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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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-255": { "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. 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 2025, 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 2027, 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 38 to 42. 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 Group has USPPs totalling \u00a396.5 million maturing on 30 October 2026. The Group has consistently demonstrated its ability to raise new debt, including through the arrangement of \u00a3147.5 million of new financing in the form of USPPs and a Term loan in FY 2024 and FY 2025. Management continues to discuss options for refinancing upcoming maturities with lenders and advisers with multiple sources of new debt being available. The Board is therefore confident with the assumption within the Going Concern assessment that the maturing USPPs will be refinanced. 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 44. Standards, amendments to standards and interpretations issued and applied There are no new or revised accounting standards or IFRIC interpretations that are applicable for the first time in the year ended 31 October 2025. 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. \u2022 IFRS S1 \u201cGeneral Requirements for Disclosure of Sustainability-related Financial Information\u201d \u2022 IFRS S2 \u201cClimate-related Disclosures\u201d \u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d \u2022 Amendments to IFRS 9 and IFRS 7 IFRS 18, which replaces IAS 1, requires the classification of all income and expenses into five categories in the consolidated income statement: operating, investing, financing, income taxes, and discontinued operations. Additionally, companies are required to present a newly defined operating profit subtotal. Among other impacts, net profit/(loss) from joint ventures and associates will be excluded from the new operating profit subtotal and classified in the investing category. While recognition and measurement of items will remain unchanged, the presentation in the consolidated income statement will be affected. From a statement of cash flows perspective, the starting point for calculating cash flows from operating activities will change from profit before income tax to operating profit. IFRS 18 also introduces new requirements for the disclosure of information about certain company-specific measures of performance, termed management-defined performance measures (\u201cMPMs\u201d); all information about MPMs must be disclosed in a single note to the financial statements. The Directors do not expect the other new and revised standards to have a material impact on the financial statements of the Group or Company.
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.
Investment in joint ventures
A joint venture is an entity over which the Group has joint control, through participation in the financial and operating policy decisions of the
investee. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant
activities require unanimous consent of the parties sharing control. The results and assets and liabilities of the joint venture are incorporated
in these financial statements using the equity method of accounting except when classified as held for sale. Investments in joint ventures 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 joint venture, less any
impairment in the value of individual investments. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture (which includes
any long term interests that, in substance, form part of the Group\u2019s net investment in the joint venture) are recognised only to the extent that
the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Where necessary, adjustments are
made to the financial statements of joint ventures to bring the accounting policies used into line with those used by the Group. Where a Group
company transacts with a joint venture of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant joint
venture. 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 is 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, the Netherlands,
and Belgium.
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 and 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, which 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 sale 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 liabilities, 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. 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. 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 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, to hedge risks associated with fluctuations on borrowings. Hedge accounting is used to represent the economic effects of the Group\u2019s interest rate risk management strategy. When interest rate swaps meet the criteria for documentation and hedge effectiveness, hedge accounting is applied. At inception of the hedging relationship, the following matters are documented in accordance with IFRS 9: \u2022 how the hedging relationship meets the hedge accounting criteria; \u2022 the economic relationship between the hedged item and hedging instrument; \u2022 the nature of the risk, the risk management objective and the strategy for undertaking the hedge; and \u2022 the method used to assess the effectiveness of the hedging relationship at inception and on an ongoing basis. Derivative financial instruments are presented as assets when their fair value is positive, and as liabilities when their fair value is negative. The notional amounts of these contracts are not recorded on the balance sheet. To the extent that a hedging relationship is effective, any changes in the fair value of derivative financial instruments are recognised initially in other comprehensive income and are presented in a separate cash flow hedge reserve within equity. These amounts are then recycled to the income statement in the periods in which the hedged item impacts the income statement. Any ineffective portion of a derivative financial instrument would be immediately recognised within finance expenses in the income statement. When a derivative financial instrument expires, is sold, or no longer meets the criteria for hedge accounting, any cumulative gains/losses held in equity at that time remain in equity and are only recognised when the hedged item is ultimately recognised in the income statement. 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 20 for details 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 either never taxable or deductible or are taxable or deductible in other years. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided, on an undiscounted basis, for temporary differences between the balance sheet value and the tax base value of items that may become taxable at a later date. 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. 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 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. There were no critical accounting judgements made in the preparation of the consolidated financial statements. 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 their cash flows.
A more detailed explanation of the background, methodology, and estimates made by management that are adopted in the valuation of the
investment properties, as well as detailed sensitivity analysis, is set out in note 13 to the financial statements.
Non-GAAP financial information/Alternative Performance Measures
The Directors have identified certain measures that they believe will assist the understanding of the performance of the business. The measures
are not defined under IFRS and they may not be directly comparable with other companies\u2019 adjusted measures. The non-GAAP/Alternative
Performance Measures are not intended to be a substitute for, or superior to, any IFRS measures of performance but they have been included
as the Directors consider them to be important comparables and key measures used within the business for assessing performance. The
following are the key non-GAAP/Alternative Performance Measures identified by the Group:
\u2022 The Group defines exceptional items to be those that warrant, by virtue of their nature, size, or frequency, separate disclosure on the face
of the income statement where, in the opinion of the Directors, this enhances the understanding of the Group\u2019s financial performance.
\u2022 Underlying EBITDAR is an Alternative Performance Measure and is defined as operating profit before exceptional items, share-based
payments, corporate transaction costs, change in value of derivatives, gain/loss on investment properties, depreciation, net profit from joint
ventures and associates, 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 investment
properties, and the impact of exceptional credits, costs, and finance charges. A reconciliation of statutory operating profit to Underlying
EBITDAR can be found in the financial review on page 20.
\u2022 Adjusted Diluted EPRA Earnings per Share is based on the European Public Real Estate Association\u2019s definition of earnings and is defined as
profit or loss for the period after tax but excluding corporate transaction costs, exceptional and non-operating items, gain/loss on investment
properties, and the associated tax impacts. The Company then makes further company-specific adjustments for the impact of net exchange
gains/losses recognised in net finance costs 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 the primary measure of net assets. The basis of
calculation, including a reconciliation to reported net assets, is set out in note 15.
\u2022 Like-for-like figures are presented to aid in the comparability of the underlying business as they exclude the impact on results of purchased,
sold, opened, or closed stores.
\u2022 Constant exchange rate (\u201cCER\u201d) figures are provided in order to present results on a more comparable basis, removing foreign
exchange movements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-6": { "value": "Safestore Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-251": { "value": "Safestore Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-254": { "value": "Safestore Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-253": { "value": "UK, Paris, Spain, the Netherlands and Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-8": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-9": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-252": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-10": { "value": "Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-257": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-304": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-305": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-258": { "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 2025, 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 2027,
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 38 to 42. 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 Group has USPPs totalling \u00a396.5 million maturing on 30 October 2026. The Group has consistently
demonstrated its ability to raise new debt, including through the arrangement of \u00a3147.5 million of new financing in the form of USPPs and a
Term loan in FY 2024 and FY 2025. Management continues to discuss options for refinancing upcoming maturities with lenders and advisers
with multiple sources of new debt being available. The Board is therefore confident with the assumption within the Going Concern assessment
that the maturing USPPs will be refinanced. 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 44.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-306": { "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 2025, 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 2027, 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 38 to 42. 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 Group has USPPs totalling \u00a396.5 million maturing on 30 October 2026. The Group has consistently demonstrated its ability to raise new debt, including through the arrangement of \u00a3147.5 million of new financing in the form of USPPs and a Term loan in FY 2024 and FY 2025. Management continues to discuss options for refinancing upcoming maturities with lenders and advisers with multiple sources of new debt being available. The Board is therefore confident with the assumption within the Going Concern assessment that the maturing USPPs will be refinanced. 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 44. ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-259": { "value": "
Standards, amendments to standards and interpretations issued and applied
There are no new or revised accounting standards or IFRIC interpretations that are applicable for the first time in the year ended
31 October 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-260": { "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.
\u2022 IFRS S1 \u201cGeneral Requirements for Disclosure of Sustainability-related Financial Information\u201d
\u2022 IFRS S2 \u201cClimate-related Disclosures\u201d
\u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d
\u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d
\u2022 Amendments to IFRS 9 and IFRS 7
IFRS 18, which replaces IAS 1, requires the classification of all income and expenses into five categories in the consolidated income statement:
operating, investing, financing, income taxes, and discontinued operations. Additionally, companies are required to present a newly defined
operating profit subtotal. Among other impacts, net profit/(loss) from joint ventures and associates will be excluded from the new operating
profit subtotal and classified in the investing category. While recognition and measurement of items will remain unchanged, the presentation
in the consolidated income statement will be affected. From a statement of cash flows perspective, the starting point for calculating cash
flows from operating activities will change from profit before income tax to operating profit. IFRS 18 also introduces new requirements for the
disclosure of information about certain company-specific measures of performance, termed management-defined performance measures
(\u201cMPMs\u201d); all information about MPMs must be disclosed in a single note to the financial statements.
The Directors do not expect the other new and revised standards to have a material impact on the financial statements of the Group
or Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-332": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-308": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-263": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-307": { "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. Investment in joint ventures A joint venture is an entity over which the Group has joint control, through participation in the financial and operating policy decisions of the investee. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of the joint venture are incorporated in these financial statements using the equity method of accounting except when classified as held for sale. Investments in joint ventures 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 joint venture, less any impairment in the value of individual investments. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture (which includes any long term interests that, in substance, form part of the Group\u2019s net investment in the joint venture) are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Where necessary, adjustments are made to the financial statements of joint ventures to bring the accounting policies used into line with those used by the Group. Where a Group company transacts with a joint venture of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant joint venture. 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-261": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-262": { "value": "Investment in joint ventures A joint venture is an entity over which the Group has joint control, through participation in the financial and operating policy decisions of the investee. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of the joint venture are incorporated in these financial statements using the equity method of accounting except when classified as held for sale. Investments in joint ventures 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 joint venture, less any impairment in the value of individual investments. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture (which includes any long term interests that, in substance, form part of the Group\u2019s net investment in the joint venture) are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Where necessary, adjustments are made to the financial statements of joint ventures to bring the accounting policies used into line with those used by the Group. Where a Group company transacts with a joint venture of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant joint venture. Losses may provide evidence of an impairment of the asset transferred, in which case appropriate provision is made for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-264": { "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 is 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, the Netherlands, and Belgium. 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-268": { "value": "
Revenue recognition
Revenue represents amounts derived from the provision of self-storage services (rental space and 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, which 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 sale of consumable items is recognised at the point of sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-265": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-266": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-267": { "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 liabilities, 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.
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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-269": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-309": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-270": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-271": { "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. 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 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, to hedge risks associated with fluctuations on borrowings. Hedge accounting is used to represent the economic effects of the Group\u2019s interest rate risk management strategy. When interest rate swaps meet the criteria for documentation and hedge effectiveness, hedge accounting is applied. At inception of the hedging relationship, the following matters are documented in accordance with IFRS 9: \u2022 how the hedging relationship meets the hedge accounting criteria; \u2022 the economic relationship between the hedged item and hedging instrument; \u2022 the nature of the risk, the risk management objective and the strategy for undertaking the hedge; and \u2022 the method used to assess the effectiveness of the hedging relationship at inception and on an ongoing basis. Derivative financial instruments are presented as assets when their fair value is positive, and as liabilities when their fair value is negative. The notional amounts of these contracts are not recorded on the balance sheet. To the extent that a hedging relationship is effective, any changes in the fair value of derivative financial instruments are recognised initially in other comprehensive income and are presented in a separate cash flow hedge reserve within equity. These amounts are then recycled to the income statement in the periods in which the hedged item impacts the income statement. Any ineffective portion of a derivative financial instrument would be immediately recognised within finance expenses in the income statement. When a derivative financial instrument expires, is sold, or no longer meets the criteria for hedge accounting, any cumulative gains/losses held in equity at that time remain in equity and are only recognised when the hedged item is ultimately recognised in the income statement. 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 20 for details about financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-310": { "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.
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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-333": { "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. 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-334": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-336": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-338": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-311": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-335": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-312": { "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 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-337": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-339": { "value": "Borrowings \u2013 interest-bearing 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-313": { "value": "
(d) Derivative financial instruments
The Group uses derivative financial instruments, such as interest rate swaps, to hedge risks associated with fluctuations on borrowings. Hedge
accounting is used to represent the economic effects of the Group\u2019s interest rate risk management strategy. When interest rate swaps meet the
criteria for documentation and hedge effectiveness, hedge accounting is applied.
At inception of the hedging relationship, the following matters are documented in accordance with IFRS 9:
\u2022 how the hedging relationship meets the hedge accounting criteria;
\u2022 the economic relationship between the hedged item and hedging instrument;
\u2022 the nature of the risk, the risk management objective and the strategy for undertaking the hedge; and
\u2022 the method used to assess the effectiveness of the hedging relationship at inception and on an ongoing basis.
Derivative financial instruments are presented as assets when their fair value is positive, and as liabilities when their fair value is negative.
The notional amounts of these contracts are not recorded on the balance sheet.
To the extent that a hedging relationship is effective, any changes in the fair value of derivative financial instruments are recognised initially
in other comprehensive income and are presented in a separate cash flow hedge reserve within equity. These amounts are then recycled to
the income statement in the periods in which the hedged item impacts the income statement. Any ineffective portion of a derivative financial
instrument would be immediately recognised within finance expenses in the income statement. When a derivative financial instrument expires,
is sold, or no longer meets the criteria for hedge accounting, any cumulative gains/losses held in equity at that time remain in equity and are
only recognised when the hedged item is ultimately recognised in the income statement.
