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"scheme:213800WG8RSE45I3MF22", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-261": { "value": "91500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-262": { "value": "33000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-263": { "value": "1700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-264": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": 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"scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-273": { "value": "5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BalancesWithBanks", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-274": { "value": "6600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BalancesWithBanks", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "1. General information Motorpoint Group Plc (the Company) is incorporated and domiciled in the United Kingdom under the Companies Act 2006. The Company is a public company limited by shares and is listed on the London Stock Exchange; the address of the registered office is Champion House, Stephensons Way, Derby, England, United Kingdom, DE21 6LY . The consolidated financial statements of the Group as at and for the year ended 31 March 2026 comprise the Company, all of its subsidiaries and the Motorpoint Group Plc Employee Benefit Trust (the EBT) as listed on page 135, together referred to as the Group. These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. All amounts have been rounded to the nearest one hundred thousand unless otherwise indicated. The principal activities of the Group and the nature of the Group\u2019s operations are set out in the Strategic report on pages 1 to 49.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-3": { "value": "Motorpoint Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-276": { "value": " United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-5": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-6": { "value": "Champion House, Stephensons Way, Derby, England, United Kingdom, DE21 6LY ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-277": { "value": "
2. Summary of material accounting policies
The principal accounting policies applied in the preparation of these consolidated financial
statements are set out below. The policies have been consistently applied to all years
presented, unless otherwise stated.
(a) Basis of preparation
The consolidated financial statements of the Group have been prepared and approved
by the Board on a historical cost basis in accordance with UK-adopted International
Accounting Standards (IFRS) and with the requirements of the Companies Act 2006 as
applicable to companies reporting under those standards.
The preparation of financial statements in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgement in the
process of applying the Group\u2019s accounting policies. The areas involving a higher degree of
judgement or complexity, or areas where assumptions and estimates are significant to the
consolidated financial statements, are disclosed in note 4.
In adopting the going concern basis for preparing the financial statements, the Directors
have considered the business activities including the Group\u2019s principal risks and
uncertainties. This specifically includes considerations for climate-related matters and
more details are disclosed in note 15.
(b) Going concern
In accordance with the UK Corporate Governance Code 2024 the Board has assessed the
prospects of the Group over a period in excess of 12 months from the date of signing the
Group financial statements as required by the \u2018Going Concern\u2019 provision, by selecting the
period to the end of September 2027.
Total headroom, including the stocking facilities, undrawn facilities and available cash,
was \u00a375.4m at the year end. During the year the Company renegotiated the terms of both
of its stocking facilities, introducing seasonal uplifts of \u00a325.0m and \u00a315.0m for Lombard
North Central Plc and Black Horse Limited respectively, increasing its total stocking facility
headroom from \u00a3165.0m to \u00a3205.0m of which \u00a340.0m is available throughout the second
half of the year. A further \u00a35.0m increase to the Lombard facility was agreed post year end.
In addition, after the year end, the Group also introduced an additional Property Revolving
Credit Facility to a maximum of \u00a310.0m, which will be used to support capital expenditure
requirements, notably in relation to new store roll out. This facility expires in June 2028, in
line with the existing available banking facilities.
The Board considers that the available headroom, coupled with the cash generative nature
of the business and the available cash levers provide a strong degree of financial resilience
and flexibility.
Scenarios:
In making their assessment the Directors considered the Group\u2019s current balance sheet
and operational cash flows, the availability of facilities, and stress testing of the key
trading assumptions within the Group\u2019s plan. A range of scenarios have been assessed
by the Directors, including a specific scenario designed to create the conditions required
to breach covenants within the going concern period as well as a severe but plausible
downside to the base case.
Scenario
Outcome
Base case
Based upon the Group\u2019s most recent The Group is not in breach of any financial
approved forecasts. covenants and is able to operate within the
finance facility arrangements. The Group is
The base model assumes continued able to meet all forecast obligations as they
growth in unit volumes based on current fall due.
run rates of year on year unit volume
growth uplifted to account for the
opening of new stores, and a prudent
estimate based on growth in the used
car market.
Scenario
Outcome
Severe but plausible downside
Top down stress testing was applied to The Group is not in breach of any financial
the base case model, taking into account covenants and is able to operate within the
a severe but plausible downside to business finance facility arrangements. The Group is
performance, relative to possible economic able to meet all forecast obligations as they
pressure and stagnation in the growth of
the used car market.
fall due.
This included volume and margin pressure,
reducing volume by 21% and an overall
gross profit reduction compared to the
base case of 25%.
Reverse stress test
A scenario created to model the This scenario is designed to result in a
circumstances required to breach the covenant breach at the end of the assessed
Group\u2019s banking covenants at the end going concern period.
of the going concern period. Management believes the combination of
The Board considered the potential impacts severe downsides to be remote, and that
in preparing the stress test. The below there are numerous mitigating factors over
scenario was analysed: and above those built into the reverse stress
test modelling which the Board would
Reducing unit volumes by 33% from the base consider to avoid a covenant breach.
case and decreasing gross profit overall by
42% through additional margin pressure.
The selection of the assumptions or the sensitised case is inherently subjective, and whilst
the Board considered these assumptions to reflect a downside scenario, the future impact
of economic downturn, interest rate rises or inflating overhead costs is impossible to
predict with absolute accuracy.
Whilst the same applies to the reverse stress test, we note that this scenario is specifically
designed to demonstrate the point at which the covenants breach during the going
concern period. The reverse stress test reflects, in the Board\u2019s opinion, a remote
circumstance and numerous mitigating factors could be implemented to avoid a covenant
breach in this scenario.
Scenario modelling has been considered throughout the year and at year end by
management to formulate response options against moderate or severe downturns in sales
volumes, potential margin pressures and possible cost challenges.
During the year the Group successfully extended its revolving credit facility \u2018RCF\u2019
agreement to June 2028 and agreed a seasonal uplift of an additional \u00a35.0m bringing the
total facility size throughout the second half of the financial period to \u00a319.0m (FY25: 14.0m).
The Group also has an uncommitted overdraft facility of \u00a36.0m which remains in place at
the year end. Both are until June 2028. With respect to the Group\u2019s stocking facilities, these
have increased from \u00a3165.0m to \u00a3205.0m (of which \u00a340.0m is seasonal) during the year
which the Board deem appropriate given current market conditions. After the year end, the
limit available was increased to \u00a3210.0m.
The Group has continued to demonstrate a flexible approach to trading, both in times of
economic uncertainty and where opportunities exist. The Board is mindful of downstream
effects of current geopolitical and economic uncertainty; the Group has considered both
restriction of supply and interest rate increases in its going concern assessment as well as a
range of other macroeconomic factors.
The Group has a strong consumer offering through its price leadership and has historically
responded proactively to consumer uncertainty in the eventuality of a period of prolonged
economic downturn resulting in material reductions in sales volume or prices, as well as
rising overhead costs. It is possible that the Group would need to negotiate changes to
its current banking covenants, but such an extreme downturn is not currently considered
plausible.
The Group continues to consider and monitor further potential mitigation actions it could
take to strengthen its cash position and reduce operating costs in the event of a more
severe downside scenario. Such cost reduction and cash preservation actions would
include but are not limited to: reducing spend on specific variable cost lines including
marketing and store trading expenses; team costs, most notably sales commissions;
pausing new stock commitments; and reviewing expansionary capital spend, dividend and
share buyback activity.
The Directors have also made use of the post year end trading performance to confirm that
performance is in line with expectation. Whilst only a short period has passed since the
year end, this evidence suggests that this is the case.
Based on this assessment, the Board confirms that it has a reasonable expectation that the
Group will be able to continue in operation and meet its liabilities as they fall due over the
period to 30 September 2027.
The Board has determined that the period to September 2027 constitutes an appropriate
period over which to provide its going concern assessment. This is the period detailed in
our base case model which we approve each year as part of the strategic review. Whilst
the Board has no reason to believe the Group will not be viable over a longer period, given
the inherent uncertainty involved we believe this presents users of the Annual Report and
Accounts with a reasonable degree of confidence while still providing a medium term
perspective.
(c) New standards, amendments and interpretations The Group has not early adopted standards, interpretations or amendments that have been issued but are not mandatory for 31 March 2026 reporting periods. The following amended standards and interpretations effective for the current financial year have been applied and have not had a significant impact on the Group\u2019s consolidated financial statements in the current or future reporting periods and on foreseeable future transactions: \u2022 Classification and Measurement of Financial Instruments \u2013 Amendment to IFRS 9 and IFRS 7 In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements in response to investors\u2019 concerns about comparability and transparency of entities\u2019 performance reporting. The new presentation requirements introduced in IFRS 18 will increase comparability of the financial performance of similar entities, especially related to how \u2018operating profit or loss\u2019 is defined. The new disclosure requirements for \u2018management- defined performance measures\u2019 will enhance transparency. IFRS 18 is effective from 1 January 2027 and has not yet been adopted by the group. (d) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, entities controlled by the Company (its subsidiaries) and the Motorpoint Group Plc Employee Benefit Trust made up to 31 March each year. A list of subsidiaries is disclosed in note 3 to the Company financial statements. The EBT is consolidated on the basis that the Company has control, thus the assets and liabilities of the EBT are included in the balance sheet and shares held by the EBT in the Company are presented as a deduction from equity. The EBT has been solely set up for the purpose of issuing shares to Group employees to satisfy awards under the various share- based schemes and has no ability to access or use assets, or settle liabilities, of the Group. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group 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. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions and balances between Group companies are eliminated on consolidation. (e) Segmental reporting The Group has prepared segmental reporting in accordance with IFRS 8 \u2018Operating Segments\u2019. The Group\u2019s chief operating decision maker is considered to be the Board of Directors. Segmental information is presented on the same basis as the management reporting. An operating segment is a component of the business where discrete financial information is available and the operating results are regularly reviewed by the Group\u2019s chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance. Operating segments are aggregated into reporting segments to combine those with similar characteristics. The Group operates its omnichannel vehicle retailer offering through a store network and separate financial information is prepared for these individual store operations. These stores are typically considered separate \u2018cash generating units\u2019 for impairment purposes. However, it is considered that the nature of the operations and products is similar and they all have similar long term economic characteristics and the Group has applied the aggregation criteria of IFRS 8. In addition, the Group operates an independent trade car auction site offering a business-to-business entirely online auction marketplace platform which is assessed by the Board as a separate operation and thus there are two reportable segments: retail and wholesale. (f) Revenue recognition Revenue represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is measured at the fair value of the consideration receivable, when it can be reliably measured, and the specified recognition criteria for the sales type has been met. The transaction price is determined based on periodically reviewed prices and is separately identified on the customer\u2019s invoice. There are no estimates of variable consideration. The transaction price for motor vehicles and motor related services is at fair value as if each of those products are sold individually. (i) Sales of motor vehicles Revenue from the sale of retail motor vehicles is recognised when the control has passed; that is, when the vehicle has been collected by, or delivered to, the customer. Payment of the transaction price is due immediately when the customer purchases the vehicle. Sales of accessories, such as mats, are recognised in the same way. Revenue from the sale of wholesale vehicles is recognised when the control has passed; that is, when full payment has been made for the vehicle. The Group also sells wholesale vehicles in bulk transactions to auction houses. When this is the case revenue is recognised upon the earlier of collection of the vehicles or full payment. The Group operates a return policy which is consistent with the relevant consumer protection regulations. This includes a 14 day money back guarantee for home delivery customers. A returns provision is made against the estimated value of the products likely to be returned. The Group in limited circumstances acts as an agent on the behalf of other third parties to sell their vehicles. These vehicles are not owned by the Group; therefore, only the commission earned is recognised as revenue. The value of such vehicles at year end is excluded from inventory.
(ii) Sales of motor related services and commissions
Motor related services sales include commissions on finance introductions, extended
guarantees, paint protection products, and cosmetic and alloy wheel maintenance plans.
Sales of paint protection products are recognised when the control has passed; that is, the
protection has been applied and the product is supplied to the customer.
The assessment is based on whether the Group controls the specific goods and services
before transferring them to the end customer, rather than whether it has exposure to
significant risks and rewards associated with the sale of goods or services.
The Group receives commissions when it arranges finance, insurance packages, extended
warranty and paint/cosmetic protection for its customers, acting as agent on behalf of
a limited number of finance, insurance and other companies. For finance and insurance
packages, commission is earned and recognised as revenue when the customer draws
down the finance or commences the insurance policy from the supplier which coincides
with the delivery of the product or service. Commissions receivable for all motor related
services are paid typically in the month after the finance is drawn down. For extended
warranty and paint/cosmetic protection, the commission earned by the Group as an agent
is recognised as revenue at the point of sale on behalf of the principal.
Finance commission
Where the Group receives finance commission income, primarily arising when the
customer uses third party finance to purchase the vehicle, the Group recognises such
income on an \u2018as earned\u2019 basis.
(iii) Other income
Other operating income includes income from all other operating activities which are
not related to the principal activities of the company. Other operating income includes
insurance proceeds received and income recognised in relation to the logbook of a vehicle
not provided by customers at the transaction date.
(g) Dividend distribution
Dividend distribution to the Group\u2019s shareholders is recognised as a liability in the Group\u2019s
financial statements in the period which the dividends are approved.
(h) Intangible assets other than goodwill
Intangible assets with finite useful lives that are acquired separately are carried at cost
less accumulated amortisation and accumulated impairment losses. The estimated useful
life and amortisation method are reviewed annually with the effect of any changes being
reflected on a prospective basis.
Research costs are expensed as incurred. An intangible asset arising from development
expenditure on a project is only recognised if management considers that it is technically
feasible and that there are sufficient resources available to complete the asset so that it will
be available for use or sale, that it intends to complete and is able to sell or use the asset
to generate future economic benefits and that the costs of the development project can
be measured reliably. Following the initial recognition of the expenditure, the asset will be
carried at cost less accumulated amortisation and impairment losses.
Amortisation is applied once the asset is available for use to write off the cost over the
period which is expected to benefit from the use of or sale of the asset.
The annual amortisation rates applied to the Group\u2019s intangible assets on a straight line
basis are as follows:
Asset class
Depreciation method and rate
IT Projects
20% \u2013 33.3% straight line
(i) Property, plant & equipment
Property, plant and equipment is stated at the cost less depreciation. The cost of property,
plant and equipment includes directly attributable costs. Depreciation is provided on
tangible fixed assets on a straight line basis so as to write off the cost or valuation, less
any estimated residual value, over their expected useful economic lives. Expected useful
economic lives vary by asset and are reviewed annually.
Asset class
Typical useful economic lives
Land
N/A
Freehold property
20 years
Short term leasehold improvements
Lower of remaining lease term and useful
economic life
Plant and machinery
5 to 10 years
Fixtures and fittings
5 years
Office equipment
3 to 5 years
Assets in the course of construction are recorded separately within property, plant and
equipment and are transferred to the appropriate classification when complete and
depreciated from the date they are brought into use.
The residual values of the assets and their useful lives are reviewed, and adjusted if
appropriate, at each balance sheet date. The carrying value of assets is reviewed for
impairment if events or changes in circumstances suggest that the carrying value may not
be recoverable. Assets are written down to their recoverable amount if lower than their
carrying value, and any impairment is charged to the statement of comprehensive income.
Gains and losses on disposals are determined by comparing the proceeds with the carrying
amount and are recognised in the statement of comprehensive income within \u2018operating
expenses\u2019.
(j) Financial instruments
IFRS 9 requires an entity to recognise financial assets and financial liabilities in the
Group\u2019s balance sheet when the Group becomes party to the contractual provisions of the
instrument.
The Group classifies financial instruments, or their component parts, on initial recognition
as financial assets, financial liabilities or equity instruments according to the substance of
the contractual arrangements entered into.
Financial assets
Trade receivables are initially recognised when they originated. All other financial assets
are initially recognised when the Group becomes a party to the contractual provisions of
the instrument.
Financial assets are classified at initial recognition into one of the following categories:
\u2022 Amortised cost
\u2022 Fair value through other comprehensive income (FVOCI)
\u2022 Fair value through profit or loss (FVTPL)
A financial asset is measured at amortised cost if it meets both of the following conditions
and is not designated as at fair value reported in profit or loss:
\u2022 It is held within a business model whose objective is to hold assets to collect contractual
cash flows; and
\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
The Group primarily holds trade receivables and other financial assets that meet the criteria
for amortised cost.
Financial assets at amortised cost are subsequently measured at amortised cost using the
effective interest method. The amortised cost is reduced by impairment losses. Interest
income, foreign exchange gains and losses and impairments are recognised in profit or
loss. Any gain or loss on derecognition is recognised in profit or loss.
Impairment of financial assets
The Group recognises loss allowances for Expected Credit Losses (ECL) on financial assets
measured at amortised cost. ECL are a probability-weighted estimate of credit losses.
Credit losses are measured as the present value of all cash shortfalls. ECL are discounted at
the effective interest rate of the financial asset.
At each reporting date, the Group assesses whether financial assets carried at amortised
cost are credit impaired. A financial asset is credit impaired when one or more events that
have a detrimental impact on the estimated future cash flows of the financial asset have
occurred. The gross carrying amount of a financial asset is written off (either partially or in
full) when there is no realistic prospect of recovery.
Financial liabilities
Financial liabilities are classified on initial recognition as either other financial liabilities
measured at amortised cost or at fair value through profit or loss.
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet
when there is a legally enforceable right to offset the recognised amounts and there is an
intention to settle on a net basis or realise the asset and settle the liability simultaneously.
The legally enforceable right must not be contingent on future events and must be
enforceable in the normal course of business and in the event of default, insolvency or
bankruptcy of the Group or the counterparty.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of
the Group after deducting all of its liabilities. Equity instruments issued by the Group are
recorded as the proceeds received, net of direct issue costs.
(k) IFRS 16 Leases
Lease liability \u2013 initial recognition
The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date. The lease payments are discounted at the Group\u2019s
incremental borrowing rate. The incremental borrowing rate is determined based on a
series of inputs including the risk-free rate based on Government bond rates in addition to
specific adjustments for risk and security. Lease payments included in the measurement of
the lease liability comprise:
\u2022 fixed lease payments (including in-substance fixed payments), less any lease incentives;
\u2022 variable lease payments such as those that depend on an index or rate (such as RPI),
initially measured using the index or rate at the commencement date;
\u2022 the amount expected to be payable by the Group under residual value guarantees;
\u2022 the exercise price of purchase options where the Group is reasonably certain to exercise
the options; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of
an option to terminate the lease.
