 279,388,880 were issued to Lithia Motors, Inc. for a consideration of
10.7377 pence per share, totalling \u00a330.0m pursuant to the business disposal agreement.
Also on 1 February 2024 the Group, through its
Pendragon North America Automotive, Inc. subsidiary, made a \u00a310m investment into a joint venture agreement with PNA Holding LLC (a
subsidiary of Lithia Motors Inc.) in Pinewood North America LLC.
On 5 April 2024, the Company announced that it would undertake a capital reorganisation whereby 1 new Ordinary Share of 100 pence
each will be issued for every 20 existing Ordinary Shares of 5 pence each. This is an adjusting post balance sheet event and therefore the
earnings per share calculations for the current period and prior period \ufb01nancial statements have been presented re\ufb02ecting the revised
number of shares post the capital reorganisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f20616": { "value": "COMPANY BALANCE SHEET
Company Balance Sheet
\u00a6
At 31 January 2024
\n \n
31 January
31 December
2024
2022
Notes
\u00a3m
\u00a3m
Fixed assets
Investments
4
547.1
981.2
Loans to subsidiary undertakings
-
90.0
547.1
1,071.2
Current assets
Debtors
5
43.4
22.8
Deferred tax assets (all due in over 1 year)
2.6
1.9
Cash at bank and in hand
34.5
0.5
80.5
25.2
Creditors: amounts falling due within one year
6
(125.2)
(491.4)
Net current liabilities
(44.7)
(466.2)
Total assets less current liabilities
502.4
605.0
Creditors:
amounts falling due after more than one year
7
(0.2)
(90.8)
Retirement bene\ufb01t obligations
-
(2.6)
Net assets
502.2
511.6
Capital and reserves
Called up share capital
10
73.2
69.9
Share premium account
56.8
56.8
Capital redemption reserve
10
5.6
5.6
Other reserves
10
-
13.9
Pro\ufb01t and loss account
366.6
365.4
Equity shareholders' funds
502.2
511.6
The loss after taxation attributable to the Company dealt with in its own accounts for the 13m period ended 31 January 2024 is \u00a38.6m (2022: loss
\u00a315.0m).
Approved by the Board of Directors on 25 April 2024 and signed on its behalf by:
W Berman
O Mann
Chief Executive
Chief Finance Of\ufb01cer
Registered Company Number: 2304195
The notes on pages 149 to 157 form part of these \ufb01nancial statements.
COMPANY STATEMENT OF OTHER COMPREHENSIVE INCOME
\n
Company statement of comprehensive income
\u00a6
13 month period ended 31 January 2024
\n\n \n
13m period ended
Year ended
31 January
31 December
2024
2022
\u00a3m
\u00a3m
Loss for the period/year
(8.6)
(15.0)
Items that will never be reclassi\ufb01ed to pro\ufb01t and loss:
De\ufb01ned bene\ufb01t plan remeasurement (losses) and gains
(9.9)
9.7
Income tax relating to de\ufb01ned bene\ufb01t plan remeasurement (losses) and gains
2.3
(1.6)
Other comprehensive (expense)/income for the period/year, net of tax
(7.6)
8.1
Total comprehensive (expense) for the period/year
(16.2)
(6.9)
\n
The notes on pages 149 to 157 form part of these \ufb01nancial statements.
\n
.
COMPANY STATEMENT OF CHANGES IN EQUITY
\n
Statement of changes in equity
\u00a6
13 month period ended 31 January 2024
\n\n \n
Share
Capital
Share
premium
redemption
Other
Retained
capital
account
reserve
reserves
earnings
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2023
69.9
56.8
5.6
13.9
365.4
511.6
Total comprehensive income for the period
Loss for the period
-
-
-
-
(8.6)
(8.6)
Other comprehensive expense for the period, net of tax
-
-
-
-
(7.6)
(7.6)
Total comprehensive expense for the period
-
-
-
-
(16.2)
(16.2)
Transactions with owners, recorded directly in equity
Issue of ordinary shares
3.3
-
-
-
(3.3)
-
Share based payments
-
-
-
-
5.9
5.9
Income tax relating to share based payments
-
-
-
-
(0.1)
(0.1)
Reserve realised due to re-organisation
-
-
-
(13.9)
13.9
-
EBT consideration on repurchased shares
-
-
-
-
1.0
1.0
Total contributions by and distributions to owners
3.3
-
-
(13.9)
17.4
6.8
Balance at 31 January 2024
73.2
56.8
5.6
-
366.6
502.2
Balance at 1 January 2022
69.9
56.8
5.6
13.9
369.5
515.7
Total comprehensive income/(expense) the year
Loss for the year
-
-
-
-
(15.0)
(15.0)
Other comprehensive income for the year, net of tax
-
-
-
-
8.1
8.1
Total comprehensive expense for the year
-
-
-
-
(6.9)
(6.9)
Transactions with owners, recorded directly in equity
Share based payments
-
-
-
-
3.3
3.3
Income tax relating to share based payments
-
-
-
-
(0.1)
(0.1)
Own shares issued by EBT
-
-
-
-
0.1
0.1
Own shares purchased by EBT
-
-
-
-
(0.5)
(0.5)
Total contributions by and distributions to owners
-
-
-
-
2.8
2.8
Balance at 31 December 2022
69.9
56.8
5.6
13.9
365.4
511.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } }, "f22007": { "value": "Loxley House, 2 Oakwood Court, Little Oak Drive, Annesley, Nottingham NG15 0DR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VRSPZFOGMMIS18", "period": "2023-01-01T00:00:00/2024-02-01T00:00:00" } } } }