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 20 for details
about financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-340": { "value": "(d) Derivative financial instruments The Group uses derivative financial instruments, such as interest rate swaps, to hedge risks associated with fluctuations on borrowings. Hedge accounting is used to represent the economic effects of the Group\u2019s interest rate risk management strategy. When interest rate swaps meet the criteria for documentation and hedge effectiveness, hedge accounting is applied. At inception of the hedging relationship, the following matters are documented in accordance with IFRS 9: \u2022 how the hedging relationship meets the hedge accounting criteria; \u2022 the economic relationship between the hedged item and hedging instrument; \u2022 the nature of the risk, the risk management objective and the strategy for undertaking the hedge; and \u2022 the method used to assess the effectiveness of the hedging relationship at inception and on an ongoing basis. Derivative financial instruments are presented as assets when their fair value is positive, and as liabilities when their fair value is negative. The notional amounts of these contracts are not recorded on the balance sheet. To the extent that a hedging relationship is effective, any changes in the fair value of derivative financial instruments are recognised initially in other comprehensive income and are presented in a separate cash flow hedge reserve within equity. These amounts are then recycled to the income statement in the periods in which the hedged item impacts the income statement. Any ineffective portion of a derivative financial instrument would be immediately recognised within finance expenses in the income statement. When a derivative financial instrument expires, is sold, or no longer meets the criteria for hedge accounting, any cumulative gains/losses held in equity at that time remain in equity and are only recognised when the hedged item is ultimately recognised in the income statement. 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 20 for details about financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-314": { "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 either never taxable or deductible or are taxable or deductible in other years. The
Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is provided, on an undiscounted basis, for temporary differences between the balance sheet value and the tax base value of items
that may become taxable at a later date. 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-272": { "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 either never taxable or deductible or are taxable or deductible in other years. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided, on an undiscounted basis, for temporary differences between the balance sheet value and the tax base value of items that may become taxable at a later date. 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-273": { "value": "
Employee benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-274": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-275": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-276": { "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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-277": { "value": "
Critical accounting judgements and key sources of estimation uncertainty
The preparation of consolidated financial statements under IFRS requires the Directors to make judgements, estimates and assumptions that
may affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses. Actual outcomes
may therefore differ from these judgements, estimates, and assumptions.
There were no critical accounting judgements made in the preparation of the consolidated financial statements.
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 their cash flows. A more detailed explanation of the background, methodology, and estimates made by management that are adopted in the valuation of the investment properties, as well as detailed sensitivity analysis, is set out in note 13 to the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-315": { "value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of consolidated financial statements under IFRS requires the Directors to make judgements, estimates and assumptions that may affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses. Actual outcomes may therefore differ from these judgements, estimates, and assumptions. There were no critical accounting judgements made in the preparation of the consolidated financial statements. 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 their cash flows. A more detailed explanation of the background, methodology, and estimates made by management that are adopted in the valuation of the investment properties, as well as detailed sensitivity analysis, is set out in note 13 to the financial statements. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-278": { "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 EBITDAR is an Alternative Performance Measure and is defined as operating profit before exceptional items, share-based payments, corporate transaction costs, change in value of derivatives, gain/loss on investment properties, depreciation, net profit from joint ventures and associates, 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 investment properties, and the impact of exceptional credits, costs, and finance charges. A reconciliation of statutory operating profit to Underlying EBITDAR can be found in the financial review on page 20. \u2022 Adjusted Diluted EPRA Earnings per Share is based on the European Public Real Estate Association\u2019s definition of earnings and is defined as profit or loss for the period after tax but excluding corporate transaction costs, exceptional and non-operating items, gain/loss on investment properties, and the associated tax impacts. The Company then makes further company-specific adjustments for the impact of net exchange gains/losses recognised in net finance costs 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 the primary measure of net assets. The basis of calculation, including a reconciliation to reported net assets, is set out in note 15. \u2022 Like-for-like figures are presented to aid in the comparability of the underlying business as they exclude the impact on results of purchased, sold, opened, or closed stores. \u2022 Constant exchange rate (\u201cCER\u201d) figures are provided in order to present results on a more comparable basis, removing foreign exchange movements.", "dimensions": { "concept": "safestoreholdingsplc:DescriptionOfAccountingPolicyForNonGAAPFinancialInformationAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-279": { "value": "
3. Revenue
Analysis of the Group\u2019s operating revenue can be found below:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Self-storage income
196.5
186.6
Customer goods protection income
26.1
25.1
Other non-storage income
11.7
11.7
Total revenue
234.3
223.4
Other non-storage income includes fees earned from the management of self-storage businesses carried on by joint ventures and associates
and from sales of merchandise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-280": { "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).
The chief operating decision maker, being the Executive Directors, assesses the performance of the operating segments on the basis of
Underlying EBITDAR, which is defined as operating profit before exceptional items, share-based payments, corporate transaction costs,
change in value of derivatives, gain/loss on investment properties, depreciation, net profit from joint ventures and associates, 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 2025 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Continuing operations
Revenue
167.5
44.6
22.2
234.3
Underlying EBITDAR
96.9
29.8
10.3
137.0
Share-based payments
(1.2)
0.1
\u2014
(1.1)
Exceptional costs
(0.6)
\u2014
(0.1)
(0.7)
Depreciation
(1.3)
(0.1)
(0.1)
(1.5)
Share of joint ventures\u2019 and associates\u2019 profit
\u2014
\u2014
2.5
2.5
Gain on investment properties
(14.9)
12.6
25.4
23.1
Operating profit
78.9
42.4
38.0
159.3
Net finance expense
(23.3)
(2.9)
(6.0)
(32.2)
Profit before tax
55.6
39.5
32.0
127.1
Total investment properties
2,350.3
747.9
381.9
3,480.1
Total investments in joint ventures and associates
\u2014
1.8
49.1
50.9
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 EBITDAR
99.3
28.7
7.4
135.4
Share-based payments
(0.1)
(0.1)
(0.1)
(0.3)
Depreciation
(1.4)
(0.1)
\u2014
(1.5)
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
Total investments in joint ventures and associates
\u2014
1.8
4.8
6.6
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-316": { "value": "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). The chief operating decision maker, being the Executive Directors, assesses the performance of the operating segments on the basis of Underlying EBITDAR, which is defined as operating profit before exceptional items, share-based payments, corporate transaction costs, change in value of derivatives, gain/loss on investment properties, depreciation, net profit from joint ventures and associates, 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 2025 \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Continuing operations
Revenue
167.5
44.6
22.2
234.3
Underlying EBITDAR
96.9
29.8
10.3
137.0
Share-based payments
(1.2)
0.1
\u2014
(1.1)
Exceptional costs
(0.6)
\u2014
(0.1)
(0.7)
Depreciation
(1.3)
(0.1)
(0.1)
(1.5)
Share of joint ventures\u2019 and associates\u2019 profit
\u2014
\u2014
2.5
2.5
Gain on investment properties
(14.9)
12.6
25.4
23.1
Operating profit
78.9
42.4
38.0
159.3
Net finance expense
(23.3)
(2.9)
(6.0)
(32.2)
Profit before tax
55.6
39.5
32.0
127.1
Total investment properties
2,350.3
747.9
381.9
3,480.1
Total investments in joint ventures and associates
\u2014
1.8
49.1
50.9
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 EBITDAR
99.3
28.7
7.4
135.4
Share-based payments
(0.1)
(0.1)
(0.1)
(0.3)
Depreciation
(1.4)
(0.1)
\u2014
(1.5)
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
Total investments in joint ventures and associates
\u2014
1.8
4.8
6.6
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-281": { "value": "
5. Operating profit
The following items have been charged/(credited) in arriving at operating profit:
2025 2024
Notes \u00a3\u2019m \u00a3\u2019m
Staff costs
26
37.1
30.9
Inventories: cost of inventories recognised as an expense (included in cost of sales)
1.2
1.0
Exceptional costs
0.7
\u2014
Depreciation on property, plant, and equipment
14
1.5
1.5
Gain on revaluation of investment properties
13
(23.1)
(292.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-355": { "value": "5. Operating profit The following items have been charged/(credited) in arriving at operating profit:
2025 2024
Notes \u00a3\u2019m \u00a3\u2019m
Staff costs
26
37.1
30.9
Inventories: cost of inventories recognised as an expense (included in cost of sales)
1.2
1.0
Exceptional costs
0.7
\u2014
Depreciation on property, plant, and equipment
14
1.5
1.5
Gain on revaluation of investment properties
13
(23.1)
(292.2)
14. Property, plant and equipment
Owner-occupied Fixtures
buildings Motor vehicles and fittings IFRS 16 leases Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost
At 1 November 2024
1.9
1.8
10.9
0.6
15.2
Additions
\u2014
0.4
2.5
0.2
3.1
Disposals
\u2014
(0.1)
(0.2)
\u2014
(0.3)
At 31 October 2025
1.9
2.1
13.2
0.8
18.0
Accumulated depreciation
At 1 November 2024
0.2
0.9
7.8
0.6
9.5
Charge for the year
\u2014
0.3
1.1
0.1
1.5
Disposals
\u2014
(0.1)
(0.1)
\u2014
(0.2)
At 31 October 2025
0.2
1.1
8.8
0.7
10.8
Net book value
At 31 October 2025
1.7
1.0
4.4
0.1
7.2
At 31 October 2024
1.7
0.9
3.1
\u2014
5.7
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-341": { "value": "5. Operating profit The following items have been charged/(credited) in arriving at operating profit:
2025 2024
Notes \u00a3\u2019m \u00a3\u2019m
Staff costs
26
37.1
30.9
Inventories: cost of inventories recognised as an expense (included in cost of sales)
1.2
1.0
Exceptional costs
0.7
\u2014
Depreciation on property, plant, and equipment
14
1.5
1.5
Gain on revaluation of investment properties
13
(23.1)
(292.2)
26. Employees and Directors
2025 2024
Staff costs (including Directors) for the Group during the year \u00a3\u2019m \u00a3\u2019m
Wages and salaries
30.6
26.9
Social security costs
3.4
3.3
Other pension costs
1.1
1.0
Share-based payments
2.0
(0.3)
37.1
30.9
During the period ended 31 October 2025, the Company\u2019s equity-settled share-based payment arrangements comprised the Safestore Holdings plc Sharesave scheme and the Safestore Long Term Incentive Plans. The number of awards made under each scheme is detailed in note 23. No options have been modified since grant under any of the schemes, other than the modification in respect of the LTIP awards for Executive Directors described in note 23.
2025 2024
Average monthly number of people (including Executive Directors) employed Number Number
Sales
698
646
Administration
138
142
836
788
2025 2024
Key management compensation \u00a3\u2019m \u00a3\u2019m
Wages and salaries
2.8
2.9
Social security costs
0.7
0.4
Post-employment benefits
0.1
0.1
Share-based payments
0.8
\u2014
4.4
3.4
The key management figures given above include Directors.
2025 2024
Directors \u00a3\u2019m \u00a3\u2019m
Aggregate emoluments
2.5
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-317": { "value": "5. Operating profit The following items have been charged/(credited) in arriving at operating profit:
2025 2024
Notes \u00a3\u2019m \u00a3\u2019m
Staff costs
26
37.1
30.9
Inventories: cost of inventories recognised as an expense (included in cost of sales)
1.2
1.0
Exceptional costs
0.7
\u2014
Depreciation on property, plant, and equipment
14
1.5
1.5
Gain on revaluation of investment properties
13
(23.1)
(292.2)
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:
2025 2024
\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
0.5
0.4
financial statements
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant
0.1
0.1
to legislation
Total audit fees
0.6
0.5
Audit-related assurance services (half year review)
0.1
0.1
Other assurance services
\u2014
0.1
Total non-audit services
0.1
0.2
Total
0.7
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-282": { "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:
2025 2024
\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
0.5
0.4
financial statements
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant
0.1
0.1
to legislation
Total audit fees
0.6
0.5
Audit-related assurance services (half year review)
0.1
0.1
Other assurance services
\u2014
0.1
Total non-audit services
0.1
0.2
Total
0.7
0.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-283": { "value": "
7. Finance income and costs
2025 2024
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.3
0.1
Interest receivable from loan to associates
0.2
\u2014
Underlying finance income
0.5
0.1
Total finance income
0.5
0.1
Finance costs
Interest payable on borrowings
(25.5)
(19.9)
Amortisation of debt issuance costs on borrowings
(1.4)
(1.6)
Underlying finance charges
(26.9)
(21.5)
Interest on lease liabilities
(5.8)
(5.8)
Total finance costs
(32.7)
(27.3)
Net finance costs
(32.2)
(27.2)
The capitalisation rate of interest is based on the incremental cost of RCF borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-361": { "value": "7. Finance income and costs
2025 2024
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.3
0.1
Interest receivable from loan to associates
0.2
\u2014
Underlying finance income
0.5
0.1
Total finance income
0.5
0.1
Finance costs
Interest payable on borrowings
(25.5)
(19.9)
Amortisation of debt issuance costs on borrowings
(1.4)
(1.6)
Underlying finance charges
(26.9)
(21.5)
Interest on lease liabilities
(5.8)
(5.8)
Total finance costs
(32.7)
(27.3)
Net finance costs
(32.2)
(27.2)
The capitalisation rate of interest is based on the incremental cost of RCF borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-342": { "value": "7. Finance income and costs
2025 2024
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.3
0.1
Interest receivable from loan to associates
0.2
\u2014
Underlying finance income
0.5
0.1
Total finance income
0.5
0.1
Finance costs
Interest payable on borrowings
(25.5)
(19.9)
Amortisation of debt issuance costs on borrowings
(1.4)
(1.6)
Underlying finance charges
(26.9)
(21.5)
Interest on lease liabilities
(5.8)
(5.8)
Total finance costs
(32.7)
(27.3)
Net finance costs
(32.2)
(27.2)
The capitalisation rate of interest is based on the incremental cost of RCF borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-318": { "value": "7. Finance income and costs
2025 2024
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.3
0.1
Interest receivable from loan to associates
0.2
\u2014
Underlying finance income
0.5
0.1
Total finance income
0.5
0.1
Finance costs
Interest payable on borrowings
(25.5)
(19.9)
Amortisation of debt issuance costs on borrowings
(1.4)
(1.6)
Underlying finance charges
(26.9)
(21.5)
Interest on lease liabilities
(5.8)
(5.8)
Total finance costs
(32.7)
(27.3)
Net finance costs
(32.2)
(27.2)
The capitalisation rate of interest is based on the incremental cost of RCF borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-360": { "value": "7. Finance income and costs
2025 2024
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.3
0.1
Interest receivable from loan to associates
0.2
\u2014
Underlying finance income
0.5
0.1
Total finance income
0.5
0.1
Finance costs
Interest payable on borrowings
(25.5)
(19.9)
Amortisation of debt issuance costs on borrowings
(1.4)
(1.6)
Underlying finance charges
(26.9)
(21.5)
Interest on lease liabilities
(5.8)
(5.8)
Total finance costs
(32.7)
(27.3)
Net finance costs
(32.2)
(27.2)
The capitalisation rate of interest is based on the incremental cost of RCF borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-354": { "value": "7. Finance income and costs
2025 2024
\u00a3\u2019m \u00a3\u2019m
Finance income
Other interest and similar income
0.3
0.1
Interest receivable from loan to associates
0.2
\u2014
Underlying finance income
0.5
0.1
Total finance income
0.5
0.1
Finance costs
Interest payable on borrowings
(25.5)
(19.9)
Amortisation of debt issuance costs on borrowings
(1.4)
(1.6)
Underlying finance charges
(26.9)
(21.5)
Interest on lease liabilities
(5.8)
(5.8)
Total finance costs
(32.7)
(27.3)
Net finance costs
(32.2)
(27.2)
The capitalisation rate of interest is based on the incremental cost of RCF borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-284": { "value": "
8. Income tax charge
Analysis of tax charge in the year:
2025 2024
Note \u00a3\u2019m \u00a3\u2019m
Current tax:
\u2013 current year
4.5
4.3
\u2013 prior year
(0.1)
\u2014
4.4
4.3
Deferred tax:
\u2013 current year
14.4
21.7
\u2013 prior year
(2.8)
0.3
22
11.6
22.0
Tax charge
16.0
26.3
Reconciliation of income tax charge
The tax for the period is lower (FY 2024: lower) than the standard rate of corporation tax in the UK for the year ended 31 October 2025 of 25%
(FY 2024: 25%). The differences are explained below:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Profit before tax
127.1
398.6
Profit before tax multiplied by the standard rate of corporation tax in the UK of 25% (FY 2024: 25%)
31.8
99.7
Effect of:
\u2013 permanent differences
3.0
1.5
\u2013 profits from the tax exempt business
(17.2)
(78.2)
\u2013 difference from overseas tax rates
0.4
1.5
\u2013 potential deferred tax assets not recognised
0.9
1.7
\u2013 prior year adjustment
(2.9)
0.1
Tax charge
16.0
26.3
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.
22. Deferred income tax
Deferred tax is calculated in full on temporary differences under the liability method using tax rates enacted in each respective jurisdiction
corresponding to when they are expected to reverse. The movement on the deferred tax account was as shown below.
2025 2024
Note \u00a3\u2019m \u00a3\u2019m
At 1 November 2024
149.1
132.6
Charge to income statement
8
11.6
22.0
Exchange differences
7.2
(5.5)
At 31 October 2025
167.9
149.1
The movements in deferred tax assets and liabilities during the period are shown below.
Revaluation of
investment Other timing
properties differences Total
Deferred tax liability \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
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
At 1 November 2024
155.4
\u2014
155.4
Charge to income statement
13.9
\u2014
13.9
Exchange differences
7.4
\u2014
7.4
At 31 October 2025
176.7
\u2014
176.7
Other timing
differences Tax losses Total
Deferred tax asset \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 1 November 2023
0.8
5.8
6.6
Charge to income statement
(0.2)
(0.1)
(0.3)
At 31 October 2024
0.6
5.7
6.3
At 1 November 2024
0.6
5.7
6.3
Credit to income statement
0.1
2.2
2.3
Exchange differences
\u2014
0.2
0.2
At 31 October 2025
0.7
8.1
8.8
The deferred tax liability due after more than one year is \u00a3176.7 million (FY 2024: \u00a3155.4 million).
As at 31 October 2025, the Group had trading losses of \u00a343.7 million (FY 2024: \u00a334.3 million) and capital losses of \u00a336.4 million (FY 2024: \u00a336.4 million)
in respect of its UK operations.
As at 31 October 2025, the Group had trading losses of \u00a39.2 million (FY 2024: \u00a311.0 million) in respect of its Netherlands and Belgium operations.
As at 31 October 2025, the Group had trading losses of \u00a38.2 million (FY 2024: \u00a35.5 million) in respect of its Spanish operations.
All losses can be carried forward indefinitely. A deferred tax asset of \u00a38.1 million (FY 2024: \u00a35.7 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-285": { "value": "
9. Dividends per share
Dividends paid in 2025 were \u00a366.6 million (30.50 pence per share) (FY 2024: \u00a365.9 million (30.20 pence per share)). A final dividend in respect of
the year ended 31 October 2025 of 20.6 pence (FY 2024: 20.40 pence) per share, amounting to a total final dividend of \u00a345.0 million (FY 2024:
\u00a344.6 million), is to be proposed at the AGM on 18 March 2026. The ex-dividend date will be 12 March 2026 and the record date will be
13 March 2026 with an intended payment date of 14 April 2026. The final dividend has not been included as a liability at 31 October 2025.
The Property Income Distribution (\u201cPID\u201d) element of the final dividend is 10.30 pence (FY 2024: 15.30 pence), making the PID payable for the
year 12.83 pence (FY 2024: 17.80 pence) per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-13": { "value": "0.206", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-11": { "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-14": { "value": "45000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP" } }, "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-286": { "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 2025
Year ended 31 October 2024
Earnings Shares Pence Earnings Shares Pence
\u00a3\u2019m million per share \u00a3\u2019m million per share
Basic EPS
111.1
218.4
50.9
372.3
218.3
170.5
Dilutive securities
\u2014
1.3
(0.3)
\u2014
0.6
(0.4)
Diluted EPS
111.1
219.7
50.6
372.3
218.9
170.1
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 145. Adjusted EPS represents profit after tax adjusted for the valuation movement
on investment properties, exceptional items, non-underlying joint venture and associate earnings, and 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 and movements on revaluations of investment properties have been disclosed to give a clearer
understanding of the Group\u2019s underlying trading performance.
Year ended 31 October 2025
Year ended 31 October 2024
Earnings Shares Pence Earnings Shares Pence
\u00a3\u2019m million per share \u00a3\u2019m million per share
Basic EPS
111.1
218.4
50.9
372.3
218.3
170.5
Adjustments:
Gain on revaluation of investment properties
(23.1)
\u2014
(10.6)
(292.2)
\u2014
(133.9)
Exceptional items
0.7
\u2014
0.3
\u2014
\u2014
\u2014
Fair value re-measurement of investment
(10.3)
\u2014
(4.7)
(9.7)
\u2014
(4.5)
properties lease liabilities
Non-underlying joint venture and associate
(2.6)
\u2014
(1.2)
\u2014
\u2014
\u2014
earnings
Tax on adjustments
11.6
\u2014
5.4
22.0
\u2014
10.1
Adjusted Basic EPRA EPS
87.4
218.4
40.1
92.4
218.3
42.2
Share-based payments charge
1.1
\u2014
0.5
0.3
\u2014
0.1
Dilutive shares
\u2014
1.3
(0.3)
\u2014
0.9
\u2014
Adjusted Diluted EPRA EPS
1
88.5
219.7
40.3
92.7
219.2
42.3
Note:
1 Adjusted Diluted EPRA EPS is defined in note 2 under Non-GAAP financial information/Alternative Performance Measures, on page 145.
Gain on revaluation of investment properties includes the fair value re-measurement of investment properties lease liabilities of \u00a310.3 million
(FY 2024: \u00a39.7 million) and the related tax thereon of \u00a31.0 million (FY 2024: \u00a31.1 million). The exceptional items of \u00a30.7 million (FY 2024: \u00a3nil)
relate to one-off development costs of a new SAAS-based finance computer system. As an industry standard measure, EPRA earnings is
presented. EPRA earnings of \u00a387.4 million (FY 2024: \u00a392.4 million) and Adjusted Basic EPRA Earnings per Share of 40.1 pence (FY 2024:
42.2 pence) are calculated after further adjusting for these items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-287": { "value": "
11. Investment in associates
PBC
CERF II
Total
2025 2024 2025 2024 2025 2024
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 1 November 2024
1.8
1.8
4.8
2.3
6.6
4.1
Additions
\u2014
\u2014
\u2014
2.5
\u2014
2.5
Share of profit
\u2014
\u2014
(0.4)
\u2014
(0.4)
\u2014
Exchange movements
\u2014
\u2014
0.3
\u2014
0.3
\u2014
At 31 October 2025
1.8
1.8
4.7
4.8
6.5
6.6
This is a reconciliation of IFRS to EPRA share of profits for each associate:
PBC
CERF II
Total
2025 2024 2025 2024 2025 2024
Group\u2019s share \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Statutory profit after tax
\u2014
\u2014
(0.4)
\u2014
(0.4)
\u2014
Adjusted for:
Fair value re-measurement of investment
\u2014
\u2014
(0.2)
\u2014
(0.2)
\u2014
properties lease liabilities
Adjusted Basic EPRA earnings
\u2014
\u2014
(0.6)
\u2014
(0.6)
\u2014
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
finished developing one new store in the current year and continues its 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 (FY 2024: \u00a3nil). The aggregate carrying value of the Group\u2019s interest in PBC was \u00a31.8
million (FY 2024: \u00a31.8 million). The Group\u2019s share of profits from continuing operations for the period was \u00a3nil (FY 2024: \u00a3nil). The Group\u2019s share
of other comprehensive income of associates for the period was \u00a3nil (FY 2024: \u00a3nil).
CERF II German Storage Topco S.a.r.l.
The Group has 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 CERF II 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 \u00a34.7 million (FY 2024: \u00a34.8 million). The Group\u2019s share of losses from continuing operations for the
period was \u00a30.4 million (FY 2024: \u00a3nil). The Group\u2019s share of other comprehensive income of associates for the period was \u00a3nil (FY 2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-288": { "value": "
12. Investment in joint venture
EasyBox
2025 2024
\u00a3\u2019m \u00a3\u2019m
At 1 November 2024
\u2014
\u2014
Additions
38.9
\u2014
Share of profit
2.9
\u2014
Exchange movements
2.6
\u2014
At 31 October 2025
44.4
\u2014
This is a reconciliation of IFRS to EPRA share of profits for the joint venture:
EasyBox
2025 2024
Group\u2019s share \u00a3\u2019m \u00a3\u2019m
Statutory profit after tax
2.9
\u2014
Adjusted for:
Gain on investment properties and investment properties under construction
(2.4)
\u2014
Adjusted Basic EPRA earnings
0.5
\u2014
EasyBox
On 23 December 2024, the Group entered into a 50:50 joint venture with Nuveen to acquire the EasyBox self-storage business
1
in Italy. EasyBox
has twelve operating stores, all of which are located in key cities in Italy. The reporting date of the financial statements for EasyBox is 31 December.
EasyBox is accounted for using the equity method of accounting. The aggregate carrying value of the Group\u2019s interest in EasyBox was \u00a344.4 million
(FY 2024: \u00a3nil). The Group\u2019s share of profits from continuing operations for the nine-month period ending 30 September 2025 was \u00a32.9 million
(FY 2024: \u00a3nil). The Group\u2019s share of other comprehensive income of associates for the period was \u00a3nil (FY 2024: \u00a3nil).
Note:
1 The EasyBox self-storage business refers to the Group\u2019s investments in EasyBox Self-Storage S.p.A. and the Italian Self Storage Fund \u2013 Fondo di Investimento Alternativo
Immobiliare Riservato.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-289": { "value": "
13. 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 2024
3,052.8
100.6
130.7
3,284.1
Additions
28.8
21.7
81.3
131.8
Disposals
(6.0)
(1.9)
\u2014
(7.9)
Reclassification at completed cost
100.9
\u2014
(100.9)
\u2014
Revaluations
23.3
\u2014
10.1
33.4
Fair value re-measurement of investment properties lease liabilities
\u2014
(10.3)
\u2014
(10.3)
Exchange movements
46.1
1.3
1.6
49.0
At 31 October 2025
3,245.9
111.4
122.8
3,480.1
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
The Group acquired the freehold of the Plymouth, UK, property in January 2025. This resulted in the disposal of lease liabilities with a carrying value of \u00a31.9 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 2024
1,094.8
1,470.4
2,565.2
Movement in year
126.6
59.1
185.7
At 31 October 2025
1,221.4
1,529.5
2,750.9
Leasehold stores
At 1 November 2024
164.2
323.4
487.6
Movement in year
12.3
(4.9)
7.4
At 31 October 2025
176.5
318.5
495.0
All stores
At 1 November 2024
1,259.0
1,793.8
3,052.8
Movement in year
138.9
54.2
193.1
At 31 October 2025
1,397.9
1,848.0
3,245.9
2025 2024
\u00a3\u2019m \u00a3\u2019m
Revaluations of investment property and investment property under construction
33.4
301.9
Fair value re-measurement of investment properties lease liabilities
(10.3)
(9.7)
Gain on revaluation of investment properties
23.1
292.2
Rental income earned from investment properties for the year ended 31 October 2025 was \u00a3196.5 million (FY 2024: \u00a3186.6 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. All direct operating expenses arising from investment property that generated rental income as outlined in note 3 were \u00a397.3 million (FY 2024: \u00a388.0 million).
The freehold and leasehold investment properties have been valued as at 31 October 2025 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 (the 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 2025 averages 89.0% (FY 2024:
90.9%). 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 15.7 months (FY 2024: 12.1 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 average freehold exit yield on UK freeholds is 5.36% (FY 2024: 5.21%), on France freeholds is 5.20% (FY 2024: 5.22%), on Spain
freeholds is 5.72% (FY 2024: 5.49%), on the Netherlands freeholds is 5.13% (FY 2024: 4.99%), and on Belgium freeholds is 4.90% (FY 2024:
4.77%). The average freehold exit yield for all freeholds adopted is 5.32% (FY 2024: 5.19%).
\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 average annual discount rate adopted (for both freeholds and leaseholds) in the UK portfolio is 9.19%
(FY 2024: 8.81%), in the France portfolio is 8.75% (FY 2024: 8.76%), in the Spain portfolio is 8.80% (FY 2024: 8.60%), in the Netherlands
portfolio is 8.55% (FY 2024: 7.26%), and in the Belgium portfolio is 8.41% (FY 2024: 8.12%). The average annual discount rate adopted
(for both freeholds and all leaseholds) is 9.02% (FY 2024: 8.66%).
\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 6.65% (UK), 8.00% (Paris), 3.99% (Spain), 11.40% (the Netherlands), and 13.00% (Belgium) if they were sold directly
as property assets. Sales plus purchaser\u2019s costs totalling approximately 7.90% (UK), 9.25% (Paris), 5.24% (Spain), 12.65% (the Netherlands),
and 14.25% (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 allow 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 there is full control over the site.
C&W have valued investment properties under construction adopting the same methodology as set out above, which includes in any fair value
calculation, the estimated costs of completion for each site, within the future cash flow forecasts.
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 have 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 144 and 145, 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 change in Impact of a change in stabilised Impact of a delay in stabilised
capitalisation rates occupancy assumption occupancy assumption
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
25 bps decrease
25 bps increase
1% increase
1% decrease
24-month delay
Reported group
151.2
(137.2)
50.6
(50.4)
(39.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-290": { "value": "
14. Property, plant and equipment
Owner-occupied Fixtures
buildings Motor vehicles and fittings IFRS 16 leases Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Cost
At 1 November 2024
1.9
1.8
10.9
0.6
15.2
Additions
\u2014
0.4
2.5
0.2
3.1
Disposals
\u2014
(0.1)
(0.2)
\u2014
(0.3)
At 31 October 2025
1.9
2.1
13.2
0.8
18.0
Accumulated depreciation
At 1 November 2024
0.2
0.9
7.8
0.6
9.5
Charge for the year
\u2014
0.3
1.1
0.1
1.5
Disposals
\u2014
(0.1)
(0.1)
\u2014
(0.2)
At 31 October 2025
0.2
1.1
8.8
0.7
10.8
Net book value
At 31 October 2025
1.7
1.0
4.4
0.1
7.2
At 31 October 2024
1.7
0.9
3.1
\u2014
5.7
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-291": { "value": "
15. Net assets per share
EPRA\u2019s Best Practices Recommendations guidelines for Net Asset Value (\u201cNAV\u201d) metrics are EPRA Net Tangible Assets (\u201cNTA\u201d), EPRA Net
Reinstatement Value (\u201cNRV\u201d) and EPRA Net Disposal Value (\u201cNDV\u201d).
EPRA NTA is considered to be the most relevant measure for the Group\u2019s business which provides sustainable long term progressive
returns and is the primary measure of net assets. 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.
The basic and diluted net assets per share have been calculated based on the following number of shares:
2025 2024
Number Number
Shares in issue
At year end
218,490,500
218,490,500
Adjustment for Employee Benefit Trust (treasury) shares
(70,531)
(75,397)
IFRS/EPRA number of shares (basic)
218,419,969
218,415,103
Dilutive effect of Save As You Earn shares
84,752
7,769
Dilutive effect of Long Term Incentive Plan shares
1,194,321
567,621
IFRS/EPRA number of shares (diluted)
219,699,042
218,990,493
EPRA NTA is shown in the table below:
2025
2024
Basic net Diluted net Basic net Diluted net
Net assets assets per share assets per share Net assets assets per share assets per share
\u00a3\u2019m pence pence \u00a3\u2019m pence pence
Statutory net asset value
2,288.4
1,048
1,042
2,226.8
1,020
1,017
Adjustments to exclude:
Deferred tax liabilities on the revaluation
of investment properties
176.7
155.4
EPRA net asset value
2,465.1
1,129
1,122
2,382.2
1,091
1,088
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 1,279,073 shares (FY 2024: 575,390 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 \u00a32,465.1 million (FY 2024: \u00a32,382.2 million), giving
EPRA NTA per share of 1,122 pence (FY 2024: 1,088 pence). The Directors consider that these alternative measures provide useful information
on the performance of the Group.
EPRA adjusted balance sheet (non-statutory)
2025 2024
\u00a3\u2019m \u00a3\u2019m
Assets
Non-current assets
3,547.0
3,302.7
Current assets
44.0
58.4
Total assets
3,591.0
3,361.1
Liabilities
Current liabilities
(165.9)
(65.8)
Non-current liabilities
(960.0)
(913.0)
Total liabilities
(1,125.9)
(979.0)
EPRA adjusted Net Asset Value
2,465.1
2,382.2
EPRA adjusted basic net assets per share
1,129 pence
1,091 pence
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-292": { "value": "
16. Trade and other receivables
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
25.2
21.9
Less: credit loss allowance
(8.7)
(6.6)
Trade receivables \u2013 net
16.5
15.3
Other receivables
9.0
7.3
Prepayments
6.1
9.1
31.6
31.7
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
8.7%
25.0%
44.3%
6.8%
Estimated total gross carrying amount at default (\u00a3\u2019m)
7.7
2.3
1.2
0.7
11.9
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.3)
(0.3)
(0.8)
Net trade receivables as at 31 October 2025
7.7
2.1
0.9
0.4
11.1
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
9.9%
25.5%
74.0%
62.3%
Estimated total gross carrying amount at default (\u00a3\u2019m)
0.7
1.0
0.5
9.8
12.0
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(7.3)
(7.5)
Net trade receivables as at 31 October 2025
0.7
0.9
0.4
2.5
4.5
UK
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
11.8%
20.0%
83.3%
8.4%
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
Outstanding trade receivables for the Expansion Markets totalled less than \u00a32 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:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Balance at the beginning of the year
6.6
5.8
Amounts provided in the year
3.2
3.2
Amounts written off as uncollectable
(1.1)
(2.4)
Balance at the end of the year
8.7
6.6
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Sterling
17.2
19.2
Euros
14.4
12.5
31.6
31.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-356": { "value": "16. Trade and other receivables
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
25.2
21.9
Less: credit loss allowance
(8.7)
(6.6)
Trade receivables \u2013 net
16.5
15.3
Other receivables
9.0
7.3
Prepayments
6.1
9.1
31.6
31.7
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
8.7%
25.0%
44.3%
6.8%
Estimated total gross carrying amount at default (\u00a3\u2019m)
7.7
2.3
1.2
0.7
11.9
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.3)
(0.3)
(0.8)
Net trade receivables as at 31 October 2025
7.7
2.1
0.9
0.4
11.1
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
9.9%
25.5%
74.0%
62.3%
Estimated total gross carrying amount at default (\u00a3\u2019m)
0.7
1.0
0.5
9.8
12.0
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(7.3)
(7.5)
Net trade receivables as at 31 October 2025
0.7
0.9
0.4
2.5
4.5
UK
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
11.8%
20.0%
83.3%
8.4%
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
Outstanding trade receivables for the Expansion Markets totalled less than \u00a32 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:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Balance at the beginning of the year
6.6
5.8
Amounts provided in the year
3.2
3.2
Amounts written off as uncollectable
(1.1)
(2.4)
Balance at the end of the year
8.7
6.6
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Sterling
17.2
19.2
Euros
14.4
12.5
31.6
31.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-343": { "value": "16. Trade and other receivables
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
25.2
21.9
Less: credit loss allowance
(8.7)
(6.6)
Trade receivables \u2013 net
16.5
15.3
Other receivables
9.0
7.3
Prepayments
6.1
9.1
31.6
31.7
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
8.7%
25.0%
44.3%
6.8%
Estimated total gross carrying amount at default (\u00a3\u2019m)
7.7
2.3
1.2
0.7
11.9
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.2)
(0.3)
(0.3)
(0.8)
Net trade receivables as at 31 October 2025
7.7
2.1
0.9
0.4
11.1
France
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
9.9%
25.5%
74.0%
62.3%
Estimated total gross carrying amount at default (\u00a3\u2019m)
0.7
1.0
0.5
9.8
12.0
Lifetime ECL (\u00a3\u2019m)
\u2014
(0.1)
(0.1)
(7.3)
(7.5)
Net trade receivables as at 31 October 2025
0.7
0.9
0.4
2.5
4.5
UK
Not past due
<28 days
29\u201360 days
>60 days
Total
Expected credit loss rate (%)
\u2014
11.8%
20.0%
83.3%
8.4%
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
Outstanding trade receivables for the Expansion Markets totalled less than \u00a32 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:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Balance at the beginning of the year
6.6
5.8
Amounts provided in the year
3.2
3.2
Amounts written off as uncollectable
(1.1)
(2.4)
Balance at the end of the year
8.7
6.6
The carrying amounts of the Group\u2019s trade and other receivables are denominated in the following currencies:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Sterling
17.2
19.2
Euros
14.4
12.5
31.6
31.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-319": { "value": "
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
Trade receivables
25.2
21.9
Less: credit loss allowance
(8.7)
(6.6)
Trade receivables \u2013 net
16.5
15.3
Other receivables
9.0
7.3
Prepayments
6.1
9.1
31.6
31.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-294": { "value": "
17. Cash and cash equivalents
2025 2024
\u00a3\u2019m \u00a3\u2019m
Cash at bank and in hand
11.0
25.3
The carrying amounts of the Group\u2019s cash and cash equivalents are denominated in the following currencies:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Sterling
2.3
12.2
Euros
8.7
13.1
11.0
25.3
In the previous financial year, there was \u00a30.9 million of restricted cash which related to the provision in note 27. The restricted cash was held
to settle any amounts owed to the French tax authorities pending results of the ongoing litigation. This cash was released to the Group in the
current financial year and there is \u00a3nil restricted cash as at 31 October 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-293": { "value": "
18. Trade and other payables
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
Trade payables
6.7
10.1
Other taxes and social security payable
7.1
4.3
Other payables
4.5
3.4
Accruals
17.7
15.7
Deferred income
18.0
18.3
54.0
51.8
The carrying amounts of the Group\u2019s trade and other payables are denominated in the following currencies:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Sterling
33.2
33.7
Euros
20.8
18.1
54.0
51.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-320": { "value": "
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
Trade payables
6.7
10.1
Other taxes and social security payable
7.1
4.3
Other payables
4.5
3.4
Accruals
17.7
15.7
Deferred income
18.0
18.3
54.0
51.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-344": { "value": "
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
Trade payables
6.7
10.1
Other taxes and social security payable
7.1
4.3
Other payables
4.5
3.4
Accruals
17.7
15.7
Deferred income
18.0
18.3
54.0
51.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-357": { "value": "
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
Trade payables
6.7
10.1
Other taxes and social security payable
7.1
4.3
Other payables
4.5
3.4
Accruals
17.7
15.7
Deferred income
18.0
18.3
54.0
51.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-295": { "value": "
19. Borrowings
2025 2024
\u00a3\u2019m \u00a3\u2019m
USPP Notes
546.9
473.3
RCF \u2013 drawn
347.8
355.7
Term loan
68.2
\u2014
Debt issue costs
(4.7)
(4.8)
958.2
824.2
As at 31 October 2025 the Group has US Private Placement Notes (\u201cUSPPs\u201d) of \u20ac377.1 million (FY 2024: \u20ac307.1 million) which have maturities
between 2026 and 2033 with fixed-rate coupons of between 0.93% and 4.03% and of \u00a3215.5 million (FY 2024: \u00a3215.5 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 2025 was 2.36% per annum. In addition, the Group has arranged a Revolving Credit Facility (\u201cRCF\u201d) with its relationship
banks. The RCF attracts a margin over SONIA/EURIBOR of between 1.25% and 1.45%, by reference to the Group\u2019s performance against its
covenants.
In June 2025 the Group entered into a new Euro-denominated Term loan facility agreement for \u20ac77.5 million which has a maturity date of
30 June 2030. The interest on this loan has a fixed margin of between 1.25% and 1.45%, by reference to the Group\u2019s performance against its
covenants, and a variable rate based on the three-month EURIBOR rate at the start of each quarter. At the same time, a matching interest rate
swap was entered into with the same maturity date with the effect of fixing the interest rate of the Term loan (see note 20).
The \u20ac654.6 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.
Borrowings are stated after unamortised issue costs of \u00a34.7 million (FY 2024: \u00a34.8 million).
Borrowings are repayable as follows:
Group
2025 2024
\u00a3\u2019m \u00a3\u2019m
Within one year
96.5
\u2014
Between one and two years
65.1
93.7
Between two and five years
634.3
630.9
After more than five years
167.0
104.4
Borrowings
962.9
829.0
Unamortised debt issue costs
(4.7)
(4.8)
958.2
824.2
The effective interest rates at the balance sheet date were as follows:
2025
2024
USPP Notes \u2013 GBP
2.55%
2.55%
USPP Notes \u2013 EUR
2.24%
1.83%
RCF \u2013 GBP
Monthly, quarterly or six-monthly SONIA
Monthly, quarterly or six-monthly SONIA
plus 1.25% plus 1.25%
RCF \u2013 EUR
Monthly, quarterly or six-monthly EURIBOR
Monthly, quarterly or six-monthly EURIBOR
plus 1.25% plus 1.25%
Term loan \u2013
EUR
Three-month EURIBOR plus 1.25%
\u2014
In addition to the margin of 1.25%, the RCF and Term loan also had 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:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Sterling
387.5
464.5
Euros
575.4
364.5
962.9
829.0
Borrowing facilities The Group has the following undrawn committed borrowing facilities available at 31 October 2025 in respect of which all conditions precedent had been met at that date:
Floating rate
2025 2024
\u00a3\u2019m \u00a3\u2019m
Expiring beyond one year
152.2
144.3
20. Financial instruments Financial risk management Financial risk management is an integral part of the way the Group is managed. In the course of its business, the Group is exposed primarily to interest rate risk, liquidity risk, credit risk and foreign exchange 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, and borrowings. 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 2024: \u00a33.5 million) impact on net interest. This sensitivity impact has been prepared by determining average floating interest rates and flexing these against average floating-rate deposits and borrowings by major currency area over the course of the year. Liquidity risk The Group\u2019s policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations without the need to carry significant net debt over the medium term. The Group\u2019s principal borrowing facilities are provided by a group of core relationship banks in the form of term loans, 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. Policies and procedures exist to ensure that customers have an appropriate credit history and account customers are given credit limits that are monitored. Counterparty exposure positions are monitored regularly so that credit exposures to any one counterparty are within predetermined limits. Overall, the Group considers that it is not exposed to a significant amount of credit risk. The amount of trade receivables outstanding at the year end does not represent the maximum exposure to operational credit risk due to the normal patterns of supply and payment over the course of a year. Based on management information collected as at month ends the maximum level of net trade receivables at any one point during the year was \u00a316.1 million (FY 2024: \u00a315.6 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 currency.
The Group holds Euro denominated borrowings totalling \u20ac654.6 million (FY 2024: \u20ac364.5 million) and as such is exposed to foreign exchange
risk on these borrowings. The foreign exchange risk relating to the borrowings provides a natural hedge against the Euro denominated assets
of its operations in France, Spain, the Netherlands, and Belgium and is 100% effective. As a result, the Group applies net investment hedging
in respect of these borrowings and the reduction in fair value during the year of \u00a317.3 million (FY 2024: \u00a36.9 million increase) was recognised in
other comprehensive income.
At 31 October 2025, if Sterling had weakened by 10% against the Euro with all other variables held constant, pre-tax profit for the year would
have been unchanged due to Euro bank balances held by UK entities (FY 2024: \u00a30.1 million lower). Equity (the translation reserve) would have
been \u00a318.4 million higher (FY 2024: \u00a334.7 million higher), arising primarily on translation of Euro denominated net assets held by subsidiary
companies with a Euro functional currency less the Euro denominated borrowings.
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 a loan-to-value (\u201cLTV\u201d) ratio. The Group considers that an LTV
ratio, defined as net debt (excluding derivatives and 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 28.1% at 31 October 2025 (FY 2024: 25.1%).
The LTV ratios at 31 October 2025 and 2024 were as follows:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Borrowings (note 19)
958.2
824.2
Lease liabilities (note 21)
111.4
100.6
Less: cash and cash equivalents (note 17)
(11.0)
(25.3)
Net debt
1,058.6
899.5
Less: lease liabilities
(111.4)
(100.6)
Net debt (excluding lease liabilities)
947.2
798.9
IPs and IPUCs (excluding investment property lease liabilities)
3,368.7
3,183.5
Loan-to-value ratio
28.1%
25.1%
The Group gearing ratio is defined as total net debt divided by total capital. Total net debt is calculated as total borrowings (including current
and non-current borrowings and lease liabilities 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 ratio was 31.6% at 31 October 2025
(FY 2024: 28.8%).
The Group has complied with all of the covenants on its banking facilities during the year.
The fair value of borrowings is calculated as:
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
958.2
931.8
824.2
759.6
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:
2025 2024
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m
Amounts due from associates \u2013 Level 2
0.7
0.5
2025 2024
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m
Borrowings \u2013 Level 2
962.9
829.0
There were no transfers between Level 1, 2, and 3 fair value measurements during the current or prior year.
Hedging arrangements
The new Euro denominated Term loan facility agreement exposes the Group to a risk in the variability of interest payments due to possible
changes in the three-month EURIBOR rate over the five-year loan term. In accordance with the Group\u2019s risk mitigation strategy, the variable
interest payments have been hedged in full using an interest rate swap which has a notional value of \u20ac77.5 million and a five-year term. The
variable interest rate on the swap is the three-month EURIBOR rate, and the fixed rate is 2.196%. Interest on the swap is paid on a quarterly
basis in line with the interest payable on the Term loan. As the swap shares the same risk exposure as the loan, the hedge effectiveness has
been assessed as 100%. The impact of credit risk is assessed to be immaterial. The swap and the Term loan together have been formally
designated as having a hedging relationship and are accounted for as a cash flow hedge.
Derivatives designated as cash flow hedges as at 31 October 2025
Notional Fair value of derivative liability Change in fair value of hedged
contract at year end based on fair value item used as a basis to
amount of hedged item Line item in statement of determine ineffectiveness Hedge effectiveness
\u00a3\u2019m \u00a3\u2019m financial position \u00a3\u2019m %
Interest rate swap
68.2
\u2014
Borrowings
\u2014
100%
For the year ended 31 October 2025, \u00a3nil (FY 2024: \u00a3nil) was reclassified to the income statement in respect of hedge ineffectiveness.
Maturity profile of derivative financial instruments as at 31 October 2025
Less than Three to One to Three to
three months twelve months three years five years Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Fixed payment
(0.4)
(1.1)
(3.0)
(2.5)
(7.0)
Floating receipt
0.3
1.0
2.9
2.8
7.0
Net (payment)/receipt
(0.1)
(0.1)
(0.1)
0.3
\u2014
Financial instruments by category
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
25.5
\u2014
25.5
Cash and cash equivalents
11.0
\u2014
11.0
At 31 October 2025
36.5
\u2014
36.5
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
958.2
\u2014
958.2
Lease liabilities
111.4
\u2014
111.4
Payables and accruals
28.9
\u2014
28.9
At 31 October 2025
1,098.5
\u2014
1,098.5
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
22.6
\u2014
22.6
Cash and cash equivalents
25.3
\u2014
25.3
At 31 October 2024
47.9
\u2014
47.9
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
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
The interest rate risk profile, after taking account of derivative financial instruments, was as follows:
2025
2024
Floating rate Fixed rate Total Floating rate Fixed rate Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
347.8
610.4
958.2
355.7
468.5
824.2
The weighted average interest rate of the fixed-rate financial borrowing was 2.48% (FY 2024: 2.16%) and the weighted average remaining period
for which the rate is fixed was 3.8 years (FY 2024: 4.3 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
31 October 2025
Borrowings
96.5
65.1
634.3
167.0
Lease liabilities
16.3
15.7
38.2
79.5
Payables and accruals
27.7
\u2014
\u2014
\u2014
140.5
80.8
672.5
246.5
Less than One to two Two to five More than
one year years years five years
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
31 October 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
117.3
692.4
199.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-358": { "value": "19. Borrowings
2025 2024
\u00a3\u2019m \u00a3\u2019m
USPP Notes
546.9
473.3
RCF \u2013 drawn
347.8
355.7
Term loan
68.2
\u2014
Debt issue costs
(4.7)
(4.8)
958.2
824.2
As at 31 October 2025 the Group has US Private Placement Notes (\u201cUSPPs\u201d) of \u20ac377.1 million (FY 2024: \u20ac307.1 million) which have maturities between 2026 and 2033 with fixed-rate coupons of between 0.93% and 4.03% and of \u00a3215.5 million (FY 2024: \u00a3215.5 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 2025 was 2.36% per annum. In addition, the Group has arranged a Revolving Credit Facility (\u201cRCF\u201d) with its relationship banks. The RCF attracts a margin over SONIA/EURIBOR of between 1.25% and 1.45%, by reference to the Group\u2019s performance against its covenants. In June 2025 the Group entered into a new Euro-denominated Term loan facility agreement for \u20ac77.5 million which has a maturity date of 30 June 2030. The interest on this loan has a fixed margin of between 1.25% and 1.45%, by reference to the Group\u2019s performance against its covenants, and a variable rate based on the three-month EURIBOR rate at the start of each quarter. At the same time, a matching interest rate swap was entered into with the same maturity date with the effect of fixing the interest rate of the Term loan (see note 20). The \u20ac654.6 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. Borrowings are stated after unamortised issue costs of \u00a34.7 million (FY 2024: \u00a34.8 million). Borrowings are repayable as follows:
Group
2025 2024
\u00a3\u2019m \u00a3\u2019m
Within one year
96.5
\u2014
Between one and two years
65.1
93.7
Between two and five years
634.3
630.9
After more than five years
167.0
104.4
Borrowings
962.9
829.0
Unamortised debt issue costs
(4.7)
(4.8)
958.2
824.2
The effective interest rates at the balance sheet date were as follows:
2025
2024
USPP Notes \u2013 GBP
2.55%
2.55%
USPP Notes \u2013 EUR
2.24%
1.83%
RCF \u2013 GBP
Monthly, quarterly or six-monthly SONIA
Monthly, quarterly or six-monthly SONIA
plus 1.25% plus 1.25%
RCF \u2013 EUR
Monthly, quarterly or six-monthly EURIBOR
Monthly, quarterly or six-monthly EURIBOR
plus 1.25% plus 1.25%
Term loan \u2013
EUR
Three-month EURIBOR plus 1.25%
\u2014
In addition to the margin of 1.25%, the RCF and Term loan also had 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:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Sterling
387.5
464.5
Euros
575.4
364.5
962.9
829.0
Borrowing facilities The Group has the following undrawn committed borrowing facilities available at 31 October 2025 in respect of which all conditions precedent had been met at that date:
Floating rate
2025 2024
\u00a3\u2019m \u00a3\u2019m
Expiring beyond one year
152.2
144.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-345": { "value": "19. Borrowings
2025 2024
\u00a3\u2019m \u00a3\u2019m
USPP Notes
546.9
473.3
RCF \u2013 drawn
347.8
355.7
Term loan
68.2
\u2014
Debt issue costs
(4.7)
(4.8)
958.2
824.2
As at 31 October 2025 the Group has US Private Placement Notes (\u201cUSPPs\u201d) of \u20ac377.1 million (FY 2024: \u20ac307.1 million) which have maturities between 2026 and 2033 with fixed-rate coupons of between 0.93% and 4.03% and of \u00a3215.5 million (FY 2024: \u00a3215.5 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 2025 was 2.36% per annum. In addition, the Group has arranged a Revolving Credit Facility (\u201cRCF\u201d) with its relationship banks. The RCF attracts a margin over SONIA/EURIBOR of between 1.25% and 1.45%, by reference to the Group\u2019s performance against its covenants. In June 2025 the Group entered into a new Euro-denominated Term loan facility agreement for \u20ac77.5 million which has a maturity date of 30 June 2030. The interest on this loan has a fixed margin of between 1.25% and 1.45%, by reference to the Group\u2019s performance against its covenants, and a variable rate based on the three-month EURIBOR rate at the start of each quarter. At the same time, a matching interest rate swap was entered into with the same maturity date with the effect of fixing the interest rate of the Term loan (see note 20). The \u20ac654.6 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. Borrowings are stated after unamortised issue costs of \u00a34.7 million (FY 2024: \u00a34.8 million). Borrowings are repayable as follows:
Group
2025 2024
\u00a3\u2019m \u00a3\u2019m
Within one year
96.5
\u2014
Between one and two years
65.1
93.7
Between two and five years
634.3
630.9
After more than five years
167.0
104.4
Borrowings
962.9
829.0
Unamortised debt issue costs
(4.7)
(4.8)
958.2
824.2
The effective interest rates at the balance sheet date were as follows:
2025
2024
USPP Notes \u2013 GBP
2.55%
2.55%
USPP Notes \u2013 EUR
2.24%
1.83%
RCF \u2013 GBP
Monthly, quarterly or six-monthly SONIA
Monthly, quarterly or six-monthly SONIA
plus 1.25% plus 1.25%
RCF \u2013 EUR
Monthly, quarterly or six-monthly EURIBOR
Monthly, quarterly or six-monthly EURIBOR
plus 1.25% plus 1.25%
Term loan \u2013
EUR
Three-month EURIBOR plus 1.25%
\u2014
In addition to the margin of 1.25%, the RCF and Term loan also had 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:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Sterling
387.5
464.5
Euros
575.4
364.5
962.9
829.0
Borrowing facilities The Group has the following undrawn committed borrowing facilities available at 31 October 2025 in respect of which all conditions precedent had been met at that date:
Floating rate
2025 2024
\u00a3\u2019m \u00a3\u2019m
Expiring beyond one year
152.2
144.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-321": { "value": "19. Borrowings
2025 2024
\u00a3\u2019m \u00a3\u2019m
USPP Notes
546.9
473.3
RCF \u2013 drawn
347.8
355.7
Term loan
68.2
\u2014
Debt issue costs
(4.7)
(4.8)
958.2
824.2
As at 31 October 2025 the Group has US Private Placement Notes (\u201cUSPPs\u201d) of \u20ac377.1 million (FY 2024: \u20ac307.1 million) which have maturities between 2026 and 2033 with fixed-rate coupons of between 0.93% and 4.03% and of \u00a3215.5 million (FY 2024: \u00a3215.5 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 2025 was 2.36% per annum. In addition, the Group has arranged a Revolving Credit Facility (\u201cRCF\u201d) with its relationship banks. The RCF attracts a margin over SONIA/EURIBOR of between 1.25% and 1.45%, by reference to the Group\u2019s performance against its covenants. In June 2025 the Group entered into a new Euro-denominated Term loan facility agreement for \u20ac77.5 million which has a maturity date of 30 June 2030. The interest on this loan has a fixed margin of between 1.25% and 1.45%, by reference to the Group\u2019s performance against its covenants, and a variable rate based on the three-month EURIBOR rate at the start of each quarter. At the same time, a matching interest rate swap was entered into with the same maturity date with the effect of fixing the interest rate of the Term loan (see note 20). The \u20ac654.6 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. Borrowings are stated after unamortised issue costs of \u00a34.7 million (FY 2024: \u00a34.8 million). Borrowings are repayable as follows:
Group
2025 2024
\u00a3\u2019m \u00a3\u2019m
Within one year
96.5
\u2014
Between one and two years
65.1
93.7
Between two and five years
634.3
630.9
After more than five years
167.0
104.4
Borrowings
962.9
829.0
Unamortised debt issue costs
(4.7)
(4.8)
958.2
824.2
The effective interest rates at the balance sheet date were as follows:
2025
2024
USPP Notes \u2013 GBP
2.55%
2.55%
USPP Notes \u2013 EUR
2.24%
1.83%
RCF \u2013 GBP
Monthly, quarterly or six-monthly SONIA
Monthly, quarterly or six-monthly SONIA
plus 1.25% plus 1.25%
RCF \u2013 EUR
Monthly, quarterly or six-monthly EURIBOR
Monthly, quarterly or six-monthly EURIBOR
plus 1.25% plus 1.25%
Term loan \u2013
EUR
Three-month EURIBOR plus 1.25%
\u2014
In addition to the margin of 1.25%, the RCF and Term loan also had 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:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Sterling
387.5
464.5
Euros
575.4
364.5
962.9
829.0
Borrowing facilities
The Group has the following undrawn committed borrowing facilities available at 31 October 2025 in respect of which all conditions precedent
had been met at that date:
Floating rate
2025 2024
\u00a3\u2019m \u00a3\u2019m
Expiring beyond one year
152.2
144.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-322": { "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 interest rate risk, liquidity risk, credit risk and foreign exchange 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, and borrowings. 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 2024: \u00a33.5 million) impact on net interest. This sensitivity impact has been prepared by determining average floating interest rates and flexing these against average floating-rate deposits and borrowings by major currency area over the course of the year. Liquidity risk The Group\u2019s policy on liquidity risk is to ensure that sufficient cash is available to fund ongoing operations without the need to carry significant net debt over the medium term. The Group\u2019s principal borrowing facilities are provided by a group of core relationship banks in the form of term loans, 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. Policies and procedures exist to ensure that customers have an appropriate credit history and account customers are given credit limits that are monitored. Counterparty exposure positions are monitored regularly so that credit exposures to any one counterparty are within predetermined limits. Overall, the Group considers that it is not exposed to a significant amount of credit risk. The amount of trade receivables outstanding at the year end does not represent the maximum exposure to operational credit risk due to the normal patterns of supply and payment over the course of a year. Based on management information collected as at month ends the maximum level of net trade receivables at any one point during the year was \u00a316.1 million (FY 2024: \u00a315.6 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 currency. The Group holds Euro denominated borrowings totalling \u20ac654.6 million (FY 2024: \u20ac364.5 million) and as such is exposed to foreign exchange risk on these borrowings. The foreign exchange risk relating to the borrowings provides a natural hedge against the Euro denominated assets of its operations in France, Spain, the Netherlands, and Belgium and is 100% effective. As a result, the Group applies net investment hedging in respect of these borrowings and the reduction in fair value during the year of \u00a317.3 million (FY 2024: \u00a36.9 million increase) was recognised in other comprehensive income. At 31 October 2025, if Sterling had weakened by 10% against the Euro with all other variables held constant, pre-tax profit for the year would have been unchanged due to Euro bank balances held by UK entities (FY 2024: \u00a30.1 million lower). Equity (the translation reserve) would have been \u00a318.4 million higher (FY 2024: \u00a334.7 million higher), arising primarily on translation of Euro denominated net assets held by subsidiary companies with a Euro functional currency less the Euro denominated borrowings. 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 a loan-to-value (\u201cLTV\u201d) ratio. The Group considers that an LTV ratio, defined as net debt (excluding derivatives and 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 28.1% at 31 October 2025 (FY 2024: 25.1%). The LTV ratios at 31 October 2025 and 2024 were as follows:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Borrowings (note 19)
958.2
824.2
Lease liabilities (note 21)
111.4
100.6
Less: cash and cash equivalents (note 17)
(11.0)
(25.3)
Net debt
1,058.6
899.5
Less: lease liabilities
(111.4)
(100.6)
Net debt (excluding lease liabilities)
947.2
798.9
IPs and IPUCs (excluding investment property lease liabilities)
3,368.7
3,183.5
Loan-to-value ratio
28.1%
25.1%
The Group gearing ratio is defined as total net debt divided by total capital. Total net debt is calculated as total borrowings (including current and non-current borrowings and lease liabilities 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 ratio was 31.6% at 31 October 2025 (FY 2024: 28.8%). The Group has complied with all of the covenants on its banking facilities during the year. The fair value of borrowings is calculated as:
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
958.2
931.8
824.2
759.6
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:
2025 2024
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m
Amounts due from associates \u2013 Level 2
0.7
0.5
2025 2024
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m
Borrowings \u2013 Level 2
962.9
829.0
There were no transfers between Level 1, 2, and 3 fair value measurements during the current or prior year. Hedging arrangements The new Euro denominated Term loan facility agreement exposes the Group to a risk in the variability of interest payments due to possible changes in the three-month EURIBOR rate over the five-year loan term. In accordance with the Group\u2019s risk mitigation strategy, the variable interest payments have been hedged in full using an interest rate swap which has a notional value of \u20ac77.5 million and a five-year term. The variable interest rate on the swap is the three-month EURIBOR rate, and the fixed rate is 2.196%. Interest on the swap is paid on a quarterly basis in line with the interest payable on the Term loan. As the swap shares the same risk exposure as the loan, the hedge effectiveness has been assessed as 100%. The impact of credit risk is assessed to be immaterial. The swap and the Term loan together have been formally designated as having a hedging relationship and are accounted for as a cash flow hedge. Derivatives designated as cash flow hedges as at 31 October 2025
Notional Fair value of derivative liability Change in fair value of hedged
contract at year end based on fair value item used as a basis to
amount of hedged item Line item in statement of determine ineffectiveness Hedge effectiveness
\u00a3\u2019m \u00a3\u2019m financial position \u00a3\u2019m %
Interest rate swap
68.2
\u2014
Borrowings
\u2014
100%
For the year ended 31 October 2025, \u00a3nil (FY 2024: \u00a3nil) was reclassified to the income statement in respect of hedge ineffectiveness. Maturity profile of derivative financial instruments as at 31 October 2025
Less than Three to One to Three to
three months twelve months three years five years Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Fixed payment
(0.4)
(1.1)
(3.0)
(2.5)
(7.0)
Floating receipt
0.3
1.0
2.9
2.8
7.0
Net (payment)/receipt
(0.1)
(0.1)
(0.1)
0.3
\u2014
Financial instruments by category
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
25.5
\u2014
25.5
Cash and cash equivalents
11.0
\u2014
11.0
At 31 October 2025
36.5
\u2014
36.5
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
958.2
\u2014
958.2
Lease liabilities
111.4
\u2014
111.4
Payables and accruals
28.9
\u2014
28.9
At 31 October 2025
1,098.5
\u2014
1,098.5
Assets at fair
Financial assets value through
at amortised cost profit and loss Total
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Trade receivables and other receivables excluding prepayments
22.6
\u2014
22.6
Cash and cash equivalents
25.3
\u2014
25.3
At 31 October 2024
47.9
\u2014
47.9
Other financial Liabilities at fair
liabilities at value through
amortised cost profit and loss Total
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings (excluding lease liabilities)
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
The interest rate risk profile, after taking account of derivative financial instruments, was as follows:
2025
2024
Floating rate Fixed rate Total Floating rate Fixed rate Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
347.8
610.4
958.2
355.7
468.5
824.2
The weighted average interest rate of the fixed-rate financial borrowing was 2.48% (FY 2024: 2.16%) and the weighted average remaining period for which the rate is fixed was 3.8 years (FY 2024: 4.3 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
31 October 2025
Borrowings
96.5
65.1
634.3
167.0
Lease liabilities
16.3
15.7
38.2
79.5
Payables and accruals
27.7
\u2014
\u2014
\u2014
140.5
80.8
672.5
246.5
Less than One to two Two to five More than
one year years years five years
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
31 October 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
117.3
692.4
199.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-346": { "value": "
Interest rate risk
The Group finances its operations through a mixture of retained profits, issued share capital, and borrowings. 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 2024: \u00a33.5 million)
impact on net interest. This sensitivity impact has been prepared by determining average floating interest rates and flexing these against
average floating-rate deposits and borrowings by major currency area over the course of the year.
Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk in respect of the Euro. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities, and net investments in foreign operations. The Group has investments in foreign operations in France, Spain, the Netherlands, and Belgium, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group\u2019s foreign operations is managed primarily through borrowings denominated in the relevant foreign currency. The Group holds Euro denominated borrowings totalling \u20ac654.6 million (FY 2024: \u20ac364.5 million) and as such is exposed to foreign exchange risk on these borrowings. The foreign exchange risk relating to the borrowings provides a natural hedge against the Euro denominated assets of its operations in France, Spain, the Netherlands, and Belgium and is 100% effective. As a result, the Group applies net investment hedging in respect of these borrowings and the reduction in fair value during the year of \u00a317.3 million (FY 2024: \u00a36.9 million increase) was recognised in other comprehensive income. At 31 October 2025, if Sterling had weakened by 10% against the Euro with all other variables held constant, pre-tax profit for the year would have been unchanged due to Euro bank balances held by UK entities (FY 2024: \u00a30.1 million lower). Equity (the translation reserve) would have been \u00a318.4 million higher (FY 2024: \u00a334.7 million higher), arising primarily on translation of Euro denominated net assets held by subsidiary companies with a Euro functional currency less the Euro denominated borrowings. 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-347": { "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, 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-348": { "value": "
Credit risk
Credit risk arises on financial instruments such as trade and other receivables. Policies and procedures exist to ensure that customers have an
appropriate credit history and account customers are given credit limits that are monitored. Counterparty exposure positions are monitored
regularly so that credit exposures to any one counterparty are within predetermined limits. Overall, the Group considers that it is not exposed
to a significant amount of credit risk. The amount of trade receivables outstanding at the year end does not represent the maximum exposure
to operational credit risk due to the normal patterns of supply and payment over the course of a year. Based on management information
collected as at month ends the maximum level of net trade receivables at any one point during the year was \u00a316.1 million (FY 2024: \u00a315.6 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-349": { "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 a loan-to-value (\u201cLTV\u201d) ratio. The Group considers that an LTV ratio, defined as net debt (excluding derivatives and 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 28.1% at 31 October 2025 (FY 2024: 25.1%). The LTV ratios at 31 October 2025 and 2024 were as follows:
2025 2024
\u00a3\u2019m \u00a3\u2019m
Borrowings (note 19)
958.2
824.2
Lease liabilities (note 21)
111.4
100.6
Less: cash and cash equivalents (note 17)
(11.0)
(25.3)
Net debt
1,058.6
899.5
Less: lease liabilities
(111.4)
(100.6)
Net debt (excluding lease liabilities)
947.2
798.9
IPs and IPUCs (excluding investment property lease liabilities)
3,368.7
3,183.5
Loan-to-value ratio
28.1%
25.1%
The Group gearing ratio is defined as total net debt divided by total capital. Total net debt is calculated as total borrowings (including current and non-current borrowings and lease liabilities 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 ratio was 31.6% at 31 October 2025 (FY 2024: 28.8%). The Group has complied with all of the covenants on its banking facilities during the year. The fair value of borrowings is calculated as:
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
958.2
931.8
824.2
759.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-350": { "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:
2025 2024
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m
Amounts due from associates \u2013 Level 2
0.7
0.5
2025 2024
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m
Borrowings \u2013 Level 2
962.9
829.0
There were no transfers between Level 1, 2, and 3 fair value measurements during the current or prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "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:
2025 2024
Assets per the balance sheet \u00a3\u2019m \u00a3\u2019m
Amounts due from associates \u2013 Level 2
0.7
0.5
2025 2024
Liabilities per the balance sheet \u00a3\u2019m \u00a3\u2019m
Borrowings \u2013 Level 2
962.9
829.0
There were no transfers between Level 1, 2, and 3 fair value measurements during the current or prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-351": { "value": "Hedging arrangements The new Euro denominated Term loan facility agreement exposes the Group to a risk in the variability of interest payments due to possible changes in the three-month EURIBOR rate over the five-year loan term. In accordance with the Group\u2019s risk mitigation strategy, the variable interest payments have been hedged in full using an interest rate swap which has a notional value of \u20ac77.5 million and a five-year term. The variable interest rate on the swap is the three-month EURIBOR rate, and the fixed rate is 2.196%. Interest on the swap is paid on a quarterly basis in line with the interest payable on the Term loan. As the swap shares the same risk exposure as the loan, the hedge effectiveness has been assessed as 100%. The impact of credit risk is assessed to be immaterial. The swap and the Term loan together have been formally designated as having a hedging relationship and are accounted for as a cash flow hedge. Derivatives designated as cash flow hedges as at 31 October 2025
Notional Fair value of derivative liability Change in fair value of hedged
contract at year end based on fair value item used as a basis to
amount of hedged item Line item in statement of determine ineffectiveness Hedge effectiveness
\u00a3\u2019m \u00a3\u2019m financial position \u00a3\u2019m %
Interest rate swap
68.2
\u2014
Borrowings
\u2014
100%
For the year ended 31 October 2025, \u00a3nil (FY 2024: \u00a3nil) was reclassified to the income statement in respect of hedge ineffectiveness. Maturity profile of derivative financial instruments as at 31 October 2025
Less than Three to One to Three to
three months twelve months three years five years Total
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Fixed payment
(0.4)
(1.1)
(3.0)
(2.5)
(7.0)
Floating receipt
0.3
1.0
2.9
2.8
7.0
Net (payment)/receipt
(0.1)
(0.1)
(0.1)
0.3
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-352": { "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
31 October 2025
Borrowings
96.5
65.1
634.3
167.0
Lease liabilities
16.3
15.7
38.2
79.5
Payables and accruals
27.7
\u2014
\u2014
\u2014
140.5
80.8
672.5
246.5
Less than One to two Two to five More than
one year years years five years
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
31 October 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
117.3
692.4
199.1
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-296": { "value": "
21. Lease liabilities
The Group leases certain of its investment properties under lease liabilities. The average remaining lease term is 13.6 years (FY 2024: 13.2 years).
Present value of minimum
Minimum lease payments lease payments
2025 2024 2025 2024
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Within one year
16.3
14.7
15.4
14.0
Within two to five years
53.9
49.2
46.0
42.3
Greater than five years
79.5
75.5
50.0
44.3
149.7
139.4
111.4
100.6
Less: future finance charges on lease liabilities
(38.3)
(38.8)
\u2014
\u2014
Present value of lease liabilities
111.4
100.6
111.4
100.6
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
15.4
14.0
Non-current
96.0
86.6
111.4
100.6
Amounts recognised within the consolidated income statement include interest on lease liabilities of \u00a35.8 million (FY 2024: \u00a35.8 million). Amounts
recognised in the consolidated statement of cash flows include lease liabilities principal payments of \u00a310.3 million (FY 2024: \u00a39.7 million) and
interest on lease liabilities of \u00a35.8 million (FY 2024: \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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-323": { "value": "21. Lease liabilities The Group leases certain of its investment properties under lease liabilities. The average remaining lease term is 13.6 years (FY 2024: 13.2 years).
Present value of minimum
Minimum lease payments lease payments
2025 2024 2025 2024
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Within one year
16.3
14.7
15.4
14.0
Within two to five years
53.9
49.2
46.0
42.3
Greater than five years
79.5
75.5
50.0
44.3
149.7
139.4
111.4
100.6
Less: future finance charges on lease liabilities
(38.3)
(38.8)
\u2014
\u2014
Present value of lease liabilities
111.4
100.6
111.4
100.6
2025 2024
\u00a3\u2019m \u00a3\u2019m
Current
15.4
14.0
Non-current
96.0
86.6
111.4
100.6
Amounts recognised within the consolidated income statement include interest on lease liabilities of \u00a35.8 million (FY 2024: \u00a35.8 million). Amounts recognised in the consolidated statement of cash flows include lease liabilities principal payments of \u00a310.3 million (FY 2024: \u00a39.7 million) and interest on lease liabilities of \u00a35.8 million (FY 2024: \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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-353": { "value": "22. Deferred income tax Deferred tax is calculated in full on temporary differences under the liability method using tax rates enacted in each respective jurisdiction corresponding to when they are expected to reverse. The movement on the deferred tax account was as shown below.
2025 2024
Note \u00a3\u2019m \u00a3\u2019m
At 1 November 2024
149.1
132.6
Charge to income statement
8
11.6
22.0
Exchange differences
7.2
(5.5)
At 31 October 2025
167.9
149.1
The movements in deferred tax assets and liabilities during the period are shown below.
Revaluation of
investment Other timing
properties differences Total
Deferred tax liability \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
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
At 1 November 2024
155.4
\u2014
155.4
Charge to income statement
13.9
\u2014
13.9
Exchange differences
7.4
\u2014
7.4
At 31 October 2025
176.7
\u2014
176.7
Other timing
differences Tax losses Total
Deferred tax asset \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 1 November 2023
0.8
5.8
6.6
Charge to income statement
(0.2)
(0.1)
(0.3)
At 31 October 2024
0.6
5.7
6.3
At 1 November 2024
0.6
5.7
6.3
Credit to income statement
0.1
2.2
2.3
Exchange differences
\u2014
0.2
0.2
At 31 October 2025
0.7
8.1
8.8
The deferred tax liability due after more than one year is \u00a3176.7 million (FY 2024: \u00a3155.4 million). As at 31 October 2025, the Group had trading losses of \u00a343.7 million (FY 2024: \u00a334.3 million) and capital losses of \u00a336.4 million (FY 2024: \u00a336.4 million) in respect of its UK operations. As at 31 October 2025, the Group had trading losses of \u00a39.2 million (FY 2024: \u00a311.0 million) in respect of its Netherlands and Belgium operations. As at 31 October 2025, the Group had trading losses of \u00a38.2 million (FY 2024: \u00a35.5 million) in respect of its Spanish operations. All losses can be carried forward indefinitely. A deferred tax asset of \u00a38.1 million (FY 2024: \u00a35.7 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-324": { "value": "22. Deferred income tax Deferred tax is calculated in full on temporary differences under the liability method using tax rates enacted in each respective jurisdiction corresponding to when they are expected to reverse. The movement on the deferred tax account was as shown below.
2025 2024
Note \u00a3\u2019m \u00a3\u2019m
At 1 November 2024
149.1
132.6
Charge to income statement
8
11.6
22.0
Exchange differences
7.2
(5.5)
At 31 October 2025
167.9
149.1
The movements in deferred tax assets and liabilities during the period are shown below.
Revaluation of
investment Other timing
properties differences Total
Deferred tax liability \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
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
At 1 November 2024
155.4
\u2014
155.4
Charge to income statement
13.9
\u2014
13.9
Exchange differences
7.4
\u2014
7.4
At 31 October 2025
176.7
\u2014
176.7
Other timing
differences Tax losses Total
Deferred tax asset \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
At 1 November 2023
0.8
5.8
6.6
Charge to income statement
(0.2)
(0.1)
(0.3)
At 31 October 2024
0.6
5.7
6.3
At 1 November 2024
0.6
5.7
6.3
Credit to income statement
0.1
2.2
2.3
Exchange differences
\u2014
0.2
0.2
At 31 October 2025
0.7
8.1
8.8
The deferred tax liability due after more than one year is \u00a3176.7 million (FY 2024: \u00a3155.4 million). As at 31 October 2025, the Group had trading losses of \u00a343.7 million (FY 2024: \u00a334.3 million) and capital losses of \u00a336.4 million (FY 2024: \u00a336.4 million) in respect of its UK operations. As at 31 October 2025, the Group had trading losses of \u00a39.2 million (FY 2024: \u00a311.0 million) in respect of its Netherlands and Belgium operations. As at 31 October 2025, the Group had trading losses of \u00a38.2 million (FY 2024: \u00a35.5 million) in respect of its Spanish operations. All losses can be carried forward indefinitely. A deferred tax asset of \u00a38.1 million (FY 2024: \u00a35.7 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-297": { "value": "
23. Called up share capital
2025 2024
\u00a3\u2019m \u00a3\u2019m
Called up, allotted, and fully paid
218,490,500 (FY 2024:
218,490,500) 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 nil ordinary shares (FY 2024: 451,081 ordinary shares).
Safestore Holdings plc Sharesave scheme
The Sharesave awards are savings-related awards accruing over a three-year period from 1 November 2024. 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
August 2025
(UK three years)
Number of options granted
136,738
Share price at grant date
(pence)
666
Exercise price
(pence)
523
Risk-free rate of interest
(% per annum)
3.78%
Expected volatility
(% per annum)
29.9%
Expected dividend yield
(% per annum)
4.58%
Expected term to exercise
(years)
3.23
Value per option
(pence)
174
Safestore Long Term Incentive Plan
2025 LTIP scheme
The fair values of the 2025 LTIP Scheme 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 January 2025
(PBT EPS part)
(MLA part)
(ESG part)
Number of options granted
733,128
281,972
112,789
Weighted average share price at grant date
(pence)
613
613
613
Exercise price
(pence)
\u2014
\u2014
\u2014
Weighted average risk-free rate of interest
(% per annum)
4.20%
4.20%
4.20%
Expected volatility
(% per annum)
31.0%
31.0%
31.0%
Weighted average expected term to exercise
(years)
3.0
3.0
3.0
Weighted average value per option
(pence)
3.47
3.47
3.47
Retention scheme
The retention scheme awards granted in the accounting period accrue over a three-year period from 1 November 2025. There are no market
performance conditions attached to the awards; as such, the conditions for vesting are revenue, MLA, and personal performance targets.
The fair value of the 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:
Retention scheme
Number of options granted
558,452
Share price at grant date
(pence)
8.10
Exercise price
(pence)
\u2014
Risk-free rate of interest
(% per annum)
3.99%
Expected volatility
(% per annum)
29.2%
Expected dividend yield
(% per annum)
3.73%
Expected term to exercise
(years)
3.29
Value per option
(pence)
716
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
2024
Granted
Exercised
Lapsed
2025 price date
Safestore Holdings plc
Sharesave scheme
20/08/2021
19,160
\u2014
\u2014
(19,160)
\u2014
824.0p
01/05/2025
22/08/2022
21,653
\u2014
\u2014
(11,419)
10,234
896.0p
01/05/2026
22/08/2023
112,078
\u2014
\u2014
(61,236)
50,842
692.0p
01/05/2027
14/08/2024
93,100
\u2014
\u2014
(69,424)
23,676
645.0p
01/05/2028
08/08/2025
\u2014
136,738
\u2014
(4,911)
131,827
522.8p
01/05/2029
Total
245,991
136,738
\u2014
(166,150)
216,579
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
5,731
\u2014
(2,000)
\u2014
3,731
0.1p
28/09/2027
Total
23,231
\u2014
(2,000)
\u2014
21,231
Safestore Long Term
Incentive Plan \u2013 2020
18/03/2020
28,916
\u2014
(739)
\u2014
28,177
0.0p
17/03/2030
Total
28,916
\u2014
(739)
\u2014
28,177
Safestore Long Term
Incentive Plan \u2013 2021
28/01/2021
26,047
\u2014
(5,738)
\u2014
20,309
0.0p
27/01/2031
Total
26,047
\u2014
(5,738)
\u2014
20,309
Safestore Long Term
Incentive Plan \u2013 2022
25/01/2022
213,499
\u2014
\u2014
(213,499)
\u2014
0.0p
24/01/2032
29/09/2022
3,968
\u2014
\u2014
(3,968)
\u2014
0.0p
24/01/2032
Total
217,467
\u2014
\u2014
(217,467)
\u2014
Safestore Long Term
Incentive Plan \u2013 2023
12/07/2023
644,507
\u2014
\u2014
(18,983)
625,524
0.0p
11/07/2033
Total
644,507
\u2014
\u2014
(18,983)
625,524
Safestore Long Term
Incentive Plan \u2013 2024
27/02/2024
800,562
\u2014
\u2014
(27,221)
773,341
0.0p
26/02/2034
Total
800,562
\u2014
\u2014
(27,221)
773,341
Safestore retention scheme
\u2013
2025
17/07/2024
\u2014
558,452
\u2014
(17,248)
541,204
0.0p
16/07/2034
Total
\u2014
558,452
\u2014
(17,248)
541,204
Safestore Long Term
Incentive Plan \u2013 2025
20/01/2025
\u2014
1,127,889
\u2014
(44,454)
1,083,435
0.0p
19/01/2035
Total
\u2014
1,127,889
\u2014
(44,454)
1,083,435
In addition, gross amounts totalling \u00a3nil (FY 2024: \u00a3nil) in respect of bonuses awarded to Executive Directors for the year ended 31 October 2025
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 2026.
The weighted average exercise price of outstanding options under the Sharesave scheme is 593.5 pence (FY 2024: 702.6 pence). The weighted
average exercise price of options exercised under the Sharesave scheme was nil pence (FY 2024: 599.7 pence).
Own shares
Included within retained earnings are ordinary shares with a nominal value of \u00a3177 (FY 2024: \u00a3177) 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-325": { "value": "
2025 2024
\u00a3\u2019m \u00a3\u2019m
Called up, allotted, and fully paid
218,490,500 (FY 2024:
218,490,500) 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 nil ordinary shares (FY 2024: 451,081 ordinary shares). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-326": { "value": "Safestore Holdings plc Sharesave scheme The Sharesave awards are savings-related awards accruing over a three-year period from 1 November 2024. 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
August 2025
(UK three years)
Number of options granted
136,738
Share price at grant date
(pence)
666
Exercise price
(pence)
523
Risk-free rate of interest
(% per annum)
3.78%
Expected volatility
(% per annum)
29.9%
Expected dividend yield
(% per annum)
4.58%
Expected term to exercise
(years)
3.23
Value per option
(pence)
174
Safestore Long Term Incentive Plan 2025 LTIP scheme The fair values of the 2025 LTIP Scheme 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 January 2025
(PBT EPS part)
(MLA part)
(ESG part)
Number of options granted
733,128
281,972
112,789
Weighted average share price at grant date
(pence)
613
613
613
Exercise price
(pence)
\u2014
\u2014
\u2014
Weighted average risk-free rate of interest
(% per annum)
4.20%
4.20%
4.20%
Expected volatility
(% per annum)
31.0%
31.0%
31.0%
Weighted average expected term to exercise
(years)
3.0
3.0
3.0
Weighted average value per option
(pence)
3.47
3.47
3.47
Retention scheme The retention scheme awards granted in the accounting period accrue over a three-year period from 1 November 2025. There are no market performance conditions attached to the awards; as such, the conditions for vesting are revenue, MLA, and personal performance targets. The fair value of the 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:
Retention scheme
Number of options granted
558,452
Share price at grant date
(pence)
8.10
Exercise price
(pence)
\u2014
Risk-free rate of interest
(% per annum)
3.99%
Expected volatility
(% per annum)
29.2%
Expected dividend yield
(% per annum)
3.73%
Expected term to exercise
(years)
3.29
Value per option
(pence)
716
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
2024
Granted
Exercised
Lapsed
2025 price date
Safestore Holdings plc
Sharesave scheme
20/08/2021
19,160
\u2014
\u2014
(19,160)
\u2014
824.0p
01/05/2025
22/08/2022
21,653
\u2014
\u2014
(11,419)
10,234
896.0p
01/05/2026
22/08/2023
112,078
\u2014
\u2014
(61,236)
50,842
692.0p
01/05/2027
14/08/2024
93,100
\u2014
\u2014
(69,424)
23,676
645.0p
01/05/2028
08/08/2025
\u2014
136,738
\u2014
(4,911)
131,827
522.8p
01/05/2029
Total
245,991
136,738
\u2014
(166,150)
216,579
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
5,731
\u2014
(2,000)
\u2014
3,731
0.1p
28/09/2027
Total
23,231
\u2014
(2,000)
\u2014
21,231
Safestore Long Term
Incentive Plan \u2013 2020
18/03/2020
28,916
\u2014
(739)
\u2014
28,177
0.0p
17/03/2030
Total
28,916
\u2014
(739)
\u2014
28,177
Safestore Long Term
Incentive Plan \u2013 2021
28/01/2021
26,047
\u2014
(5,738)
\u2014
20,309
0.0p
27/01/2031
Total
26,047
\u2014
(5,738)
\u2014
20,309
Safestore Long Term
Incentive Plan \u2013 2022
25/01/2022
213,499
\u2014
\u2014
(213,499)
\u2014
0.0p
24/01/2032
29/09/2022
3,968
\u2014
\u2014
(3,968)
\u2014
0.0p
24/01/2032
Total
217,467
\u2014
\u2014
(217,467)
\u2014
Safestore Long Term
Incentive Plan \u2013 2023
12/07/2023
644,507
\u2014
\u2014
(18,983)
625,524
0.0p
11/07/2033
Total
644,507
\u2014
\u2014
(18,983)
625,524
Safestore Long Term
Incentive Plan \u2013 2024
27/02/2024
800,562
\u2014
\u2014
(27,221)
773,341
0.0p
26/02/2034
Total
800,562
\u2014
\u2014
(27,221)
773,341
Safestore retention scheme
\u2013
2025
17/07/2024
\u2014
558,452
\u2014
(17,248)
541,204
0.0p
16/07/2034
Total
\u2014
558,452
\u2014
(17,248)
541,204
Safestore Long Term
Incentive Plan \u2013 2025
20/01/2025
\u2014
1,127,889
\u2014
(44,454)
1,083,435
0.0p
19/01/2035
Total
\u2014
1,127,889
\u2014
(44,454)
1,083,435
In addition, gross amounts totalling \u00a3nil (FY 2024: \u00a3nil) in respect of bonuses awarded to Executive Directors for the year ended 31 October 2025 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 2026. The weighted average exercise price of outstanding options under the Sharesave scheme is 593.5 pence (FY 2024: 702.6 pence). The weighted average exercise price of options exercised under the Sharesave scheme was nil pence (FY 2024: 599.7 pence). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-327": { "value": "Own shares Included within retained earnings are ordinary shares with a nominal value of \u00a3177 (FY 2024: \u00a3177) 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-299": { "value": "
24. Cash flow from operating activities
Reconciliation of operating profit to net cash inflow from operating activities:
2025 2024
Cash generated from continuing operations
Notes
\u00a3\u2019m \u00a3\u2019m
Profit before income tax
127.1
398.6
Gain on revaluation of investment properties
13
(23.1)
(292.2)
Share of profit in joint ventures and associates
11, 12
(2.5)
\u2014
Depreciation
14
1.5
1.5
Net finance expense
7
32.2
27.2
Employee share options
2.0
(0.3)
Changes in working capital:
Decrease in trade and other receivables
0.8
1.2
Increase/(decrease) in trade and other payables
0.5
(2.6)
Decrease in provisions
\u2014
(0.3)
Cash generated from continuing operations
138.5
133.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-298": { "value": "
25. Analysis of movement in gross and net debt
Non-cash
2024 Cash flows movements 2025
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
(824.2)
(105.2)
(28.8)
(958.2)
Lease liabilities
(100.6)
10.3
(21.1)
(111.4)
Total gross debt (liabilities from financing activities)
(924.8)
(94.9)
(49.9)
(1,069.6)
Cash in hand
25.3
(13.9)
(0.4)
11.0
Total net debt
(899.5)
(108.8)
(50.3)
(1,058.6)
Non-cash
2023 Cash flows movements 2024
\u00a3\u2019m \u00a3\u2019m \u00a3\u2019m \u00a3\u2019m
Borrowings
(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)
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 borrowings are made up of 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 \u00a31.4 million (FY 2024: \u00a31.6 million), foreign exchange movements
of \u00a327.3 million (FY 2024: \u00a313.2 million), and modifications due to lease re-gearings of \u00a321.1 million (FY 2024: \u00a38.9 million).
", "dimensions": { "concept": "safestoreholdingsplc:DisclosureOfAnalysisOfMovementInGrossAndNetDebt", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-300": { "value": "
2025 2024
Key management compensation \u00a3\u2019m \u00a3\u2019m
Wages and salaries
2.8
2.9
Social security costs
0.7
0.4
Post-employment benefits
0.1
0.1
Share-based payments
0.8
\u2014
4.4
3.4
The key management figures given above include Directors.
2025 2024
Directors \u00a3\u2019m \u00a3\u2019m
Aggregate emoluments
2.5
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-301": { "value": "
27. Provisions
In France, the basis on which property taxes have been assessed has been challenged by the tax authority for financial years 2011 onwards.
In November 2022, the French Supreme Court delivered a final judgement in respect of litigation for years 2011 to 2013, which resulted in a
partial success for the Group. The Group is separately pursuing litigation in respect of years since 2013 and has lodged an appeal with the
French administrative tribunal against the issues included in assessments for 2013 onwards on which it was ultimately unsuccessful in the
French Supreme Court for the earlier years. A provision is included in the consolidated financial accounts of \u00a32.3 million at 31 October 2025
(FY 2024: \u00a32.3 million) to reflect the increased uncertainty surrounding the likelihood of a successful outcome. Of the total provided, \u00a3nil has
been released in relation to the year ended 31 October 2025 (FY 2024: \u00a3(0.2) 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 2025 is \u00a30.8 million (FY 2024: \u00a30.8 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": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-328": { "value": "27. Provisions In France, the basis on which property taxes have been assessed has been challenged by the tax authority for financial years 2011 onwards. In November 2022, the French Supreme Court delivered a final judgement in respect of litigation for years 2011 to 2013, which resulted in a partial success for the Group. The Group is separately pursuing litigation in respect of years since 2013 and has lodged an appeal with the French administrative tribunal against the issues included in assessments for 2013 onwards on which it was ultimately unsuccessful in the French Supreme Court for the earlier years. A provision is included in the consolidated financial accounts of \u00a32.3 million at 31 October 2025 (FY 2024: \u00a32.3 million) to reflect the increased uncertainty surrounding the likelihood of a successful outcome. Of the total provided, \u00a3nil has been released in relation to the year ended 31 October 2025 (FY 2024: \u00a3(0.2) 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 2025 is \u00a30.8 million (FY 2024: \u00a30.8 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:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-302": { "value": "
28. Contingent liabilities
The Group has a contingent liability in respect of property taxation in the French subsidiary as disclosed in note 27.
29. Capital commitments
The Group had \u00a350.0 million of capital commitments as at 31 October 2025 (FY 2024: \u00a3119.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-329": { "value": "28. Contingent liabilities The Group has a contingent liability in respect of property taxation in the French subsidiary as disclosed in note 27. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-330": { "value": "29. Capital commitments The Group had \u00a350.0 million of capital commitments as at 31 October 2025 (FY 2024: \u00a3119.0 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-303": { "value": "
30. Related party transactions
The Group\u2019s shares are widely held. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated
on consolidation and are not disclosed in this note.
Transactions with PBC Les Groues SAS
As described in note 11, the Group has a 24.9% interest in PBC Les Groues SAS (\u201cPBC\u201d). The total amount invested in PBC is included as part
of its non-current investments in associates. During the period, the Group purchased a fully developed store called La D\u00e9fense from PBC for
\u00a37.2 million (\u20ac8.5 million) (FY 2024: \u00a3nil (\u20acnil)). The balance outstanding at 31 October 2025 included within trade and other receivables was \u00a3nil
(FY 2024: \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). The total amount invested is
included as part of its non-current investments in associates. During the period, the Group recharged \u00a30.5 million (FY 2024: \u00a30.4 million)
relating to management and development services and earned \u00a30.2 million (FY 2024: \u00a30.1 million) in interest income. The balance outstanding
at 31 October 2025 was \u00a30.3 million (FY 2024: \u00a30.5 million).
Transactions with EasyBox
As described in note 12, the Group has a 50.0% interest in the EasyBox joint venture. The total amount invested is included as part of its
non-current investments in joint ventures. Safestore Italia S.R.L. (a wholly owned subsidiary of the Group) acts as property manager for the joint
venture. In its capacity as property manager, it incurs costs on behalf of the joint venture which are recharged in accordance with the property
management agreement. The balance of these recharges outstanding at 31 October 2025 was \u00a30.4 million (FY 2024: \u00a3nil). During the period,
Safestore Italia S.R.L also received a management fee from the joint venture of \u00a30.8 million (FY 2024: \u00a3nil). The balance outstanding in relation
to management fees at 31 October 2025 was \u00a3nil (FY 2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-331": { "value": "30. Related party transactions The Group\u2019s shares are widely held. Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions with PBC Les Groues SAS As described in note 11, the Group has a 24.9% interest in PBC Les Groues SAS (\u201cPBC\u201d). The total amount invested in PBC is included as part of its non-current investments in associates. During the period, the Group purchased a fully developed store called La D\u00e9fense from PBC for \u00a37.2 million (\u20ac8.5 million) (FY 2024: \u00a3nil (\u20acnil)). The balance outstanding at 31 October 2025 included within trade and other receivables was \u00a3nil (FY 2024: \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). The total amount invested is included as part of its non-current investments in associates. During the period, the Group recharged \u00a30.5 million (FY 2024: \u00a30.4 million) relating to management and development services and earned \u00a30.2 million (FY 2024: \u00a30.1 million) in interest income. The balance outstanding at 31 October 2025 was \u00a30.3 million (FY 2024: \u00a30.5 million). Transactions with EasyBox As described in note 12, the Group has a 50.0% interest in the EasyBox joint venture. The total amount invested is included as part of its non-current investments in joint ventures. Safestore Italia S.R.L. (a wholly owned subsidiary of the Group) acts as property manager for the joint venture. In its capacity as property manager, it incurs costs on behalf of the joint venture which are recharged in accordance with the property management agreement. The balance of these recharges outstanding at 31 October 2025 was \u00a30.4 million (FY 2024: \u00a3nil). During the period, Safestore Italia S.R.L also received a management fee from the joint venture of \u00a30.8 million (FY 2024: \u00a3nil). The balance outstanding in relation to management fees at 31 October 2025 was \u00a3nil (FY 2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WGA3YSJC1YOH73", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } } } }