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"fact-236": { "value": "173800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-237": { "value": "108400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-238": { "value": "62200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-239": { "value": "7100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WGA3YSJC1YOH73", 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"dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-261": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-6": { "value": "Safestore Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-256": { "value": "Safestore Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-259": { "value": "Safestore Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-258": { "value": "UK, Paris, Spain, the Netherlands, and Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-8": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-9": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-257": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-10": { "value": "Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-260": { "value": "
2. Summary of material 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.
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 2024, 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 financial plans, in particular the projections for the period to 30 April 2026,
approved by the Board. In the context of the current environment, plausible downside 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 which are set out on
pages 34 to 38. These scenarios are differentiated by the impact of lower demand levels, lower average rate growth and what level of cost
savings is reasonable. 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.
The impact of the downside 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 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 40.
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 2024:
\u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
\u2022 Non-current Liabilities with Covenants (Amendments to IAS 1)
\u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
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 S1 \u201cGeneral Requirements for Disclosure of Sustainability-related Financial Information\u201d
\u2022 IFRS S2 \u201cClimate-related Disclosures\u201d
\u2022 Amendments to IAS 8 Definition of Accounting Estimate
\u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d
\u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d
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 three geographical
reporting segments, the United Kingdom, Paris in France, and Expansion Markets which is defined as Spain, Belgium, the Netherlands
and Germany.
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 protection) 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. Customer goods protection 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 protection arrangements whereby it purchases block policies from third party assurers which provide cover for
the value of customers\u2019 goods. The Group charges a fee to customers for such goods protection, depending on the level of cover. The block
policies purchased and the income earned from charging customers are independent transactions. Although the Group may be involved in the
initial handling of any customers\u2019 goods protection claims, these are passed on to the third party protection providers, who are responsible for
all protection payments. The Group is not exposed to protection 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 protection services for its customers who elect to access that protection, and therefore revenue from protection premiums
is reported on a gross basis.
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.
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, unless the fair value of investment properties under
construction are not yet reliably measurable, in which case they would be held at cost.
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.
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.
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.
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. See note 19 for detail
about financial instruments.
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-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.
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.
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.
Critical accounting judgements and key sources of estimation uncertainty
There were no critical accounting judgements made in the preparation of the consolidated financial statements.
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
has 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 12 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 21.
\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 10.
\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 14.
\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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-262": { "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. 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-308": { "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-309": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-310": { "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 2024, 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 financial plans, in particular the projections for the period to 30 April 2026, approved by the Board. In the context of the current environment, plausible downside 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 which are set out on pages 34 to 38. These scenarios are differentiated by the impact of lower demand levels, lower average rate growth and what level of cost savings is reasonable. 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. The impact of the downside 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 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 40. ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-263": { "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 2024, 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 financial plans, in particular the projections for the period to 30 April 2026, approved by the Board. In the context of the current environment, plausible downside 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 which are set out on pages 34 to 38. These scenarios are differentiated by the impact of lower demand levels, lower average rate growth and what level of cost savings is reasonable. 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. The impact of the downside 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 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 40. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-311": { "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 2024: \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) 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 S1 \u201cGeneral Requirements for Disclosure of Sustainability-related Financial Information\u201d \u2022 IFRS S2 \u201cClimate-related Disclosures\u201d \u2022 Amendments to IAS 8 Definition of Accounting Estimate \u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-264": { "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 2024: \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) \u2022 Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-265": { "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 S1 \u201cGeneral Requirements for Disclosure of Sustainability-related Financial Information\u201d \u2022 IFRS S2 \u201cClimate-related Disclosures\u201d \u2022 Amendments to IAS 8 Definition of Accounting Estimate \u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-335": { "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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-312": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-266": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-313": { "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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-267": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-268": { "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 three geographical reporting segments, the United Kingdom, Paris in France, and Expansion Markets which is defined as Spain, Belgium, the Netherlands and Germany. 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-269": { "value": "Revenue recognition Revenue represents amounts derived from the provision of self-storage services (rental space, customer goods protection) 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. Customer goods protection 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 protection arrangements whereby it purchases block policies from third party assurers which provide cover for the value of customers\u2019 goods. The Group charges a fee to customers for such goods protection, depending on the level of cover. The block policies purchased and the income earned from charging customers are independent transactions. Although the Group may be involved in the initial handling of any customers\u2019 goods protection claims, these are passed on to the third party protection providers, who are responsible for all protection payments. The Group is not exposed to protection 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 protection services for its customers who elect to access that protection, and therefore revenue from protection premiums is reported on a gross basis. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-270": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-271": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-272": { "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, unless the fair value of investment properties under construction are not yet reliably measurable, in which case they would be held at cost. 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. 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-314": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-273": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-274": { "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. 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-275": { "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. See note 19 for detail about financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-315": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-336": { "value": "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. 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 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-337": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-339": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-341": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-338": { "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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-316": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-317": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-340": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-342": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-343": { "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. See note 19 for detail about financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-318": { "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. See note 19 for detail about financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-276": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-319": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-277": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-278": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-279": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-280": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-320": { "value": "Critical accounting judgements and key sources of estimation uncertainty There were no critical accounting judgements made in the preparation of the consolidated financial statements. 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 has 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 12 to the financial statements. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-281": { "value": "Critical accounting judgements and key sources of estimation uncertainty There were no critical accounting judgements made in the preparation of the consolidated financial statements. 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 has 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 12 to the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-282": { "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 21. \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 10. \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 14. \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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-283": { "value": "
3. Revenue
Analysis of the Group\u2019s operating revenue can be found below:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Self-storage income
186.6
187.2
Customer goods protection income
25.1
25.5
Other non-storage income
11.7
11.5
Total revenue
223.4
224.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-284": { "value": "
4. Segmental analysis
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 three operating segments, based on geographical areas, being the United Kingdom, Paris in France
and Expansion Markets (Spain, the Netherlands and Belgium). This change has been made from the prior periods to reflect the importance
of these three markets in driving growth for the Group.
The chief operating decision maker, being the Executive Directors, 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.
Expansion
UK Paris Markets Group
Year ended 31 October 2024 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Continuing operations
Revenue
162.2
43.7
17.5
223.4
Underlying EBITDA
99.3
28.7
7.4
135.4
Share-based payments
(0.1)
(0.1)
(0.1)
(0.3)
Variable lease payments and depreciation
(1.4)
(0.1)
\u2014
(1.5)
Operating profit before gain on revaluation of investment properties and
other exceptional gains
97.8
28.5
7.3
133.6
Gain on investment properties
226.8
40.9
24.5
292.2
Operating profit
324.6
69.4
31.8
425.8
Net finance expense
(17.2)
(1.3)
(8.7)
(27.2)
Profit before tax
307.4
68.1
23.1
398.6
Total investment properties
2,293.2
668.6
322.3
3,284.1
Expansion
UK Paris Markets Group
Year ended 31 October 2023 re-presented \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Continuing operations
Revenue
166.2
43.9
14.1
224.2
Underlying EBITDA
105.9
30.5
5.8
142.2
Share-based payments
(3.1)
(0.3)
(0.1)
(3.5)
Variable lease payments and depreciation
(1.9)
(0.2)
\u2014
(2.1)
Operating profit before gain on revaluation of investment properties and
other exceptional gains
100.9
30.0
5.7
136.6
Gain on investment properties
70.9
16.3
6.6
93.8
Operating profit
171.8
46.3
12.3
230.4
Net finance expense
(13.8)
(2.2)
(6.6)
(22.6)
Profit before tax
158.0
44.1
5.7
207.8
Total investment properties
2,002.2
612.7
276.0
2,890.9
Results for the UK segment for FY 2023 have been re-presented with the inclusion of transactions between the Group and the German
associate being included in Expansion Markets. The impact is to lower revenue by \u00a30.3 million, profit before tax by \u00a30.3 million and total assets
by \u00a30.3 million within the UK segment and increase it by the same amounts in the Expansion Markets segment.
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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-285": { "value": "
5. Operating profit
The following items have been charged/(credited) in arriving at operating profit:
Notes
2024 2023
\u00a3\u2019m \u00a3\u2019m
Staff costs
25
30.9
30.0
Inventories: cost of inventories recognised as an expense (included in cost of sales)
2
1.0
1.1
Depreciation on property, plant and equipment
14
1.5
1.3
Gain on revaluation of investment properties
12
(292.2)
(93.8)
Variable lease payments payable under lease liabilities
0.1
0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-356": { "value": "5. Operating profit The following items have been charged/(credited) in arriving at operating profit: Notes
2024 2023
\u00a3\u2019m \u00a3\u2019m
Staff costs
25
30.9
30.0
Inventories: cost of inventories recognised as an expense (included in cost of sales)
2
1.0
1.1
Depreciation on property, plant and equipment
14
1.5
1.3
Gain on revaluation of investment properties
12
(292.2)
(93.8)
Variable lease payments payable under lease liabilities
0.1
0.8
13. 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 2023
1.7
1.4
9.5
0.6
13.2
Additions
0.2
0.4
1.4
\u2014
2.0
At 31 October 2024
1.9
1.8
10.9
0.6
15.2
Accumulated depreciation
At 1 November 2023
0.2
0.6
6.8
0.4
8.0
Charge for the year
\u2014
0.3
1.0
0.2
1.5
At 31 October 2024
0.2
0.9
7.8
0.6
9.5
Net book value
At 31 October 2024
1.7
0.9
3.1
\u2014
5.7
At 31 October 2023
1.5
0.8
2.7
0.2
5.2
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-344": { "value": "5. Operating profit The following items have been charged/(credited) in arriving at operating profit: Notes
2024 2023
\u00a3\u2019m \u00a3\u2019m
Staff costs
25
30.9
30.0
Inventories: cost of inventories recognised as an expense (included in cost of sales)
2
1.0
1.1
Depreciation on property, plant and equipment
14
1.5
1.3
Gain on revaluation of investment properties
12
(292.2)
(93.8)
Variable lease payments payable under lease liabilities
0.1
0.8
25. Employees and Directors Staff costs (including Directors) for the Group during the year
2024 2023
\u00a3\u2019m \u00a3\u2019m
Wages and salaries
26.9
24.2
Social security costs
3.3
2.0
Other pension costs
1.0
0.9
Share-based payments
(0.3)
2.9
30.9
30.0
During the period ended 31 October 2024, 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 22. 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 22. Average monthly number of people (including Executive Directors) employed
2024 2023
Number Number
Sales
646
619
Administration
142
134
788
753
Key management compensation
2024 2023
\u00a3\u2019m \u00a3\u2019m
Wages and salaries
2.9
2.7
Social security costs
0.4
0.3
Post-employment benefits
0.1
0.1
Share-based payments
\u2014
1.9
3.4
5.0
The key management figures given above include Directors. Directors
2024 2023
\u00a3\u2019m \u00a3\u2019m
Aggregate emoluments
2.2
2.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-321": { "value": "5. Operating profit The following items have been charged/(credited) in arriving at operating profit: Notes
2024 2023
\u00a3\u2019m \u00a3\u2019m
Staff costs
25
30.9
30.0
Inventories: cost of inventories recognised as an expense (included in cost of sales)
2
1.0
1.1
Depreciation on property, plant and equipment
14
1.5
1.3
Gain on revaluation of investment properties
12
(292.2)
(93.8)
Variable lease payments payable under lease liabilities
0.1
0.8
6. 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:
2024 2023
\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
0.4
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to
legislation
0.1
\u2014
Total audit fees
0.5
0.4
Non-audit services
0.2
0.1
Total
0.7
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-286": { "value": "
6. 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:
2024 2023
\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
0.4
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to
legislation
0.1
\u2014
Total audit fees
0.5
0.4
Non-audit services
0.2
0.1
Total
0.7
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-287": { "value": "
7. Finance income and costs
2024 2023
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
\u2014
Financial instruments income
\u2014
0.4
Underlying finance income
0.1
0.5
Net exchange gains
\u2014
0.3
Total finance income
0.1
0.8
Finance costs
Interest payable on borrowings
(19.9)
(15.1)
Amortisation of debt issuance costs on bank loan
(1.6)
(1.3)
Underlying finance charges
(21.5)
(16.4)
Interest on lease liabilities
(5.8)
(5.3)
Fair value loss on derivatives
\u2014
(1.7)
Net exchange losses
\u2014
\u2014
Total finance costs
(27.3)
(23.4)
Net finance costs
(27.2)
(22.6)
The total change in fair value of derivatives reported within net finance costs for the year is \u00a3nil (FY 2023: \u00a31.7 million net loss). Included within
2023 finance income is \u00a30.4 million relating to swaps settled in June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-361": { "value": "7. Finance income and costs
2024 2023
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
\u2014
Financial instruments income
\u2014
0.4
Underlying finance income
0.1
0.5
Net exchange gains
\u2014
0.3
Total finance income
0.1
0.8
Finance costs
Interest payable on borrowings
(19.9)
(15.1)
Amortisation of debt issuance costs on bank loan
(1.6)
(1.3)
Underlying finance charges
(21.5)
(16.4)
Interest on lease liabilities
(5.8)
(5.3)
Fair value loss on derivatives
\u2014
(1.7)
Net exchange losses
\u2014
\u2014
Total finance costs
(27.3)
(23.4)
Net finance costs
(27.2)
(22.6)
The total change in fair value of derivatives reported within net finance costs for the year is \u00a3nil (FY 2023: \u00a31.7 million net loss). Included within 2023 finance income is \u00a30.4 million relating to swaps settled in June 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-360": { "value": "7. Finance income and costs
2024 2023
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
\u2014
Financial instruments income
\u2014
0.4
Underlying finance income
0.1
0.5
Net exchange gains
\u2014
0.3
Total finance income
0.1
0.8
Finance costs
Interest payable on borrowings
(19.9)
(15.1)
Amortisation of debt issuance costs on bank loan
(1.6)
(1.3)
Underlying finance charges
(21.5)
(16.4)
Interest on lease liabilities
(5.8)
(5.3)
Fair value loss on derivatives
\u2014
(1.7)
Net exchange losses
\u2014
\u2014
Total finance costs
(27.3)
(23.4)
Net finance costs
(27.2)
(22.6)
The total change in fair value of derivatives reported within net finance costs for the year is \u00a3nil (FY 2023: \u00a31.7 million net loss). Included within 2023 finance income is \u00a30.4 million relating to swaps settled in June 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-357": { "value": "7. Finance income and costs
2024 2023
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
\u2014
Financial instruments income
\u2014
0.4
Underlying finance income
0.1
0.5
Net exchange gains
\u2014
0.3
Total finance income
0.1
0.8
Finance costs
Interest payable on borrowings
(19.9)
(15.1)
Amortisation of debt issuance costs on bank loan
(1.6)
(1.3)
Underlying finance charges
(21.5)
(16.4)
Interest on lease liabilities
(5.8)
(5.3)
Fair value loss on derivatives
\u2014
(1.7)
Net exchange losses
\u2014
\u2014
Total finance costs
(27.3)
(23.4)
Net finance costs
(27.2)
(22.6)
The total change in fair value of derivatives reported within net finance costs for the year is \u00a3nil (FY 2023: \u00a31.7 million net loss). Included within 2023 finance income is \u00a30.4 million relating to swaps settled in June 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-345": { "value": "7. Finance income and costs
2024 2023
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
\u2014
Financial instruments income
\u2014
0.4
Underlying finance income
0.1
0.5
Net exchange gains
\u2014
0.3
Total finance income
0.1
0.8
Finance costs
Interest payable on borrowings
(19.9)
(15.1)
Amortisation of debt issuance costs on bank loan
(1.6)
(1.3)
Underlying finance charges
(21.5)
(16.4)
Interest on lease liabilities
(5.8)
(5.3)
Fair value loss on derivatives
\u2014
(1.7)
Net exchange losses
\u2014
\u2014
Total finance costs
(27.3)
(23.4)
Net finance costs
(27.2)
(22.6)
The total change in fair value of derivatives reported within net finance costs for the year is \u00a3nil (FY 2023: \u00a31.7 million net loss). Included within 2023 finance income is \u00a30.4 million relating to swaps settled in June 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-322": { "value": "7. Finance income and costs
2024 2023
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.1
0.1
Interest receivable from loan to associates
\u2014
\u2014
Financial instruments income
\u2014
0.4
Underlying finance income
0.1
0.5
Net exchange gains
\u2014
0.3
Total finance income
0.1
0.8
Finance costs
Interest payable on borrowings
(19.9)
(15.1)
Amortisation of debt issuance costs on bank loan
(1.6)
(1.3)
Underlying finance charges
(21.5)
(16.4)
Interest on lease liabilities
(5.8)
(5.3)
Fair value loss on derivatives
\u2014
(1.7)
Net exchange losses
\u2014
\u2014
Total finance costs
(27.3)
(23.4)
Net finance costs
(27.2)
(22.6)
The total change in fair value of derivatives reported within net finance costs for the year is \u00a3nil (FY 2023: \u00a31.7 million net loss). Included within 2023 finance income is \u00a30.4 million relating to swaps settled in June 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-288": { "value": "
8. Income tax charge
Analysis of tax charge in the year:
Note
2024 2023
\u00a3\u2019m \u00a3\u2019m
Current tax:
\u2013 current year
4.3
5.1
\u2013 prior year
\u2014
\u2014
4.3
5.1
Deferred tax:
\u2013 current year
21.7
5.3
\u2013 prior year
0.3
(2.8)
22
22.0
2.5
Tax charge
26.3
7.6
Reconciliation of income tax charge
The tax for the period is lower (FY 2023: lower) than the standard rate of corporation tax in the UK for the year ended 31 October 2024 of 25%
(FY 2023: 22.5%). The differences are explained below:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Profit before tax
398.6
207.8
Profit before tax multiplied by the standard rate of corporation tax in the UK of 25% (FY 2023: 22.5%)
99.7
46.8
Effect of:
\u2013 permanent differences
1.5
(6.3)
\u2013 profits from the tax exempt business
(78.2)
(32.4)
\u2013 difference from overseas tax rates
1.5
0.9
\u2013 potential deferred tax assets not recognised
1.7
1.4
\u2013 prior year adjustment
0.1
(2.8)
Tax charge
26.3
7.6
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.
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
21. 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.
Note
2024 2023
\u00a3\u2019m \u00a3\u2019m
At 1 November 2023
132.6
128.2
Charge to income statement
8
22.0
2.5
Exchange differences
(5.5)
1.9
At 31 October 2024
149.1
132.6
The movements in deferred tax assets and liabilities during the period are shown below.
Deferred tax liability
Revaluation of Other
investment timing
properties differences Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
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
At 1 November 2023
139.2
\u2014
139.2
Charge to income statement
21.7
\u2014
21.7
Exchange differences
(5.5)
\u2014
(5.5)
At 31 October 2024
155.4
\u2014
155.4
Deferred tax asset
Other
timing
differences Tax losses Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
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
At 1 November 2023
0.8
5.8
6.6
Credit to income statement
(0.2)
(0.1)
(0.3)
At 31 October 2024
0.6
5.7
6.3
The deferred tax liability due after more than one year is \u00a3155.4 million (FY 2023: \u00a3139.2 million).
As at 31 October 2024, the Group had trading losses of \u00a334.3 million (FY 2023: \u00a334.7 million) and capital losses of \u00a336.4 million (FY 2023:
\u00a336.5 million) in respect of its UK operations.
As at 31 October 2024, the Group had trading losses of \u00a311 million (FY 2023: \u00a36.6 million) in respect of its Netherlands and Belgium operations.
As at 31 October 2024, the Group had trading losses of \u00a35.5 million (FY 2023: \u00a32.3 million) in respect of its Spanish operations.
All losses can be carried forward indefinitely. A deferred tax asset of \u00a35.7 million (FY 2023: \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:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-289": { "value": "
9. Dividends per share
Dividends paid in 2024 were \u00a365.9 million (30.2 pence per share) (FY 2023: \u00a365.9 million (30.30 pence per share)). A final dividend in respect
of the year ended 31 October 2024 of 20. 4 pence (FY 2023: 20.20 pence) per share, amounting to a total final dividend of \u00a344.6 million
(FY 2023: \u00a344. 1 million), is to be proposed at the AGM on 19 March 2025. The ex-dividend date will be 13 March 2025 and the record date will
be 14 March 2025 with an intended payment date of 15 April 2025. The final dividend has not been included as a liability at 31 October 2024.
The Property Income Distribution (\u201cPID\u201d) element of the final dividend is 15.3 pence (FY 2023: 15.15 pence), making the PID payable for the year
17.6 pence (FY 2023: 17.62 pence) per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-14": { "value": "0.204", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-11": { "value": "0.202", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-12": { "value": "44600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-13": { "value": "44100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-290": { "value": "
10. 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 2024
Year ended 31 October 2023
Earnings Shares Pence Earnings Shares Pence
\u00a3\u2019m million per share \u00a3\u2019m million per share
Basic
372.3
218.3
170.5
200.2
217.2
92.2
Dilutive securities
\u2014
0.6
(0.4)
\u2014
0.9
(0.4)
Diluted
372.3
218.9
170.1
200.2
218.1
91.8
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 141. 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.
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 2024
Year ended 31 October 2023
Earnings Shares Pence Earnings Shares Pence
\u00a3\u2019m million per share \u00a3\u2019m million per share
Basic
372.3
218.3
170.5
200.2
217.2
92.2
Adjustments:
Gain on revaluation of investment properties
(292.2)
\u2014
(133.9)
(93.8)
\u2014
(43.2)
Fair value re-measurement of investment
properties lease liabilities
(9.7)
\u2014
(4.5)
(8.8)
\u2014
(4.1)
Net exchange gain
\u2014
\u2014
\u2014
(0.3)
\u2014
(0.1)
Change in fair value of derivatives
\u2014
\u2014
\u2014
1.7
\u2014
0.8
Tax on adjustments
22.0
\u2014
10.1
2.5
\u2014
1.1
Adjusted EPRA basic EPS
92.4
218.3
42.2
101.5
217.2
46.7
Share-based payments charge
0.3
\u2014
0.1
3.5
1.6
Dilutive shares
\u2014
0.9
\u2014
\u2014
1.9
(0.4)
Adjusted Diluted EPRA EPS
1
92.7
219.2
42.3
105.0
219.1
47.9
Note:
1 Adjusted Diluted EPRA EPS is defined in note 2 under, Non-GAAP financial information/Alternative Performance Measures, on page 141.
Gain on revaluation of investment properties includes the fair value re-measurement of investment properties lease liabilities of \u00a39.7 million
(FY 2023: \u00a38.8 million) and the related tax thereon of \u00a31.1 million (FY 2023: \u00a31.1 million). As an industry standard measure, EPRA earnings is
presented. EPRA earnings of \u00a392.4 million (FY 2023: \u00a3101.5 million) and EPRA Earnings per Share of 42.2 pence (FY 2023: 46.7 pence) are
calculated after further adjusting for these items.
2024 2023 Movement
EPRA adjusted income statement (non-statutory) \u00a3\u2019m \u00a3\u2019m %
Revenue
223.4
224.2
(0.3%)
Underlying operating expenses (excluding depreciation and variable lease payments)
(88.0)
(82.0)
7.4%
Share of associate\u2019s Underlying EBITDA
\u2014
\u2014
\u2014
Underlying EBITDA before variable lease payments
135.4
142.2
(4.8%)
Share-based payments charge
(0.3)
(3.5)
(91.4%)
Depreciation and variable lease payments
(1.5)
(2.1)
(28.6%)
Operating profit before fair value re-measurement of investment properties lease
liabilities
133.6
136.6
(2.2%)
Fair value re-measurement of investment properties lease liabilities
(9.7)
(8.8)
10.2%
Operating profit
123.9
127.8
(3.1%)
Net financing costs
(27.2)
(21.2)
28.3%
Share of associate\u2019s finance charges
\u2014
\u2014
\u2014
Profit before income tax
96.7
106.6
(9.3%)
Income tax
(4.3)
(5.1)
(15.7%)
Profit for the year (\u201cAdjusted EPRA basic earnings\u201d)
92.4
101.5
(9.0%)
Adjusted EPRA basic EPS
42.2 pence
46.7 pence
(9.6%)
Final dividend per share
20.4 pence
20.2 pence
1.0%
Underlying EBITDA of \u00a3135.4 million (FY 2023: \u00a3142.2 million) 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-291": { "value": "
11. Investment in associates
2024 2023
\u00a3\u2019m \u00a3\u2019m
PBC Les Groues SAS
1.8
1.8
CERF II German Storage Topco S.a.r.l.
4.8
2.3
6.6
4.1
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 2023: \u00a3nil). The investment is considered immaterial relative to the Group\u2019s underlying operations. The aggregate
carrying value of the Group\u2019s interest in PBC was \u00a31.8 million (31 October 2023: \u00a31.8 million), made up of an investment of \u00a31.8 million
(31 October 2023: \u00a31.8 million). The Group\u2019s share of profits from continuing operations for the period was \u00a3nil (30 October 2023: \u00a3nil).
The Group\u2019s share of total comprehensive income of associates for the period was \u00a3nil (31 October 2023: \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. \u201cCERF II\u201d, 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 \u00a34.8 million
(31 October 2023: \u00a32.3 million), made up of an investment of \u00a34.8 million (31 October 2023: \u00a32.3 million). The carrying value of the investment
increased in the financial year as a result of equity investment to fund the Group\u2019s share of the cost of three new stores. The Group\u2019s share
of profits from continuing operations for the period was \u00a3nil (31 October 2023: \u00a3nil). The Group\u2019s share of total comprehensive income of
associates for the period was \u00a3nil (31 October 2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-292": { "value": "
12. Investment properties
Investment Investment Investment Total
properties, net of properties lease property under investment
lease liabilities liabilities construction properties
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 1 November 2023
2,681.1
101.2
108.6
2,890.9
Additions
45.9
11.7
80.0
137.6
Disposals
\u2014
(1.6)
\u2014
(1.6)
Reclassification at completed cost
56.1
\u2014
(56.1)
\u2014
Revaluations
301.9
\u2014
\u2014
301.9
Fair value re-measurement of investment properties lease liabilities
\u2014
(9.7)
\u2014
(9.7)
Exchange movements
(32.2)
(1.0)
(1.8)
(35.0)
At 31 October 2024
3,052.8
100.6
130.7
3,284.1
Investment Investment Investment Total
properties, net of properties property 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
\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 Marais, Paris, property in May 2024. This resulted in the disposal of lease liabilities with a carrying value
of \u00a31.6 million.
The gain on investment properties, net of lease liabilities comprises:
Revaluation
Cost on cost Valuation
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Freehold stores
At 1 November 2023
1,018.8
1,218.1
2,236.9
Movement in year
76.0
252.3
328.3
At 31 October 2024
1,094.8
1,470.4
2,565.2
Leasehold stores
At 1 November 2023
139.2
305.0
444.2
Movement in year
25.0
18.4
43.4
At 31 October 2024
164.2
323.4
487.6
All stores
At 1 November 2023
1,158.0
1,523.1
2,681.1
Movement in year
101.0
270.7
371.7
At 31 October 2024
1,259.0
1,793.8
3,052.8
2024 2023
\u00a3\u2019m \u00a3\u2019m
Revaluations of investment property and investment property under construction
301.9
102.6
Fair value re-measurement of investment properties lease liabilities
(9.7)
(8.8)
Gain on revaluation of investment properties
292.2
93.8
The valuation of \u00a33,052.8 million (FY 2023: \u00a32,681.1 million) excludes \u00a30.4 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 2024 was \u00a3186.6 million
(FY 2023: \u00a3188.5 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 FY 2023 lease
liability of \u00a3101.4 million per note 20 differs to the \u00a3101.2 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 FY 2023: \u00a30.2 million (note 13).
There are no differences between lease liabilities and lease assets in the current year.
All direct operating expenses arising from investment property that generated rental income as outlined in note 3 were \u00a388.1 million (FY 2023:
\u00a382.0 million).
The freehold and leasehold investment properties have been valued as at 31 October 2024 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 2024 averages 90.9% (FY 2023:
89.3%). 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 12.1 months (FY 2023: 13.4 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.
\u2022 The weighted average freehold exit yield on UK freeholds is 5.21% (FY 2023: 5.75%), on France freeholds is 5.22% (FY 2023: 5.61%), on
Spain freeholds is 5.49% (FY 2023: 5.50%), on the Netherlands freeholds is 4.99% (FY 2023: 5.15%) and on Belgium freeholds is 4.77%
(FY 2023: 5.00%). The weighted average freehold exit yield for all freeholds adopted is 5.19% (FY 2023: 5.72%).
\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 8.81% (FY 2023: 8.59%), in the France portfolio is 8.76% (FY 2023: 8.38%), in the Spain portfolio is 8.60% (FY 2023: 8.39%), in the
Netherlands portfolio is 7.26% (FY 2023: 7.74%) and in the Belgium portfolio is 8.12% (FY 2023: 7.99%). The weighted average annual
discount rate adopted (for both freeholds and all leaseholds) is 8.66% (FY 2023: 8.54%).
\u2022 The Group\u2019s investment property assets have been valued for the purposes of the financial statements after adjusting for notional purchaser\u2019s
costs of approximately 5.0% (UK), 5.0% to 6.4% (Paris), 6.0% to 10% (Spain), 10.4% (the Netherlands) and 12% to 12.5% (Belgium), as if they
were sold directly as property assets and sales plus purchaser\u2019s costs totalling approximately 6.8% (UK), 6.8% to 8.2% (Paris), 7.8% to 11.8%
(Spain), 12.2% (the Netherlands) and 13.8% to 14.3% (Belgium) are assumed on the notional sales in the tenth year in relation to freehold and
long leasehold stores. 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.2.0% of gross value. All the significant sized transactions that
have been concluded in the UK in recent years were completed in a corporate structure.
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.
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.
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
Investment properties under construction are initially measured at cost, including related transaction and borrowing costs. After initial recognition,
investment properties under construction are held at fair value based on a market valuation by C&W at each balance sheet date, unless
development of the property is not yet certain, in which case investment properties under construction would be held at cost. To establish
certainty, the Group considers whether planning is unconditional, funding is in place, a full business case has been approved by the Board
and whether there is full control over the site.
Immature stores
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.
Sensitivity of the valuation to assumptions
As noted in \u2018Key sources of estimation uncertainty\u2019 on pages 140 and 141, 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
136.5
(124.0)
45.0
(45.0)
(54.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-293": { "value": "
13. 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 2023
1.7
1.4
9.5
0.6
13.2
Additions
0.2
0.4
1.4
\u2014
2.0
At 31 October 2024
1.9
1.8
10.9
0.6
15.2
Accumulated depreciation
At 1 November 2023
0.2
0.6
6.8
0.4
8.0
Charge for the year
\u2014
0.3
1.0
0.2
1.5
At 31 October 2024
0.2
0.9
7.8
0.6
9.5
Net book value
At 31 October 2024
1.7
0.9
3.1
\u2014
5.7
At 31 October 2023
1.5
0.8
2.7
0.2
5.2
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-294": { "value": "
14. 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:
2024
2023
Diluted pence Diluted pence
\u00a3\u2019m
per share
\u00a3\u2019m
per share
Balance sheet net assets
2,226.8
1,017
1,935.1
884
Adjustments to exclude:
Deferred tax liabilities on the revaluation of investment properties
155.4
139.2
EPRA NTA
2,382.2
1,088
2,074.3
948
Basic net assets per share
1,020
888
EPRA basic NTA per share
1,091
952
The basic and diluted net assets per share have been calculated based on the following number of shares:
2024 2023
Number Number
Shares in issue
At year end
218,490,500
218,039,419
Adjustment for Employee Benefit Trust (treasury) shares
(75,397)
(64,363)
IFRS/EPRA number of shares (basic)
218,415,103
217,975,056
Dilutive effect of Save As You Earn shares
7,769
39,269
Dilutive effect of Long Term Incentive Plan shares
567,621
860,328
IFRS/EPRA number of shares (diluted)
218,990,493
218,874,653
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 575,390 shares (FY 2023: 899,597 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 million (FY 2023: \u00a32,074.3 million), giving EPRA
NTA per share of 1,088 pence (FY 2023: 948 pence). The Directors consider that these alternative measures provide useful information on the
performance of the Group.
EPRA adjusted balance sheet (non-statutory)
2024 2023
\u00a3\u2019m \u00a3\u2019m
Assets
Non-current assets
3,302.7
2,906.8
Current assets
58.4
50.1
Total assets
3,361.1
2,956.9
Liabilities
Current liabilities
(65.8)
(110.4)
Non-current liabilities
(913.0)
(772.2)
Total liabilities
(979.0)
(882.6)
EPRA adjusted Net Asset Value
2,382.2
2,074.3
EPRA adjusted basic net assets per share
1,091 pence
952 pence
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-295": { "value": "
15. Trade and other receivables
2024 2023
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
21.9
21.8
Less: credit loss allowance
(6.6)
(5.8)
Trade receivables \u2013 net
15.3
16.0
Other receivables
7.3
10.9
Prepayments
9.1
5.9
31.7
32.8
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.
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
11.8%
20.0%
83.3%
8.41%
Estimated total gross carrying amount at default (\u00a3\u2019m)
7.4
1.7
1.0
0.6
10.7
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.2)
(0.5)
(0.9)
Net trade receivables as at 31 October 2024
7.4
1.5
0.8
0.1
9.8
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
9.2%
25.8%
72.2%
56.3%
Estimated total gross carrying amount at default (\u00a3\u2019m)
1.1
0.9
0.5
7.7
10.2
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(5.5)
(5.7)
Net trade receivables as at 31 October 2024
1.1
0.8
0.4
2.2
4.5
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
Outstanding trade receivables for the Expansion Markets totalled \u00a31.0 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:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Balance at the beginning of the year
5.8
5.5
Amounts provided in the year
3.2
2.1
Amounts written off as uncollectable
(2.4)
(1.8)
Balance at the end of the year
6.6
5.8
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Sterling
19.2
18.7
Euros
12.5
14.1
31.7
32.8
Amounts due from associates of \u00a30.5 million (FY 2023: \u00a30.1 million) relate to the arrangement (note 11), made up of arms-length management
fees of \u00a30.5 million (FY 2023: \u00a30.1 million). These amounts are considered to be fully recoverable and have not been impaired (FY 2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-323": { "value": "
2024 2023
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
21.9
21.8
Less: credit loss allowance
(6.6)
(5.8)
Trade receivables \u2013 net
15.3
16.0
Other receivables
7.3
10.9
Prepayments
9.1
5.9
31.7
32.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-296": { "value": "
16. Cash and cash equivalents
2024 2023
\u00a3\u2019m \u00a3\u2019m
Cash at bank and in hand
25.3
16.9
The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Sterling
12.2
4.9
Euros
13.1
12.0
25.3
16.9
Restricted cash of \u00a30.9 million (FY 2023: \u00a31.1 million) relates to the provision in note 26. The restricted cash is held by HSBC and is used to
settle any amounts owed to the French tax authorities pending results of the ongoing litigation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-297": { "value": "
17. Trade and other payables
2024 2023
\u00a3\u2019m \u00a3\u2019m
Current
Trade payables
10.1
9.4
Other taxes and social security payable
4.3
6.3
Other payables
3.4
2.9
Accruals
15.7
15.0
Deferred income
18.3
18.8
51.8
52.4
The carrying amounts of the Group\u2019s trade and other payables are denominated in the following currencies:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Sterling
33.7
34.7
Euros
18.1
17.7
51.8
52.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-324": { "value": "
2024 2023
\u00a3\u2019m \u00a3\u2019m
Current
Trade payables
10.1
9.4
Other taxes and social security payable
4.3
6.3
Other payables
3.4
2.9
Accruals
15.7
15.0
Deferred income
18.3
18.8
51.8
52.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-346": { "value": "
2024 2023
\u00a3\u2019m \u00a3\u2019m
Current
Trade payables
10.1
9.4
Other taxes and social security payable
4.3
6.3
Other payables
3.4
2.9
Accruals
15.7
15.0
Deferred income
18.3
18.8
51.8
52.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-298": { "value": "
18. Financial liabilities \u2013 bank borrowings and notes
2024 2023
\u00a3\u2019m \u00a3\u2019m
Bank loans and notes
Bank loans \u2013 RCF
355.7
203.0
USPP Notes
473.3
527.8
Debt issue costs
(4.8)
(5.0)
824.2
725.8
As at 31 October 2024 the Group has US Private Placement Notes (\u201cUSPPs\u201d) of \u20ac307.1 million (FY 2023: \u20ac358 million) which have maturities
between 2026 and 2033 with fixed-rate coupons of between 0.93% and 2.45% and \u00a3212.5 million (FY 2023: \u00a3212.5 million) which have
maturities between 2026 and 2031 with fixed-rate coupons of between 1.96% and 2.92%. The weighted average cost of interest on the overall
USPPs at 31 October 2024 was 2.16% per annum. In addition the Group has arranged a Revolving Credit Facility (\u201cRCF\u201d) with its relationship
banks. In the financial year, the facility was extended by \u00a3100 million to \u00a3500 million and the maturity was extended by one year to November
2028. The RCF attracts a margin over SONIA/EURIBOR of between 1.25% and 2.50%, by reference to the Group\u2019s performance against its
interest cover covenant.
The \u20ac434.1 million of Euro denominated borrowings provides a natural hedge against the Group\u2019s investment in the Paris and Expansion
Markets 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 notes are stated after unamortised issue costs of \u00a34.8 million (FY 2023: \u00a35.0 million).
Bank loans and unsecured notes are repayable as follows:
Group
2024 2023
\u00a3\u2019m \u00a3\u2019m
Within one year
\u2014
44.5
Between one and two years
93.7
\u2014
Between two and five years
630.9
409.0
After more than five years
104.4
277.3
Bank loans and notes
829.0
730.8
Unamortised debt issue costs
(4.8)
(5.0)
824.2
725.8
The effective interest rates at the balance sheet date were as follows:
2024
2023
Bank loans (UK term loan)
Monthly, quarterly or six-monthly SONIA plus
Monthly, quarterly or six-monthly SONIA
1.25% plus 1.25%
Bank loans (Euro term loan)
Monthly, quarterly or six-monthly EURIBOR
Monthly, quarterly or six-monthly EURIBOR
plus 1.25% plus 1.25%
Private Placement Notes (Euros)
1.83%
1.80%
Private Placement Notes (Sterling)
2.55%
2.55%
In addition to the margin of 1.25%, the RCF also has ESG targets enabling a reduction in the margin of up to 5bps to 1.20%. In the period these
targets were all met.
The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Sterling
464.5
377.5
Euros
364.5
353.3
829.0
730.8
Borrowing facilities
The Group has the following undrawn committed borrowing facilities available at 31 October 2024 in respect of which all conditions precedent
had been met at that date:
Floating rate
2024 2023
\u00a3\u2019m \u00a3\u2019m
Expiring within one year
\u2014
\u2014
Expiring beyond one year
144.3
297.0
144.3
297.0
19. 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 Value (\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 \u00a33.5 million (FY 2023:
\u00a32 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 \u00a315.6 million (FY 2023: \u00a316.0 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 \u20ac364.5 million (FY 2023: \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 \u00a36.9 million (FY 2023: \u00a32.9 million) was recognised in other
comprehensive income.
At 31 October 2024, if Sterling had weakened by 10% against the Euro with all other variables held constant, pre-tax profit for the year would
have been \u00a30.1 million lower due to Euro bank balances held by UK entities (FY 2023: \u00a30.4 million lower). Equity (translation reserve) would have
been \u00a334.7 million higher (FY 2023: \u00a322.8 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 2024 and 2023 were as follows:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Total borrowings (excluding derivatives)
924.8
827.2
Less: cash and cash equivalents (note 16)
(25.3)
(16.9)
Net debt
899.5
810.3
Total equity
2,226.8
1,935.1
Total capital
3,126.3
2,745.4
Gearing ratio
28.8%
29.5%
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 25.1% at 31 October 2024 (FY 2023: 25.4%).
The Group has complied with all of the covenants on its banking facilities during the year.
The fair value of bank loans and notes is calculated as:
2024
2023
Book value Fair value Book value Fair value
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Bank loans and notes
824.2
759.6
725.8
789.3
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:
Assets per the balance sheet
2024 2023
\u00a3\u2019m \u00a3\u2019m
Amounts due from associates \u2013 Level 2
0.5
0.1
Liabilities per the balance sheet
2024 2023
\u00a3\u2019m \u00a3\u2019m
Bank loans \u2013 Level 2
829.0
725.8
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.
Hedging arrangements
No hedging instruments were used in FY 2024. In FY 2023 a net loss of \u00a31.7 million was recorded in the income statement due to the interest
rate hedging instruments which matured in June 2023 and the foreign currency hedging instruments which matured in April 2023.
Financial instruments by category
Assets per the balance sheet
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
22.6
\u2014
22.6
Cash and cash equivalents
25.3
\u2014
25.3
At 31 October 2024
47.9
\u2014
47.9
Liabilities per the balance sheet
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
824.2
\u2014
824.2
Lease liabilities
100.6
\u2014
100.6
Payables and accruals
29.2
\u2014
29.2
At 31 October 2024
954.0
\u2014
954.0
Assets per the balance sheet
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
\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
Liabilities per the balance sheet
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
\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
The interest rate risk profile, after taking account of derivative financial instruments, was as follows:
2024
2023
Floating rate Fixed rate Total Floating rate Fixed rate Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
355.7
468.5
824.2
203.0
522.8
725.8
The weighted average interest rate of the fixed-rate financial borrowing was 2.16% (FY 2023: 2.10%) and the weighted average remaining period
for which the rate is fixed was 4.3 years (FY 2023: 5.0 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
2024
Borrowings
9.3
103.1
657.4
123.6
Lease liabilities
14.7
14.2
35.0
75.5
Payables and accruals
28.6
\u2014
\u2014
\u2014
52.6
23.5
617.6
367.8
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
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-358": { "value": "18. Financial liabilities \u2013 bank borrowings and notes
2024 2023
\u00a3\u2019m \u00a3\u2019m
Bank loans and notes
Bank loans \u2013 RCF
355.7
203.0
USPP Notes
473.3
527.8
Debt issue costs
(4.8)
(5.0)
824.2
725.8
As at 31 October 2024 the Group has US Private Placement Notes (\u201cUSPPs\u201d) of \u20ac307.1 million (FY 2023: \u20ac358 million) which have maturities between 2026 and 2033 with fixed-rate coupons of between 0.93% and 2.45% and \u00a3212.5 million (FY 2023: \u00a3212.5 million) which have maturities between 2026 and 2031 with fixed-rate coupons of between 1.96% and 2.92%. The weighted average cost of interest on the overall USPPs at 31 October 2024 was 2.16% per annum. In addition the Group has arranged a Revolving Credit Facility (\u201cRCF\u201d) with its relationship banks. In the financial year, the facility was extended by \u00a3100 million to \u00a3500 million and the maturity was extended by one year to November 2028. The RCF attracts a margin over SONIA/EURIBOR of between 1.25% and 2.50%, by reference to the Group\u2019s performance against its interest cover covenant. The \u20ac434.1 million of Euro denominated borrowings provides a natural hedge against the Group\u2019s investment in the Paris and Expansion Markets 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 notes are stated after unamortised issue costs of \u00a34.8 million (FY 2023: \u00a35.0 million). Bank loans and unsecured notes are repayable as follows:
Group
2024 2023
\u00a3\u2019m \u00a3\u2019m
Within one year
\u2014
44.5
Between one and two years
93.7
\u2014
Between two and five years
630.9
409.0
After more than five years
104.4
277.3
Bank loans and notes
829.0
730.8
Unamortised debt issue costs
(4.8)
(5.0)
824.2
725.8
The effective interest rates at the balance sheet date were as follows:
2024
2023
Bank loans (UK term loan)
Monthly, quarterly or six-monthly SONIA plus
Monthly, quarterly or six-monthly SONIA
1.25% plus 1.25%
Bank loans (Euro term loan)
Monthly, quarterly or six-monthly EURIBOR
Monthly, quarterly or six-monthly EURIBOR
plus 1.25% plus 1.25%
Private Placement Notes (Euros)
1.83%
1.80%
Private Placement Notes (Sterling)
2.55%
2.55%
In addition to the margin of 1.25%, the RCF also has ESG targets enabling a reduction in the margin of up to 5bps to 1.20%. In the period these targets were all met. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Sterling
464.5
377.5
Euros
364.5
353.3
829.0
730.8
Borrowing facilities The Group has the following undrawn committed borrowing facilities available at 31 October 2024 in respect of which all conditions precedent had been met at that date:
Floating rate
2024 2023
\u00a3\u2019m \u00a3\u2019m
Expiring within one year
\u2014
\u2014
Expiring beyond one year
144.3
297.0
144.3
297.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-347": { "value": "18. Financial liabilities \u2013 bank borrowings and notes
2024 2023
\u00a3\u2019m \u00a3\u2019m
Bank loans and notes
Bank loans \u2013 RCF
355.7
203.0
USPP Notes
473.3
527.8
Debt issue costs
(4.8)
(5.0)
824.2
725.8
As at 31 October 2024 the Group has US Private Placement Notes (\u201cUSPPs\u201d) of \u20ac307.1 million (FY 2023: \u20ac358 million) which have maturities between 2026 and 2033 with fixed-rate coupons of between 0.93% and 2.45% and \u00a3212.5 million (FY 2023: \u00a3212.5 million) which have maturities between 2026 and 2031 with fixed-rate coupons of between 1.96% and 2.92%. The weighted average cost of interest on the overall USPPs at 31 October 2024 was 2.16% per annum. In addition the Group has arranged a Revolving Credit Facility (\u201cRCF\u201d) with its relationship banks. In the financial year, the facility was extended by \u00a3100 million to \u00a3500 million and the maturity was extended by one year to November 2028. The RCF attracts a margin over SONIA/EURIBOR of between 1.25% and 2.50%, by reference to the Group\u2019s performance against its interest cover covenant. The \u20ac434.1 million of Euro denominated borrowings provides a natural hedge against the Group\u2019s investment in the Paris and Expansion Markets 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 notes are stated after unamortised issue costs of \u00a34.8 million (FY 2023: \u00a35.0 million). Bank loans and unsecured notes are repayable as follows:
Group
2024 2023
\u00a3\u2019m \u00a3\u2019m
Within one year
\u2014
44.5
Between one and two years
93.7
\u2014
Between two and five years
630.9
409.0
After more than five years
104.4
277.3
Bank loans and notes
829.0
730.8
Unamortised debt issue costs
(4.8)
(5.0)
824.2
725.8
The effective interest rates at the balance sheet date were as follows:
2024
2023
Bank loans (UK term loan)
Monthly, quarterly or six-monthly SONIA plus
Monthly, quarterly or six-monthly SONIA
1.25% plus 1.25%
Bank loans (Euro term loan)
Monthly, quarterly or six-monthly EURIBOR
Monthly, quarterly or six-monthly EURIBOR
plus 1.25% plus 1.25%
Private Placement Notes (Euros)
1.83%
1.80%
Private Placement Notes (Sterling)
2.55%
2.55%
In addition to the margin of 1.25%, the RCF also has ESG targets enabling a reduction in the margin of up to 5bps to 1.20%. In the period these targets were all met. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Sterling
464.5
377.5
Euros
364.5
353.3
829.0
730.8
Borrowing facilities The Group has the following undrawn committed borrowing facilities available at 31 October 2024 in respect of which all conditions precedent had been met at that date:
Floating rate
2024 2023
\u00a3\u2019m \u00a3\u2019m
Expiring within one year
\u2014
\u2014
Expiring beyond one year
144.3
297.0
144.3
297.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-325": { "value": "18. Financial liabilities \u2013 bank borrowings and notes
2024 2023
\u00a3\u2019m \u00a3\u2019m
Bank loans and notes
Bank loans \u2013 RCF
355.7
203.0
USPP Notes
473.3
527.8
Debt issue costs
(4.8)
(5.0)
824.2
725.8
As at 31 October 2024 the Group has US Private Placement Notes (\u201cUSPPs\u201d) of \u20ac307.1 million (FY 2023: \u20ac358 million) which have maturities between 2026 and 2033 with fixed-rate coupons of between 0.93% and 2.45% and \u00a3212.5 million (FY 2023: \u00a3212.5 million) which have maturities between 2026 and 2031 with fixed-rate coupons of between 1.96% and 2.92%. The weighted average cost of interest on the overall USPPs at 31 October 2024 was 2.16% per annum. In addition the Group has arranged a Revolving Credit Facility (\u201cRCF\u201d) with its relationship banks. In the financial year, the facility was extended by \u00a3100 million to \u00a3500 million and the maturity was extended by one year to November 2028. The RCF attracts a margin over SONIA/EURIBOR of between 1.25% and 2.50%, by reference to the Group\u2019s performance against its interest cover covenant. The \u20ac434.1 million of Euro denominated borrowings provides a natural hedge against the Group\u2019s investment in the Paris and Expansion Markets 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 notes are stated after unamortised issue costs of \u00a34.8 million (FY 2023: \u00a35.0 million). Bank loans and unsecured notes are repayable as follows:
Group
2024 2023
\u00a3\u2019m \u00a3\u2019m
Within one year
\u2014
44.5
Between one and two years
93.7
\u2014
Between two and five years
630.9
409.0
After more than five years
104.4
277.3
Bank loans and notes
829.0
730.8
Unamortised debt issue costs
(4.8)
(5.0)
824.2
725.8
The effective interest rates at the balance sheet date were as follows:
2024
2023
Bank loans (UK term loan)
Monthly, quarterly or six-monthly SONIA plus
Monthly, quarterly or six-monthly SONIA
1.25% plus 1.25%
Bank loans (Euro term loan)
Monthly, quarterly or six-monthly EURIBOR
Monthly, quarterly or six-monthly EURIBOR
plus 1.25% plus 1.25%
Private Placement Notes (Euros)
1.83%
1.80%
Private Placement Notes (Sterling)
2.55%
2.55%
In addition to the margin of 1.25%, the RCF also has ESG targets enabling a reduction in the margin of up to 5bps to 1.20%. In the period these targets were all met. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Sterling
464.5
377.5
Euros
364.5
353.3
829.0
730.8
Borrowing facilities The Group has the following undrawn committed borrowing facilities available at 31 October 2024 in respect of which all conditions precedent had been met at that date:
Floating rate
2024 2023
\u00a3\u2019m \u00a3\u2019m
Expiring within one year
\u2014
\u2014
Expiring beyond one year
144.3
297.0
144.3
297.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-326": { "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 Value (\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 \u00a33.5 million (FY 2023: \u00a32 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 \u00a315.6 million (FY 2023: \u00a316.0 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 \u20ac364.5 million (FY 2023: \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 \u00a36.9 million (FY 2023: \u00a32.9 million) was recognised in other comprehensive income. At 31 October 2024, if Sterling had weakened by 10% against the Euro with all other variables held constant, pre-tax profit for the year would have been \u00a30.1 million lower due to Euro bank balances held by UK entities (FY 2023: \u00a30.4 million lower). Equity (translation reserve) would have been \u00a334.7 million higher (FY 2023: \u00a322.8 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 2024 and 2023 were as follows:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Total borrowings (excluding derivatives)
924.8
827.2
Less: cash and cash equivalents (note 16)
(25.3)
(16.9)
Net debt
899.5
810.3
Total equity
2,226.8
1,935.1
Total capital
3,126.3
2,745.4
Gearing ratio
28.8%
29.5%
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 25.1% at 31 October 2024 (FY 2023: 25.4%). The Group has complied with all of the covenants on its banking facilities during the year. The fair value of bank loans and notes is calculated as:
2024
2023
Book value Fair value Book value Fair value
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Bank loans and notes
824.2
759.6
725.8
789.3
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: Assets per the balance sheet
2024 2023
\u00a3\u2019m \u00a3\u2019m
Amounts due from associates \u2013 Level 2
0.5
0.1
Liabilities per the balance sheet
2024 2023
\u00a3\u2019m \u00a3\u2019m
Bank loans \u2013 Level 2
829.0
725.8
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. Hedging arrangements No hedging instruments were used in FY 2024. In FY 2023 a net loss of \u00a31.7 million was recorded in the income statement due to the interest rate hedging instruments which matured in June 2023 and the foreign currency hedging instruments which matured in April 2023. Financial instruments by category Assets per the balance sheet
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
22.6
\u2014
22.6
Cash and cash equivalents
25.3
\u2014
25.3
At 31 October 2024
47.9
\u2014
47.9
Liabilities per the balance sheet
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
824.2
\u2014
824.2
Lease liabilities
100.6
\u2014
100.6
Payables and accruals
29.2
\u2014
29.2
At 31 October 2024
954.0
\u2014
954.0
Assets per the balance sheet
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
\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
Liabilities per the balance sheet
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
\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
The interest rate risk profile, after taking account of derivative financial instruments, was as follows:
2024
2023
Floating rate Fixed rate Total Floating rate Fixed rate Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
355.7
468.5
824.2
203.0
522.8
725.8
The weighted average interest rate of the fixed-rate financial borrowing was 2.16% (FY 2023: 2.10%) and the weighted average remaining period for which the rate is fixed was 4.3 years (FY 2023: 5.0 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
2024
Borrowings
9.3
103.1
657.4
123.6
Lease liabilities
14.7
14.2
35.0
75.5
Payables and accruals
28.6
\u2014
\u2014
\u2014
52.6
23.5
617.6
367.8
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
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-348": { "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 \u00a33.5 million (FY 2023: \u00a32 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 \u20ac364.5 million (FY 2023: \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 \u00a36.9 million (FY 2023: \u00a32.9 million) was recognised in other comprehensive income. At 31 October 2024, if Sterling had weakened by 10% against the Euro with all other variables held constant, pre-tax profit for the year would have been \u00a30.1 million lower due to Euro bank balances held by UK entities (FY 2023: \u00a30.4 million lower). Equity (translation reserve) would have been \u00a334.7 million higher (FY 2023: \u00a322.8 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-349": { "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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-350": { "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 \u00a315.6 million (FY 2023: \u00a316.0 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-351": { "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 2024 and 2023 were as follows:
2024 2023
\u00a3\u2019m \u00a3\u2019m
Total borrowings (excluding derivatives)
924.8
827.2
Less: cash and cash equivalents (note 16)
(25.3)
(16.9)
Net debt
899.5
810.3
Total equity
2,226.8
1,935.1
Total capital
3,126.3
2,745.4
Gearing ratio
28.8%
29.5%
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 25.1% at 31 October 2024 (FY 2023: 25.4%). The Group has complied with all of the covenants on its banking facilities during the year. The fair value of bank loans and notes is calculated as:
2024
2023
Book value Fair value Book value Fair value
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Bank loans and notes
824.2
759.6
725.8
789.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-359": { "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: Assets per the balance sheet
2024 2023
\u00a3\u2019m \u00a3\u2019m
Amounts due from associates \u2013 Level 2
0.5
0.1
Liabilities per the balance sheet
2024 2023
\u00a3\u2019m \u00a3\u2019m
Bank loans \u2013 Level 2
829.0
725.8
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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-352": { "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: Assets per the balance sheet
2024 2023
\u00a3\u2019m \u00a3\u2019m
Amounts due from associates \u2013 Level 2
0.5
0.1
Liabilities per the balance sheet
2024 2023
\u00a3\u2019m \u00a3\u2019m
Bank loans \u2013 Level 2
829.0
725.8
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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-353": { "value": "Hedging arrangements No hedging instruments were used in FY 2024. In FY 2023 a net loss of \u00a31.7 million was recorded in the income statement due to the interest rate hedging instruments which matured in June 2023 and the foreign currency hedging instruments which matured in April 2023. Financial instruments by category Assets per the balance sheet
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
22.6
\u2014
22.6
Cash and cash equivalents
25.3
\u2014
25.3
At 31 October 2024
47.9
\u2014
47.9
Liabilities per the balance sheet
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
824.2
\u2014
824.2
Lease liabilities
100.6
\u2014
100.6
Payables and accruals
29.2
\u2014
29.2
At 31 October 2024
954.0
\u2014
954.0
Assets per the balance sheet
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
\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
Liabilities per the balance sheet
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
\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
The interest rate risk profile, after taking account of derivative financial instruments, was as follows:
2024
2023
Floating rate Fixed rate Total Floating rate Fixed rate Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
355.7
468.5
824.2
203.0
522.8
725.8
The weighted average interest rate of the fixed-rate financial borrowing was 2.16% (FY 2023: 2.10%) and the weighted average remaining period for which the rate is fixed was 4.3 years (FY 2023: 5.0 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-354": { "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
2024
Borrowings
9.3
103.1
657.4
123.6
Lease liabilities
14.7
14.2
35.0
75.5
Payables and accruals
28.6
\u2014
\u2014
\u2014
52.6
23.5
617.6
367.8
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
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
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-299": { "value": "
20. Lease liabilities
The Group leases certain of its investment properties under lease liabilities. The average remaining lease term is 13.2 years (FY 2023: 10.7 years).
Present value of minimum
Minimum lease payments lease payments
2024 2023 2024 2023
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Within one year
14.7
13.8
14.0
13.1
Within two to five years
49.2
50.1
42.3
42.0
Greater than five years
75.5
77.0
44.3
46.3
139.4
140.9
100.6
101.4
Less: future finance charges on lease liabilities
(38.8)
(39.5)
\u2014
\u2014
Present value of lease liabilities
100.6
101.4
100.6
101.4
2024 2023
\u00a3\u2019m \u00a3\u2019m
Current
14.0
13.1
Non-current
86.6
88.3
100.6
101.4
Amounts recognised within the consolidated income statement include interest on lease liabilities of \u00a35.8 million. Amounts recognised in the
consolidated statement of cash flows include lease liabilities principal payments of \u00a39.7 million and interest on lease liabilities of \u00a35.8 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-327": { "value": "20. Lease liabilities The Group leases certain of its investment properties under lease liabilities. The average remaining lease term is 13.2 years (FY 2023: 10.7 years).
Present value of minimum
Minimum lease payments lease payments
2024 2023 2024 2023
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Within one year
14.7
13.8
14.0
13.1
Within two to five years
49.2
50.1
42.3
42.0
Greater than five years
75.5
77.0
44.3
46.3
139.4
140.9
100.6
101.4
Less: future finance charges on lease liabilities
(38.8)
(39.5)
\u2014
\u2014
Present value of lease liabilities
100.6
101.4
100.6
101.4
2024 2023
\u00a3\u2019m \u00a3\u2019m
Current
14.0
13.1
Non-current
86.6
88.3
100.6
101.4
Amounts recognised within the consolidated income statement include interest on lease liabilities of \u00a35.8 million. Amounts recognised in the consolidated statement of cash flows include lease liabilities principal payments of \u00a39.7 million and interest on lease liabilities of \u00a35.8 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-355": { "value": "21. 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. Note
2024 2023
\u00a3\u2019m \u00a3\u2019m
At 1 November 2023
132.6
128.2
Charge to income statement
8
22.0
2.5
Exchange differences
(5.5)
1.9
At 31 October 2024
149.1
132.6
The movements in deferred tax assets and liabilities during the period are shown below. Deferred tax liability
Revaluation of Other
investment timing
properties differences Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
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
At 1 November 2023
139.2
\u2014
139.2
Charge to income statement
21.7
\u2014
21.7
Exchange differences
(5.5)
\u2014
(5.5)
At 31 October 2024
155.4
\u2014
155.4
Deferred tax asset
Other
timing
differences Tax losses Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
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
At 1 November 2023
0.8
5.8
6.6
Credit to income statement
(0.2)
(0.1)
(0.3)
At 31 October 2024
0.6
5.7
6.3
The deferred tax liability due after more than one year is \u00a3155.4 million (FY 2023: \u00a3139.2 million). As at 31 October 2024, the Group had trading losses of \u00a334.3 million (FY 2023: \u00a334.7 million) and capital losses of \u00a336.4 million (FY 2023: \u00a336.5 million) in respect of its UK operations. As at 31 October 2024, the Group had trading losses of \u00a311 million (FY 2023: \u00a36.6 million) in respect of its Netherlands and Belgium operations. As at 31 October 2024, the Group had trading losses of \u00a35.5 million (FY 2023: \u00a32.3 million) in respect of its Spanish operations. All losses can be carried forward indefinitely. A deferred tax asset of \u00a35.7 million (FY 2023: \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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-328": { "value": "21. 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. Note
2024 2023
\u00a3\u2019m \u00a3\u2019m
At 1 November 2023
132.6
128.2
Charge to income statement
8
22.0
2.5
Exchange differences
(5.5)
1.9
At 31 October 2024
149.1
132.6
The movements in deferred tax assets and liabilities during the period are shown below. Deferred tax liability
Revaluation of Other
investment timing
properties differences Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
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
At 1 November 2023
139.2
\u2014
139.2
Charge to income statement
21.7
\u2014
21.7
Exchange differences
(5.5)
\u2014
(5.5)
At 31 October 2024
155.4
\u2014
155.4
Deferred tax asset
Other
timing
differences Tax losses Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
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
At 1 November 2023
0.8
5.8
6.6
Credit to income statement
(0.2)
(0.1)
(0.3)
At 31 October 2024
0.6
5.7
6.3
The deferred tax liability due after more than one year is \u00a3155.4 million (FY 2023: \u00a3139.2 million). As at 31 October 2024, the Group had trading losses of \u00a334.3 million (FY 2023: \u00a334.7 million) and capital losses of \u00a336.4 million (FY 2023: \u00a336.5 million) in respect of its UK operations. As at 31 October 2024, the Group had trading losses of \u00a311 million (FY 2023: \u00a36.6 million) in respect of its Netherlands and Belgium operations. As at 31 October 2024, the Group had trading losses of \u00a35.5 million (FY 2023: \u00a32.3 million) in respect of its Spanish operations. All losses can be carried forward indefinitely. A deferred tax asset of \u00a35.7 million (FY 2023: \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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-300": { "value": "
22. Called up share capital
2024 2023
\u00a3\u2019m \u00a3\u2019m
Called up, allotted, and fully paid
218,490,500 (FY 2023:
218,039,419) ordinary shares of 1 pence each
2.2
2.2
Ordinary shares
The holders of the ordinary shares shall be entitled to one vote for each ordinary share.
During the year the Company issued 451,081 ordinary shares (FY 2023: 6,111,922 ordinary shares).
Safestore Holdings plc Sharesave scheme
The Sharesave awards are savings related awards 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
September 2024
(UK three years)
Number of options granted
94,393
Share price at grant date
(pence)
839
Exercise price
(pence)
645
Risk-free rate of interest
(% per annum)
3.75%
Expected volatility
(% per annum)
29.0%
Expected dividend yield
(% per annum)
3.60%
Expected term to exercise
(years)
3.21
Value per option
(pence)
240
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 February 2024
(PBT EPS part)
(MLA part)
(ESG part)
Number of options granted
654,248
251,634
100,654
Weighted average share price at grant date
(pence)
764
764
764
Exercise price
(pence)
\u2014
\u2014
\u2014
Weighted average risk-free rate of interest
(% per annum)
4.17%
4.17%
4.17%
Expected volatility
(% per annum)
29.4%
29.4%
29.4%
Weighted average expected term to exercise
(years)
3.0
3.0
3.0
Weighted average value per option
(pence)
4.58
4.58
4.58
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
2023
Granted
Exercised
Lapsed
2024 price date
Safestore Holdings plc
Sharesave scheme
14/08/2019
352
\u2014
(352)
\u2014
\u2014
510.0p
01/03/2023
26/08/2020
116,130
\u2014
(115,503)
(627)
\u2014
600.0p
01/05/2024
20/08/2021
23,631
\u2014
\u2014
(4,471)
19,160
824.0p
01/05/2025
22/08/2022
33,366
\u2014
\u2014
(11,713)
21,653
896.0p
01/05/2026
22/08/2023
164,176
\u2014
\u2014
(52,098)
112,078
692.0p
01/05/2027
14/08/2024
\u2014
94,393
\u2014
(1,293)
93,100
645.0p
01/05/2027
Total
337,655
94,393
(115,855)
(70,202)
245,991
Safestore Long Term
Incentive Plan \u2013 2017
05/02/2019
17,500
\u2014
\u2014
\u2014
17,500
0.1p
28/09/2027
23/01/2020
8,332
\u2014
(2,601)
\u2014
5,731
0.1p
28/09/2027
Total
25,832
\u2014
(2,601)
\u2014
23,231
Safestore Long Term
Incentive Plan \u2013 2020
18/03/2020
35,588
\u2014
(6,672)
\u2014
28,916
0.0p
17/03/2030
Total
35,588
\u2014
(6,672)
\u2014
28,916
Safestore Long Term
Incentive Plan \u2013 2021
28/01/2021
347,422
\u2014
(299,761)
(21,614)
26,047
0.0p
27/01/2031
Total
347,422
\u2014
(299,761)
(21,614)
26,047
Safestore Long Term
Incentive Plan \u2013 2022
25/01/2022
246,833
\u2014
\u2014
(33,334)
213,499
0.0p
24/01/2032
29/09/2022
4,892
\u2014
\u2014
(924)
3,968
0.0p
24/01/2032
Total
251,725
\u2014
\u2014
(34,258)
217,467
Safestore Long Term
Incentive Plan \u2013 2023
12/07/2023
785,340
\u2014
\u2014
(140,833)
644,507
0.0p
11/07/2033
Total
785,340
\u2014
\u2014
(140,833)
644,507
Safestore Long Term
Incentive Plan \u2013 2024
27/02/2024
\u2014
1,005,244
\u2014
(204,682)
800,562
0.0p
26/02/2034
Total
\u2014
1,005,244
\u2014
(204,682)
800,562
In addition, gross amounts totalling \u00a3nil (FY 2023: \u00a3nil) in respect of bonuses awarded to Executive Directors for the year ended 31 October
2024 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 will be determined in FY 2025.
The weighted average exercise price of outstanding options under the Sharesave scheme is 702.6 pence (FY 2023: 690.0 pence). The weighted
average exercise price of options exercised under the Sharesave scheme was 599.7 pence (FY 2023: 366.1 pence).
Own shares
Included within retained earnings are ordinary shares with a nominal value of \u00a3177 (FY 2023: \u00a3644) 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-329": { "value": "
2024 2023
\u00a3\u2019m \u00a3\u2019m
Called up, allotted, and fully paid
218,490,500 (FY 2023:
218,039,419) ordinary shares of 1 pence each
2.2
2.2
Ordinary shares The holders of the ordinary shares shall be entitled to one vote for each ordinary share. During the year the Company issued 451,081 ordinary shares (FY 2023: 6,111,922 ordinary shares). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-330": { "value": "Safestore Holdings plc Sharesave scheme The Sharesave awards are savings related awards 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
September 2024
(UK three years)
Number of options granted
94,393
Share price at grant date
(pence)
839
Exercise price
(pence)
645
Risk-free rate of interest
(% per annum)
3.75%
Expected volatility
(% per annum)
29.0%
Expected dividend yield
(% per annum)
3.60%
Expected term to exercise
(years)
3.21
Value per option
(pence)
240
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 February 2024
(PBT EPS part)
(MLA part)
(ESG part)
Number of options granted
654,248
251,634
100,654
Weighted average share price at grant date
(pence)
764
764
764
Exercise price
(pence)
\u2014
\u2014
\u2014
Weighted average risk-free rate of interest
(% per annum)
4.17%
4.17%
4.17%
Expected volatility
(% per annum)
29.4%
29.4%
29.4%
Weighted average expected term to exercise
(years)
3.0
3.0
3.0
Weighted average value per option
(pence)
4.58
4.58
4.58
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
2023
Granted
Exercised
Lapsed
2024 price date
Safestore Holdings plc
Sharesave scheme
14/08/2019
352
\u2014
(352)
\u2014
\u2014
510.0p
01/03/2023
26/08/2020
116,130
\u2014
(115,503)
(627)
\u2014
600.0p
01/05/2024
20/08/2021
23,631
\u2014
\u2014
(4,471)
19,160
824.0p
01/05/2025
22/08/2022
33,366
\u2014
\u2014
(11,713)
21,653
896.0p
01/05/2026
22/08/2023
164,176
\u2014
\u2014
(52,098)
112,078
692.0p
01/05/2027
14/08/2024
\u2014
94,393
\u2014
(1,293)
93,100
645.0p
01/05/2027
Total
337,655
94,393
(115,855)
(70,202)
245,991
Safestore Long Term
Incentive Plan \u2013 2017
05/02/2019
17,500
\u2014
\u2014
\u2014
17,500
0.1p
28/09/2027
23/01/2020
8,332
\u2014
(2,601)
\u2014
5,731
0.1p
28/09/2027
Total
25,832
\u2014
(2,601)
\u2014
23,231
Safestore Long Term
Incentive Plan \u2013 2020
18/03/2020
35,588
\u2014
(6,672)
\u2014
28,916
0.0p
17/03/2030
Total
35,588
\u2014
(6,672)
\u2014
28,916
Safestore Long Term
Incentive Plan \u2013 2021
28/01/2021
347,422
\u2014
(299,761)
(21,614)
26,047
0.0p
27/01/2031
Total
347,422
\u2014
(299,761)
(21,614)
26,047
Safestore Long Term
Incentive Plan \u2013 2022
25/01/2022
246,833
\u2014
\u2014
(33,334)
213,499
0.0p
24/01/2032
29/09/2022
4,892
\u2014
\u2014
(924)
3,968
0.0p
24/01/2032
Total
251,725
\u2014
\u2014
(34,258)
217,467
Safestore Long Term
Incentive Plan \u2013 2023
12/07/2023
785,340
\u2014
\u2014
(140,833)
644,507
0.0p
11/07/2033
Total
785,340
\u2014
\u2014
(140,833)
644,507
Safestore Long Term
Incentive Plan \u2013 2024
27/02/2024
\u2014
1,005,244
\u2014
(204,682)
800,562
0.0p
26/02/2034
Total
\u2014
1,005,244
\u2014
(204,682)
800,562
In addition, gross amounts totalling \u00a3nil (FY 2023: \u00a3nil) in respect of bonuses awarded to Executive Directors for the year ended 31 October 2024 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 will be determined in FY 2025. The weighted average exercise price of outstanding options under the Sharesave scheme is 702.6 pence (FY 2023: 690.0 pence). The weighted average exercise price of options exercised under the Sharesave scheme was 599.7 pence (FY 2023: 366.1 pence). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-331": { "value": "Own shares Included within retained earnings are ordinary shares with a nominal value of \u00a3177 (FY 2023: \u00a3644) 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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-301": { "value": "
23. Cash flow from operating activities
Reconciliation of operating profit to net cash inflow from operating activities:
Cash generated from continuing operations Notes
2024 2023
\u00a3\u2019m \u00a3\u2019m
Profit before income tax
398.6
207.8
Gain on revaluation of investment properties
12
(292.2)
(93.8)
Depreciation
13
1.5
1.3
Net finance expense
7
27.2
22.6
Employee share options
(0.3)
2.9
Changes in working capital:
Decrease in inventories
\u2014
\u2014
(Increase)/decrease in trade and other receivables
1.2
(1.4)
(Increase) in trade and other payables
(2.6)
(11.2)
Increase/(decrease) in provisions
(0.3)
0.2
Cash generated from continuing operations
133.1
128.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-302": { "value": "
24. Analysis of movement in gross and net debt
Non-cash
2023 Cash flows movements 2024
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Bank loans
(725.8)
(110.3)
11.9
(824.2)
Lease liabilities
(101.4)
9.7
(8.9)
(100.6)
Total gross debt (liabilities from financing activities)
(827.2)
(100.6)
3.0
(924.8)
Cash in hand
16.9
8.7
(0.3)
25.3
Total net debt
(810.3)
(91.9)
2.7
899.5
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)
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 \u00a31.6 million (FY 2023: \u00a31.3 million), foreign exchange movements
of \u00a313.2 million (FY 2023: \u00a34.3 million) and unwinding of discount to lease liabilities of \u00a38.9 million (FY 2023: \u00a314.8 million).
", "dimensions": { "concept": "safestoreholdingsplc:DisclosureOfAnalysisOfMovementInGrossAndNetDebt", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-303": { "value": "
Key management compensation
2024 2023
\u00a3\u2019m \u00a3\u2019m
Wages and salaries
2.9
2.7
Social security costs
0.4
0.3
Post-employment benefits
0.1
0.1
Share-based payments
\u2014
1.9
3.4
5.0
The key management figures given above include Directors.
Directors
2024 2023
\u00a3\u2019m \u00a3\u2019m
Aggregate emoluments
2.2
2.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-304": { "value": "
26. 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 \u00a32.3 million at 31 October 2024
(31 October 2023: \u00a32.6 million) to reflect the increased uncertainty surrounding the likelihood of a successful outcome. Of the total provided,
(\u00a30.2) million has been released in relation to the year ended 31 October 2024 within cost of sales (Underlying EBITDA) (31 October 2023:
\u00a30.3 million within cost of sales (Underlying EBITDA)). 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 in which the Group was successful to the
French Supreme Court. The maximum potential exposure in relation to these issues at 31 October 2024 is \u00a30.8 million (31 October 2023:
\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": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-305": { "value": "
27. Contingent liabilities
The Group has a contingent liability in respect of property taxation in the French subsidiary as disclosed in note 26.
28. Capital commitments
The Group had \u00a3119 million of capital commitments as at 31 October 2024 (FY 2023: \u00a3128 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-332": { "value": "27. Contingent liabilities The Group has a contingent liability in respect of property taxation in the French subsidiary as disclosed in note 26. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-333": { "value": "28. Capital commitments The Group had \u00a3119 million of capital commitments as at 31 October 2024 (FY 2023: \u00a3128 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-307": { "value": "
29. 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 11, the Group has a 24.9% interest in PBC Les Groues SAS (\u201cPBC\u201d). During the period, the Group made no transactions
with PBC (FY 2023: \u00a3nil (\u20acnil)). The total amount invested is included as part of its non-current investments in associates. The total amount
outstanding at 31 October 2024 included within trade and other receivables was \u00a3nil (FY 2023: \u00a3nil).
Transactions with CERF II German Storage Topco S.a.r.l (\u201cCERF II\u201d)
As described in note 11, 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 relating to management services. As described in note 15, the balance outstanding at 31 October 2024 is \u00a30.5 million
(FY 2023: \u00a30.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-334": { "value": "29. 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 11, the Group has a 24.9% interest in PBC Les Groues SAS (\u201cPBC\u201d). During the period, the Group made no transactions with PBC (FY 2023: \u00a3nil (\u20acnil)). The total amount invested is included as part of its non-current investments in associates. The total amount outstanding at 31 October 2024 included within trade and other receivables was \u00a3nil (FY 2023: \u00a3nil). Transactions with CERF II German Storage Topco S.a.r.l (\u201cCERF II\u201d) As described in note 11, 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 relating to management services. As described in note 15, the balance outstanding at 31 October 2024 is \u00a30.5 million (FY 2023: \u00a30.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "fact-306": { "value": "
30. Post-balance sheet events
In December 2024, the Group issued a new USPP loan note for a total of \u20ac70 million expiring in December 2032 with an all-in coupon of 4.03%.
In December 2024, the Group entered into a joint venture with Nuveen to acquire the EasyBox self-storage business in Italy. The Group paid
\u20ac42 million for a 50% share of EasyBox which has ten operating stores and two further stores under development, all located in key cities in
Italy. The Group also entered into an agreement to manage the EasyBox business on behalf of the joint venture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } } } }