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"ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2021-11-01T00:00:00/2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "-3900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "-22100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2021-11-01T00:00:00/2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-280": { "value": "-100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "-200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2021-11-01T00:00:00/2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "20900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "43200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2021-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "16900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "20900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "
1. General information
Safestore Holdings plc (the \u201cCompany\u201d) and its subsidiaries (together, the \u201cGroup\u201d) provide self storage facilities to customers throughout the UK,
Paris, Spain, the Netherlands, and Belgium. The Company is a public limited company, which is listed on the London Stock Exchange and
incorporated and domiciled in the UK, England and Wales. The Company operates as the ultimate parent company of the Group. The address
of its registered office is Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-6": { "value": "Safestore Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-286": { "value": "Safestore Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-7": { "value": "provide self storage facilities to customers throughout the UK, Paris, Spain, the Netherlands, and Belgium", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-8": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-9": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-287": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-10": { "value": "Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-288": { "value": "
2. Summary of significant accounting policies
The principal accounting policies of the Group are set out below. These policies have been consistently applied to each of the years presented,
unless otherwise stated.
Basis of preparation
The consolidated financial statements have been prepared in accordance with United Kingdom adopted International Financial Reporting
Standards (\u201cIFRS\u201d) and International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) interpretations. They also comply with those parts
of the Companies Act 2006 applicable to companies reporting under IFRS.
The Group consolidated financial statements are presented in Sterling and are rounded to the nearest \u00a30.1 million, unless otherwise stated.
They are prepared on a going concern basis under the historical cost convention as modified by the revaluation of investment properties and the
fair value of derivative financial instruments.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual
amounts may differ from those estimates.
Going concern
The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than twelve
months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing this consolidated financial information.
In assessing the Group\u2019s going concern position as at 31 October 2023, the Directors have considered a number of factors, including the current
balance sheet position, the principal and emerging risks which could impact the performance of the Group and the Group\u2019s strategic and
financial plan. Consideration has been given to compliance with borrowing covenants along with the uncertainty inherent in future financial
forecasts. The Directors considered the most recent three-year outlook approved by the Board. In the context of the current environment, four
plausible scenarios were applied to the plan, including a reverse stress test scenario. These were based on the potential financial impact of the
Group\u2019s principal risks and uncertainties and the specific risks associated with the cost of living crisis and the conflict in Ukraine. These scenarios
are differentiated by the impact of demand and enquiry levels, average rate growth and the level of cost savings. A scenario was also performed
where we carried out a reverse stress test to model what would be required to breach ICR and LTV covenants, which indicated highly improbable
changes would be needed before any issues were to arise. In November 2022, the Group completed the refinancing of its Revolving Credit
Facilities (\u201cRCF\u201d) which were due to expire in June 2023. The previous \u00a3250 million and \u20ac70 million revolving credit facilities have been replaced with
a single multi-currency unsecured \u00a3400 million facility, with a four-year term with two one-year extension options (available headroom \u00a3197 million).
One tranche of Private Placement notes matures in 2024 and it has been assumed this will be renewed at market rates The impact of these
scenarios has been reviewed against the Group\u2019s projected cash flow position and financial covenants over a three-year period. Should any of
these scenarios, which are differentiated by the impact of demand and enquiry levels, average rate growth and the level of cost savings, occur,
clear mitigating actions are available to ensure that the Group remains liquid and able to meet its liabilities as they fall due. The financial position
of the Group, including details of its financing and capital structure, is set out in the financial review section of this report. Further details of the
Group\u2019s viability statement are set out on page 42.
Standards, amendments to standards and interpretations issued and applied
The following new or revised accounting standards or IFRIC interpretations are applicable for the first time in the year ended 31 October 2023:
\u2022 Amendments to IFRS 3 References to the Conceptual Framework in IFRS Standards
\u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use
\u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract
\u2022 Annual Improvements to IFRS Standards 2018\u20132020 Cycle
The adoption of the standards and interpretations has not significantly impacted these financial statements and any changes to our accounting
policies as a result of their adoption have been reflected in this note.
New and revised IFRSs in issue but not yet effective
At the date of authorisation of these financial statements, a number of new standards and amendments to standards and interpretations have
been issued but are not yet effective for the current accounting period. The Directors do not expect these standards to have a material impact
on the financial statements of the Group or Company.
\u2022 IFRS 17 Insurance Contracts
\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policy
\u2022 Amendments to IAS 8 Definition of Accounting Estimate
\u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
\u2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current
\u2022 Amendments to IAS 28 and IFRS 10 Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture
Basis of consolidation and business combinations
The consolidated financial statements incorporate the financial statements of the Company and all its subsidiary undertakings made up to
31 October each year. Subsidiaries are entities controlled by the Company. Control is achieved when the Company:
\u2022 has power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affect its returns.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date
of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those
used by the Group.
All intra-group transactions, balances and unrealised gains on transactions are eliminated on consolidation. Unrealised losses are also eliminated
unless the transaction provides evidence of an impairment of the assets transferred.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The consideration transferred for the
acquisition is measured as the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity
instruments issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at their fair values at the date of acquisition. Any excess of the cost of an acquisition over the fair value of the Group\u2019s share of
net identifiable assets including intangible assets of the acquired entity at the date of acquisition is recognised as goodwill. Any discount received
is credited to the income statement in the year of acquisition as negative goodwill on acquisition of subsidiary. Costs attributable to an acquisition
are expensed in the consolidated income statement under the heading \u2018administrative expenses\u2019.
Investment in associates
An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through
participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the financial and
operating policy decisions of the investee but is not control or joint control over those policies.
The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting except
when classified as held for sale. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the
Group\u2019s share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess of
the Group\u2019s interest in that associate (which includes any long term interests that, in substance, form part of the Group\u2019s net investment in the
associate) are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the
associate. Where necessary, adjustments are made to the financial statements of associates to bring the accounting policies used into line with
those used by the Group. Where a Group company transacts with an associate of the Group, profits and losses are eliminated to the extent of
the Group\u2019s interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred, in which case appropriate
provision is made for impairment.
Segmental reporting
IFRS 8 \u201cOperating Segments\u201d (\u201cIFRS 8\u201d) requires operating segments to be identified based upon the Group\u2019s internal reporting to the chief
operating decision maker (\u201cCODM\u201d) to make decisions about resources to be allocated to segments and to assess their performance. The
CODM is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has
determined that its CODM are the Executive Directors.
An operating segment is a component of an entity:
(a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating
to transactions with other components of the same entity);
(b) whose operating results are regularly reviewed by the entity\u2019s CODM to make decisions about resources to be allocated to the segment
and assess its performance; and
(c) for which discrete financial information is available.
The Group\u2019s net assets, revenue and profit before tax are attributable to one principal activity, the provision of self storage, in four geographical
reporting segments, the United Kingdom, Paris in France, Spain, and the Netherlands and Belgium in Benelux.
Segment results, assets and liabilities include items directly attributable to segments as well as those that can be allocated on a reasonable basis.
Revenue recognition
Revenue represents amounts derived from the provision of self storage services (rental space, customer goods insurance and consumables) which
fall within the Group\u2019s activities provided in the normal course of business, net of discounts, VAT (where applicable) and other sales related taxes.
Rental income is recognised over the period for which the space is occupied by the customer on a time apportionment basis. No revenue is
recognised if there are significant uncertainties regarding recovery of the consideration due. Insurance income is recognised over the period for
which the space is occupied by the customer on a time apportionment basis.
The Group has put in place insurance arrangements whereby the Group purchases block policies from third party insurers that customers can
access, for which it pays annual premiums at the beginning of the insurance year. The Group allows customers to benefit from the policies and
charges a fee for the level of cover that the customer needs. The block policies purchased and the income earned from charging customers are
independent transactions. Although Safestore is involved in the initial handling of any customers\u2019 insurance claims, these are passed on to the
third party insurance providers, who are responsible for all insurance payments. The Group is not exposed to insurance risk.
The Group bears the inventory risk and pricing risk associated with these contracts and as such the Group acts as principal in the provision
of the access to insurance services for its customers who elect to access that insurance, and therefore revenue from insurance premiums is
reported on a gross basis. The portion of insurance premiums receivable from customers on occupied space that relates to unexpired risks at
the balance sheet date is reported as unearned premium liability in other payables.
Income for the sale of assets and consumables is recognised when the significant risks and rewards have been transferred to the buyer. For
property sales this is generally at the point of completion. Where any aspect of consideration is conditional then the revenue associated with that
conditional item is deferred. Income earned on the sales of consumable items is recognised at the point of sale.
Income from insurance claims is recognised when it is virtually certain of being received.
Foreign currency translation
Functional and presentation currency
The individual financial statements for each company are measured using the currency of the primary economic environment in which it operates
(its functional currency). For the purposes of the consolidated financial statements, the results and financial position of the Group are expressed
in Sterling, which is the presentational currency of the Group.
Transactions and balances
Foreign currency transactions are translated into the functional currency at the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on
the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the
rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the income statement for
the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly
in equity.
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into the Group\u2019s presentational currency at
exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period.
Exchange differences arising are classified as equity and are recognised as a separate component of equity, within the translation reserve.
Such translation differences are recognised as income or expense in the period in which the operation is disposed of.
Borrowing costs
All borrowing costs are recognised in the consolidated income statement in the period in which they are incurred, unless the costs are incurred
as part of the development of a qualifying asset, when they will be capitalised. Commencement of capitalisation is the date when the Group
incurs expenditure for the qualifying asset, incurs borrowing costs and undertakes activities that are necessary to prepare the assets for their
intended use when it is probable that they will result in future economic benefits to the entity and the costs can be measured reliably. In the case
of suspension of activities during extended periods, the Group suspends capitalisation. The Group ceases capitalisation of borrowing costs
when substantially all of the activities necessary to prepare the asset for use are complete, typically when a store opens.
Investment properties and investment properties under construction
Investment properties are those properties owned by the Group that are held to earn rental income, or for capital growth, or both. Investment
properties and investment properties under construction are initially measured at cost, including related transaction and borrowing costs.
After initial recognition, investment properties and investment properties under construction are held at fair value based on a market valuation
by professionally qualified external valuers at each balance sheet date.
The fair value of investment properties and investment properties under construction reflects, among other things, rental income from current
leases and assumptions about rental income from future leases in light of current market conditions. The fair value also reflects, on a similar
basis, any cash outflows that could be expected in respect of the property. Some of these outflows are recognised as a liability, including lease
liabilities in respect of leasehold land and buildings classified as investment properties; others, including variable lease payments not based on
an index or rate, are not recognised in the balance sheet.
In accordance with IAS 40, investment property held as a leasehold is stated gross of the recognised lease liability. Leasehold properties are
classified as investment properties and included in the balance sheet at fair value. The obligation to the lessor for the leasehold is included in the
balance sheet at the present value of the minimum lease payments. The minimum lease payment valuation is re-measured at the point of lease
modification and the value of the Group\u2019s right-of-use assets is adjusted accordingly over the lease term. Gains or losses arising on changes in
the fair values of investment properties and investment properties under construction at the balance sheet date are recognised in the income
statement in the period in which they arise.
Gains or losses on sale of investment properties are calculated as the difference between the consideration received and fair value estimated
at the previous balance sheet date.
If an investment property or part of an investment property becomes owner-occupied, it is reclassified as property, plant and equipment,
and its fair value at the date of reclassification becomes its cost for accounting purposes.
Property, plant and equipment
Property, plant and equipment not classified as investment properties or investment properties under construction are stated at historical cost
less accumulated depreciation and any accumulated impairment loss. Historical cost comprises the purchase price and costs directly incurred
in bringing the asset into use.
Assets\u2019 residual values and useful lives are reviewed and, if appropriate, adjusted at each balance sheet date. If the carrying amount of an asset
is greater than the recoverable amount then the carrying amount is written down immediately to the recoverable amount.
Depreciation is charged so as to write off the cost of an asset less estimated residual value of each asset over its expected useful life using the
straight-line method. The principal rates are as follows:
Owner-occupied freehold buildings 2% per annum
Motor vehicles 20\u201325% per annum
Computer hardware and software 15\u201333% per annum
Fixtures, fittings, signs and partitioning 10\u201315% per annum
The gain or loss arising on the retirement or disposal of an asset is determined as the difference between the net sales proceeds and the
carrying amount of the asset and is recognised in the income statement on disposal.
Impairment of tangible assets (excluding investment property)
At each balance sheet date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the
extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates
the recoverable amount of the cash-generating unit to which the asset belongs.
The recoverable amount is deemed to be the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset
(or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
A reversal of an impairment loss is recognised as income immediately.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises all costs of purchase and other costs incurred in bringing the
inventories to their present location and condition. Cost is calculated using the weighted average method. Net realisable value represents the
estimated selling price less directly associated costs. Provision is made for slow-moving or obsolete stock, calculated on the basis of sales
trends observed in the year.
As at 31 October 2023 the Group held finished goods and goods held for resale of \u00a30.4 million (FY2022: \u00a30.3 million). The Group consumed
\u00a31.1 million (FY2022: \u00a30.7 million) of inventories during the year. Inventory write downs were \u00a3nil for the financial year ended 31 October 2023
(FY2022: \u00a3nil). Inventories of \u00a3nil (FY2022: \u00a3nil) are carried at fair value less costs to sell.
Leases
A right-of-use asset and corresponding lease liability are recognised at commencement of the lease. The lease liability is measured at
the present value of the lease payments, discounted at the rate implicit in the lease or, if that cannot be readily determined, at the lessee\u2019s
incremental borrowing rate specific to the term, country, currency and start date of the lease. Lease payments include: fixed payments; variable
lease payments dependent on an index or rate, initially measured using the index or rate at commencement; the exercise price under a purchase
option if the Group is reasonably certain to exercise; penalties for early termination if the lease term reflects the Group exercising a break option;
and payments in an optional renewal period if the Group is reasonably certain to exercise an extension option or not exercise a break option.
The lease liability is subsequently measured at amortised cost using the effective interest rate method. It is re-measured at the point of lease
modification, with a corresponding adjustment to the right-of-use asset, when there is a change in future lease payments resulting from a rent
review, change in an index or rate such as inflation, or change in the Group\u2019s assessment of whether it is reasonably certain to exercise a
purchase, extension or break option.
The corresponding asset is initially measured at cost, comprising: the initial lease liability; any lease payments already made less any lease
incentives received; initial direct costs; and any dilapidation or restoration costs. The Group has two categories of assets in respect of leases:
those in respect of leases related to its leasehold properties, classified as investment property, and an occupational lease for its Head Office in
France, classified as a right-of-use asset under IFRS 16. The right-of-use assets classified as investment property are subsequently measured at
fair value, gross of the lease liability. The right-of-use asset in respect of its occupational leases is classified as property, plant and equipment and
is subsequently depreciated over the length of the lease.
Leases of low value assets and short term leases of twelve months or less are expensed to the Group consolidated income statement.
Variable lease payments, being the difference between the rent review accruals that will become payable but not yet finalised and the minimum
lease payments of the lease liability on current actual rent paid, are charged as expenses in the years in which they are payable.
Finance charges are charged directly against income, unless they are directly attributable to qualifying assets, in which case they are capitalised
in accordance with the Group\u2019s general policy on borrowing costs.
Financial instruments
(a) Financial assets
Financial assets are classified as financial assets at fair value through profit or loss (\u201cFVTPL\u201d) or at amortised cost as appropriate.
The Group determines the classification of its assets at initial recognition.
Financial assets are de-recognised only when the contractual right to the cash flows from the financial asset expires or the Group transfers
substantially all risks and rewards of ownership.
A financial asset is measured at amortised cost if it meets both of the following conditions:
\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 specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
All financial assets not classified as measured at amortised cost as described above are measured through FVTPL. This includes all derivative
financial assets.
Financial assets at FVTPL \u2013 these assets are subsequently measured at fair value. Net gains and losses, including any interest, are recognised
in profit or loss.
Financial assets at amortised cost \u2013 these assets are subsequently measured at amortised cost using the effective interest method.
The amortised cost is reduced by impairment losses (expected losses). Interest income, foreign exchange gains and losses and impairment
are recognised in profit or loss. Any gain or loss on de-recognition is recognised in profit or loss.
The Group has the following classes of financial assets:
\u2022 Trade and other receivables \u2013 trade receivables are initially recognised at transaction price. Other receivables are initially recognised at fair
value. Subsequently, these assets are measured at amortised cost using the effective interest method, less provision for expected credit losses.
\u2022 Cash and cash equivalents \u2013 cash and cash equivalents represent only liquid assets with original maturity of 90 days or less. Bank overdrafts
that cannot be offset against other cash balances are shown within borrowings in current liabilities on the balance sheet. Cash and cash
equivalents are also classified as amortised cost. They are subsequently measured at amortised cost. Cash and cash equivalents include
cash in hand, deposits at call with banks, and other short term, highly liquid investments with original maturities of three months or less.
(b) Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (\u201cECLs\u201d) which uses a lifetime expected loss allowance
on trade receivables. The expected credit losses are estimated using a provisions matrix based upon the Group\u2019s historical credit loss
experience and geographic business unit, adjusted for factors that are specific to the debtors, general economic conditions, and an assessment
of both the current and forecast direction of conditions at the reporting date, including time value of money where appropriate.
Loss allowances for other receivables are initially measured at an amount equal to twelve months\u2019 ECLs and subsequently it is assessed whether
the credit risk has increased significantly since initial recognition. When determining whether the credit risk of a financial asset has increased
significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant
and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s
historical experience and informed credit assessment and including forward-looking information. If the credit risk increased significantly, the loss
allowance is then measured using the lifetime ECL. The Group considers a financial asset to be in default when the borrower is unlikely to pay its
credit obligations to the Group in full.
(c) Financial liabilities
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for
trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and
losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost
using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on
de-recognition is also recognised in profit or loss.
The Group has the following classes of financial liabilities:
\u2022 Trade and other payables \u2013 trade and other payables are initially recognised at fair value. Subsequently, they are measured at amortised
cost using the effective interest rate method.
\u2022 Borrowings \u2013 interest-bearing bank loans and overdrafts are initially recognised at fair value, net of directly attributable transaction costs.
Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in
the income statement using the effective interest method and are included within the carrying amount of the instrument to the extent that they
are not settled in the period in which they arise. Where fees are payable in relation to raising debt the costs are disclosed in the cash flow
statement within financing activities.
Where existing borrowings are replaced by others from the same lenders on substantially different terms, or the terms of existing borrowings
are substantially modified, such an exchange or modification is treated as a de-recognition of the original borrowings and the recognition of
new borrowings, and the difference in the respective carrying amounts, including issuance costs, is recognised in the income statement.
Otherwise, issuance costs incurred on refinancing are offset against the carrying value of borrowings.
(d) Derivative financial instruments The Group uses derivative financial instruments such as interest rate swaps, cross-currency swaps, and foreign exchange swaps, to hedge risks associated with fluctuations on borrowings and foreign operations transactions. Such derivatives are initially recognised and measured at fair value on the date a derivative contract is entered into and subsequently re-measured at fair value at each reporting date. The gain or loss on re-measurement is taken to finance expense in the income statement. Interest costs for the period relating to derivative financial instruments, which economically hedge borrowings, are recognised within interest payable on bank loans and overdrafts. Other fair value movements on derivative financial instruments are recognised within fair value movement of derivatives. Designation as part of an effective hedge relationship occurs at inception of a hedge relationship. Currently, the Group does not have any cash flow hedges or fair value hedges. The borrowings denominated in foreign currency are used to hedge net assets. The effective part of any gain or loss on borrowings that are designated as a hedge of a net investment in a foreign operation is recognised in other comprehensive income and presented in the translation reserve in equity and is subsequently recognised in the Group income statement as part of the profit or loss on disposal of the net investment. The ineffective portion of the gain or loss is recognised immediately within trading profit in the Group income statement. Taxation including deferred tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates for that period that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided on items that may become taxable at a later date, on temporary differences between the balance sheet value and the tax base value, on an undiscounted basis. Deferred tax liabilities are generally recognised for taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates substantively enacted at the balance sheet date that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to set off current tax assets against current tax liabilities. Employee benefit costs Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the Group\u2019s obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme. Share capital Ordinary shares are classified as equity. Costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds. Share-based payments Share-based incentives are provided to employees under the Group\u2019s Long Term Incentive Plan and employee Sharesave schemes. The Group recognises a compensation cost in respect of these schemes that is based on the fair value of the awards, measured using Black-Scholes or Monte Carlo valuation methodologies. For equity-settled schemes, the fair value is determined at the date of grant and is not subsequently re-measured unless the conditions on which the award was granted are modified. For cash-settled schemes, the fair value is determined at the date of grant and is re-measured at each balance sheet date until the liability is settled. Generally, the compensation cost is recognised on a straight-line basis over the vesting period. Adjustments are made to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions. Climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the sustainability section of the strategic report and the Group\u2019s stated target of operational net zero carbon emissions by 2035. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the conclusion that climate change will have a limited exposure and vulnerability on the Group\u2019s investment property portfolio, the carrying value of non-current assets and the estimates of future profitability used in our assessment of the recoverability of deferred tax assets. Key sources of estimation uncertainty The preparation of consolidated financial statements under IFRS requires the Directors to make judgements, estimates and assumptions that may affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual outcomes may therefore differ from these judgements, estimates and assumptions. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following key source of estimation uncertainty has significant risk of causing a material adjustment, within the next financial year, to the
carrying amounts of assets and liabilities within the consolidated financial statements:
Estimate of fair value of investment properties and investment properties under construction
The Group values its investment properties using a discounted cash flow methodology which is based on projections of net operating income.
Principal assumptions and management\u2019s underlying estimation of the fair value of those relate to: stabilised occupancy levels; expected future
growth in storage rental income and operating costs; maintenance requirements; capitalisation rate; and discount rates. There are inter-relationships
between the valuation inputs and they are primarily determined by market conditions. The effect of an increase in more than one input could be to
magnify the impact on the valuation. However, the impact on the valuation could be offset by the inter-relationship of two inputs moving in opposite
directions, e.g. an increase in rent may be offset by a decrease in occupancy, resulting in minimal net impact on the valuation. For immature stores,
these underlying estimates hold a higher risk of uncertainty, due to the unproven nature of its cash flows. C&W have considered Safestore\u2019s
commitment to operational net zero carbon emissions by 2035 and the impacts that this could have on each of the Group\u2019s investment properties.
A more detailed explanation of the background, methodology and estimates made by management that are adopted in the valuation of the
investment properties, as well as detailed sensitivity analysis, is set out in note 13 to the financial statements.
Non-GAAP financial information/Alternative Performance Measures
The Directors have identified certain measures that they believe will assist the understanding of the performance of the business. The measures
are not defined under IFRS and they may not be directly comparable with other companies\u2019 adjusted measures. The non-GAAP/Alternative
Performance Measures are not intended to be a substitute for, or superior to, any IFRS measures of performance but they have been included
as the Directors consider them to be important comparables and key measures used within the business for assessing performance.
The following are the key non-GAAP/Alternative Performance Measures identified by the Group:
\u2022 The Group defines exceptional items to be those that warrant, by virtue of their nature, size or frequency, separate disclosure on the face of
the income statement where, in the opinion of the Directors, this enhances the understanding of the Group\u2019s financial performance.
\u2022 Underlying EBITDA is an Alternative Performance Measure and is defined as operating profit before exceptional items, share-based payments,
corporate transaction costs, gain/loss on investment properties, depreciation and variable lease payments and the share of associate\u2019s
depreciation, interest and tax. Management considers this presentation to be representative of the underlying performance of the business,
as it removes the income statement impact of items not fully controllable by management, such as the revaluation of derivatives and
investment properties, and the impact of exceptional credits, costs and finance charges. A reconciliation of statutory operating profit to
Underlying EBITDA can be found in the financial review on page 20.
\u2022 Adjusted Diluted EPRA Earnings per Share is based on the European Public Real Estate Association\u2019s definition of earnings and is defined
as profit or loss for the period after tax but excluding corporate transaction costs, change in fair value of derivatives, gain/loss on investment
properties and the associated tax impacts. The Company then makes further company-specific adjustments for the impact of exceptional
items, net exchange gains/losses recognised in net finance costs, exceptional tax items, and deferred and current tax in respect of these
adjustments. The Company also adjusts for IFRS 2 share-based payment charges. This adjusted earnings is divided by the diluted number of
shares. The IFRS 2 cost is excluded as it is written back to distributable reserves and is a non-cash item (with the exception of the associated
National Insurance element). Therefore, neither the Company\u2019s ability to distribute nor pay dividends are impacted (with the exception of the
associated National Insurance element). The financial statements disclose earnings on a statutory, EPRA and Adjusted Diluted EPRA basis and
will provide a full reconciliation of the differences in the financial year in which any LTIP awards may vest. A reconciliation of statutory basic
Earnings per Share to Adjusted Diluted EPRA Earnings per Share can be found in note 11.
\u2022 EPRA\u2019s Best Practices Recommendations guidelines for Net Asset Value (\u201cNAV\u201d) metrics are EPRA Net Tangible Assets (\u201cNTA\u201d), EPRA Net
Reinstatement Value (\u201cNRV\u201d) and EPRA Net Disposal Value (\u201cNDV\u201d). EPRA NTA is considered to be the most relevant measure for the Group\u2019s
business which provides sustainable long term progressive returns and is now the primary measure of net assets. The basis of calculation,
including a reconciliation to reported net assets, is set out in note 15.
\u2022 Like-for-like figures are presented to aid in the comparability of the underlying business as they exclude the impact on results of purchased,
sold, opened or closed stores.
\u2022 Constant exchange rate (\u201cCER\u201d) figures are provided in order to present results on a more comparable basis, removing foreign
exchange movements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-290": { "value": "Basis of preparation The consolidated financial statements have been prepared in accordance with United Kingdom adopted International Financial Reporting Standards (\u201cIFRS\u201d) and International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) interpretations. They also comply with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The Group consolidated financial statements are presented in Sterling and are rounded to the nearest \u00a30.1 million, unless otherwise stated. They are prepared on a going concern basis under the historical cost convention as modified by the revaluation of investment properties and the fair value of derivative financial instruments. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual amounts may differ from those estimates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-341": { "value": "The consolidated financial statements have been prepared in accordance with United Kingdom adopted International Financial Reporting Standards (\u201cIFRS\u201d) and International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) interpretations. They also comply with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-342": { "value": "The Group consolidated financial statements are presented in Sterling and are rounded to the nearest \u00a30.1 million, unless otherwise stated. They are prepared on a going concern basis under the historical cost convention as modified by the revaluation of investment properties and the fair value of derivative financial instruments. Functional and presentation currency The individual financial statements for each company are measured using the currency of the primary economic environment in which it operates (its functional currency). For the purposes of the consolidated financial statements, the results and financial position of the Group are expressed in Sterling, which is the presentational currency of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-343": { "value": "Going concern The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than twelve months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing this consolidated financial information. In assessing the Group\u2019s going concern position as at 31 October 2023, the Directors have considered a number of factors, including the current balance sheet position, the principal and emerging risks which could impact the performance of the Group and the Group\u2019s strategic and financial plan. Consideration has been given to compliance with borrowing covenants along with the uncertainty inherent in future financial forecasts. The Directors considered the most recent three-year outlook approved by the Board. In the context of the current environment, four plausible scenarios were applied to the plan, including a reverse stress test scenario. These were based on the potential financial impact of the Group\u2019s principal risks and uncertainties and the specific risks associated with the cost of living crisis and the conflict in Ukraine. These scenarios are differentiated by the impact of demand and enquiry levels, average rate growth and the level of cost savings. A scenario was also performed where we carried out a reverse stress test to model what would be required to breach ICR and LTV covenants, which indicated highly improbable changes would be needed before any issues were to arise. In November 2022, the Group completed the refinancing of its Revolving Credit Facilities (\u201cRCF\u201d) which were due to expire in June 2023. The previous \u00a3250 million and \u20ac70 million revolving credit facilities have been replaced with a single multi-currency unsecured \u00a3400 million facility, with a four-year term with two one-year extension options (available headroom \u00a3197 million). One tranche of Private Placement notes matures in 2024 and it has been assumed this will be renewed at market rates The impact of these scenarios has been reviewed against the Group\u2019s projected cash flow position and financial covenants over a three-year period. Should any of these scenarios, which are differentiated by the impact of demand and enquiry levels, average rate growth and the level of cost savings, occur, clear mitigating actions are available to ensure that the Group remains liquid and able to meet its liabilities as they fall due. The financial position of the Group, including details of its financing and capital structure, is set out in the financial review section of this report. Further details of the Group\u2019s viability statement are set out on page 42. ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-291": { "value": "Going concern The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than twelve months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing this consolidated financial information. In assessing the Group\u2019s going concern position as at 31 October 2023, the Directors have considered a number of factors, including the current balance sheet position, the principal and emerging risks which could impact the performance of the Group and the Group\u2019s strategic and financial plan. Consideration has been given to compliance with borrowing covenants along with the uncertainty inherent in future financial forecasts. The Directors considered the most recent three-year outlook approved by the Board. In the context of the current environment, four plausible scenarios were applied to the plan, including a reverse stress test scenario. These were based on the potential financial impact of the Group\u2019s principal risks and uncertainties and the specific risks associated with the cost of living crisis and the conflict in Ukraine. These scenarios are differentiated by the impact of demand and enquiry levels, average rate growth and the level of cost savings. A scenario was also performed where we carried out a reverse stress test to model what would be required to breach ICR and LTV covenants, which indicated highly improbable changes would be needed before any issues were to arise. In November 2022, the Group completed the refinancing of its Revolving Credit Facilities (\u201cRCF\u201d) which were due to expire in June 2023. The previous \u00a3250 million and \u20ac70 million revolving credit facilities have been replaced with a single multi-currency unsecured \u00a3400 million facility, with a four-year term with two one-year extension options (available headroom \u00a3197 million). One tranche of Private Placement notes matures in 2024 and it has been assumed this will be renewed at market rates The impact of these scenarios has been reviewed against the Group\u2019s projected cash flow position and financial covenants over a three-year period. Should any of these scenarios, which are differentiated by the impact of demand and enquiry levels, average rate growth and the level of cost savings, occur, clear mitigating actions are available to ensure that the Group remains liquid and able to meet its liabilities as they fall due. The financial position of the Group, including details of its financing and capital structure, is set out in the financial review section of this report. Further details of the Group\u2019s viability statement are set out on page 42. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-344": { "value": "Standards, amendments to standards and interpretations issued and applied The following new or revised accounting standards or IFRIC interpretations are applicable for the first time in the year ended 31 October 2023: \u2022 Amendments to IFRS 3 References to the Conceptual Framework in IFRS Standards \u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2022 Annual Improvements to IFRS Standards 2018\u20132020 Cycle The adoption of the standards and interpretations has not significantly impacted these financial statements and any changes to our accounting policies as a result of their adoption have been reflected in this note. New and revised IFRSs in issue but not yet effective At the date of authorisation of these financial statements, a number of new standards and amendments to standards and interpretations have been issued but are not yet effective for the current accounting period. The Directors do not expect these standards to have a material impact on the financial statements of the Group or Company. \u2022 IFRS 17 Insurance Contracts \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policy \u2022 Amendments to IAS 8 Definition of Accounting Estimate \u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current \u2022 Amendments to IAS 28 and IFRS 10 Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-292": { "value": "Standards, amendments to standards and interpretations issued and applied The following new or revised accounting standards or IFRIC interpretations are applicable for the first time in the year ended 31 October 2023: \u2022 Amendments to IFRS 3 References to the Conceptual Framework in IFRS Standards \u2022 Amendments to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2022 Amendments to IAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2022 Annual Improvements to IFRS Standards 2018\u20132020 Cycle The adoption of the standards and interpretations has not significantly impacted these financial statements and any changes to our accounting policies as a result of their adoption have been reflected in this note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-293": { "value": "New and revised IFRSs in issue but not yet effective At the date of authorisation of these financial statements, a number of new standards and amendments to standards and interpretations have been issued but are not yet effective for the current accounting period. The Directors do not expect these standards to have a material impact on the financial statements of the Group or Company. \u2022 IFRS 17 Insurance Contracts \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policy \u2022 Amendments to IAS 8 Definition of Accounting Estimate \u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current \u2022 Amendments to IAS 28 and IFRS 10 Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-294": { "value": "Basis of consolidation and business combinations The consolidated financial statements incorporate the financial statements of the Company and all its subsidiary undertakings made up to 31 October each year. Subsidiaries are entities controlled by the Company. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances and unrealised gains on transactions are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the assets transferred. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The consideration transferred for the acquisition is measured as the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity instruments issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the date of acquisition. Any excess of the cost of an acquisition over the fair value of the Group\u2019s share of net identifiable assets including intangible assets of the acquired entity at the date of acquisition is recognised as goodwill. Any discount received is credited to the income statement in the year of acquisition as negative goodwill on acquisition of subsidiary. Costs attributable to an acquisition are expensed in the consolidated income statement under the heading \u2018administrative expenses\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-345": { "value": "Basis of consolidation and business combinations The consolidated financial statements incorporate the financial statements of the Company and all its subsidiary undertakings made up to 31 October each year. Subsidiaries are entities controlled by the Company. Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances and unrealised gains on transactions are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the assets transferred. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The consideration transferred for the acquisition is measured as the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity instruments issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the date of acquisition. Any excess of the cost of an acquisition over the fair value of the Group\u2019s share of net identifiable assets including intangible assets of the acquired entity at the date of acquisition is recognised as goodwill. Any discount received is credited to the income statement in the year of acquisition as negative goodwill on acquisition of subsidiary. Costs attributable to an acquisition are expensed in the consolidated income statement under the heading \u2018administrative expenses\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-295": { "value": "Investment in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting except when classified as held for sale. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess of the Group\u2019s interest in that associate (which includes any long term interests that, in substance, form part of the Group\u2019s net investment in the associate) are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Where necessary, adjustments are made to the financial statements of associates to bring the accounting policies used into line with those used by the Group. Where a Group company transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred, in which case appropriate provision is made for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-296": { "value": "Segmental reporting IFRS 8 \u201cOperating Segments\u201d (\u201cIFRS 8\u201d) requires operating segments to be identified based upon the Group\u2019s internal reporting to the chief operating decision maker (\u201cCODM\u201d) to make decisions about resources to be allocated to segments and to assess their performance. The CODM is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined that its CODM are the Executive Directors. An operating segment is a component of an entity: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity); (b) whose operating results are regularly reviewed by the entity\u2019s CODM to make decisions about resources to be allocated to the segment and assess its performance; and (c) for which discrete financial information is available. The Group\u2019s net assets, revenue and profit before tax are attributable to one principal activity, the provision of self storage, in four geographical reporting segments, the United Kingdom, Paris in France, Spain, and the Netherlands and Belgium in Benelux. Segment results, assets and liabilities include items directly attributable to segments as well as those that can be allocated on a reasonable basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-297": { "value": "Revenue recognition Revenue represents amounts derived from the provision of self storage services (rental space, customer goods insurance and consumables) which fall within the Group\u2019s activities provided in the normal course of business, net of discounts, VAT (where applicable) and other sales related taxes. Rental income is recognised over the period for which the space is occupied by the customer on a time apportionment basis. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due. Insurance income is recognised over the period for which the space is occupied by the customer on a time apportionment basis. The Group has put in place insurance arrangements whereby the Group purchases block policies from third party insurers that customers can access, for which it pays annual premiums at the beginning of the insurance year. The Group allows customers to benefit from the policies and charges a fee for the level of cover that the customer needs. The block policies purchased and the income earned from charging customers are independent transactions. Although Safestore is involved in the initial handling of any customers\u2019 insurance claims, these are passed on to the third party insurance providers, who are responsible for all insurance payments. The Group is not exposed to insurance risk. The Group bears the inventory risk and pricing risk associated with these contracts and as such the Group acts as principal in the provision of the access to insurance services for its customers who elect to access that insurance, and therefore revenue from insurance premiums is reported on a gross basis. The portion of insurance premiums receivable from customers on occupied space that relates to unexpired risks at the balance sheet date is reported as unearned premium liability in other payables. Income for the sale of assets and consumables is recognised when the significant risks and rewards have been transferred to the buyer. For property sales this is generally at the point of completion. Where any aspect of consideration is conditional then the revenue associated with that conditional item is deferred. Income earned on the sales of consumable items is recognised at the point of sale. Income from insurance claims is recognised when it is virtually certain of being received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-298": { "value": "Foreign currency translation Functional and presentation currency The individual financial statements for each company are measured using the currency of the primary economic environment in which it operates (its functional currency). For the purposes of the consolidated financial statements, the results and financial position of the Group are expressed in Sterling, which is the presentational currency of the Group. Transactions and balances Foreign currency transactions are translated into the functional currency at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the income statement for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity. On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into the Group\u2019s presentational currency at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising are classified as equity and are recognised as a separate component of equity, within the translation reserve. Such translation differences are recognised as income or expense in the period in which the operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-299": { "value": "Borrowing costs All borrowing costs are recognised in the consolidated income statement in the period in which they are incurred, unless the costs are incurred as part of the development of a qualifying asset, when they will be capitalised. Commencement of capitalisation is the date when the Group incurs expenditure for the qualifying asset, incurs borrowing costs and undertakes activities that are necessary to prepare the assets for their intended use when it is probable that they will result in future economic benefits to the entity and the costs can be measured reliably. In the case of suspension of activities during extended periods, the Group suspends capitalisation. The Group ceases capitalisation of borrowing costs when substantially all of the activities necessary to prepare the asset for use are complete, typically when a store opens. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-300": { "value": "Investment properties and investment properties under construction Investment properties are those properties owned by the Group that are held to earn rental income, or for capital growth, or both. Investment properties and investment properties under construction are initially measured at cost, including related transaction and borrowing costs. After initial recognition, investment properties and investment properties under construction are held at fair value based on a market valuation by professionally qualified external valuers at each balance sheet date. The fair value of investment properties and investment properties under construction reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property. Some of these outflows are recognised as a liability, including lease liabilities in respect of leasehold land and buildings classified as investment properties; others, including variable lease payments not based on an index or rate, are not recognised in the balance sheet. In accordance with IAS 40, investment property held as a leasehold is stated gross of the recognised lease liability. Leasehold properties are classified as investment properties and included in the balance sheet at fair value. The obligation to the lessor for the leasehold is included in the balance sheet at the present value of the minimum lease payments. The minimum lease payment valuation is re-measured at the point of lease modification and the value of the Group\u2019s right-of-use assets is adjusted accordingly over the lease term. Gains or losses arising on changes in the fair values of investment properties and investment properties under construction at the balance sheet date are recognised in the income statement in the period in which they arise. Gains or losses on sale of investment properties are calculated as the difference between the consideration received and fair value estimated at the previous balance sheet date. If an investment property or part of an investment property becomes owner-occupied, it is reclassified as property, plant and equipment, and its fair value at the date of reclassification becomes its cost for accounting purposes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-346": { "value": "Property, plant and equipment Property, plant and equipment not classified as investment properties or investment properties under construction are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost comprises the purchase price and costs directly incurred in bringing the asset into use. Assets\u2019 residual values and useful lives are reviewed and, if appropriate, adjusted at each balance sheet date. If the carrying amount of an asset is greater than the recoverable amount then the carrying amount is written down immediately to the recoverable amount. Depreciation is charged so as to write off the cost of an asset less estimated residual value of each asset over its expected useful life using the straight-line method. The principal rates are as follows: Owner-occupied freehold buildings 2% per annum Motor vehicles 20\u201325% per annum Computer hardware and software 15\u201333% per annum Fixtures, fittings, signs and partitioning 10\u201315% per annum The gain or loss arising on the retirement or disposal of an asset is determined as the difference between the net sales proceeds and the carrying amount of the asset and is recognised in the income statement on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-301": { "value": "Property, plant and equipment Property, plant and equipment not classified as investment properties or investment properties under construction are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost comprises the purchase price and costs directly incurred in bringing the asset into use. Assets\u2019 residual values and useful lives are reviewed and, if appropriate, adjusted at each balance sheet date. If the carrying amount of an asset is greater than the recoverable amount then the carrying amount is written down immediately to the recoverable amount. Depreciation is charged so as to write off the cost of an asset less estimated residual value of each asset over its expected useful life using the straight-line method. The principal rates are as follows: Owner-occupied freehold buildings 2% per annum Motor vehicles 20\u201325% per annum Computer hardware and software 15\u201333% per annum Fixtures, fittings, signs and partitioning 10\u201315% per annum The gain or loss arising on the retirement or disposal of an asset is determined as the difference between the net sales proceeds and the carrying amount of the asset and is recognised in the income statement on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-302": { "value": "Impairment of tangible assets (excluding investment property) At each balance sheet date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is deemed to be the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. A reversal of an impairment loss is recognised as income immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-347": { "value": "Impairment of tangible assets (excluding investment property) At each balance sheet date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is deemed to be the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. A reversal of an impairment loss is recognised as income immediately. (b) Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses (\u201cECLs\u201d) which uses a lifetime expected loss allowance on trade receivables. The expected credit losses are estimated using a provisions matrix based upon the Group\u2019s historical credit loss experience and geographic business unit, adjusted for factors that are specific to the debtors, general economic conditions, and an assessment of both the current and forecast direction of conditions at the reporting date, including time value of money where appropriate. Loss allowances for other receivables are initially measured at an amount equal to twelve months\u2019 ECLs and subsequently it is assessed whether the credit risk has increased significantly since initial recognition. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. If the credit risk increased significantly, the loss allowance is then measured using the lifetime ECL. The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-303": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price less directly associated costs. Provision is made for slow-moving or obsolete stock, calculated on the basis of sales trends observed in the year. As at 31 October 2023 the Group held finished goods and goods held for resale of \u00a30.4 million (FY2022: \u00a30.3 million). The Group consumed \u00a31.1 million (FY2022: \u00a30.7 million) of inventories during the year. Inventory write downs were \u00a3nil for the financial year ended 31 October 2023 (FY2022: \u00a3nil). Inventories of \u00a3nil (FY2022: \u00a3nil) are carried at fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-304": { "value": "Leases A right-of-use asset and corresponding lease liability are recognised at commencement of the lease. The lease liability is measured at the present value of the lease payments, discounted at the rate implicit in the lease or, if that cannot be readily determined, at the lessee\u2019s incremental borrowing rate specific to the term, country, currency and start date of the lease. Lease payments include: fixed payments; variable lease payments dependent on an index or rate, initially measured using the index or rate at commencement; the exercise price under a purchase option if the Group is reasonably certain to exercise; penalties for early termination if the lease term reflects the Group exercising a break option; and payments in an optional renewal period if the Group is reasonably certain to exercise an extension option or not exercise a break option. The lease liability is subsequently measured at amortised cost using the effective interest rate method. It is re-measured at the point of lease modification, with a corresponding adjustment to the right-of-use asset, when there is a change in future lease payments resulting from a rent review, change in an index or rate such as inflation, or change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or break option. The corresponding asset is initially measured at cost, comprising: the initial lease liability; any lease payments already made less any lease incentives received; initial direct costs; and any dilapidation or restoration costs. The Group has two categories of assets in respect of leases: those in respect of leases related to its leasehold properties, classified as investment property, and an occupational lease for its Head Office in France, classified as a right-of-use asset under IFRS 16. The right-of-use assets classified as investment property are subsequently measured at fair value, gross of the lease liability. The right-of-use asset in respect of its occupational leases is classified as property, plant and equipment and is subsequently depreciated over the length of the lease. Leases of low value assets and short term leases of twelve months or less are expensed to the Group consolidated income statement. Variable lease payments, being the difference between the rent review accruals that will become payable but not yet finalised and the minimum lease payments of the lease liability on current actual rent paid, are charged as expenses in the years in which they are payable. Finance charges are charged directly against income, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Group\u2019s general policy on borrowing costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-305": { "value": "Financial instruments (a) Financial assets Financial assets are classified as financial assets at fair value through profit or loss (\u201cFVTPL\u201d) or at amortised cost as appropriate. The Group determines the classification of its assets at initial recognition. Financial assets are de-recognised only when the contractual right to the cash flows from the financial asset expires or the Group transfers substantially all risks and rewards of ownership. A financial asset is measured at amortised cost if it meets both of the following conditions: \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 specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost as described above are measured through FVTPL. This includes all derivative financial assets. Financial assets at FVTPL \u2013 these assets are subsequently measured at fair value. Net gains and losses, including any interest, are recognised in profit or loss. Financial assets at amortised cost \u2013 these assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses (expected losses). Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on de-recognition is recognised in profit or loss. The Group has the following classes of financial assets: \u2022 Trade and other receivables \u2013 trade receivables are initially recognised at transaction price. Other receivables are initially recognised at fair value. Subsequently, these assets are measured at amortised cost using the effective interest method, less provision for expected credit losses. \u2022 Cash and cash equivalents \u2013 cash and cash equivalents represent only liquid assets with original maturity of 90 days or less. Bank overdrafts that cannot be offset against other cash balances are shown within borrowings in current liabilities on the balance sheet. Cash and cash equivalents are also classified as amortised cost. They are subsequently measured at amortised cost. Cash and cash equivalents include cash in hand, deposits at call with banks, and other short term, highly liquid investments with original maturities of three months or less. (b) Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses (\u201cECLs\u201d) which uses a lifetime expected loss allowance on trade receivables. The expected credit losses are estimated using a provisions matrix based upon the Group\u2019s historical credit loss experience and geographic business unit, adjusted for factors that are specific to the debtors, general economic conditions, and an assessment of both the current and forecast direction of conditions at the reporting date, including time value of money where appropriate. Loss allowances for other receivables are initially measured at an amount equal to twelve months\u2019 ECLs and subsequently it is assessed whether the credit risk has increased significantly since initial recognition. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. If the credit risk increased significantly, the loss allowance is then measured using the lifetime ECL. The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full. (c) Financial liabilities Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on de-recognition is also recognised in profit or loss. The Group has the following classes of financial liabilities: \u2022 Trade and other payables \u2013 trade and other payables are initially recognised at fair value. Subsequently, they are measured at amortised cost using the effective interest rate method. \u2022 Borrowings \u2013 interest-bearing bank loans and overdrafts are initially recognised at fair value, net of directly attributable transaction costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are included within the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Where fees are payable in relation to raising debt the costs are disclosed in the cash flow statement within financing activities. Where existing borrowings are replaced by others from the same lenders on substantially different terms, or the terms of existing borrowings are substantially modified, such an exchange or modification is treated as a de-recognition of the original borrowings and the recognition of new borrowings, and the difference in the respective carrying amounts, including issuance costs, is recognised in the income statement. Otherwise, issuance costs incurred on refinancing are offset against the carrying value of borrowings.
(d) Derivative financial instruments
The Group uses derivative financial instruments such as interest rate swaps, cross-currency swaps, and foreign exchange swaps, to hedge risks
associated with fluctuations on borrowings and foreign operations transactions. Such derivatives are initially recognised and measured at fair
value on the date a derivative contract is entered into and subsequently re-measured at fair value at each reporting date. The gain or loss on
re-measurement is taken to finance expense in the income statement. Interest costs for the period relating to derivative financial instruments,
which economically hedge borrowings, are recognised within interest payable on bank loans and overdrafts. Other fair value movements on
derivative financial instruments are recognised within fair value movement of derivatives. Designation as part of an effective hedge relationship
occurs at inception of a hedge relationship. Currently, the Group does not have any cash flow hedges or fair value hedges.
The borrowings denominated in foreign currency are used to hedge net assets. The effective part of any gain or loss on borrowings that are
designated as a hedge of a net investment in a foreign operation is recognised in other comprehensive income and presented in the translation
reserve in equity and is subsequently recognised in the Group income statement as part of the profit or loss on disposal of the net investment.
The ineffective portion of the gain or loss is recognised immediately within trading profit in the Group income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-348": { "value": "(a) Financial assets Financial assets are classified as financial assets at fair value through profit or loss (\u201cFVTPL\u201d) or at amortised cost as appropriate. The Group determines the classification of its assets at initial recognition. Financial assets are de-recognised only when the contractual right to the cash flows from the financial asset expires or the Group transfers substantially all risks and rewards of ownership. A financial asset is measured at amortised cost if it meets both of the following conditions: \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 specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost as described above are measured through FVTPL. This includes all derivative financial assets. Financial assets at FVTPL \u2013 these assets are subsequently measured at fair value. Net gains and losses, including any interest, are recognised in profit or loss. Financial assets at amortised cost \u2013 these assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses (expected losses). Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on de-recognition is recognised in profit or loss. The Group has the following classes of financial assets: \u2022 Trade and other receivables \u2013 trade receivables are initially recognised at transaction price. Other receivables are initially recognised at fair value. Subsequently, these assets are measured at amortised cost using the effective interest method, less provision for expected credit losses. \u2022 Cash and cash equivalents \u2013 cash and cash equivalents represent only liquid assets with original maturity of 90 days or less. Bank overdrafts that cannot be offset against other cash balances are shown within borrowings in current liabilities on the balance sheet. Cash and cash equivalents are also classified as amortised cost. They are subsequently measured at amortised cost. Cash and cash equivalents include cash in hand, deposits at call with banks, and other short term, highly liquid investments with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-375": { "value": "Trade and other receivables \u2013 trade receivables are initially recognised at transaction price. Other receivables are initially recognised at fair value. Subsequently, these assets are measured at amortised cost using the effective interest method, less provision for expected credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-377": { "value": "Cash and cash equivalents \u2013 cash and cash equivalents represent only liquid assets with original maturity of 90 days or less. Bank overdrafts that cannot be offset against other cash balances are shown within borrowings in current liabilities on the balance sheet. Cash and cash equivalents are also classified as amortised cost. They are subsequently measured at amortised cost. Cash and cash equivalents include cash in hand, deposits at call with banks, and other short term, highly liquid investments with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-374": { "value": "(b) Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses (\u201cECLs\u201d) which uses a lifetime expected loss allowance on trade receivables. The expected credit losses are estimated using a provisions matrix based upon the Group\u2019s historical credit loss experience and geographic business unit, adjusted for factors that are specific to the debtors, general economic conditions, and an assessment of both the current and forecast direction of conditions at the reporting date, including time value of money where appropriate. Loss allowances for other receivables are initially measured at an amount equal to twelve months\u2019 ECLs and subsequently it is assessed whether the credit risk has increased significantly since initial recognition. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. If the credit risk increased significantly, the loss allowance is then measured using the lifetime ECL. The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-349": { "value": "(c) Financial liabilities Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on de-recognition is also recognised in profit or loss. The Group has the following classes of financial liabilities: \u2022 Trade and other payables \u2013 trade and other payables are initially recognised at fair value. Subsequently, they are measured at amortised cost using the effective interest rate method. \u2022 Borrowings \u2013 interest-bearing bank loans and overdrafts are initially recognised at fair value, net of directly attributable transaction costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are included within the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Where fees are payable in relation to raising debt the costs are disclosed in the cash flow statement within financing activities. Where existing borrowings are replaced by others from the same lenders on substantially different terms, or the terms of existing borrowings are substantially modified, such an exchange or modification is treated as a de-recognition of the original borrowings and the recognition of new borrowings, and the difference in the respective carrying amounts, including issuance costs, is recognised in the income statement. Otherwise, issuance costs incurred on refinancing are offset against the carrying value of borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-376": { "value": "Trade and other payables \u2013 trade and other payables are initially recognised at fair value. Subsequently, they are measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-378": { "value": "Borrowings \u2013 interest-bearing bank loans and overdrafts are initially recognised at fair value, net of directly attributable transaction costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are included within the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Where fees are payable in relation to raising debt the costs are disclosed in the cash flow statement within financing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-379": { "value": "(d) Derivative financial instruments The Group uses derivative financial instruments such as interest rate swaps, cross-currency swaps, and foreign exchange swaps, to hedge risks associated with fluctuations on borrowings and foreign operations transactions. Such derivatives are initially recognised and measured at fair value on the date a derivative contract is entered into and subsequently re-measured at fair value at each reporting date. The gain or loss on re-measurement is taken to finance expense in the income statement. Interest costs for the period relating to derivative financial instruments, which economically hedge borrowings, are recognised within interest payable on bank loans and overdrafts. Other fair value movements on derivative financial instruments are recognised within fair value movement of derivatives. Designation as part of an effective hedge relationship occurs at inception of a hedge relationship. Currently, the Group does not have any cash flow hedges or fair value hedges. The borrowings denominated in foreign currency are used to hedge net assets. The effective part of any gain or loss on borrowings that are designated as a hedge of a net investment in a foreign operation is recognised in other comprehensive income and presented in the translation reserve in equity and is subsequently recognised in the Group income statement as part of the profit or loss on disposal of the net investment. The ineffective portion of the gain or loss is recognised immediately within trading profit in the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-350": { "value": "(d) Derivative financial instruments The Group uses derivative financial instruments such as interest rate swaps, cross-currency swaps, and foreign exchange swaps, to hedge risks associated with fluctuations on borrowings and foreign operations transactions. Such derivatives are initially recognised and measured at fair value on the date a derivative contract is entered into and subsequently re-measured at fair value at each reporting date. The gain or loss on re-measurement is taken to finance expense in the income statement. Interest costs for the period relating to derivative financial instruments, which economically hedge borrowings, are recognised within interest payable on bank loans and overdrafts. Other fair value movements on derivative financial instruments are recognised within fair value movement of derivatives. Designation as part of an effective hedge relationship occurs at inception of a hedge relationship. Currently, the Group does not have any cash flow hedges or fair value hedges. The borrowings denominated in foreign currency are used to hedge net assets. The effective part of any gain or loss on borrowings that are designated as a hedge of a net investment in a foreign operation is recognised in other comprehensive income and presented in the translation reserve in equity and is subsequently recognised in the Group income statement as part of the profit or loss on disposal of the net investment. The ineffective portion of the gain or loss is recognised immediately within trading profit in the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-351": { "value": "
Taxation including deferred tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable
or deductible. The Group\u2019s liability for current tax is calculated using tax rates for that period that have been enacted or substantively enacted by
the balance sheet date.
Deferred tax is provided on items that may become taxable at a later date, on temporary differences between the balance sheet value and the
tax base value, on an undiscounted basis. Deferred tax liabilities are generally recognised for taxable temporary differences and deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences can
be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates
substantively enacted at the balance sheet date that are expected to apply in the period when the liability is settled, or the asset is realised.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to set off current tax assets against current tax liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-306": { "value": "Taxation including deferred tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates for that period that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided on items that may become taxable at a later date, on temporary differences between the balance sheet value and the tax base value, on an undiscounted basis. Deferred tax liabilities are generally recognised for taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates substantively enacted at the balance sheet date that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to set off current tax assets against current tax liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-307": { "value": "
Employee benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Payments made to state-managed
retirement benefit schemes are dealt with as payments to defined contribution schemes where the Group\u2019s obligations under the schemes are
equivalent to those arising in a defined contribution retirement benefit scheme.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-308": { "value": "
Share capital
Ordinary shares are classified as equity.
Costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-309": { "value": "
Share-based payments
Share-based incentives are provided to employees under the Group\u2019s Long Term Incentive Plan and employee Sharesave schemes. The Group
recognises a compensation cost in respect of these schemes that is based on the fair value of the awards, measured using Black-Scholes or
Monte Carlo valuation methodologies. For equity-settled schemes, the fair value is determined at the date of grant and is not subsequently
re-measured unless the conditions on which the award was granted are modified. For cash-settled schemes, the fair value is determined at the
date of grant and is re-measured at each balance sheet date until the liability is settled. Generally, the compensation cost is recognised on a
straight-line basis over the vesting period. Adjustments are made to reflect expected and actual forfeitures during the vesting period due to the
failure to satisfy service conditions or non-market performance conditions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-310": { "value": "
Climate change
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate
change risks identified in the sustainability section of the strategic report and the Group\u2019s stated target of operational net zero carbon emissions
by 2035. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year.
This reflects the conclusion that climate change will have a limited exposure and vulnerability on the Group\u2019s investment property portfolio, the
carrying value of non-current assets and the estimates of future profitability used in our assessment of the recoverability of deferred tax assets.
", "dimensions": { "concept": "safestoreholdingsplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-311": { "value": "
Key sources of estimation uncertainty
The preparation of consolidated financial statements under IFRS requires the Directors to make judgements, estimates and assumptions that
may affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual outcomes may
therefore differ from these judgements, estimates and assumptions.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both
current and future periods.
The following key source of estimation uncertainty has significant risk of causing a material adjustment, within the next financial year, to the carrying amounts of assets and liabilities within the consolidated financial statements: Estimate of fair value of investment properties and investment properties under construction The Group values its investment properties using a discounted cash flow methodology which is based on projections of net operating income. Principal assumptions and management\u2019s underlying estimation of the fair value of those relate to: stabilised occupancy levels; expected future growth in storage rental income and operating costs; maintenance requirements; capitalisation rate; and discount rates. There are inter-relationships between the valuation inputs and they are primarily determined by market conditions. The effect of an increase in more than one input could be to magnify the impact on the valuation. However, the impact on the valuation could be offset by the inter-relationship of two inputs moving in opposite directions, e.g. an increase in rent may be offset by a decrease in occupancy, resulting in minimal net impact on the valuation. For immature stores, these underlying estimates hold a higher risk of uncertainty, due to the unproven nature of its cash flows. C&W have considered Safestore\u2019s commitment to operational net zero carbon emissions by 2035 and the impacts that this could have on each of the Group\u2019s investment properties. A more detailed explanation of the background, methodology and estimates made by management that are adopted in the valuation of the investment properties, as well as detailed sensitivity analysis, is set out in note 13 to the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-352": { "value": "Key sources of estimation uncertainty The preparation of consolidated financial statements under IFRS requires the Directors to make judgements, estimates and assumptions that may affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual outcomes may therefore differ from these judgements, estimates and assumptions. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following key source of estimation uncertainty has significant risk of causing a material adjustment, within the next financial year, to the carrying amounts of assets and liabilities within the consolidated financial statements: Estimate of fair value of investment properties and investment properties under construction The Group values its investment properties using a discounted cash flow methodology which is based on projections of net operating income. Principal assumptions and management\u2019s underlying estimation of the fair value of those relate to: stabilised occupancy levels; expected future growth in storage rental income and operating costs; maintenance requirements; capitalisation rate; and discount rates. There are inter-relationships between the valuation inputs and they are primarily determined by market conditions. The effect of an increase in more than one input could be to magnify the impact on the valuation. However, the impact on the valuation could be offset by the inter-relationship of two inputs moving in opposite directions, e.g. an increase in rent may be offset by a decrease in occupancy, resulting in minimal net impact on the valuation. For immature stores, these underlying estimates hold a higher risk of uncertainty, due to the unproven nature of its cash flows. C&W have considered Safestore\u2019s commitment to operational net zero carbon emissions by 2035 and the impacts that this could have on each of the Group\u2019s investment properties. A more detailed explanation of the background, methodology and estimates made by management that are adopted in the valuation of the investment properties, as well as detailed sensitivity analysis, is set out in note 13 to the financial statements. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-312": { "value": "Non-GAAP financial information/Alternative Performance Measures The Directors have identified certain measures that they believe will assist the understanding of the performance of the business. The measures are not defined under IFRS and they may not be directly comparable with other companies\u2019 adjusted measures. The non-GAAP/Alternative Performance Measures are not intended to be a substitute for, or superior to, any IFRS measures of performance but they have been included as the Directors consider them to be important comparables and key measures used within the business for assessing performance. The following are the key non-GAAP/Alternative Performance Measures identified by the Group: \u2022 The Group defines exceptional items to be those that warrant, by virtue of their nature, size or frequency, separate disclosure on the face of the income statement where, in the opinion of the Directors, this enhances the understanding of the Group\u2019s financial performance. \u2022 Underlying EBITDA is an Alternative Performance Measure and is defined as operating profit before exceptional items, share-based payments, corporate transaction costs, gain/loss on investment properties, depreciation and variable lease payments and the share of associate\u2019s depreciation, interest and tax. Management considers this presentation to be representative of the underlying performance of the business, as it removes the income statement impact of items not fully controllable by management, such as the revaluation of derivatives and investment properties, and the impact of exceptional credits, costs and finance charges. A reconciliation of statutory operating profit to Underlying EBITDA can be found in the financial review on page 20. \u2022 Adjusted Diluted EPRA Earnings per Share is based on the European Public Real Estate Association\u2019s definition of earnings and is defined as profit or loss for the period after tax but excluding corporate transaction costs, change in fair value of derivatives, gain/loss on investment properties and the associated tax impacts. The Company then makes further company-specific adjustments for the impact of exceptional items, net exchange gains/losses recognised in net finance costs, exceptional tax items, and deferred and current tax in respect of these adjustments. The Company also adjusts for IFRS 2 share-based payment charges. This adjusted earnings is divided by the diluted number of shares. The IFRS 2 cost is excluded as it is written back to distributable reserves and is a non-cash item (with the exception of the associated National Insurance element). Therefore, neither the Company\u2019s ability to distribute nor pay dividends are impacted (with the exception of the associated National Insurance element). The financial statements disclose earnings on a statutory, EPRA and Adjusted Diluted EPRA basis and will provide a full reconciliation of the differences in the financial year in which any LTIP awards may vest. A reconciliation of statutory basic Earnings per Share to Adjusted Diluted EPRA Earnings per Share can be found in note 11. \u2022 EPRA\u2019s Best Practices Recommendations guidelines for Net Asset Value (\u201cNAV\u201d) metrics are EPRA Net Tangible Assets (\u201cNTA\u201d), EPRA Net Reinstatement Value (\u201cNRV\u201d) and EPRA Net Disposal Value (\u201cNDV\u201d). EPRA NTA is considered to be the most relevant measure for the Group\u2019s business which provides sustainable long term progressive returns and is now the primary measure of net assets. The basis of calculation, including a reconciliation to reported net assets, is set out in note 15. \u2022 Like-for-like figures are presented to aid in the comparability of the underlying business as they exclude the impact on results of purchased, sold, opened or closed stores. \u2022 Constant exchange rate (\u201cCER\u201d) figures are provided in order to present results on a more comparable basis, removing foreign exchange movements.", "dimensions": { "concept": "safestoreholdingsplc:DescriptionOfAccountingPolicyForNonGAAPFinancialInformationAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-313": { "value": "
3. Revenue
Analysis of the Group\u2019s operating revenue can be found below:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Self storage income
187.2
178.0
Insurance income
25.5
23.9
Other non-storage income
11.5
10.6
Total revenue
224.2
212.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-314": { "value": "
4. Segmental analysis
The segmental information presented has been prepared in accordance with the requirements of IFRS 8. The Group\u2019s revenue, profit before
income tax and net assets are attributable to one activity: the provision of self storage accommodation and related services. This is based on the
Group\u2019s management and internal reporting structure.
Safestore is organised and managed in four operating segments, based on geographical areas, being the United Kingdom, Paris in France,
Spain, and the Netherlands and Belgium in Benelux.
The chief operating decision maker, being the Executive Directors, identified in accordance with the requirements of IFRS 8, assesses the
performance of the operating segments on the basis of Underlying EBITDA, which is defined as operating profit before exceptional items,
share-based payments, corporate transaction costs, gain/loss on investment properties, depreciation and variable lease payments, and the
share of associate\u2019s depreciation, interest and tax.
The operating profits and assets include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
UK Paris Spain Benelux Group
Year ended 31 October 2023 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Continuing operations
Revenue
166.5
43.9
3.8
10.0
224.2
Underlying EBITDA
106.2
30.5
1.1
4.4
142.2
Share-based payments
(3.1)
(0.3)
(0.1)
\u2014
(3.5)
Variable lease payments and depreciation
(1.9)
(0.2)
\u2014
\u2014
(2.1)
Operating profit before gain on investment properties
and other exceptional gains
101.2
30.0
1.0
4.4
136.6
Gain/(loss) on investment properties
70.9
16.3
(0.7)
7.3
93.8
Operating profit
172.1
46.3
0.3
11.7
230.4
Net finance expense
(13.8)
(2.2)
(1.1)
(5.5)
(22.6)
Profit/(loss) before tax
158.3
44.1
(0.8)
6.2
207.8
Total assets
2,298.2
606.6
28.0
24.1
2,956.9
UK Paris Spain Benelux Group
Year ended 31 October 2022 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Continuing operations
Revenue
163.0
41.4
3.0
5.1
212.5
Share of loss in associates
(0.3)
\u2014
\u2014
\u2014
(0.3)
Underlying EBITDA
103.5
28.0
1.5
2.1
135.1
Exceptional items
\u2014
(0.1)
\u2014
\u2014
(0.1)
Share-based payments
(10.2)
(1.0)
\u2014
\u2014
(11.2)
Variable lease payments and depreciation
(1.2)
(0.1)
\u2014
\u2014
(1.3)
Share of associate\u2019s depreciation, interest and tax
(0.4)
\u2014
\u2014
\u2014
(0.4)
Operating profit before gain on investment properties
and other exceptional gains
91.7
26.8
1.5
2.1
122.1
Gain on investment properties
295.7
78.5
1.3
6.1
381.6
Other exceptional gains
5.7
5.1
\u2014
\u2014
10.8
Operating profit
393.1
110.4
2.8
8.2
514.5
Net finance (expense)/income
(14.4)
(1.6)
(0.1)
0.4
(15.7)
Profit before tax
378.7
108.8
2.7
8.6
498.8
Total assets
2,024.8
581.7
28.2
72.8
2,707.5
Inter-segment transactions are entered into under the normal commercial terms and conditions that would also be available to unrelated third
parties. There is no material impact from inter-segment transactions on the Group\u2019s results. The segmental results exclude intercompany transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-315": { "value": "
5. Exceptional items and other exceptional gains
2023 2022
\u00a3\u2019m \u00a3\u2019m
Costs relating to corporate transactions and exceptional property taxation
\u2014
(0.1)
Exceptional items
\u2014
(0.1)
2023 2022
\u00a3\u2019m \u00a3\u2019m
Valuation gain on associate buy-out
\u2014
5.5
Gain on disposals of investment properties
\u2014
0.2
Gain on disposal of land
\u2014
5.1
Other exceptional gains
\u2014
10.8
Exceptional items of \u00a3nil were incurred in the year (FY2022: \u00a30.1 million relating to fees associated with the Group\u2019s corporate restructuring).
In the prior year, the Group sold the Nanterre site to the Joint Venture partner of Nanterre FOCD 92 for a total price of \u20ac7.6 million excluding VAT
and including demolition cost reimbursement, where the settlement was done partially in cash of \u00a31.0 million (\u20ac1.1 million excluding tax), and
partially in kind through the delivery of the new building at the end of the operation (estimated at \u20ac6.5 million). This resulted in a net gain on
disposal of \u00a35.1 million (\u20ac5.9 million) included within other exceptional gains in 2022.
In addition, the Group acquired the remaining 80% equity of Safestore Storage Benelux B.V. from its previous Joint Venture partner for \u20ac53.6 million
(\u00a345.3 million) and became a wholly owned subsidiary (note 12). The original 20% equity investment was effectively de-recognised and re-recognised
back at the fair value based on the revised equity value effective at the 30 March 2022 transaction. This resulted in a valuation gain on the associate
buy-out of \u00a35.5 million included within other exceptional gains in 2022.
Finally, the Group sold its Birmingham Digbeth store to a third party for \u00a36.5 million and incurred a 1% agent fee on the sale price. The carrying
value of this store included within investment properties prior to disposal was \u00a36.2 million, resulting in a gain on disposal of investment properties
of \u00a30.2 million included within other exceptional gains in 2022.
", "dimensions": { "concept": "safestoreholdingsplc:DisclosureOfExceptionalItemsAndOtherExceptionalGains", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-316": { "value": "
6. Operating profit
The following items have been charged/(credited) in arriving at operating profit:
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
Staff costs
26
30.0
38.1
Inventories: cost of inventories recognised as an expense (included in cost of sales)
2
1.1
0.7
Depreciation on property, plant and equipment
14
1.3
1.0
Gain on investment properties
13
(93.8)
(381.6)
Variable lease payments payable under lease liabilities
0.8
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-385": { "value": "6. Operating profit The following items have been charged/(credited) in arriving at operating profit:
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
Staff costs
26
30.0
38.1
Inventories: cost of inventories recognised as an expense (included in cost of sales)
2
1.1
0.7
Depreciation on property, plant and equipment
14
1.3
1.0
Gain on investment properties
13
(93.8)
(381.6)
Variable lease payments payable under lease liabilities
0.8
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-380": { "value": "6. Operating profit The following items have been charged/(credited) in arriving at operating profit:
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
Staff costs
26
30.0
38.1
Inventories: cost of inventories recognised as an expense (included in cost of sales)
2
1.1
0.7
Depreciation on property, plant and equipment
14
1.3
1.0
Gain on investment properties
13
(93.8)
(381.6)
Variable lease payments payable under lease liabilities
0.8
0.3
26. Employees and Directors
2023 2022
Staff costs (including Directors) for the Group during the year \u00a3\u2019m \u00a3\u2019m
Wages and salaries
24.2
25.1
Social security costs
2.0
3.8
Other pension costs
0.9
0.6
Share-based payments
2.9
8.6
30.0
38.1
During the period ended 31 October 2023, the Company\u2019s equity-settled share-based payment arrangements comprised the Safestore Holdings plc Sharesave scheme and the Safestore Long Term Incentive Plans. The number of awards made under each scheme is detailed in note 23. No options have been modified since grant under any of the schemes, other than the modification in respect of the LTIP awards for Executive Directors described in note 23.
2023 2022
Average monthly number of people (including Executive Directors) employed Number Number
Sales
619
604
Administration
134
123
753
727
2023 2022
Key management compensation \u00a3\u2019m \u00a3\u2019m
Wages and salaries
2.7
4.4
Social security costs
0.3
(0.3)
Post-employment benefits
0.1
0.1
Share-based payments
1.9
4.5
5.0
8.7
The key management figures given above include Directors.
2023 2022
Directors \u00a3\u2019m \u00a3\u2019m
Aggregate emoluments
2.9
5.7
Company contributions paid to money purchase pension schemes
\u2014
\u2014
2.9
5.7
There were two Directors (FY2022: two) accruing benefits under a money purchase scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-353": { "value": "6. Operating profit The following items have been charged/(credited) in arriving at operating profit:
2023 2022
Notes \u00a3\u2019m \u00a3\u2019m
Staff costs
26
30.0
38.1
Inventories: cost of inventories recognised as an expense (included in cost of sales)
2
1.1
0.7
Depreciation on property, plant and equipment
14
1.3
1.0
Gain on investment properties
13
(93.8)
(381.6)
Variable lease payments payable under lease liabilities
0.8
0.3
7. Fees paid to auditor During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditor at costs detailed below:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Audit services
Fees payable to the Company\u2019s auditor and its associates for the audit of the parent company and consolidated
financial statements
0.4
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to
legislation
\u2014
0.2
Total audit fees
0.4
0.4
Fees for other services
0.1
0.1
Total
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-317": { "value": "
7. Fees paid to auditor
During the year, the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditor at costs
detailed below:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Audit services
Fees payable to the Company\u2019s auditor and its associates for the audit of the parent company and consolidated
financial statements
0.4
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to
legislation
\u2014
0.2
Total audit fees
0.4
0.4
Fees for other services
0.1
0.1
Total
0.5
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-318": { "value": "
8. Finance income and costs
2023 2022
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
0.1
Financial instruments income
0.4
1.3
Underlying finance income
0.5
1.5
Net exchange gains
0.3
\u2014
Exceptional finance income
\u2014
0.5
Total finance income
0.8
2.0
Finance costs
Interest payable on bank loans and overdraft
(15.1)
(11.9)
Amortisation of debt issuance costs on bank loan
(1.3)
(0.5)
Underlying finance charges
(16.4)
(12.4)
Interest on lease liabilities
(5.3)
(5.0)
Fair value loss of derivatives
(1.7)
(0.3)
Net exchange losses
\u2014
\u2014
Total finance costs
(23.4)
(17.7)
Net finance costs
(22.6)
(15.7)
The total change in fair value of derivatives reported within net finance costs for the year is a \u00a31.7 million net loss (FY2022: \u00a30.3 million net loss).
Included within finance income is \u00a30.4 million relating to swaps settled in June 2023. In the prior year (FY2022: \u00a31.3 million) received on
settlement of two \u20ac8.0 million average rate contracts acquired in March 2020 and settled in April 2022 for \u00a30.7 million and October 2022 for
\u00a30.6 million respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-389": { "value": "8. Finance income and costs
2023 2022
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
0.1
Financial instruments income
0.4
1.3
Underlying finance income
0.5
1.5
Net exchange gains
0.3
\u2014
Exceptional finance income
\u2014
0.5
Total finance income
0.8
2.0
Finance costs
Interest payable on bank loans and overdraft
(15.1)
(11.9)
Amortisation of debt issuance costs on bank loan
(1.3)
(0.5)
Underlying finance charges
(16.4)
(12.4)
Interest on lease liabilities
(5.3)
(5.0)
Fair value loss of derivatives
(1.7)
(0.3)
Net exchange losses
\u2014
\u2014
Total finance costs
(23.4)
(17.7)
Net finance costs
(22.6)
(15.7)
The total change in fair value of derivatives reported within net finance costs for the year is a \u00a31.7 million net loss (FY2022: \u00a30.3 million net loss). Included within finance income is \u00a30.4 million relating to swaps settled in June 2023. In the prior year (FY2022: \u00a31.3 million) received on settlement of two \u20ac8.0 million average rate contracts acquired in March 2020 and settled in April 2022 for \u00a30.7 million and October 2022 for \u00a30.6 million respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-388": { "value": "8. Finance income and costs
2023 2022
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
0.1
Financial instruments income
0.4
1.3
Underlying finance income
0.5
1.5
Net exchange gains
0.3
\u2014
Exceptional finance income
\u2014
0.5
Total finance income
0.8
2.0
Finance costs
Interest payable on bank loans and overdraft
(15.1)
(11.9)
Amortisation of debt issuance costs on bank loan
(1.3)
(0.5)
Underlying finance charges
(16.4)
(12.4)
Interest on lease liabilities
(5.3)
(5.0)
Fair value loss of derivatives
(1.7)
(0.3)
Net exchange losses
\u2014
\u2014
Total finance costs
(23.4)
(17.7)
Net finance costs
(22.6)
(15.7)
The total change in fair value of derivatives reported within net finance costs for the year is a \u00a31.7 million net loss (FY2022: \u00a30.3 million net loss). Included within finance income is \u00a30.4 million relating to swaps settled in June 2023. In the prior year (FY2022: \u00a31.3 million) received on settlement of two \u20ac8.0 million average rate contracts acquired in March 2020 and settled in April 2022 for \u00a30.7 million and October 2022 for \u00a30.6 million respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-386": { "value": "8. Finance income and costs
2023 2022
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
0.1
Financial instruments income
0.4
1.3
Underlying finance income
0.5
1.5
Net exchange gains
0.3
\u2014
Exceptional finance income
\u2014
0.5
Total finance income
0.8
2.0
Finance costs
Interest payable on bank loans and overdraft
(15.1)
(11.9)
Amortisation of debt issuance costs on bank loan
(1.3)
(0.5)
Underlying finance charges
(16.4)
(12.4)
Interest on lease liabilities
(5.3)
(5.0)
Fair value loss of derivatives
(1.7)
(0.3)
Net exchange losses
\u2014
\u2014
Total finance costs
(23.4)
(17.7)
Net finance costs
(22.6)
(15.7)
The total change in fair value of derivatives reported within net finance costs for the year is a \u00a31.7 million net loss (FY2022: \u00a30.3 million net loss). Included within finance income is \u00a30.4 million relating to swaps settled in June 2023. In the prior year (FY2022: \u00a31.3 million) received on settlement of two \u20ac8.0 million average rate contracts acquired in March 2020 and settled in April 2022 for \u00a30.7 million and October 2022 for \u00a30.6 million respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-381": { "value": "8. Finance income and costs
2023 2022
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
0.1
Financial instruments income
0.4
1.3
Underlying finance income
0.5
1.5
Net exchange gains
0.3
\u2014
Exceptional finance income
\u2014
0.5
Total finance income
0.8
2.0
Finance costs
Interest payable on bank loans and overdraft
(15.1)
(11.9)
Amortisation of debt issuance costs on bank loan
(1.3)
(0.5)
Underlying finance charges
(16.4)
(12.4)
Interest on lease liabilities
(5.3)
(5.0)
Fair value loss of derivatives
(1.7)
(0.3)
Net exchange losses
\u2014
\u2014
Total finance costs
(23.4)
(17.7)
Net finance costs
(22.6)
(15.7)
The total change in fair value of derivatives reported within net finance costs for the year is a \u00a31.7 million net loss (FY2022: \u00a30.3 million net loss). Included within finance income is \u00a30.4 million relating to swaps settled in June 2023. In the prior year (FY2022: \u00a31.3 million) received on settlement of two \u20ac8.0 million average rate contracts acquired in March 2020 and settled in April 2022 for \u00a30.7 million and October 2022 for \u00a30.6 million respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-354": { "value": "8. Finance income and costs
2023 2022
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
0.1
Financial instruments income
0.4
1.3
Underlying finance income
0.5
1.5
Net exchange gains
0.3
\u2014
Exceptional finance income
\u2014
0.5
Total finance income
0.8
2.0
Finance costs
Interest payable on bank loans and overdraft
(15.1)
(11.9)
Amortisation of debt issuance costs on bank loan
(1.3)
(0.5)
Underlying finance charges
(16.4)
(12.4)
Interest on lease liabilities
(5.3)
(5.0)
Fair value loss of derivatives
(1.7)
(0.3)
Net exchange losses
\u2014
\u2014
Total finance costs
(23.4)
(17.7)
Net finance costs
(22.6)
(15.7)
The total change in fair value of derivatives reported within net finance costs for the year is a \u00a31.7 million net loss (FY2022: \u00a30.3 million net loss). Included within finance income is \u00a30.4 million relating to swaps settled in June 2023. In the prior year (FY2022: \u00a31.3 million) received on settlement of two \u20ac8.0 million average rate contracts acquired in March 2020 and settled in April 2022 for \u00a30.7 million and October 2022 for \u00a30.6 million respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-319": { "value": "
9. Income tax charge
Analysis of tax charge in the year:
2023 2022
Note \u00a3\u2019m \u00a3\u2019m
Current tax:
\u2013 current year
5.1
6.1
\u2013 prior year
\u2014
\u2014
5.1
6.1
Deferred tax:
\u2013 current year
5.3
29.8
\u2013 prior year
(2.8)
\u2014
22
2.5
29.8
Tax charge
7.6
35.9
Reconciliation of income tax charge
The tax for the period is lower (FY2022: lower) than the standard rate of corporation tax in the UK for the year ended 31 October 2023 of 22.5%
(FY2022: 19%). The differences are explained below:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Profit before tax
207.8
498.8
Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 22.5% (FY2022: 19%)
46.8
94.8
Effect of:
\u2013 permanent differences
(6.3)
\u2014
\u2013 profits from the tax exempt business
(32.4)
(71.5)
\u2013 deferred tax arising on acquisition of overseas subsidiary
\u2014
4.5
\u2013 difference from overseas tax rates
0.9
8.6
\u2013 potential deferred tax assets not recognised
1.4
0.4
\u2013 utilisation of unrecognised brought forward tax losses
\u2014
(0.9)
\u2013 prior year adjustment
(2.8)
\u2014
Tax charge
7.6
35.9
The Group is a UK real estate investment trust (\u201cREIT\u201d). As a result, the Group is exempt from UK corporation tax on the profits and gains from its
qualifying property rental business in the UK, providing it meets certain conditions. Non-qualifying profits and gains of the Group remain subject to
corporation tax as normal. The Group monitors its compliance with the REIT conditions. There have been no breaches of the conditions to date.
The main rate of corporation tax in the UK increased from 19% to 25% with effect from 1 April 2023. Accordingly, the Group\u2019s results for this
accounting period are taxed at a blended effective rate of 22.5% (FY2022: 19%).
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-320": { "value": "
10. Dividends per share
The dividend paid in 2023 was \u00a365.9 million (30.30 pence per share) (FY2022: \u00a356.9 million (27.00 pence per share)). A final dividend in respect
of the year ended 31 October 2023 of 20.20 pence (FY2022: 20. 40 pence) per share, amounting to a total final dividend of \u00a344.1 million (FY2022:
\u00a342.8 million), is to be proposed at the AGM on 13 March 2024. The ex-dividend date will be 7 March 2024 and the record date will be 8 March
2024 with an intended payment date of 9 April 2024. The final dividend has not been included as a liability at 31 October 2023.
The Property Income Distribution (\u201cPID\u201d) element of the final dividend is 15.15 pence (FY2022: 20.4 pence), making the PID payable for the year
17.62 pence (FY2022: 22.75 pence) per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-11": { "value": "0.202", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-12": { "value": "0.204", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2021-11-01T00:00:00/2022-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-321": { "value": "
11. Earnings per Share
Basic Earnings per Share (\u201cEPS\u201d) is calculated by dividing the profit attributable to equity holders of the Company by the weighted average
number of ordinary shares in issue during the year excluding ordinary shares held as treasury shares. Diluted EPS is calculated by adjusting the
weighted average number of ordinary shares to assume conversion of all dilutive potential shares. The Company has one category of dilutive
potential ordinary shares: share options. For the share options, a calculation is performed to determine the number of shares that could have
been acquired at fair value (determined as the average annual market price of the Company\u2019s shares) based on the monetary value of the
subscription rights attached to the outstanding share options. The number of shares calculated as above is compared with the number of shares
that would have been issued assuming the exercise of the share options.
Year ended 31 October 2023
Year ended 31 October 2022
Earnings Shares Pence Earnings Shares Pence
\u00a3\u2019m million per share \u00a3\u2019m million per share
Basic
200.2
217.2
92.2
462.9
210.9
219.5
Dilutive securities
\u2014
0.9
(0.4)
\u2014
7.0
(7.1)
Diluted
200.2
218.1
91.8
462.9
217.9
212.4
Adjusted Earnings per Share
Explanations related to the adjusted earnings measures adopted by the Group are set out in note 2 under the heading, Non-GAAP financial
information/Alternative Performance Measures, on page 144. Adjusted EPS represents profit after tax adjusted for the valuation movement on
investment properties, exceptional items, change in fair value of derivatives, exchange gains/losses, unwinding of the discount on the CGS
receivable and the associated tax thereon. The Directors consider that these alternative measures provide useful information on the performance
of the Group.
EPRA earnings and Earnings per Share before non-recurring items, movements on revaluations of investment properties and changes in the fair
value of derivatives have been disclosed to give a clearer understanding of the Group\u2019s underlying trading performance.
Year ended 31 October 2023
Year ended 31 October 2022
Earnings Shares Pence Earnings Shares Pence
\u00a3\u2019m million per share \u00a3\u2019m million per share
Basic
200.2
217.2
92.2
462.9
210.9
219.5
Adjustments:
Gain on investment properties
(93.8)
\u2014
(43.2)
(381.6)
\u2014
(180.9)
Exceptional items
\u2014
\u2014
\u2014
0.1
\u2014
\u2014
Other exceptional gains
\u2014
\u2014
\u2014
(10.8)
\u2014
(5.1)
Exceptional finance income
\u2014
\u2014
\u2014
(0.5)
\u2014
(0.2)
Net exchange gain
(0.3)
\u2014
(0.1)
\u2014
\u2014
\u2014
Change in fair value of derivatives
1.7
\u2014
0.8
0.3
\u2014
0.1
Tax on adjustments
1.4
\u2014
0.6
29.7
\u2014
14.1
Adjusted
109.2
217.2
50.3
100.1
210.9
47.5
EPRA adjusted:
Fair value re-measurement of lease liabilities
add-back
(8.8)
\u2014
(4.1)
(8.3)
\u2014
(3.9)
Tax on lease liabilities add-back adjustment
1.1
\u2014
0.5
1.0
\u2014
0.5
Adjusted EPRA basic EPS
101.5
217.2
46.7
92.8
210.9
44.1
Share-based payments charge
3.5
1.6
11.2
\u2014
5.3
Dilutive shares
\u2014
1.9
(0.4)
\u2014
8.0
(1.9)
Adjusted Diluted EPRA EPS
105.0
219.1
47.9
104.0
218.9
47.5
1
Note:
1 Adjusted Diluted EPRA EPS is defined in note 2 under, Non-GAAP financial information/Alternative Performance Measures, on page 144.
Gain on investment properties includes the fair value re-measurement of lease liabilities add-back of \u00a38.8 million (FY2022: \u00a38.3 million) and the
related tax thereon of \u00a31.1 million (FY2022: \u00a31.0 million). As an industry standard measure, EPRA earnings is presented. EPRA earnings of
\u00a3101.5 million (FY2022: \u00a392.8 million) and EPRA Earnings per Share of 46.7 pence (FY2022: 44.1 pence) are calculated after further adjusting
for these items.
2023 2022 Movement
EPRA adjusted income statement (non-statutory) \u00a3\u2019m \u00a3\u2019m %
Revenue
224.2
212.5
5.5%
Underlying operating expenses (excluding depreciation and variable lease payments)
(82.0)
(77.5)
5.8%
Share of associate\u2019s Underlying EBITDA
\u2014
0.1
(100%)
Underlying EBITDA before variable lease payments
142.2
135.1
5.3%
Share-based payments charge
(3.5)
(11.2)
(68.8%)
Depreciation and variable lease payments
(2.1)
(1.3)
61.5%
Operating profit before fair value re-measurement lease liabilities add-back
136.6
122.6
11.4%
Fair value re-measurement of lease liabilities add-back
(8.8)
(8.3)
6.0%
Operating profit
127.8
114.3
11.8%
Net financing costs
(21.2)
(15.9)
33.3%
Share of associate\u2019s finance charges
\u2014
(0.4)
(100%)
Profit before income tax
106.6
98.0
8.8%
Income tax
(5.1)
(5.2)
(1.9)
Profit for the year (\u201cAdjusted EPRA basic earnings\u201d)
101.5
92.8
9.4%
Adjusted EPRA basic EPS
46.7 pence
44.1 pence
5.9%
Final dividend per share
20.20 pence
20.40 pence
(0.98%)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-322": { "value": "
12. Investment in associates
2023 2022
\u00a3\u2019m \u00a3\u2019m
PBC Les Groues SAS
1.8
1.8
CERF II German Storage Topco S.a.r.l.
2.3
\u2014
4.1
1.8
Safestore Storage Benelux B.V. (formerly CERF Storage JV B.V.)
Until 30 March 2022, the Group had a 20% interest in Safestore Storage Benelux B.V. (\u201cSSB\u201d) (formerly CERF Storage JV B.V.), a company registered
and operating in the Netherlands. SSB was accounted for using the equity method of accounting. SSB invests in carefully selected self storage
opportunities in Europe. The Group earned a fee for providing management services to SSB. This investment as an associate was considered
immaterial relative to the Group\u2019s underlying operations. On 30 March 2022, the Group acquired the remaining 80% equity from its previous Joint
Venture partner for \u20ac53.6 million (\u00a345.3 million) and SSB became a wholly owned subsidiary. Under IFRS 3 this transaction, where properties
were acquired through the purchase of a corporate vehicle in the year, has been judged to meet the accounting definition of an asset purchase.
PBC Les Groues SAS
The Group has a 24.9% interest in PBC Les Groues SAS (\u201cPBC\u201d), a company registered and operating in France. PBC is accounted for using
the equity method of accounting. PBC is the parent company of Nanterre FOCD 92, a company also registered and operating in France, which
is developing a new store as part of a wider development programme located in Paris. The development project is managed by its joint venture
partners, therefore the Group has no operational liability during this phase. During the current period there has been no material investment in
the company (31 October 2022: \u00a30.8m). The investment is considered immaterial relative to the Group\u2019s underlying operations. The aggregate
carrying value of the Group\u2019s interest in PBC was \u00a31.8m (31 October 2022: \u00a31.8m), made up of an investment of \u00a31.8m (31 October 2022: \u00a31.8m).
The Group\u2019s share of profits from continuing operations for the period was \u00a3nil (30 October 2022: \u00a3nil). The Group\u2019s share of total comprehensive
income of associates for the period was \u00a3nil (31 October 2022: \u00a3nil).
CERF II German Storage Topco S.a.r.l.
On 1 December 2022 the Group acquired a 10.0% interest in CERF II German Storage Topco S.a.r.l. (CERF II), a company registered in
Luxembourg for which the Group has board representation. The reporting date of the financial statements for the company is 31 December.
CERF II is accounted for using the equity method of accounting. Safestore entered the German Self Storage market via a new investment with
Carlyle which acquired the myStorage business. The aggregate carrying value of the Group\u2019s interest in CERF II was \u00a32.3m (31 October 2022: \u00a3nil),
made up of an investment of \u00a32.3m (31 October 2022: \u00a3nil). The Group\u2019s share of profits from continuing operations for the period was \u00a3nil
(31 October 2022: \u00a3nil). The Group\u2019s share of total comprehensive income of associates for the period was \u00a3nil (31 October 2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-323": { "value": "
13. Investment properties
External valuation Investment
of investment property Total
properties, net of Add-back of under investment
lease liabilities lease liabilities construction properties
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 1 November 2022
2,457.8
95.1
94.5
2,647.4
Additions
67.6
17.5
56.4
141.5
Disposals
\u2014
(3.1)
\u2014
(3.1)
Reclassifications
42.0
\u2014
(42.0)
\u2014
Revaluations
103.5
\u2014
(0.9)
102.6
Fair value re-measurement of lease liabilities add-back
\u2014
(8.8)
\u2014
(8.8)
Exchange movements
10.2
0.5
0.6
11.3
At 31 October 2023
2,681.1
101.2
108.6
2,890.9
The Group acquired the freehold of the Oldbury property on 22 February 2023 and Valencia property in January 2023. This resulted in the
disposal of lease liabilities with a carrying value of \u00a32.2m and \u00a30.9m respectively.
External valuation Investment
of investment property Total
properties, net of Add-back of under investment
lease liabilities lease liabilities construction properties
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 1 November 2021
1,881.8
82.1
67.4
2,031.3
Acquisition of subsidiaries
128.2
0.6
\u2014
128.8
Additions
31.8
20.2
47.4
99.4
Disposals
(6.2)
\u2014
\u2014
(6.2)
Reclassifications
16.5
\u2014
(16.5)
\u2014
Revaluations
394.1
\u2014
(4.2)
389.9
Fair value re-measurement of lease liabilities add-back
\u2014
(8.3)
\u2014
(8.3)
Exchange movements
11.6
0.5
0.4
12.5
At 31 October 2022
2,457.8
95.1
94.5
2,647.4
The gain on investment properties comprises:
Revaluation
Cost on cost Valuation
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Freehold stores
At 1 November 2022
892.7
1,142.4
2,035.1
Movement in year
126.1
75.7
201.8
At 31 October 2023
1,018.8
1,218.1
2,236.9
Leasehold stores
At 1 November 2022
133.7
289.0
422.7
Movement in year
5.5
16.0
21.5
At 31 October 2023
139.2
305.0
444.2
All stores
At 1 November 2022
1,026.4
1,431.4
2,457.8
Movement in year
131.6
91.7
223.3
At 31 October 2023
1,158.0
1,523.1
2,681.1
2023 2022
\u00a3\u2019m \u00a3\u2019m
Revaluations of investment property and investment property under construction
102.6
389.9
Fair value re-measurement of lease liabilities add-back
(8.8)
(8.3)
93.8
381.6
The valuation of \u00a32,681.1 million (FY2022: \u00a32,457.8 million) excludes \u00a30.6 million in respect of owner-occupied property, which is included within
property, plant and equipment. Rental income earned from investment properties for the year ended 31 October 2023 was \u00a3188.5 million
(FY2022: \u00a3179.3 million).
The Group has classified the investment property and investment property under construction, held at fair value, within Level 3 of the fair value
hierarchy. There were no transfers to or from Level 3 during the year.
As described in note 2, summary of significant accounting policies, where the valuation obtained for investment property is net of all payments
to be made, it is necessary to add back the lease liability to arrive at the carrying amount of investment property at fair value. The lease liability
of \u00a3101.4 million (FY2022: \u00a395.4 million) per note 21 differs to the \u00a3101.2 million (FY2022: \u00a395.1 million) disclosed above as a result of accounting
for the French Head Office lease under IFRS 16. This lease is included as part of property, plant and equipment, and has a net book value of
\u00a30.2 million as at 31 October 2023 (FY2022: \u00a30.3 million) (note 14).
All direct operating expenses arising from investment property that generated rental income as outlined in note 3 were \u00a382.0 million
(FY2022: \u00a375.3 million).
The freehold and leasehold investment properties have been valued as at 31 October 2023 by external valuer, Cushman & Wakefield Debenham
Tie Leung Limited (\u201cC&W\u201d). The valuation has been carried out in accordance with the current edition of the RICS Valuation \u2013 Global Standards,
which incorporates the International Valuation Standards and the RICS Valuation UK National Supplement (the \u201cRICS Red Book\u201d). The valuation
of each of the investment properties has been prepared on the basis of fair value as a fully equipped operational entity, having regard to trading
potential. Two non-trading properties were valued on the basis of fair value. The valuation has been provided for accounts purposes and, as
such, is a Regulated Purpose Valuation as defined in the RICS Red Book. In compliance with the disclosure requirements of the RICS Red Book,
C&W has confirmed that:
\u2022 the member of the RICS who has been the signatory to the valuations provided to the Group for the same purposes as this valuation has done
so since April 2020. The valuations have been reviewed by an internal investment committee comprising two valuation partners and an
investment partner, all unconnected with the assignment;
\u2022 C&W has been carrying out regular valuations for the same purpose as this valuation on behalf of the Group since October 2006;
\u2022 C&W does not provide other significant professional or agency services to the Group;
\u2022 in relation to the preceding financial year of C&W, the proportion of total fees payable by the Group to the total fee income of the firm is less
than 5%; and
\u2022 the fee payable to C&W is a fixed amount per property and is not contingent on the appraised value.
Valuation method and assumptions
The valuation of the operational self storage facilities has been prepared having regard to trading potential. Cash flow projections have been
prepared for all of the properties reflecting estimated absorption, revenue growth and expense inflation. A discounted cash flow method of
valuation based on these cash flow projections has been used by C&W to arrive at its opinion of fair value for these properties.
C&W has adopted different approaches for the valuation of the leasehold and freehold assets as follows:
Freehold and long leasehold (UK, Paris, Spain, the Netherlands, and Belgium)
The valuation is based on a discounted cash flow of the net operating income over a ten-year period and a notional sale of the asset at the end
of the tenth year.
Assumptions:
\u2022 Net operating income is based on projected revenue received less projected operating costs together with a central administration charge of
6% of the estimated annual revenue, subject to a cap and collar. The initial net operating income is calculated by estimating the net operating
income in the first twelve months following the valuation date.
\u2022 The net operating income in future years is calculated assuming either straight-line absorption from day one actual occupancy or variable
absorption over years one to four of the cash flow period, to an estimated stabilised/mature occupancy level. In the valuation the assumed
stabilised occupancy level for the trading stores (both freeholds and all leaseholds) open at 31 October 2023 averages 89.33% (FY2022: 89.18%).
The projected revenues and costs have been adjusted for estimated cost inflation and revenue growth. The average time assumed for stores
to trade at their maturity levels is 13.44 months (FY2022: 18.51 months).
\u2022 The capitalisation rates applied to existing and future net cash flows have been estimated by reference to underlying yields for industrial and
retail warehouse property, yields for other trading property types such as purpose-built student housing and hotels, bank base rates, ten-year
money rates, inflation and the available evidence of transactions in the sector. The valuation included in the accounts assumes rental growth
in future periods. If an assumption of no rental growth is applied to the external valuation, the net initial yield pre-administration expenses for
mature stores (i.e. excluding those stores categorised as \u2018developing\u2019) is 5.92% (FY2022: 6.08%), rising to a stabilised net yield pre-administration
expenses of 6.71% (FY2022: 6.74%).
\u2022 The weighted average freehold exit yield on UK freeholds is 5.75% (FY2022: 5.74%), on France freeholds is 5.61% (FY2022: 5.96%), on Spain
freeholds is 5.50% (FY2022: 5.50%), on the Netherlands freeholds is 5.15% (FY2022: 5.05%) and on Belgium freeholds is 5.00% (FY2022: 5.02%).
The weighted average freehold exit yield for all freeholds adopted is 5.72% (FY2022: 5.78%).
\u2022 The future net cash flow projections (including revenue growth and cost inflation) have been discounted at a rate that reflects the risk
associated with each asset. The weighted average annual discount rate adopted (for both freeholds and leaseholds) in the UK portfolio is
8.59% (FY2022: 8.40%), in the France portfolio is 8.38% (FY2022: 8.58%), in the Spain portfolio is 8.39% (FY2022: 8.29%), in the Netherlands
portfolio is 7.74% (FY2022: 7.49%) and in the Belgium portfolio is 7.99% (FY2022: 7.62%). The weighted average annual discount rate adopted
(for both freeholds and all leaseholds) is 8.54% (FY2022: 8.49%).
\u2022 Purchaser\u2019s costs in the range of approximately 3.3% to 6.8% for the UK, 7.5% for Paris, 2.5% for Spain, 7.5% for the Netherlands and 7.5%
for Belgium have been assumed initially, reflecting the progressive SDLT rates brought into force in March 2016 in the UK, and sales plus
purchaser\u2019s costs totalling approximately 5.3% to 8.8% (UK), 9.5% (Paris), 4.5% (Spain), 7.5% (the Netherlands) and 7.5% (Belgium) are
assumed on the notional sales in the tenth year in relation to freehold and long leasehold stores.
Short leaseholds (UK)
The same methodology has been used as for freeholds, except that no sale of the assets in the tenth year is assumed but the discounted
cash flow is extended to the expiry of the lease. The average unexpired term of the Group\u2019s UK short term leasehold properties is 13.2 years
(FY2022: 13.0 years). The average unexpired term excludes the commercial leases in France and Spain.
Short leaseholds (Paris)
In relation to the commercial leases in Paris, C&W has valued the cash flow projections in perpetuity due to the security of tenure arrangements
in that market and the potential compensation arrangements in the event of the landlord wishing to take possession. The valuation treatment
is therefore the same as for the freehold properties. The capitalisation rates on these stores reflect the risk of the landlord terminating the
lease arrangements.
Short leaseholds (Spain)
In relation to the commercial leases in Spain, C&W has valued the cash flow projections in perpetuity due to the nature of the lease agreements
which allows the tenant to renew the lease year-on-year into perpetuity. The valuation treatment is therefore the same as for the freehold
properties. The capitalisation rates on these stores reflect the risk of the rolling lease arrangements.
In relation to one other short leasehold in Spain, the lease allows for a five-year automatic extension beyond the initial lease expiry date subject
to neither party serving notice stating it does not wish to do so. This allows the landlord to terminate the lease at the original expiry date if it so
wishes. The same methodology has been used as for freeholds, except that no sale of the asset in the tenth year is assumed but the discounted
cash flow is extended to the expiry of the lease.
Short leaseholds (the Netherlands)
The same methodology has been used as for freeholds, except that no sale of the assets in the tenth year is assumed but the discounted cash
flow is extended to the expiry of the lease.
Short leaseholds (Belgium)
There are no short term leaseholds in Belgium.
Investment properties under construction
C&W has valued the stores in development adopting the same methodology as set out above but on the basis of the cash flow projection
expected for the store at opening and allowing for the outstanding costs to take each store from its current state to completion and full fit out,
except several recently acquired stores which have been valued at acquisition costs. C&W has allowed for carry costs and construction
contingency, as appropriate.
Immature stores: value uncertainty
C&W has assessed the value of each property individually. Where the stores in the portfolio are relatively immature and have low initial cash flow.
C&W has endeavoured to reflect the nature of the cash flow profile for these properties in its valuation, and the higher associated risks relating to
the as yet unproven future cash flow, by adjustment to the capitalisation rates and discount rates adopted. However, immature low cash flow
stores of this nature are rarely, if ever, traded individually in the market, unless as part of a distressed sale or similar situation, although there is
more evidence of such stores being traded as part of a group or portfolio transaction.
C&W states that, in practice, if an actual sale of the properties was to be contemplated then any immature low cash flow stores would normally
be presented to the market for sale, lotted or grouped with other more mature assets owned by the same entity, in order to alleviate the issue of
negative or low short term cash flow. This approach would enhance the marketability of the group of assets and assist in achieving the best price
available in the market by diluting the cash flow risk.
C&W has not adjusted its opinion of fair value to reflect such a grouping of the immature assets with other properties in the portfolio and all stores
having been valued individually. However, C&W highlights the matter to alert the Group to the manner in which the properties might be grouped
or lotted in order to maximise their attractiveness to the marketplace.
C&W considers this approach to be a valuation assumption but not a special assumption, the latter being an assumption that assumes facts that
differ from the actual facts existing at the valuation date and which, if not adopted, could produce a material difference in value.
Valuation assumption for purchaser\u2019s costs
The Group\u2019s investment property assets have been valued for the purposes of the financial statements after adjusting for notional purchaser\u2019s
costs in the range of approximately 3.3% to 6.8% (UK), 7.5% (Paris), 2.5% (Spain), 7.5% (the Netherlands) and 7.5% (Belgium), as if they were sold
directly as property assets. The valuation is an asset valuation which is strongly linked to the operating performance of the business. They would
have to be sold with the benefit of operational contracts, employment contracts and customer contracts, which would be difficult to achieve
except in a corporate structure.
This approach follows the logic of the valuation methodology in that the valuation is based on a capitalisation of the net operating income after
allowing a deduction for operational cost and an allowance for central administration costs. A sale in a corporate structure would result in a
reduction in the assumed stamp duty land tax but an increase in other transaction costs reflecting additional due diligence resulting in a reduced
notional purchaser\u2019s cost of c. 2.75% of gross value. All the significant sized transactions that have been concluded in the UK in recent years
were completed in a corporate structure. The Group therefore instructed C&W to prepare additional valuation advice on the basis of purchaser\u2019s
cost of 2.75% of gross value which is used for internal management purposes.
Sensitivity of the valuation to assumptions
As noted in \u2018Key sources of estimation uncertainty\u2019 on page 143, self storage valuations are complex, derived from data which is not widely publicly
available and involves a degree of judgement. All other factors being equal, higher net operating income would lead to an increase in the valuation of
a store and an increase in the capitalisation rate or discount rate would result in a lower valuation, and vice versa. Higher assumptions for stabilised
occupancy, absorption rate, rental rate and other revenue, and a lower assumption for operating costs, would result in an increase in projected net
operating income, and thus an increase in valuation.
There are inter-relationships between the valuation inputs, and they are primarily determined by market conditions. The effect of an increase in more
than one input could be to magnify the impact on the valuation. However, the impact on the valuation could be offset by the inter-relationship of two
inputs moving in opposite directions, e.g. an increase in rent may be offset by a decrease in occupancy, resulting in no net impact on the valuation.
For these reasons we have classified the valuation of our property portfolio as Level 3 as defined by IFRS 13. Inputs to the valuation, some
of which are \u2018unobservable\u2019 as defined by IFRS 13, include capitalisation yields, stable occupancy rates, and time to stabilised occupancy. The
existence of an increase of more than one \u2018unobservable\u2019 input would augment the impact on the valuation. The impact on the valuation would be
mitigated by the inter-relationship between unobservable inputs moving in opposite directions. For example, an increase in stable occupancy may
be offset by an increase in yield, resulting in no net impact on the valuation. A sensitivity analysis showing the impact on valuations of changes
in capitalisation rates and stable occupancy is shown below:
Impact of a delay
in stabilised
Impact of change in Impact of a change in stabilised occupancy
capitalisation rates occupancy assumption assumption
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
25 bps decrease
25 bps increase
1% increase
1% decrease
24-month delay
Reported group
129.1
88.1
53.5
(31.9)
(16.22)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-324": { "value": "
14. Property, plant and equipment
Owner-
occupied Motor Fixtures IFRS 16
buildings vehicles and fittings leases Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost
At 1 November 2022
1.0
0.9
7.8
0.6
10.3
Additions
0.7
0.6
1.8
\u2014
3.1
Disposals
\u2014
(0.1)
(0.1)
\u2014
(0.2)
At 31 October 2023
1.7
1.4
9.5
0.6
13.2
Accumulated depreciation
At 1 November 2022
0.2
0.5
5.9
0.3
6.9
Charge for the year
\u2014
0.2
1.0
0.1
1.3
Disposals
\u2014
(0.1)
(0.1)
\u2014
(0.2)
At 31 October 2023
0.2
0.6
6.8
0.4
8.0
Net book value
At 31 October 2023
1.5
0.8
2.7
0.2
5.2
At 31 October 2022
0.8
0.4
1.9
0.3
3.4
As a result of adopting IFRS 16, the Group initially recognised a right-of-use asset of \u00a30.4 million in property, plant and equipment and a lease
liability of \u00a30.4 million at the transition date of 1 November 2019. Due to a lease extension for this asset, this has subsequently been re-measured
by an additional \u00a30.2 million. The additional depreciation charge for the right-of-use asset recognised during the year was \u00a30.1 million.
The reduction in the lease liability in respect of principal repayments and interest was \u00a30.1 million.
Owner-
occupied Motor Fixtures IFRS 16
buildings vehicles and fittings leases Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost
At 1 November 2021
0.8
1.0
7.0
0.4
9.2
Additions
0.2
0.2
0.8
0.2
1.4
Disposals
\u2014
(0.3)
\u2014
\u2014
(0.3)
At 31 October 2022
1.0
0.9
7.8
0.6
10.3
Accumulated depreciation
At 1 November 2021
0.2
0.5
5.1
0.2
6.0
Charge for the year
\u2014
0.1
0.8
0.1
1.0
Disposals
\u2014
(0.1)
\u2014
\u2014
(0.1)
At 31 October 2022
0.2
0.5
5.9
0.3
6.9
Net book value
At 31 October 2022
0.8
0.4
1.9
0.3
3.4
At 31 October 2021
0.6
0.5
1.9
0.2
3.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-325": { "value": "
15. Net assets per share
EPRA\u2019s Best Practices Recommendations guidelines for Net Asset Value (\u201cNAV\u201d) metrics are EPRA Net Tangible Assets (\u201cNTA\u201d), EPRA Net
Reinstatement Value (\u201cNRV\u201d) and EPRA Net Disposal Value (\u201cNDV\u201d).
EPRA NTA is considered to be the most relevant measure for the Group\u2019s business which provides sustainable long term progressive returns and
is now the primary measure of net assets, replacing the previously reported EPRA NAV metric. EPRA NTA assumes that entities buy and sell
assets, thereby crystallising certain levels of unavoidable deferred tax. Due to the Group\u2019s REIT status, deferred tax is only provided at each
balance sheet date on properties outside the REIT regime. As a result, deferred taxes are excluded from EPRA NTA for properties within the REIT
regime. For properties outside of the REIT regime, deferred tax is included to the extent that it is expected to crystallise, based on the Group\u2019s
track record and tax structuring.
There are no reconciling items between EPRA NTA and the previously reported EPRA NAV metric. EPRA NTA is shown in the table below:
2023
2022
Diluted pence Diluted pence
\u00a3\u2019m
per share
\u00a3\u2019m
per share
Balance sheet net assets
1,935.1
884
1,793.4
820
Adjustments to exclude:
Fair value of derivative financial instruments (net of deferred tax)
\u2014
(1.7)
Deferred tax liabilities on the revaluation of investment properties
139.2
129.0
EPRA NTA
2,074.3
948
1,920.7
879
Basic net assets per share
888
848
EPRA basic NTA per share
952
908
The basic and diluted net assets per share have been calculated based on the following number of shares:
2023 2022
Number Number
Shares in issue
At year end
218,039,419
211,927,497
Adjustment for Employee Benefit Trust (treasury) shares
(64,363)
(359,795)
IFRS/EPRA number of shares (basic)
217,975,056
211,567,702
Dilutive effect of Save As You Earn shares
39,269
87,562
Dilutive effect of Long Term Incentive Plan shares
860,328
6,956,633
IFRS/EPRA number of shares (diluted)
218,874,653
218,611,897
Basic net assets per share is shareholders\u2019 funds divided by the number of shares at the year end. Diluted net assets per share is shareholders\u2019
funds divided by the number of shares at the year end, adjusted for dilutive share options of 899,597 shares (FY2022: 7,044,195 shares). EPRA
diluted net assets per share excludes deferred tax liabilities arising on the revaluation of investment properties. The EPRA NAV, which further
excludes fair value adjustments for debt and related derivatives net of deferred tax, was \u00a32,074.3 million (FY2022: \u00a31,920.7 million), giving EPRA
NTA per share of 948 pence (FY2022: 879 pence). The Directors consider that these alternative measures provide useful information on the
performance of the Group.
EPRA adjusted balance sheet (non-statutory)
2023 2022
\u00a3\u2019m \u00a3\u2019m
Assets
Non-current assets
2,906.8
2,653.4
Current assets
50.1
52.4
Total assets
2,956.9
2,705.8
Liabilities
Current liabilities
(110.4)
(178.4)
Non-current liabilities
(772.2)
(606.7)
Total liabilities
(882.6)
(785.1)
EPRA adjusted Net Asset Value
2,074.3
1,920.7
EPRA adjusted basic net assets per share
952 pence
908 pence
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-326": { "value": "
16. Trade and other receivables
2023 2022
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
21.8
20.6
Less: credit loss allowance
(5.8)
(5.5)
Trade receivables \u2013 net
16.0
15.1
Other receivables
10.8
8.9
Amounts due from associates (note 12)
0.1
\u2014
Prepayments
5.9
7.2
32.8
31.2
The creation and release of credit loss allowances have been included in cost of sales in the income statement.
The Group always measures the loss allowance for the trade receivables at an amount equal to lifetime expected credit loss. The expected credit
losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the
debtor\u2019s current financial position, adjusted for factors that are specific to the debtor and an analysis of the debtors, general economic conditions
of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting
date. The Group provides in full against all receivables due over six months past due because historical experience has indicated that these
receivables are generally not recoverable.
There has been no change in the estimation techniques or significant assumptions made during the current reporting period.
The Group writes off a trade receivable when there is information indicating that the debtors are in severe financial difficulty and there is no
realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings.
The following table details the risk profile of trade receivables based on the Group\u2019s provision matrix:
UK
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
6.5%
16.7%
-55.6%
7.5%
Estimated total gross carrying amount at default (\u00a3\u2019m)
6.8
3.1
1.2
0.9
12.0
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.2)
(0.6)
(1.0)
Net trade receivables as at 31 October 2023
6.8
2.9
1.0
0.3
11.0
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
7.1%
-20.0%
71.9%
49.0%
Estimated total gross carrying amount at default (\u00a3\u2019m)
1.5
1.4
0.5
6.4
9.8
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(4.6)
(4.8)
Net trade receivables as at 31 October 2023
1.5
1.3
0.4
1.8
5.0
UK
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
7.1%
25.0%
57.1%
10.1%
Estimated total gross carrying amount at default (\u00a3\u2019m)
7.5
2.8
1.2
1.4
12.9
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.3)
(0.8)
(1.3)
Net trade receivables as at 31 October 2022
7.5
2.6
0.9
0.6
11.6
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
14.3%
20.0%
85.1%
57.5%
Estimated total gross carrying amount at default (\u00a3\u2019m)
1.4
0.7
0.5
4.7
7.3
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(4.0)
(4.2)
Net trade receivables as at 31 October 2022
1.4
0.6
0.4
0.7
3.1
Outstanding trade receivables in Spain, the Netherlands, and Belgium totalled \u00a30.5 million (FY2022: \u00a30.4 million); therefore, the risk profile for this
geography has been excluded.
The difference between expected credit loss rates in the UK and France is largely due to the differing processes for collecting overdue debt,
with legal proceedings in France typically taking significantly longer than in the UK.
The above balances are short term (including other receivables) and therefore the difference between the book value and the fair value is not
significant. Consequently, these have not been discounted.
Movement in the credit loss allowance:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Balance at the beginning of the year
5.5
4.3
Acquisition of subsidiaries
\u2014
0.1
Amounts provided in the year
2.1
2.5
Amounts written off as uncollectable
(1.8)
(1.4)
Balance at the end of the year
5.8
5.5
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Sterling
18.7
19.0
Euros
14.1
12.2
32.8
31.2
Amounts due from associates of \u00a30.1 million (FY2022: \u00a3nil) relate to the Joint Venture arrangement (note 12), made up of management fees of
\u00a30.1 million (FY2022: \u00a3nil). These amounts are considered to be fully recoverable and have not been impaired (FY2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-382": { "value": "16. Trade and other receivables
2023 2022
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
21.8
20.6
Less: credit loss allowance
(5.8)
(5.5)
Trade receivables \u2013 net
16.0
15.1
Other receivables
10.8
8.9
Amounts due from associates (note 12)
0.1
\u2014
Prepayments
5.9
7.2
32.8
31.2
The creation and release of credit loss allowances have been included in cost of sales in the income statement. The Group always measures the loss allowance for the trade receivables at an amount equal to lifetime expected credit loss. The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtor and an analysis of the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The Group provides in full against all receivables due over six months past due because historical experience has indicated that these receivables are generally not recoverable. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. The Group writes off a trade receivable when there is information indicating that the debtors are in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. The following table details the risk profile of trade receivables based on the Group\u2019s provision matrix:
UK
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
6.5%
16.7%
-55.6%
7.5%
Estimated total gross carrying amount at default (\u00a3\u2019m)
6.8
3.1
1.2
0.9
12.0
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.2)
(0.6)
(1.0)
Net trade receivables as at 31 October 2023
6.8
2.9
1.0
0.3
11.0
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
7.1%
-20.0%
71.9%
49.0%
Estimated total gross carrying amount at default (\u00a3\u2019m)
1.5
1.4
0.5
6.4
9.8
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(4.6)
(4.8)
Net trade receivables as at 31 October 2023
1.5
1.3
0.4
1.8
5.0
UK
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
7.1%
25.0%
57.1%
10.1%
Estimated total gross carrying amount at default (\u00a3\u2019m)
7.5
2.8
1.2
1.4
12.9
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.3)
(0.8)
(1.3)
Net trade receivables as at 31 October 2022
7.5
2.6
0.9
0.6
11.6
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
14.3%
20.0%
85.1%
57.5%
Estimated total gross carrying amount at default (\u00a3\u2019m)
1.4
0.7
0.5
4.7
7.3
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(4.0)
(4.2)
Net trade receivables as at 31 October 2022
1.4
0.6
0.4
0.7
3.1
Outstanding trade receivables in Spain, the Netherlands, and Belgium totalled \u00a30.5 million (FY2022: \u00a30.4 million); therefore, the risk profile for this geography has been excluded. The difference between expected credit loss rates in the UK and France is largely due to the differing processes for collecting overdue debt, with legal proceedings in France typically taking significantly longer than in the UK. The above balances are short term (including other receivables) and therefore the difference between the book value and the fair value is not significant. Consequently, these have not been discounted. Movement in the credit loss allowance:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Balance at the beginning of the year
5.5
4.3
Acquisition of subsidiaries
\u2014
0.1
Amounts provided in the year
2.1
2.5
Amounts written off as uncollectable
(1.8)
(1.4)
Balance at the end of the year
5.8
5.5
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Sterling
18.7
19.0
Euros
14.1
12.2
32.8
31.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-355": { "value": "16. Trade and other receivables
2023 2022
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
21.8
20.6
Less: credit loss allowance
(5.8)
(5.5)
Trade receivables \u2013 net
16.0
15.1
Other receivables
10.8
8.9
Amounts due from associates (note 12)
0.1
\u2014
Prepayments
5.9
7.2
32.8
31.2
The creation and release of credit loss allowances have been included in cost of sales in the income statement. The Group always measures the loss allowance for the trade receivables at an amount equal to lifetime expected credit loss. The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtor and an analysis of the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The Group provides in full against all receivables due over six months past due because historical experience has indicated that these receivables are generally not recoverable. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. The Group writes off a trade receivable when there is information indicating that the debtors are in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. The following table details the risk profile of trade receivables based on the Group\u2019s provision matrix:
UK
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
6.5%
16.7%
-55.6%
7.5%
Estimated total gross carrying amount at default (\u00a3\u2019m)
6.8
3.1
1.2
0.9
12.0
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.2)
(0.6)
(1.0)
Net trade receivables as at 31 October 2023
6.8
2.9
1.0
0.3
11.0
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
7.1%
-20.0%
71.9%
49.0%
Estimated total gross carrying amount at default (\u00a3\u2019m)
1.5
1.4
0.5
6.4
9.8
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(4.6)
(4.8)
Net trade receivables as at 31 October 2023
1.5
1.3
0.4
1.8
5.0
UK
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
7.1%
25.0%
57.1%
10.1%
Estimated total gross carrying amount at default (\u00a3\u2019m)
7.5
2.8
1.2
1.4
12.9
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.3)
(0.8)
(1.3)
Net trade receivables as at 31 October 2022
7.5
2.6
0.9
0.6
11.6
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
14.3%
20.0%
85.1%
57.5%
Estimated total gross carrying amount at default (\u00a3\u2019m)
1.4
0.7
0.5
4.7
7.3
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(4.0)
(4.2)
Net trade receivables as at 31 October 2022
1.4
0.6
0.4
0.7
3.1
Outstanding trade receivables in Spain, the Netherlands, and Belgium totalled \u00a30.5 million (FY2022: \u00a30.4 million); therefore, the risk profile for this geography has been excluded. The difference between expected credit loss rates in the UK and France is largely due to the differing processes for collecting overdue debt, with legal proceedings in France typically taking significantly longer than in the UK. The above balances are short term (including other receivables) and therefore the difference between the book value and the fair value is not significant. Consequently, these have not been discounted. Movement in the credit loss allowance:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Balance at the beginning of the year
5.5
4.3
Acquisition of subsidiaries
\u2014
0.1
Amounts provided in the year
2.1
2.5
Amounts written off as uncollectable
(1.8)
(1.4)
Balance at the end of the year
5.8
5.5
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Sterling
18.7
19.0
Euros
14.1
12.2
32.8
31.2
Amounts due from associates of \u00a30.1 million (FY2022: \u00a3nil) relate to the Joint Venture arrangement (note 12), made up of management fees of \u00a30.1 million (FY2022: \u00a3nil). These amounts are considered to be fully recoverable and have not been impaired (FY2022: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-387": { "value": "
2023 2022
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
21.8
20.6
Less: credit loss allowance
(5.8)
(5.5)
Trade receivables \u2013 net
16.0
15.1
Other receivables
10.8
8.9
Amounts due from associates (note 12)
0.1
\u2014
Prepayments
5.9
7.2
32.8
31.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-356": { "value": "
17. Cash and cash equivalents
2023 2022
\u00a3\u2019m \u00a3\u2019m
Cash at bank and in hand
16.9
20.9
The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Sterling
4.9
6.4
Euros
12.0
14.5
16.9
20.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-327": { "value": "17. Cash and cash equivalents
2023 2022
\u00a3\u2019m \u00a3\u2019m
Cash at bank and in hand
16.9
20.9
The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Sterling
4.9
6.4
Euros
12.0
14.5
16.9
20.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-328": { "value": "
18. Trade and other payables
2023 2022
\u00a3\u2019m \u00a3\u2019m
Current
Trade payables
9.4
8.0
Other taxes and social security payable
6.3
6.2
Other payables
2.9
4.9
Accruals
15.0
24.8
Deferred income
18.8
18.8
52.4
62.7
The carrying amounts of the Group\u2019s trade and other payables are denominated in the following currencies:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Sterling
34.7
47.4
Euros
17.7
15.3
52.4
62.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-329": { "value": "
19. Financial liabilities \u2013 bank borrowings and notes
2023 2022
\u00a3\u2019m \u00a3\u2019m
Bank loans and notes
Secured
\u2014
625.1
Unsecured
730.8
\u2014
Debt issue costs
(5.0)
(1.3)
725.8
623.8
On 11 November 2022, the Group completed the refinancing of its RCFs which were due to expire in June 2023. The previous \u00a3250.0 million
Sterling and \u20ac70.0 million Euro RCFs have been replaced with a single multi-currency \u00a3400 million facility. In addition, a further \u00a3100 million
uncommitted accordion facility is incorporated in the facility agreement. The facility is for a four-year term with two one-year extension options
exercisable after the first and second years of the agreement, the first of which was completed in October.
The Group has US Private Placement Notes of \u20ac358 million (FY2022: \u20ac358 million) which have maturities extending to 2024, 2026, 2027, 2028,
2029 and 2033 and \u00a3212.5 million (FY2022: \u00a3215.5 million) which have maturities extending to 2026, 2028, 2029 and 2031. The blended cost of
interest on the overall debt at 31 October 2023 was 3.58% per annum. Since the year end the Group has successfully refinanced its bank
facilities borrowings (note 32). On 11 November 2022, the Group completed the refinancing of its RCF which were due to expire in June 2023.
The previous \u00a3250.0 million Sterling and \u20ac70.0 million Euro RCFs were replaced with a single multi-currency \u00a3400 million facility. In addition, a
further \u00a3100 million uncommitted accordion facility is incorporated in the facility agreement. The facility is for a four-year term with two one-year
extension options exercisable after the first and second years of the agreement, with the first one-year extension being granted in October 2023.
The bank facilities attract a margin over SONIA/EURIBOR. The margin ratchets between 1.25% and 2.50%, by reference to the Group\u2019s
performance against its interest cover covenant. The Company has in issue \u20ac50.9 million (FY2022: \u20ac50.9 million) 1.59% Series A Senior Notes
due 2024, \u20ac70.0 million (FY2022: \u20ac70.0 million) 1.26% Series A Notes due 2026, \u00a335.0 million (FY2022: \u00a335.0 million) 2.59% Series B Senior
Notes due 2026, \u20ac74.1 million (FY2022: \u20ac74.1 million) 2.00% Series B Senior Notes due 2027, \u00a320.0 million (FY2022: \u00a320.0 million) 1.96% Series
A Notes due 2028, \u20ac29.0 million (FY2022: \u20ac29.0 million) 0.93% Series B Notes due 2028, \u00a350.5 million (FY2022: \u00a350.5 million) 2.92% Series C
Senior Notes due 2029, \u00a330.0 million (FY2022: \u00a330.0 million) 2.69% Series C Senior Notes due 2029, \u20ac105.0 million (FY2022: \u20ac105.0 million)
2.45% Private Shelf Senior Notes due 2029, \u00a380.0 million (FY2022: \u00a380.0 million) 2.39% Series C Notes due 2031 and \u20ac29.0 million (FY2022:
\u20ac29.0 million) 1.42% Series D Notes due 2033.
The \u20ac358.0 million of Euro denominated borrowings provides a natural hedge against the Group\u2019s investment in the France, Spain, Netherlands
and Belgium businesses, so the Group has applied net investment hedge accounting and the retranslation of these borrowings is recognised
directly in the translation reserve.
Bank loans and unsecured notes are stated before unamortised issue costs of \u00a35.0 million (FY2022: \u00a31.3 million).
Bank loans and unsecured notes are repayable as follows:
Group
2023 2022
\u00a3\u2019m \u00a3\u2019m
Within one year
44.5
101.8
Between one and two years
\u2014
43.8
Between two and five years
409.0
158.9
After more than five years
277.3
320.6
Bank loans and notes
730.8
625.1
Unamortised debt issue costs
(5.0)
(1.3)
725.8
623.8
The effective interest rates at the balance sheet date were as follows:
2023
2022
Bank loans (UK term loan)
Monthly, quarterly or six monthly SONIA plus 1.25%
Quarterly or monthly SONIA plus 1.25%
Bank loans (Euro term loan)
Monthly, quarterly or six monthly EURIBOR plus 1.25%
Quarterly EURIBOR plus 1.25%
Private Placement Notes (Euros)
1.80%
1.80%
Private Placement Notes (Sterling)
2.55%
2.55%
Borrowing facilities
The Group has the following undrawn committed borrowing facilities available at 31 October 2023 in respect of which all conditions precedent
had been met at that date:
Floating rate
2023 2022
\u00a3\u2019m \u00a3\u2019m
Expiring within one year
\u2014
208.4
Expiring beyond one year
297.0
\u2014
297.0
208.4
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Sterling
377.5
291.5
Euros
353.3
333.6
730.8
625.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-383": { "value": "19. Financial liabilities \u2013 bank borrowings and notes
2023 2022
\u00a3\u2019m \u00a3\u2019m
Bank loans and notes
Secured
\u2014
625.1
Unsecured
730.8
\u2014
Debt issue costs
(5.0)
(1.3)
725.8
623.8
On 11 November 2022, the Group completed the refinancing of its RCFs which were due to expire in June 2023. The previous \u00a3250.0 million Sterling and \u20ac70.0 million Euro RCFs have been replaced with a single multi-currency \u00a3400 million facility. In addition, a further \u00a3100 million uncommitted accordion facility is incorporated in the facility agreement. The facility is for a four-year term with two one-year extension options exercisable after the first and second years of the agreement, the first of which was completed in October. The Group has US Private Placement Notes of \u20ac358 million (FY2022: \u20ac358 million) which have maturities extending to 2024, 2026, 2027, 2028, 2029 and 2033 and \u00a3212.5 million (FY2022: \u00a3215.5 million) which have maturities extending to 2026, 2028, 2029 and 2031. The blended cost of interest on the overall debt at 31 October 2023 was 3.58% per annum. Since the year end the Group has successfully refinanced its bank facilities borrowings (note 32). On 11 November 2022, the Group completed the refinancing of its RCF which were due to expire in June 2023. The previous \u00a3250.0 million Sterling and \u20ac70.0 million Euro RCFs were replaced with a single multi-currency \u00a3400 million facility. In addition, a further \u00a3100 million uncommitted accordion facility is incorporated in the facility agreement. The facility is for a four-year term with two one-year extension options exercisable after the first and second years of the agreement, with the first one-year extension being granted in October 2023. The bank facilities attract a margin over SONIA/EURIBOR. The margin ratchets between 1.25% and 2.50%, by reference to the Group\u2019s performance against its interest cover covenant. The Company has in issue \u20ac50.9 million (FY2022: \u20ac50.9 million) 1.59% Series A Senior Notes due 2024, \u20ac70.0 million (FY2022: \u20ac70.0 million) 1.26% Series A Notes due 2026, \u00a335.0 million (FY2022: \u00a335.0 million) 2.59% Series B Senior Notes due 2026, \u20ac74.1 million (FY2022: \u20ac74.1 million) 2.00% Series B Senior Notes due 2027, \u00a320.0 million (FY2022: \u00a320.0 million) 1.96% Series A Notes due 2028, \u20ac29.0 million (FY2022: \u20ac29.0 million) 0.93% Series B Notes due 2028, \u00a350.5 million (FY2022: \u00a350.5 million) 2.92% Series C Senior Notes due 2029, \u00a330.0 million (FY2022: \u00a330.0 million) 2.69% Series C Senior Notes due 2029, \u20ac105.0 million (FY2022: \u20ac105.0 million) 2.45% Private Shelf Senior Notes due 2029, \u00a380.0 million (FY2022: \u00a380.0 million) 2.39% Series C Notes due 2031 and \u20ac29.0 million (FY2022: \u20ac29.0 million) 1.42% Series D Notes due 2033. The \u20ac358.0 million of Euro denominated borrowings provides a natural hedge against the Group\u2019s investment in the France, Spain, Netherlands and Belgium businesses, so the Group has applied net investment hedge accounting and the retranslation of these borrowings is recognised directly in the translation reserve. Bank loans and unsecured notes are stated before unamortised issue costs of \u00a35.0 million (FY2022: \u00a31.3 million). Bank loans and unsecured notes are repayable as follows:
Group
2023 2022
\u00a3\u2019m \u00a3\u2019m
Within one year
44.5
101.8
Between one and two years
\u2014
43.8
Between two and five years
409.0
158.9
After more than five years
277.3
320.6
Bank loans and notes
730.8
625.1
Unamortised debt issue costs
(5.0)
(1.3)
725.8
623.8
The effective interest rates at the balance sheet date were as follows:
2023
2022
Bank loans (UK term loan)
Monthly, quarterly or six monthly SONIA plus 1.25%
Quarterly or monthly SONIA plus 1.25%
Bank loans (Euro term loan)
Monthly, quarterly or six monthly EURIBOR plus 1.25%
Quarterly EURIBOR plus 1.25%
Private Placement Notes (Euros)
1.80%
1.80%
Private Placement Notes (Sterling)
2.55%
2.55%
Borrowing facilities The Group has the following undrawn committed borrowing facilities available at 31 October 2023 in respect of which all conditions precedent had been met at that date:
Floating rate
2023 2022
\u00a3\u2019m \u00a3\u2019m
Expiring within one year
\u2014
208.4
Expiring beyond one year
297.0
\u2014
297.0
208.4
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Sterling
377.5
291.5
Euros
353.3
333.6
730.8
625.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-357": { "value": "19. Financial liabilities \u2013 bank borrowings and notes
2023 2022
\u00a3\u2019m \u00a3\u2019m
Bank loans and notes
Secured
\u2014
625.1
Unsecured
730.8
\u2014
Debt issue costs
(5.0)
(1.3)
725.8
623.8
On 11 November 2022, the Group completed the refinancing of its RCFs which were due to expire in June 2023. The previous \u00a3250.0 million Sterling and \u20ac70.0 million Euro RCFs have been replaced with a single multi-currency \u00a3400 million facility. In addition, a further \u00a3100 million uncommitted accordion facility is incorporated in the facility agreement. The facility is for a four-year term with two one-year extension options exercisable after the first and second years of the agreement, the first of which was completed in October. The Group has US Private Placement Notes of \u20ac358 million (FY2022: \u20ac358 million) which have maturities extending to 2024, 2026, 2027, 2028, 2029 and 2033 and \u00a3212.5 million (FY2022: \u00a3215.5 million) which have maturities extending to 2026, 2028, 2029 and 2031. The blended cost of interest on the overall debt at 31 October 2023 was 3.58% per annum. Since the year end the Group has successfully refinanced its bank facilities borrowings (note 32). On 11 November 2022, the Group completed the refinancing of its RCF which were due to expire in June 2023. The previous \u00a3250.0 million Sterling and \u20ac70.0 million Euro RCFs were replaced with a single multi-currency \u00a3400 million facility. In addition, a further \u00a3100 million uncommitted accordion facility is incorporated in the facility agreement. The facility is for a four-year term with two one-year extension options exercisable after the first and second years of the agreement, with the first one-year extension being granted in October 2023. The bank facilities attract a margin over SONIA/EURIBOR. The margin ratchets between 1.25% and 2.50%, by reference to the Group\u2019s performance against its interest cover covenant. The Company has in issue \u20ac50.9 million (FY2022: \u20ac50.9 million) 1.59% Series A Senior Notes due 2024, \u20ac70.0 million (FY2022: \u20ac70.0 million) 1.26% Series A Notes due 2026, \u00a335.0 million (FY2022: \u00a335.0 million) 2.59% Series B Senior Notes due 2026, \u20ac74.1 million (FY2022: \u20ac74.1 million) 2.00% Series B Senior Notes due 2027, \u00a320.0 million (FY2022: \u00a320.0 million) 1.96% Series A Notes due 2028, \u20ac29.0 million (FY2022: \u20ac29.0 million) 0.93% Series B Notes due 2028, \u00a350.5 million (FY2022: \u00a350.5 million) 2.92% Series C Senior Notes due 2029, \u00a330.0 million (FY2022: \u00a330.0 million) 2.69% Series C Senior Notes due 2029, \u20ac105.0 million (FY2022: \u20ac105.0 million) 2.45% Private Shelf Senior Notes due 2029, \u00a380.0 million (FY2022: \u00a380.0 million) 2.39% Series C Notes due 2031 and \u20ac29.0 million (FY2022: \u20ac29.0 million) 1.42% Series D Notes due 2033. The \u20ac358.0 million of Euro denominated borrowings provides a natural hedge against the Group\u2019s investment in the France, Spain, Netherlands and Belgium businesses, so the Group has applied net investment hedge accounting and the retranslation of these borrowings is recognised directly in the translation reserve. Bank loans and unsecured notes are stated before unamortised issue costs of \u00a35.0 million (FY2022: \u00a31.3 million). Bank loans and unsecured notes are repayable as follows:
Group
2023 2022
\u00a3\u2019m \u00a3\u2019m
Within one year
44.5
101.8
Between one and two years
\u2014
43.8
Between two and five years
409.0
158.9
After more than five years
277.3
320.6
Bank loans and notes
730.8
625.1
Unamortised debt issue costs
(5.0)
(1.3)
725.8
623.8
The effective interest rates at the balance sheet date were as follows:
2023
2022
Bank loans (UK term loan)
Monthly, quarterly or six monthly SONIA plus 1.25%
Quarterly or monthly SONIA plus 1.25%
Bank loans (Euro term loan)
Monthly, quarterly or six monthly EURIBOR plus 1.25%
Quarterly EURIBOR plus 1.25%
Private Placement Notes (Euros)
1.80%
1.80%
Private Placement Notes (Sterling)
2.55%
2.55%
Borrowing facilities The Group has the following undrawn committed borrowing facilities available at 31 October 2023 in respect of which all conditions precedent had been met at that date:
Floating rate
2023 2022
\u00a3\u2019m \u00a3\u2019m
Expiring within one year
\u2014
208.4
Expiring beyond one year
297.0
\u2014
297.0
208.4
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Sterling
377.5
291.5
Euros
353.3
333.6
730.8
625.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-330": { "value": "
20. Financial instruments
Financial risk management
Financial risk management is an integral part of the way the Group is managed. In the course of its business, the Group is exposed primarily
to foreign exchange risk, interest rate risk, liquidity risk, and credit risk. The overall aim of the Group\u2019s financial risk management policies is to
minimise potential adverse effects on financial performance and Net Asset Values (\u201cNAV\u201d). The Group manages the financial risks within policies
and operating parameters approved by the Board of Directors and does not enter into speculative transactions. Treasury activities are managed
centrally under a framework of policies and procedures approved and monitored by the Board. These objectives are to protect the assets of the
Group and to identify and then manage financial risk. In applying these policies, the Group will utilise derivative instruments, but only for risk
management purposes.
The principal financial risks facing the Group are described below.
Interest rate risk
The Group finances its operations through a mixture of retained profits, issued share capital, bank borrowings, and notes. The Group
borrows in Sterling and Euros at floating rates and, where necessary, uses interest rate swaps to convert these to fixed rates to generate the
preferred interest rate profile and to manage its exposure to interest rate fluctuations. A 1ppt change in interest rates would have a \u00a32 million
(FY2022: \u00a30.5 million) impact on net interest. This sensitivity impact has been prepared by determining average floating interest rates and flexing
these against average floating rate deposits and borrowings by major currency area over the course of the year.
Liquidity risk
The Group\u2019s policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations without the need to carry significant
net debt over the medium term. The Group\u2019s principal borrowing facilities are provided by a group of core relationship banks in the form of term
loans and overdrafts, revolving credit facilities and notes. The quantum of committed borrowing facilities available to the Group is reviewed
regularly and is designed to exceed forecast peak gross debt levels. Further details of the Group\u2019s borrowing facilities, including the repayment
profile of existing borrowings and the amount of undrawn committed borrowing facilities, are set out in note 19.
Credit risk
Credit risk arises on financial instruments such as trade and other receivables and short term bank deposits. Policies and procedures exist to
ensure that customers have an appropriate credit history and account customers are given credit limits that are monitored. Short term bank
deposits are executed only with A-rated or above authorised counterparties based on ratings issued by the major rating agencies. Counterparty
exposure positions are monitored regularly so that credit exposures to any one counterparty are within predetermined limits. Overall, the Group
considers that it is not exposed to a significant amount of credit risk. The amount of trade receivables outstanding at the year end does not
represent the maximum exposure to operational credit risk due to the normal patterns of supply and payment over the course of a year.
Based on management information collected as at month ends the maximum level of net trade receivables at any one point during the year
was \u00a316.0 million (FY2022: \u00a318.3 million).
Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk in respect of the Euro. Foreign exchange risk arises from future
commercial transactions, recognised assets and liabilities and net investments in foreign operations.
The Group has investments in foreign operations in France, Spain, the Netherlands and Belgium, whose net assets are exposed to foreign
currency translation risk. Currency exposure arising from the net assets of the Group\u2019s foreign operations is managed primarily through
borrowings denominated in the relevant foreign currencies.
The Group holds Euro denominated loan notes totalling \u20ac358 million (FY2022: \u20ac358 million) and as such is exposed to foreign exchange risk on
these notes. The foreign exchange risk relating to the notes provides a natural hedge against the Euro denominated assets of its operations in
France, Spain, the Netherlands and Belgium and were 100% effective. As a result, the Group applies net investment hedging in respect of these
loan notes and the change in fair value during the year of \u00a32.9 million (FY2022: \u00a34.6 million) was recognised in other comprehensive income.
The Group holds average rate forward contracts to mainly hedge against the investment exposure of subsidiaries denominated in Euros and the
future earnings generated by these foreign subsidiaries. The hedge rate of these forwards was 1.0751 and they mature in six tranches bi-annually
commencing from October 2020 as detailed further within this note.
At 31 October 2023, if Sterling had weakened by 10% against the Euro with all other variables held constant, pre-tax profit for the year would
have been \u00a30.4 million lower (FY2022: \u00a30.1 million lower). Equity (translation reserve) would have been \u00a322.8 million higher (FY2022: \u00a319.0 million
higher), arising primarily on translation of Euro denominated net assets held by subsidiary companies with a Euro functional currency less the
Euro denominated loan notes.
The Group is not exposed to significant transaction foreign exchange risk as purchases are invoiced in either Sterling or Euros.
Capital risk
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for
shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets to reduce debt. Being a REIT, the Group is required to distribute as a dividend a minimum of 90%
of its property rental income to shareholders. This is factored into the Group\u2019s capital risk management.
Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by
total capital. Net debt is calculated as total borrowings (including \u2018current and non-current borrowings and lease liabilities\u2019 as shown in the
consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as equity as shown in the consolidated balance sheet
plus net debt.
The gearing ratios at 31 October 2023 and 2022 were as follows:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Total borrowings (excluding derivatives)
827.2
719.2
Less: cash and cash equivalents (note 17)
(16.9)
(20.9)
Net debt
810.3
698.3
Total equity
1,935.1
1,793.4
Total capital
2,745.4
2,491.7
Gearing ratio
29.5%
28.0%
The Group considers that a loan-to-value (\u201cLTV\u201d) ratio, defined as gross debt (excluding lease liabilities) as a proportion of the valuation of
investment properties and investment properties under construction (excluding lease liabilities), below 40% represents an appropriate medium
term capital structure objective. The Group\u2019s LTV ratio was 25.4% at 31 October 2023 (FY2022: 23.6%).
The Group has complied with all of the covenants on its banking facilities during the year.
Financial instruments
Financial instruments disclosures are set out below:
2023
2022
Asset Liability Asset Liability
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Interest rate swaps
\u2014
\u2014
1.2
\u2014
Foreign currency forwards
\u2014
\u2014
0.5
\u2014
The fair value of financial instruments that are not traded in an active market, such as over the counter derivatives, is determined using valuation
techniques. The Group obtains such valuations from counterparties which use a variety of assumptions based on market conditions existing at
each balance sheet date.
The fair values of all financial instruments are equal to their book value, with the exception of bank loans, which are set out below. The fair value
of loan notes is determined using a discounted cash flow, while the fair value of bank loans drawn from the Group\u2019s bank facilities equates to
book value. The carrying value less impairment provision of trade receivables, other receivables and the carrying value of trade payables and
other payables approximates to their fair value.
The fair value of bank loans is calculated as:
2023
2022
Book value Fair value Book value Fair value
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Bank loans
725.8
789.3
623.8
694.1
Fair value hierarchy
IFRS 13 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the
measurements, according to the following levels:
Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 \u2013 inputs for the asset or liability that are not based on observable market data.
The table below shows the level in the fair value hierarchy into which fair value measurements have been categorised:
2023 2022
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m
Derivative financial instruments \u2013 Level 2
\u2014
1.7
Amounts due from associates \u2013 Level 2
0.1
\u2014
2023 2022
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m
Derivative financial instruments \u2013 Level 2
\u2014
\u2014
Bank loans \u2013 Level 2
725.8
694.1
There were no transfers between Level 1, 2 and 3 fair value measurements during the current or prior year.
Over the life of the Group\u2019s derivative financial instruments, the cumulative fair value gain/loss on those instruments will be \u00a3nil as it is the Group\u2019s
intention to hold them to maturity.
Interest rate swaps not designated as part of a hedging arrangement
The notional principal amounts of the outstanding interest rate swap contracts at 31 October 2023 were \u00a3nil and \u20acnil (FY2022: \u00a355.0 million and \u20acnil).
At 31 October 2023, the weighted average fixed interest rates were Sterling nil% as the swaps were expired in June 2023 (FY2022: Sterling at 0.6885%),
and floating rates are at quarterly SONIA and the quarterly EURIBOR. The movement in fair value recognised in the income statement was a net
loss of \u00a31.2 million (FY2022: net gain of \u00a31.0 million).
Foreign currency forwards not designated as part of a hedging arrangement
As at 31 October 2023, all average rate forward contracts had matured for the Group (FY2022: one tranche totalling \u20ac8.5 million). The movement
in the fair value recognised in the income statement in the period was a net loss of \u00a30.5 million (FY2022: net loss of \u00a31.3 million). The \u20ac8.5 million
tranche previously held matured and was settled in April 2023, resulting in a fair value disposal of \u00a30.5 million and a receipt of \u00a30.4 million.
This resulted in \u00a30.4 million recognised as finance income and \u00a30.5 million expense as part of the \u00a31.7 million expense recognised in fair value
movement of derivatives within finance costs in the income statement.
Financial instruments by category
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
22.5
\u2014
22.5
Derivative financial instruments
\u2014
\u2014
\u2014
Cash and cash equivalents
16.9
\u2014
16.9
At 31 October 2023
39.4
\u2014
39.4
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
725.8
\u2014
725.8
Lease liabilities
101.4
\u2014
101.4
Payables and accruals
27.2*
\u2014
27.2
At 31 October 2023
854.4
\u2014
854.4
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
24.0
\u2014
24.0
Derivative financial instruments
\u2014
1.7
1.7
Cash and cash equivalents
20.9
\u2014
20.9
At 31 October 2022
44.9
1.7
46.6
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
623.8
\u2014
623.8
Lease liabilities
95.4
\u2014
95.4
Payables and accruals
37.7*
\u2014
37.7
At 31 October 2022
756.9
\u2014
756.9
Note:
* The financial liabilities exclude other taxes and social security payable in FY2023: \u00a36.3 million (FY2022: \u00a36.2 million) as they do not meet the definition of a financial liability
The interest rate risk profile, after taking account of derivative financial instruments, was as follows:
2023
2022
Floating rate Fixed rate Total Floating rate Fixed rate Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
203.0
522.8
725.8
46.8
577.0
623.8
The weighted average interest rate of the fixed rate financial borrowing was 2.10% (FY2022: 2.05%) and the weighted average remaining period
for which the rate is fixed was five years (FY2022: five years).
Maturity analysis
The table below analyses the Group\u2019s financial liabilities and non-settled derivative financial instruments into relevant maturity groupings based
on the remaining period at the balance sheet date to the contractual maturity dates. The amounts disclosed in the table are the contractual
undiscounted cash flows.
Less than One to two Two to five More than
one year years years five years
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
2023
Borrowings
54.6
10.2
436.0
297.0
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
Lease liabilities
13.8
13.7
36.4
77.0
Payables and accruals
29.4
\u2014
\u2014
\u2014
97.8
23.9
472.4
374.0
Less than One to two Two to five More than
one year years years five years
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
2022
Borrowings
114.7
53.9
187.8
348.3
Derivative financial instruments
1.0
\u2014
\u2014
\u2014
Lease liabilities
13.8
12.9
35.9
74.7
Payables and accruals
43.9
\u2014
\u2014
\u2014
173.4
66.8
223.7
423.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-358": { "value": "Financial risk management Financial risk management is an integral part of the way the Group is managed. In the course of its business, the Group is exposed primarily to foreign exchange risk, interest rate risk, liquidity risk, and credit risk. The overall aim of the Group\u2019s financial risk management policies is to minimise potential adverse effects on financial performance and Net Asset Values (\u201cNAV\u201d). The Group manages the financial risks within policies and operating parameters approved by the Board of Directors and does not enter into speculative transactions. Treasury activities are managed centrally under a framework of policies and procedures approved and monitored by the Board. These objectives are to protect the assets of the Group and to identify and then manage financial risk. In applying these policies, the Group will utilise derivative instruments, but only for risk management purposes. The principal financial risks facing the Group are described below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-359": { "value": "Interest rate risk The Group finances its operations through a mixture of retained profits, issued share capital, bank borrowings, and notes. The Group borrows in Sterling and Euros at floating rates and, where necessary, uses interest rate swaps to convert these to fixed rates to generate the preferred interest rate profile and to manage its exposure to interest rate fluctuations. A 1ppt change in interest rates would have a \u00a32 million (FY2022: \u00a30.5 million) impact on net interest. This sensitivity impact has been prepared by determining average floating interest rates and flexing these against average floating rate deposits and borrowings by major currency area over the course of the year. Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk in respect of the Euro. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. The Group has investments in foreign operations in France, Spain, the Netherlands and Belgium, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group\u2019s foreign operations is managed primarily through borrowings denominated in the relevant foreign currencies. The Group holds Euro denominated loan notes totalling \u20ac358 million (FY2022: \u20ac358 million) and as such is exposed to foreign exchange risk on these notes. The foreign exchange risk relating to the notes provides a natural hedge against the Euro denominated assets of its operations in France, Spain, the Netherlands and Belgium and were 100% effective. As a result, the Group applies net investment hedging in respect of these loan notes and the change in fair value during the year of \u00a32.9 million (FY2022: \u00a34.6 million) was recognised in other comprehensive income. The Group holds average rate forward contracts to mainly hedge against the investment exposure of subsidiaries denominated in Euros and the future earnings generated by these foreign subsidiaries. The hedge rate of these forwards was 1.0751 and they mature in six tranches bi-annually commencing from October 2020 as detailed further within this note. At 31 October 2023, if Sterling had weakened by 10% against the Euro with all other variables held constant, pre-tax profit for the year would have been \u00a30.4 million lower (FY2022: \u00a30.1 million lower). Equity (translation reserve) would have been \u00a322.8 million higher (FY2022: \u00a319.0 million higher), arising primarily on translation of Euro denominated net assets held by subsidiary companies with a Euro functional currency less the Euro denominated loan notes. The Group is not exposed to significant transaction foreign exchange risk as purchases are invoiced in either Sterling or Euros. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-360": { "value": "Liquidity risk The Group\u2019s policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations without the need to carry significant net debt over the medium term. The Group\u2019s principal borrowing facilities are provided by a group of core relationship banks in the form of term loans and overdrafts, revolving credit facilities and notes. The quantum of committed borrowing facilities available to the Group is reviewed regularly and is designed to exceed forecast peak gross debt levels. Further details of the Group\u2019s borrowing facilities, including the repayment profile of existing borrowings and the amount of undrawn committed borrowing facilities, are set out in note 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-361": { "value": "Credit risk Credit risk arises on financial instruments such as trade and other receivables and short term bank deposits. Policies and procedures exist to ensure that customers have an appropriate credit history and account customers are given credit limits that are monitored. Short term bank deposits are executed only with A-rated or above authorised counterparties based on ratings issued by the major rating agencies. Counterparty exposure positions are monitored regularly so that credit exposures to any one counterparty are within predetermined limits. Overall, the Group considers that it is not exposed to a significant amount of credit risk. The amount of trade receivables outstanding at the year end does not represent the maximum exposure to operational credit risk due to the normal patterns of supply and payment over the course of a year. Based on management information collected as at month ends the maximum level of net trade receivables at any one point during the year was \u00a316.0 million (FY2022: \u00a318.3 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-362": { "value": "Capital risk The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Being a REIT, the Group is required to distribute as a dividend a minimum of 90% of its property rental income to shareholders. This is factored into the Group\u2019s capital risk management. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including \u2018current and non-current borrowings and lease liabilities\u2019 as shown in the consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as equity as shown in the consolidated balance sheet plus net debt. The gearing ratios at 31 October 2023 and 2022 were as follows:
2023 2022
\u00a3\u2019m \u00a3\u2019m
Total borrowings (excluding derivatives)
827.2
719.2
Less: cash and cash equivalents (note 17)
(16.9)
(20.9)
Net debt
810.3
698.3
Total equity
1,935.1
1,793.4
Total capital
2,745.4
2,491.7
Gearing ratio
29.5%
28.0%
The Group considers that a loan-to-value (\u201cLTV\u201d) ratio, defined as gross debt (excluding lease liabilities) as a proportion of the valuation of investment properties and investment properties under construction (excluding lease liabilities), below 40% represents an appropriate medium term capital structure objective. The Group\u2019s LTV ratio was 25.4% at 31 October 2023 (FY2022: 23.6%). The Group has complied with all of the covenants on its banking facilities during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-363": { "value": "Financial instruments disclosures are set out below:
2023
2022
Asset Liability Asset Liability
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Interest rate swaps
\u2014
\u2014
1.2
\u2014
Foreign currency forwards
\u2014
\u2014
0.5
\u2014
The fair value of financial instruments that are not traded in an active market, such as over the counter derivatives, is determined using valuation techniques. The Group obtains such valuations from counterparties which use a variety of assumptions based on market conditions existing at each balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-384": { "value": "Fair value hierarchy IFRS 13 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the measurements, according to the following levels: Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 \u2013 inputs for the asset or liability that are not based on observable market data. The table below shows the level in the fair value hierarchy into which fair value measurements have been categorised:
2023 2022
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m
Derivative financial instruments \u2013 Level 2
\u2014
1.7
Amounts due from associates \u2013 Level 2
0.1
\u2014
2023 2022
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m
Derivative financial instruments \u2013 Level 2
\u2014
\u2014
Bank loans \u2013 Level 2
725.8
694.1
There were no transfers between Level 1, 2 and 3 fair value measurements during the current or prior year. Over the life of the Group\u2019s derivative financial instruments, the cumulative fair value gain/loss on those instruments will be \u00a3nil as it is the Group\u2019s intention to hold them to maturity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-364": { "value": "Fair value hierarchy IFRS 13 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the measurements, according to the following levels: Level 1 \u2013 unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 \u2013 inputs for the asset or liability that are not based on observable market data. The table below shows the level in the fair value hierarchy into which fair value measurements have been categorised:
2023 2022
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m
Derivative financial instruments \u2013 Level 2
\u2014
1.7
Amounts due from associates \u2013 Level 2
0.1
\u2014
2023 2022
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m
Derivative financial instruments \u2013 Level 2
\u2014
\u2014
Bank loans \u2013 Level 2
725.8
694.1
There were no transfers between Level 1, 2 and 3 fair value measurements during the current or prior year. Over the life of the Group\u2019s derivative financial instruments, the cumulative fair value gain/loss on those instruments will be \u00a3nil as it is the Group\u2019s intention to hold them to maturity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-365": { "value": "Interest rate swaps not designated as part of a hedging arrangement The notional principal amounts of the outstanding interest rate swap contracts at 31 October 2023 were \u00a3nil and \u20acnil (FY2022: \u00a355.0 million and \u20acnil). At 31 October 2023, the weighted average fixed interest rates were Sterling nil% as the swaps were expired in June 2023 (FY2022: Sterling at 0.6885%), and floating rates are at quarterly SONIA and the quarterly EURIBOR. The movement in fair value recognised in the income statement was a net loss of \u00a31.2 million (FY2022: net gain of \u00a31.0 million). Foreign currency forwards not designated as part of a hedging arrangement As at 31 October 2023, all average rate forward contracts had matured for the Group (FY2022: one tranche totalling \u20ac8.5 million). The movement in the fair value recognised in the income statement in the period was a net loss of \u00a30.5 million (FY2022: net loss of \u00a31.3 million). The \u20ac8.5 million tranche previously held matured and was settled in April 2023, resulting in a fair value disposal of \u00a30.5 million and a receipt of \u00a30.4 million. This resulted in \u00a30.4 million recognised as finance income and \u00a30.5 million expense as part of the \u00a31.7 million expense recognised in fair value movement of derivatives within finance costs in the income statement. Financial instruments by category
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
22.5
\u2014
22.5
Derivative financial instruments
\u2014
\u2014
\u2014
Cash and cash equivalents
16.9
\u2014
16.9
At 31 October 2023
39.4
\u2014
39.4
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
725.8
\u2014
725.8
Lease liabilities
101.4
\u2014
101.4
Payables and accruals
27.2*
\u2014
27.2
At 31 October 2023
854.4
\u2014
854.4
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
24.0
\u2014
24.0
Derivative financial instruments
\u2014
1.7
1.7
Cash and cash equivalents
20.9
\u2014
20.9
At 31 October 2022
44.9
1.7
46.6
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
623.8
\u2014
623.8
Lease liabilities
95.4
\u2014
95.4
Payables and accruals
37.7*
\u2014
37.7
At 31 October 2022
756.9
\u2014
756.9
Note: * The financial liabilities exclude other taxes and social security payable in FY2023: \u00a36.3 million (FY2022: \u00a36.2 million) as they do not meet the definition of a financial liability ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-366": { "value": "Maturity analysis The table below analyses the Group\u2019s financial liabilities and non-settled derivative financial instruments into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity dates. The amounts disclosed in the table are the contractual undiscounted cash flows.
Less than One to two Two to five More than
one year years years five years
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
2023
Borrowings
54.6
10.2
436.0
297.0
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
Lease liabilities
13.8
13.7
36.4
77.0
Payables and accruals
29.4
\u2014
\u2014
\u2014
97.8
23.9
472.4
374.0
Less than One to two Two to five More than
one year years years five years
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
2022
Borrowings
114.7
53.9
187.8
348.3
Derivative financial instruments
1.0
\u2014
\u2014
\u2014
Lease liabilities
13.8
12.9
35.9
74.7
Payables and accruals
43.9
\u2014
\u2014
\u2014
173.4
66.8
223.7
423.0
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-331": { "value": "
21. Lease liabilities
The Group leases certain of its investment properties under lease liabilities. The average remaining lease term is 10.7 years (FY2022: 10.9 years).
Present value of minimum
Minimum lease payments lease payments
2023 2022 2023 2022
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Within one year
13.8
13.8
13.1
13.2
Within two to five years
50.1
48.8
42.0
40.6
Greater than five years
77.0
74.7
46.3
41.6
140.9
137.3
101.4
95.4
Less: future finance charges on lease liabilities
(39.5)
(41.9)
\u2014
\u2014
Present value of lease liabilities
101.4
95.4
101.4
95.4
2023 2022
\u00a3\u2019m \u00a3\u2019m
Current
13.1
13.2
Non-current
88.3
82.2
101.4
95.4
Amounts recognised within the consolidated income statement include interest on lease liabilities of \u00a35.3 million and variable lease payments not
included in the measurement of the lease liabilities of \u00a30.8 million. Amounts recognised in the consolidated statement of cash flows include lease
liabilities principal payments of \u00a38.8 million and interest on lease liabilities of \u00a35.3 million. The maturity analysis for lease liabilities under
contractual undiscounted cash flows is included in note 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-367": { "value": "21. Lease liabilities The Group leases certain of its investment properties under lease liabilities. The average remaining lease term is 10.7 years (FY2022: 10.9 years).
Present value of minimum
Minimum lease payments lease payments
2023 2022 2023 2022
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Within one year
13.8
13.8
13.1
13.2
Within two to five years
50.1
48.8
42.0
40.6
Greater than five years
77.0
74.7
46.3
41.6
140.9
137.3
101.4
95.4
Less: future finance charges on lease liabilities
(39.5)
(41.9)
\u2014
\u2014
Present value of lease liabilities
101.4
95.4
101.4
95.4
2023 2022
\u00a3\u2019m \u00a3\u2019m
Current
13.1
13.2
Non-current
88.3
82.2
101.4
95.4
Amounts recognised within the consolidated income statement include interest on lease liabilities of \u00a35.3 million and variable lease payments not included in the measurement of the lease liabilities of \u00a30.8 million. Amounts recognised in the consolidated statement of cash flows include lease liabilities principal payments of \u00a38.8 million and interest on lease liabilities of \u00a35.3 million. The maturity analysis for lease liabilities under contractual undiscounted cash flows is included in note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-332": { "value": "
22. Deferred income tax
Deferred tax is calculated in full on temporary differences under the liability method using tax rates enacted in each respective jurisdiction
corresponding to when they are expected to reverse. The movement on the deferred tax account was as shown below.
2023 2022
Note \u00a3\u2019m \u00a3\u2019m
At 1 November
128.2
96.2
Charge to income statement
9
2.5
29.8
Exchange differences
1.9
2.2
At 31 October
132.6
128.2
The movements in deferred tax assets and liabilities (prior to the offsetting of balances within the same jurisdiction where permitted by IAS 12)
during the period are shown below.
Revaluation of Other
investment timing
properties differences Total
Deferred tax liability \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 1 November 2021
96.9
0.1
97.0
Charge to income statement
29.9
(0.1)
29.8
Exchange differences
2.2
\u2014
2.2
At 31 October 2022
129.0
\u2014
129.0
At 1 November 2022
129.0
\u2014
129.0
Charge to income statement
8.3
\u2014
8.3
Exchange differences
1.9
\u2014
1.9
At 31 October 2023
139.2
\u2014
139.2
Other
timing
differences Tax losses Total
Deferred tax asset \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 1 November 2021
0.8
\u2014
0.8
Credit to income statement
\u2014
\u2014
\u2014
At 31 October 2022
0.8
\u2014
0.8
At 1 November 2022
0.8
\u2014
0.8
Credit to income statement
\u2014
5.8
5.8
At 31 October 2023
0.8
5.8
6.6
The deferred tax liability due after more than one year is \u00a3139.2 million (FY2022: \u00a3129.0 million).
As at 31 October 2023, the Group had trading losses of \u00a334.7 million (FY2022: \u00a316.7 million) and capital losses of \u00a336.5 million (FY2022: \u00a336.5 million)
in respect of its UK operations.
As at 31 October 2023, the Group had trading losses of \u00a36.6 million (FY2022: \u00a34.6 million) in respect of its Netherlands and Belgium operations.
As at 31 October 2023, the Group had trading losses of \u00a32.3 million (FY 2022: \u00a3nil) in respect of its Spanish operations.
All losses can be carried forward indefinitely. A deferred tax asset of \u00a35.8 million has been recognised in respect of these losses in the current
period, recognising the extent to which the Group believes these losses will be utilised in the future to reduce income tax liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-333": { "value": "
23. Called up share capital
2023 2022
\u00a3\u2019m \u00a3\u2019m
Called up, allotted, and fully paid
218,039,419 (FY2022:
211,927,497) ordinary shares of 1 pence each
2.2
2.1
Ordinary shares
The holders of the ordinary shares shall be entitled to one vote for each ordinary share.
During the year the Company issued 6,111,922 ordinary shares (FY2022: 1,103,794 ordinary shares).
Safestore Holdings plc Sharesave scheme
The Sharesave awards are a savings related award accruing over a three-year period. There are no performance conditions attached to the
awards; as such, the sole condition for vesting is continued service. The fair value of the Sharesave options granted during the year was
assessed by an independent actuary using a Black-Scholes model based on the assumptions set out in the table below:
Grant date
25 September 2023
(UK three years)
Number of options granted
176,852
Share price at grant date
(pence)
758
Exercise price
(pence)
692
Risk-free rate of interest
(% per annum)
4.32
Expected volatility
(% per annum)
28.0
Expected dividend yield
(% per annum)
4.00
Expected term to exercise
(years)
3.10
Value per option
(pence)
159
Safestore Long Term Incentive Plan
The fair values of the awards granted in the accounting period were assessed by an independent actuary using a Monte Carlo model based on
the assumptions set out in the table below. In determining an appropriate assumption for expected future volatility, the historical volatility of the
share price of Safestore Holdings plc has been considered along with the historical volatility of comparator companies.
Grant date July 2023
(PBT EPS part)
(MLA part)
(ESG part)
Number of options granted
510,469
193,336
78,535
Weighted average share price at grant date
(pence)
864
864
864
Exercise price
(pence)
\u2014
\u2014
\u2014
Weighted average risk-free rate of interest
(% per annum)
5.05%
5.05%
5.05%
Expected volatility
(% per annum)
27.5%
27.5%
27.5%
Weighted average expected term to exercise
(years)
3.00
3.00
3.00
Weighted average value per option
(pence)
5.24
5.24
5.24
Details of the awards outstanding under all of the Group\u2019s share schemes are set out below:
At At
31 October 31 October Exercise Expiry
Date of grant
2022
Granted
Exercised
Lapsed
2023 price date
Safestore Holdings plc
Sharesave scheme
24/10/2017
35,183
\u2014
(35,183)
\u2014
\u2014
352.8p
01/05/2023
14/08/2019
16,126
\u2014
(15,774)
\u2014
352
510.0p
01/03/2023
26/08/2020
133,500
\u2014
(4,666)
(12,704)
116,130
600.0p
01/05/2024
20/08/2021
45,077
\u2014
\u2014
(21,446)
23,631
824.0p
01/05/2025
22/08/2022
94,346
\u2014
\u2014
(60,980)
33,366
896.0p
01/05/2026
22/08/2023
\u2014
176,852
\u2014
(12,676)
164,176
692.0p
01/05/2027
Total
324,232
176,852
(55,623)
(107,806)
337,655
Safestore Long Term
Incentive Plan \u2013 2017
29/09/2017
5,094,214
\u2014
(5,094,214)
\u2014
\u2014
0.1p
28/09/2027
09/10/2017
150,000
\u2014
(150,000)
\u2014
\u2014
0.0p
28/09/2027
15/06/2018
13,000
\u2014
(13,000)
\u2014
\u2014
0.1p
28/09/2027
05/02/2019
81,550
\u2014
(64,050)
\u2014
17,500
0.1p
28/09/2027
05/07/2019
\u2014
\u2014
\u2014
\u2014
\u2014
0.1p
28/09/2027
23/01/2020
149,129
\u2014
(140,797)
\u2014
8,332
0.1p
28/09/2027
Total
5,487,893
\u2014
(5,462,061)
\u2014
25,832
Safestore Long Term
Incentive Plan \u2013 2020
18/03/2020
406,191
\u2014
(363,807)
(6,796)
35,588
0.0p
18/03/2023
Total
406,191
\u2014
(363,807)
(6,796)
35,588
Safestore Long Term
Incentive Plan \u2013 2021
28/01/2021
347,422
\u2014
\u2014
\u2014
347,422
0.0p
28/01/2024
Total
347,422
\u2014
\u2014
\u2014
347,422
Safestore Long Term
Incentive Plan \u2013 2022
25/01/2022
246,833
\u2014
\u2014
\u2014
246,833
0.0p
25/01/2025
29/09/2022
\u2014
4,892
\u2014
\u2014
4,892
0.0p
25/01/2025
Total
246,833
4,892
\u2014
\u2014
251,725
Safestore Long Term
Incentive Plan \u2013 2023
12/07/2023
\u2014
785,340
\u2014
\u2014
785,340
0.0p
12/02/2026
Total
\u2014
785,340
\u2014
\u2014
785,340
In addition, gross amounts totalling \u00a3nil (FY2022: \u00a3378,000) in respect of bonuses awarded to Executive Directors for the year ended 31 October
2023 will be deferred into shares which will vest at the end of two years following the financial year in which the bonus is earned. The grant
date is the last day of the financial year in which the performance stage is assessed. The share entitlement is expected to be determined in
January 2024.
The weighted average exercise price of outstanding options under the Sharesave scheme is 690.0 pence (FY2022: 698.6 pence). The weighted
average exercise price of options exercised under the Sharesave scheme was 366.1 pence (FY2022: 400.4 pence).
Own shares
Included within retained earnings are ordinary shares with a nominal value of \u00a3644 (FY2022: \u00a33,598) that represent shares held by the Safestore
Employee Benefit Trust in satisfaction of awards under the Group\u2019s Long Term Incentive Plan and which remain unvested.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-368": { "value": "
2023 2022
\u00a3\u2019m \u00a3\u2019m
Called up, allotted, and fully paid
218,039,419 (FY2022:
211,927,497) ordinary shares of 1 pence each
2.2
2.1
Ordinary shares The holders of the ordinary shares shall be entitled to one vote for each ordinary share. During the year the Company issued 6,111,922 ordinary shares (FY2022: 1,103,794 ordinary shares). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-369": { "value": "Safestore Holdings plc Sharesave scheme The Sharesave awards are a savings related award accruing over a three-year period. There are no performance conditions attached to the awards; as such, the sole condition for vesting is continued service. The fair value of the Sharesave options granted during the year was assessed by an independent actuary using a Black-Scholes model based on the assumptions set out in the table below:
Grant date
25 September 2023
(UK three years)
Number of options granted
176,852
Share price at grant date
(pence)
758
Exercise price
(pence)
692
Risk-free rate of interest
(% per annum)
4.32
Expected volatility
(% per annum)
28.0
Expected dividend yield
(% per annum)
4.00
Expected term to exercise
(years)
3.10
Value per option
(pence)
159
Safestore Long Term Incentive Plan The fair values of the awards granted in the accounting period were assessed by an independent actuary using a Monte Carlo model based on the assumptions set out in the table below. In determining an appropriate assumption for expected future volatility, the historical volatility of the share price of Safestore Holdings plc has been considered along with the historical volatility of comparator companies.
Grant date July 2023
(PBT EPS part)
(MLA part)
(ESG part)
Number of options granted
510,469
193,336
78,535
Weighted average share price at grant date
(pence)
864
864
864
Exercise price
(pence)
\u2014
\u2014
\u2014
Weighted average risk-free rate of interest
(% per annum)
5.05%
5.05%
5.05%
Expected volatility
(% per annum)
27.5%
27.5%
27.5%
Weighted average expected term to exercise
(years)
3.00
3.00
3.00
Weighted average value per option
(pence)
5.24
5.24
5.24
Details of the awards outstanding under all of the Group\u2019s share schemes are set out below:
At At
31 October 31 October Exercise Expiry
Date of grant
2022
Granted
Exercised
Lapsed
2023 price date
Safestore Holdings plc
Sharesave scheme
24/10/2017
35,183
\u2014
(35,183)
\u2014
\u2014
352.8p
01/05/2023
14/08/2019
16,126
\u2014
(15,774)
\u2014
352
510.0p
01/03/2023
26/08/2020
133,500
\u2014
(4,666)
(12,704)
116,130
600.0p
01/05/2024
20/08/2021
45,077
\u2014
\u2014
(21,446)
23,631
824.0p
01/05/2025
22/08/2022
94,346
\u2014
\u2014
(60,980)
33,366
896.0p
01/05/2026
22/08/2023
\u2014
176,852
\u2014
(12,676)
164,176
692.0p
01/05/2027
Total
324,232
176,852
(55,623)
(107,806)
337,655
Safestore Long Term
Incentive Plan \u2013 2017
29/09/2017
5,094,214
\u2014
(5,094,214)
\u2014
\u2014
0.1p
28/09/2027
09/10/2017
150,000
\u2014
(150,000)
\u2014
\u2014
0.0p
28/09/2027
15/06/2018
13,000
\u2014
(13,000)
\u2014
\u2014
0.1p
28/09/2027
05/02/2019
81,550
\u2014
(64,050)
\u2014
17,500
0.1p
28/09/2027
05/07/2019
\u2014
\u2014
\u2014
\u2014
\u2014
0.1p
28/09/2027
23/01/2020
149,129
\u2014
(140,797)
\u2014
8,332
0.1p
28/09/2027
Total
5,487,893
\u2014
(5,462,061)
\u2014
25,832
Safestore Long Term
Incentive Plan \u2013 2020
18/03/2020
406,191
\u2014
(363,807)
(6,796)
35,588
0.0p
18/03/2023
Total
406,191
\u2014
(363,807)
(6,796)
35,588
Safestore Long Term
Incentive Plan \u2013 2021
28/01/2021
347,422
\u2014
\u2014
\u2014
347,422
0.0p
28/01/2024
Total
347,422
\u2014
\u2014
\u2014
347,422
Safestore Long Term
Incentive Plan \u2013 2022
25/01/2022
246,833
\u2014
\u2014
\u2014
246,833
0.0p
25/01/2025
29/09/2022
\u2014
4,892
\u2014
\u2014
4,892
0.0p
25/01/2025
Total
246,833
4,892
\u2014
\u2014
251,725
Safestore Long Term
Incentive Plan \u2013 2023
12/07/2023
\u2014
785,340
\u2014
\u2014
785,340
0.0p
12/02/2026
Total
\u2014
785,340
\u2014
\u2014
785,340
In addition, gross amounts totalling \u00a3nil (FY2022: \u00a3378,000) in respect of bonuses awarded to Executive Directors for the year ended 31 October 2023 will be deferred into shares which will vest at the end of two years following the financial year in which the bonus is earned. The grant date is the last day of the financial year in which the performance stage is assessed. The share entitlement is expected to be determined in January 2024. The weighted average exercise price of outstanding options under the Sharesave scheme is 690.0 pence (FY2022: 698.6 pence). The weighted average exercise price of options exercised under the Sharesave scheme was 366.1 pence (FY2022: 400.4 pence). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-370": { "value": "Own shares Included within retained earnings are ordinary shares with a nominal value of \u00a3644 (FY2022: \u00a33,598) that represent shares held by the Safestore Employee Benefit Trust in satisfaction of awards under the Group\u2019s Long Term Incentive Plan and which remain unvested.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-334": { "value": "
24. Cash flow from operating activities
Reconciliation of operating profit to net cash inflow from operating activities:
2023 2022
Cash generated from continuing operations
Notes
\u00a3\u2019m \u00a3\u2019m
Profit before income tax
207.8
498.8
Gain on investment properties
13
(93.8)
(381.6)
Other exceptional gains
5
\u2014
(10.8)
Share of loss in associates
\u2014
0.3
Depreciation
14
1.3
1.0
Net finance expense
8
22.6
15.7
Employee share options
2.9
8.6
Changes in working capital:
Decrease in inventories
\u2014
0.2
(Increase)/decrease in trade and other receivables
(1.4)
0.1
Decrease in trade and other payables
(11.2)
(0.4)
Increase in provisions
0.2
0.3
Cash generated from continuing operations
128.4
132.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-335": { "value": "
25. Analysis of movement in gross and net debt
Non-cash
2022 Cash flows movements 2023
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Bank loans
(623.8)
(96.4)
(5.6)
(725.8)
Lease liabilities
(95.4)
8.8
(14.8)
(101.4)
Total gross debt (liabilities from financing activities)
(719.2)
(87.6)
(20.4)
(827.2)
Cash in hand
20.9
(3.9)
(0.1)
16.9
Total net debt
(698.3)
(91.5)
(20.5)
(810.3)
Non-cash
2021 Cash flows movements 2022
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Bank loans
(484.7)
(132.0)
(7.1)
(623.8)
Lease liabilities
(82.3)
8.4
(21.5)
(95.4)
Total gross debt (liabilities from financing activities)
(567.0)
(123.6)
(28.6)
(719.2)
Cash in hand
43.2
(22.1)
(0.2)
20.9
Total net debt
(523.8)
(145.7)
(28.8)
(698.3)
The table above details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities
arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated cash flow
statement as cash flows from financing activities.
The cash flows from bank loans make up the net amount of proceeds from borrowings, repayment of borrowings and debt issuance costs.
Non-cash movements relate to the amortisation of debt issue costs of \u00a31.3 million (FY2022: \u00a30.5 million), foreign exchange movements of
\u00a34.3 million (FY2022: \u00a36.8 million) and unwinding of discount to lease liabilities of \u00a314.8 million (FY2022: \u00a321.5 million).
", "dimensions": { "concept": "safestoreholdingsplc:DisclosureOfAnalysisOfMovementInGrossAndNetDebt", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-336": { "value": "
26. Employees and Directors
2023 2022
Staff costs (including Directors) for the Group during the year \u00a3\u2019m \u00a3\u2019m
Wages and salaries
24.2
25.1
Social security costs
2.0
3.8
Other pension costs
0.9
0.6
Share-based payments
2.9
8.6
30.0
38.1
During the period ended 31 October 2023, the Company\u2019s equity-settled share-based payment arrangements comprised the Safestore Holdings
plc Sharesave scheme and the Safestore Long Term Incentive Plans. The number of awards made under each scheme is detailed in note 23.
No options have been modified since grant under any of the schemes, other than the modification in respect of the LTIP awards for Executive
Directors described in note 23.
2023 2022
Average monthly number of people (including Executive Directors) employed Number Number
Sales
619
604
Administration
134
123
753
727
2023 2022
Key management compensation \u00a3\u2019m \u00a3\u2019m
Wages and salaries
2.7
4.4
Social security costs
0.3
(0.3)
Post-employment benefits
0.1
0.1
Share-based payments
1.9
4.5
5.0
8.7
The key management figures given above include Directors.
2023 2022
Directors \u00a3\u2019m \u00a3\u2019m
Aggregate emoluments
2.9
5.7
Company contributions paid to money purchase pension schemes
\u2014
\u2014
2.9
5.7
There were two Directors (FY2022: two) accruing benefits under a money purchase scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-337": { "value": "
27. Provisions
In France, the basis on which property taxes have been assessed has been challenged by the tax authority for financial years 2011 onwards.
In November 2022, the French Supreme Court delivered a final judgement in respect of litigation for years 2011 to 2013, which resulted in a partial
success for the Group. The Group is separately pursuing litigation in respect of years since 2013 and has lodged an appeal with the French administrative
tribunal against the issues included in assessments for 2013 onwards on which it was ultimately unsuccessful in the French Supreme Court for
the earlier years. A provision is included in the consolidated financial accounts of \u00a32.6 million at 31 October 2023 (31 October 2022: \u00a32.4 million)
to reflect the increased uncertainty surrounding the likelihood of a successful outcome. Of the total provided, \u00a30.2 million has been charged in
relation to the year ended 31 October 2023 within cost of sales (Underlying EBITDA) (31 October 2022: \u00a30.2 million within cost of sales (underlying
EBITDA) and \u00a31.9 million recorded as an exceptional charge in respect of financial years 2012 to 2020). The litigation is expected to be resolved
over the next few years.
It is possible that the French tax authority may appeal the decisions of the French Court of Appeal on which the Group was successful to the
French Supreme Court. The maximum potential exposure in relation to these issues at 31 October 2023 is \u00a33.0 million (31 October 2022: \u00a33.0 million).
No provision for any further potential exposure has been recorded in the consolidated financial statements since the Group believes it is more
likely than not that a successful outcome will be achieved, resulting in no additional liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-338": { "value": "
28. Contingent liabilities
As part of the Group banking facility, the Company has guaranteed the borrowings totalling \u00a3730.8 million (FY2022: \u00a3625.1 million) of fellow
Group undertakings by way of a charge over all of its property and assets. There are similar cross-guarantees provided by the Group companies
in respect of any bank borrowings which the Company may draw under a Group facility agreement. The financial liability associated with this
guarantee is considered remote and therefore no provision has been recorded.
The Group also has a contingent liability in respect of property taxation in the French subsidiary as disclosed in note 27.
29. Capital commitments
The Group had \u00a3128 million of capital commitments as at 31 October 2023 (FY2022: \u00a3146.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-371": { "value": "28. Contingent liabilities As part of the Group banking facility, the Company has guaranteed the borrowings totalling \u00a3730.8 million (FY2022: \u00a3625.1 million) of fellow Group undertakings by way of a charge over all of its property and assets. There are similar cross-guarantees provided by the Group companies in respect of any bank borrowings which the Company may draw under a Group facility agreement. The financial liability associated with this guarantee is considered remote and therefore no provision has been recorded. The Group also has a contingent liability in respect of property taxation in the French subsidiary as disclosed in note 27. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-372": { "value": "29. Capital commitments The Group had \u00a3128 million of capital commitments as at 31 October 2023 (FY2022: \u00a3146.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-373": { "value": "30. Related party transactions The Group\u2019s shares are widely held. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions with PBC Les Groues SAS As described in note 12, the Group has a 24.9% interest in PBC Les Groues SAS (\u201cPBC\u201d). During the period, the Group made no transactions with PBC (FY2022: \u00a30.8 million (\u20ac0.9 million). The total amount invested is included as part of its non-current investments in associates. The total amount outstanding at 31 October 2023 included within trade and other receivables was \u00a3nil (FY2022: \u00a3nil). Transactions with CERF II German Storage Topco S a r l (\u201cCERF II\u201d) As described in note 12, the Group has a 10.0% interest in CERF II German Storage Topco S a r l (\u201cCERF II\u201d). During the period, the Group recharged \u00a30.4 million ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-339": { "value": "30. Related party transactions The Group\u2019s shares are widely held. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions with PBC Les Groues SAS As described in note 12, the Group has a 24.9% interest in PBC Les Groues SAS (\u201cPBC\u201d). During the period, the Group made no transactions with PBC (FY2022: \u00a30.8 million (\u20ac0.9 million). The total amount invested is included as part of its non-current investments in associates. The total amount outstanding at 31 October 2023 included within trade and other receivables was \u00a3nil (FY2022: \u00a3nil). Transactions with CERF II German Storage Topco S a r l (\u201cCERF II\u201d) As described in note 12, the Group has a 10.0% interest in CERF II German Storage Topco S a r l (\u201cCERF II\u201d). During the period, the Group recharged \u00a30.4 million .", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } }, "fact-340": { "value": "
31. Post-balance sheet events
There are no post balance sheet events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00" } } } }