The lease liability is presented as a separate line in the consolidated balance sheet, split
between current and non-current liabilities.
Lease liability \u2013 subsequent measurement
The lease liability is subsequently measured by increasing the carrying amount to reflect
interest on the lease liability (using the effective interest method) and by reducing the
carrying amount to reflect the lease payments made.
Lease liability \u2013 remeasurement
The lease liability is remeasured where:
\u2022 there is a change in the assessment of exercise of a purchase option, in which case the
lease liability is remeasured by discounting the revised lease payments using a revised
discount rate; or
\u2022 the lease payments change due to changes in an index or rate or a change in expected
payment under a guaranteed residual value, in which case the lease liability is
remeasured by discounting the revised lease payments using the initial discount rate
(unless the lease payments change is due to a change in a floating interest rate, in which
case a revised discount rate is used); or
\u2022 the lease contract is modified and the lease modification is not accounted for as a
separate lease, in which case the lease liability is remeasured by discounting the revised
lease payments using a revised discount rate.
When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use
asset unless its carrying amount is reduced to zero, in which case any remaining amount is
recognised in profit or loss.
Right-of-use asset \u2013 initial recognition
The right-of-use asset comprises the initial measurement of the corresponding lease
liability, lease payments made at or before the commencement date, any dilapidation or
removal costs, and any initial direct costs. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
The right-of-use asset is presented as a separate line in the balance sheet.
Right-of-use asset \u2013 subsequent measurement
Right-of-use assets are depreciated over the shorter of the lease term and useful life of the
underlying asset.
Impairment
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and
accounts for any identified impairment loss. Variable rents that do not depend on an index
or rate are not included in the measurement of the lease liability and the right-of-use asset.
The related payments are recognised as an expense in the period in which the event or
condition that triggers those payments occurs.
Sale and leaseback
A sale and leaseback transaction is where the Group sells an asset and immediately
reacquires the use of the asset by entering into a lease with the buyer. A sale occurs when
control of the underlying asset passes to the buyer. A lease liability is recognised, the
associated property, plant and equipment asset is derecognised, and a right-of-use asset is
recognised at the proportion of the carrying value relating to the right retained. Any gain or
loss arising relates to the rights transferred to the buyer.
(l) Inventory
Inventory is valued at the lower of cost and net realisable value, after due regard for slow
moving vehicles. Costs of purchased inventory include the costs of bringing to their
present location and condition and are determined after deducting rebates and discounts.
Net realisable value is based on selling price less anticipated costs of completion and
selling costs. When calculating an inventory provision, management considers the nature
and condition of the inventory as well as applying assumptions around expected saleability,
determined on historic trading patterns.
Inventory cost is calculated using the specific identification method.
(m) Trade receivables
Trade receivables represent the principal amounts outstanding from finance companies
in respect of the financed element of sales to customers for motor vehicle and related
products. Trade receivables are recognised net of any provision for impairment.
The carrying value of certain financial assets are measured on an expected credit loss
approach. Trade and other receivables do not contain a significant financing element and
therefore expected credit losses are measured using the simplified approach permitted by
IFRS 9, which requires expected lifetime losses to be recognised from the initial recognition
of the receivables.
(n) Cash and cash equivalents
Cash and cash equivalents include cash in hand and at bank, deposits held at call with
banks and pending card transactions. Where applicable, bank overdrafts are shown within
borrowings in current liabilities.
(o) Current and deferred tax
The tax expense for the period comprises current and deferred tax. Tax is recognised
in the statement of comprehensive income, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity.
The current tax charge is calculated on the basis of tax laws enacted or substantively
enacted at the balance sheet date.
Deferred tax is recognised, without discounting, in respect of all temporary differences
arising between the treatment of certain items for taxation and accounting purposes,
which have arisen but not reversed by the balance sheet date. Deferred tax is measured at
the rates, based on the tax rates and law enacted or substantively enacted at the balance
sheet date, that are expected to apply in the periods when the timing differences are
expected to reverse.
Deferred tax assets are recognised only to the extent that it is probable that future taxable
profits will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to
offset current tax assets against current tax liabilities and when the deferred tax assets and
liabilities relate to income taxes levied by the same taxation authority on either the same
taxable entity or different taxable entities and there is an intention to settle the balances on
a net basis.
(p) Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in
the ordinary course of business from suppliers. Accounts payable are classified as current
liabilities if payment is due within one year or less. If not, they are presented as non-current
liabilities.
Trade payables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, unless the effect is immaterial.
(q) Stocking finance facilities
Stocking finance facilities, included within trade and other payables, are borrowings
secured against the vehicle against which the facility is drawn down. These are short term
liabilities which are settled on the sale of a vehicle or a fixed maturity not greater than 150
days and as a result form part of the normal business operating cycle (see note 23 for more
details). They are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method unless the effect is immaterial.
(r) Share capital
Ordinary shares are classified as equity. Costs incurred in issuing equity are deducted from
the equity instrument.
(s) Provisions Provisions for making good obligations are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense. (t) Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost using the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost and allocating the interest cost over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial instrument. (u) Employee benefits (i) Pensions The Group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Group. The annual contributions are charged in the statement of comprehensive income in the year in which they become payable in accordance with the rules of the scheme. (ii) Other employee benefits The Group recognises an expense for other short term employee benefits, primarily holiday pay and employee commissions and bonuses on an accruals basis. (v) Earnings per share (EPS) The Group presents basic and diluted EPS for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. For diluted EPS, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. (w) Exceptional items Material non-recurring items of income and expense, which relate entirely to significant one off events, are disclosed as \u2018exceptional items\u2019.
(x) Contingent liabilities
Contingent liabilities are disclosed where a present obligation arises from past events but
is not recognised as a liability due to uncertainty in timing or amount. They are disclosed
unless the possibility of an outflow of economic benefits is remote. Contingent liabilities
are not recognised in the financial statements but are reviewed at each reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-279": { "value": "(a) Basis of preparation The consolidated financial statements of the Group have been prepared and approved by the Board on a historical cost basis in accordance with UK-adopted International Accounting Standards (IFRS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 4. In adopting the going concern basis for preparing the financial statements, the Directors have considered the business activities including the Group\u2019s principal risks and uncertainties. This specifically includes considerations for climate-related matters and more details are disclosed in note 15. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-329": { "value": "The consolidated financial statements of the Group have been prepared and approved by the Board on a historical cost basis in accordance with UK-adopted International Accounting Standards (IFRS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-280": { "value": "(b) Going concern In accordance with the UK Corporate Governance Code 2024 the Board has assessed the prospects of the Group over a period in excess of 12 months from the date of signing the Group financial statements as required by the \u2018Going Concern\u2019 provision, by selecting the period to the end of September 2027. Total headroom, including the stocking facilities, undrawn facilities and available cash, was \u00a375.4m at the year end. During the year the Company renegotiated the terms of both of its stocking facilities, introducing seasonal uplifts of \u00a325.0m and \u00a315.0m for Lombard North Central Plc and Black Horse Limited respectively, increasing its total stocking facility headroom from \u00a3165.0m to \u00a3205.0m of which \u00a340.0m is available throughout the second half of the year. A further \u00a35.0m increase to the Lombard facility was agreed post year end. In addition, after the year end, the Group also introduced an additional Property Revolving Credit Facility to a maximum of \u00a310.0m, which will be used to support capital expenditure requirements, notably in relation to new store roll out. This facility expires in June 2028, in line with the existing available banking facilities. The Board considers that the available headroom, coupled with the cash generative nature of the business and the available cash levers provide a strong degree of financial resilience and flexibility. Scenarios: In making their assessment the Directors considered the Group\u2019s current balance sheet and operational cash flows, the availability of facilities, and stress testing of the key trading assumptions within the Group\u2019s plan. A range of scenarios have been assessed by the Directors, including a specific scenario designed to create the conditions required to breach covenants within the going concern period as well as a severe but plausible downside to the base case.
Scenario
Outcome
Base case
Based upon the Group\u2019s most recent The Group is not in breach of any financial
approved forecasts. covenants and is able to operate within the
finance facility arrangements. The Group is
The base model assumes continued able to meet all forecast obligations as they
growth in unit volumes based on current fall due.
run rates of year on year unit volume
growth uplifted to account for the
opening of new stores, and a prudent
estimate based on growth in the used
car market.
Scenario
Outcome
Severe but plausible downside
Top down stress testing was applied to The Group is not in breach of any financial
the base case model, taking into account covenants and is able to operate within the
a severe but plausible downside to business finance facility arrangements. The Group is
performance, relative to possible economic able to meet all forecast obligations as they
pressure and stagnation in the growth of
the used car market.
fall due.
This included volume and margin pressure,
reducing volume by 21% and an overall
gross profit reduction compared to the
base case of 25%.
Reverse stress test
A scenario created to model the This scenario is designed to result in a
circumstances required to breach the covenant breach at the end of the assessed
Group\u2019s banking covenants at the end going concern period.
of the going concern period. Management believes the combination of
The Board considered the potential impacts severe downsides to be remote, and that
in preparing the stress test. The below there are numerous mitigating factors over
scenario was analysed: and above those built into the reverse stress
test modelling which the Board would
Reducing unit volumes by 33% from the base consider to avoid a covenant breach.
case and decreasing gross profit overall by
42% through additional margin pressure.
The selection of the assumptions or the sensitised case is inherently subjective, and whilst the Board considered these assumptions to reflect a downside scenario, the future impact of economic downturn, interest rate rises or inflating overhead costs is impossible to predict with absolute accuracy. Whilst the same applies to the reverse stress test, we note that this scenario is specifically designed to demonstrate the point at which the covenants breach during the going concern period. The reverse stress test reflects, in the Board\u2019s opinion, a remote circumstance and numerous mitigating factors could be implemented to avoid a covenant breach in this scenario. Scenario modelling has been considered throughout the year and at year end by management to formulate response options against moderate or severe downturns in sales volumes, potential margin pressures and possible cost challenges. During the year the Group successfully extended its revolving credit facility \u2018RCF\u2019 agreement to June 2028 and agreed a seasonal uplift of an additional \u00a35.0m bringing the total facility size throughout the second half of the financial period to \u00a319.0m (FY25: 14.0m). The Group also has an uncommitted overdraft facility of \u00a36.0m which remains in place at the year end. Both are until June 2028. With respect to the Group\u2019s stocking facilities, these have increased from \u00a3165.0m to \u00a3205.0m (of which \u00a340.0m is seasonal) during the year which the Board deem appropriate given current market conditions. After the year end, the limit available was increased to \u00a3210.0m. The Group has continued to demonstrate a flexible approach to trading, both in times of economic uncertainty and where opportunities exist. The Board is mindful of downstream effects of current geopolitical and economic uncertainty; the Group has considered both restriction of supply and interest rate increases in its going concern assessment as well as a range of other macroeconomic factors. The Group has a strong consumer offering through its price leadership and has historically responded proactively to consumer uncertainty in the eventuality of a period of prolonged economic downturn resulting in material reductions in sales volume or prices, as well as rising overhead costs. It is possible that the Group would need to negotiate changes to its current banking covenants, but such an extreme downturn is not currently considered plausible. The Group continues to consider and monitor further potential mitigation actions it could take to strengthen its cash position and reduce operating costs in the event of a more severe downside scenario. Such cost reduction and cash preservation actions would include but are not limited to: reducing spend on specific variable cost lines including marketing and store trading expenses; team costs, most notably sales commissions; pausing new stock commitments; and reviewing expansionary capital spend, dividend and share buyback activity. The Directors have also made use of the post year end trading performance to confirm that performance is in line with expectation. Whilst only a short period has passed since the year end, this evidence suggests that this is the case. Based on this assessment, the Board confirms that it has a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period to 30 September 2027. The Board has determined that the period to September 2027 constitutes an appropriate period over which to provide its going concern assessment. This is the period detailed in our base case model which we approve each year as part of the strategic review. Whilst the Board has no reason to believe the Group will not be viable over a longer period, given the inherent uncertainty involved we believe this presents users of the Annual Report and Accounts with a reasonable degree of confidence while still providing a medium term perspective. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-281": { "value": "
(c) New standards, amendments and interpretations
The Group has not early adopted standards, interpretations or amendments that have been
issued but are not mandatory for 31 March 2026 reporting periods.
The following amended standards and interpretations effective for the current financial
year have been applied and have not had a significant impact on the Group\u2019s consolidated
financial statements in the current or future reporting periods and on foreseeable future
transactions:
\u2022 Classification and Measurement of Financial Instruments \u2013 Amendment to IFRS 9 and
IFRS 7
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements
in response to investors\u2019 concerns about comparability and transparency of entities\u2019
performance reporting. The new presentation requirements introduced in IFRS 18 will
increase comparability of the financial performance of similar entities, especially related to
how \u2018operating profit or loss\u2019 is defined. The new disclosure requirements for \u2018management-
defined performance measures\u2019 will enhance transparency. IFRS 18 is effective from 1
January 2027 and has not yet been adopted by the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-330": { "value": "(c) New standards, amendments and interpretations The Group has not early adopted standards, interpretations or amendments that have been issued but are not mandatory for 31 March 2026 reporting periods. The following amended standards and interpretations effective for the current financial year have been applied and have not had a significant impact on the Group\u2019s consolidated financial statements in the current or future reporting periods and on foreseeable future transactions: \u2022 Classification and Measurement of Financial Instruments \u2013 Amendment to IFRS 9 and IFRS 7 In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements in response to investors\u2019 concerns about comparability and transparency of entities\u2019 performance reporting. The new presentation requirements introduced in IFRS 18 will increase comparability of the financial performance of similar entities, especially related to how \u2018operating profit or loss\u2019 is defined. The new disclosure requirements for \u2018management- defined performance measures\u2019 will enhance transparency. IFRS 18 is effective from 1 January 2027 and has not yet been adopted by the group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-282": { "value": "
(d) Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company,
entities controlled by the Company (its subsidiaries) and the Motorpoint Group Plc
Employee Benefit Trust made up to 31 March each year.
A list of subsidiaries is disclosed in note 3 to the Company financial statements.
The EBT is consolidated on the basis that the Company has control, thus the assets and
liabilities of the EBT are included in the balance sheet and shares held by the EBT in the
Company are presented as a deduction from equity. The EBT has been solely set up for the
purpose of issuing shares to Group employees to satisfy awards under the various share-
based schemes and has no ability to access or use assets, or settle liabilities, of the Group.
Subsidiaries are all entities over which the Group has control. The Group controls an
entity when the Group 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. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group. They are deconsolidated from the date that control ceases. Intercompany
transactions and balances between Group companies are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-331": { "value": "Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group 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. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions and balances between Group companies are eliminated on consolidation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-284": { "value": "
(e) Segmental reporting
The Group has prepared segmental reporting in accordance with IFRS 8 \u2018Operating
Segments\u2019. The Group\u2019s chief operating decision maker is considered to be the Board of
Directors. Segmental information is presented on the same basis as the management
reporting. An operating segment is a component of the business where discrete financial
information is available and the operating results are regularly reviewed by the Group\u2019s
chief operating decision maker to make decisions about resources to be allocated to the
segment and to assess its performance.
Operating segments are aggregated into reporting segments to combine those with similar
characteristics.
The Group operates its omnichannel vehicle retailer offering through a store network and
separate financial information is prepared for these individual store operations. These
stores are typically considered separate \u2018cash generating units\u2019 for impairment purposes.
However, it is considered that the nature of the operations and products is similar and
they all have similar long term economic characteristics and the Group has applied the
aggregation criteria of IFRS 8. In addition, the Group operates an independent trade car
auction site offering a business-to-business entirely online auction marketplace platform
which is assessed by the Board as a separate operation and thus there are two reportable
segments: retail and wholesale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-283": { "value": "
(f) Revenue recognition
Revenue represents amounts chargeable, net of value added tax, in respect of the
sale of goods and services to customers. Revenue is measured at the fair value of the
consideration receivable, when it can be reliably measured, and the specified recognition
criteria for the sales type has been met. The transaction price is determined based on
periodically reviewed prices and is separately identified on the customer\u2019s invoice. There
are no estimates of variable consideration.
The transaction price for motor vehicles and motor related services is at fair value as if each
of those products are sold individually.
(i) Sales of motor vehicles
Revenue from the sale of retail motor vehicles is recognised when the control has passed;
that is, when the vehicle has been collected by, or delivered to, the customer. Payment of
the transaction price is due immediately when the customer purchases the vehicle. Sales of
accessories, such as mats, are recognised in the same way.
Revenue from the sale of wholesale vehicles is recognised when the control has passed;
that is, when full payment has been made for the vehicle. The Group also sells wholesale
vehicles in bulk transactions to auction houses. When this is the case revenue is recognised
upon the earlier of collection of the vehicles or full payment.
The Group operates a return policy which is consistent with the relevant consumer
protection regulations. This includes a 14 day money back guarantee for home delivery
customers. A returns provision is made against the estimated value of the products likely to
be returned.
The Group in limited circumstances acts as an agent on the behalf of other third parties
to sell their vehicles. These vehicles are not owned by the Group; therefore, only the
commission earned is recognised as revenue. The value of such vehicles at year end is
excluded from inventory.
(ii) Sales of motor related services and commissions Motor related services sales include commissions on finance introductions, extended guarantees, paint protection products, and cosmetic and alloy wheel maintenance plans. Sales of paint protection products are recognised when the control has passed; that is, the protection has been applied and the product is supplied to the customer. The assessment is based on whether the Group controls the specific goods and services before transferring them to the end customer, rather than whether it has exposure to significant risks and rewards associated with the sale of goods or services. The Group receives commissions when it arranges finance, insurance packages, extended warranty and paint/cosmetic protection for its customers, acting as agent on behalf of a limited number of finance, insurance and other companies. For finance and insurance packages, commission is earned and recognised as revenue when the customer draws down the finance or commences the insurance policy from the supplier which coincides with the delivery of the product or service. Commissions receivable for all motor related services are paid typically in the month after the finance is drawn down. For extended warranty and paint/cosmetic protection, the commission earned by the Group as an agent is recognised as revenue at the point of sale on behalf of the principal. Finance commission Where the Group receives finance commission income, primarily arising when the customer uses third party finance to purchase the vehicle, the Group recognises such income on an \u2018as earned\u2019 basis. (iii) Other income Other operating income includes income from all other operating activities which are not related to the principal activities of the company. Other operating income includes insurance proceeds received and income recognised in relation to the logbook of a vehicle not provided by customers at the transaction date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-332": { "value": "(ii) Sales of motor related services and commissions Motor related services sales include commissions on finance introductions, extended guarantees, paint protection products, and cosmetic and alloy wheel maintenance plans. Sales of paint protection products are recognised when the control has passed; that is, the protection has been applied and the product is supplied to the customer. The assessment is based on whether the Group controls the specific goods and services before transferring them to the end customer, rather than whether it has exposure to significant risks and rewards associated with the sale of goods or services. The Group receives commissions when it arranges finance, insurance packages, extended warranty and paint/cosmetic protection for its customers, acting as agent on behalf of a limited number of finance, insurance and other companies. For finance and insurance packages, commission is earned and recognised as revenue when the customer draws down the finance or commences the insurance policy from the supplier which coincides with the delivery of the product or service. Commissions receivable for all motor related services are paid typically in the month after the finance is drawn down. For extended warranty and paint/cosmetic protection, the commission earned by the Group as an agent is recognised as revenue at the point of sale on behalf of the principal. Finance commission Where the Group receives finance commission income, primarily arising when the customer uses third party finance to purchase the vehicle, the Group recognises such income on an \u2018as earned\u2019 basis. (iii) Other income Other operating income includes income from all other operating activities which are not related to the principal activities of the company. Other operating income includes insurance proceeds received and income recognised in relation to the logbook of a vehicle not provided by customers at the transaction date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-285": { "value": "(g) Dividend distribution Dividend distribution to the Group\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period which the dividends are approved. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-333": { "value": "(h) Intangible assets other than goodwill Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. The estimated useful life and amortisation method are reviewed annually with the effect of any changes being reflected on a prospective basis. Research costs are expensed as incurred. An intangible asset arising from development expenditure on a project is only recognised if management considers that it is technically feasible and that there are sufficient resources available to complete the asset so that it will be available for use or sale, that it intends to complete and is able to sell or use the asset to generate future economic benefits and that the costs of the development project can be measured reliably. Following the initial recognition of the expenditure, the asset will be carried at cost less accumulated amortisation and impairment losses. Amortisation is applied once the asset is available for use to write off the cost over the period which is expected to benefit from the use of or sale of the asset. The annual amortisation rates applied to the Group\u2019s intangible assets on a straight line basis are as follows:
Asset class
Depreciation method and rate
IT Projects
20% \u2013 33.3% straight line
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-286": { "value": "(h) Intangible assets other than goodwill Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. The estimated useful life and amortisation method are reviewed annually with the effect of any changes being reflected on a prospective basis. Research costs are expensed as incurred. An intangible asset arising from development expenditure on a project is only recognised if management considers that it is technically feasible and that there are sufficient resources available to complete the asset so that it will be available for use or sale, that it intends to complete and is able to sell or use the asset to generate future economic benefits and that the costs of the development project can be measured reliably. Following the initial recognition of the expenditure, the asset will be carried at cost less accumulated amortisation and impairment losses. Amortisation is applied once the asset is available for use to write off the cost over the period which is expected to benefit from the use of or sale of the asset. The annual amortisation rates applied to the Group\u2019s intangible assets on a straight line basis are as follows:
Asset class
Depreciation method and rate
IT Projects
20% \u2013 33.3% straight line
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-356": { "value": "Research costs are expensed as incurred. An intangible asset arising from development expenditure on a project is only recognised if management considers that it is technically feasible and that there are sufficient resources available to complete the asset so that it will be available for use or sale, that it intends to complete and is able to sell or use the asset to generate future economic benefits and that the costs of the development project can be measured reliably. Following the initial recognition of the expenditure, the asset will be carried at cost less accumulated amortisation and impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-334": { "value": "(i) Property, plant & equipment Property, plant and equipment is stated at the cost less depreciation. The cost of property, plant and equipment includes directly attributable costs. Depreciation is provided on tangible fixed assets on a straight line basis so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic lives. Expected useful economic lives vary by asset and are reviewed annually.
Asset class
Typical useful economic lives
Land
N/A
Freehold property
20 years
Short term leasehold improvements
Lower of remaining lease term and useful
economic life
Plant and machinery
5 to 10 years
Fixtures and fittings
5 years
Office equipment
3 to 5 years
Assets in the course of construction are recorded separately within property, plant and equipment and are transferred to the appropriate classification when complete and depreciated from the date they are brought into use. The residual values of the assets and their useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying value of assets is reviewed for impairment if events or changes in circumstances suggest that the carrying value may not be recoverable. Assets are written down to their recoverable amount if lower than their carrying value, and any impairment is charged to the statement of comprehensive income. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income within \u2018operating expenses\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-287": { "value": "(i) Property, plant & equipment Property, plant and equipment is stated at the cost less depreciation. The cost of property, plant and equipment includes directly attributable costs. Depreciation is provided on tangible fixed assets on a straight line basis so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic lives. Expected useful economic lives vary by asset and are reviewed annually.
Asset class
Typical useful economic lives
Land
N/A
Freehold property
20 years
Short term leasehold improvements
Lower of remaining lease term and useful
economic life
Plant and machinery
5 to 10 years
Fixtures and fittings
5 years
Office equipment
3 to 5 years
Assets in the course of construction are recorded separately within property, plant and equipment and are transferred to the appropriate classification when complete and depreciated from the date they are brought into use. The residual values of the assets and their useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. The carrying value of assets is reviewed for impairment if events or changes in circumstances suggest that the carrying value may not be recoverable. Assets are written down to their recoverable amount if lower than their carrying value, and any impairment is charged to the statement of comprehensive income. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income within \u2018operating expenses\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-357": { "value": "Assets in the course of construction are recorded separately within property, plant and equipment and are transferred to the appropriate classification when complete and depreciated from the date they are brought into use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-288": { "value": "(j) Financial instruments IFRS 9 requires an entity to recognise financial assets and financial liabilities in the Group\u2019s balance sheet when the Group becomes party to the contractual provisions of the instrument. The Group classifies financial instruments, or their component parts, on initial recognition as financial assets, financial liabilities or equity instruments according to the substance of the contractual arrangements entered into. Financial assets Trade receivables are initially recognised when they originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are classified at initial recognition into one of the following categories: \u2022 Amortised cost \u2022 Fair value through other comprehensive income (FVOCI) \u2022 Fair value through profit or loss (FVTPL) A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at fair value reported in profit or loss: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group primarily holds trade receivables and other financial assets that meet the criteria for amortised cost. Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairments are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Impairment of financial assets The Group recognises loss allowances for Expected Credit Losses (ECL) on financial assets measured at amortised cost. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECL are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery. Financial liabilities Financial liabilities are classified on initial recognition as either other financial liabilities measured at amortised cost or at fair value through profit or loss. Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded as the proceeds received, net of direct issue costs.
(t) Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost using the effective interest rate
method. The effective interest rate method is a method of calculating the amortised cost
and allocating the interest cost over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future cash payments
through the expected life of the financial instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-337": { "value": "Financial assets Trade receivables are initially recognised when they originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are classified at initial recognition into one of the following categories: \u2022 Amortised cost \u2022 Fair value through other comprehensive income (FVOCI) \u2022 Fair value through profit or loss (FVTPL) A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at fair value reported in profit or loss: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group primarily holds trade receivables and other financial assets that meet the criteria for amortised cost. Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairments are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Impairment of financial assets The Group recognises loss allowances for Expected Credit Losses (ECL) on financial assets measured at amortised cost. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECL are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-358": { "value": "Financial assets Trade receivables are initially recognised when they originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are classified at initial recognition into one of the following categories: \u2022 Amortised cost \u2022 Fair value through other comprehensive income (FVOCI) \u2022 Fair value through profit or loss (FVTPL) A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at fair value reported in profit or loss: \u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group primarily holds trade receivables and other financial assets that meet the criteria for amortised cost. Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairments are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Financial liabilities Financial liabilities are classified on initial recognition as either other financial liabilities measured at amortised cost or at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-374": { "value": "Financial assets are classified at initial recognition into one of the following categories: \u2022 Amortised cost \u2022 Fair value through other comprehensive income (FVOCI) \u2022 Fair value through profit or loss (FVTPL) Financial liabilities Financial liabilities are classified on initial recognition as either other financial liabilities measured at amortised cost or at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-375": { "value": "Impairment of financial assets The Group recognises loss allowances for Expected Credit Losses (ECL) on financial assets measured at amortised cost. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECL are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery. Right-of-use asset \u2013 subsequent measurement Right-of-use assets are depreciated over the shorter of the lease term and useful life of the underlying asset. Impairment The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-359": { "value": "Impairment of financial assets The Group recognises loss allowances for Expected Credit Losses (ECL) on financial assets measured at amortised cost. ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECL are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-335": { "value": "Financial liabilities Financial liabilities are classified on initial recognition as either other financial liabilities measured at amortised cost or at fair value through profit or loss. (t) Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost using the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost and allocating the interest cost over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-336": { "value": "Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-289": { "value": "(k) IFRS 16 Leases Lease liability \u2013 initial recognition The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted at the Group\u2019s incremental borrowing rate. The incremental borrowing rate is determined based on a series of inputs including the risk-free rate based on Government bond rates in addition to specific adjustments for risk and security. Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments (including in-substance fixed payments), less any lease incentives; \u2022 variable lease payments such as those that depend on an index or rate (such as RPI), initially measured using the index or rate at the commencement date; \u2022 the amount expected to be payable by the Group under residual value guarantees; \u2022 the exercise price of purchase options where the Group is reasonably certain to exercise the options; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated balance sheet, split between current and non-current liabilities. Lease liability \u2013 subsequent measurement The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. Lease liability \u2013 remeasurement The lease liability is remeasured where: \u2022 there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; or \u2022 the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or \u2022 the lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset unless its carrying amount is reduced to zero, in which case any remaining amount is recognised in profit or loss. Right-of-use asset \u2013 initial recognition The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, any dilapidation or removal costs, and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use asset is presented as a separate line in the balance sheet. Right-of-use asset \u2013 subsequent measurement Right-of-use assets are depreciated over the shorter of the lease term and useful life of the underlying asset. Impairment The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. Sale and leaseback A sale and leaseback transaction is where the Group sells an asset and immediately reacquires the use of the asset by entering into a lease with the buyer. A sale occurs when control of the underlying asset passes to the buyer. A lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right-of-use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-338": { "value": "Right-of-use asset \u2013 subsequent measurement Right-of-use assets are depreciated over the shorter of the lease term and useful life of the underlying asset. Impairment The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-290": { "value": "(l) Inventory Inventory is valued at the lower of cost and net realisable value, after due regard for slow moving vehicles. Costs of purchased inventory include the costs of bringing to their present location and condition and are determined after deducting rebates and discounts. Net realisable value is based on selling price less anticipated costs of completion and selling costs. When calculating an inventory provision, management considers the nature and condition of the inventory as well as applying assumptions around expected saleability, determined on historic trading patterns. Inventory cost is calculated using the specific identification method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-291": { "value": "(m) Trade receivables Trade receivables represent the principal amounts outstanding from finance companies in respect of the financed element of sales to customers for motor vehicle and related products. Trade receivables are recognised net of any provision for impairment. The carrying value of certain financial assets are measured on an expected credit loss approach. Trade and other receivables do not contain a significant financing element and therefore expected credit losses are measured using the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from the initial recognition of the receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-292": { "value": "(n) Cash and cash equivalents Cash and cash equivalents include cash in hand and at bank, deposits held at call with banks and pending card transactions. Where applicable, bank overdrafts are shown within borrowings in current liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-339": { "value": "(o) Current and deferred tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. The current tax charge is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date. Deferred tax is recognised, without discounting, in respect of all temporary differences arising between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date. Deferred tax is measured at the rates, based on the tax rates and law enacted or substantively enacted at the balance sheet date, that are expected to apply in the periods when the timing differences are expected to reverse. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities and there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-293": { "value": "(o) Current and deferred tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. The current tax charge is calculated on the basis of tax laws enacted or substantively enacted at the balance sheet date. Deferred tax is recognised, without discounting, in respect of all temporary differences arising between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date. Deferred tax is measured at the rates, based on the tax rates and law enacted or substantively enacted at the balance sheet date, that are expected to apply in the periods when the timing differences are expected to reverse. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities and there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-294": { "value": "(p) Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, unless the effect is immaterial. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-295": { "value": "(q) Stocking finance facilities Stocking finance facilities, included within trade and other payables, are borrowings secured against the vehicle against which the facility is drawn down. These are short term liabilities which are settled on the sale of a vehicle or a fixed maturity not greater than 150 days and as a result form part of the normal business operating cycle (see note 23 for more details). They are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method unless the effect is immaterial. ", "dimensions": { "concept": "motorpointgroupplc:DescriptionOfAccountingPolicyForStockingFinanceFacilities", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-296": { "value": "(r) Share capital Ordinary shares are classified as equity. Costs incurred in issuing equity are deducted from the equity instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-297": { "value": "
(s) Provisions
Provisions for making good obligations are recognised when the Group has a present
legal or constructive obligation as a result of past events, it is probable that an outflow
of resources will be required to settle the obligation, and the amount can be reliably
estimated. Provisions are not recognised for future operating losses. Where there are a
number of similar obligations, the likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as a whole. A provision is recognised
even if the likelihood of an outflow with respect to any one item included in the same class
of obligations may be small.
Provisions are measured at the present value of management\u2019s best estimate of the
expenditure required to settle the present obligation. The discount rate used to determine
the present value is a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability. The increase in the provision due to the
passage of time is recognised as interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-360": { "value": "(t) Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost using the effective interest rate method. The effective interest rate method is a method of calculating the amortised cost and allocating the interest cost over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-298": { "value": "
(u) Employee benefits
(i) Pensions
The Group operates a defined contribution pension scheme for employees. The assets
of the scheme are held separately from those of the Group. The annual contributions are
charged in the statement of comprehensive income in the year in which they become
payable in accordance with the rules of the scheme.
(ii) Other employee benefits
The Group recognises an expense for other short term employee benefits, primarily holiday
pay and employee commissions and bonuses on an accruals basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-299": { "value": "
(v) Earnings per share (EPS)
The Group presents basic and diluted EPS for its ordinary shares. Basic EPS is calculated by
dividing the profit attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the year. For diluted EPS, the weighted average number
of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-300": { "value": "
(w) Exceptional items
Material non-recurring items of income and expense, which relate entirely to significant
one off events, are disclosed as \u2018exceptional items\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-304": { "value": "(x) Contingent liabilities Contingent liabilities are disclosed where a present obligation arises from past events but is not recognised as a liability due to uncertainty in timing or amount. They are disclosed unless the possibility of an outflow of economic benefits is remote. Contingent liabilities are not recognised in the financial statements but are reviewed at each reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-301": { "value": "
3. Underlying profit measures
The Group\u2019s chief operating decision maker is considered to be the Board of Directors.
The Board of Directors measure the overall performance of the Group by reference to the
following non-GAAP measures:
\u2022 earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDA);
\u2022 operating profit before exceptional items (adjusted operating profit); and
\u2022 profit before taxation before exceptional items (adjusted profit before taxation).
The adjusted measures are applied by the Board of Directors to understand the earning
trends of the Group and are considered the most meaningful measures by which to assess
the true operating performance of the Group.
", "dimensions": { "concept": "motorpointgroupplc:DisclosureOfUnderlyingProfitMeasures", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-302": { "value": "
4. Critical accounting estimates and judgements
The preparation of financial statements requires the use of accounting estimates which,
by definition, will seldom equal the actual results. Management also needs to exercise
judgement in applying the Group\u2019s accounting policies. This note provides an overview of
the areas that involved a higher degree of judgement or complexity, and of items which
have a significant risk of causing material adjustments to the carrying amount of assets
and liabilities in the next financial year. Detailed information about each of these estimates
and judgements is included in other notes together with information about the basis of
calculation for each affected line item in the financial statements.
There are no significant estimates in FY26.
Significant judgements
IFRS 16 Lease term (note 16): The lease term is based on non-cancellable periods, adjusted
for options to extend or terminate where it is reasonably certain these will be exercised.
Judgement is applied considering economic incentives and reassessed upon significant
changes in circumstances. Potential future lease payments not included in liabilities total
\u00a33.7m (FY25: \u00a34.5m). Changes in rentals linked to indices or rates are recognised when
they take effect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-303": { "value": "
5. Segmental information
The Group has prepared segmental reporting in accordance with IFRS 8 \u2018Operating
Segments\u2019. Segmental information is presented on the same basis as the management
reporting.
a. Description of segments and principal activities
The Group\u2019s operating segments are determined based on the Group\u2019s internal reporting to
the Board. The performance of operating segments is assessed by the Board on the basis of
gross profit with all assets and liabilities assessed on a Group basis.
The Board examines the Group\u2019s performance from a product perspective and has
identified two reportable segments of its business:
Retail \u2013 the Motorpoint brand is an omnichannel vehicle retailer offering nearly new cars,
the majority of which are under six years old or have completed less than 40,000 miles.
This segment also includes a range of commercial vehicles under the Motorpoint brand.
Wholesale \u2013 Auction4Cars.com is an independent trade car auction site offering a business-
to-business entirely online auction marketplace platform allowing an efficient and quick
route for sale of part exchange vehicles which do not fall into the nearly new retail criteria
and purchases direct from consumers.
b. Segment Gross profit
Retail Retail Wholesale Wholesale Total Total
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1,130.8
1,028.4
137.8
144.7
1,268.6
1,173.1
Cost of sales
(1,042.4)
(948.4)
(127.3)
(133.9)
(1,169.7)
(1,082.3)
Gross profit
88.4
80.0
10.5
10.8
98.9
90.8
Cost of sales are specific and therefore directly attributable to each segment. Operating
and financial expenses are not segregated for internal reporting purposes and hence have
not been disclosed here.
c. Segment assets and liabilities
Segment assets and liabilities are measured in the same way as in the financial statements.
No further disclosure has been provided here, as internally assets and liabilities are not
segregated for reporting purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-305": { "value": "
6. Revenue
Revenue has been analysed between the sale of goods and the sale of services below.
2026 2025
\u00a3m \u00a3m
Revenue analysis
Revenue from sale of motor vehicles
1,205.8
1,119.2
Revenue from motor related services and commissions
59.7
50.8
Revenue recognised that was included in deferred income at the
beginning of the year \u2013 Sale of motor vehicles
0.1
0.1
Revenue recognised that was included in deferred income at the
beginning of the year \u2013 Motor related services and commissions
3.0
3.0
Total revenue
1,268.6
1,173.1
The Group has contract liabilities of \u00a33.0m which relate to the deferred income shown in
the table below (FY25: \u00a33.0m).
The Group has recognised a returns\u2019 provision as at the year end of \u00a31.5m (FY25: \u00a31.4m).
The Group recognises the following accrued income balances:
2026 2025
\u00a3m \u00a3m
Accrued income
Commissions
1
5.2
4.8
5.2
4.8
1. Accrued income relates to commissions earned from inance companies received the following month
and an immaterial amount for accrued rebates from suppliers.
The Group recognises the following deferred income balances within accruals and deferred
income:
2026 2025
\u00a3m \u00a3m
Deferred income
Vehicles invoiced not collected
1.2
0.1
Commissions received not earned
3.0
3.0
Deposits received
1.3
\u2013
Total deferred income
5.5
3.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-340": { "value": "6. Revenue Revenue has been analysed between the sale of goods and the sale of services below.
2026 2025
\u00a3m \u00a3m
Revenue analysis
Revenue from sale of motor vehicles
1,205.8
1,119.2
Revenue from motor related services and commissions
59.7
50.8
Revenue recognised that was included in deferred income at the
beginning of the year \u2013 Sale of motor vehicles
0.1
0.1
Revenue recognised that was included in deferred income at the
beginning of the year \u2013 Motor related services and commissions
3.0
3.0
Total revenue
1,268.6
1,173.1
The Group has contract liabilities of \u00a33.0m which relate to the deferred income shown in the table below (FY25: \u00a33.0m). The Group has recognised a returns\u2019 provision as at the year end of \u00a31.5m (FY25: \u00a31.4m). The Group recognises the following accrued income balances:
2026 2025
\u00a3m \u00a3m
Accrued income
Commissions
1
5.2
4.8
5.2
4.8
1. Accrued income relates to commissions earned from inance companies received the following month and an immaterial amount for accrued rebates from suppliers. The Group recognises the following deferred income balances within accruals and deferred income:
2026 2025
\u00a3m \u00a3m
Deferred income
Vehicles invoiced not collected
1.2
0.1
Commissions received not earned
3.0
3.0
Deposits received
1.3
\u2013
Total deferred income
5.5
3.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-306": { "value": "
7. Operating profit
Analysed as:
2026 2025
Operating profit includes the effect of charging / (crediting): \u00a3m \u00a3m
Inventory recognised as expense
1,163.9
1,077.0
Movement in provision against inventory
0.2
(0.8)
Employee benefit expense (note 9)
39.9
39.4
Depreciation of property, plant and equipment (note 15) and
right-of-use assets (note 16)
8.4
9.2
Amortisation of intangible assets (note 17)
1.3
1.2
Expense on short term leases
0.1
0.3
Profit on disposals of property, plant and equipment
and right-of-use assets
\u2013
(0.4)
2026 2025
Total expenses comprise: \u00a3m \u00a3m
Cost of sales
1,169.7
1,082.3
Operating expenses:
Selling and distribution expenses
20.7
22.0
Administrative expenses
60.5
56.1
Total operating expenses
81.2
78.1
Total expenses
1,250.9
1,160.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-386": { "value": "7. Operating profit Analysed as:
2026 2025
Operating profit includes the effect of charging / (crediting): \u00a3m \u00a3m
Inventory recognised as expense
1,163.9
1,077.0
Movement in provision against inventory
0.2
(0.8)
Employee benefit expense (note 9)
39.9
39.4
Depreciation of property, plant and equipment (note 15) and
right-of-use assets (note 16)
8.4
9.2
Amortisation of intangible assets (note 17)
1.3
1.2
Expense on short term leases
0.1
0.3
Profit on disposals of property, plant and equipment
and right-of-use assets
\u2013
(0.4)
2026 2025
Total expenses comprise: \u00a3m \u00a3m
Cost of sales
1,169.7
1,082.3
Operating expenses:
Selling and distribution expenses
20.7
22.0
Administrative expenses
60.5
56.1
Total operating expenses
81.2
78.1
Total expenses
1,250.9
1,160.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-361": { "value": "7. Operating profit Analysed as:
2026 2025
Operating profit includes the effect of charging / (crediting): \u00a3m \u00a3m
Inventory recognised as expense
1,163.9
1,077.0
Movement in provision against inventory
0.2
(0.8)
Employee benefit expense (note 9)
39.9
39.4
Depreciation of property, plant and equipment (note 15) and
right-of-use assets (note 16)
8.4
9.2
Amortisation of intangible assets (note 17)
1.3
1.2
Expense on short term leases
0.1
0.3
Profit on disposals of property, plant and equipment
and right-of-use assets
\u2013
(0.4)
2026 2025
Total expenses comprise: \u00a3m \u00a3m
Cost of sales
1,169.7
1,082.3
Operating expenses:
Selling and distribution expenses
20.7
22.0
Administrative expenses
60.5
56.1
Total operating expenses
81.2
78.1
Total expenses
1,250.9
1,160.4
8. Auditor\u2019s remuneration:
2026 2025
\u00a3m \u00a3m
Auditor\u2019s remuneration:
Fees payable for the audit of the Parent Company and
consolidated financial statements
0.3
0.3
Fees payable for the audit of the Company\u2019s subsidiaries
\u2013
\u2013
Fees payable for non-audit services
\u2013
\u2013
Total
0.3
0.3
Non-audit services relate to access to the auditor\u2019s generic online accounting manual and amounted to \u00a32,250 (FY25: \u00a32,250).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-341": { "value": "7. Operating profit Analysed as:
2026 2025
Operating profit includes the effect of charging / (crediting): \u00a3m \u00a3m
Inventory recognised as expense
1,163.9
1,077.0
Movement in provision against inventory
0.2
(0.8)
Employee benefit expense (note 9)
39.9
39.4
Depreciation of property, plant and equipment (note 15) and
right-of-use assets (note 16)
8.4
9.2
Amortisation of intangible assets (note 17)
1.3
1.2
Expense on short term leases
0.1
0.3
Profit on disposals of property, plant and equipment
and right-of-use assets
\u2013
(0.4)
2026 2025
Total expenses comprise: \u00a3m \u00a3m
Cost of sales
1,169.7
1,082.3
Operating expenses:
Selling and distribution expenses
20.7
22.0
Administrative expenses
60.5
56.1
Total operating expenses
81.2
78.1
Total expenses
1,250.9
1,160.4
8. Auditor\u2019s remuneration:
2026 2025
\u00a3m \u00a3m
Auditor\u2019s remuneration:
Fees payable for the audit of the Parent Company and
consolidated financial statements
0.3
0.3
Fees payable for the audit of the Company\u2019s subsidiaries
\u2013
\u2013
Fees payable for non-audit services
\u2013
\u2013
Total
0.3
0.3
Non-audit services relate to access to the auditor\u2019s generic online accounting manual and amounted to \u00a32,250 (FY25: \u00a32,250).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-376": { "value": "
2026 2025
Operating profit includes the effect of charging / (crediting): \u00a3m \u00a3m
Inventory recognised as expense
1,163.9
1,077.0
Movement in provision against inventory
0.2
(0.8)
Employee benefit expense (note 9)
39.9
39.4
Depreciation of property, plant and equipment (note 15) and
right-of-use assets (note 16)
8.4
9.2
Amortisation of intangible assets (note 17)
1.3
1.2
Expense on short term leases
0.1
0.3
Profit on disposals of property, plant and equipment
and right-of-use assets
\u2013
(0.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-377": { "value": "
2026 2025
Total expenses comprise: \u00a3m \u00a3m
Cost of sales
1,169.7
1,082.3
Operating expenses:
Selling and distribution expenses
20.7
22.0
Administrative expenses
60.5
56.1
Total operating expenses
81.2
78.1
Total expenses
1,250.9
1,160.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-384": { "value": "
2026 2025
Total expenses comprise: \u00a3m \u00a3m
Cost of sales
1,169.7
1,082.3
Operating expenses:
Selling and distribution expenses
20.7
22.0
Administrative expenses
60.5
56.1
Total operating expenses
81.2
78.1
Total expenses
1,250.9
1,160.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-307": { "value": "
8. Auditor\u2019s remuneration:
2026 2025
\u00a3m \u00a3m
Auditor\u2019s remuneration:
Fees payable for the audit of the Parent Company and
consolidated financial statements
0.3
0.3
Fees payable for the audit of the Company\u2019s subsidiaries
\u2013
\u2013
Fees payable for non-audit services
\u2013
\u2013
Total
0.3
0.3
Non-audit services relate to access to the auditor\u2019s generic online accounting manual and
amounted to \u00a32,250 (FY25: \u00a32,250).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-308": { "value": "
9. Employees and Directors
The aggregate employee benefit expenses were as follows:
2026 2025
\u00a3m \u00a3m
Employee benefit expenses:
Wages and salaries
33.7
34.1
Social security costs
4.1
3.6
Other pension costs
0.7
0.7
Share-based compensation charge
1.4
1.0
39.9
39.4
The average monthly number of employees (including Directors but excluding third party
contractors) employed by the Group was as follows:
2026 2025
No. No.
Average number of people employed:
Sales and operations
629
613
Administration and support
205
183
834
796
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-309": { "value": "
10. Directors\u2019 and key management remuneration
Key management has been identified as the Directors of Motorpoint Group Plc.
2026 2025
\u00a3m \u00a3m
Short term employee benefits
1.7
1.4
Share-based payment
\u2013
\u2013
Employer contributions paid to money purchase schemes
\u2013
\u2013
1.7
1.4
During the year the number of key management who were receiving benefits was 2
(FY25: 2).
In respect of the highest paid Director refer to page 82 of the Annual report on
remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-310": { "value": "
11. Finance expense
2026 2025
\u00a3m \u00a3m
Interest on bank borrowings
0.7
0.4
Interest on stocking finance facilities
7.5
6.9
Interest on lease liabilities
2.1
2.1
Total finance expense
10.3
9.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-378": { "value": "11. Finance expense
2026 2025
\u00a3m \u00a3m
Interest on bank borrowings
0.7
0.4
Interest on stocking finance facilities
7.5
6.9
Interest on lease liabilities
2.1
2.1
Total finance expense
10.3
9.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-362": { "value": "11. Finance expense
2026 2025
\u00a3m \u00a3m
Interest on bank borrowings
0.7
0.4
Interest on stocking finance facilities
7.5
6.9
Interest on lease liabilities
2.1
2.1
Total finance expense
10.3
9.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-342": { "value": "11. Finance expense
2026 2025
\u00a3m \u00a3m
Interest on bank borrowings
0.7
0.4
Interest on stocking finance facilities
7.5
6.9
Interest on lease liabilities
2.1
2.1
Total finance expense
10.3
9.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-311": { "value": "
12. Income tax expense
2026 2025
The tax charge in the statement of comprehensive income represents: \u00a3m \u00a3m
Current tax:
UK corporation tax
2.3
0.8
Adjustment in respect of prior years
(0.4)
(0.1)
Total current tax
1.9
0.7
Deferred tax:
Origination and reversal of temporary differences
(0.4)
0.6
Adjustments in respect of prior years
0.4
(0.4)
Total deferred tax
\u2013
0.2
Total tax charge in the consolidated statement of
comprehensive income
1.9
0.9
Reconciliation of the total tax charge
The tax charge in the statement of comprehensive income in the year differs from (FY25:
differs from) the charge which would result from the standard rate of corporation tax in the
UK of 25% (FY25: 25%):
2026 2025
\u00a3m \u00a3m
Profit before taxation
7.5
4.1
Profit before taxation at the standard rate of corporation tax of
25%
1.9
1.0
Tax effect of:
\u2013 Fixed asset differences
0.1
0.1
\u2013 Expenses not deductible for tax purposes
0.2
0.2
\u2013 Adjustment in respect of prior years
\u2013
(0.5)
\u2013 Deferred tax taken directly to other comprehensive income
\u2013
0.1
\u2013 Other differences
(0.3)
\u2013
Tax charge / (credit) in the consolidated statement
of comprehensive income
1.9
0.9
A tax payable balance of \u00a32.5m (FY25: \u00a30.5m) is included within current liabilities as a result
of the timing of the payments on account to HMRC.
Amounts recognised directly in equity
2026 2025
\u00a3m \u00a3m
Aggregate current and deferred tax arising in the reporting
period and not recognised in net profit or loss or other
comprehensive income but directly debited or credited to
equity:
\u2013 Deferred tax: Adjustment in respect of prior years
\u2013
(0.1)
Tax (credit) in the consolidated statement of comprehensive
income
\u2013
(0.1)
Factors affecting current and future tax charges
As at the balance sheet date of the 31 March 2026 the deferred tax asset has been
calculated based on 25%, reflecting the expected timing of reversal of the related
temporary differences (FY25: 25%).
18. Deferred tax assets
The movement in deferred taxation assets and liabilities during the year, without taking into
consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Accelerated
capital Other timing
allowances differences Total
\u00a3m \u00a3m \u00a3m
At 1 April 2024
1.5
(0.1)
1.4
Credited to statement of comprehensive income
(0.2)
\u2013
(0.2)
Charged to equity
\u2013
0.1
0.1
At 31 March 2025
1.3
\u2013
1.3
Charged to statement of comprehensive income
\u2013
\u2013
\u2013
Credited to equity
\u2013
\u2013
\u2013
At 31 March 2026
1.3
\u2013
1.3
Deferred tax of \u00a3Nil (FY25: \u00a3Nil) is expected to be recovered or settled within 12 months
from the reporting date. There are no unrecognised deferred tax assets (FY25: None).
As at the balance sheet date of 31 March 2026 the deferred tax asset has been calculated
based on 25%, reflecting the expected timing of reversal of the related temporary
differences (FY25: 25%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-363": { "value": "A tax payable balance of \u00a32.5m (FY25: \u00a30.5m) is included within current liabilities as a result of the timing of the payments on account to HMRC. 18. Deferred tax assets The movement in deferred taxation assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Accelerated
capital Other timing
allowances differences Total
\u00a3m \u00a3m \u00a3m
At 1 April 2024
1.5
(0.1)
1.4
Credited to statement of comprehensive income
(0.2)
\u2013
(0.2)
Charged to equity
\u2013
0.1
0.1
At 31 March 2025
1.3
\u2013
1.3
Charged to statement of comprehensive income
\u2013
\u2013
\u2013
Credited to equity
\u2013
\u2013
\u2013
At 31 March 2026
1.3
\u2013
1.3
Deferred tax of \u00a3Nil (FY25: \u00a3Nil) is expected to be recovered or settled within 12 months from the reporting date. There are no unrecognised deferred tax assets (FY25: None). As at the balance sheet date of 31 March 2026 the deferred tax asset has been calculated based on 25%, reflecting the expected timing of reversal of the related temporary differences (FY25: 25%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-312": { "value": "
13. Earnings per share
Basic and diluted EPS are calculated by dividing the earnings attributable to equity
shareholders by the weighted average number of ordinary shares during the year.
2026
2025
Profit attributable to ordinary shareholders (\u00a3m)
5.6
3.2
Weighted average number of ordinary shares in issue (\u2018000)
84,309
87,447
Basic EPS (pence)
6.6
3.7
Diluted weighted average number of ordinary shares in issue (\u2018000)
84,704
87,946
Diluted EPS (pence)
6.6
3.6
The difference between the basic and diluted weighted average number of shares
represents the dilutive effect of the currently operating schemes and the vested but not yet
exercised options. This is shown in the reconciliation below.
There is a maximum of 805,454 additional options which have not been included in the
dilutive calculation in relation to the SAYE schemes out of the money at the reporting date.
2026
2025
Weighted average number of ordinary shares in issue (\u2018000)
84,309
87,447
Adjustment for share options (\u2018000)
395
499
Weighted average number of ordinary shares for diluted
earnings per share (\u2018000)
84,704
87,946
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-313": { "value": "
14. Dividends
The aggregate amount of dividend paid in the year comprises:
2026 2025
\u00a3m \u00a3m
2025 final dividend (1.0 pence on 85.2m ordinary shares)
0.9
\u2013
2026 interim dividend (1.0 pence on 83.6m ordinary shares
0.8
\u2013
1.7
\u2013
Subsequent to the end of the year, and not included in the results for the year, the Directors
recommended a final dividend of 1 .2 pence (FY25: 1. 0 pence) per share, bringing the total
amount payable in respect of the year ended 31 March 2026 to 2.2 pence (FY25: 1.0 pence),
to be paid on 31 July 2026 to the shareholders on the register on 3 July 2026.
The Employee Benefit Trust, established to hold shares for employee benefits, waived its
right to the interim dividend. At 31 March 2026, the Trust held 4,843,767 ordinary shares
(FY25: 4,284,253).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-344": { "value": "0.012", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-343": { "value": "0.01", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-314": { "value": "
15. Property, plant and equipment
Short term
Freehold leasehold Fixtures Office Work in
Land property improvements Plant and and fittings equipment progress Total
\u00a3m \u00a3m \u00a3m machinery \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2024
\u2013
\u2013
15.2
2.3
3.9
5.1
\u2013
26.5
Additions
2.9
1.8
0.6
0.9
0.6
0.3
\u2013
7.1
Transfers from assets held for sale
2.4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.4
Disposals
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.4)
\u2013
(0.6)
At 31 March 2025
5.3
1.8
15.8
3.0
4.5
5.0
\u2013
35.4
Additions
9.8
1.4
1.3
0.6
0.6
0.3
0.5
14.5
Disposals
(2.9)
(1.9)
(1.0)
(0.5)
(0.9)
(0.5)
\u2013
(7.7)
At 31 March 2026
12.2
1.3
16.1
3.1
4.2
4.8
0.5
42.2
Accumulated depreciation
At 1 April 2024
\u2013
\u2013
9.1
1.9
2.4
4.3
\u2013
17.7
Provided during the year
\u2013
\u2013
1.5
0.3
0.6
0.5
\u2013
2.9
Disposals
\u2013
\u2013
\u2013
(0.2)
\u2013
(0.4)
\u2013
(0.6)
At 31 March 2025
\u2013
\u2013
10.6
2.0
3.0
4.4
\u2013
20.0
Provided during the year
\u2013
0.1
1.3
0.3
0.6
0.2
\u2013
2.5
Disposals
\u2013
(0.1)
(0.7)
(0.5)
(0.7)
(0.5)
\u2013
(2.5)
At 31 March 2026
\u2013
\u2013
11.2
1.8
2.9
4.1
\u2013
20.0
Net book value
At 31 March 2026
12.2
1.3
4.9
1.3
1.3
0.7
0.5
22.2
At 31 March 2025
5.3
1.8
5.2
1.0
1.5
0.6
\u2013
15.4
The depreciation expense of \u00a32.5m (FY25: \u00a32.9m) has been recorded in operating expenses.
Under IAS 36, the Group performs an annual assessment as to the existence of impairment indicators. Management has not identified an indicator of impairment in FY26.
Included within the annual assessment, the Group also performs a high level financial review of the asset classes and cost categories likely to be impacted most significantly by climate
change. An exercise was undertaken as part of our financial planning to ensure that our climate-related risks and any associated costs had been considered when assessing the value of
our assets and future cash flow forecasts. An estimated impact of climate-related risks was included in the annual assessment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-345": { "value": "Under IAS 36, the Group performs an annual assessment as to the existence of impairment indicators. Management has not identified an indicator of impairment in FY26. Included within the annual assessment, the Group also performs a high level financial review of the asset classes and cost categories likely to be impacted most significantly by climate change. An exercise was undertaken as part of our financial planning to ensure that our climate-related risks and any associated costs had been considered when assessing the value of our assets and future cash flow forecasts. An estimated impact of climate-related risks was included in the annual assessment. Impairment assessment Management has completed an impairment review of the Group\u2019s estate. Each retail store is typically its own cash generating unit. Recoverable amounts for cash generating units are the higher of fair value less costs of disposal, and value-in-use.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-315": { "value": "
16. Leases
The Group only acts as a lessee.
(a) Amounts recognised in the statement of financial position
The balance sheet shows the following amounts relating to leases:
\u00a3m
Right-of-use assets
Balance at 1 April 2024
53.1
Additions to right-of-use assets
5.0
Disposals of right-of-use assets
(0.8)
Depreciation charge
(6.3)
Balance at 31 March 2025
51.0
Balance at 1 April 2025
51.0
Additions to right-of-use assets
5.1
Modifications to right-of-use assets
6.6
Depreciation charge
(5.9)
Balance at 31 March 2026
56.8
\u00a3m
Lease liabilities
Balance at 1 April 2024
59.6
Additions to lease liabilities
5.0
Disposal of lease liabilities
(0.8)
Repayment of lease liabilities (including interest element)
(8.5)
Interest expense related to lease liabilities
2.1
Balance at 31 March 2025
57.4
Current
6.0
Non-current
51.4
Balance at 1 April 2025
57.4
Additions to lease liabilities
5.0
Modifications to lease liabilities
6.6
Repayment of lease liabilities (including interest element)
(8.1)
Interest expense related to lease liabilities
2.1
Balance at 31 March 2026
63.0
Current
6.6
Non-current
56.4
A maturity analysis of lease liabilities based on undiscounted gross cash flows as at
31 March 2026 is reported in the table below.
2026 2025
\u00a3m \u00a3m
Within one year
8.1
7.7
In the second to fifth years inclusive
31.3
29.8
After five years
50.2
31.7
Total minimum lease payments
89.6
69.2
Interest charges
(26.6)
(11.8)
Lease liability
63.0
57.4
(b) Amounts recognised in the statement of comprehensive income
The statement of comprehensive income shows the following amounts relating to leases:
2026 2025
\u00a3m \u00a3m
Depreciation charge of right-of-use assets
Buildings
5.9
6.3
Finance expense
Interest expense
2.1
2.1
The total cash outflow for leases held as right-of-use assets in FY26 was \u00a38.1m (FY25: \u00a38.5m).
An expense on short term leases is also included of \u00a30.1m (FY25: \u00a30.3m).
There are no low value leases.
(c) The Group\u2019s leasing activities and how these are accounted for
The Group leases various offices, stores and preparation centres. Rental contracts are
typically made for fixed periods of three to 20 years, but may have extension options.
Lease terms are negotiated on an individual basis and contain a range of different terms
and conditions. The lease agreements do not impose any covenants other than the security
interests in the leased assets that are held by the lessor. Leased assets may not be used as
security for borrowing purposes.
Where leases contain options to break, the Group has assumed that these are exercised,
unless there is reasonable certainty that the lease will be extended. Similarly, for any
extension options, these have not been assumed to be utilised unless there is reasonable
certainty.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group.
Lease payments to be made under reasonably certain extension options are also included
in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate
cannot be readily determined, which is generally the case for leases in the Group, the
lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would
have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-
use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
\u2022 where possible, uses recent third party financing received by the individual lessee as
a starting point, adjusted to reflect changes in financing conditions since third party
financing was received;
\u2022 uses a build up approach that starts with a risk-free interest rate adjusted for credit risk
for leases held by the Group, which does not have recent third party financing; and
\u2022 makes adjustments specific to the lease where relevant.
Lease payments are allocated between principal and finance cost. The finance cost is
charged to profit or loss over the lease period so as to produce a constant periodic rate of
interest on the remaining balance of the liability for each period.
Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease
term on a straight line basis.
There have been no lease payment breaks during the year.
Extension and termination options
Extension and termination options are included in a number of property and equipment
leases across the Group. These are used to maximise operational flexibility in terms
of managing the assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective
lessor.
Impairment assessment
Management has completed an impairment review of the Group\u2019s estate. Each retail store
is typically its own cash generating unit. Recoverable amounts for cash generating units are
the higher of fair value less costs of disposal, and value-in-use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-316": { "value": "
17. Intangible assets
Work in
progress IT projects Total
\u00a3m \u00a3m \u00a3m
Cost and net book value
At 1 April 2024
\u2013
3.7
3.7
Additions
0.5
\u2013
0.5
Transfers
(0.3)
0.3
\u2013
Amortisation charge
\u2013
(1.2)
(1.2)
At 31 March 2025
0.2
2.8
3.0
Additions
0.5
0.4
0.9
Transfers
(0.2)
0.2
\u2013
Amortisation charge
\u2013
(1.3)
(1.3)
At 31 March 2026
0.5
2.1
2.6
The amortisation charge of \u00a31.3m (FY25: \u00a31.2m) has been recorded in operating expenses.
The intangible assets balance comprises capitalised employee and third party costs
incurred in relation to new system development and internally generated new application
programming interfaces between platforms used by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-346": { "value": "17. Intangible assets
Work in
progress IT projects Total
\u00a3m \u00a3m \u00a3m
Cost and net book value
At 1 April 2024
\u2013
3.7
3.7
Additions
0.5
\u2013
0.5
Transfers
(0.3)
0.3
\u2013
Amortisation charge
\u2013
(1.2)
(1.2)
At 31 March 2025
0.2
2.8
3.0
Additions
0.5
0.4
0.9
Transfers
(0.2)
0.2
\u2013
Amortisation charge
\u2013
(1.3)
(1.3)
At 31 March 2026
0.5
2.1
2.6
The amortisation charge of \u00a31.3m (FY25: \u00a31.2m) has been recorded in operating expenses. The intangible assets balance comprises capitalised employee and third party costs incurred in relation to new system development and internally generated new application programming interfaces between platforms used by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-385": { "value": "18. Deferred tax assets The movement in deferred taxation assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Accelerated
capital Other timing
allowances differences Total
\u00a3m \u00a3m \u00a3m
At 1 April 2024
1.5
(0.1)
1.4
Credited to statement of comprehensive income
(0.2)
\u2013
(0.2)
Charged to equity
\u2013
0.1
0.1
At 31 March 2025
1.3
\u2013
1.3
Charged to statement of comprehensive income
\u2013
\u2013
\u2013
Credited to equity
\u2013
\u2013
\u2013
At 31 March 2026
1.3
\u2013
1.3
Deferred tax of \u00a3Nil (FY25: \u00a3Nil) is expected to be recovered or settled within 12 months from the reporting date. There are no unrecognised deferred tax assets (FY25: None). As at the balance sheet date of 31 March 2026 the deferred tax asset has been calculated based on 25%, reflecting the expected timing of reversal of the related temporary differences (FY25: 25%). 20. Trade and other receivables
2026 2025
Due within one year \u00a3m \u00a3m
Trade receivables
1
4.1
5.9
Prepayments
3.6
2.5
Accrued income
2
5.2
5.0
VAT recoverable
2.6
\u2013
Other receivables
1.5
\u2013
17.0
13.4
1. Trade receivables are non interest bearing and generally have a term of less than seven days. Due to their short maturities, the fair value of current trade and other receivables approximates to their book value. Trade receivables represent amounts due from inancial institutions on the inanced element of vehicle sales to customers. The maximum exposure to credit risk is the carrying amount. The Group has no provisions against trade receivables (FY25: \u00a3Nil). 2. Accrued income relates to commissions earned from inance companies and an immaterial amount for accrued rebates.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-347": { "value": "18. Deferred tax assets The movement in deferred taxation assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
Accelerated
capital Other timing
allowances differences Total
\u00a3m \u00a3m \u00a3m
At 1 April 2024
1.5
(0.1)
1.4
Credited to statement of comprehensive income
(0.2)
\u2013
(0.2)
Charged to equity
\u2013
0.1
0.1
At 31 March 2025
1.3
\u2013
1.3
Charged to statement of comprehensive income
\u2013
\u2013
\u2013
Credited to equity
\u2013
\u2013
\u2013
At 31 March 2026
1.3
\u2013
1.3
Deferred tax of \u00a3Nil (FY25: \u00a3Nil) is expected to be recovered or settled within 12 months from the reporting date. There are no unrecognised deferred tax assets (FY25: None). As at the balance sheet date of 31 March 2026 the deferred tax asset has been calculated based on 25%, reflecting the expected timing of reversal of the related temporary differences (FY25: 25%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-317": { "value": "
19. Inventories
2026 2025
\u00a3m \u00a3m
Finished goods: New and used vehicles for resale
194.1
151.4
The replacement cost of inventories is not considered to be materially different from the
above values.
Provisions against inventory total \u00a31.5m (FY25: \u00a31.3m). Write down of inventories
recognised as an expense in the period excluding provision movement totalled \u00a37.7m
(FY25: \u00a38.7m).
Inventory with a carrying value of \u00a3145.8m (FY25: \u00a3122.4m) has been pledged as security
for the stocking finance facilities where funding has been drawn down on that inventory.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-318": { "value": "
20. Trade and other receivables
2026 2025
Due within one year \u00a3m \u00a3m
Trade receivables
1
4.1
5.9
Prepayments
3.6
2.5
Accrued income
2
5.2
5.0
VAT recoverable
2.6
\u2013
Other receivables
1.5
\u2013
17.0
13.4
1. Trade receivables are non interest bearing and generally have a term of less than seven days. Due to their
short maturities, the fair value of current trade and other receivables approximates to their book value.
Trade receivables represent amounts due from inancial institutions on the inanced element of vehicle
sales to customers. The maximum exposure to credit risk is the carrying amount. The Group has no
provisions against trade receivables (FY25: \u00a3Nil).
2. Accrued income relates to commissions earned from inance companies and an immaterial amount for
accrued rebates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-364": { "value": "20. Trade and other receivables
2026 2025
Due within one year \u00a3m \u00a3m
Trade receivables
1
4.1
5.9
Prepayments
3.6
2.5
Accrued income
2
5.2
5.0
VAT recoverable
2.6
\u2013
Other receivables
1.5
\u2013
17.0
13.4
1. Trade receivables are non interest bearing and generally have a term of less than seven days. Due to their short maturities, the fair value of current trade and other receivables approximates to their book value. Trade receivables represent amounts due from inancial institutions on the inanced element of vehicle sales to customers. The maximum exposure to credit risk is the carrying amount. The Group has no provisions against trade receivables (FY25: \u00a3Nil). 2. Accrued income relates to commissions earned from inance companies and an immaterial amount for accrued rebates.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-348": { "value": "20. Trade and other receivables
2026 2025
Due within one year \u00a3m \u00a3m
Trade receivables
1
4.1
5.9
Prepayments
3.6
2.5
Accrued income
2
5.2
5.0
VAT recoverable
2.6
\u2013
Other receivables
1.5
\u2013
17.0
13.4
1. Trade receivables are non interest bearing and generally have a term of less than seven days. Due to their short maturities, the fair value of current trade and other receivables approximates to their book value. Trade receivables represent amounts due from inancial institutions on the inanced element of vehicle sales to customers. The maximum exposure to credit risk is the carrying amount. The Group has no provisions against trade receivables (FY25: \u00a3Nil). 2. Accrued income relates to commissions earned from inance companies and an immaterial amount for accrued rebates.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-379": { "value": "
21. Cash and cash equivalents
2026 2025
\u00a3m \u00a3m
Cash at bank and in hand
5.2
6.6
(h) Credit quality of financial assets As disclosed in note 20 the Group has no financial assets that are impaired. The Group\u2019s financial assets represent balances due from a selected panel of financial institutions that provide finance to the Group\u2019s retail customers, and cash and cash equivalents held with banks. The Group has banking arrangements in place with Santander UK Plc and financing arrangements in place with Lloyds Bank Plc and Barclays Bank Plc, all of which have a Fitch credit rating of A or above. The Group does not obtain credit ratings for its customers. Due to their short maturities the expected credit loss on financial assets is estimated at \u00a3Nil. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-320": { "value": "
22. Borrowings
During the year the Company renegotiated the terms of its stocking facilities, increasing
available headroom in Q3 and Q4 each year from \u00a3165.0m to \u00a3205.0m. The Company
also renegotiated the terms of the revolving credit facility to access an additional \u00a35.0m
throughout the second half of the financial year on an ongoing annual basis. As at the
reporting date \u00a314m of the revolving credit facility (FY25: \u00a3Nil) and \u00a3Nil of the overdraft
(FY25: \u00a3Nil) was drawn down. The terms of the revolving credit facility and overdraft require
a full repayment for a period of at least one day in each financial year and half year with no
less than one month between repayments.
During the year the Company also renegotiated the terms of the revolving credit facility to
access an additional \u00a35.0m throughout the second half of the financial year on an ongoing
annual basis. The facility has also been extended to June 2028.
Net debt reconciliation
Borrowings Leases Sub total Cash Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net debt as at 1 April 2024
\u2013
(59.6)
(59.6)
9.2
(50.4)
Financing cash flows
\u2013
6.4
6.4
(2.6)
3.8
New leases
\u2013
(5.0)
(5.0)
\u2013
(5.0)
Lease disposals
\u2013
0.8
0.8
\u2013
0.8
Lease modifications
\u2013
\u2013
\u2013
\u2013
\u2013
Interest expense
(7.3)
(2.1)
(9.4)
\u2013
(9.4)
Interest payments
(presented as operating
cash flows)
7.3
2.1
9.4
\u2013
9.4
Net debt as at
31 March 2025
\u2013
(57.4)
(57.4)
6.6
(50.8)
Financing cash flows
1
(14.0)
6.0
(8.0)
(1.4)
(9.4)
New leases
\u2013
(5.0)
(5.0)
\u2013
(5.0)
Lease disposals
\u2013
\u2013
\u2013
\u2013
\u2013
Lease modifications
\u2013
(6.6)
(6.6)
\u2013
(6.6)
Interest expense
(8.2)
(2.1)
(10.3)
\u2013
(10.3)
Interest payments
(presented as operating
cash flows)
8.2
2.1
10.3
\u2013
10.3
Net debt as at
31 March 2026
(14.0)
(63.0)
(77.0)
5.2
(71.8)
1. Financing cash lows includes repayment of borrowings of \u00a377.5m (FY25: \u00a333.0m) and proceeds
from borrowings of \u00a391.5m (FY25: \u00a333.0m).
The finance charge for utilising the revolving credit facility was dependent on the Group\u2019s
borrowing ratios as well as the base rate of interest in effect. During the year interest was
charged at 6.0% (FY25: 7.0%) per annum. The interest charged for the year of \u00a30.7m (FY25:
\u00a30.4m) has been expensed as a finance cost.
25. Financial instruments and risk management The principal financial liabilities comprise inventory finance facilities, borrowings, and trade and other payables. The main purpose of these financial liabilities is to provide working capital funding for the Group. The main risks arising from financial liabilities are discussed further below. The principal financial assets comprise trade and other receivables, and cash at bank and in hand. The maximum exposure at the balance sheet date is the carrying value of the financial assets as disclosed in this note. (a) Credit risk The Group trades predominantly with retail customers. Sales to such customers are for cash and/or part exchange, often with finance provided by a selected panel of financial institutions. The majority of the Group\u2019s sales are thus for cash or the remittances of funds from financial institutions, which is achieved in a short period after the sale. As such the Group does not consider that it is exposed to credit risk from retail customers. The same is true for wholesale transactions, as dealers are required to pay for the vehicle before collection. Receivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to bad debts is not considered to be significant. The maximum exposure is the carrying value amount as disclosed in this note. There is no significant concentration of credit risk within the Group. As a consequence, the Directors are satisfied that the Group\u2019s exposure to credit risk is acceptable. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from the default of counterparties, with a maximum exposure equal to the carrying amount of these instruments. Default is defined as the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Counterparty credit risk is managed through the monitoring and active management of counterparty balances. (b) Foreign exchange risk The Group is not exposed to a significant foreign exchange risk. In FY26 and FY25 there were no purchases of inventory from the EU, or other overseas countries and no hedging contracts were entered into. At 31 March 2026 if sterling had weakened/strengthened by 10% against the Euro, with all other variables held constant, the recalculated post tax profit for the year would therefore have been unchanged (FY25: unchanged) as a result of foreign exchange losses/gains on the translation of euro-denominated trade payables. (c) Funding and liquidity risk The funding arrangements of the Group at the balance sheet date consisted primarily of the stocking finance facilities, trade and other payables, as well as an unsecured loan facility provided by Santander UK Plc, split between \u00a36.0m available as an uncommitted overdraft and \u00a319.0m available as a revolving credit facility. Further information regarding these arrangements is included in note 22.
The Group monitors its risk to a shortage of funds using a long term business plan that
considers the maturity of all of its financial liabilities and the projected cash flows from
operations. The Group aims to have sufficient committed borrowing facilities and operating
cash flows to cover its core long term requirements.
The maturity table that follows details the contractual, undiscounted cash flows (both
principal and interest) for the Group\u2019s non derivative financial liabilities into relevant
maturity groupings based on the remaining period at the balance sheet date to the
contractual maturity date. Interest payments have been calculated using the BoE rates at
the period end, except where rates had already been contracted.
Between
Within 180 days Between Between 2
180 days and 1 year 1 and 2 years and 5 years Over 5 years Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Stocking finance
facilities
145.8
\u2013
\u2013
\u2013
\u2013
145.8
Trade creditors and
accruals
40.2
\u2013
\u2013
\u2013
\u2013
40.2
Other creditors
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Borrowings
14.0
\u2013
\u2013
\u2013
\u2013
14.0
Lease liabilities
4.0
4.1
8.0
23.3
50.2
89.6
204.0
4.1
8.0
23.3
50.2
289.6
Between
Within 180 days Between Between 2
180 days and 1 year 1 and 2 years and 5 years Over 5 years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Stocking finance
facilities
122.4
\u2013
\u2013
\u2013
\u2013
122.4
Trade creditors and
accruals
26.6
\u2013
\u2013
\u2013
\u2013
26.6
Other creditors
0.4
\u2013
\u2013
\u2013
\u2013
0.4
Borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
3.8
3.9
7.6
22.2
31.7
69.2
153.2
3.9
7.6
22.2
31.7
218.6
(d) Capital market risk
The Group is subject to capital market risk, primarily in relation to changes in interest rates.
The Group\u2019s interest bearing financial liabilities are analysed as follows:
2026
2025
Floating Fixed Total Floating Fixed Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
denominated
145.8
\u2013
145.8
122.4
\u2013
122.4
Total
145.8
\u2013
145.8
122.4
\u2013
122.4
At 31 March 2026 and 2025 the floating rate financial liabilities comprise stocking finance
facilities and a revolving credit facility which all bear interest based on the Bank of England
(BoE) rate.
The following table demonstrates the sensitivity to a reasonably possible change in interest
rates, with all other variables held constant, to the Group\u2019s results before tax. The Group\u2019s
equity would be impacted by this amount less tax at the prevailing rate.
Increase/
decrease in 2026 2025
basis points \u00a3m \u00a3m
Sterling
+50
(0.7)
(0.6)
Sterling
-50
0.7
0.6
(e) Capital management
The Group\u2019s objective when managing capital is to ensure adequate working capital for
all operating activities and liquidity, including a comfortable headroom to take advantage
of shorter term opportunities, or to weather short term shocks. Secondly the Group aims
to operate an efficient capital structure to achieve the business plan. For these purposes
the Group considers capital to be shareholders\u2019 equity, borrowings and stocking finance
facilities.
Consistent with others in the industry the Group monitors capital through the following
ratio: total net debt as per note 22 divided by EBITDA (see Alternative performance
measures section).
The funding arrangements of the Group at the balance sheet date consisted primarily
of the stocking finance facilities, trade and other payables, as well as an unsecured loan
facility provided by Santander UK Plc, split between \u00a36.0m available as an uncommitted
overdraft and \u00a319.0m available as a revolving credit facility. Further information regarding
these arrangements is included in note 23.
There are certain covenants on the revolving credit and stocking facilities noted below
in respect of the Group consolidated financial statements. The Group reviews covenant
compliance on a monthly basis, both retrospectively and prospectively. As discussed more
in note 2 and 4, in a stressed scenario, it is possible the Group would need to negotiate
changes to the covenants but this is not considered plausible in the scenarios modelled.
At 31 March 2026 the Group had undrawn stocking finance facilities of \u00a359.2m (FY25:
\u00a342.6m) and undrawn credit facilities of \u00a311.0m (FY25: \u00a320.0m) and further information can
be found in note 22.
Under the terms of the major borrowing facilities, the Group is required to comply with
the following financial covenants; terms are defined within the alternative performance
measures section and the Glossary:
\u2022 the interest cover (EBITDA after stocking facility interest to borrowing costs, being bank
interest only) should not be less than 4:1
\u2022 adjusted leverage being the total net debt to adjusted EBITDA should not exceed 3:1
\u2022 the reported net worth (net assets per the balance sheet) will not fall below the amount
of \u00a320.0m (FY25: \u00a320.0m)
\u2022 the fixed charge cover being EBITDAR (excluding stores opened in the last two years) to
fixed charges (finance charges plus rent) shall not be less 1.25:1.
The Group has complied with these covenants as applicable throughout the reporting
period. As at 31 March 2026, they were 29:1, 0:1, \u00a326.0m and 2.58:1 respectively
(FY25: 39:1, 0:1, \u00a326.9m and 2.36:1).
(f) Fair value estimation
The Group has no financial assets or liabilities carried at fair value.
(g) Financial instruments by category
The Group\u2019s financial assets are all measured at amortised cost.
Carrying value
2026 \u00a3m
Trade receivables
4.1
Accrued income
5.2
Cash and cash equivalents
5.2
14.5
Carrying value
2025 \u00a3m
Trade receivables
5.9
Accrued income
5.0
Cash and cash equivalents
6.6
17.5
The Group\u2019s liabilities are classified as follows:
Other
financial Liabilities
liabilities at not within
amortised the scope of
cost IFRS 9 Total
2026 \u00a3m \u00a3m \u00a3m
Borrowings
14.0
\u2013
14.0
Trade creditors
29.8
\u2013
29.8
Stocking finance facilities
145.8
\u2013
145.8
Other taxes and social security
\u2013
0.9
0.9
Lease liabilities
63.0
\u2013
63.0
Other creditors
\u2013
\u2013
\u2013
Accruals and deferred income
10.4
5.5
15.9
263.0
6.4
269.4
Other financial Liabilities not
liabilities at within the
amortised scope of IFRS Total
2025 cost \u00a3m 9 \u00a3m \u00a3m
Borrowings
\u2013
\u2013
\u2013
Trade creditors
15.3
\u2013
15.3
Stocking finance facilities
122.4
\u2013
122.4
Other taxes and social security
\u2013
2.7
2.7
Lease liabilities
57.4
\u2013
57.4
Other creditors
0.4
\u2013
0.4
Accruals and deferred income
11.3
3.1
14.4
206.8
5.8
212.6
Fair value hierarchy Financial instruments carried at fair value are required to be measured by reference to the following levels: \u2022 Level 1: quoted prices in active markets for identical assets or liabilities. \u2022 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). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group has no financial instruments carried at fair value. (h) Credit quality of financial assets As disclosed in note 20 the Group has no financial assets that are impaired. The Group\u2019s financial assets represent balances due from a selected panel of financial institutions that provide finance to the Group\u2019s retail customers, and cash and cash equivalents held with banks. The Group has banking arrangements in place with Santander UK Plc and financing arrangements in place with Lloyds Bank Plc and Barclays Bank Plc, all of which have a Fitch credit rating of A or above. The Group does not obtain credit ratings for its customers. Due to their short maturities the expected credit loss on financial assets is estimated at \u00a3Nil. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-350": { "value": "22. Borrowings During the year the Company renegotiated the terms of its stocking facilities, increasing available headroom in Q3 and Q4 each year from \u00a3165.0m to \u00a3205.0m. The Company also renegotiated the terms of the revolving credit facility to access an additional \u00a35.0m throughout the second half of the financial year on an ongoing annual basis. As at the reporting date \u00a314m of the revolving credit facility (FY25: \u00a3Nil) and \u00a3Nil of the overdraft (FY25: \u00a3Nil) was drawn down. The terms of the revolving credit facility and overdraft require a full repayment for a period of at least one day in each financial year and half year with no less than one month between repayments. During the year the Company also renegotiated the terms of the revolving credit facility to access an additional \u00a35.0m throughout the second half of the financial year on an ongoing annual basis. The facility has also been extended to June 2028. Net debt reconciliation
Borrowings Leases Sub total Cash Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net debt as at 1 April 2024
\u2013
(59.6)
(59.6)
9.2
(50.4)
Financing cash flows
\u2013
6.4
6.4
(2.6)
3.8
New leases
\u2013
(5.0)
(5.0)
\u2013
(5.0)
Lease disposals
\u2013
0.8
0.8
\u2013
0.8
Lease modifications
\u2013
\u2013
\u2013
\u2013
\u2013
Interest expense
(7.3)
(2.1)
(9.4)
\u2013
(9.4)
Interest payments
(presented as operating
cash flows)
7.3
2.1
9.4
\u2013
9.4
Net debt as at
31 March 2025
\u2013
(57.4)
(57.4)
6.6
(50.8)
Financing cash flows
1
(14.0)
6.0
(8.0)
(1.4)
(9.4)
New leases
\u2013
(5.0)
(5.0)
\u2013
(5.0)
Lease disposals
\u2013
\u2013
\u2013
\u2013
\u2013
Lease modifications
\u2013
(6.6)
(6.6)
\u2013
(6.6)
Interest expense
(8.2)
(2.1)
(10.3)
\u2013
(10.3)
Interest payments
(presented as operating
cash flows)
8.2
2.1
10.3
\u2013
10.3
Net debt as at
31 March 2026
(14.0)
(63.0)
(77.0)
5.2
(71.8)
1. Financing cash lows includes repayment of borrowings of \u00a377.5m (FY25: \u00a333.0m) and proceeds from borrowings of \u00a391.5m (FY25: \u00a333.0m). The finance charge for utilising the revolving credit facility was dependent on the Group\u2019s borrowing ratios as well as the base rate of interest in effect. During the year interest was charged at 6.0% (FY25: 7.0%) per annum. The interest charged for the year of \u00a30.7m (FY25: \u00a30.4m) has been expensed as a finance cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-319": { "value": "
23. Trade and other payables:
Amounts due within one year
2026 2025
\u00a3m \u00a3m
Trade payables
\u2013 Trade creditors
29.8
15.3
\u2013 Stocking finance facilities
1
145.8
122.4
Other taxes and social security
\u2013 VAT payable
\u2013
1.9
\u2013 PAYE/NI payable
0.9
0.8
Other creditors
\u2013
0.4
Accruals and deferred income
2
15.9
14.4
192.4
155.2
1. Stocking inance facilities are provided from Black Horse Limited and Lombard North Central Plc. At 31
March 2026 the Group had \u00a3205.0m (split between \u00a3105.0m Black Horse Ltd and \u00a3100.0m Lombard
North Central Plc) (FY25: \u00a3165.0m split \u00a390.0m Black Horse Ltd and \u00a375.0m Lombard North Central Plc)
of stocking inance facilities of which \u00a3145.8m (FY25: \u00a3122.4m) was drawn.
All borrowings are secured against the vehicle which the relevant stocking inance facility is drawn down
against. The facilities bear interest at the rate of 1.25% and 1.35% respectively over the Bank of England
(BoE) base rate. Interest expense in the year of \u00a37.5m (FY25: \u00a36.9m) has been recognised as a inance
cost.
2. Included within accruals and deferred income is \u00a31.2m (FY25: \u00a30.1m) in relation to vehicles invoiced not
collected at the reporting date, \u00a31.3m (FY25: \u00a3Nil) of deposits relating to funds received from customers
during the order process in advance of invoice date, and \u00a33.0m (FY25: \u00a33.0m) of commissions received
in advance. Also included within accruals and deferred income is \u00a31.5m (FY25: \u00a31.4m) relating to refund
liabilities and \u00a31.1m (FY25: \u00a31.0m) relating to inance commission clawbacks.
Other than the stocking finance facilities payable, trade and other payables are all non
interest bearing.
Due to their short maturities, the fair value of current liabilities approximates to their book
value and all are in sterling.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-380": { "value": "23. Trade and other payables: Amounts due within one year
2026 2025
\u00a3m \u00a3m
Trade payables
\u2013 Trade creditors
29.8
15.3
\u2013 Stocking finance facilities
1
145.8
122.4
Other taxes and social security
\u2013 VAT payable
\u2013
1.9
\u2013 PAYE/NI payable
0.9
0.8
Other creditors
\u2013
0.4
Accruals and deferred income
2
15.9
14.4
192.4
155.2
1. Stocking inance facilities are provided from Black Horse Limited and Lombard North Central Plc. At 31 March 2026 the Group had \u00a3205.0m (split between \u00a3105.0m Black Horse Ltd and \u00a3100.0m Lombard North Central Plc) (FY25: \u00a3165.0m split \u00a390.0m Black Horse Ltd and \u00a375.0m Lombard North Central Plc) of stocking inance facilities of which \u00a3145.8m (FY25: \u00a3122.4m) was drawn. All borrowings are secured against the vehicle which the relevant stocking inance facility is drawn down against. The facilities bear interest at the rate of 1.25% and 1.35% respectively over the Bank of England (BoE) base rate. Interest expense in the year of \u00a37.5m (FY25: \u00a36.9m) has been recognised as a inance cost. 2. Included within accruals and deferred income is \u00a31.2m (FY25: \u00a30.1m) in relation to vehicles invoiced not collected at the reporting date, \u00a31.3m (FY25: \u00a3Nil) of deposits relating to funds received from customers during the order process in advance of invoice date, and \u00a33.0m (FY25: \u00a33.0m) of commissions received in advance. Also included within accruals and deferred income is \u00a31.5m (FY25: \u00a31.4m) relating to refund liabilities and \u00a31.1m (FY25: \u00a31.0m) relating to inance commission clawbacks. Other than the stocking finance facilities payable, trade and other payables are all non interest bearing. Due to their short maturities, the fair value of current liabilities approximates to their book value and all are in sterling.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-365": { "value": "23. Trade and other payables: Amounts due within one year
2026 2025
\u00a3m \u00a3m
Trade payables
\u2013 Trade creditors
29.8
15.3
\u2013 Stocking finance facilities
1
145.8
122.4
Other taxes and social security
\u2013 VAT payable
\u2013
1.9
\u2013 PAYE/NI payable
0.9
0.8
Other creditors
\u2013
0.4
Accruals and deferred income
2
15.9
14.4
192.4
155.2
1. Stocking inance facilities are provided from Black Horse Limited and Lombard North Central Plc. At 31 March 2026 the Group had \u00a3205.0m (split between \u00a3105.0m Black Horse Ltd and \u00a3100.0m Lombard North Central Plc) (FY25: \u00a3165.0m split \u00a390.0m Black Horse Ltd and \u00a375.0m Lombard North Central Plc) of stocking inance facilities of which \u00a3145.8m (FY25: \u00a3122.4m) was drawn. All borrowings are secured against the vehicle which the relevant stocking inance facility is drawn down against. The facilities bear interest at the rate of 1.25% and 1.35% respectively over the Bank of England (BoE) base rate. Interest expense in the year of \u00a37.5m (FY25: \u00a36.9m) has been recognised as a inance cost. 2. Included within accruals and deferred income is \u00a31.2m (FY25: \u00a30.1m) in relation to vehicles invoiced not collected at the reporting date, \u00a31.3m (FY25: \u00a3Nil) of deposits relating to funds received from customers during the order process in advance of invoice date, and \u00a33.0m (FY25: \u00a33.0m) of commissions received in advance. Also included within accruals and deferred income is \u00a31.5m (FY25: \u00a31.4m) relating to refund liabilities and \u00a31.1m (FY25: \u00a31.0m) relating to inance commission clawbacks. Other than the stocking finance facilities payable, trade and other payables are all non interest bearing. Due to their short maturities, the fair value of current liabilities approximates to their book value and all are in sterling.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-349": { "value": "23. Trade and other payables: Amounts due within one year
2026 2025
\u00a3m \u00a3m
Trade payables
\u2013 Trade creditors
29.8
15.3
\u2013 Stocking finance facilities
1
145.8
122.4
Other taxes and social security
\u2013 VAT payable
\u2013
1.9
\u2013 PAYE/NI payable
0.9
0.8
Other creditors
\u2013
0.4
Accruals and deferred income
2
15.9
14.4
192.4
155.2
1. Stocking inance facilities are provided from Black Horse Limited and Lombard North Central Plc. At 31 March 2026 the Group had \u00a3205.0m (split between \u00a3105.0m Black Horse Ltd and \u00a3100.0m Lombard North Central Plc) (FY25: \u00a3165.0m split \u00a390.0m Black Horse Ltd and \u00a375.0m Lombard North Central Plc) of stocking inance facilities of which \u00a3145.8m (FY25: \u00a3122.4m) was drawn. All borrowings are secured against the vehicle which the relevant stocking inance facility is drawn down against. The facilities bear interest at the rate of 1.25% and 1.35% respectively over the Bank of England (BoE) base rate. Interest expense in the year of \u00a37.5m (FY25: \u00a36.9m) has been recognised as a inance cost. 2. Included within accruals and deferred income is \u00a31.2m (FY25: \u00a30.1m) in relation to vehicles invoiced not collected at the reporting date, \u00a31.3m (FY25: \u00a3Nil) of deposits relating to funds received from customers during the order process in advance of invoice date, and \u00a33.0m (FY25: \u00a33.0m) of commissions received in advance. Also included within accruals and deferred income is \u00a31.5m (FY25: \u00a31.4m) relating to refund liabilities and \u00a31.1m (FY25: \u00a31.0m) relating to inance commission clawbacks. Other than the stocking finance facilities payable, trade and other payables are all non interest bearing. Due to their short maturities, the fair value of current liabilities approximates to their book value and all are in sterling.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-321": { "value": "
24. Provisions
2026 2025
\u00a3m \u00a3m
Non- Non-
Current
current
Total
Current
current
Total
Make good provision
1
\u2013
1.3
1.3
\u2013
2.1
2.1
\u2013
1.3
1.3
\u2013
2.1
2.1
Movements in each class of provision during the financial year are set out below:
2026 2025
\u00a3m \u00a3m
Make
good Onerous Make good Onerous
provision
1
lease
2
Total
provision
1
lease
2
Total
Carrying amount at start of
year
2.1
\u2013
2.1
2.5
0.1
2.6
Charged to statement of
comprehensive income
\u2013 additional provisions
recognised
\u2013
\u2013
\u2013
0.1
\u2013
0.1
\u2013 unwinding of discount
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Amounts used during the year
(0.8)
\u2013
(0.8)
(0.5)
(0.1)
(0.6)
Carrying amount at end of
year
1.3
\u2013
1.3
2.1
\u2013
2.1
1. Make good provision
The Group is required to restore the leased premises of its locations to their original condition at the end
of the respective lease terms. A provision has been recognised for the present value of the estimated
expenditure required to remove any leasehold improvements. These costs have been capitalised as part
of the cost of right-of-use assets and are amortised over the shorter of the term of the lease and the useful
life of the assets.
The timing of the cash out low relating to the make good provision is in line with the life of the relevant
lease. The remaining term on existing leases ranges from one to 20 years with a weighted average of 13
years.
There is judgement associated with the potential cost of remediation of each property and estimated
provisions have been based on the past experiences of the Group.
2. Onerous leases
The Group operates across a number of locations and if there is clear indication that a property will no
longer be used for its intended operation, a provision may be required based on an estimate of potential
liabilities for periods of lease where the property will not be used at the end of the reporting period, to
unwind over the remaining term of the lease. The onerous lease was disposed of in the previous period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-387": { "value": "24. Provisions
2026 2025
\u00a3m \u00a3m
Non- Non-
Current
current
Total
Current
current
Total
Make good provision
1
\u2013
1.3
1.3
\u2013
2.1
2.1
\u2013
1.3
1.3
\u2013
2.1
2.1
Movements in each class of provision during the financial year are set out below:
2026 2025
\u00a3m \u00a3m
Make
good Onerous Make good Onerous
provision
1
lease
2
Total
provision
1
lease
2
Total
Carrying amount at start of
year
2.1
\u2013
2.1
2.5
0.1
2.6
Charged to statement of
comprehensive income
\u2013 additional provisions
recognised
\u2013
\u2013
\u2013
0.1
\u2013
0.1
\u2013 unwinding of discount
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Amounts used during the year
(0.8)
\u2013
(0.8)
(0.5)
(0.1)
(0.6)
Carrying amount at end of
year
1.3
\u2013
1.3
2.1
\u2013
2.1
1. Make good provision The Group is required to restore the leased premises of its locations to their original condition at the end of the respective lease terms. A provision has been recognised for the present value of the estimated expenditure required to remove any leasehold improvements. These costs have been capitalised as part of the cost of right-of-use assets and are amortised over the shorter of the term of the lease and the useful life of the assets. The timing of the cash out low relating to the make good provision is in line with the life of the relevant lease. The remaining term on existing leases ranges from one to 20 years with a weighted average of 13 years. There is judgement associated with the potential cost of remediation of each property and estimated provisions have been based on the past experiences of the Group. 2. Onerous leases The Group operates across a number of locations and if there is clear indication that a property will no longer be used for its intended operation, a provision may be required based on an estimate of potential liabilities for periods of lease where the property will not be used at the end of the reporting period, to unwind over the remaining term of the lease. The onerous lease was disposed of in the previous period.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-366": { "value": "24. Provisions
2026 2025
\u00a3m \u00a3m
Non- Non-
Current
current
Total
Current
current
Total
Make good provision
1
\u2013
1.3
1.3
\u2013
2.1
2.1
\u2013
1.3
1.3
\u2013
2.1
2.1
Movements in each class of provision during the financial year are set out below:
2026 2025
\u00a3m \u00a3m
Make
good Onerous Make good Onerous
provision
1
lease
2
Total
provision
1
lease
2
Total
Carrying amount at start of
year
2.1
\u2013
2.1
2.5
0.1
2.6
Charged to statement of
comprehensive income
\u2013 additional provisions
recognised
\u2013
\u2013
\u2013
0.1
\u2013
0.1
\u2013 unwinding of discount
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Amounts used during the year
(0.8)
\u2013
(0.8)
(0.5)
(0.1)
(0.6)
Carrying amount at end of
year
1.3
\u2013
1.3
2.1
\u2013
2.1
1. Make good provision The Group is required to restore the leased premises of its locations to their original condition at the end of the respective lease terms. A provision has been recognised for the present value of the estimated expenditure required to remove any leasehold improvements. These costs have been capitalised as part of the cost of right-of-use assets and are amortised over the shorter of the term of the lease and the useful life of the assets. The timing of the cash out low relating to the make good provision is in line with the life of the relevant lease. The remaining term on existing leases ranges from one to 20 years with a weighted average of 13 years. There is judgement associated with the potential cost of remediation of each property and estimated provisions have been based on the past experiences of the Group. 2. Onerous leases The Group operates across a number of locations and if there is clear indication that a property will no longer be used for its intended operation, a provision may be required based on an estimate of potential liabilities for periods of lease where the property will not be used at the end of the reporting period, to unwind over the remaining term of the lease. The onerous lease was disposed of in the previous period.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-351": { "value": "
25. Financial instruments and risk management
The principal financial liabilities comprise inventory finance facilities, borrowings, and trade
and other payables. The main purpose of these financial liabilities is to provide working
capital funding for the Group. The main risks arising from financial liabilities are discussed
further below. The principal financial assets comprise trade and other receivables, and cash
at bank and in hand. The maximum exposure at the balance sheet date is the carrying value
of the financial assets as disclosed in this note.
(a) Credit risk
The Group trades predominantly with retail customers. Sales to such customers are for
cash and/or part exchange, often with finance provided by a selected panel of financial
institutions. The majority of the Group\u2019s sales are thus for cash or the remittances of funds
from financial institutions, which is achieved in a short period after the sale. As such the
Group does not consider that it is exposed to credit risk from retail customers. The same
is true for wholesale transactions, as dealers are required to pay for the vehicle before
collection. Receivable balances are monitored on an ongoing basis with the result that the
Group\u2019s exposure to bad debts is not considered to be significant. The maximum exposure
is the carrying value amount as disclosed in this note. There is no significant concentration
of credit risk within the Group. As a consequence, the Directors are satisfied that the
Group\u2019s exposure to credit risk is acceptable.
With respect to credit risk arising from other financial assets of the Group, which comprise
cash and cash equivalents, the Group\u2019s exposure to credit risk arises from the default
of counterparties, with a maximum exposure equal to the carrying amount of these
instruments. Default is defined as the risk of financial loss to the Group if a customer
or counterparty to a financial instrument fails to meet its contractual obligations.
Counterparty credit risk is managed through the monitoring and active management of
counterparty balances.
(b) Foreign exchange risk
The Group is not exposed to a significant foreign exchange risk. In FY26 and FY25 there
were no purchases of inventory from the EU, or other overseas countries and no hedging
contracts were entered into.
At 31 March 2026 if sterling had weakened/strengthened by 10% against the Euro, with all
other variables held constant, the recalculated post tax profit for the year would therefore
have been unchanged (FY25: unchanged) as a result of foreign exchange losses/gains on
the translation of euro-denominated trade payables.
(c) Funding and liquidity risk
The funding arrangements of the Group at the balance sheet date consisted primarily
of the stocking finance facilities, trade and other payables, as well as an unsecured loan
facility provided by Santander UK Plc, split between \u00a36.0m available as an uncommitted
overdraft and \u00a319.0m available as a revolving credit facility. Further information regarding
these arrangements is included in note 22.
The Group monitors its risk to a shortage of funds using a long term business plan that considers the maturity of all of its financial liabilities and the projected cash flows from operations. The Group aims to have sufficient committed borrowing facilities and operating cash flows to cover its core long term requirements. The maturity table that follows details the contractual, undiscounted cash flows (both principal and interest) for the Group\u2019s non derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. Interest payments have been calculated using the BoE rates at the period end, except where rates had already been contracted.
Between
Within 180 days Between Between 2
180 days and 1 year 1 and 2 years and 5 years Over 5 years Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Stocking finance
facilities
145.8
\u2013
\u2013
\u2013
\u2013
145.8
Trade creditors and
accruals
40.2
\u2013
\u2013
\u2013
\u2013
40.2
Other creditors
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Borrowings
14.0
\u2013
\u2013
\u2013
\u2013
14.0
Lease liabilities
4.0
4.1
8.0
23.3
50.2
89.6
204.0
4.1
8.0
23.3
50.2
289.6
Between
Within 180 days Between Between 2
180 days and 1 year 1 and 2 years and 5 years Over 5 years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Stocking finance
facilities
122.4
\u2013
\u2013
\u2013
\u2013
122.4
Trade creditors and
accruals
26.6
\u2013
\u2013
\u2013
\u2013
26.6
Other creditors
0.4
\u2013
\u2013
\u2013
\u2013
0.4
Borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
3.8
3.9
7.6
22.2
31.7
69.2
153.2
3.9
7.6
22.2
31.7
218.6
(d) Capital market risk The Group is subject to capital market risk, primarily in relation to changes in interest rates. The Group\u2019s interest bearing financial liabilities are analysed as follows:
2026
2025
Floating Fixed Total Floating Fixed Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
denominated
145.8
\u2013
145.8
122.4
\u2013
122.4
Total
145.8
\u2013
145.8
122.4
\u2013
122.4
At 31 March 2026 and 2025 the floating rate financial liabilities comprise stocking finance facilities and a revolving credit facility which all bear interest based on the Bank of England (BoE) rate. The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, to the Group\u2019s results before tax. The Group\u2019s equity would be impacted by this amount less tax at the prevailing rate.
Increase/
decrease in 2026 2025
basis points \u00a3m \u00a3m
Sterling
+50
(0.7)
(0.6)
Sterling
-50
0.7
0.6
(e) Capital management The Group\u2019s objective when managing capital is to ensure adequate working capital for all operating activities and liquidity, including a comfortable headroom to take advantage of shorter term opportunities, or to weather short term shocks. Secondly the Group aims to operate an efficient capital structure to achieve the business plan. For these purposes the Group considers capital to be shareholders\u2019 equity, borrowings and stocking finance facilities. Consistent with others in the industry the Group monitors capital through the following ratio: total net debt as per note 22 divided by EBITDA (see Alternative performance measures section). The funding arrangements of the Group at the balance sheet date consisted primarily of the stocking finance facilities, trade and other payables, as well as an unsecured loan facility provided by Santander UK Plc, split between \u00a36.0m available as an uncommitted overdraft and \u00a319.0m available as a revolving credit facility. Further information regarding these arrangements is included in note 23. There are certain covenants on the revolving credit and stocking facilities noted below in respect of the Group consolidated financial statements. The Group reviews covenant compliance on a monthly basis, both retrospectively and prospectively. As discussed more in note 2 and 4, in a stressed scenario, it is possible the Group would need to negotiate changes to the covenants but this is not considered plausible in the scenarios modelled. At 31 March 2026 the Group had undrawn stocking finance facilities of \u00a359.2m (FY25: \u00a342.6m) and undrawn credit facilities of \u00a311.0m (FY25: \u00a320.0m) and further information can be found in note 22. Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants; terms are defined within the alternative performance measures section and the Glossary: \u2022 the interest cover (EBITDA after stocking facility interest to borrowing costs, being bank interest only) should not be less than 4:1 \u2022 adjusted leverage being the total net debt to adjusted EBITDA should not exceed 3:1 \u2022 the reported net worth (net assets per the balance sheet) will not fall below the amount of \u00a320.0m (FY25: \u00a320.0m) \u2022 the fixed charge cover being EBITDAR (excluding stores opened in the last two years) to fixed charges (finance charges plus rent) shall not be less 1.25:1. The Group has complied with these covenants as applicable throughout the reporting period. As at 31 March 2026, they were 29:1, 0:1, \u00a326.0m and 2.58:1 respectively (FY25: 39:1, 0:1, \u00a326.9m and 2.36:1). (f) Fair value estimation The Group has no financial assets or liabilities carried at fair value. (g) Financial instruments by category The Group\u2019s financial assets are all measured at amortised cost.
Carrying value
2026 \u00a3m
Trade receivables
4.1
Accrued income
5.2
Cash and cash equivalents
5.2
14.5
Carrying value
2025 \u00a3m
Trade receivables
5.9
Accrued income
5.0
Cash and cash equivalents
6.6
17.5
The Group\u2019s liabilities are classified as follows:
Other
financial Liabilities
liabilities at not within
amortised the scope of
cost IFRS 9 Total
2026 \u00a3m \u00a3m \u00a3m
Borrowings
14.0
\u2013
14.0
Trade creditors
29.8
\u2013
29.8
Stocking finance facilities
145.8
\u2013
145.8
Other taxes and social security
\u2013
0.9
0.9
Lease liabilities
63.0
\u2013
63.0
Other creditors
\u2013
\u2013
\u2013
Accruals and deferred income
10.4
5.5
15.9
263.0
6.4
269.4
Other financial Liabilities not
liabilities at within the
amortised scope of IFRS Total
2025 cost \u00a3m 9 \u00a3m \u00a3m
Borrowings
\u2013
\u2013
\u2013
Trade creditors
15.3
\u2013
15.3
Stocking finance facilities
122.4
\u2013
122.4
Other taxes and social security
\u2013
2.7
2.7
Lease liabilities
57.4
\u2013
57.4
Other creditors
0.4
\u2013
0.4
Accruals and deferred income
11.3
3.1
14.4
206.8
5.8
212.6
Fair value hierarchy
Financial instruments carried at fair value are required to be measured by reference to the
following levels:
\u2022 Level 1: quoted prices in active markets for identical assets or liabilities.
\u2022 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).
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
The Group has no financial instruments carried at fair value.
(h) Credit quality of financial assets
As disclosed in note 20 the Group has no financial assets that are impaired. The Group\u2019s
financial assets represent balances due from a selected panel of financial institutions that
provide finance to the Group\u2019s retail customers, and cash and cash equivalents held with
banks. The Group has banking arrangements in place with Santander UK Plc and financing
arrangements in place with Lloyds Bank Plc and Barclays Bank Plc, all of which have a Fitch
credit rating of A or above. The Group does not obtain credit ratings for its customers. Due
to their short maturities the expected credit loss on financial assets is estimated at \u00a3Nil.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-367": { "value": "(a) Credit risk The Group trades predominantly with retail customers. Sales to such customers are for cash and/or part exchange, often with finance provided by a selected panel of financial institutions. The majority of the Group\u2019s sales are thus for cash or the remittances of funds from financial institutions, which is achieved in a short period after the sale. As such the Group does not consider that it is exposed to credit risk from retail customers. The same is true for wholesale transactions, as dealers are required to pay for the vehicle before collection. Receivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to bad debts is not considered to be significant. The maximum exposure is the carrying value amount as disclosed in this note. There is no significant concentration of credit risk within the Group. As a consequence, the Directors are satisfied that the Group\u2019s exposure to credit risk is acceptable. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from the default of counterparties, with a maximum exposure equal to the carrying amount of these instruments. Default is defined as the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Counterparty credit risk is managed through the monitoring and active management of counterparty balances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-368": { "value": "(b) Foreign exchange risk The Group is not exposed to a significant foreign exchange risk. In FY26 and FY25 there were no purchases of inventory from the EU, or other overseas countries and no hedging contracts were entered into. At 31 March 2026 if sterling had weakened/strengthened by 10% against the Euro, with all other variables held constant, the recalculated post tax profit for the year would therefore have been unchanged (FY25: unchanged) as a result of foreign exchange losses/gains on the translation of euro-denominated trade payables. (d) Capital market risk The Group is subject to capital market risk, primarily in relation to changes in interest rates. The Group\u2019s interest bearing financial liabilities are analysed as follows:
2026
2025
Floating Fixed Total Floating Fixed Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Sterling
denominated
145.8
\u2013
145.8
122.4
\u2013
122.4
Total
145.8
\u2013
145.8
122.4
\u2013
122.4
At 31 March 2026 and 2025 the floating rate financial liabilities comprise stocking finance facilities and a revolving credit facility which all bear interest based on the Bank of England (BoE) rate. The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, to the Group\u2019s results before tax. The Group\u2019s equity would be impacted by this amount less tax at the prevailing rate.
Increase/
decrease in 2026 2025
basis points \u00a3m \u00a3m
Sterling
+50
(0.7)
(0.6)
Sterling
-50
0.7
0.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-381": { "value": "At 31 March 2026 if sterling had weakened/strengthened by 10% against the Euro, with all other variables held constant, the recalculated post tax profit for the year would therefore have been unchanged (FY25: unchanged) as a result of foreign exchange losses/gains on the translation of euro-denominated trade payables. The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, to the Group\u2019s results before tax. The Group\u2019s equity would be impacted by this amount less tax at the prevailing rate.
Increase/
decrease in 2026 2025
basis points \u00a3m \u00a3m
Sterling
+50
(0.7)
(0.6)
Sterling
-50
0.7
0.6
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-369": { "value": "(c) Funding and liquidity risk The funding arrangements of the Group at the balance sheet date consisted primarily of the stocking finance facilities, trade and other payables, as well as an unsecured loan facility provided by Santander UK Plc, split between \u00a36.0m available as an uncommitted overdraft and \u00a319.0m available as a revolving credit facility. Further information regarding these arrangements is included in note 22. The Group monitors its risk to a shortage of funds using a long term business plan that considers the maturity of all of its financial liabilities and the projected cash flows from operations. The Group aims to have sufficient committed borrowing facilities and operating cash flows to cover its core long term requirements. The maturity table that follows details the contractual, undiscounted cash flows (both principal and interest) for the Group\u2019s non derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. Interest payments have been calculated using the BoE rates at the period end, except where rates had already been contracted.
Between
Within 180 days Between Between 2
180 days and 1 year 1 and 2 years and 5 years Over 5 years Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Stocking finance
facilities
145.8
\u2013
\u2013
\u2013
\u2013
145.8
Trade creditors and
accruals
40.2
\u2013
\u2013
\u2013
\u2013
40.2
Other creditors
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Borrowings
14.0
\u2013
\u2013
\u2013
\u2013
14.0
Lease liabilities
4.0
4.1
8.0
23.3
50.2
89.6
204.0
4.1
8.0
23.3
50.2
289.6
Between
Within 180 days Between Between 2
180 days and 1 year 1 and 2 years and 5 years Over 5 years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Stocking finance
facilities
122.4
\u2013
\u2013
\u2013
\u2013
122.4
Trade creditors and
accruals
26.6
\u2013
\u2013
\u2013
\u2013
26.6
Other creditors
0.4
\u2013
\u2013
\u2013
\u2013
0.4
Borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
3.8
3.9
7.6
22.2
31.7
69.2
153.2
3.9
7.6
22.2
31.7
218.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-382": { "value": "The maturity table that follows details the contractual, undiscounted cash flows (both principal and interest) for the Group\u2019s non derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. Interest payments have been calculated using the BoE rates at the period end, except where rates had already been contracted.
Between
Within 180 days Between Between 2
180 days and 1 year 1 and 2 years and 5 years Over 5 years Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Stocking finance
facilities
145.8
\u2013
\u2013
\u2013
\u2013
145.8
Trade creditors and
accruals
40.2
\u2013
\u2013
\u2013
\u2013
40.2
Other creditors
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Borrowings
14.0
\u2013
\u2013
\u2013
\u2013
14.0
Lease liabilities
4.0
4.1
8.0
23.3
50.2
89.6
204.0
4.1
8.0
23.3
50.2
289.6
Between
Within 180 days Between Between 2
180 days and 1 year 1 and 2 years and 5 years Over 5 years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Stocking finance
facilities
122.4
\u2013
\u2013
\u2013
\u2013
122.4
Trade creditors and
accruals
26.6
\u2013
\u2013
\u2013
\u2013
26.6
Other creditors
0.4
\u2013
\u2013
\u2013
\u2013
0.4
Borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
3.8
3.9
7.6
22.2
31.7
69.2
153.2
3.9
7.6
22.2
31.7
218.6
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-370": { "value": "(e) Capital management The Group\u2019s objective when managing capital is to ensure adequate working capital for all operating activities and liquidity, including a comfortable headroom to take advantage of shorter term opportunities, or to weather short term shocks. Secondly the Group aims to operate an efficient capital structure to achieve the business plan. For these purposes the Group considers capital to be shareholders\u2019 equity, borrowings and stocking finance facilities. Consistent with others in the industry the Group monitors capital through the following ratio: total net debt as per note 22 divided by EBITDA (see Alternative performance measures section). The funding arrangements of the Group at the balance sheet date consisted primarily of the stocking finance facilities, trade and other payables, as well as an unsecured loan facility provided by Santander UK Plc, split between \u00a36.0m available as an uncommitted overdraft and \u00a319.0m available as a revolving credit facility. Further information regarding these arrangements is included in note 23. There are certain covenants on the revolving credit and stocking facilities noted below in respect of the Group consolidated financial statements. The Group reviews covenant compliance on a monthly basis, both retrospectively and prospectively. As discussed more in note 2 and 4, in a stressed scenario, it is possible the Group would need to negotiate changes to the covenants but this is not considered plausible in the scenarios modelled. At 31 March 2026 the Group had undrawn stocking finance facilities of \u00a359.2m (FY25: \u00a342.6m) and undrawn credit facilities of \u00a311.0m (FY25: \u00a320.0m) and further information can be found in note 22. Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants; terms are defined within the alternative performance measures section and the Glossary: \u2022 the interest cover (EBITDA after stocking facility interest to borrowing costs, being bank interest only) should not be less than 4:1 \u2022 adjusted leverage being the total net debt to adjusted EBITDA should not exceed 3:1 \u2022 the reported net worth (net assets per the balance sheet) will not fall below the amount of \u00a320.0m (FY25: \u00a320.0m) \u2022 the fixed charge cover being EBITDAR (excluding stores opened in the last two years) to fixed charges (finance charges plus rent) shall not be less 1.25:1. The Group has complied with these covenants as applicable throughout the reporting period. As at 31 March 2026, they were 29:1, 0:1, \u00a326.0m and 2.58:1 respectively (FY25: 39:1, 0:1, \u00a326.9m and 2.36:1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-383": { "value": "(f) Fair value estimation The Group has no financial assets or liabilities carried at fair value. Fair value hierarchy Financial instruments carried at fair value are required to be measured by reference to the following levels: \u2022 Level 1: quoted prices in active markets for identical assets or liabilities. \u2022 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). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group has no financial instruments carried at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-371": { "value": "(f) Fair value estimation The Group has no financial assets or liabilities carried at fair value. Fair value hierarchy Financial instruments carried at fair value are required to be measured by reference to the following levels: \u2022 Level 1: quoted prices in active markets for identical assets or liabilities. \u2022 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). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group has no financial instruments carried at fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-372": { "value": "(g) Financial instruments by category The Group\u2019s financial assets are all measured at amortised cost.
Carrying value
2026 \u00a3m
Trade receivables
4.1
Accrued income
5.2
Cash and cash equivalents
5.2
14.5
Carrying value
2025 \u00a3m
Trade receivables
5.9
Accrued income
5.0
Cash and cash equivalents
6.6
17.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-373": { "value": "The Group\u2019s liabilities are classified as follows:
Other
financial Liabilities
liabilities at not within
amortised the scope of
cost IFRS 9 Total
2026 \u00a3m \u00a3m \u00a3m
Borrowings
14.0
\u2013
14.0
Trade creditors
29.8
\u2013
29.8
Stocking finance facilities
145.8
\u2013
145.8
Other taxes and social security
\u2013
0.9
0.9
Lease liabilities
63.0
\u2013
63.0
Other creditors
\u2013
\u2013
\u2013
Accruals and deferred income
10.4
5.5
15.9
263.0
6.4
269.4
Other financial Liabilities not
liabilities at within the
amortised scope of IFRS Total
2025 cost \u00a3m 9 \u00a3m \u00a3m
Borrowings
\u2013
\u2013
\u2013
Trade creditors
15.3
\u2013
15.3
Stocking finance facilities
122.4
\u2013
122.4
Other taxes and social security
\u2013
2.7
2.7
Lease liabilities
57.4
\u2013
57.4
Other creditors
0.4
\u2013
0.4
Accruals and deferred income
11.3
3.1
14.4
206.8
5.8
212.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-323": { "value": "
26. Post employment benefit obligations
The Group operates a defined contribution pension scheme. The pension cost charge for
the year represents contributions payable by the Group to the scheme and is disclosed in
note 9. Contributions totalling \u00a30.1m (FY25: \u00a30.1m) were payable to the scheme at the end
of the year and are included in accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-322": { "value": "
27. Called up share capital
2026
2025
Number Amount Number Amount
\u2018000 \u00a3m \u2018000 \u00a3m
Allotted, called up and fully paid ordinary
shares of 1p each
Balance at the beginning of the year
86,620
0.9
89,970
0.9
Released from treasury awaiting cancellation
\u2013
\u2013
30
\u2013
Cancelled treasury shares
\u2013
\u2013
(30)
\u2013
Bought back and cancelled during the year
(3,000)
(0.1)
(3,350)
\u2013
Balance at the end of the year
1
83,620
0.8
86,620
0.9
1. During the period 3,000,000 shares were purchased by the Group in accordance with the terms of its
share buyback programme. All of these shares were cancelled as at 31 March 2026. The shares were
acquired at an average price of 165.3p per share, with prices ranging from 120.3p to 185.0p.
In total the 3,000,000 shares bought back and cancelled represent 3.5% of the issued ordinary shares, at
a purchase cost of \u00a35.0m (FY25: 3,349,808 shares at a cost of \u00a34.7m).
Shares are held on behalf of employees within the Employee Benefit Trust (EBT) detailed in
note 30.
The Group does not have a limited amount of authorised capital.
28. Capital redemption reserve
The capital redemption reserve represents the purchase by the Group of its own shares and
comprises the amount by which distributable profits were reduced on these transactions in
accordance with s733 of the Companies Act 2006. \u00a30.1m (FY25: \u00a3Nil) was transferred into
the capital redemption reserve during the year in respect of shares purchased by the Group
and subsequently cancelled.
29. Capital reorganisation reserve
The capital reorganisation reserve represents the capital reduction in the nominal value of
shares in Motorpoint Group Limited (re-registered as Motorpoint Group Plc on 10 May 2016)
from \u00a31 to 1p.
30. Employee Benefit Trust (EBT) reserve
The EBT has an independent trustee and has been set up to satisfy awards which are
exercised in accordance with the terms of the various share-based schemes.
At 31 March 2026 the EBT held 4,843,767 (FY25: 4,284,253) ordinary shares of 1p each in the
Group, purchased at a market cost of \u00a38.8m (FY25: \u00a38.5m).
The consideration paid for the ordinary shares of 1p each in the Group held by the EBT at
31 March 2026 and 31 March 2025 has been shown as an EBT reserve and presented within
equity for the Group. All other assets, liabilities, income and costs of the EBT have been
incorporated into the accounts of the Group.
The table below shows the movements in equity from EBT transactions during the year:
2026
2025
Number
Amount \u00a3m
Number
Amount \u00a3m
Shares purchased by the EBT in the
year
884,179
1.2
2,792,000
3.8
Shares issued in respect of employee
share schemes
(324,665)
(0.9)
(125,757)
(0.4)
Proceeds of \u00a30.4m (FY25: \u00a30.2m) were received on the exercise of share-based payments.
The weighted average cost of shares issued by the EBT was \u00a30.9m (FY25: \u00a30.4m).
Subsequent to the year end employee share options over Nil (FY25: Nil) shares had been
exercised and had been satisfied by ordinary shares issued by the EBT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-352": { "value": "27. Called up share capital
2026
2025
Number Amount Number Amount
\u2018000 \u00a3m \u2018000 \u00a3m
Allotted, called up and fully paid ordinary
shares of 1p each
Balance at the beginning of the year
86,620
0.9
89,970
0.9
Released from treasury awaiting cancellation
\u2013
\u2013
30
\u2013
Cancelled treasury shares
\u2013
\u2013
(30)
\u2013
Bought back and cancelled during the year
(3,000)
(0.1)
(3,350)
\u2013
Balance at the end of the year
1
83,620
0.8
86,620
0.9
1. During the period 3,000,000 shares were purchased by the Group in accordance with the terms of its share buyback programme. All of these shares were cancelled as at 31 March 2026. The shares were acquired at an average price of 165.3p per share, with prices ranging from 120.3p to 185.0p. In total the 3,000,000 shares bought back and cancelled represent 3.5% of the issued ordinary shares, at a purchase cost of \u00a35.0m (FY25: 3,349,808 shares at a cost of \u00a34.7m). Shares are held on behalf of employees within the Employee Benefit Trust (EBT) detailed in note 30. The Group does not have a limited amount of authorised capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-353": { "value": "28. Capital redemption reserve The capital redemption reserve represents the purchase by the Group of its own shares and comprises the amount by which distributable profits were reduced on these transactions in accordance with s733 of the Companies Act 2006. \u00a30.1m (FY25: \u00a3Nil) was transferred into the capital redemption reserve during the year in respect of shares purchased by the Group and subsequently cancelled. 29. Capital reorganisation reserve The capital reorganisation reserve represents the capital reduction in the nominal value of shares in Motorpoint Group Limited (re-registered as Motorpoint Group Plc on 10 May 2016) from \u00a31 to 1p. 30. Employee Benefit Trust (EBT) reserve The EBT has an independent trustee and has been set up to satisfy awards which are exercised in accordance with the terms of the various share-based schemes. At 31 March 2026 the EBT held 4,843,767 (FY25: 4,284,253) ordinary shares of 1p each in the Group, purchased at a market cost of \u00a38.8m (FY25: \u00a38.5m). The consideration paid for the ordinary shares of 1p each in the Group held by the EBT at 31 March 2026 and 31 March 2025 has been shown as an EBT reserve and presented within equity for the Group. All other assets, liabilities, income and costs of the EBT have been incorporated into the accounts of the Group. The table below shows the movements in equity from EBT transactions during the year:
2026
2025
Number
Amount \u00a3m
Number
Amount \u00a3m
Shares purchased by the EBT in the
year
884,179
1.2
2,792,000
3.8
Shares issued in respect of employee
share schemes
(324,665)
(0.9)
(125,757)
(0.4)
Proceeds of \u00a30.4m (FY25: \u00a30.2m) were received on the exercise of share-based payments. The weighted average cost of shares issued by the EBT was \u00a30.9m (FY25: \u00a30.4m). Subsequent to the year end employee share options over Nil (FY25: Nil) shares had been exercised and had been satisfied by ordinary shares issued by the EBT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-354": { "value": "
31. Other commitments
Capital commitments
The Group had capital commitments of \u00a3Nil at 31 March 2026 (FY25: \u00a3Nil).
33. Contingent liabilities The Group is not directly involved in the selling of finance products to consumers; instead refers consumers to third parties who administer and are responsible for the finance product themselves. Since the investigations by the FCA into apparent mis-selling were announced, the Directors have not considered that provisions are required to be made in respect of any exposures, on the basis that lenders are responsible for any redress scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-324": { "value": "31. Other commitments Capital commitments The Group had capital commitments of \u00a3Nil at 31 March 2026 (FY25: \u00a3Nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-325": { "value": "
32. Transactions and balances with related parties
There were no transactions with related parties other than Directors and key management.
Their remuneration including share-based payment as detailed in note 10 to the financial
statements and their beneficiary owned shares are detailed in the Remuneration
Committee report on page 67.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-355": { "value": "32. Transactions and balances with related parties There were no transactions with related parties other than Directors and key management. Their remuneration including share-based payment as detailed in note 10 to the financial statements and their beneficiary owned shares are detailed in the Remuneration Committee report on page 67.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-326": { "value": "
33. Contingent liabilities
The Group is not directly involved in the selling of finance products to consumers; instead
refers consumers to third parties who administer and are responsible for the finance
product themselves. Since the investigations by the FCA into apparent mis-selling were
announced, the Directors have not considered that provisions are required to be made in
respect of any exposures, on the basis that lenders are responsible for any redress scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-327": { "value": "
34. Share-based compensation
Share options are granted to senior executives and other individuals throughout the
organisation. The Group currently operates three share schemes and these are the
Performance Share Plan (\u2019PSP\u2019), the Share Incentive Plan (\u2018SIP\u2019) and the Save As You Earn
(\u2018SAYE\u2019) schemes. During FY21 the Restricted Shares Awards scheme (\u2018RSA\u2019) was introduced,
which operates under the rules of the PSP scheme.
The total expense recognised immediately in profit and loss arising from equity-settled
share-based payment transactions in the year relating to the three schemes including
associated national insurance (\u2018NI\u2019) charges was \u00a31.4m (FY25: \u00a31.0m).
NI is being accrued, where applicable, at a rate of 15.0% (FY25: 15.0%) which management
expects to be the prevailing rate when the awards are exercised, based on the share price
at the reporting date. NI for the year ended 31 March 2026 relating to all awards was a
charge of \u00a30.1m (FY25: \u00a3Nil).
Share Incentive Plan (\u2018SIP\u2019)
The Group operated a SIP under which an award was made available to all eligible
employees following admission to the London Stock Exchange in May 2016.
Performance Share Plan (\u2018PSP\u2019)
The Group operates a Performance Share Plan for Executive Directors and certain key
senior managers.
Restricted Share Award (\u2018RSA\u2019)
Restricted shares differ from performance shares in a way that the grant level is scaled
back, but the vesting of the shares is not subject to specific future conditions
(other than a performance underpin).
SAYE scheme
The Group operates a SAYE scheme for all employees under which employees are invited
to subscribe for options over the Company\u2019s shares at an exercise price representing a
10% discount to the closing mid-market price the day before the invitation date.
SIP
SAYE
PSP
RSA
2026
2025
Weighted Weighted
average average
exercise price Number of exercise price Number of
FY26
FY25
FY26
FY25
FY26
FY25
FY26
FY25
\u00a3 options \u00a3 options
Outstanding at 1 April FY
12,207
13,191
2,239,636
1,440,453
\u2013
412,022
2,789,183
2,409,859
0.42
5,041,026
0.27
4,275,525
Awarded
\u2013
\u2013
879,552
1,112,494
\u2013
\u2013
805,018
1,032,690
0.66
1,684,570
0.61
2,145,184
Forfeited
1
\u2013
\u2013
(619,570)
(278,392)
\u2013
\u2013
(16,108)
(244,183)
(1.06)
(635,678)
(0.28)
(522,575)
Lapsed
\u2013
\u2013
(119,680)
(34,919)
\u2013
\u2013
(33,442)
(295,522)
(1.01)
(153,122)
(0.24)
(330,441)
Exercised
(492)
(984)
(17,632)
\u2013
\u2013
(412,022)
(285,691)
(113,661)
(0.06)
(303,815)
\u2013
(526,667)
Outstanding at 31 March FY
11,715
12,207
2,362,306
2,239,636
\u2013
\u2013
3,258,960
2,789,183
0.43
5,632,981
0.42
5,041,026
Exercisable at 31 March FY
11,715
12,207
52,684
38,010
\u2013
\u2013
570,758
231,641
0.12
635,157
0.37
281,858
1. Options forfeited includes cancellations of 545,316 (FY25: 253,275) relating to the SAYE scheme.
The option pricing model used by the entity to value the shares in the period in which they were launched is the Black-Scholes model.
The weighted average share price at the date of exercise during the period is \u00a31.71 (FY25: \u00a31.45).
The range of exercise prices of share options outstanding at the end of the period for SAYE plans is between \u00a30.69 and \u00a31.76 (FY25: \u00a30.69 and \u00a32.76). The exercise price for RSA share
awards is \u00a3Nil (FY25: \u00a3Nil).
The assumptions used in the measurement of the fair value at grant dates of the respective share schemes are as follows.
Share price Expected Non vesting Fair value
at grant date volatility Option Risk free rate Dividend yield condition per option
\u00a3 % life years % % % \u00a3
SAYE
18 December 2025
1.35
33.1
3.0
3.8
1.63
38.6
0.22
20 December 2024
1.34
35.7
3.0
4.4
1.63
38.6
0.25
RSA
26 June 2025
1.79
34.2 \u2013 37.3
3.0 \u2013 5.0
3.8
1.20 \u2013 1.41
27.1 \u2013 41.0
1.26 \u2013 0.98
26 June 2024
1.43
36.4 \u2013 40.5
3.0 \u2013 5.0
4.1
2.00 \u2013 2.21
27.1 \u2013 41.0
0.97 \u2013 0.75
The maximum subscription offered for SAYE is \u00a35,400 (equivalent to \u00a3150 per month
over the 36 month saving period) (FY25: \u00a35,400). Contributions from salary are made into
a savings account and on maturity participants can exercise their option to buy shares at
the discounted rate with their saved contributions or have the funds returned to them.
Expected volatility is estimated by considering historic average share price volatility of
Motorpoint Group Plc share price at the grant date. The requirement that an employee
has to save in order to purchase shares under the SAYE is a non vesting condition.
This feature has been incorporated into the fair value at grant date by applying a
discount to the valuation obtained from the Black-Scholes pricing model.
The total charge in the year, included in administrative expenses, in relation to these
awards was \u00a30.1m (FY25: \u00a30.1m).
The weighted average remaining contractual life of the outstanding share options based
on the relevant vesting date as at the year end is 1.7 years (FY25: 1.8 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-328": { "value": "
35. Post balance sheet events
After the end of the financial year, a site in a new market location was purchased for
\u00a32.0m. This will be redeveloped and opened as a trading store in due course. The Group
also introduced an additional Property Revolving Credit Facility to a maximum of \u00a310.0m,
which will be used to support capital expenditure requirements, notably in relation to new
store roll out. This facility expires in June 2028, in line with the existing available banking
facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WG8RSE45I3MF22", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }