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"value": "GROUP ACCOUNTING POLICIES
General Information
NEXT plc and its subsidiaries (the \u201cGroup\u201d) is a UK based retailer selling beautifully designed, excellent quality clothing, homeware and beauty
products which are responsibly sourced and accessibly priced. The Company is a public limited company, which is listed on the London Stock Exchange
and incorporated in England and Wales and domiciled in the UK. The address of the registered office is Desford Road, Enderby, Leicester LE19 4AT.
Basis of Preparation
The financial statements of NEXT plc and the Group have been prepared in accordance with UK-adopted International Accounting Standards and
with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
The financial statements have been prepared on the historical cost basis except for certain financial instruments, pension assets and liabilities
and share-based payment liabilities which are measured at fair value. As is common in the retail sector, the Group operates a weekly accounting
calendar and this year the financial statements are for the 52 weeks to 28 January 2023 (last year 52 weeks to 29 January 2022).
In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities including the
Group\u2019s principal risks and uncertainties. The Board also considered the Group\u2019s current cash position, the repayment profile of its obligations, its
financial covenants and the resilience of its 12 month cash flow forecasts to a series of severe but plausible downside scenarios such as further
enforced store closures. Having considered these factors the Board is satisfied that the Group has adequate resources to continue in operational
existence and therefore it is appropriate to adopt the going concern basis in preparing the consolidated financial statements for the 52 weeks
ended 28 January 2023 (see also the Going Concern and Viability Statements in the Annual Report and Accounts).
These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of Consolidation
The consolidated financial statements incorporate the financial statements of NEXT plc (the \u201cCompany\u201d) and its subsidiary undertakings.
Subsidiaries are entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect those returns through its power over the investee. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Associates and joint ventures are all entities over which the Group has significant influence but not control. Significant influence is the power to
participate in the financial and operating policy decisions of the investee, but is not control of those policies. Investments in associates and joint
ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and
the carrying amount is increased or decreased to recognise the Group\u2019s share of the change in net assets of the associate or joint venture after the
acquisition date.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders
are initially measured at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. Subsequent to
acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019
share of subsequent changes in equity.
Fair Value Measurement
The Group measures financial instruments such as derivatives and non-listed equity investments at fair value at each Balance Sheet date.
The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy described in Note 27.
Foreign Currencies
The consolidated financial statements are presented in Pounds Sterling, which is the Company\u2019s functional and presentation currency.
The Group includes foreign entities whose functional currencies are not Sterling. On consolidation, the assets and liabilities of those entities are
translated at the exchange rates at the Balance Sheet date and income and expenses are translated at weighted average rates during the period.
Translation differences are recognised in other comprehensive income.
Transactions in currencies other than an entity\u2019s functional currency are recorded at the exchange rate on the transaction date, whilst assets and
liabilities are translated at exchange rates at the Balance Sheet date. Exchange differences are recognised in the Income Statement.
GROUP ACCOUNTING POLICIES
Revenue
Revenue represents the fair value of amounts receivable for goods and services and is stated net of discounts, value added taxes and returns.
Revenue is recognised when control of the goods or services are transferred to the customer i.e. the customer accepts delivery of those goods.
It is the Group\u2019s policy to sell its products to the retail customer with a right to return within 28 days. During the temporary closure of stores caused
by the COVID pandemic, this policy was adjusted to provide customers with the right to return within 28 days of the store reopening. The Group
uses the expected value method to estimate the value of goods that will be returned because this method best predicts the amounts of variable
consideration to which the Group will be entitled. A separate right of return asset is recognised on the face of the Balance Sheet which represents
the right to recover product from the customer. The refund liability due to customers on return of their goods is recognised either as a component of
trade payables and other liabilities (for cash payments) or as a deduction from customer receivables (for purchases using the nextpay credit facility).
Revenue from our Total Platform services is measured at the fair value of the consideration received or receivable and represents amounts
receivable for the provision of services (for example the delivery of stock from the warehouse to retail stores) in the normal course of business, net
of discounts, value added tax and other sales-related taxes.
The Group does not operate any loyalty programmes. Deferred income in relation to gift card redemptions is estimated on the basis of historical
redemption rates. Revenue from gift cards is recognized when the customer redeems the gift card.
Online credit account interest is accrued on a time basis by reference to the principal outstanding, the provision held (where credit impaired) and
the effective interest rate.
Royalty income is received from franchisees and is recognised on an accruals basis in accordance with the substance of the relevant agreements.
Where third-party goods are sold on a commission basis, only the commission receivable is included in statutory revenue. To aid comparability,
\u201ctotal sales\u2019\u2019 are disclosed in the Strategic Report and in Note 1 of the financial statements. Total sales includes the full customer sales value of
commission based sales and interest income, excluding VAT.
Dividends
Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends
(which include special dividends) are recorded in the period in which they are declared by the directors and paid.
Dividend income is recognised when the right to receive payment is established.
Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment.
Depreciation is charged so as to write down the cost of assets to their estimated residual values over their remaining useful lives on a straight-line
basis. Estimated useful lives and residual values are reviewed at least annually.
Estimated useful lives are summarised as follows:
Freehold and long leasehold property 50 years
Plant and equipment 6 \u2013 25 years
Leasehold improvements the period of the lease, or useful life if shorter
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable
net assets acquired. Goodwill is initially measured at cost, being the excess of the acquisition cost over the Group\u2019s interest in the assets and
liabilities recognised. Goodwill is not amortised, but is tested for impairment annually or whenever there is an indication of impairment. For the
purposes of impairment testing, goodwill acquired is allocated to the Cash Generating Unit (CGU) that is expected to benefit from the synergies of
the combination. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use
and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
Business combinations
Acquisitions of businesses are accounted for using the acquisition method. The consideration paid in a business combination is measured at fair
value with acquisition-related costs recognised in profit or loss as incurred. When the consideration paid includes a contingent consideration
arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred
in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted
retrospectively, with corresponding adjustments against goodwill.
At the acquisition date, the identifiable assets liabilities acquired are recognised at their fair value, with the exception of any associated deferred
tax assets or liabilities and assets or liabilities related to employee benefit arrangements which are recognised in accordance with IAS 12 Income
Taxes and IAS 19 Employee Benefits respectively.
Business combinations (continued)
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and
the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable
assets acquired and the liabilities assumed.
Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which
cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. If the initial accounting for
a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts
for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or
additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition
date that, if known, would have affected the amounts recognised as of that date.
Software
Capitalised software costs include both external direct costs of goods and services, and internal payroll-related costs for employees who are directly
associated with the software project.
Development costs are recognised as intangible assets when the following criteria are met:
\u2022 It is technically feasible to complete the software so that it is available for use.
\u2022 Management controls and intends to complete the software for use in the business.
\u2022 There is an ability to use or sell the software.
\u2022 It can be demonstrated how the software will generate probable economic benefits in the future.
\u2022 Adequate technical, financial and other resources are available to complete the project.
Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between 3 and 5
years. Computer software under development is held at cost less any recognised impairment loss and presented as \u201casset under construction\u201d.
Any impairment in value is recognised within the income statement.
Other Intangible Assets
Other intangible assets relate to brand names, website domains and trademarks obtained on acquisition which were initially recognised at fair
value. They are amortised on a straight-line basis over their expected useful lives of 5 \u2013 15 years.
Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate their carrying value may not
be recoverable.
Investments in subsidiaries (Parent Company only)
Investments in subsidiary companies (Parent Company only) are stated at cost, less any impairment.
Investments in associates and joint ventures
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture.
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. Whereas joint ventures are entities over which the Group has joint control over such policies.
The Group\u2019s share of the results of associates and joint ventures is included in the Group income statement and Group statement of comprehensive
income using the equity method of accounting. Investments in associates and joint ventures are carried in the Group balance sheet at cost plus
post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any dividends received and impairment in value. If the Group\u2019s
share of losses in an associate or joint venture equals or exceeds its investment in the associate or joint venture, the Group does not recognise
further losses, unless it has incurred obligations to do so or made payments on behalf of the associate or joint venture.
Dividends received from associates and joint ventures with nil carrying value are recognised in the Group income statement as part of the Group\u2019s
share of post-tax profits/(losses) of associates and joint ventures. Unrealised gains arising from transactions with joint ventures and associates are
eliminated to the extent of the Group\u2019s interest in the entity.
GROUP ACCOUNTING POLICIES
Impairment \u2013 non-financial assets
The carrying values of non-financial assets (excluding goodwill) are reviewed quarterly to determine whether there is any indication of impairment.
If any impairment loss arises, the asset value is adjusted to its estimated recoverable amount and the difference is recognised in the Income
Statement. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets. An asset\u2019s recoverable amount is the higher of an asset or Cash Generating Units
(CGU\u2019s) fair value less costs of disposal and its value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current
market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market
transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.
Inventories
Inventories (stocks) are valued at the lower of standard cost or net realisable value. Standard cost comprises direct materials and, where applicable,
direct labour costs and those overheads that have been incurred in bringing the inventories to the present location and condition. Net realisable
value is based on estimated selling prices less further costs to be incurred to disposal. Where hedge accounting applies, an adjustment is applied
such that the cost of stock reflects the hedged exchange rate.
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity.
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, Fair Value through Other Comprehensive
Income (FVOCI) or Fair Value through Profit or Loss (FVPL).The classification is based on two criteria:
\u2022 the Group\u2019s business model for managing the assets; and
\u2022 whether the instruments\u2019 contractual cash flows represent \u201cSolely Payments of Principal and Interest\u201d on the principal amount outstanding
(the \u201cSPPI criterion\u201d).
A summary of the Group\u2019s financial assets is as follows:
Financial assets Classification under IFRS 9
Derivatives not designated as hedging instruments Fair value through profit or loss
Derivatives designated as hedging instruments Fair value \u2013 hedging instrument
Preference shares Amortised cost \u2013 hold to collect business model and SPPI met
Customer and other receivables Amortised cost \u2013 hold to collect business model and SPPI met
Cash and short term deposits (excluding money market funds) Amortised cost
Non-listed equity instruments Fair value through profit or loss
Under IFRS 9 the Group initially measures a financial asset at its fair value plus directly attributable transaction costs, unless the asset is classified
as FVPL. Transaction costs of financial assets carried at FVPL are expensed in the Income Statement. Further details on the accounting for customer
and other receivables is included in Note 13.
For details on hedge accounting refer to Note 28.
Subsequent measurement
A summary of the subsequent measurement of financial assets is set out below.
Financial assets at FVPL Subsequently measured at fair value. Net gains and losses, including any interest or
dividend income, are recognised in profit or loss.
Financial assets at amortised cost Subsequently measured at amortised cost using the effective interest rate (EIR) method.
The amortised cost is reduced by impairment losses. Interest income, impairment or gain
or loss on derecognition are recognised in profit or loss.
Equity instruments at FVPL These assets are subsequently measured at fair value. Dividends are recognised as
income in profit or loss unless the dividend clearly represents recovery of part of the cost
of investment, in which case they are recognised in profit or loss. Other net gains and
losses are recognised in profit and loss.
Financial instruments \u2013 initial recognition and subsequent
measurement (continued)
Derecognition
A financial asset is derecognised primarily when:
\u2022 the rights to receive cash flows from the asset have expired;
\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
without material delay to a third-party under a \u201cpass-through\u201d arrangement; and either a) the Group has transferred substantially all the
risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset; or
\u2022 the Group has taken actions not to pursue collection, for example in instances of bankruptcy or individual voluntary arrangement.
Impairment \u2013 financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVPL. The most significant financial assets
of the Group are its trade receivables, which are referred to as \u201ccustomer and other receivables\u201d. ECLs are based on the difference between the
contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation
of the original effective interest rate (EIR). For further details on the accounting for ECLs on customer and other receivables refer to Note 13.
Financial liabilities
Initial recognition and measurement
The Group has classified its financial liabilities as follows:
Financial liabilities Classification under IFRS 9
Derivatives not designated as hedging instruments Fair value through profit or loss
Derivatives designated as hedging instruments Fair value \u2013 hedging instrument
Interest-bearing loans and borrowings:
\u2003Corporate bonds Amortised cost \u2013 designated in hedge relationships
\u2003Bank loans and overdrafts Amortised cost
Trade and other payables Amortised cost
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
transaction costs.
Subsequent measurement
A summary of the subsequent measurement of financial liabilities is set out below.
Financial liabilities at FVPL Subsequently measured at fair value. Gains and losses are recognised in the Income Statement.
Loans and borrowings Subsequently measured at amortised cost using the EIR method. The EIR amortisation is included in finance costs
in the Income Statement.
Corporate bonds Subsequently measured at amortised cost and adjusted where hedge accounting applies (see interest rate
derivatives on page 187). Accrued interest is included within other creditors and accruals.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability
is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the Income Statement.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable
legal right to offset the recognised amounts and there is an intention and ability to settle on a net basis, to realise the assets and settle the
liabilities simultaneously.
GROUP ACCOUNTING POLICIES
Customer and Other Receivables
Customer receivables are outstanding customer balances less an allowance for impairment. Customer receivables are recognised when the Group
becomes party to the contract which happens when the goods are dispatched. They are derecognised when the rights to receive the cash flows
have expired, e.g. due to the settlement of the outstanding amount or where the Group has transferred substantially all the risks and rewards
associated with that contract. Other trade receivables are stated at invoice value less an allowance for impairment. Customer and other receivables
are subsequently measured at amortised cost as the business model is to collect contractual cash flows and the debt meets the SPPI criterion.
Impairment
In accordance with the accounting policy for impairment \u2013 financial assets, the Group recognises an allowance for ECLs for customer and other
receivables. IFRS 9 requires an impairment provision to be recognised on origination of a customer advance, based on its ECL.
The Group has taken the simplification available under IFRS 9 paragraph 5.5.15 which allows the loss amount in relation to a trade receivable to
be measured at initial recognition and throughout its life at an amount equal to lifetime ECL. This simplification is permitted where there is either
no significant financing component (such as customer receivables where the customer is expected to repay the balance in full prior to interest
accruing) or where there is a significant financing component (such as where the customer expects to repay only the minimum amount each
month), but the directors make an accounting policy choice to adopt the simplification. Adoption of this approach means that Significant Increase
in Credit Risk (SICR) and Date of Initial Recognition (DOIR) concepts are not applicable to the Group\u2019s ECL calculations.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.
ECL is the product of the probability of default (PD), exposure at default (EAD) and loss given default (LGD), discounted at the original EIR.
The assessment of credit risk and the estimation of ECL are required to be unbiased, probability-weighted and should incorporate all available
information relevant to the assessment, including information about past events, current conditions and reasonable and supportable forecasts of
economic conditions at the reporting date. The forward looking aspect of IFRS 9 requires considerable judgement as to how changes in economic
factors might affect ECLs. The ECL model applies four macroeconomic scenarios including a base case which is viewed by management to be the
most likely outturn, together with an upside, downside and extreme scenario. A 40% weighting is applied to the base case and 30% to the upside
scenario, 25% to the downside scenario and 5% to the extreme scenario.
IFRS 9 \u201cFinancial instruments\u201d paragraph 5.5.20 ordinarily requires an entity to not only consider a loan, but also the undrawn commitment and
the ECL in respect of the undrawn commitment, where its ability to cancel or demand repayment of the facility does not limit its exposure to the
credit risk of the undrawn element. However, the guidance in IFRS 9 on commitments relates only to commitments to provide a loan (that is, a
commitment to provide financial assets, such as cash) and excludes from its scope rights and obligations from the delivery of goods as a result of
a contract with a customer within the scope of IFRS 15 \u201cRevenue from contracts with customers\u201d (that is, a sales commitment). Thus, the sales
commitment (unlike a loan commitment) is not a financial instrument, and therefore the impairment requirements in IFRS 9 do not apply until
delivery has occurred and a receivable has been recognised.
Impairment charges in respect of customer receivables are recognised in the Income Statement within \u201cImpairment losses on customer and
other receivables\u201d.
Delinquency is taken as being in arrears and credit impaired is taken as being the loan has defaulted, which is considered to be the point at which
the debt is passed to an internal or external Debt Collection Agency (DCA) and a default registered to a Credit Reference Agency (CRA), or any debt
90 days past due. Delinquency and default are relevant for the estimation of ECL, which segments the book by customer indebtedness, banded into
4 risk bands by arrears stage (See Note 28).
Financial assets are written off when there is no reasonable expectation of recovery, such as when a customer fails to engage in a repayment plan
with the Group. If recoveries are subsequently made after receivables have been written off, they are recognised in profit or loss.
The key inputs into the ECL calculation are:
PD: \u201cProbability of Default\u201d is an estimate of the likelihood of default over the expected lifetime of the debt. NEXT has assessed the expected
lifetime of customer receivables and other trade receivables, based on historical payment practices. The debt is segmented by arrears
stage, Experian\u2019s Consumer Indebtedness Index (a measure of customers\u2019 affordability) and expected time of default.
EAD: \u201cExposure at Default\u201d is an estimate of the exposure at that future default date, taking into account expected changes in the exposure after
the reporting date, i.e. repayments of principal and interest, whether scheduled by the contract or otherwise and accrued interest from
missed payments. This is stratified by arrears stage, Experian\u2019s Consumer Indebtedness Index and expected time of default.
LGD: \u201cLoss Given Default\u201d is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference
between the contractual cash flows due and those that NEXT would expect to receive, discounted at the original EIR. It is usually expressed
as a percentage of the EAD. NEXT includes all cash collected over five years from the point of default.
The Group uses probability weighted economic scenarios that are integrated into the model, in order to evaluate a range of possible outcomes
as is required by IFRS 9. An analysis of historical performance suggests that the expected performance of the book is most closely aligned to the
forecast change in unemployment rate. However, management considers that the inputs and models used for the ECLs may not always capture
all characteristics of the market at the Balance Sheet date. To reflect this qualitative adjustments or overlays are made, based on external data,
historical performance and future expected performance.
Other Financial Assets and Liabilities:
Derivative Financial Instruments and Hedge Accounting
Derivative financial instruments (\u201cderivatives\u201d) are used to manage risks arising from changes in foreign currency exchange rates relating to the
purchase of overseas sourced products, overseas sales and changes in interest rates relating to the Group\u2019s debt. In accordance with its treasury
policy, the Group does not enter into derivatives for speculative purposes. Foreign currency and interest rate derivatives are stated at their fair
value, being the estimated amount that the Group would receive or pay to terminate them at the Balance Sheet date based on prevailing foreign
currency and interest rates.
The Group designates certain derivatives as either:
a. Hedges of fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or
b. Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge).
Hedge documentation
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge
accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will
assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness
and how the hedge ratio is determined).
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:
\u2022 There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument.
\u2022 The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged items that the Group actually hedges
and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of the hedged item.
Interest rate derivatives \u2013 fair value hedges
The Group uses interest rate derivatives to hedge part of the interest rate risk associated with the Group\u2019s corporate bonds. The carrying values of
the relevant bonds are adjusted only for changes in fair value attributable to the interest rate risk being hedged. The adjustment is recognised in
the Income Statement and is offset by movements in the fair value of the derivatives.
For fair value hedges relating to items carried at amortised cost, any adjustment to the carrying value is amortised through profit or loss over the
remaining term of the hedge using the EIR method. The EIR amortisation may begin as soon as an adjustment exists and no later than when the
hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged.
If the hedged item is derecognised, the unamortised fair value is recognised immediately in profit or loss.
GROUP ACCOUNTING POLICIES
Foreign currency derivatives \u2013 cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion
is recognised immediately in the Income Statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the
hedging instrument and the cumulative change in fair value of the hedged item.
The Group uses forward currency and option contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm
commitments. Where forward contracts are used to hedge forecast transactions, the Group designates the change in fair value relating to both
the spot and forward components as the hedging instrument. The ineffective portion relating to foreign currency contracts is recognised as other
gains/losses in the Income Statement.
The fair value of option contracts are divided into two portions:
\u2022 the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and
\u2022 the time value \u2013 which is the remaining value of the option which reflects the volatility of the price of the underlying and the time remaining
to maturity.
In accordance with IFRS 9 \u201cFinancial instruments\u201d, the Group designates the intrinsic value of foreign currency options as hedging instruments for
hedging relationships entered into. The intrinsic value is determined with reference to the relevant spot market exchange rate. Changes in the time
value of the options that relate to the hedged item are deferred in the cost of hedging reserve and recognised against the related hedge transaction
when it occurs.
The amounts accumulated in the cash flow hedge reserve are accounted for depending on the nature of the underlying hedged transaction.
If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the
separate component of equity and included in the initial cost for the carrying amount of the hedged asset or liability. The deferred amounts are
ultimately recognised in profit or loss as the hedged item affects profit or loss (e.g. when inventory impacts cost of sales). This is not a reclassification
adjustment and will not be recognised in OCI for the period.
For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period
or periods during which the hedged cash flows affect profit or loss.
Cash and Cash Equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial
institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value, credit card receipts and bank overdrafts. Amounts held in money
market funds are held at fair value through the profit and loss and are valued using Level 1 inputs. Bank overdrafts are shown within borrowings in
current liabilities in the Balance Sheet. Refer to Note 30 of the financial statements.
Pension Arrangements
The Group provides pension benefits which include both defined benefit and defined contribution arrangements. Pension assets are held in
separate trustee administered funds and the Group also provides other, unfunded, pension benefits to certain members.
The cost of providing benefits under the defined benefit and unfunded arrangements are determined separately for each plan using the projected
unit credit method, with actuarial valuations being carried out at each Balance Sheet date by external actuaries. The present value of the defined
benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are
denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension
obligation. A net pension asset is only recognised to the extent that it is expected to be recoverable in the future through a cash refund or a
reduction in future payments.
The current service cost of the defined benefit plan is recognised in the Income Statement as an employee benefit expense. The net interest cost is
calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the plan assets.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive
income in the period in which they arise.
The cost of defined contribution schemes is recognised in the Income Statement as incurred. The Group has no further payment obligations once
the contributions have been paid.
Share-based Payments
The fair value of employee share options is calculated when they are granted using a Black-Scholes model and the fair value of equity-settled LTIP
awards is calculated at grant using a Monte Carlo model. The resulting cost is charged in the Income Statement, as an employee benefit expense,
over the vesting period of the option or award together with a corresponding increase in equity. The cumulative expense recognised is the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Income Statement for a period represents
the movement in cumulative expense recognised as at the beginning and end of that period.
Service and non-service performance conditions are not taken into account when determining the grant date fair value of awards, but the
likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
Market performance conditions are reflected within the grant date fair value.
No expense is recognised for awards that do not ultimately vest because of non-market performance and/or service conditions that have not been
met. When awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-
vesting condition is satisfied, provided that all other performance and/or service conditions are met.
The social security contributions payable in connection with the grant of the share options or LTIP award is considered an integral part of the grant
itself, and the charge is treated as a cash-settled transaction. For cash-settled awards, the fair value of the liability is determined at each Balance
Sheet date and the cost is recognised in the Income Statement over the vesting period.
Taxation
Taxation, comprised of current and deferred tax, is charged or credited to the Income Statement unless it relates to items recognised in other
comprehensive income or directly in equity. In such cases, the related tax is also recognised in other comprehensive income or directly in equity.
Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at
the Balance Sheet date.
Deferred tax is accounted for using the Balance Sheet liability method on temporary differences between the tax bases of assets and liabilities and
their carrying amounts. It is calculated using rates of taxation enacted or substantively enacted at the Balance Sheet date which are expected to
apply when the asset or liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it
is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is not recognised in
respect of investments in subsidiaries and associates where the reversal of any taxable temporary differences can be controlled and are unlikely
to reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and there is an
intention to settle the balances on a net basis.
Tax provisions are recognised when there is a potential exposure to an uncertain tax position. Management uses professional advisers and in-house
tax experts to determine the amounts to be provided.
Share Buybacks
The Group has regularly returned surplus cash to shareholders through share buybacks. Shares purchased for cancellation are deducted from
retained earnings at the total consideration paid or payable. The Company also uses contingent share purchase contracts and irrevocable closed
period buyback programmes; the obligation to purchase shares is recognised in full at the inception of the contract, even when that obligation is
conditional on the share price. Any subsequent reduction in the obligation caused by the expiry or termination of a contract is credited back to
equity at that time. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.
Shares Held by ESOT
The NEXT Employee Share Ownership Trust (ESOT) provides for the issue of shares to Group employees, principally under share option schemes.
Shares in the Company held by the ESOT are included in the Balance Sheet at cost, including any directly attributable incremental costs, as a
deduction from equity.
Provisions
A provision is recognised where the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an
outflow of economic benefits will be required to settle the obligation. Provisions are measured at the present value of the expenditures expected
to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific
to the obligation. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
GROUP ACCOUNTING POLICIES
Lease Accounting
Group as lessee
At inception of a contract the Group assesses whether the contract is or contains a lease. A lease is present where the contract conveys, over a
period of time, the right to control the use of an identified asset in exchange for consideration. Where a lease term ends and the Group remains
within the site on holdover terms, the rental costs associated with this arrangement are recognised in the Income Statement as incurred.
Where a lease is identified the Group recognises a right-of-use asset and a corresponding lease liability, except for short-term leases (defined as
leases with a lease term of 12 months or less) and leases of low value assets.
Lease liability \u2013 initial recognition
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments
are discounted at the Group\u2019s incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
\u2022 fixed lease payments (including in-substance fixed payments), less any lease incentives;
\u2022 variable lease payments such as those that depend on an index or rate (such as RPI), initially measured using the index or rate at the
commencement date;
\u2022 the amount expected to be payable by the lessee under residual value guarantees;
\u2022 the exercise price of purchase options where the Group is reasonably certain to exercise the options; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is presented as a separate line in the Consolidated Balance Sheet, split between current and non-current liabilities.
Lease liability \u2013 subsequent measurement
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest
method) and by reducing the carrying amount to reflect the lease payments made.
Lease liability \u2013 remeasurement
The lease liability is remeasured where:
\u2022 there is a change in the assessment of exercise of an option, in which case the lease liability is remeasured by discounting the revised lease
payments using a revised discount rate;
\u2022 the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which
cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments
change is due to a change in a floating interest rate, in which case a revised discount rate is used); or
\u2022 the lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured
by discounting the revised lease payments using a revised discount rate.
When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset unless its carrying amount is reduced to zero, in
which case any remaining amount is recognised in profit or loss.
Where the lease liability is denominated in a foreign currency it is retranslated at the Balance Sheet date with foreign exchange gains and losses
recognised in profit or loss.
Right-of-use asset \u2013 initial recognition
The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease incentives received, lease payments made
at or before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and
impairment losses.
Where the Group has an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying
asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. The costs are
included in the related right-of-use asset, unless those costs are incurred to produce inventories.
The right-of-use asset is presented as a separate line in the Balance Sheet.
Right-of-use asset \u2013 subsequent measurement
Right-of-use assets are depreciated over the shorter of the lease term and useful life of the underlying asset.
Lease Accounting (continued)
Impairment
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the
\u2018Impairment \u2013 non-financial assets\u2019 policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset.
The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-
lease components as a single arrangement. The Group has not used this practical expedient.
Short term leases and low value assets
For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless
another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The Group as lessor
The Group enters into lease agreements as a lessor with respect to some of its properties.
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a
finance or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the
lease term.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases.
Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding
in respect of the leases.
Sale and leaseback
A sale and leaseback transaction is where the Group sells an asset and reacquires the use of the asset by entering into a lease with the counterparty.
A sale is recognised when control of the underlying asset passes to the counterparty. The asset sold is derecognised and a lease liability and right-
of-use asset recognised in relation to the lease. Any gain or loss arising on the transaction is recognised in the Income Statement and relates to the
rights transferred to the counterparty.
Government Grants
Grants are recognised only when there is reasonable assurance that the Group will comply with the conditions attached to them and that the
grants will be received. Grants that are receivable as compensation for expenses already incurred are recognised in profit or loss in the period in
which they become receivable.
GROUP ACCOUNTING POLICIES
Climate change
In preparing the financial statements we have considered the potential impact of climate change. Given the identified risks are expected to be
present in the medium to long term our focus has been on the non-current assets within the Balance Sheet.
Specifically, for the material non-current assets, we note the following:
\u2022 The plant, property and equipment associated with our stores have relatively short useful lives (in line with the store lease terms which average
5 years) and hence would not be at risk in the medium to long term. Furthermore, based on our current lease profile, we expect any potential
future store refurbishments to be phased over several years and therefore any changes in the requirements associated with climate change
would not have a material impact in any given year.
\u2022 For the right-of-use assets associated with our warehouse and head office, and the machinery in our new E3 warehouse, the risk from climate
change is not considered material. The warehouse and head office sites are located in areas which we would not expect to be physically
impacted by climate change while the risk of impairment on such assets, for example due to the introduction of environmental taxes, is
considered remote given the strong operational margins generated by the Online business which they support.
\u2022 The intangible assets, which consist of goodwill, brands and internally generated software, are either fully recoverable or have a useful life less
than 10 years and hence do not fall within the medium to long term risk profile. Hence, we would not expect the identified risks to impact
these assets.
\u2022 The Associates, joint ventures and other investments comprise our equity investments. These businesses also operate in the retail and online
fashion sector and consequently have a similar asset and risk profile to NEXT. There is no indication of any specific climate related risks to their
assets or business that would represent a material risk to the carrying value of these investments.
\u2022 Defined benefit pension assets covering gilts, property based investments and equity investments are diverse and, in the context of the climate
change horizons, relatively liquid. The pension scheme is therefore able to amend its investment portfolio and strategy within a relatively short
time horizon to ensure its assets are not at material risk from climate change.
The other non-current assets were also reviewed and no risk identified. Current assets, by their nature, are expected to be fully utilised within the
business in the short term and no climate risk has been identified in this time horizon.
As a consequence there has been no material impact on the financial reporting judgements and estimates applied in the preparation of the 2023
Annual Report and Accounts. Please see page 91 of the Annual Report and Accounts for further detail on our climate change assessment.
Major Sources of Estimation Uncertainty and Judgement
The preparation of the financial statements requires estimates and assumptions to be made that affect the reported values of assets, liabilities,
revenues and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the year in which the estimate is revised and in any future years affected.
Control implications of investment in Reiss
On 28 February 2022, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d). Upon review of the Shareholders\u2019
Agreement there are certain operational and financial matters which require joint agreement from all shareholders. Therefore, even though NEXT
now holds 51% of the equity shares, management has formed a judgement that it does not have control over Reiss and so it has been accounted
for as a joint venture.
In applying the Group\u2019s accounting policies described above, the directors have identified that the following areas are the key estimates that have
a significant risk of resulting in a material adjustment to the carrying value of assets and liabilities in the next financial year.
Defined benefit pension assumptions
The assumptions applied in determining the defined benefit pension obligation (Note 20), are particularly sensitive. Advice is taken from a qualified
actuary to determine appropriate assumptions at each Balance Sheet date. The actuarial valuation involves making assumptions about discount
rates, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of
these plans, such estimates are subject to significant uncertainty. A sensitivity analysis is shown in Note 20. In determining the appropriate discount
rate, management considers the interest rates of high quality UK corporate bonds, with extrapolated maturities corresponding to the expected
duration of the obligation. The mortality rate is based on publicly available mortality tables.
Expected credit losses on Online customer and other receivables
The allowance for ECL (Note 13) is calculated on a customer-by-customer basis, using a combination of internally and externally sourced information,
including expected future default levels (derived from historical defaults, overlaid by arrears and indebtedness profiles, and third party macro-
economic forecasts) and future predicted cash collection levels (derived from past trends and future projections).
Prior to default, the greatest sensitivity relates to the ability of customers to afford their payments (impacting the Probability of Default (PD) and,
to a lesser extent, the Exposure at Default (EAD)). Once a customer receivable has defaulted, there is limited sensitivity in expected recoveries due
to the lack of significant variability in cash collection levels post default.
Of the total ECL (Note 28), \u00a387.8m relates to defaulted debt (without significant uncertainty) and \u00a3114.7m is for non defaulted debt, where
significant estimation uncertainty exists. The remainder of the section relates to non defaulted debt.
Major Sources of Estimation Uncertainty and Judgement (continued)
Expected credit losses on Online customer and other receivables (continued)
Macroeconomic Uplift
The first main area of major estimation uncertainty in calculating the ECL is the impact of a change in unemployment. Management uses an
independent forecast of unemployment, provided by Experian, and weights the effect of the expected, low, high and extreme scenarios in the
proportions 40/30/25/5. The expected scenario assumes a central unemployment rate peaking at 5.7% in Q4 2024. This weighted view adds
\u00a312.5m to the underlying model ECL.
If the extreme unemployment scenario was used instead (peaking at 9.6% in Q1 2025), this would add a further \u00a318m of ECL. If the high
unemployment scenario was used (peaking at 7.3% in Q1 2025), this would add a further \u00a37m of ECL. Lastly, if the low unemployment scenario
was used (peaking at 4.4% at Q4 2024), this would reduce the ECL by \u00a37m.
The second main area of major estimation uncertainty in calculating the ECL is the impact that the current cost of living pressures may have on
customer payment behaviour. In order to reflect the underlying risk in the loan book, the following factors have been incorporated into the provision:
1) Downgrading the underlying base to the pre-COVID arrears and indebtedness profile
The underlying distribution of arrears and consumer indebtedness scores from before the COVID pandemic have been overlaid on the ECL
calculation in order to adjust recent performance trends. This is because the Consumer Indebtedness Index (CII) scores and the arrears profile of
customers are key inputs in the underlying ECL model and management considers that the underlying risk characteristics have not yet returned to
normalised levels. This adjustment, using pre-COVID arrears and indebtedness profiles, contributes \u00a313.1m to the ECL.
2) Recognition of the ongoing risk of an increased ECL for customers who have shown recent indicators of distress and are therefore considered
to be at higher risk of default
With the UK experiencing record levels of inflation, disposable income is likely to be further constricted as the effects of mortgage rate rises start
to flow through into household budgets and energy bills remain elevated. Management believe this may adversely impact the recoverability of
customer receivables, specifically customers who have previously shown signs of distress. A further overlay to increase the provision coverage of
these customers to align with that of those customers in the highest risk banding (relating to their current arrears stage) has been applied, which
forms \u00a324.4m of the total ECL. We are not explicitly predicting that these customers will move towards a higher level of indebtedness (per the CII)
but we are using this model mechanism to apply an appropriate and understood multiplier on the risk levels of these particular customers.
Sensitivity to the Probability of Default
Following application of the above two overlays, Management believes that there is adequate provision for ECL based on a stressed, but realistic
level of payments. The primary area of estimation uncertainty which could have a material impact to the provision is the probability of default.
Whilst considered unlikely, if the probability of default were to double, this would increase the provision by \u00a328.2m .
In the five weeks following the year end date, \u00a30.2bn of the \u00a31.3bn NEXT customer and other trade receivables has been recovered.
Other areas of estimation uncertainty and judgement
In addition, in applying the Group\u2019s accounting policies described above, the directors have identified the following areas as key estimates and
judgements that relate to balances which the directors consider to be of particular importance to understanding the nature of the Balance Sheet.
A significant change in these estimates could result in a significant (but not material) adjustment to the carrying value of assets and liabilities in the
next financial year.
Net realisable value of inventories
The selling prices of inventory are estimated to determine the net realisable value of inventory. Historical sales patterns and post year end trading
performance are used to determine these. A 2% change in the volume of inventories going to clearance would impact the net realisable value by
circa \u00a36m. A 2% change in the level of markdown applied to the selling price would impact the value of inventories going to clearance by circa \u00a38m.
Major Sources of Estimation Uncertainty and Judgement (continued)
Impairment of right-of-use assets and property, plant and equipment
Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying
amount may not be recoverable or a previous impairment should be reversed. Key triggers considered by management include store (i.e. CGU)
sales varying significantly from previous forecasts, significant changes in the cost base (for example due to a rent review) and whether any new,
wider economic factors may impact the forecast performance. When an impairment review is performed, the recoverable amount is based on
the higher of the value in use and fair value less costs to sell. The value in use method requires the Group to apply assumptions in performing its
assessment of future cash flows over the useful life of the asset. Key assumptions used are the Board approved budget for year 1, growth rate to be
applied to the cash flows and the risk adjusted pre-tax discount rate used to discount the assumed cash flows to present value.
The cash flow projections include assumptions on store performance throughout the remaining contractual lease term. In particular, the expected
decline in like-for-like Retail sales in the budget for 2023/24 and the subsequent assumptions on our like-for-like Retail sales represent sources of
significant estimation uncertainty. A future change to the assumption of sales growth would result in a reassessment of the value in use and could
give rise to a significant change in the impairment recognised.
Retail store performance in the year has significantly exceeded management\u2019s previous expectations. This better than expected performance
has informed management\u2019s view on the 2023/24 budget and following a review of CGU forecast performance, there has been a reversal of the
previous impairment of \u00a337.6m. Management\u2019s budget for 2023/24 assumes a year on year reduction in sales of -4.5% and then a longer term
decline of -6% in line with the observed 3 year decline in the pre COVID period. A reduction in the forecast sales in the year 1 budget of -2%, with no
subsequent changes to sales, would result in an increase in the impairment charge of circa \u00a31m. A larger change of -4% would result in an increased
impairment charge of circa \u00a32m.
In the prior year the impairment charge had been significant. Accordingly a change in the discount rate applied to the impairment model would
have resulted in a significant change in the impairment recognised. However, the remaining balance, following the reversal in the year, is now
relatively low in value and hence a change in the discount rate no longer has a significant impact.
Management has assessed its online business to be a CGU. There have been no indicators in the current year or prior year of any impairment.
Adoption of new accounting standards, interpretations and amendments
The Group has applied the following interpretations and amendments for the first time in these financial statements:
\u2022 Reference to Conceptual Framework \u2013 amendments to IFRS 3
\u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2013 amendments to IAS 16
\u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 amendments to IAS 37
\u2022 Annual Improvements to IFRS Standards 2018-2020
The application of these new interpretations and amendments did not have a material impact on the financial statements.
Certain new accounting standards and interpretations have been published that are not yet effective and have not been adopted by the
Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable
future transactions.
Alternative performance measures (APMs)
Management exercises judgement in determining the adjustments to apply to IFRS measurements in order to derive suitable APMs. As set out
on pages 72 to 73, APMs are used as management believe these measures provide additional useful information on the trends, performance and
position of the Group. These measures are used for performance analysis by the Board. The APMs are not defined by IFRS and therefore may not
be directly comparable with other companies\u2019 APMs. These measures are not intended to be a substitute for, or superior to, IFRS measurements.
1.\u2002Segmental Analysis
The Group\u2019s operating segments are determined based on the Group\u2019s internal reporting to the Chief Operating Decision Maker (CODM). The CODM
has been determined to be the Group Chief Executive, with support from the Board. The performance of operating segments is assessed on
operating profit, excluding equity-settled share option charges recognised under IFRS 2 \u201cShare-based payment\u201d and unrealised gains or losses on
derivatives which do not qualify for hedge accounting.
The Property Management segment holds properties and property leases which are recharged to other segments and external parties.
The International Retail, Sourcing and other segment comprises franchise and wholly owned stores overseas and our sourcing business.
International online sales are included in the NEXT Online segment. Joules represents the results from the Joules business acquired in 2022.
Where third-party branded goods are sold on a commission basis, only the commission receivable is included in statutory revenue. \u201cTotal Group
Sales\u201d represents the full customer sales value of commission based sales, interest income and service income, excluding VAT. Under IFRS 15
\u201cRevenue from contracts with customers\u201d, total sales have also been adjusted for customer delivery charges, promotional discounts, Interest Free
Credit commission costs and expired gift card balances (See \u201cOther IFRS 15 adjustments\u201d in the table overleaf). The CODM uses the Total Group
sales as a key metric in assessing segment performance; accordingly, this is presented below and then reconciled to the statutory revenue.
Segment analysis restatement
During the financial year to 28 January 2023, the segment revenue and profit used by the CODM changed as set out below:
1. Lipsy
The Group had previously split the profit generated from selling Lipsy goods through the NEXT website between NEXT Online and the Lipsy
division. Given all of Lipsy\u2019s online sales are reported within NEXT Online, the Group will now present all of these associated profits within
NEXT Online and therefore for comparative purposes has restated segment sales and revenue and profit for the 52 weeks to 29 January 2022.
This does not impact Group profit and is a change in presentation within this note only. Under the previous approach, prior to the restatement,
the Lipsy profit was \u00a327.1m (2022: \u00a320.5m). As a result of this change:
1) Segment profit for NEXT Online increases by \u00a327.5m (2022: \u00a318.0m).
2) NEXT Finance profit increases by \u00a311.7m (2022: \u00a37.7m) as Lipsy previously received a benefit for its contribution towards the NEXT
Finance business.
3) International Retail, Sourcing and Other has an additional cost of \u00a312.1m (2022: \u00a35.2m).
Lipsy\u2019s assets, capital expenditure and depreciation are included within NEXT Online.
2. Total Platform
In the prior financial year, the financial performance of Total Platform was reported across two segments:
(1) profit on sales was reported within NEXT Online; and
(2) equity returns were reported separately within \u201cShare of results of associates and joint venture\u201d.
The Total Platform business has grown significantly in the last 12 months and therefore sales and profits will be presented within its own
segment for better understanding of the performance of Total Platform. As a result, the prior year segment revenue and profits have been
restated so that all Total Platform related profit is presented in its own segment. This has no impact on Group profit.
As a result of this change:
1) Total Platform segment reports profit of \u00a319.3m (2022: \u00a36.9m);
2) NEXT Online\u2019s segment profit decreases by \u00a35.1m (2022: \u00a32.1m); and
3) Profit shown in \u201cShare of results of associates and joint ventures\u201d decreases by \u00a314.3m (2022: \u00a34.8m).
Total Platform\u2019s assets, capital expenditure and depreciation are reported within the NEXT Online segment as the assets are shared with the
Online business.
In addition to the above we have aggregated NEXT International Retail and NEXT Sourcing and some residual Lipsy wholesale sales and central
costs into a single line \u201cInternational Retail, Sourcing and Other\u201d. None of these changes impact the overall Group operating profit as they relate
to presentation and reclassifications only. Note that the profit impacts noted for Lipsy and Total Platform above are rounded to 0.1 decimal place.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
1.\u2002Segmental Analysis (continued)
Segment sales and revenue
52 weeks to 28 January 2023
Total sales
excluding
VAT
\u00a3m
Commission
sales
adjustment
\u00a3m
Other
IFRS 15
adjustments
\u00a3m
External
revenue
\u00a3m
Internal
revenue
\u00a3m
Total
segment
revenue
\u00a3m
NEXT Online 3,006.6 (329.2) 66.2 2,743.6 0.6 2,744.2
NEXT Finance 274.4 \u2013 \u2013 274.4 \u2013 274.4
NEXT Retail 1,865.1 (17.1) 1.1 1,849.1 0.4 1,849.5
Total Trading Sales 5,146.1 (346.3) 67.3 4,867.1 1.0 4,868.1
Total Platform 144.4 (101.5) \u2013 42.9 \u2013 42.9
Joules 32.8 \u2013 \u2013 32.8 \u2013 32.8
Property Management 18.9 \u2013 \u2013 18.9 156.1 175.0
International Retail, Sourcing and other 72.3 \u2013 \u2013 72.3 530.2 602.5
Total segment sales/revenue 5,414.5 (447.8) 67.3 5,034.0 687.3 5,721.3
Eliminations \u2013 \u2013 \u2013 \u2013 (687.3) (687.3)
Total 5,414.5 (447.8) 67.3 5,034.0 \u2013 5,034.0
Included within external revenue is \u00a3123.7m (2022: \u00a3110.4m) related to sales made through the redemption of gift cards.
52 weeks to 29 January 2022 *restated
Total sales
excluding
VAT
\u00a3m
Commission
sales
adjustment
\u00a3m
Other
IFRS 15
adjustments
\u00a3m
External
revenue
\u00a3m
Internal
revenue
\u00a3m
Total
segment
revenue
\u00a3m
NEXT Online 3,064.7 (273.7) 72.1 2,863.1 \u2013 2,863.1
NEXT Finance 249.4 \u2013 \u2013 249.4 \u2013 249.4
NEXT Retail 1,432.4 (7.2) 0.7 1,425.9 0.2 1,426.1
Total Trading sales 4,746.5 (280.9) 72.8 4,538.4 0.2 4,538.6
Total Platform 39.1 (27.8) \u2013 11.3 \u2013 11.3
Joules \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Property Management 12.7 \u2013 \u2013 12.7 167.3 180.0
International Retail, Sourcing and other 63.5 \u2013 \u2013 63.5 488.0 551.5
Total segment sales/revenue 4,861.8 (308.7) 72.8 4,625.9 655.5 5,281.4
Eliminations \u2013 \u2013 \u2013 \u2013 (655.5) (655.5)
Total 4,861.8 (308.7) 72.8 4,625.9 \u2013 4,625.9
1.\u2002Segmental Analysis (continued)
Segment profit
52 weeks to
28 January
2023
\u00a3m
52 weeks to
29 January
2022
*Restated
\u00a3m
52 weeks to
29 January
2022
previously
reported
\u00a3m
NEXT Online 467.3 604.4 588.5
NEXT Finance 170.5 149.5 141.8
NEXT Retail 240.5 107.0 107.0
Profit from Trading 878.3 860.9 837.3
Total Platform (including share of results from associates and joint ventures) 19.3 6.9 \u2013
Joules (4.1) \u2013 \u2013
Lipsy \u2013 \u2013 20.5
Property Management 37.0 10.8 10.8
International Retail, Sourcing and other 28.1 28.5 33.7
Total segment profit 958.6 907.1 902.3
Central costs and other (10.9) (15.2) (15.2)
Recharge of interest 34.4 30.9 30.9
Share option charge (24.3) (19.9) (19.9)
Unrealised foreign exchange (losses)/gains (16.3) 2.5 2.5
Share of results of associates and joint ventures \u2013 \u2013 4.8
Operating profit 941.5 905.4 905.4
Finance income 5.7 4.2 4.2
Finance costs (77.9) (86.5) (86.5)
Profit before tax 869.3 823.1 823.1
In the Chief Executive\u2019s Review the segment loss from Joules, adjusted to remove the non controlling interest, is presented as part of Total Platform.
Transactions between operating segments are made on an arm\u2019s length basis in a manner similar to those with third-parties. Segment revenue
and segment profit include transactions between business segments which are eliminated on consolidation. The substantial majority of NEXT
Sourcing\u2019s revenues and profits are derived from sales to NEXT Retail and NEXT Online. Further detail on the segment performance is provided in
the Chief Executive\u2019s Review.
1.\u2002Segmental Analysis (continued)
Segment assets, capital expenditure and depreciation
Property, plant, equipment
and software
Right-of-use
assets
Capital expenditure
inc. software
Depreciation and
amortisation
2023
\u00a3m
2022
*restated
\u00a3m
2023
\u00a3m
2022
*restated
\u00a3m
2023
\u00a3m
2022
*restated
\u00a3m
2023
\u00a3m
2022
*restated
\u00a3m
NEXT Online 445.1 337.5 132.8 94.9 144.9 130.8 46.8 36.3
NEXT Finance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
NEXT Retail 205.7 213.2 521.0 534.6 63.6 50.3 168.0 181.1
Joules 8.3 \u2013 \u2013 \u2013 0.5 \u2013 1.1 \u2013
Property Management 55.6 83.7 5.3 5.0 38.5 79.8 0.3 (0.3)
International Retail,
Sourcing and other 1.5 2.0 2.9 4.6 0.6 1.0 3.8 3.6
Total 716.2 636.4 662.0 639.1 248.1 261.9 220.0 220.7
These assets are allocated based on the operations of the segment and the physical location of the asset. Impairment charges and reversals in
relation to property, plant and equipment are included in the NEXT Retail segment.
Analyses of the Group\u2019s external revenues (by customer location) and non-current assets (by geographical location) are detailed below. Non current
assets include plant, property and equipment and intangible assets. It does not include right-of-use assets (disclosed separately), investments, the
deferred tax asset or financial assets.
External revenue by geographical location
2023
\u00a3m
2022
\u00a3m
United Kingdom 4,290.7 3,837.5
Rest of Europe 415.3 447.0
Middle East 235.6 247.0
Asia 48.5 53.0
Rest of World 43.9 41.4
Total 5,034.0 4,625.9
Non-current assets by geographical location
2023
\u00a3m
2022
\u00a3m
United Kingdom 746.6 644.5
Rest of Europe 3.5 3.5
Middle East 4.3 4.4
Asia 27.5 28.0
Total 781.9 680.4
Right-of-use assets by geographical location
2023
\u00a3m
2022
\u00a3m
United Kingdom 637.0 615.3
Rest of Europe 22.1 19.2
Asia 2.9 4.6
Total 662.0 639.1
3.\u2002Operating Profit (continued)
The Group has reviewed its store impairment models and its forecasts following identification of impairment triggers (being significant change in
sales or significant change in cost base following rent reviews). As a result, where stores have performed significantly better than expected a net
reversal of amounts previously impaired has been recognised of \u00a334.9m (2022: \u00a31.2m) on right-of-use assets and \u00a32.7m (2022: \u00a33.1m) on plant,
property and equipment. This assessment involved a significant degree of estimation in order to determine the impairment required/reversed;
refer to the Major Sources of Estimation Uncertainty and Judgement section with our Group Accounting Policies for further detail.
In the prior year the Group received funds of \u00a316.2m associated with the Job Retention Scheme. These were recognised in cost of sales at \u00a316.1m
and distributions costs at \u00a30.1m based on where the associated staff payroll costs are recognised. All receipts from the Job Retention Scheme were
paid in full to staff on furlough. This has been recognised as a grant in accordance with the group\u2019s accounting policy.
Cost of inventories recognised as an expense consists of those costs which are directly attributable to goods sold in the year, including packaging
and inbound freight costs.
Other gains/losses reported in the Income Statement represent foreign exchange losses of \u00a316.3m (2022: gain of \u00a32.5m) in respect of derivative
contracts which do not qualify for hedge accounting under IFRS 9.
Other foreign exchange differences recognised in the Income Statement were gains of \u00a39.6m (2022: gains of \u00a33.9m).
During the year the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditor and its associates,
including expenses:
52 weeks to
28 January
2023
\u00a3000
52 weeks to
29 January
2022
\u00a3000
Auditors\u2019 remuneration
Audit of the financial statements 1,212 593
Audit of subsidiaries 110 431
Total audit fees 1,322 1,024
Other assurance services 106 72
Total 1,428 1,096
The year on year increase in audit fees reflects the increased complexity of the Group and the compliance costs associated with audits and the
increased complexity of the business. Other assurance services relate to assurance work on Corporate Responsibility reporting.
4.\u2002Staff Costs and Key Management Personnel
Total staff costs were as follows:
52 weeks to
28 January
2023
\u00a3m
52 weeks to
29 January
2022
\u00a3m
Wages and salaries 772.3 703.2
Social security costs 62.3 50.0
Other pension costs 43.7 42.0
878.3 795.2
Share-based payment expense \u2013 equity settled 24.3 19.9
Share-based payment expense \u2013 cash settled \u2013 (0.2)
Total 902.6 814.9
Share-based payments comprise Management, Sharesave and Share Matching Plan options and LTIP share awards, details of which are given in
Note 24.
Total staff costs by business sector were made up as follows:
52 weeks to
28 January
2023
\u00a3m
52 weeks to
29 January
2022
restated*
\u00a3m
NEXT Online, Retail and Finance 857.3 766.2
NEXT International Retail and Sourcing 30.5 35.4
Joules 4.9 \u2013
Other activities 9.9 13.3
Total 902.6 814.9
* As explained in Note 1 Segment Analysis, the Lipsy segment has been consolidated within NEXT Online. For the purpose of this note, Total Platform has been included within NEXT Online.
Therefore the prior year staff costs has been restated to reflect this change in segments. This change has no impact on the Group\u2019s total staff costs.
Average employees Full-time equivalents
2023
Number
2022
*restated
Number
2023
Number
2022
*restated
Number
NEXT Online, Retail and Finance 42,168 38,780 27,889 22,581
NEXT International Retail and Sourcing 4,224 4,178 4,224 4,178
Joules 241 \u2013 140 \u2013
Other activities 77 82 71 77
Total 46,710 43,040 32,324 26,836
* The prior year average employees and full-time equivalents have been restated following a change in how Lipsy is reported within the operating segments of the Group. See Note 1 for
more details. In addition, staff associated with Total Platform also perform services for NEXT Online, Retail and Finance above.
The aggregate amounts charged in the financial statements for key management personnel (including employer\u2019s National Insurance contributions),
being the directors of NEXT plc, were as follows:
52 weeks to
28 January
2023
\u00a3m
52 weeks to
29 January
2022
\u00a3m
Short term employee benefits 5.1 6.0
Share-based payments 2.8 3.6
Total 7.9 9.6
Directors\u2019 remuneration is detailed in the Remuneration Report.
5.\u2002Finance Income and Costs
52 weeks to
28 January
2023
\u00a3m
52 weeks to
29 January
2022
\u00a3m
Interest on bank deposits 0.1 0.6
Other interest receivable 5.6 3.6
Finance income 5.7 4.2
Interest on bonds and other borrowings 30.6 36.1
Finance costs on lease liability 47.3 50.4
Finance costs 77.9 86.5
Other interest receivable includes interest income on preference shares of \u00a34.8m (2022: \u00a32.4m) and amounts accrued on loans to associates and
joint ventures. Online account interest is presented as a component of revenue.
6.\u2002Taxation
Tax charge for the period
Our tax charge for the period is shown below. Tax is made up of current and deferred tax. Current tax is the amount payable on the taxable income
in the period and any adjustments to tax payable in previous years. Deferred tax is explained on page 189.
52 weeks to
28 January
2023
\u00a3m
52 weeks to
29 January
2022
\u00a3m
Current tax:
Current tax on profits for the year 137.9 123.2
Adjustments in respect of prior years 17.7 11.6
Total current tax 155.6 134.8
Deferred tax:
Origination and reversal of temporary differences 17.7 20.7
Adjustments in respect of prior years (14.7) (9.9)
Total deferred tax 3.0 10.8
Tax expense reported in the Consolidated Income Statement 158.6 145.6
The adjustments in respect of prior years relate to timing on the recognition of amounts claimed as capital allowances. The prior year adjustments
in 2022 related to amounts of capital gains on which rollover relief was claimed and the gains have been recognised.
Factors affecting the tax charge in the period
The tax rate for the current period varied from the standard rate of corporation tax in the UK due to the following factors:
52 weeks to
28 January
2023
%
52 weeks to
29 January
2022
%
UK corporation tax rate 19.0 19.0
Non\u2013taxable income (0.5) \u2013
Non deductible expenses 0.6 \u2013
Capital losses utilised (0.2) \u2013
Overseas tax (0.6) \u2013
Adjustments in respect of prior years 0.4 \u2013
Revaluation of deferred tax asset \u2013 (0.6)
Benefit as a result of capital allowance 130% deduction (0.4) (0.7)
Total 18.3 17.7
6.\u2002Taxation (continued)
Tax recognised in other comprehensive income and equity
In addition to the amount charged to the Income Statement, tax movements recognised in other comprehensive income and in equity were
as follows:
52 weeks to
28 January
2023
\u00a3m
52 weeks to
29 January
2022
\u00a3m
Deferred tax:
Pension benefit obligation 0.1 13.8
Fair value movements on derivative instruments 19.7 7.2
Tax charge in other comprehensive income 19.8 21.0
52 weeks to
28 January
2023
\u00a3m
52 weeks to
29 January
2022
\u00a3m
Current tax:
Share-based payments (1.2) (7.3)
Deferred tax:
Fair value movements on derivative instruments (30.1) 4.0
Share-based payments 5.4 0.2
Total tax credit in the Statement of Changes in Equity (25.9) (3.1)
Deferred tax
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences that arise when the carrying value
of assets and liabilities differ between accounting and tax treatments. Deferred tax assets represent the amounts of income taxes recoverable in
the future in respect of those differences, while deferred tax liabilities represent the amounts of income taxes payable in the future in respect of
those differences.
The deferred tax asset is made up of:
Accelerated
capital
allowances
\u00a3m
Derivatives to
fair value
\u00a3m
Pension
benefit
obligation
\u00a3m
Share-
based
payments
\u00a3m
IFRS 16
leases
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
At January 2021 23.5 5.2 (15.9) 20.9 34.7 2.0 70.4
Recognised in:
\u2013 Income Statement (15.0) (0.6) (6.5) 0.4 1.5 9.0 (11.2)
\u2013 Other Comprehensive
Income \u2013 (7.2) (13.8) \u2013 \u2013 \u2013 (21.0)
\u2013 Statement of Changes
in Equity \u2013 (4.0) \u2013 (0.2) \u2013 \u2013 (4.2)
At January 2022 8.5 (6.6) (36.2) 21.1 36.2 11.0 34.0
Recognised in:
\u2013 Income Statement (2.5) 4.1 (1.5) 0.8 (2.6) (1.3) (3.0)
\u2013 Other Comprehensive
Income \u2013 (19.7) (0.1) \u2013 \u2013 \u2013 (19.8)
\u2013 Statement of Changes
in Equity \u2013 30.1 \u2013 (5.4) \u2013 \u2013 24.7
Acquisition of subsidiary \u2013 \u2013 \u2013 \u2013 \u2013 (2.6) (2.6)
At January 2023 6.0 7.9 (37.8) 16.5 33.6 7.1 33.3
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
6.\u2002Taxation (continued)
Deferred tax (continued)
Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable
profits is probable. No recognition has been made of the following deferred tax assets:
Unrecognised Unrecognised
Gross value
2023
\u00a3m
Deferred tax
2023
\u00a3m
Gross value
2022
\u00a3m
Deferred tax
2022
\u00a3m
Capital losses 18.6 4.7 31.0 7.8
The benefit of unrecognised capital losses will only accrue if taxable profits are realised on future disposals of the Group\u2019s capital assets.
Factors affecting tax charges in future years
Deferred taxes reflected in these financial statements have been measured using the enacted tax rates at the Balance Sheet date. Following on
from the Budget of 3 March 2021 the UK corporation tax rate will change effective April 2023 from 19% to 25%. As a result, deferred tax balances
have been measured at the rate at which they are expected to unwind in the future, either 24% or 25% depending on the timing.
Provisions, which are immaterial to the financial statements, have been recognised in relation to uncertain tax positions. These relate to the
interpretation of tax legislation, including changes arising from the OECD\u2019s Base Erosion and Profit Shifting project, which impact our NEXT Sourcing
operation in its ordinary course of business.
NEXT manages its tax affairs responsibly and proactively to comply with tax legislation. We seek to build solid and constructive working relationships
with all tax authorities.
7.\u2002Dividends
Year to 28 January 2023 Paid
Pence per
share
Cash Flow
Statement
\u00a3m
Statement
of Changes
in Equity*
\u00a3m
Final ordinary dividend for the year to Jan 2022 1 Aug 2022 127p 156.5 156.5
Interim ordinary dividend for the year to Jan 2023 3 Jan 2023 66p 80.9 80.9
237.4 237.4
Year to 29 January 2022 Paid
Pence per
share
Cash Flow
Statement
\u00a3m
Statement
of Changes
in Equity
\u00a3m
Special interim dividend 3 Sep 2021 110p 140.3 140.3
Special interim dividend 28 Jan 2022 160p 204.2 204.2
344.5 344.5
* Dividends included within the Statement of Changes in Equity is \u00a3237.1m which includes \u00a30.3m of dividends previously payable and have now lapsed.
The Trustee of the ESOT waived dividends paid in the year on shares held by the ESOT.
It is intended that an ordinary dividend of 140.0p per share will be paid to shareholders on 1 August 2023. NEXT plc shares will trade ex-dividend
from 6 July 2023 and the record date will be 7 July 2023. The estimated amount payable is \u00a3173m. The proposed dividend is subject to approval
by shareholders at the Annual General Meeting to be held on 18 May 2023 and has not been included as a liability in the financial statements.
8.\u2002Earnings Per Share
52 weeks to
28 January
2023
52 weeks to
29 January
2022
Basic Earnings Per Share 573.4p 530.8p
Diluted Earnings Per Share 570.5p 524.0p
Fully diluted Earnings Per Share 544.5p 505.8p
Basic Earnings Per Share is based on the profit for the period attributable to the equity holders of the Parent Company divided by the net of the
weighted average number of shares ranking for dividend less the weighted average number of shares held by the ESOT during the period.
Diluted Earnings Per Share is calculated by adjusting the weighted average number of shares used for the calculation of basic Earnings Per Share
as increased by the dilutive effect of potential ordinary shares. Dilutive shares arise from employee share option schemes where the exercise price
is less than the average market price of the Company\u2019s ordinary shares during the period. Their dilutive effect is calculated on the basis of the
equivalent number of nil cost options. Where the option price is above the average market price, the option is not dilutive and is excluded from the
diluted EPS calculation. There were 3,112,796 non-dilutive share options in the current year (2022: 1,474,577).
Fully diluted Earnings Per Share is based on the weighted average number of shares used for the calculation of basic Earnings Per Share, increased
by the weighted average total employee share options outstanding during the period. Fully diluted Earnings Per Share is an Alternative Performance
Measure (APM) used for the purposes of the Share Matching Plan, described further in Note 24.
The table below shows the key variables used in the Earnings Per Share calculations:
52 weeks to
28 January
2023
52 weeks to
29 January
2022
Profit after tax attributable to equity holders of the Parent Company (\u00a3m) 711.7 677.5
Weighted average number of shares (millions)
Weighted average shares in issue 130.2 132.9
Weighted average shares held by ESOT (6.1) (5.3)
Weighted average shares for basic EPS 124.1 127.6
Weighted average dilutive potential shares 0.6 1.7
Weighted average shares for diluted EPS 124.7 129.3
Weighted average total options outstanding 6.6 6.3
Weighted average shares for fully diluted EPS 130.7 133.9
As detailed in the Remuneration Report, the 2022/23 annual bonus for executive directors was determined by reference to NEXT Group pre-
tax Earnings per Share, adjusted to remove the impact of share buy backs not included in the original target metrics, of 687.2p (2022: 637.4p).
The NEXT Profit before tax on a 52 week basis of \u00a3870.4m (2022: \u00a3813.5m), is divided by the net of the weighted average number of shares in issue
less the weighted average number of shares held by the ESOT during the period. A definition of NEXT Profit before tax and NEXT Group pre-tax
earnings per share is included in the Glossary.
9.\u2002Property, Plant and Equipment
Freehold
property
\u00a3m
Leasehold
property
\u00a3m
Plant and
equipment
\u00a3m
Assets under
the course of
construction
\u00a3m
Total
\u00a3m
Cost
At January 2021 6.8 2.7 1,917.6 \u2013 1,927.1
Exchange movement \u2013 \u2013 (3.5) \u2013 (3.5)
Additions 28.3 \u2013 157.0 53.9 239.2
Disposals (8.3) (0.1) (102.1) \u2013 (110.5)
At January 2022 26.8 2.6 1,969.0 53.9 2,052.3
Exchange movement \u2013 \u2013 0.6 \u2013 0.6
Arising from acquisitions \u2013 \u2013 1.1 \u2013 1.1
Additions 13.2 \u2013 168.6 25.3 207.1
Reclassification from assets under the course
of construction 64.7 \u2013 \u2013 (64.7) \u2013
Disposals (64.9) (1.3) (53.6) \u2013 (119.8)
At January 2023 39.8 1.3 2,085.7 14.5 2,141.3
Depreciation
At January 2021 0.4 0.1 1,451.8 \u2013 1,452.3
Exchange movement \u2013 \u2013 (3.4) \u2013 (3.4)
Provided during the year 0.1 \u2013 103.6 \u2013 103.7
Impairment charge \u2013 \u2013 (3.1) \u2013 (3.1)
Disposals (0.1) \u2013 (98.2) \u2013 (98.3)
At January 2022 0.4 0.1 1,450.7 \u2013 1,451.2
Exchange movement \u2013 \u2013 0.7 \u2013 0.7
Provided during the year 0.1 \u2013 100.4 \u2013 100.5
Net impairment release \u2013 \u2013 (2.7) \u2013 (2.7)
Disposals \u2013 \u2013 (53.2) \u2013 (53.2)
At January 2023 0.5 0.1 1,495.9 \u2013 1,496.5
Carrying amount
At January 2023 39.3 1.2 589.8 14.5 644.8
At January 2022 26.4 2.5 518.3 53.9 601.1
At January 2021 6.4 2.6 465.8 \u2013 474.8
At January 2023 the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a333.7m
(2022: \u00a396.7m). Plant and equipment includes leasehold improvements.
Additions to assets under the course of construction relate to the build of the Dearne Valley warehouse extension. The assets under the course of
construction in the prior year related to the build of the E3 warehouse which was completed during the current financial year.
See Note 3 for further detail on impairment charges.
10.\u2002Intangible Assets
Goodwill
\u00a3m
Brand names
and
trademarks
\u00a3m
Software
\u00a3m
Software
assets under
the course of
construction
\u00a3m
Total
\u00a3m
Cost
At January 2021 45.7 4.3 2.1 14.4 66.5
Additions \u2013 \u2013 7.6 15.1 22.7
Reclassified from assets under the course of construction \u2013 \u2013 2.9 (2.9) \u2013
At January 2022 45.7 4.3 12.6 26.6 89.2
Additions \u2013 \u2013 25.5 15.5 41.0
Arising from acquisitions 11.6 10.5 7.4 \u2013 29.5
Reclassified from assets under the course of construction \u2013 \u2013 18.3 (18.3) \u2013
Disposals \u2013 \u2013 (0.5) \u2013 (0.5)
At January 2023 57.3 14.8 63.3 23.8 159.2
Amortisation and Impairment
At January 2021 1.6 4.1 0.3 \u2013 6.0
Amortisation provided during the year \u2013 0.1 3.1 \u2013 3.2
Impairment 0.2 \u2013 0.5 \u2013 0.7
At January 2022 1.8 4.2 3.9 \u2013 9.9
Amortisation provided during the year \u2013 0.4 11.5 \u2013 11.9
Impairment \u2013 \u2013 0.6 \u2013 0.6
Disposals \u2013 \u2013 (0.3) \u2013 (0.3)
At January 2023 1.8 4.6 15.7 \u2013 22.1
Carrying amount
At January 2023 55.5 10.2 47.6 23.8 137.1
At January 2022 43.9 0.1 8.7 26.6 79.3
At January 2021 44.1 0.2 1.8 14.4 60.5
Assets under the course of construction relate to internally developed software that is not yet complete. Once complete it will be transferred to
\u201csoftware\u201d and amortised over its useful economic life (see Group Accounting Policies for more detail).
Intangible assets arising from acquisitions in the year relate to the acquisition of Joules brand name and trade marks for \u00a310.5m, goodwill arising
from the acquisition of \u00a311.6m and software intangibles of \u00a37.4m.
The carrying amount of goodwill is allocated to the following cash generating units:
2023
\u00a3m
2022
\u00a3m
NEXT Sourcing 30.5 30.5
Lipsy 12.1 12.1
NEXT Beauty 1.3 1.3
Joules 11.6 \u2013
Total 55.5 43.9
Goodwill is tested for impairment at the balance sheet date on the basis of value in use calculations. The assumptions and basis for the impairment
testing on the significant goodwill balances is set out below.
NEXT Sourcing
The key assumptions in testing the goodwill for impairment are the future sourcing requirements of the Group and the ability of NEXT Sourcing to
meet these requirements based on past experience. In assessing value in use, budgets for the next year were used and extrapolated for nine further
years using a growth rate of 0% (2022: 0% growth rate) and discounted at a pre-tax rate of 8% (2022: 8%).
Lipsy
The key assumptions in testing the goodwill for impairment are the forecast sales for the Lipsy products, particularly through the NEXT website.
In assessing the recoverable amount of goodwill, internal budgets for next year were used and extrapolated for nine further years using a growth
rate of 2% (2022: 2%) and discounted at a pre-tax rate of 8% (2022: 8%).
11.\u2002Leases
The right-of-use assets are comprised of:
2023
\u00a3m
2022
\u00a3m
Buildings 228.0 193.0
Stores 420.5 433.5
Equipment 1.2 2.0
Vehicles 12.3 10.6
Total 662.0 639.1
The right-of-use assets movement in the year is as follows:
2023
\u00a3m
2022
\u00a3m
At the beginning of the year 639.1 720.1
Additions 58.2 27.8
Disposals (4.0) (6.0)
Modifications and amendments 41.4 9.2
Depreciation (107.6) (113.8)
Reversal of impairment 34.9 1.8
At the end of the year 662.0 639.1
Additions to right-of-use assets include new leases and new contracts for leases previously on hold over.
The income from subleasing right-of use assets under operating leases is \u00a318.7m (2022: \u00a312.6m).
The lease liability movement in the year is as follows:
2023
\u00a3m
2022
\u00a3m
At the beginning of the year (1,057.5) (1,185.9)
Additions (84.2) (41.2)
Modifications and amendments (41.5) (12.9)
Payments 204.4 222.7
Interest (47.3) (50.4)
Disposals 5.5 9.5
Foreign exchange movement (2.7) 0.7
At the end of the year (1,023.3) (1,057.5)
Amounts recognised in the Consolidated Income Statement include:
Depreciation on right-of-use assets
2023
\u00a3m
2022
\u00a3m
Buildings 19.7 17.6
Stores 83.3 91.3
Equipment 0.7 1.3
Vehicles 3.9 3.6
Total 107.6 113.8
2023
\u00a3m
2022
\u00a3m
Finance costs on leases (47.3) (50.4)
Expense on short term and low value leases (4.0) (3.5)
Expense on variable leases (26.9) (4.1)
Gain on sale and leasebacks 17.7 13.4
During the prior year, the Group entered into a sale and leaseback transaction in respect of our Elmsall 3 warehouse construction. As a result
of this transaction, the Group received total proceeds of \u00a3114.6m and recognised a gain of \u00a317.8m (of which \u00a37.0m was recognised in the prior
year) within administrative expenses. The gain has been recognised in relation to the performance obligations under the contract and reflects
the proportion of the asset not retained in the future lease and is a proportion of the total gain expected on the sale and leaseback transaction.
The Group also received cash proceeds of \u00a310m in respect of two smaller sale and leaseback transactions which gave rise to a net gain of \u00a36.9m.
11.\u2002Leases (continued)
Of the total proceeds received in the year of \u00a3101.0m, \u00a341.7m of the proceeds (being the portion of the assets sold and not subject to the
leaseback) have been classified within investing activities. The remaining sale and leaseback proceeds of \u00a359.3m, relating to the asset being leased
back, are presented within financing activity.
See Note 3 for further detail on impairment charges.
12.\u2002Associates, Joint Ventures and Other Investments
Interest in
associates
and
joint ventures
\u00a3m
Other
investments
\u00a3m
Total
\u00a3m
Cost
At January 2021 4.3 1.0 5.3
Additions 34.3 \u2013 34.3
Retained profit 4.8 \u2013 4.8
Interest on preference shares 2.4 \u2013 2.4
At January 2022 45.8 1.0 46.8
Additions 64.7 1.9 66.6
Retained profit 14.3 \u2013 14.3
Interest on preference shares 4.8 \u2013 4.8
Preference share dividend received (9.8) \u2013 (9.8)
Divestment of preference shares (5.5) \u2013 (5.5)
Disposal of investment \u2013 (1.0) (1.0)
At January 2023 114.3 1.9 116.2
Amortisation/Impairment
At January 2021 0.3 \u2013 0.3
Provided during the year 0.3 \u2013 0.3
At January 2022 0.6 \u2013 0.6
Provided during the year 0.3 \u2013 0.3
Impairment charge in the year 0.7 \u2013 0.7
At January 2023 1.6 \u2013 1.6
Carrying amount
At January 2023 112.7 1.9 114.6
At January 2022 45.2 1.0 46.2
At January 2021 4.0 1.0 5.0
On 28 February 2022, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d). Upon completion in May 2022,
NEXT acquired the 26% for \u00a345.3m financed from NEXT\u2019s own cash resources. Although NEXT now holds a 51% equity share, it does not have
control of Reiss\u2019 operational and financial activities and therefore has been treated as a joint venture.
The finance income relates to interest on NEXT\u2019s share of preference shares in the Reiss group\u2019s ultimate holding company. This has been recognised
within the Finance income line of the Income Statement.
In addition, in March 2022, NEXT acquired a 25% equity stake in Swoon Limited for a cash consideration of \u00a33.5m, and in April 2022, a 44% equity
stake in the holding company of JoJo Maman B\u00e9b\u00e9 Limited for a total cash consideration of \u00a315.9m. In both cases NEXT has significant influence,
but not control, over the investments\u2019 operational and financial activities and therefore they have been treated as associates.
During the year, NEXT also acquired a 19.9% stake in the holding company of Sealskinz Limited for \u00a31.9m comprising ordinary shares and preference
shares. For this acquisition, NEXT does not have significant influence and therefore the investment in ordinary shares has been accounted for as
financial assets at fair value through profit or loss and the preference shares are financial assets measured at amortised cost within this note.
Additions in the prior period to January 2022 relate to the considerations paid for the initial 25% indirect interest in Reiss Limited (\u201cReiss\u201d), a 33%
direct interest in Aubin and Wills Holdings Limited and a 51% joint venture arrangement with Gap, Inc., West Apparel Limited. West Apparel Limited
is treated as a joint venture as NEXT has joint control of its operations and financial activities.
12.\u2002Associates, Joint Ventures and Other Investments (continued)
Details of material associates and joint ventures
Set out below are the material associates and joint ventures of the Group as at 28 January 2023. The entities listed below have share capital
consisting of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of
business with the exception of Reiss (see below), and the proportion of ownership interest is the same as the proportion of voting rights held.
% ownership Carrying amount
Name of entity
Investment
type
2023
%
2022
%
Nature of
relationship
Measurement
method
2023
\u00a3m
2022
\u00a3m
Pink Topco Limited* (Reiss) Ordinary shares 51% 25% Joint venture Equity 17.3 2.0
Pink Topco Limited* (Reiss) Preference shares 51% 25% Joint venture Amortised cost 61.2 35.1
Regent Bidco 1 Limited**
(JoJo Maman B\u00e9b\u00e9) Ordinary shares 44% \u2013 Associate Equity 16.2 \u2013
Immaterial associates and
joint ventures 18.0 8.1
112.7 45.2
* Pink Topco Limited is the parent company for the Reiss Group which designs and retails high quality women\u2019s and men\u2019s fashion clothing and accessories. Its product range complements
the Group\u2019s customer offering within stores and online. Its registered office is 22 Grenville Street, St Helier, Jersey JE4 8PX and its principal place of business is REISS Building, 12 Picton
Place, London W1U 1BW.
** Regent Bidco 1 Limited is the parent company of the JoJo Maman B\u00e9b\u00e9 Group which designs and sells high-quality maternity, baby and children\u2019s clothing, nursery products, gifts and toys.
The business trades via omni-channel retail direct to consumers in the UK and Ireland and via wholesale and ecommerce sales internationally. Its registered office is \u2105 Alter Domus (Uk)
Limited, 10th Floor, 20 St Mary Axe, London EC3A 8BF and its principal place of business is Unit A Oxwich Road, Reevesland Industrial Estate, Newport, Gwent NP19 4PU.
The table below provides the summarised profit and loss and balance sheet for Reiss and JoJo Maman B\u00e9b\u00e9. The information disclosed reflects the
amounts presented in the consolidated financial statements of Reiss and JoJo Maman B\u00e9b\u00e9 amended to reflect adjustments made by the Group
when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
Reiss* JoJo Maman B\u00e9b\u00e9
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Sales 325.2 236.1 58.6 \u2013
Profit after tax 9.0 7.0 0.7 \u2013
Group's share in % 51.0% 25.0% 44.0% \u2013
Group share in \u00a3'm 6.8 1.8 0.3 \u2013
Total non\u2013current assets 176.4 194.1 32.0 \u2013
Total current assets 85.2 99.8 22.5 \u2013
Total current liabilities (75.7) (60.2) (11.8) \u2013
Total non\u2013current liabilities (211.8) (268.7) (18.0) \u2013
Net assets/(liabilities) (25.9) (35.0) 24.7 \u2013
Group share in % 51.0% 25.0% 44.0% \u2013
Group share in \u00a3m (13.2) (8.8) 10.9 \u2013
Goodwill 30.5 10.8 5.3 \u2013
Carrying amount 17.3 2.0 16.2 \u2013
* Due to the exercise of the option, the Group\u2019s share of Reiss\u2019 profit is calculated at 25% for the first 3 months of the year and then at 51% for the remainder of the year.
In addition to the above as at 28 January 2023, Reiss had cash and cash equivalents of \u00a318.0m (2022: \u00a349.0m) and current financial liabilities
(excluding trade and other payables and provisions) of \u00a3nil (2022: \u00a3nil) and non-current financial liabilities of \u00a3120.4m (preference shares).
Included within their income statement were depreciation and amortisation of \u00a326.5m (2022: \u00a322.0m), interest income of \u00a3nil (2022: \u00a3nil), interest
expense of \u00a314.1m (2022: \u00a312.3m).
There are no other profits or losses from discontinued operations or other comprehensive income from the Group\u2019s investments in associates and
joint ventures other than the amounts already disclosed above.
Aggregate information of associates and joint ventures that are not individually material
The aggregate carrying amount of the individually immaterial associates and joint ventures is \u00a318.0m (2022: \u00a38.1m) with the Group\u2019s share of their
profit from continuing operations in the current period being \u00a37.2m (2022: \u00a33.0m).
13.\u2002Customer and Other Receivables
The following table shows the components of net receivables.
2023
\u00a3m
2022
\u00a3m
Gross customer receivables 1,521.1 1,403.3
Less: refund liabilities (64.2) (49.4)
Net customer receivables 1,456.9 1,353.9
Less: allowance for expected credit losses (202.2) (191.2)
1,254.7 1,162.7
Other trade receivables 42.9 24.9
Less: allowance for doubtful debts (0.3) (0.5)
1,297.3 1,187.1
Presentation of the above, split by total receivables and allowances:
2023
\u00a3m
2022
\u00a3m
Net customer receivables 1,456.9 1,353.9
Other trade receivables 42.9 24.9
1,499.8 1,378.8
Less: allowance for expected credit losses and doubtful debts (202.5) (191.7)
1,297.3 1,187.1
Prepayments 54.9 53.1
Other debtors 40.7 14.1
Amounts due from associates and joint ventures 32.6 26.6
1,425.5 1,280.9
No interest is charged on customer receivables if the statement balance is paid in full and to terms; otherwise balances bear interest at a variable
annual percentage rate of 23.9% (2022: 23.9%) at the year-end date, except for \u00a354.8m (2022: \u00a340.6m) of next3step balance which bears interest
at 29.9% (2022: 29.9%) at the year end date.
The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime
expected loss provision for all trade receivables. To measure the expected credit losses, other trade receivables have been allocated to the Risk
band 1 (defined in Note 28), representing management\u2019s view of the risk and the days past due. The expected credit losses incorporate forward
looking information.
The fair value of customer receivables and other trade receivables is approximately \u00a31,260m (2022: \u00a31,150m). This has been calculated based on
future cash flows discounted at an appropriate rate for the risk of the debt. The fair value is within Level 3 of the fair value hierarchy (refer to the
Fair Value Hierarchy table in Note 27).
Expected irrecoverable amounts on balances with indicators of impairment are provided for based on past default experience, adjusted for
expected behaviour. Receivables which are impaired, other than by age or default, are separately identified and provided for as necessary.
The ECL allowance against other debtors is immaterial in the current and prior year. The maximum exposure to credit risk at the reporting date is
the carrying value of each class of asset.
13.\u2002Customer and Other Receivables (continued)
An analysis of changes in the gross carrying amount in relation to customer receivables and other trade receivables is as follows:
Gross carrying amount
Lifetime ECL
\u00a3m
Credit
impaired
\u00a3m
Total
\u00a3m
At January 2021 1,149.1 88.5 1,237.6
New assets originated/recoveries 197.2 (13.6) 183.6
Transfers from lifetime ECL to credit impaired (39.4) 39.4 \u2013
Financial assets derecognised during the period \u2013 (29.7) (29.7)
Amounts written off (7.8) (4.9) (12.7)
At January 2022 1,299.1 79.7 1,378.8
New assets originated/recoveries 159.4 (11.7) 147.7
Transfers from lifetime ECL to credit impaired (45.3) 45.3 \u2013
Financial assets derecognised during the period \u2013 (8.0) (8.0)
Amounts written off (9.8) (8.9) (18.7)
At January 2023 1,403.4 96.4 1,499.8
An analysis of the changes in the impairment allowance for customer receivables and other trade receivables is as follows:
Loss allowance
Lifetime ECL
\u00a3m
Credit
impaired
\u00a3m
Total
\u00a3m
At January 2021 (112.5) (83.6) (196.1)
New assets originated/recoveries (6.7) 12.3 5.6
Transfers from lifetime ECL to credit impaired 3.6 (35.6) (32.0)
Change in the allowance for expected credit losses (3.6) 2.4 (1.2)
Financial assets derecognised during the period \u2013 26.8 26.8
Amounts written off 0.7 4.5 5.2
At January 2022 (118.5) (73.2) (191.7)
New assets originated/recoveries (5.2) 10.5 5.3
Transfers from lifetime ECL to credit impaired 3.8 (40.7) (36.9)
Change in the allowance for expected credit losses 4.4 0.4 4.8
Financial assets derecognised during the period \u2013 7.2 7.2
Amounts written off 0.8 8.0 8.8
At January 2023 (114.7) (87.8) (202.5)
The amount charged to the Income Statement (see table below) of \u00a331.0m (2022: \u00a328.6m) differs to the bad debt charge of \u00a326m (2022: \u00a327m)
in the Chief Executive\u2019s Review on page 45 due to recoveries of previously written off assets taken directly to the Income Statement.
Lifetime ECL
\u00a3m
Credit
impaired
\u00a3m
Total
\u00a3m
At January 2021 (112.5) (83.6) (196.1)
Impairment (11.5) (24.0) (35.5)
Amounts recovered 1.3 5.6 6.9
Charged to the Income Statement (10.2) (18.4) (28.6)
Used during the year 4.2 28.8 33.0
Total movement (6.0) 10.4 4.4
At January 2022 (118.5) (73.2) (191.7)
Impairment (1.9) (32.0) (33.9)
Amounts recovered 0.8 2.1 2.9
Charged to the Income Statement (1.1) (29.9) (31.0)
Used during the year 4.9 15.3 20.2
Total movement 3.8 (14.6) (10.8)
At January 2023 (114.7) (87.8) (202.5)
Information on the Group\u2019s credit risk in relation to customer receivables is provided in Note 28.
14.\u2002Other Financial Assets 2023 2022 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Foreign exchange contracts 9.1 \u2013 35.5 \u2013 Interest rate derivatives \u2013 \u2013 \u2013 18.0 9.1 \u2013 35.5 18.0 Foreign exchange contracts comprise forward contracts and options, the majority of which are used to hedge exchange risk arising from the Group\u2019s merchandise purchases (refer to Note 28). These instruments are primarily for US Dollars and Euros. Interest rate derivatives are used to manage the fixed and floating interest rate risk associated with the corporate bonds (refer to Note 19). 15.\u2002Cash and Short Term Deposits 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand 105.0 383.0 Short term deposits \u2013 50.0 105.0 433.0 Cash at bank represents the gross cash positions, of which the majority are part of the Group\u2019s bank account and interest and balance pooling arrangements. Short term deposits are made for varying periods of between one day and three months depending on the cash requirements of the Group and earn interest at short term market deposit rates. 16.\u2002Bank Loans and Overdrafts 2023 \u00a3m 2022 \u00a3m Bank overdrafts and short term borrowings 102.3 233.1 102.3 233.1 Bank overdrafts represent the gross overdraft positions, of which the majority are part of the Group\u2019s bank account interest and balance pooling arrangements. Bank overdrafts are repayable on demand and bear interest at a margin over bank base rates. 17.\u2002Trade Payables and Other Liabilities 2023 2022 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Trade payables 230.1 \u2013 275.4 \u2013 Amounts owed to associates and joint ventures 2.1 \u2013 0.5 \u2013 Refund liabilities 8.3 \u2013 4.8 \u2013 Other taxation and social security 95.7 \u2013 76.8 \u2013 Deferred revenue from the sale of gift cards 84.2 \u2013 79.5 \u2013 Share-based payment liability 0.2 \u2013 0.2 0.1 Other creditors and accruals 370.5 14.3 361.2 31.1 791.1 14.3 798.4 31.2 Trade payables do not bear interest and are generally settled on 30 day terms. Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a342.7m (bonus, holiday pay and overtime) (2022: \u00a399.1m), warehouse and duty related accruals of \u00a392.1m (2022: \u00a382.7m) and accruals for marketing, rates, IT systems, utilities and deferred income on NEXT Unlimited.NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
18.\u2002Other Financial Liabilities
2023 2022
Current
\u00a3m
Non-current
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Foreign exchange contracts 40.8 \u2013 1.0 \u2013
Interest rate derivatives \u2013 9.5 \u2013 \u2013
40.8 9.5 1.0 \u2013
Foreign exchange contracts comprise forward contracts and options, of which the majority are used to hedge exchange risk arising from the
Group\u2019s merchandise purchases (Note 28). These instruments are primarily for US Dollars and Euros. Interest rate derivatives are used to manage
the fixed and floating interest rate risk associated with the corporate bonds (Note 19).
19.\u2002Corporate Bonds
Balance sheet value Nominal value
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Corporate bond 3.000% repayable 2025 250.0 250.0 250.0 250.0
Corporate bond 4.375% repayable 2026 240.7 265.7 250.0 250.0
Corporate bond 3.625% repayable 2028 300.0 300.0 300.0 300.0
790.7 815.7 800.0 800.0
The Group uses interest rate derivatives to manage the interest rate risk associated with its bonds, the profile of the post hedged interest rate which
is shown below:
2023
Nominal value
\u00a3m
2023
Aggregate
interest rate
2022
Nominal
value
\u00a3m
2022
Aggregate
interest rate
2025 Bonds
Fixed 250.0 3.000% 250.0 3.000%
2026 Bonds
Floating 250.0 SONIA +1.7% 250.0 6m LIBOR +1.4%
2028 Bonds
Fixed 300.0 3.625% 300.0 3.625%
Total 800.0 800.0
From April 2022, the hedged 2026 Bonds accrue interest by reference to the Sterling Overnight Index Average (\u201cSONIA\u201d). The main difference
between LIBOR rates and SONIA rates is that SONIA does not incorporate any credit risk/liquidity premium which is inherent in the calculation
of LIBOR.
Interest rate risk management is explained in Note 28 and the fair values of the corporate bonds in aggregate are shown in Note 27.
20.\u2002Pension Benefits
The Group operates four pension arrangements in the UK: the NEXT Group Pension Plan (the \u201cOriginal Plan\u201d), the 2013 NEXT Group Pension Plan
(the \u201c2013 Plan\u201d), a Legal & General Master Trust and the NEXT Supplemental Pension Arrangement (the \u201cSPA\u201d). NEXT also contributes to the
People\u2019s Pension which it uses as its auto-enrolment vehicle.
The Group\u2019s UK pension arrangements include defined benefit and defined contribution arrangements. The Original Plan and 2013 Plan are
established under trust law and comply with all relevant UK legislation. Pension assets are held in separate trustee administered funds which have
equal pension rights with respect to members of either sex. The defined benefit section was closed to new members in 2000 and over recent years
the Group has taken steps to manage the ongoing risks associated with its defined benefit liabilities.
The Group also provides additional retirement benefits through the SPA to some plan members whose benefits would otherwise be affected by
the Lifetime Allowance.
The Original Plan comprises predominantly members with pensions in payment, following the transfer of active and deferred members (and
associated liabilities) to the 2013 Plan. The risks associated with the payment of pensions of the Original Plan have been largely mitigated by the
purchase of two insurance contracts (\u201cbuy-ins\u201d) with Aviva in 2010 and 2012 to cover the liabilities of this Plan, although it remains the ultimate
responsibility of the Company to provide members with benefits. The pensions and matching insurance contracts held by the Original Plan will be
converted to buy-out in due course and the Original Plan will then be dissolved.
The 2013 Plan was established in 2013 via the transfer of liabilities and assets from the Original Plan. This arrangement provides benefits to the
majority of members whose pensions were not insured with Aviva. From November 2012, the future accrual of benefits for remaining active
employee members has been based on pensionable earnings frozen at that time, rather than final earnings.
In August 2018, the Trustees of the 2013 Plan undertook a buy-in in respect of certain pensioner members of the 2013 Plan, with a premium paid
of \u00a394m. As at 28 January 2023 this buy-in policy has a value of \u00a361m (2022: \u00a384m) within the pension scheme assets.
Within the 2013 Plan, following a High Court ruling, a proportion of members\u2019 benefits are being equalised to address the inequalities that arise
due to differing Guaranteed Minimum Pensions (GMP) entitlements for men and women. This equalisation increased the IAS 19 liabilities of the
Plan by \u00a30.4m and was recognised in the 2019 disclosures. Following a further High Court ruling on 20 November 2020, transfers out of the Plan
between May 1990 and October 2018 need to be revisited and equalised for GMP. Due to the relatively small impact of GMP equalisation on
benefits in the Plan and the amount of benefits transferred out of the Plan, we believe that the impact of this latest ruling is immaterial.
The trustee of both of the NEXT Group Pension Plans is a limited company, NEXT Pension Trustees Limited (the \u201cTrustee\u201d). The Board of the Trustee
currently comprises six directors. Four of these are members of the 2013 Plan, and one director (the Chair) is independent and has no other
connection to NEXT. Two of these directors are member nominated directors and cannot be removed by NEXT. The other four directors, including
the independent director, are appointed by and can be removed by NEXT. All directors of the Trustee receive a fee for their services, including those
directors who are also employees of NEXT. No director of the Company is a director of the Trustee.
The Plans\u2019 investments are kept separate from the business of the NEXT Group and the Trustee holds them in separate trusts. Responsibility for
investment of the Plans\u2019 funds has been delegated to professional investment managers.
The Group operates a salary sacrifice scheme whereby members from either section can elect to receive a reduced gross salary in exchange for
enhanced employer pension contributions. The participation of members in the salary sacrifice scheme does not result in any overall increase in
costs to the Group.
Defined contribution arrangements
In the prior year the defined contribution section of the 2013 Plan was transferred to a Legal & General Master Trust which enables the pension
scheme members to benefit from lower running costs, greater flexibility of retirement options and improved range of online tools and advice to
support members in decisions they may make about their financial plans. The Master Trust is run by a board of independent trustees who are
responsible for ensuring that the Trust is run in accordance with the law and that funds are invested properly. Members pay 5% of their pensionable
earnings which is matched by the Company. For death prior to retirement, a lump sum of three times the member\u2019s base salary at the previous
April is payable along with the current value of the member\u2019s fund.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
20.\u2002Pension Benefits (continued)
Defined benefit arrangements
The defined benefit arrangement was closed to new members in 2000. Since 2012, the accrual of pension benefits has been based on pensionable
salary frozen at October 2012, rather than final earnings. Those employees affected by the change to pensionable salary in 2012 can also elect
to receive up to a 15% salary supplement or additional contributions to the defined contribution section. The defined benefit arrangement now
provides members with a retirement benefit of one sixtieth or one eightieth (depending on the member\u2019s chosen contribution rate) of pensionable
earnings at October 2012 for each year of pensionable service.
The defined benefit section provides a lump sum death in service benefit and dependants\u2019 pensions on death in service or following retirement.
In the case of ill-health retirement, only the accrued pension is payable. All benefits are subject to 2013 Plan limits. Increases to pensions in payment
are at the discretion of the Trustee although pensionable service post 1997 is subject to limited price indexation. From 2006, sales and profit related
bonuses were excluded from pensionable earnings and the normal retirement age under the Original Plan was increased from 60 to 65.
Certain members whose accrued or projected pension fund value exceeds their personal lifetime allowance are provided with benefits through
an unfunded, unapproved supplementary pension arrangement. The relevant members contribute towards the additional cost of providing these
benefits by a payment of 5% on all pensionable earnings to the 2013 Plan. Since April 2011, where existing members have reached either the
annual or lifetime pension contributions limits, the Company has offered those members the choice of leaving the defined benefit section and
either joining the defined contribution section (with an enhanced Company contribution) or taking a salary supplement, in both cases equal to 10%
or 15% of their salary (depending on their existing contributions and benefits).
Principal risks
The following table summarises the principal risks associated with the Group\u2019s defined benefit arrangements:
Investment risk The present value of defined benefit liabilities is calculated using a discount rate set by reference to high quality
corporate bond yields. If plan assets underperform corporate bonds, this will create a deficit. Investment risk in the
Original plan is negligible, as almost all liabilities in this plan are covered by insurance contracts.
Interest rate risk A fall in corporate bond yields would increase the value of the liabilities. This would be only partially offset by an
increase in the value of bond investments and annuity policies held.
Inflation risk Pensions in payment are increased annually in line with RPI or CPI for Guaranteed Minimum Pensions built up since
1988. Pensions built up since 2005 are capped at 2.5% and pensions built up between 1997 and 2005 are capped at
5%. When discretionary increases have been awarded for pensions built up before 1997, they too have tended to
take inflation into account. Therefore an increase in inflation would increase the value of pension liabilities. The assets
would be expected to also increase, to the extent that they are linked to inflation, but this would not be expected to
fully match the increase in liabilities.
Longevity risk The present value of the defined benefit liabilities is calculated having regards to a best estimate of the mortality of plan
members. If members live longer than this mortality assumption, this will increase liabilities. This is partially offset by
insurance contracts covering part of the liability.
The buy-in insurance contracts represent over 99.8% of the Original Plan pension liabilities, 11.6% of the 2013 Plan pension liabilities and 25.0%
of the total pension liabilities. This partially offsets the total risks described above. Derivatives are not used to hedge any of the risks noted above.
20.\u2002Pension Benefits (continued)
Income statement
The components of the net defined benefit expense, recognised in the Consolidated Income Statement within administrative expenses are
as follows:
2023 2022
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
Current service cost 6.6 \u2013 0.1 6.7 8.1 \u2013 0.3 8.4
Past service cost 1.1 \u2013 \u2013 1.1 \u2013 \u2013 \u2013 \u2013
Net interest (3.6) (0.1) 0.2 (3.5) (1.8) \u2013 0.2 (1.6)
Administration costs 2.4 0.1 \u2013 2.5 2.4 0.1 \u2013 2.5
Net defined benefit expense 6.5 \u2013 0.3 6.8 8.7 0.1 0.5 9.3
Other comprehensive income
The components of the net defined benefit expense recognised in other comprehensive income are as follows:
2023 2022
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
Actuarial gains/(losses) due to
liability experience (33.4) (1.4) 0.1 (34.7) \u2013 (4.0) \u2013 (4.0)
Actuarial gains due to liability
assumption changes 311.7 31.6 3.6 346.9 24.5 5.4 1.1 31.0
278.3 30.2 3.7 312.2 24.5 1.4 1.1 27.0
Return on plan assets greater
than/(less than) discount rate (280.8) (30.8) \u2013 (311.6) 29.5 (1.4) \u2013 28.1
Actuarial gains/(losses)
recognised in other
comprehensive income (2.5) (0.6) 3.7 0.6 54.0 \u2013 1.1 55.1
The surplus in the scheme has moved from \u00a3156.9m at January 2022 to \u00a3157.5m at January 2023, mainly due to a reduction in plan obligations of
\u00a3312.2m offset by a reduction in the return on plan assets of \u00a3311.6m. The reduction in the plan obligations was primarily the result of a higher
discount rate being applied as yield on gilt curves increased in the period.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
20.\u2002Pension Benefits (continued)
Balance sheet valuation
The net defined benefit pension asset recognised in the Consolidated Balance Sheet is analysed as follows:
2023 2022
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
Present value of benefit
obligations (521.1) (95.2) (6.8) (623.1) (793.0) (129.8) (10.3) (933.1)
Fair value of plan assets 684.0 96.6 \u2013 780.6 958.2 131.8 \u2013 1,090.0
Net pension asset 162.9 1.4 (6.8) 157.5 165.2 2.0 (10.3) 156.9
A net asset has been recognised as the Trust Deeds of the Original and 2013 Plans provide the Group with an unconditional right to a refund
assuming the gradual settlement of the Plans\u2019 liabilities over time until all members have left the Plans.
Plan obligations
Changes in the present value of defined benefit pension obligations are analysed as follows:
2023 2022
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
Opening obligation 793.0 129.8 10.3 933.1 812.1 136.2 11.0 959.3
Current service cost 6.6 \u2013 0.1 6.7 8.1 \u2013 0.3 8.4
Past service cost 1.1 \u2013 \u2013 1.1 \u2013 \u2013 \u2013 \u2013
Interest cost 16.9 2.7 0.2 19.8 13.3 2.1 0.2 15.6
Employee contributions 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1
Benefits paid (18.3) (7.1) (0.1) (25.5) (16.1) (7.1) (0.1) (23.3)
Actuarial (gains)/losses
\u2013 financial assumptions (311.4) (31.0) (3.6) (346.0) (23.1) (4.5) (1.1) (28.7)
\u2013 experience 33.4 1.4 (0.1) 34.7 \u2013 4.0 \u2013 4.0
\u2013 demographic assumptions (0.3) (0.6) \u2013 (0.9) (1.4) (0.9) \u2013 (2.3)
Closing obligation 521.1 95.2 6.8 623.1 793.0 129.8 10.3 933.1
The present value of the defined benefit closing obligation of \u00a3623.1m (2022: \u00a3933.1m) was approximately 25% (2022: 26%) relating to active
participants, 45% (2022: 47%) relating to deferred participants and 30% (2022: 27%) relating to pensioners.
Plan assets
Changes in the fair value of defined benefit pension assets were as follows:
2023 2022
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
2013
Plan
\u00a3m
Original
Plan
\u00a3m
SPA
\u00a3m
Total
\u00a3m
Opening assets 958.2 131.8 \u2013 1,090.0 920.2 138.3 \u2013 1,058.5
Employer contributions 6.7 \u2013 0.1 6.8 11.8 \u2013 \u2013 11.8
Employee contributions 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1
Benefits paid (18.3) (7.1) (0.1) (25.5) (16.1) (7.1) \u2013 (23.2)
Interest income on assets 20.5 2.8 \u2013 23.3 15.1 2.1 \u2013 17.2
Return on plan assets (excluding
amounts included in interest) (280.8) (30.8) \u2013 (311.6) 29.5 (1.4) \u2013 28.1
Administrative costs (2.4) (0.1) \u2013 (2.5) (2.4) (0.1) \u2013 (2.5)
Closing assets 684.0 96.6 \u2013 780.6 958.2 131.8 \u2013 1,090.0
20.\u2002Pension Benefits (continued)
Plan assets (continued)
The fair value of defined benefit plan assets was as follows:
2023 2022
2013
Plan
\u00a3m
Original
Plan
\u00a3m
Total
\u00a3m %
2013
Plan
\u00a3m
Original
Plan
\u00a3m
Total
\u00a3m %
Equities 124.2 \u2013 124.2 15.9 101.8 \u2013 101.8 9.4
Equity-linked bonds 54.6 \u2013 54.6 7.0 81.8 \u2013 81.8 7.5
Bonds 61.9 \u2013 61.9 7.9 69.7 \u2013 69.7 6.4
Gilts 300.2 1.6 301.8 38.7 458.6 2.3 460.9 42.3
Property 78.9 \u2013 78.9 10.1 91.9 \u2013 91.9 8.4
Infrastructure \u2013 \u2013 \u2013 \u2013 62.2 \u2013 62.2 5.7
Insurance contracts 60.5 95.0 155.5 19.9 84.4 129.5 213.9 19.6
Cash and cash equivalents 3.7 \u2013 3.7 0.5 7.8 \u2013 7.8 0.7
684.0 96.6 780.6 100.0 958.2 131.8 1,090.0 100.0
None of the pension arrangements directly invest in any of the Group\u2019s own financial instruments nor any property occupied by, or other assets
used by, the Group. The fair values of the above equity and debt instruments are determined based on quoted prices in active markets. The majority
of the benefits within the Original Plan are covered by two insurance contracts with Aviva. The insurance assets have been valued so as to match
the defined benefit obligations, the value of which was calculated by Aviva.
Principal assumptions
The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at January 2023 using the
projected unit credit method. The principal actuarial assumptions used in the valuation were as follows:
2023 2022
Original
Plan
2013 and
SPA
Original
Plan
2013 and
SPA
Discount rate 4.60% 4.60% 2.15% 2.15%
Inflation \u2013 RPI 3.40% 3.10% 3.85% 3.50%
Inflation \u2013 CPI 2.40% 2.70% 2.85% 3.05%
Salary increases n/a n/a n/a n/a
Pension increases in payment
\u2013 RPI with a maximum of 5.0% 3.20% 2.85% 3.55% 3.05%
\u2013 RPI with a maximum of 2.5% and discretionary increases 2.10% 1.85% 2.25% 2.00%
2023 2022
Pensioner
aged 65
Non-
pensioner
aged 45
Pensioner
aged 65
Non-
pensioner
aged 45
Life expectancy at age 65 (years)
Male 22.3 24.3 22.3 24.3
Female 24.7 26.9 24.6 26.8
The discount rate has been derived as the single average discount rate appropriate to the term of the liabilities, based on the yields available on
high quality Sterling corporate bonds. The expected average duration of the Original Plan\u2019s liabilities is 9.1 years, the SPA is 15.8 years and the 2013
Plan is 14.2 years.
The rate of retail price inflation (RPI) has been derived in a consistent way to the discount rate, so that it is appropriate to the term of the liabilities.
The RPI assumption for the 2013 Plan and SPA allows for the inflation risk premium of 0.3% per annum. As in previous years, the Original Plan does
not allow for an inflation risk premium because its assets and liabilities are almost fully matched.
The rate of consumer price inflation (CPI) is set lower than the assumption for retail price inflation, reflecting the long term expected gap between
the two indices and takes into account the alignment of RPI to CPI from 2030.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
20.\u2002Pension Benefits (continued)
Principal assumptions (continued)
For the 2013 Plan and the SPA, the base mortality assumptions reflect the best estimate output from a postcode mortality study. This results in an
assumption in line with the standard SAPS Series 3 All Pensioner tables (with a multiplier of 101% for male and female pensioners and 103% for
male non-pensioners and 100% for female non-pensioners). Future improvement trends have been allowed for, in line with the most recent CMI
core projection model (CMI 2021) with a long term trend towards 1.5% per annum and a smoothing factor of 7.5.
The base mortality assumption for the Original Plan is in line with the standard SAPS Series 1 All Pensioner tables, with medium cohort improvements
to 2009, and CMI 2013 improvements applied from 2009 with a long term trend towards 1.5% per annum.
Sensitivity analysis
The sensitivity of the net pension asset to changes in the principal assumptions is:
Sensitivity analysis
Impact on net pension asset as
at 28 January 2023
Discount rate 0.5% decrease \u00a345m decrease
Price inflation 0.5% increase to RPI and CPI \u00a324m decrease
Price inflation 0.1% decrease to CPI (i.e. increase in the gap between RPI and CPI) \u00a31m increase
Mortality Life expectancy increased by one year \u00a310m decrease
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur
and changes in some of the assumptions may be correlated. Aside from the matching insurance contracts held in the Original Plan, no allowance has
been made for any change in assets that might arise under any of the scenarios set out above. When calculating the sensitivity of the defined benefit
obligation to changes in the significant assumptions, the same method has been applied as when calculating the pension liability recognised within the
Consolidated Balance Sheet. The inflation assumption impacts the \u201cpension increases in payment\u201d and deferred pension calculations.
The sensitivities shown are just one possible outcome and should not be taken as an indication of the likelihood of a change occurring in the future.
Market metrics used to derive the discount rate and price inflation assumptions could increase or decrease in the future, by more or less than the
change set out.
Full actuarial valuation
An actuarial valuation of the 2013 Plan was undertaken as at 30 September 2019 by Mercer, who are the 2013 Plan Actuary to the Trustees.
The valuation showed a funding deficit on the Technical Provisions basis required by legislation of \u00a319.1m at that date.
The Group agreed a recovery plan to meet the funding deficit, which is intended to restore the Plan assets to a fully funded position on a Technical
Provisions basis by 31 December 2024. Under that agreement, the Group will contribute five annual payments of \u00a34.0m by 31 December each year
if the funding level is below 105% at the preceding 30 September. In addition, if the funding level is below 96.5% for two consecutive quarters, then
an additional Company contingent contribution of up to \u00a311.9 million is payable, subject to a maximum contingent contribution of \u00a311.9 million
in any Company financial year.
At 31 December 2022 the 2013 Plan was estimated to be circa 115% funded on a Technical Provisions basis, reflecting the lower risk investment
strategy in place from February 2021, corresponding to a surplus on this basis in the region of \u00a384m.
With effect from January 2020, the Company also agreed to pay contributions of 38% per annum of members\u2019 frozen pensionable salaries as at
31 October 2012 towards the future accrual of benefits for active members.
Contributions
Members of the defined benefit section of the 2013 Plan contribute 3% or 5% of pensionable earnings; the Group contributes 38% per annum.
Members of the Legal & General Master Trust defined contribution scheme contribute 5% of Pensionable Earnings, which is matched by the Group.
Contributions paid by the Group during the year are set out below:
2023
\u00a3m
2022
\u00a3m
Defined contribution \u2013 recognised as an expense 17.1 17.1
Automatic enrolment \u2013 recognised as an expense 19.7 15.6
Defined benefit 6.7 11.8
43.5 44.5
Employer contributions to the defined benefit section in the year ahead are expected to be around \u00a37m. Employer contributions for the defined
contribution Master Trust scheme are expected to be circa \u00a317m (including salary sacrifice contributions) for the year ahead. Employer contributions
for the automatic enrolment scheme are expected to be around \u00a321m, including salary sacrifice contributions.
21.\u2002Provisions
\u2003Property costs
2023
\u00a3m
2022
\u00a3m
At the beginning of the year 21.9 18.6
Provisions made in the year 13.3 4.3
Utilisation of provisions (2.2) (1.4)
Unwind of discount 0.8 0.4
At the end of the year 33.8 21.9
Provision is made for the committed cost or estimated exit costs of properties occupied by the Group.
22.\u2002Share Capital
2023
Shares \u2018000
2022
Shares \u2018000
2023
\u00a3m
2022
\u00a3m
Allocated, called up and fully paid
Ordinary shares of 10p each
At the start of the year 132,772 132,949 13.3 13.3
Purchased for cancellation in the year (3,509) (177) (0.4) \u2013
129,263 132,772 12.9 13.3
The table below shows the movements in equity from share purchases and commitments during the year:
2023 2022
Shares
\u2018000
Cost
\u00a3m
Shares
\u2018000
Cost
\u00a3m
Shares purchased for cancellation in the year 3,509 224.0 177 13.1
Amount shown in Statement of Changes in Equity 224.0 13.1
Subsequent to the end of the financial year, the Company entered into an irrevocable closed period share buyback programme and during the
period from 27 February 2023 up to and including 28 March 2023 purchased 526,099 shares for cancellation at a cost of \u00a336.2m.
23.\u2002Other Reserves
Other reserves in the Consolidated Balance Sheet comprise the reserve created on reduction of share capital through a Scheme of Arrangement under
Section 425 of the Companies Act 1985 of \u00a31,460.7m less share premium account of \u00a33.8m and capital redemption reserve of \u00a38.7m at the time of a
capital reconstruction in 2002, plus the accumulated amount of goodwill arising on acquisition after taking into account subsequent disposals of \u00a30.7m,
less the unrealised component of revaluations of properties arising under previous accounting standards of \u00a35.1m as at the date of transition to IFRS.
24.\u2002Share-based Payments
The Group operates a number of share-based payment schemes as follows:
Management share options
The NEXT Management Share Option Plan provides for options over shares, exercisable between three and 10 years following their grant, to be
allocated to Group employees at the discretion of the Remuneration Committee. This plan is primarily aimed at middle management and senior
store staff. No options were granted to any directors or changes made to existing entitlements in the year under review. No employee is entitled to
be granted options under the scheme if, in the same financial year, they have received an award under NEXT\u2019s Long Term Incentive Plan or Share
Matching Plan.
The total number of options which can be granted is subject to limits. There are no cash-settlement alternatives and they are therefore accounted
for under IFRS 2 as equity-settled awards. Option prices are set at the prevailing market price at the time of grant. The maximum total market
value of shares (i.e. the acquisition price of shares) over which options may be granted to any person during any financial year of the Company
is three times salary, excluding bonuses and benefits in kind. This limit may be increased to five times salary in circumstances considered by the
Remuneration Committee to be exceptional, for example on the grant of options following recruitment. Grants are generally made annually.
Sharesave options
The Company\u2019s Save As You Earn (Sharesave) scheme is open to all UK employees. Invitations to participate are generally issued annually and the
scheme is subject to HMRC rules. The current maximum monthly savings within the schemes detailed below is \u00a3250. Options are granted at the
prevailing market rate less a discount of 20% and are exercisable three or five years from the date of grant. Sharesave options are also accounted
for as equity-settled awards under IFRS 2.
24.\u2002Share-based Payments (continued)
Management and Sharesave options
The following table summarises the movements in Management and Sharesave options during the year:
2023 2022
No. of
options
Weighted
average
exercise
price
No. of
options
Weighted
average
exercise
price
Outstanding at beginning of year 5,153,993 \u00a355.78 5,650,992 \u00a349.83
Granted 2,544,386 \u00a350.19 1,185,455 \u00a376.14
Exercised (704,448) \u00a349.53 (1,462,096) \u00a349.71
Forfeited (603,599) \u00a357.96 (220,358) \u00a352.95
Outstanding at end of year 6,390,332 \u00a354.04 5,153,993 \u00a355.78
Exercisable at end of year 1,571,001 \u00a354.94 1,036,463 \u00a352.86
Options were exercised on a regular basis throughout the year and the weighted average share price during this period was \u00a362.40 (2022: \u00a380.94).
Options outstanding at 28 January 2023 are exercisable at prices ranging between \u00a338.25 and \u00a380.64 (2022: \u00a329.67 and \u00a380.64) and have a
weighted average remaining contractual life of 6.1 years (2022: 6.2 years), as analysed in the table below:
2023 2022
No. of
options
Weighted
average
remaining
contractual
life (years)
No. of
options
Weighted
average
remaining
contractual
life (years)
Exercise price range
\u00a329.67-\u00a341.09 1,258,787 3.8 215,183 4.4
\u00a341.70-\u00a344.22 1,215,109 7.0 1,407,059 7.6
\u00a348.12-\u00a356.46 1,350,225 4.4 2,052,792 5.0
\u00a359.20-\u00a364.53 1,520,462 8.6 356,493 4.2
\u00a366.95-\u00a380.64 1,045,749 6.4 1,122,466 7.5
6,390,332 6.1 5,153,993 6.2
Share Matching Plan (SMP)
The SMP is an equity-settled scheme open to a small number of senior executives below Board level. Executive directors are not granted SMP
awards. Under the current awards participants who invest a proportion of any annual cash bonus in NEXT shares will receive up to a maximum
of two times the original number of shares they purchase with their bonus. Any matching is conditional upon achieving performance measures
over the following three years. The maximum matching ratio which is permitted under the SMP rules is 3:1, matching the pre-tax equivalent of the
amount invested in shares. For any SMP grants made from 2018, participants will be entitled to receive ordinary and special dividend accruals on
any awards vesting under the SMP.
The Remuneration Committee\u2019s policy is to set performance measures by reference to underlying fully diluted post-tax EPS but the Committee
has flexibility to use different measures. Under the formulae, a notional adjustment is made to actual EPS achieved for special dividends, on the
basis that the cash distributed had instead been used to purchase shares at the prevailing share price on the day of the special dividend payment.
The following table summarises the movements in nil cost SMP options during the year:
2023
No. of
options
2022
No. of
options
Outstanding at beginning of year 18,142 27,750
Granted 21,894 \u2013
Dividend accrual awarded in the year 548 \u2013
Exercised (8,886) \u2013
Forfeited \u2013 (9,608)
Outstanding at end of year 31,698 18,142
Exercisable at end of year \u2013 \u2013
24.\u2002Share-based Payments (continued)
Share Matching Plan (SMP) (continued)
The weighted average remaining contractual life of these options is 8.7 years (2022: 7.9 years). During the year ending 28 January 2023 SMP
options were exercised at different times and the weighted average share price during this period was \u00a361.76. During the year ending 29 January
2022 there was no SMP grant and no SMP options were exercised.
Long Term Incentive Plan (LTIP)
As explained in the Remuneration Report, the Group operates an equity-settled LTIP scheme for executive directors and other senior executives.
Performance conditions for the LTIP awards are detailed in the Remuneration Report.
The following table summarises the movements in nil cost LTIP awards during the year:
2023
No. of
awards
2022
No. of
awards
Outstanding at beginning of year 520,017 535,506
Granted 204,644 148,975
Dividend accrual awarded in the year 8,538 7,952
Vested (140,907) (160,161)
Forfeited (62,209) (12,255)
Outstanding at end of year 530,083 520,017
The weighted average remaining contractual life of these options is 1.4 years (2022: 1.3 years).
Profit Sharing Bonus Plan
The Profit Sharing Bonus Plan provided for options over shares in NEXT for senior employees of Lipsy Limited. Under the arrangement, a profit
bonus equal to 3.6% of the average of the post tax profits of Lipsy and any subsidiaries of Lipsy in respect of the financial years ending January 2023
and January 2024, multiplied by ten was payable. This plan was settled early during the year to January 2023 and as a result no options remained
outstanding at the year end date.
Fair value calculations
The fair value of Management, Sharesave and Share Matching Plan options granted is calculated at the date of grant using a Black-Scholes option
pricing model. Expected volatility was determined by calculating the historical volatility of the Company\u2019s share price over a period equivalent
to the expected life of the option. The expected life applied in the model is based on historical analyses of exercise patterns, taking into account
any early exercises. The following table lists the inputs to the model used for the two sets of management options granted in the years ended
28 January 2023 and 29 January 2022 based on information at the date of grant:
Management share options \u2013 first grant in financial year 2023 2022
Share price at date of grant \u00a359.20 \u00a380.64
Exercise price \u00a359.20 \u00a380.64
Volatility 35.40% 31.10%
Expected life 4 Years 4 Years
Risk free rate 1.56% 0.23%
Dividend yield 2.15% 2.08%
Weighted average fair value per option \u00a314.57 \u00a316.09
Exercise price \u00a338.69 \u00a364.53
Volatility 38.65% 36.84%
Expected life 3.4 years 3.4 years
Risk free rate 3.22% 0.68%
Dividend yield 3.99% 2.08%
Weighted average fair value per option \u00a314.77 \u00a324.81
Share Matching Plan 2023 2022*
Share price at date of grant \u00a361.48 \u2013
Exercise price Nil \u2013
Volatility 38.02% \u2013
Expected life 3 years \u2013
Risk free rate 1.48% \u2013
Dividend yield Nil \u2013
Weighted average fair value per option \u00a361.48 \u2013
* There were no shares issued under the Share Matching Plan in the year ended 29 January 2022.
The fair value of LTIP awards granted is calculated at the date of grant using a Monte Carlo option pricing model. Expected volatility was determined
by calculating the historical volatility of the Company\u2019s share price over a period equivalent to the life of the award. The following table lists the
inputs to the model used for awards granted in the year ended 28 January 2023 and 29 January 2022 based on information at the date of grant:
LTIP awards (granted in March/April) 2023 2022
Share price at date of grant \u00a362.82 \u00a379.20
Award price Nil Nil
Volatility 37.35% 27.60%
Life of award 3 years 3 years
Risk free rate 1.41% 0.18%
Dividend yield 0.00% 0.00%
Fair value per award \u00a330.98 \u00a337.48
LTIP awards (granted in September) 2023 2022
Share price at date of grant \u00a348.01 \u00a382.12
Award price Nil Nil
Volatility 38.99% 37.14%
Life of award 3 years 3 years
Risk free rate 4.35% 0.50%
Dividend yield 0.00% 0.00%
Fair value per award \u00a323.35 \u00a351.00
From September 2017, for all new LTIP awards, dividend accruals (both in respect of special and ordinary dividends) may be payable on vested awards.
The charge to the Income Statement for all share option schemes is disclosed in note 4.
25.\u2002Shares Held by ESOT
The NEXT 2003 ESOT has an independent trustee resident in Jersey and provides for the issue of shares to Group employees to satisfy awards which
vest/are exercised in accordance with the terms of the various share-based schemes detailed in Note 24.
As at 28 January 2023 the ESOT held 6,469,007 (2022: 5,302,016) ordinary shares of 10p each in the Company, the market value of which amounted
to \u00a3429.3m (2022: \u00a3401.6m). Details of outstanding share awards and options are shown in Note 24.
The consideration paid for the ordinary shares of 10p each in the Company held by the ESOT at 28 January 2023 and 29 January 2022 has been
shown as an ESOT reserve and presented within equity for the Company and the Group. All other assets, liabilities, income and costs of the ESOT
have been incorporated into the financial statements of the Company and the Group.
The table below shows the movements in equity from ESOT transactions during the year:
2023 2022
Shares
\u2018000 \u00a3m
Shares
\u2018000 \u00a3m
Shares purchased by ESOT in the year 2,118 124.0 1,895 151.3
Shares sold by ESOT in the year \u2013 \u2013 \u2013 \u2013
Shares issued in respect of employee share schemes 951 40.8 1,543 66.4
Exercises in the year totalled \u00a335.2m (2022: \u00a372.5m) on Management and Sharesave options. The amount shown in the Statement of Changes in
Equity of \u00a340.8m (2022: \u00a366.4m) is after the issue of any nil cost LTIP, SMP and Deferred bonus shares. The weighted average cost of shares issued
by the ESOT was \u00a359.0m (2022: \u00a390.8m).
As at 28 March 2023, 233,591 employee share options had been exercised subsequent to the Balance Sheet date and had been satisfied by
ordinary shares issued by the ESOT.
26.\u2002Financial Instruments: Categories
2023
\u00a3m
2022
\u00a3m
Financial assets
Derivatives not designated as hedging instruments 0.5 0.1
Derivatives designated as hedging instruments 8.6 53.4
Customer and other receivables at amortised cost* 1,370.2 1,227.3
Cash, short term deposits (note 15) 105.0 433.0
Preference shares at amortised cost 63.1 35.1
Non-listed equity instruments designated at fair value through profit or loss / OCI 0.2 1.0
Financial liabilities
Derivatives not designated as hedging instruments (17.6) (0.8)
Derivatives designated as hedging instruments (32.7) (0.2)
Lease liabilities (1,023.3) (1,057.5)
Interest bearing loans and borrowings:
Corporate bonds at amortised cost adjusted for the fair value changes attributable to the risk being hedged (790.7) (815.7)
Bank loans and overdrafts at amortised cost (102.3) (233.1)
Trade and other payables at amortised cost** (596.9) (647.7)
* Prepayments of \u00a354.9m (2022: \u00a353.1m) and other debtors of \u00a30.4m (2022: \u00a30.5m) do not meet the definition of a financial instrument.
** Other taxation and social security payables of \u00a395.7m (2022: \u00a376.8m), deferred income of \u00a384.2m (2022: \u00a379.5m), share-based payment liabilities of \u00a30.2m (2022: \u00a30.3m) and other
creditors of \u00a328.5m (2022: \u00a325.3m) do not meet the definition of a financial instrument.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
27.\u2002Financial Instruments: Fair Values
The fair values of each category of the Group\u2019s financial instruments are the same as their carrying values in the Group\u2019s Balance Sheet, other than
corporate bonds and customer receivables, based on the following assumptions:
Other trade receivables, trade payables, short term
deposits and borrowings
The fair value approximates the carrying amount because of the short maturity of
these instruments.
Preference shares The fair value approximates the carrying amount because the percentage interest
earned on the shares is equivalent to the effective interest rate used to calculate
the amortised cost.
Non-listed equity instruments The fair value approximates the net assets of the investment given no observable
market rates at the reporting date.
Long term borrowings The fair value of bank loans and other borrowings approximates the carrying value
reported in the Balance Sheet as the majority are floating rate where interest
rates are reset at intervals less than one year.
Derivative financial instruments The fair value is determined as the net present value of cash flows using
observable market rates at the reporting date.
The fair value of corporate bonds is as follows:
2023 2022
Corporate bonds
Carrying
amount
\u00a3m
Fair value
\u00a3m
Carrying
amount
\u00a3m
Fair value
\u00a3m
In hedging relationships 240.7 249.8 265.7 277.8
Not in hedging relationships 550.0 533.5 550.0 589.6
790.7 783.3 815.7 867.4
Corporate bonds are held at amortised cost, and where hedged, adjusted for the fair value changes attributable to the interest rate risk being
hedged (see Note 19).
Fair Value Hierarchy
The fair values of financial instruments measured by reference to the following levels under IFRS 13 \u201cFair value measurement\u201d:
Hierarchy level Inputs Financial instruments Valuation methodology
Level 1 Quoted prices in active markets
for identical assets or liabilities
Corporate bonds and Money
Market Funds
Market value includes accrued interest and
change in credit risk and interest rate risk,
and is therefore different to the reported
carrying amounts.
Level 2 Inputs other than quoted prices
included within Level 1 that are
observable for the asset or liability,
either directly (i.e. as prices) or
indirectly (i.e. derived from prices)
Derivative financial instruments Valuation techniques include forward pricing
and swap models using net present value
calculation of future cash flows. The model
inputs include the foreign exchange spot and
forward rates, yield curves of the respective
currencies, currency basis spreads between
the respective currencies and interest
rate curves.
Level 3 Inputs for the asset or liability that
are not based on observable market
data (unobservable market data)
Non-listed equity instruments at
fair value through OCI
The fair value of these non-listed equity
investments has been estimated using a
discounted cash flow model.
28.\u2002 Financial Instruments:
Financial Risk Management and Hedging Activities
The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework and for establishing the
Group\u2019s risk management policies.
The Group has exposure to the following risks arising from financial instruments:
\u2022 Liquidity risk
\u2022 Interest rate risk
\u2022 Foreign currency risk
\u2022 Credit risk
\u2022 Capital risk
Treasury function
NEXT operates a centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the
Group\u2019s activities. As part of its strategy for the management of these risks, the Group uses financial instruments. In accordance with the Group\u2019s
treasury policy, financial instruments are not entered into for speculative purposes. The treasury policy is reviewed and approved by the Board
and specifies the parameters within which treasury operations must be conducted, including authorised counterparties, instrument types and
transaction limits, and principles governing the management of liquidity, interest and foreign currency risks.
The Group\u2019s financial instruments also include cash, short term deposits, preference shares, bank overdrafts, loans, and corporate bonds. The main
purpose of these financial instruments is to raise finance for the Group\u2019s operations. In addition, the Group has various other financial assets and
liabilities such as trade receivables and trade payables arising directly from its operations.
Liquidity risk
The Group manages its cash and borrowing requirements centrally to minimise net interest expense within risk parameters agreed by the Board,
whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of its businesses. The forecast cash and borrowings
profile of the Group is monitored to ensure that adequate headroom remains under committed borrowing facilities.
The table below shows the maturity analysis of the undiscounted remaining contractual cash flows (including interest) of the Group\u2019s financial
liabilities, including cash flows in respect of derivatives:
2023
Less than
1 year
\u00a3m
1 to 2
years
\u00a3m
2 to 5
years
\u00a3m
Over
5 years
\u00a3m
Total
\u00a3m
Bank loans and overdrafts 102.3 \u2013 \u2013 \u2013 102.3
Lease liabilities 182.7 162.4 360.3 693.6 1,399.0
Trade and other payables 569.7 4.6 \u2013 \u2013 574.3
Corporate bonds 29.3 29.3 562.0 310.9 931.5
884.0 196.3 922.3 1,004.5 3,007.1
Derivatives: net settled 2.7 2.9 2.8 \u2013 8.4
Derivatives: gross settled
Cash inflows (1,139.1) \u2013 \u2013 \u2013 (1,139.1)
Cash outflows 1,169.4 \u2013 \u2013 \u2013 1,169.4
Total cash flows 917.0 199.2 925.1 1,004.5 3,045.8
2022
Less than
1 year
\u00a3m
1 to 2
years
\u00a3m
2 to 5
years
\u00a3m
Over
5 years
\u00a3m
Total
\u00a3m
Bank loans and overdrafts 233.1 \u2013 \u2013 \u2013 233.1
Lease liabilities 202.2 168.0 376.8 683.8 1,430.8
Trade and other payables 597.7 20.9 \u2013 \u2013 618.6
Corporate bonds 29.3 29.3 580.4 321.8 960.8
1,062.3 218.2 957.2 1,005.6 3,243.3
Derivatives: net settled (5.4) (2.6) (9.2) \u2013 (17.2)
Derivatives: gross settled
Cash inflows (1,244.7) \u2013 \u2013 \u2013 (1,244.7)
Cash outflows 1,209.1 \u2013 \u2013 \u2013 1,209.1
Total cash flows 1,021.3 215.6 948.0 1,005.6 3,190.5
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
28.\u2002 Financial Instruments:
Financial Risk Management and Hedging Activities (continued)
Liquidity risk (continued)
Within lease liabilities greater than 5 years are leases on stores with cash flows in years 5-10 of \u00a3193.4m (2022: 237.1m) and more than 10 years
of \u00a342.3m (2022: \u00a357.3m). The lease liabilities greater than 5 years on warehouses and head office premises with cash flows in years 5-10 are
\u00a3137.5m (2022: \u00a3111.0m) and more than 10 years of \u00a3320.4m (2022: \u00a3278.4m).
At 28 January 2023, the Group had borrowing facilities of \u00a3450.0m (2022: \u00a3450.0m) committed until November 2024, in respect of which all
conditions precedent have been met. \u00a3nil of the facilities were drawn down at January 2023 (2022: \u00a3nil).
Interest rate risk
The Group is exposed to fair value interest rate risk on its fixed rate corporate bonds and cash flow interest rate risk on floating rate loans and
overdrafts. The forecast cash and borrowings profile of the Group is monitored regularly to assess the mix of fixed and variable rate debt, and the
Group uses interest rate derivatives where appropriate to manage its exposure to changes in interest rates and the economic environment.
Interest rates: fair value hedges
The Group has interest rate swap agreements in place as fair value hedges against part of the interest rate risk associated with the corporate bonds.
Under the terms of the swaps, which have matching features as the bonds, the Group receives a fixed rate of interest equivalent to the relevant
coupon rate, and pays a variable rate interest related to LIBOR prior to April 2022 and SONIA, from April 2022. Details of the aggregate rates payable
are given in Note 19.
There is an economic relationship between the hedged item and the hedging instrument as the terms of the interest rate swaps match the terms
of the fixed rate corporate bonds (e.g. notional amount and maturity). The Group has established a hedge ratio of 1:1 for the hedging relationships
as the underlying risk of the interest rate swap is identical to the hedged risk component. To test the hedge effectiveness, the Group compares the
changes in the fair value of the hedging instrument against the changes in the fair value of the hedged item attributable to the hedged risk.
The hedge ineffectiveness can arise from:
\u2022 Different interest rate curve applied to discount the hedged item and the hedging instrument.
\u2022 Differences in timing of cash flows of the hedged item and hedging instrument.
\u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and the hedged item.
The fair values of the Group\u2019s interest rate swaps, including accrued interest, are as follows:
2023
\u00a3m
2022
\u00a3m
Derivatives in designated fair value hedging relationships (9.5) 18.0
The fair values of derivatives have been calculated by discounting the expected future cash flows at prevailing interest rates and are based on
market prices at the Balance Sheet date.
The timing of the nominal amounts of the interest rate swaps are as follows:
2023 2022
Maturity date of swap October 2026 October 2026
Interest rate swap Fixed to floating Fixed to floating
Nominal amount (\u00a3m) 250.0 250.0
Average price SONIA + 1.7% 6 month LIBOR + 1.434 %
28.\u2002 Financial Instruments:
Financial Risk Management and Hedging Activities (continued)
Fair value of group swaps (continued)
The impact of the hedging instrument on the Balance Sheet is as follows:
At 28 January 2023 Line item in the Balance Sheet
Notional amount
\u00a3m
Carrying amount*
\u00a3m
Changes in fair value
used for measuring
ineffectiveness in
the period
\u00a3m
Interest rate swaps \u2013 assets Other financial assets \u2013 \u2013 \u2013
Interest rate swaps \u2013 liabilities Other financial liabilities 250.0 (9.5) (27.5)
At 29 January 2022
Interest rate swaps \u2013 assets Other financial assets 250.0 18.0 (21.4)
Interest rate swaps \u2013 liabilities Other financial liabilities \u2013 \u2013 \u2013
* The carrying amount of derivatives includes \u00a30.2 m of interest receivable (2022: \u00a32.3m interest accrual).\u2003
The impact of the hedged items on the Balance Sheet is as follows:
At 28 January 2023 Line item in the Balance Sheet
Carrying amount
\u00a3m
Accumulated fair
value adjustments
\u00a3m
Changes in fair value
used for measuring
ineffectiveness in
the period
\u00a3m
Fixed-rate borrowings Corporate bonds 250.0 (9.3) (25.0)
At 29 January 2022
Fixed-rate borrowings Corporate bonds 250.0 15.7 21.3
The ineffectiveness recognised in the Income Statement for the period ended 28 January 2023 was \u00a3nil (2022: \u00a3nil).
Foreign currency risk
The Group\u2019s principal foreign currency exposures arise from the purchase of overseas sourced products. Group policy allows for these exposures to
be hedged for up to 24 months ahead in order to fix the cost in Sterling. This hedging activity involves the use of spot, forward and option contracts.
The market value of outstanding foreign exchange contracts is reported regularly to the Board and reviewed in conjunction with percentage cover
taken by season and current market conditions, in order to assess and manage the Group\u2019s ongoing exposure.
The Group does not have a material exposure to currency movements in relation to the translation of overseas investments and consequently does
not hedge any such exposure. The Group\u2019s net exposure to foreign currencies, taking hedging activities into account, is illustrated by the sensitivity
analysis in Note 29.
Foreign currency hedges
There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange contracts match
the terms of highly probable forecast transactions (e.g. notional amount and expected payment date). The Group has established a hedge ratio of
1:1 for the hedging relationships as the underlying risk of the foreign exchange contracts are identical to the hedged risk components. To test hedge
effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against
the changes in the fair value of the hedged items attributable to the hedged risks.
In these hedge relationships, the main sources of ineffectiveness are:
\u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments.
\u2022 Different indices (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments.
\u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instruments and hedged items.
\u2022 Changes to the forecasted amount of cash flows of hedged items and hedging instruments.
The fair values of foreign exchange derivatives are as follows:
2023
\u00a3m
2022
\u00a3m
Derivatives in designated hedging relationships (14.6) 35.2
Other foreign exchange derivatives not designated in hedging relationships (17.0) (0.7)
Total foreign exchange derivatives (31.6) 34.5
28.\u2002 Financial Instruments:
Financial Risk Management and Hedging Activities (continued)
Foreign currency hedges (continued)
Derivatives designated in hedging relationships at 28 January 2023:
Maturity
US Dollars (highly probable forecast purchases) 1\u20136 months 6\u201312 months
More than
one year Total
Notional amount (in \u00a3m) 663.5 40.9 \u2013 704.4
Average GBP: USD contract rate 1.20 1.22 \u2013 1.20
EURO (highly probable forecast purchases)
Notional amount (in \u00a3m) 26.8 \u2013 \u2013 26.8
Average GBP: EURO contract rate 1.13 \u2013 \u2013 1.13
EURO (highly probable forecast sales)
Notional amount (in \u00a3m) 20.0 \u2013 \u2013 20.0
Average GBP: EURO contract rate 1.13 \u2013 1.13
Other (highly probable forecast sales)
Notional amount (in \u00a3m) 47.5 \u2013 \u2013 47.5
Average GBP: Other contract rate Various currencies*
* 5 currencies are hedged, which individually are not material to the financial statements.
Derivatives designated in hedging relationships at 29 January 2022:
Maturity
US Dollars (highly probable forecast purchases) 1\u20136 months 6\u201312 months
More than
one year Total
Notional amount (in \u00a3m) 665.2 267.9 \u2013 933.1
Average GBP: USD contract rate 1.39 1.38 \u2013 1.39
EURO (highly probable forecast purchases)
Notional amount (in \u00a3m) 1.4 \u2013 \u2013 1.4
Average GBP: EURO contract rate 1.21 \u2013 \u2013 1.21
EURO (highly probable forecast sales)
Notional amount (in \u00a3m) 55.9 26.9 \u2013 82.8
Average GBP: EURO contract rate 1.16 1.17 \u2013 1.16
Other (highly probable forecast sales)
Notional amount (in \u00a3m) 83.2 0.6 \u2013 83.8
Average GBP: Other contract rate Various currencies*
* 5 currencies were hedged, which are individually not material to the financial statements.
The impact of the hedging instruments on the Balance Sheet are as follows:
At 28 January 2023 Line item in the Balance Sheet
Notional amount
\u00a3m
Carrying amount
\u00a3m
Changes in fair value
used for measuring
ineffectiveness in
the period
\u00a3m
Foreign exchange contracts Other financial assets 462.5 9.1 116.4
Foreign exchange contracts Other financial liabilities 407.2 (40.8) (37.6)
At 29 January 2022
Foreign exchange contracts Other financial assets 1,107.0 35.5 30.6
Foreign exchange contracts Other financial liabilities 58.5 (1.0) 7.1
28.\u2002 Financial Instruments:
Financial Risk Management and Hedging Activities (continued)
Foreign currency hedges (continued)
The impact of the hedged items on the Balance sheet is as follows:
28 January 2023 29 January 2022
Changes in fair
value used for
measuring
ineffectiveness
in the period
\u00a3m
Closing cash
flow hedge
reserve
\u00a3m
Closing cost
of hedging
reserve
\u00a3m
Changes in fair
value used for
measuring
ineffectiveness
in the period
\u00a3m
Closing cash
flow hedge
reserve
\u00a3m
Closing cost
of hedging
reserve
\u00a3m
Highly probable forecast sales (7.0) 1.9 \u2013 (3.0) 0.5 \u2013
Highly probable forecast stock purchases 86.2 (17.0) 0.5 39.9 33.9 0.9
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Year ended 28 January 2023
Ineffectiveness
recognised in
Income
Statement
\u00a3m
Recycled to
cost of
inventories
\u00a3m
Cost of
hedging
recognised in
OCI
\u00a3m
Amount
reclassified
from OCI to
the Income
Statement
\u00a3m
Line item in
the Income
Statement
Highly probable forecast sales \u2013 \u2013 \u2013 6.1 Revenue
Highly probable forecast stock purchases \u2013 (134.8) (0.4) \u2013 \u2013
Year ended 29 January 2022
Highly probable forecast sales \u2013 \u2013 \u2013 3.2 Revenue
Highly probable forecast stock purchases \u2013 18.5 0.8 \u2013 \u2013
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations
and arises primarily from the Group\u2019s Online customer receivables. The carrying amount of financial assets represents the maximum residual credit
exposure, which was \u00a31,297.3m at the reporting date (2022: \u00a31,187.1m). These are detailed in Note 13.
The Group\u2019s credit risk in relation to customer receivables is influenced mainly by the individual characteristics of each customer. The Board has
established a credit policy under which each new credit customer is analysed individually for creditworthiness and subject to credit verification
procedures. Receivable balances are monitored on an ongoing basis and provision is made for estimated irrecoverable amounts using forward
looking estimates. The concentration of credit risk is limited due to the Online customer base being large and diverse. At January 2023 there
were 2.87m active customers (2022: 2.84m) with an average balance of \u00a3508 (2022: \u00a3477). The Group\u2019s outstanding receivables balances and
impairment losses are detailed in Note 13. The performance of our credit risk policies and the risk of the debtor book are monitored weekly by
management. Any trends and deviations from expectations are investigated. Senior management review is carried out monthly.
Customer receivables with a value of \u00a317.6m (2022: \u00a317.1m) were on a Reduced Payment Indicator (RPI) plan. An allowance for Expected Credit
Losses (ECLs) of \u00a312.3m (2022: \u00a311.7m) has been made against these balances. Customers are typically on RPI plans for a period of 12 months
during which no interest is charged and repayment rates are reduced. On completion of the RPI plan the customer would be treated as higher
risk than the arrears stage and customer indebtedness would otherwise suggest. Any modification gain or loss recognised is immaterial to the
financial statements.
In addition to those identified as previously being on an RPI, data provided by Experian has been used to identify customers who are, or have
been, on a similar \u2018payment freeze\u2019 with another lender. These customers are also treated as higher risk than the arrears stage and customer
indebtedness would otherwise suggest. The ECLs applied in calculating the overlay have been uplifted by an average of c.6%, weighted by value.
The Group uses Experian Delphi for Customer Management which provides a suite of characteristics and scores to monitor the credit behaviour
of new and existing customers. The principal score for making risk decisions around credit limit changes, and monitoring the risk of associated
sales, is the Account and Arrears Management (\u201cAAM\u201d) score. The principal measure to assess a customer\u2019s ability to afford repayments, and
our allowance for expected credit losses under IFRS 9, is the Consumer Indebtedness Index (\u201cCII\u201d). The CII is a score within the range of 1 to 99.
A lower CII score is representative of a lower level of risk associated with the debt (i.e. a lower CII score indicates the customer has a greater ability
to afford repayments).
28.\u2002 Financial Instruments:
Financial Risk Management and Hedging Activities (continued)
Credit risk (continued)
The following table contains an analysis of customer and other receivables segmented by CII score at the end of the reporting period. For the
purpose of this analysis, trade receivables are recognised in Risk band 1.
2023
Total
\u00a3m
2022
Total
\u00a3m
Risk exposure determined by CII score
Risk band 1 (CII<=10) 891.6 801.8
Risk band 2 (10<CII=<20) 211.7 200.5
Risk band 3 (20<CII=<47) 173.8 176.0
Risk band 4 (47<CII) 126.3 120.8
Gross carrying amount before credit impaired 1,403.4 1,299.1
Credit impaired 96.4 79.7
Gross carrying amount after credit impaired 1,499.8 1,378.8
Less allowance (202.5) (191.7)
Carrying amount 1,297.3 1,187.1
Analysis of customer receivables and other trade receivables, stratified by credit grade, is provided in the tables below. Due to Government initiatives
to support customers through the pandemic, the underlying risk is judged to be higher than the CII index may otherwise suggest. Expected loss
rates have been uplifted using internal and external data to allow for this, in particular in relation to debt previously on payment plans.
2023
Current
\u00a3m
1\u201330
days past
due
\u00a3m
31\u201360
days past
due
\u00a3m
61\u201390
days past
due
\u00a3m
91\u2013120
days past
due
\u00a3m
>120
days past
due
\u00a3m
Payment
plans
\u00a3m
Total
\u00a3m
Customer receivables and other trade receivables
Risk band 1 (CII<=10) 873.9 14.0 0.5 0.1 \u2013 0.1 3.0 891.6
Risk band 2 (10<CII=<20) 202.7 6.1 0.6 0.1 \u2013 0.1 2.1 211.7
Risk band 3 (20<CII=<47) 158.4 8.2 2.0 1.0 0.3 0.4 3.5 173.8
Risk band 4 (47<CII) 94.2 9.1 4.4 3.5 3.0 3.1 9.0 126.3
Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 96.4 \u2013 96.4
Total 1,329.2 37.4 7.5 4.7 3.3 100.1 17.6 1,499.8
Loss allowance
Risk band 1 (CII<=10) (35.6) (1.2) (0.2) \u2013 \u2013 (0.1) (1.9) (39.0)
Risk band 2 (10<CII=<20) (12.6) (0.7) (0.3) (0.1) \u2013 (0.1) (1.4) (15.2)
Risk band 3 (20<CII=<47) (17.2) (1.4) (1.0) (0.6) (0.2) (0.3) (2.3) (23.0)
Risk band 4 (47<CII) (19.1) (2.0) (2.7) (2.3) (2.3) (2.4) (6.7) (37.5)
Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 (87.8) \u2013 (87.8)
Total (84.5) (5.3) (4.2) (3.0) (2.5) (90.7) (12.3) (202.5)
Expected loss rate %
Risk band 1 (CII<=10) 4.1% 8.8% 32.4% 47.6% \u2013 78.2% 63.7% 4.4%
Risk band 2 (10<CII=<20) 6.2% 11.5% 41.3% 52.2% \u2013 77.4% 67.6% 7.1%
Risk band 3 (20<CII=<47) 10.8% 16.5% 51.4% 60.5% 73.8% 76.8% 64.3% 13.2%
Risk band 4 (47<CII) 20.3% 22.1% 61.3% 66.1% 79.0% 78.7% 75.2% 29.8%
Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 91.1% \u2013 91.1%
Total 6.4% 14.2% 55.1% 64.3% 78.3% 90.6% 70.1% 13.5%
28.\u2002 Financial Instruments:
Financial Risk Management and Hedging Activities (continued)
Credit risk (continued)
2022
Current
\u00a3m
1\u201330
days past
due
\u00a3m
31\u201360
days past
due
\u00a3m
61\u201390
days past
due
\u00a3m
91\u2013120
days past
due
\u00a3m
> 120
days past
due
\u00a3m
Payment
plans
\u00a3m
Total
\u00a3m
Customer receivables and other trade receivables
Risk band 1 (CII<=10) 784.3 13.4 0.7 0.2 \u2013 0.2 3.0 801.8
Risk band 2 (10<CII=<20) 191.6 5.5 0.9 0.2 \u2013 0.1 2.2 200.5
Risk band 3 (20<CII=<47) 161.4 7.0 1.9 0.9 0.5 0.4 3.9 176.0
Risk band 4 (47<CII) 93.6 7.5 3.5 2.8 2.6 2.8 8.0 120.8
Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 79.7 \u2013 79.7
Total 1,230.9 33.4 7.0 4.1 3.1 83.2 17.1 1,378.8
Loss allowance
Risk band 1 (CII<=10) (42.0) (1.4) (0.2) (0.1) \u2013 (0.1) (1.6) (45.4)
Risk band 2 (10<CII=<20) (13.9) (0.8) (0.3) (0.1) \u2013 (0.1) (1.2) (16.4)
Risk band 3 (20<CII=<47) (17.1) (1.4) (0.9) (0.6) (0.3) (0.3) (2.2) (22.8)
Risk band 4 (47<CII) (17.1) (2.0) (2.1) (1.9) (2.0) (2.1) (6.7) (33.9)
Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 (73.2) \u2013 (73.2)
Total (90.1) (5.6) (3.5) (2.7) (2.3) (75.8) (11.7) (191.7)
Expected loss rate %
Risk band 1 (CII<=10) 5.4% 10.8% 32.4% 55.4% \u2013 73.9% 50.9% 5.7%
Risk band 2 (10<CII=<20) 7.2% 14.6% 37.7% 57.4% \u2013 73.6% 53.0% 8.2%
Risk band 3 (20<CII=<47) 10.6% 19.7% 45.3% 64.5% 68.2% 71.3% 57.8% 13.0%
Risk band 4 (47<CII) 18.2% 25.9% 58.8% 68.4% 74.5% 74.0% 84.1% 27.9%
Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 91.9% \u2013 91.9%
Total 7.3% 16.7% 49.9% 66.4% 73.3% 91.1% 68.2% 13.9%
Credit risk on other financial assets
Investments of cash surpluses and derivative contracts are made through banks and companies which must fulfil credit rating and investment
criteria approved by the Board. Risk is further mitigated by diversification and limiting counterparty exposure. The Group does not consider there
to be any impairment loss in respect of these balances (2022: \u00a3nil). The maximum exposure to credit risk at the reporting date is the carrying value
of each class of asset as the debt is not collateralized.
Capital risk
The capital structure of the Group consists of debt, as analysed in Note 30, and equity attributable to the equity holders of the Parent Company,
comprising issued capital, reserves and retained earnings as shown in the Consolidated Statement of Changes in Equity. The Group manages its
capital with the objective that all entities within the Group continue as going concerns while maintaining an efficient structure to minimise the cost
of capital. The Group is not restricted by any externally imposed capital requirements.
As part of its strategy for delivering sustainable returns to shareholders, the Group has been returning capital to shareholders by way of share
buybacks in addition to dividends (including special dividends). Share buybacks may be transacted through both on-market purchases and off-
market contingent contracts.
29.\u2002Financial Instruments: Sensitivity Analysis
Interest rate sensitivity analysis
The table below illustrates the hypothetical sensitivity of the Group\u2019s reported profit and closing equity to a 1.0% increase or decrease in interest
rates, assuming all other variables were unchanged. The sensitivity rate of 1.0% represents the directors\u2019 assessment of a reasonably possible
change, based on historic volatility.
The analysis has been prepared using the following assumptions:
\u2022 For floating rate assets and liabilities, the amount of the asset or liability outstanding at the Balance Sheet date is assumed to have been
outstanding for the whole year.
\u2022 Fixed rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of this analysis.
Positive figures represent an increase in profit or equity.
Income Statement Equity
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Interest rate increase of 1.0% (2.8) (1.3) (2.8) (1.3)
Interest rate decrease of 1.0% 2.8 1.3 2.8 1.3
Foreign currency sensitivity analysis
The Group\u2019s principal foreign currency exposures are to US Dollars and the Euro. The table below illustrates the hypothetical sensitivity of the
Group\u2019s reported profit and closing equity to a 10% increase and decrease in the US Dollar/Sterling and Euro/Sterling exchange rates at the
reporting date, assuming all other variables remain unchanged. The sensitivity rate of 10% represents the directors\u2019 assessment of a reasonably
possible change, based on historic volatility.
The analysis assumes that exchange rate fluctuations on currency derivatives that form part of an effective cash flow hedge relationship affect
the fair value reserve in equity and the fair value of the hedging derivatives. For foreign exchange derivatives which are not designated hedges,
movements in exchange rates impact the Income Statement.
Positive figures represent an increase in profit or equity.
Income Statement Equity
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Sterling strengthens by 10%
US Dollar (20.9) (2.1) (51.4) (52.1)
Euro \u2013 \u2013 (1.5) 4.6
Sterling weakens by 10%
US Dollar 14.0 (0.8) 58.6 69.2
Euro \u2013 \u2013 1.8 (5.6)
Year end exchange rates applied in the above analysis are US Dollar 1.24 (2022: 1.34) and Euro 1.14 (2022: 1.20). Strengthening and weakening
of Sterling may not produce symmetrical results depending on the proportion and nature of foreign exchange derivatives which do not qualify for
hedge accounting.
30.\u2002Analysis of Net Debt
January
2022
\u00a3m
Cash flow
\u00a3m
Fair value
changes
\u00a3m
IFRS 16
\u00a3m
January
2023
\u00a3m
Cash and short term deposits 433.0 (328.0) \u2013 \u2013 105.0
Overdrafts and short term borrowings (233.1) 130.8 \u2013 \u2013 (102.3)
Cash and cash equivalents 199.9 (197.2) \u2013 \u2013 2.7
Corporate bonds (815.7) \u2013 25.0 \u2013 (790.7)
Fair value hedges of corporate bonds 15.7 \u2013 (25.0) \u2013 (9.3)
Net debt excluding leases (600.1) (197.2) \u2013 \u2013 (797.3)
Current lease liability (162.6) \u2013 \u2013 16.4 (146.2)
Non-current lease liability (894.9) \u2013 \u2013 17.8 (877.1)
(1,057.5) \u2013 \u2013 34.2 (1,023.3)
Net debt including leases (1,657.6) (197.2) \u2013 34.2 (1,820.6)
The IFRS 16 movements represent the cash movements in relation to lease payments of \u00a3204.4m, and non cash movements relating to disposals
of \u00a35.5m offset by additions of \u00a384.2m, modifications of \u00a341.5m, finance costs \u00a347.3m and FX/Others of \u00a32.7m.
Interest of \u00a324.0m was accrued and paid on the Corporate bonds and associated hedges during the year. The unpaid interest accrual of \u00a314.6m is
recognised within accruals.
31.\u2002Related Party Transactions
During the year, group entities entered into the following transactions with related parties and their respective subsidiaries who are not members
of the Group:
Joint ventures Associates
Related party
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Sales 58.1 9.4 7.2 5.3
Loans (repaid)/advanced (14.2) 14.2 0.5 0.8
Transactions and loan interest 47.8 29.1 1.2 1.1
Amounts outstanding at year end 27.7 23.6 2.8 2.6
The amounts above are an aggregation of the transactions with the Group\u2019s associates and joint ventures, namely:
\u2022 VS Brand Holdings UK Limited and its subsidiaries (joint venture)
\u2022 Pink TopCo Limited and its subsidiaries (the \u201cReiss\u201d Group) (joint venture)
\u2022 Retail Restaurants Limited (joint venture)
\u2022 West apparel UK Holdings Limited (\u201cGAP\u201d) (joint venture)
\u2022 Choice Discount Stores Limited (associate)
\u2022 Aubin & Wills Holdings Limited and its subsidiaries (associate)
\u2022 Regent Bidco 1 Limited and its subsidiaries (the \u201cJojo Maman B\u00e9b\u00e9\u201d Group) (associate)
\u2022 Swoon Limited (associate).
All transactions are on an arm\u2019s length basis. Within transactions and loan interest are (i) recharges for payroll costs borne by the NEXT Group and
then recharged to the related party and (ii) certain joint ventures are part of the NEXT VAT Group and accordingly includes transactions for the
settlement of VAT by NEXT on behalf of the joint venture. Such amounts are immediately recharged by NEXT and then settled by the joint venture.
In addition, the Group incurred \u00a359,000 of costs in relation to non-controlling interests.
32. Acquisition of subsidiary On 1 December 2022, the Group acquired 74% of the trade and assets from Joules Limited, a consolidated group whose principal activity is the design and sale of lifestyle clothing, related accessories and a homeware range, through a multi-channel business structure embracing retail stores, wholesale and online. It is expected that this acquisition will strengthen the Groups portfolio of brands while its Total Platform infrastructure will help grow the Joules business. This qualifies as a business as defined in IFRS 3 Business Combinations. The trade and assets were transferred into a new trading company, The Harborough Hare Limited. The amounts recognised in respect of the identifiable assets acquired are set out in the table below: \u00a3m Financial assets 1.8 Inventory 14.3 Property, plant and equipment and software 8.6 Identifiable intangible assets 10.5 Financial liabilities (9.8) Deferred tax liabilities (2.6) Total identifiable assets acquired 22.8 Goodwill 11.6 Non-controlling interest in 26% of The Harborough Hare Holdings Limited (5.6) Total consideration 28.8 Satisfied by: Cash 28.8 Due primarily to the short period of time between acquisition and reporting, the accounting for the acquisition of Joules has only been provisionally determined at the end of the reporting period. In accordance with the requirements of IFRS 3 Business Combinations, the Group will finalise the acquisition balance sheet within 12 months of the acquisition date. For tax purposes, the tax values of Joules\u2019 assets are required to be reset based on market values of the assets. At the date of finalisation of these consolidated financial statements, the necessary market valuations and other calculations had not been finalised and they have therefore only been provisionally determined based on the directors\u2019 best estimate of the likely tax values. The identifiable intangible assets include a brand value of \u00a310.1m and other intangible assets of \u00a30.4m. Total identifiable assets acquired were \u00a322.8m, which results in a goodwill value of \u00a311.6m arising from the acquisition. The goodwill relates to expected synergies from combining Joules into the NEXT group and the effect of a combined workforce with Brand specific design experience. The goodwill at the year end was \u00a311.6m (note 10). The non-controlling interest of 26% ownership interest in Joules recognised at the acquisition date was measured by reference to the cash consideration paid by the non-controlling interest and amounted to \u00a35.6m. Joules contributed \u00a332.8m revenue and \u00a34.1m loss before tax to the Group\u2019s profit for the period between the date of acquisition and the reporting date. The Joules business was previously part of the Joules plc group which went into administration in November 2022. It is not possible to reliably identify the revenue or profit or loss which would have been recognised had the business combination occurred at the beginning of the annual reporting period. However prior to administration Joules Limited, the main trading entity of the former Joules plc group, reported revenue of \u00a3179.9m and a loss of \u00a30.4m for the 52 weeks ended 30 May 2021. 33. Contingent liabilities NEXT has since 2018 received around 1,500 equal pay complaints from former and current employees in our store network. These claims are subject to a legal and tribunal process which is expected to last several more years. The claims are fact sensitive, legally complex and being defended rigorously. The Directors believe that the likelihood of successful outcome for the claimants is possible (but not probable). The Directors also believe that it is not yet possible to reliably assess the likely outcome or the exact quantum of these claims if they are successful. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2.\u2002Total Revenue
The Group\u2019s disaggregated revenue recognised under contracts with customers relates to the following categories and operating segments:
52 weeks to 28 January 2023
Sale of goods
\u00a3m
Credit account
interest
\u00a3m
Royalties
\u00a3m
Rental
income
\u00a3m
Service
income
\u00a3m
Total
\u00a3m
NEXT Online 2,743.6 \u2013 \u2013 \u2013 \u2013 2,743.6
NEXT Finance \u2013 274.4 \u2013 \u2013 \u2013 274.4
NEXT Retail 1,849.1 \u2013 \u2013 \u2013 \u2013 1,849.1
Total Platform 27.4 \u2013 \u2013 \u2013 15.5 42.9
Joules 32.8 \u2013 \u2013 \u2013 \u2013 32.8
Property Management \u2013 \u2013 \u2013 18.9 \u2013 18.9
International Retail, Sourcing and other 62.3 \u2013 10.0 \u2013 \u2013 72.3
Total 4,715.2 274.4 10.0 18.9 15.5 5,034.0
52 weeks to 29 January 2022*restated
Sale of goods
\u00a3m
Credit account
interest
\u00a3m
Royalties
\u00a3m
Rental
income
\u00a3m
Service
income
\u00a3m
Total
\u00a3m
NEXT Online 2,863.1 \u2013 \u2013 \u2013 \u2013 2,863.1
NEXT Finance \u2013 249.4 \u2013 \u2013 \u2013 249.4
NEXT Retail 1,425.9 \u2013 \u2013 \u2013 \u2013 1,425.9
Total Platform 11.3 \u2013 \u2013 \u2013 \u2013 11.3
Joules \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Property Management \u2013 \u2013 \u2013 12.7 \u2013 12.7
International Retail, Sourcing and other 57.1 \u2013 6.4 \u2013 \u2013 63.5
Total 4,357.4 249.4 6.4 12.7 \u2013 4,625.9
Service income recognised in the current period relates to services provided to our Total Platform partners.
* As a result of the changes in how we report segmental profit per Note 1, segmental revenue has also been amended in the prior year with Lipsy\u2019s previously reported sale of goods
of \u00a32.2m being included within International Retail, Sourcing and Other and Lipsy royalties of \u00a31.6m included within International Retail, Sourcing and other. Total Platform has been
separated out into its own segment from NEXT Online.
3.\u2002Operating Profit
Group operating profit is stated after charging/(crediting):
52 weeks to
28 January
2023
\u00a3m
52 weeks to
29 January
2022
\u00a3m
Depreciation on property, plant and equipment 100.5 103.7
Depreciation on right-of-use assets 107.6 113.8
Loss on disposal of property, plant and equipment 0.5 3.1
Gain on sale and leasebacks (17.7) (13.4)
Reversal of impairment on property, plant and equipment (2.7) (3.1)
Reversal of impairment on right-of-use assets (34.9) (1.2)
Amortisation and impairment of intangible assets 12.5 4.3
Gain on lease modifications, early exit and reassessed lease term (1.4) (3.8)
Variable rentals payable 26.9 4.1
Job Retention Scheme receipts \u2013 (16.2)
Cost of inventories recognised as an expense 1,785.4 1,674.6
Write-down of inventories to net realisable value 152.4 102.4
Total 1,937.8 1,777.0
",
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"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
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"fact-527": {
"value": "GROUP ACCOUNTING POLICIES General Information NEXT plc and its subsidiaries (the \u201cGroup\u201d) is a UK based retailer selling beautifully designed, excellent quality clothing, homeware and beauty products which are responsibly sourced and accessibly priced. The Company is a public limited company, which is listed on the London Stock Exchange and incorporated in England and Wales and domiciled in the UK. The address of the registered office is Desford Road, Enderby, Leicester LE19 4AT. Basis of Preparation The financial statements of NEXT plc and the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the historical cost basis except for certain financial instruments, pension assets and liabilities and share-based payment liabilities which are measured at fair value. As is common in the retail sector, the Group operates a weekly accounting calendar and this year the financial statements are for the 52 weeks to 28 January 2023 (last year 52 weeks to 29 January 2022). In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities including the Group\u2019s principal risks and uncertainties. The Board also considered the Group\u2019s current cash position, the repayment profile of its obligations, its financial covenants and the resilience of its 12 month cash flow forecasts to a series of severe but plausible downside scenarios such as further enforced store closures. Having considered these factors the Board is satisfied that the Group has adequate resources to continue in operational existence and therefore it is appropriate to adopt the going concern basis in preparing the consolidated financial statements for the 52 weeks ended 28 January 2023 (see also the Going Concern and Viability Statements in the Annual Report and Accounts). These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of Consolidation The consolidated financial statements incorporate the financial statements of NEXT plc (the \u201cCompany\u201d) and its subsidiary undertakings. Subsidiaries are entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Associates and joint ventures are all entities over which the Group has significant influence but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control of those policies. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the Group\u2019s share of the change in net assets of the associate or joint venture after the acquisition date. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders are initially measured at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Fair Value Measurement The Group measures financial instruments such as derivatives and non-listed equity investments at fair value at each Balance Sheet date. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy described in Note 27. Foreign Currencies The consolidated financial statements are presented in Pounds Sterling, which is the Company\u2019s functional and presentation currency. The Group includes foreign entities whose functional currencies are not Sterling. On consolidation, the assets and liabilities of those entities are translated at the exchange rates at the Balance Sheet date and income and expenses are translated at weighted average rates during the period. Translation differences are recognised in other comprehensive income. Transactions in currencies other than an entity\u2019s functional currency are recorded at the exchange rate on the transaction date, whilst assets and liabilities are translated at exchange rates at the Balance Sheet date. Exchange differences are recognised in the Income Statement. GROUP ACCOUNTING POLICIES Revenue Revenue represents the fair value of amounts receivable for goods and services and is stated net of discounts, value added taxes and returns. Revenue is recognised when control of the goods or services are transferred to the customer i.e. the customer accepts delivery of those goods. It is the Group\u2019s policy to sell its products to the retail customer with a right to return within 28 days. During the temporary closure of stores caused by the COVID pandemic, this policy was adjusted to provide customers with the right to return within 28 days of the store reopening. The Group uses the expected value method to estimate the value of goods that will be returned because this method best predicts the amounts of variable consideration to which the Group will be entitled. A separate right of return asset is recognised on the face of the Balance Sheet which represents the right to recover product from the customer. The refund liability due to customers on return of their goods is recognised either as a component of trade payables and other liabilities (for cash payments) or as a deduction from customer receivables (for purchases using the nextpay credit facility). Revenue from our Total Platform services is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of services (for example the delivery of stock from the warehouse to retail stores) in the normal course of business, net of discounts, value added tax and other sales-related taxes. The Group does not operate any loyalty programmes. Deferred income in relation to gift card redemptions is estimated on the basis of historical redemption rates. Revenue from gift cards is recognized when the customer redeems the gift card. Online credit account interest is accrued on a time basis by reference to the principal outstanding, the provision held (where credit impaired) and the effective interest rate. Royalty income is received from franchisees and is recognised on an accruals basis in accordance with the substance of the relevant agreements. Where third-party goods are sold on a commission basis, only the commission receivable is included in statutory revenue. To aid comparability, \u201ctotal sales\u2019\u2019 are disclosed in the Strategic Report and in Note 1 of the financial statements. Total sales includes the full customer sales value of commission based sales and interest income, excluding VAT. Dividends Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends (which include special dividends) are recorded in the period in which they are declared by the directors and paid. Dividend income is recognised when the right to receive payment is established. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is charged so as to write down the cost of assets to their estimated residual values over their remaining useful lives on a straight-line basis. Estimated useful lives and residual values are reviewed at least annually. Estimated useful lives are summarised as follows: Freehold and long leasehold property 50 years Plant and equipment 6 \u2013 25 years Leasehold improvements the period of the lease, or useful life if shorter Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. Goodwill is initially measured at cost, being the excess of the acquisition cost over the Group\u2019s interest in the assets and liabilities recognised. Goodwill is not amortised, but is tested for impairment annually or whenever there is an indication of impairment. For the purposes of impairment testing, goodwill acquired is allocated to the Cash Generating Unit (CGU) that is expected to benefit from the synergies of the combination. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration paid in a business combination is measured at fair value with acquisition-related costs recognised in profit or loss as incurred. When the consideration paid includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. At the acquisition date, the identifiable assets liabilities acquired are recognised at their fair value, with the exception of any associated deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements which are recognised in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively. Business combinations (continued) Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. Software Capitalised software costs include both external direct costs of goods and services, and internal payroll-related costs for employees who are directly associated with the software project. Development costs are recognised as intangible assets when the following criteria are met: \u2022 It is technically feasible to complete the software so that it is available for use. \u2022 Management controls and intends to complete the software for use in the business. \u2022 There is an ability to use or sell the software. \u2022 It can be demonstrated how the software will generate probable economic benefits in the future. \u2022 Adequate technical, financial and other resources are available to complete the project. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between 3 and 5 years. Computer software under development is held at cost less any recognised impairment loss and presented as \u201casset under construction\u201d. Any impairment in value is recognised within the income statement. Other Intangible Assets Other intangible assets relate to brand names, website domains and trademarks obtained on acquisition which were initially recognised at fair value. They are amortised on a straight-line basis over their expected useful lives of 5 \u2013 15 years. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. Investments in subsidiaries (Parent Company only) Investments in subsidiary companies (Parent Company only) are stated at cost, less any impairment. Investments in associates and joint ventures An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. 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. Whereas joint ventures are entities over which the Group has joint control over such policies. The Group\u2019s share of the results of associates and joint ventures is included in the Group income statement and Group statement of comprehensive income using the equity method of accounting. Investments in associates and joint ventures are carried in the Group balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any dividends received and impairment in value. If the Group\u2019s share of losses in an associate or joint venture equals or exceeds its investment in the associate or joint venture, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the associate or joint venture. Dividends received from associates and joint ventures with nil carrying value are recognised in the Group income statement as part of the Group\u2019s share of post-tax profits/(losses) of associates and joint ventures. Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the entity. GROUP ACCOUNTING POLICIES Impairment \u2013 non-financial assets The carrying values of non-financial assets (excluding goodwill) are reviewed quarterly to determine whether there is any indication of impairment. If any impairment loss arises, the asset value is adjusted to its estimated recoverable amount and the difference is recognised in the Income Statement. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. An asset\u2019s recoverable amount is the higher of an asset or Cash Generating Units (CGU\u2019s) fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. Inventories Inventories (stocks) are valued at the lower of standard cost or net realisable value. Standard cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to the present location and condition. Net realisable value is based on estimated selling prices less further costs to be incurred to disposal. Where hedge accounting applies, an adjustment is applied such that the cost of stock reflects the hedged exchange rate. Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, Fair Value through Other Comprehensive Income (FVOCI) or Fair Value through Profit or Loss (FVPL).The classification is based on two criteria: \u2022 the Group\u2019s business model for managing the assets; and \u2022 whether the instruments\u2019 contractual cash flows represent \u201cSolely Payments of Principal and Interest\u201d on the principal amount outstanding (the \u201cSPPI criterion\u201d). A summary of the Group\u2019s financial assets is as follows: Financial assets Classification under IFRS 9 Derivatives not designated as hedging instruments Fair value through profit or loss Derivatives designated as hedging instruments Fair value \u2013 hedging instrument Preference shares Amortised cost \u2013 hold to collect business model and SPPI met Customer and other receivables Amortised cost \u2013 hold to collect business model and SPPI met Cash and short term deposits (excluding money market funds) Amortised cost Non-listed equity instruments Fair value through profit or loss Under IFRS 9 the Group initially measures a financial asset at its fair value plus directly attributable transaction costs, unless the asset is classified as FVPL. Transaction costs of financial assets carried at FVPL are expensed in the Income Statement. Further details on the accounting for customer and other receivables is included in Note 13. For details on hedge accounting refer to Note 28. Subsequent measurement A summary of the subsequent measurement of financial assets is set out below. Financial assets at FVPL Subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost Subsequently measured at amortised cost using the effective interest rate (EIR) method. The amortised cost is reduced by impairment losses. Interest income, impairment or gain or loss on derecognition are recognised in profit or loss. Equity instruments at FVPL These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents recovery of part of the cost of investment, in which case they are recognised in profit or loss. Other net gains and losses are recognised in profit and loss. Financial instruments \u2013 initial recognition and subsequent measurement (continued) Derecognition A financial asset is derecognised primarily when: \u2022 the rights to receive cash flows from the asset have expired; \u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third-party under a \u201cpass-through\u201d arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or \u2022 the Group has taken actions not to pursue collection, for example in instances of bankruptcy or individual voluntary arrangement. Impairment \u2013 financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVPL. The most significant financial assets of the Group are its trade receivables, which are referred to as \u201ccustomer and other receivables\u201d. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate (EIR). For further details on the accounting for ECLs on customer and other receivables refer to Note 13. Financial liabilities Initial recognition and measurement The Group has classified its financial liabilities as follows: Financial liabilities Classification under IFRS 9 Derivatives not designated as hedging instruments Fair value through profit or loss Derivatives designated as hedging instruments Fair value \u2013 hedging instrument Interest-bearing loans and borrowings:\u2003Corporate bonds Amortised cost \u2013 designated in hedge relationships\u2003Bank loans and overdrafts Amortised cost Trade and other payables Amortised cost All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement A summary of the subsequent measurement of financial liabilities is set out below. Financial liabilities at FVPL Subsequently measured at fair value. Gains and losses are recognised in the Income Statement. Loans and borrowings Subsequently measured at amortised cost using the EIR method. The EIR amortisation is included in finance costs in the Income Statement. Corporate bonds Subsequently measured at amortised cost and adjusted where hedge accounting applies (see interest rate derivatives on page 187). Accrued interest is included within other creditors and accruals. Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Income Statement. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention and ability to settle on a net basis, to realise the assets and settle the liabilities simultaneously. GROUP ACCOUNTING POLICIES Customer and Other Receivables Customer receivables are outstanding customer balances less an allowance for impairment. Customer receivables are recognised when the Group becomes party to the contract which happens when the goods are dispatched. They are derecognised when the rights to receive the cash flows have expired, e.g. due to the settlement of the outstanding amount or where the Group has transferred substantially all the risks and rewards associated with that contract. Other trade receivables are stated at invoice value less an allowance for impairment. Customer and other receivables are subsequently measured at amortised cost as the business model is to collect contractual cash flows and the debt meets the SPPI criterion. Impairment In accordance with the accounting policy for impairment \u2013 financial assets, the Group recognises an allowance for ECLs for customer and other receivables. IFRS 9 requires an impairment provision to be recognised on origination of a customer advance, based on its ECL. The Group has taken the simplification available under IFRS 9 paragraph 5.5.15 which allows the loss amount in relation to a trade receivable to be measured at initial recognition and throughout its life at an amount equal to lifetime ECL. This simplification is permitted where there is either no significant financing component (such as customer receivables where the customer is expected to repay the balance in full prior to interest accruing) or where there is a significant financing component (such as where the customer expects to repay only the minimum amount each month), but the directors make an accounting policy choice to adopt the simplification. Adoption of this approach means that Significant Increase in Credit Risk (SICR) and Date of Initial Recognition (DOIR) concepts are not applicable to the Group\u2019s ECL calculations. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. ECL is the product of the probability of default (PD), exposure at default (EAD) and loss given default (LGD), discounted at the original EIR. The assessment of credit risk and the estimation of ECL are required to be unbiased, probability-weighted and should incorporate all available information relevant to the assessment, including information about past events, current conditions and reasonable and supportable forecasts of economic conditions at the reporting date. The forward looking aspect of IFRS 9 requires considerable judgement as to how changes in economic factors might affect ECLs. The ECL model applies four macroeconomic scenarios including a base case which is viewed by management to be the most likely outturn, together with an upside, downside and extreme scenario. A 40% weighting is applied to the base case and 30% to the upside scenario, 25% to the downside scenario and 5% to the extreme scenario. IFRS 9 \u201cFinancial instruments\u201d paragraph 5.5.20 ordinarily requires an entity to not only consider a loan, but also the undrawn commitment and the ECL in respect of the undrawn commitment, where its ability to cancel or demand repayment of the facility does not limit its exposure to the credit risk of the undrawn element. However, the guidance in IFRS 9 on commitments relates only to commitments to provide a loan (that is, a commitment to provide financial assets, such as cash) and excludes from its scope rights and obligations from the delivery of goods as a result of a contract with a customer within the scope of IFRS 15 \u201cRevenue from contracts with customers\u201d (that is, a sales commitment). Thus, the sales commitment (unlike a loan commitment) is not a financial instrument, and therefore the impairment requirements in IFRS 9 do not apply until delivery has occurred and a receivable has been recognised. Impairment charges in respect of customer receivables are recognised in the Income Statement within \u201cImpairment losses on customer and other receivables\u201d. Delinquency is taken as being in arrears and credit impaired is taken as being the loan has defaulted, which is considered to be the point at which the debt is passed to an internal or external Debt Collection Agency (DCA) and a default registered to a Credit Reference Agency (CRA), or any debt 90 days past due. Delinquency and default are relevant for the estimation of ECL, which segments the book by customer indebtedness, banded into 4 risk bands by arrears stage (See Note 28). Financial assets are written off when there is no reasonable expectation of recovery, such as when a customer fails to engage in a repayment plan with the Group. If recoveries are subsequently made after receivables have been written off, they are recognised in profit or loss. The key inputs into the ECL calculation are: PD: \u201cProbability of Default\u201d is an estimate of the likelihood of default over the expected lifetime of the debt. NEXT has assessed the expected lifetime of customer receivables and other trade receivables, based on historical payment practices. The debt is segmented by arrears stage, Experian\u2019s Consumer Indebtedness Index (a measure of customers\u2019 affordability) and expected time of default. EAD: \u201cExposure at Default\u201d is an estimate of the exposure at that future default date, taking into account expected changes in the exposure after the reporting date, i.e. repayments of principal and interest, whether scheduled by the contract or otherwise and accrued interest from missed payments. This is stratified by arrears stage, Experian\u2019s Consumer Indebtedness Index and expected time of default. LGD: \u201cLoss Given Default\u201d is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that NEXT would expect to receive, discounted at the original EIR. It is usually expressed as a percentage of the EAD. NEXT includes all cash collected over five years from the point of default. The Group uses probability weighted economic scenarios that are integrated into the model, in order to evaluate a range of possible outcomes as is required by IFRS 9. An analysis of historical performance suggests that the expected performance of the book is most closely aligned to the forecast change in unemployment rate. However, management considers that the inputs and models used for the ECLs may not always capture all characteristics of the market at the Balance Sheet date. To reflect this qualitative adjustments or overlays are made, based on external data, historical performance and future expected performance. Other Financial Assets and Liabilities: Derivative Financial Instruments and Hedge Accounting Derivative financial instruments (\u201cderivatives\u201d) are used to manage risks arising from changes in foreign currency exchange rates relating to the purchase of overseas sourced products, overseas sales and changes in interest rates relating to the Group\u2019s debt. In accordance with its treasury policy, the Group does not enter into derivatives for speculative purposes. Foreign currency and interest rate derivatives are stated at their fair value, being the estimated amount that the Group would receive or pay to terminate them at the Balance Sheet date based on prevailing foreign currency and interest rates. The Group designates certain derivatives as either: a. Hedges of fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or b. Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). Hedge documentation At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument. \u2022 The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged items that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of the hedged item. Interest rate derivatives \u2013 fair value hedges The Group uses interest rate derivatives to hedge part of the interest rate risk associated with the Group\u2019s corporate bonds. The carrying values of the relevant bonds are adjusted only for changes in fair value attributable to the interest rate risk being hedged. The adjustment is recognised in the Income Statement and is offset by movements in the fair value of the derivatives. For fair value hedges relating to items carried at amortised cost, any adjustment to the carrying value is amortised through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortisation may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognised, the unamortised fair value is recognised immediately in profit or loss. GROUP ACCOUNTING POLICIES Foreign currency derivatives \u2013 cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Income Statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency and option contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm commitments. Where forward contracts are used to hedge forecast transactions, the Group designates the change in fair value relating to both the spot and forward components as the hedging instrument. The ineffective portion relating to foreign currency contracts is recognised as other gains/losses in the Income Statement. The fair value of option contracts are divided into two portions: \u2022 the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and \u2022 the time value \u2013 which is the remaining value of the option which reflects the volatility of the price of the underlying and the time remaining to maturity. In accordance with IFRS 9 \u201cFinancial instruments\u201d, the Group designates the intrinsic value of foreign currency options as hedging instruments for hedging relationships entered into. The intrinsic value is determined with reference to the relevant spot market exchange rate. Changes in the time value of the options that relate to the hedged item are deferred in the cost of hedging reserve and recognised against the related hedge transaction when it occurs. The amounts accumulated in the cash flow hedge reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost for the carrying amount of the hedged asset or liability. The deferred amounts are ultimately recognised in profit or loss as the hedged item affects profit or loss (e.g. when inventory impacts cost of sales). This is not a reclassification adjustment and will not be recognised in OCI for the period. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. Cash and Cash Equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, credit card receipts and bank overdrafts. Amounts held in money market funds are held at fair value through the profit and loss and are valued using Level 1 inputs. Bank overdrafts are shown within borrowings in current liabilities in the Balance Sheet. Refer to Note 30 of the financial statements. Pension Arrangements The Group provides pension benefits which include both defined benefit and defined contribution arrangements. Pension assets are held in separate trustee administered funds and the Group also provides other, unfunded, pension benefits to certain members. The cost of providing benefits under the defined benefit and unfunded arrangements are determined separately for each plan using the projected unit credit method, with actuarial valuations being carried out at each Balance Sheet date by external actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. A net pension asset is only recognised to the extent that it is expected to be recoverable in the future through a cash refund or a reduction in future payments. The current service cost of the defined benefit plan is recognised in the Income Statement as an employee benefit expense. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. The cost of defined contribution schemes is recognised in the Income Statement as incurred. The Group has no further payment obligations once the contributions have been paid. Share-based Payments The fair value of employee share options is calculated when they are granted using a Black-Scholes model and the fair value of equity-settled LTIP awards is calculated at grant using a Monte Carlo model. The resulting cost is charged in the Income Statement, as an employee benefit expense, over the vesting period of the option or award together with a corresponding increase in equity. The cumulative expense recognised is the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Income Statement for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Service and non-service performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. No expense is recognised for awards that do not ultimately vest because of non-market performance and/or service conditions that have not been met. When awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non- vesting condition is satisfied, provided that all other performance and/or service conditions are met. The social security contributions payable in connection with the grant of the share options or LTIP award is considered an integral part of the grant itself, and the charge is treated as a cash-settled transaction. For cash-settled awards, the fair value of the liability is determined at each Balance Sheet date and the cost is recognised in the Income Statement over the vesting period. Taxation Taxation, comprised of current and deferred tax, is charged or credited to the Income Statement unless it relates to items recognised in other comprehensive income or directly in equity. In such cases, the related tax is also recognised in other comprehensive income or directly in equity. Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the Balance Sheet date. Deferred tax is accounted for using the Balance Sheet liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts. It is calculated using rates of taxation enacted or substantively enacted at the Balance Sheet date which are expected to apply when the asset or liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is not recognised in respect of investments in subsidiaries and associates where the reversal of any taxable temporary differences can be controlled and are unlikely to reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis. Tax provisions are recognised when there is a potential exposure to an uncertain tax position. Management uses professional advisers and in-house tax experts to determine the amounts to be provided. Share Buybacks The Group has regularly returned surplus cash to shareholders through share buybacks. Shares purchased for cancellation are deducted from retained earnings at the total consideration paid or payable. The Company also uses contingent share purchase contracts and irrevocable closed period buyback programmes; the obligation to purchase shares is recognised in full at the inception of the contract, even when that obligation is conditional on the share price. Any subsequent reduction in the obligation caused by the expiry or termination of a contract is credited back to equity at that time. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Shares Held by ESOT The NEXT Employee Share Ownership Trust (ESOT) provides for the issue of shares to Group employees, principally under share option schemes. Shares in the Company held by the ESOT are included in the Balance Sheet at cost, including any directly attributable incremental costs, as a deduction from equity. Provisions A provision is recognised where the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. GROUP ACCOUNTING POLICIES Lease Accounting Group as lessee At inception of a contract the Group assesses whether the contract is or contains a lease. A lease is present where the contract conveys, over a period of time, the right to control the use of an identified asset in exchange for consideration. Where a lease term ends and the Group remains within the site on holdover terms, the rental costs associated with this arrangement are recognised in the Income Statement as incurred. Where a lease is identified the Group recognises a right-of-use asset and a corresponding lease liability, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. Lease liability \u2013 initial recognition The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted at the Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments (including in-substance fixed payments), less any lease incentives; \u2022 variable lease payments such as those that depend on an index or rate (such as RPI), initially measured using the index or rate at the commencement date; \u2022 the amount expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of purchase options where the Group is reasonably certain to exercise the options; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the Consolidated Balance Sheet, split between current and non-current liabilities. Lease liability \u2013 subsequent measurement The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. Lease liability \u2013 remeasurement The lease liability is remeasured where: \u2022 there is a change in the assessment of exercise of an option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; \u2022 the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or \u2022 the lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset unless its carrying amount is reduced to zero, in which case any remaining amount is recognised in profit or loss. Where the lease liability is denominated in a foreign currency it is retranslated at the Balance Sheet date with foreign exchange gains and losses recognised in profit or loss. Right-of-use asset \u2013 initial recognition The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease incentives received, lease payments made at or before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Where the Group has an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. The right-of-use asset is presented as a separate line in the Balance Sheet. Right-of-use asset \u2013 subsequent measurement Right-of-use assets are depreciated over the shorter of the lease term and useful life of the underlying asset. Lease Accounting (continued) Impairment The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Impairment \u2013 non-financial assets\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non- lease components as a single arrangement. The Group has not used this practical expedient. Short term leases and low value assets For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The Group as lessor The Group enters into lease agreements as a lessor with respect to some of its properties. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. Sale and leaseback A sale and leaseback transaction is where the Group sells an asset and reacquires the use of the asset by entering into a lease with the counterparty. A sale is recognised when control of the underlying asset passes to the counterparty. The asset sold is derecognised and a lease liability and right- of-use asset recognised in relation to the lease. Any gain or loss arising on the transaction is recognised in the Income Statement and relates to the rights transferred to the counterparty. Government Grants Grants are recognised only when there is reasonable assurance that the Group will comply with the conditions attached to them and that the grants will be received. Grants that are receivable as compensation for expenses already incurred are recognised in profit or loss in the period in which they become receivable. GROUP ACCOUNTING POLICIES Climate change In preparing the financial statements we have considered the potential impact of climate change. Given the identified risks are expected to be present in the medium to long term our focus has been on the non-current assets within the Balance Sheet. Specifically, for the material non-current assets, we note the following: \u2022 The plant, property and equipment associated with our stores have relatively short useful lives (in line with the store lease terms which average 5 years) and hence would not be at risk in the medium to long term. Furthermore, based on our current lease profile, we expect any potential future store refurbishments to be phased over several years and therefore any changes in the requirements associated with climate change would not have a material impact in any given year. \u2022 For the right-of-use assets associated with our warehouse and head office, and the machinery in our new E3 warehouse, the risk from climate change is not considered material. The warehouse and head office sites are located in areas which we would not expect to be physically impacted by climate change while the risk of impairment on such assets, for example due to the introduction of environmental taxes, is considered remote given the strong operational margins generated by the Online business which they support. \u2022 The intangible assets, which consist of goodwill, brands and internally generated software, are either fully recoverable or have a useful life less than 10 years and hence do not fall within the medium to long term risk profile. Hence, we would not expect the identified risks to impact these assets. \u2022 The Associates, joint ventures and other investments comprise our equity investments. These businesses also operate in the retail and online fashion sector and consequently have a similar asset and risk profile to NEXT. There is no indication of any specific climate related risks to their assets or business that would represent a material risk to the carrying value of these investments. \u2022 Defined benefit pension assets covering gilts, property based investments and equity investments are diverse and, in the context of the climate change horizons, relatively liquid. The pension scheme is therefore able to amend its investment portfolio and strategy within a relatively short time horizon to ensure its assets are not at material risk from climate change. The other non-current assets were also reviewed and no risk identified. Current assets, by their nature, are expected to be fully utilised within the business in the short term and no climate risk has been identified in this time horizon. As a consequence there has been no material impact on the financial reporting judgements and estimates applied in the preparation of the 2023 Annual Report and Accounts. Please see page 91 of the Annual Report and Accounts for further detail on our climate change assessment. Major Sources of Estimation Uncertainty and Judgement The preparation of the financial statements requires estimates and assumptions to be made that affect the reported values of assets, liabilities, revenues and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised and in any future years affected. Control implications of investment in Reiss On 28 February 2022, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d). Upon review of the Shareholders\u2019 Agreement there are certain operational and financial matters which require joint agreement from all shareholders. Therefore, even though NEXT now holds 51% of the equity shares, management has formed a judgement that it does not have control over Reiss and so it has been accounted for as a joint venture. In applying the Group\u2019s accounting policies described above, the directors have identified that the following areas are the key estimates that have a significant risk of resulting in a material adjustment to the carrying value of assets and liabilities in the next financial year. Defined benefit pension assumptions The assumptions applied in determining the defined benefit pension obligation (Note 20), are particularly sensitive. Advice is taken from a qualified actuary to determine appropriate assumptions at each Balance Sheet date. The actuarial valuation involves making assumptions about discount rates, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. A sensitivity analysis is shown in Note 20. In determining the appropriate discount rate, management considers the interest rates of high quality UK corporate bonds, with extrapolated maturities corresponding to the expected duration of the obligation. The mortality rate is based on publicly available mortality tables. Expected credit losses on Online customer and other receivables The allowance for ECL (Note 13) is calculated on a customer-by-customer basis, using a combination of internally and externally sourced information, including expected future default levels (derived from historical defaults, overlaid by arrears and indebtedness profiles, and third party macro- economic forecasts) and future predicted cash collection levels (derived from past trends and future projections). Prior to default, the greatest sensitivity relates to the ability of customers to afford their payments (impacting the Probability of Default (PD) and, to a lesser extent, the Exposure at Default (EAD)). Once a customer receivable has defaulted, there is limited sensitivity in expected recoveries due to the lack of significant variability in cash collection levels post default. Of the total ECL (Note 28), \u00a387.8m relates to defaulted debt (without significant uncertainty) and \u00a3114.7m is for non defaulted debt, where significant estimation uncertainty exists. The remainder of the section relates to non defaulted debt. Major Sources of Estimation Uncertainty and Judgement (continued) Expected credit losses on Online customer and other receivables (continued) Macroeconomic Uplift The first main area of major estimation uncertainty in calculating the ECL is the impact of a change in unemployment. Management uses an independent forecast of unemployment, provided by Experian, and weights the effect of the expected, low, high and extreme scenarios in the proportions 40/30/25/5. The expected scenario assumes a central unemployment rate peaking at 5.7% in Q4 2024. This weighted view adds \u00a312.5m to the underlying model ECL. If the extreme unemployment scenario was used instead (peaking at 9.6% in Q1 2025), this would add a further \u00a318m of ECL. If the high unemployment scenario was used (peaking at 7.3% in Q1 2025), this would add a further \u00a37m of ECL. Lastly, if the low unemployment scenario was used (peaking at 4.4% at Q4 2024), this would reduce the ECL by \u00a37m. The second main area of major estimation uncertainty in calculating the ECL is the impact that the current cost of living pressures may have on customer payment behaviour. In order to reflect the underlying risk in the loan book, the following factors have been incorporated into the provision: 1) Downgrading the underlying base to the pre-COVID arrears and indebtedness profile The underlying distribution of arrears and consumer indebtedness scores from before the COVID pandemic have been overlaid on the ECL calculation in order to adjust recent performance trends. This is because the Consumer Indebtedness Index (CII) scores and the arrears profile of customers are key inputs in the underlying ECL model and management considers that the underlying risk characteristics have not yet returned to normalised levels. This adjustment, using pre-COVID arrears and indebtedness profiles, contributes \u00a313.1m to the ECL. 2) Recognition of the ongoing risk of an increased ECL for customers who have shown recent indicators of distress and are therefore considered to be at higher risk of default With the UK experiencing record levels of inflation, disposable income is likely to be further constricted as the effects of mortgage rate rises start to flow through into household budgets and energy bills remain elevated. Management believe this may adversely impact the recoverability of customer receivables, specifically customers who have previously shown signs of distress. A further overlay to increase the provision coverage of these customers to align with that of those customers in the highest risk banding (relating to their current arrears stage) has been applied, which forms \u00a324.4m of the total ECL. We are not explicitly predicting that these customers will move towards a higher level of indebtedness (per the CII) but we are using this model mechanism to apply an appropriate and understood multiplier on the risk levels of these particular customers. Sensitivity to the Probability of Default Following application of the above two overlays, Management believes that there is adequate provision for ECL based on a stressed, but realistic level of payments. The primary area of estimation uncertainty which could have a material impact to the provision is the probability of default. Whilst considered unlikely, if the probability of default were to double, this would increase the provision by \u00a328.2m . In the five weeks following the year end date, \u00a30.2bn of the \u00a31.3bn NEXT customer and other trade receivables has been recovered. Other areas of estimation uncertainty and judgement In addition, in applying the Group\u2019s accounting policies described above, the directors have identified the following areas as key estimates and judgements that relate to balances which the directors consider to be of particular importance to understanding the nature of the Balance Sheet. A significant change in these estimates could result in a significant (but not material) adjustment to the carrying value of assets and liabilities in the next financial year. Net realisable value of inventories The selling prices of inventory are estimated to determine the net realisable value of inventory. Historical sales patterns and post year end trading performance are used to determine these. A 2% change in the volume of inventories going to clearance would impact the net realisable value by circa \u00a36m. A 2% change in the level of markdown applied to the selling price would impact the value of inventories going to clearance by circa \u00a38m. Major Sources of Estimation Uncertainty and Judgement (continued) Impairment of right-of-use assets and property, plant and equipment Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or a previous impairment should be reversed. Key triggers considered by management include store (i.e. CGU) sales varying significantly from previous forecasts, significant changes in the cost base (for example due to a rent review) and whether any new, wider economic factors may impact the forecast performance. When an impairment review is performed, the recoverable amount is based on the higher of the value in use and fair value less costs to sell. The value in use method requires the Group to apply assumptions in performing its assessment of future cash flows over the useful life of the asset. Key assumptions used are the Board approved budget for year 1, growth rate to be applied to the cash flows and the risk adjusted pre-tax discount rate used to discount the assumed cash flows to present value. The cash flow projections include assumptions on store performance throughout the remaining contractual lease term. In particular, the expected decline in like-for-like Retail sales in the budget for 2023/24 and the subsequent assumptions on our like-for-like Retail sales represent sources of significant estimation uncertainty. A future change to the assumption of sales growth would result in a reassessment of the value in use and could give rise to a significant change in the impairment recognised. Retail store performance in the year has significantly exceeded management\u2019s previous expectations. This better than expected performance has informed management\u2019s view on the 2023/24 budget and following a review of CGU forecast performance, there has been a reversal of the previous impairment of \u00a337.6m. Management\u2019s budget for 2023/24 assumes a year on year reduction in sales of -4.5% and then a longer term decline of -6% in line with the observed 3 year decline in the pre COVID period. A reduction in the forecast sales in the year 1 budget of -2%, with no subsequent changes to sales, would result in an increase in the impairment charge of circa \u00a31m. A larger change of -4% would result in an increased impairment charge of circa \u00a32m. In the prior year the impairment charge had been significant. Accordingly a change in the discount rate applied to the impairment model would have resulted in a significant change in the impairment recognised. However, the remaining balance, following the reversal in the year, is now relatively low in value and hence a change in the discount rate no longer has a significant impact. Management has assessed its online business to be a CGU. There have been no indicators in the current year or prior year of any impairment. Adoption of new accounting standards, interpretations and amendments The Group has applied the following interpretations and amendments for the first time in these financial statements: \u2022 Reference to Conceptual Framework \u2013 amendments to IFRS 3 \u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2013 amendments to IAS 16 \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 amendments to IAS 37 \u2022 Annual Improvements to IFRS Standards 2018-2020 The application of these new interpretations and amendments did not have a material impact on the financial statements. Certain new accounting standards and interpretations have been published that are not yet effective and have not been adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Alternative performance measures (APMs) Management exercises judgement in determining the adjustments to apply to IFRS measurements in order to derive suitable APMs. As set out on pages 72 to 73, APMs are used as management believe these measures provide additional useful information on the trends, performance and position of the Group. These measures are used for performance analysis by the Board. The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. These measures are not intended to be a substitute for, or superior to, IFRS measurements. GROUP ACCOUNTING POLICIES ",
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"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-6": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-7": {
"value": "Desford Road, Enderby, Leicester LE19 4AT",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-529": {
"value": "Basis of Preparation The financial statements of NEXT plc and the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the historical cost basis except for certain financial instruments, pension assets and liabilities and share-based payment liabilities which are measured at fair value. As is common in the retail sector, the Group operates a weekly accounting calendar and this year the financial statements are for the 52 weeks to 28 January 2023 (last year 52 weeks to 29 January 2022). In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities including the Group\u2019s principal risks and uncertainties. The Board also considered the Group\u2019s current cash position, the repayment profile of its obligations, its financial covenants and the resilience of its 12 month cash flow forecasts to a series of severe but plausible downside scenarios such as further enforced store closures. Having considered these factors the Board is satisfied that the Group has adequate resources to continue in operational existence and therefore it is appropriate to adopt the going concern basis in preparing the consolidated financial statements for the 52 weeks ended 28 January 2023 (see also the Going Concern and Viability Statements in the Annual Report and Accounts). These policies have been consistently applied to all the years presented, unless otherwise stated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-592": {
"value": "The financial statements of NEXT plc and the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-619": {
"value": "Basis of Consolidation The consolidated financial statements incorporate the financial statements of NEXT plc (the \u201cCompany\u201d) and its subsidiary undertakings. Subsidiaries are entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Associates and joint ventures are all entities over which the Group has significant influence but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control of those policies. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the Group\u2019s share of the change in net assets of the associate or joint venture after the acquisition date. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders are initially measured at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-530": {
"value": "Basis of Consolidation The consolidated financial statements incorporate the financial statements of NEXT plc (the \u201cCompany\u201d) and its subsidiary undertakings. Subsidiaries are entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Associates and joint ventures are all entities over which the Group has significant influence but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control of those policies. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the Group\u2019s share of the change in net assets of the associate or joint venture after the acquisition date. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders are initially measured at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-531": {
"value": "Fair Value Measurement The Group measures financial instruments such as derivatives and non-listed equity investments at fair value at each Balance Sheet date. The fair value is the price that would have been received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy described in Note 27. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-532": {
"value": "Foreign Currencies The consolidated financial statements are presented in Pounds Sterling, which is the Company\u2019s functional and presentation currency. The Group includes foreign entities whose functional currencies are not Sterling. On consolidation, the assets and liabilities of those entities are translated at the exchange rates at the Balance Sheet date and income and expenses are translated at weighted average rates during the period. Translation differences are recognised in other comprehensive income. Transactions in currencies other than an entity\u2019s functional currency are recorded at the exchange rate on the transaction date, whilst assets and liabilities are translated at exchange rates at the Balance Sheet date. Exchange differences are recognised in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-591": {
"value": "The consolidated financial statements are presented in Pounds Sterling, which is the Company\u2019s functional and presentation currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-533": {
"value": "Revenue Revenue represents the fair value of amounts receivable for goods and services and is stated net of discounts, value added taxes and returns. Revenue is recognised when control of the goods or services are transferred to the customer i.e. the customer accepts delivery of those goods. It is the Group\u2019s policy to sell its products to the retail customer with a right to return within 28 days. During the temporary closure of stores caused by the COVID pandemic, this policy was adjusted to provide customers with the right to return within 28 days of the store reopening. The Group uses the expected value method to estimate the value of goods that will be returned because this method best predicts the amounts of variable consideration to which the Group will be entitled. A separate right of return asset is recognised on the face of the Balance Sheet which represents the right to recover product from the customer. The refund liability due to customers on return of their goods is recognised either as a component of trade payables and other liabilities (for cash payments) or as a deduction from customer receivables (for purchases using the nextpay credit facility). Revenue from our Total Platform services is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of services (for example the delivery of stock from the warehouse to retail stores) in the normal course of business, net of discounts, value added tax and other sales-related taxes. The Group does not operate any loyalty programmes. Deferred income in relation to gift card redemptions is estimated on the basis of historical redemption rates. Revenue from gift cards is recognized when the customer redeems the gift card. Online credit account interest is accrued on a time basis by reference to the principal outstanding, the provision held (where credit impaired) and the effective interest rate. Royalty income is received from franchisees and is recognised on an accruals basis in accordance with the substance of the relevant agreements. Where third-party goods are sold on a commission basis, only the commission receivable is included in statutory revenue. To aid comparability, \u201ctotal sales\u2019\u2019 are disclosed in the Strategic Report and in Note 1 of the financial statements. Total sales includes the full customer sales value of commission based sales and interest income, excluding VAT. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-534": {
"value": "Dividends Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends (which include special dividends) are recorded in the period in which they are declared by the directors and paid. Dividend income is recognised when the right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-535": {
"value": "Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is charged so as to write down the cost of assets to their estimated residual values over their remaining useful lives on a straight-line basis. Estimated useful lives and residual values are reviewed at least annually. Estimated useful lives are summarised as follows: Freehold and long leasehold property 50 years Plant and equipment 6 \u2013 25 years Leasehold improvements the period of the lease, or useful life if shorter ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-593": {
"value": "Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is charged so as to write down the cost of assets to their estimated residual values over their remaining useful lives on a straight-line basis. Estimated useful lives and residual values are reviewed at least annually. Estimated useful lives are summarised as follows: Freehold and long leasehold property 50 years Plant and equipment 6 \u2013 25 years Leasehold improvements the period of the lease, or useful life if shorter ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-620": {
"value": "Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. Goodwill is initially measured at cost, being the excess of the acquisition cost over the Group\u2019s interest in the assets and liabilities recognised. Goodwill is not amortised, but is tested for impairment annually or whenever there is an indication of impairment. For the purposes of impairment testing, goodwill acquired is allocated to the Cash Generating Unit (CGU) that is expected to benefit from the synergies of the combination. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration paid in a business combination is measured at fair value with acquisition-related costs recognised in profit or loss as incurred. When the consideration paid includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. At the acquisition date, the identifiable assets liabilities acquired are recognised at their fair value, with the exception of any associated deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements which are recognised in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively. Business combinations (continued) Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-594": {
"value": "Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. Goodwill is initially measured at cost, being the excess of the acquisition cost over the Group\u2019s interest in the assets and liabilities recognised. Goodwill is not amortised, but is tested for impairment annually or whenever there is an indication of impairment. For the purposes of impairment testing, goodwill acquired is allocated to the Cash Generating Unit (CGU) that is expected to benefit from the synergies of the combination. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-536": {
"value": "Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. Goodwill is initially measured at cost, being the excess of the acquisition cost over the Group\u2019s interest in the assets and liabilities recognised. Goodwill is not amortised, but is tested for impairment annually or whenever there is an indication of impairment. For the purposes of impairment testing, goodwill acquired is allocated to the Cash Generating Unit (CGU) that is expected to benefit from the synergies of the combination. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-537": {
"value": "Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration paid in a business combination is measured at fair value with acquisition-related costs recognised in profit or loss as incurred. When the consideration paid includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. At the acquisition date, the identifiable assets liabilities acquired are recognised at their fair value, with the exception of any associated deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements which are recognised in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively. Business combinations (continued) Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-595": {
"value": "Software Capitalised software costs include both external direct costs of goods and services, and internal payroll-related costs for employees who are directly associated with the software project. Development costs are recognised as intangible assets when the following criteria are met: \u2022 It is technically feasible to complete the software so that it is available for use. \u2022 Management controls and intends to complete the software for use in the business. \u2022 There is an ability to use or sell the software. \u2022 It can be demonstrated how the software will generate probable economic benefits in the future. \u2022 Adequate technical, financial and other resources are available to complete the project. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between 3 and 5 years. Computer software under development is held at cost less any recognised impairment loss and presented as \u201casset under construction\u201d. Any impairment in value is recognised within the income statement. Other Intangible Assets Other intangible assets relate to brand names, website domains and trademarks obtained on acquisition which were initially recognised at fair value. They are amortised on a straight-line basis over their expected useful lives of 5 \u2013 15 years. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-538": {
"value": "Investments in subsidiaries (Parent Company only) Investments in subsidiary companies (Parent Company only) are stated at cost, less any impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-621": {
"value": "Investments in associates and joint ventures An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. 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. Whereas joint ventures are entities over which the Group has joint control over such policies. The Group\u2019s share of the results of associates and joint ventures is included in the Group income statement and Group statement of comprehensive income using the equity method of accounting. Investments in associates and joint ventures are carried in the Group balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any dividends received and impairment in value. If the Group\u2019s share of losses in an associate or joint venture equals or exceeds its investment in the associate or joint venture, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the associate or joint venture. Dividends received from associates and joint ventures with nil carrying value are recognised in the Group income statement as part of the Group\u2019s share of post-tax profits/(losses) of associates and joint ventures. Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-596": {
"value": "Investments in associates and joint ventures An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. 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. Whereas joint ventures are entities over which the Group has joint control over such policies. The Group\u2019s share of the results of associates and joint ventures is included in the Group income statement and Group statement of comprehensive income using the equity method of accounting. Investments in associates and joint ventures are carried in the Group balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any dividends received and impairment in value. If the Group\u2019s share of losses in an associate or joint venture equals or exceeds its investment in the associate or joint venture, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the associate or joint venture. Dividends received from associates and joint ventures with nil carrying value are recognised in the Group income statement as part of the Group\u2019s share of post-tax profits/(losses) of associates and joint ventures. Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-539": {
"value": "Investments in associates and joint ventures An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. 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. Whereas joint ventures are entities over which the Group has joint control over such policies. The Group\u2019s share of the results of associates and joint ventures is included in the Group income statement and Group statement of comprehensive income using the equity method of accounting. Investments in associates and joint ventures are carried in the Group balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the entity, less any dividends received and impairment in value. If the Group\u2019s share of losses in an associate or joint venture equals or exceeds its investment in the associate or joint venture, the Group does not recognise further losses, unless it has incurred obligations to do so or made payments on behalf of the associate or joint venture. Dividends received from associates and joint ventures with nil carrying value are recognised in the Group income statement as part of the Group\u2019s share of post-tax profits/(losses) of associates and joint ventures. Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-540": {
"value": "Impairment \u2013 non-financial assets The carrying values of non-financial assets (excluding goodwill) are reviewed quarterly to determine whether there is any indication of impairment. If any impairment loss arises, the asset value is adjusted to its estimated recoverable amount and the difference is recognised in the Income Statement. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. An asset\u2019s recoverable amount is the higher of an asset or Cash Generating Units (CGU\u2019s) fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-541": {
"value": "Inventories Inventories (stocks) are valued at the lower of standard cost or net realisable value. Standard cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to the present location and condition. Net realisable value is based on estimated selling prices less further costs to be incurred to disposal. Where hedge accounting applies, an adjustment is applied such that the cost of stock reflects the hedged exchange rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-542": {
"value": "Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, Fair Value through Other Comprehensive Income (FVOCI) or Fair Value through Profit or Loss (FVPL).The classification is based on two criteria: \u2022 the Group\u2019s business model for managing the assets; and \u2022 whether the instruments\u2019 contractual cash flows represent \u201cSolely Payments of Principal and Interest\u201d on the principal amount outstanding (the \u201cSPPI criterion\u201d). A summary of the Group\u2019s financial assets is as follows: Financial assets Classification under IFRS 9 Derivatives not designated as hedging instruments Fair value through profit or loss Derivatives designated as hedging instruments Fair value \u2013 hedging instrument Preference shares Amortised cost \u2013 hold to collect business model and SPPI met Customer and other receivables Amortised cost \u2013 hold to collect business model and SPPI met Cash and short term deposits (excluding money market funds) Amortised cost Non-listed equity instruments Fair value through profit or loss Under IFRS 9 the Group initially measures a financial asset at its fair value plus directly attributable transaction costs, unless the asset is classified as FVPL. Transaction costs of financial assets carried at FVPL are expensed in the Income Statement. Further details on the accounting for customer and other receivables is included in Note 13. For details on hedge accounting refer to Note 28. Subsequent measurement A summary of the subsequent measurement of financial assets is set out below. Financial assets at FVPL Subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost Subsequently measured at amortised cost using the effective interest rate (EIR) method. The amortised cost is reduced by impairment losses. Interest income, impairment or gain or loss on derecognition are recognised in profit or loss. Equity instruments at FVPL These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents recovery of part of the cost of investment, in which case they are recognised in profit or loss. Other net gains and losses are recognised in profit and loss. Financial instruments \u2013 initial recognition and subsequent measurement (continued) Derecognition A financial asset is derecognised primarily when: \u2022 the rights to receive cash flows from the asset have expired; \u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third-party under a \u201cpass-through\u201d arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or \u2022 the Group has taken actions not to pursue collection, for example in instances of bankruptcy or individual voluntary arrangement. Impairment \u2013 financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVPL. The most significant financial assets of the Group are its trade receivables, which are referred to as \u201ccustomer and other receivables\u201d. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate (EIR). For further details on the accounting for ECLs on customer and other receivables refer to Note 13. Financial liabilities Initial recognition and measurement The Group has classified its financial liabilities as follows: Financial liabilities Classification under IFRS 9 Derivatives not designated as hedging instruments Fair value through profit or loss Derivatives designated as hedging instruments Fair value \u2013 hedging instrument Interest-bearing loans and borrowings:\u2003Corporate bonds Amortised cost \u2013 designated in hedge relationships\u2003Bank loans and overdrafts Amortised cost Trade and other payables Amortised cost All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement A summary of the subsequent measurement of financial liabilities is set out below. Financial liabilities at FVPL Subsequently measured at fair value. Gains and losses are recognised in the Income Statement. Loans and borrowings Subsequently measured at amortised cost using the EIR method. The EIR amortisation is included in finance costs in the Income Statement. Corporate bonds Subsequently measured at amortised cost and adjusted where hedge accounting applies (see interest rate derivatives on page 187). Accrued interest is included within other creditors and accruals. Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Income Statement. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention and ability to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-597": {
"value": "Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, Fair Value through Other Comprehensive Income (FVOCI) or Fair Value through Profit or Loss (FVPL).The classification is based on two criteria: \u2022 the Group\u2019s business model for managing the assets; and \u2022 whether the instruments\u2019 contractual cash flows represent \u201cSolely Payments of Principal and Interest\u201d on the principal amount outstanding (the \u201cSPPI criterion\u201d). A summary of the Group\u2019s financial assets is as follows: Financial assets Classification under IFRS 9 Derivatives not designated as hedging instruments Fair value through profit or loss Derivatives designated as hedging instruments Fair value \u2013 hedging instrument Preference shares Amortised cost \u2013 hold to collect business model and SPPI met Customer and other receivables Amortised cost \u2013 hold to collect business model and SPPI met Cash and short term deposits (excluding money market funds) Amortised cost Non-listed equity instruments Fair value through profit or loss Under IFRS 9 the Group initially measures a financial asset at its fair value plus directly attributable transaction costs, unless the asset is classified as FVPL. Transaction costs of financial assets carried at FVPL are expensed in the Income Statement. Further details on the accounting for customer and other receivables is included in Note 13. For details on hedge accounting refer to Note 28. Subsequent measurement A summary of the subsequent measurement of financial assets is set out below. Financial assets at FVPL Subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost Subsequently measured at amortised cost using the effective interest rate (EIR) method. The amortised cost is reduced by impairment losses. Interest income, impairment or gain or loss on derecognition are recognised in profit or loss. Equity instruments at FVPL These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents recovery of part of the cost of investment, in which case they are recognised in profit or loss. Other net gains and losses are recognised in profit and loss. Derecognition A financial asset is derecognised primarily when: \u2022 the rights to receive cash flows from the asset have expired; \u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third-party under a \u201cpass-through\u201d arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or \u2022 the Group has taken actions not to pursue collection, for example in instances of bankruptcy or individual voluntary arrangement. Impairment \u2013 financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVPL. The most significant financial assets of the Group are its trade receivables, which are referred to as \u201ccustomer and other receivables\u201d. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate (EIR). For further details on the accounting for ECLs on customer and other receivables refer to Note 13. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-622": {
"value": "Derecognition A financial asset is derecognised primarily when: \u2022 the rights to receive cash flows from the asset have expired; \u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third-party under a \u201cpass-through\u201d arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or \u2022 the Group has taken actions not to pursue collection, for example in instances of bankruptcy or individual voluntary arrangement. Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-623": {
"value": "Impairment \u2013 financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at FVPL. The most significant financial assets of the Group are its trade receivables, which are referred to as \u201ccustomer and other receivables\u201d. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate (EIR). For further details on the accounting for ECLs on customer and other receivables refer to Note 13. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-598": {
"value": "Financial liabilities Initial recognition and measurement The Group has classified its financial liabilities as follows: Financial liabilities Classification under IFRS 9 Derivatives not designated as hedging instruments Fair value through profit or loss Derivatives designated as hedging instruments Fair value \u2013 hedging instrument Interest-bearing loans and borrowings:\u2003Corporate bonds Amortised cost \u2013 designated in hedge relationships\u2003Bank loans and overdrafts Amortised cost Trade and other payables Amortised cost All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement A summary of the subsequent measurement of financial liabilities is set out below. Financial liabilities at FVPL Subsequently measured at fair value. Gains and losses are recognised in the Income Statement. Loans and borrowings Subsequently measured at amortised cost using the EIR method. The EIR amortisation is included in finance costs in the Income Statement. Corporate bonds Subsequently measured at amortised cost and adjusted where hedge accounting applies (see interest rate derivatives on page 187). Accrued interest is included within other creditors and accruals. Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-599": {
"value": "Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention and ability to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-543": {
"value": "Customer and Other Receivables Customer receivables are outstanding customer balances less an allowance for impairment. Customer receivables are recognised when the Group becomes party to the contract which happens when the goods are dispatched. They are derecognised when the rights to receive the cash flows have expired, e.g. due to the settlement of the outstanding amount or where the Group has transferred substantially all the risks and rewards associated with that contract. Other trade receivables are stated at invoice value less an allowance for impairment. Customer and other receivables are subsequently measured at amortised cost as the business model is to collect contractual cash flows and the debt meets the SPPI criterion. Impairment In accordance with the accounting policy for impairment \u2013 financial assets, the Group recognises an allowance for ECLs for customer and other receivables. IFRS 9 requires an impairment provision to be recognised on origination of a customer advance, based on its ECL. The Group has taken the simplification available under IFRS 9 paragraph 5.5.15 which allows the loss amount in relation to a trade receivable to be measured at initial recognition and throughout its life at an amount equal to lifetime ECL. This simplification is permitted where there is either no significant financing component (such as customer receivables where the customer is expected to repay the balance in full prior to interest accruing) or where there is a significant financing component (such as where the customer expects to repay only the minimum amount each month), but the directors make an accounting policy choice to adopt the simplification. Adoption of this approach means that Significant Increase in Credit Risk (SICR) and Date of Initial Recognition (DOIR) concepts are not applicable to the Group\u2019s ECL calculations. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. ECL is the product of the probability of default (PD), exposure at default (EAD) and loss given default (LGD), discounted at the original EIR. The assessment of credit risk and the estimation of ECL are required to be unbiased, probability-weighted and should incorporate all available information relevant to the assessment, including information about past events, current conditions and reasonable and supportable forecasts of economic conditions at the reporting date. The forward looking aspect of IFRS 9 requires considerable judgement as to how changes in economic factors might affect ECLs. The ECL model applies four macroeconomic scenarios including a base case which is viewed by management to be the most likely outturn, together with an upside, downside and extreme scenario. A 40% weighting is applied to the base case and 30% to the upside scenario, 25% to the downside scenario and 5% to the extreme scenario. IFRS 9 \u201cFinancial instruments\u201d paragraph 5.5.20 ordinarily requires an entity to not only consider a loan, but also the undrawn commitment and the ECL in respect of the undrawn commitment, where its ability to cancel or demand repayment of the facility does not limit its exposure to the credit risk of the undrawn element. However, the guidance in IFRS 9 on commitments relates only to commitments to provide a loan (that is, a commitment to provide financial assets, such as cash) and excludes from its scope rights and obligations from the delivery of goods as a result of a contract with a customer within the scope of IFRS 15 \u201cRevenue from contracts with customers\u201d (that is, a sales commitment). Thus, the sales commitment (unlike a loan commitment) is not a financial instrument, and therefore the impairment requirements in IFRS 9 do not apply until delivery has occurred and a receivable has been recognised. Impairment charges in respect of customer receivables are recognised in the Income Statement within \u201cImpairment losses on customer and other receivables\u201d. Delinquency is taken as being in arrears and credit impaired is taken as being the loan has defaulted, which is considered to be the point at which the debt is passed to an internal or external Debt Collection Agency (DCA) and a default registered to a Credit Reference Agency (CRA), or any debt 90 days past due. Delinquency and default are relevant for the estimation of ECL, which segments the book by customer indebtedness, banded into 4 risk bands by arrears stage (See Note 28). Financial assets are written off when there is no reasonable expectation of recovery, such as when a customer fails to engage in a repayment plan with the Group. If recoveries are subsequently made after receivables have been written off, they are recognised in profit or loss. The key inputs into the ECL calculation are: PD: \u201cProbability of Default\u201d is an estimate of the likelihood of default over the expected lifetime of the debt. NEXT has assessed the expected lifetime of customer receivables and other trade receivables, based on historical payment practices. The debt is segmented by arrears stage, Experian\u2019s Consumer Indebtedness Index (a measure of customers\u2019 affordability) and expected time of default. EAD: \u201cExposure at Default\u201d is an estimate of the exposure at that future default date, taking into account expected changes in the exposure after the reporting date, i.e. repayments of principal and interest, whether scheduled by the contract or otherwise and accrued interest from missed payments. This is stratified by arrears stage, Experian\u2019s Consumer Indebtedness Index and expected time of default. LGD: \u201cLoss Given Default\u201d is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that NEXT would expect to receive, discounted at the original EIR. It is usually expressed as a percentage of the EAD. NEXT includes all cash collected over five years from the point of default. The Group uses probability weighted economic scenarios that are integrated into the model, in order to evaluate a range of possible outcomes as is required by IFRS 9. An analysis of historical performance suggests that the expected performance of the book is most closely aligned to the forecast change in unemployment rate. However, management considers that the inputs and models used for the ECLs may not always capture all characteristics of the market at the Balance Sheet date. To reflect this qualitative adjustments or overlays are made, based on external data, historical performance and future expected performance. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-624": {
"value": "Derivative Financial Instruments and Hedge Accounting Derivative financial instruments (\u201cderivatives\u201d) are used to manage risks arising from changes in foreign currency exchange rates relating to the purchase of overseas sourced products, overseas sales and changes in interest rates relating to the Group\u2019s debt. In accordance with its treasury policy, the Group does not enter into derivatives for speculative purposes. Foreign currency and interest rate derivatives are stated at their fair value, being the estimated amount that the Group would receive or pay to terminate them at the Balance Sheet date based on prevailing foreign currency and interest rates. The Group designates certain derivatives as either: a. Hedges of fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or b. Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). Hedge documentation At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument. \u2022 The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged items that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of the hedged item. Interest rate derivatives \u2013 fair value hedges The Group uses interest rate derivatives to hedge part of the interest rate risk associated with the Group\u2019s corporate bonds. The carrying values of the relevant bonds are adjusted only for changes in fair value attributable to the interest rate risk being hedged. The adjustment is recognised in the Income Statement and is offset by movements in the fair value of the derivatives. For fair value hedges relating to items carried at amortised cost, any adjustment to the carrying value is amortised through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortisation may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognised, the unamortised fair value is recognised immediately in profit or loss. Foreign currency derivatives \u2013 cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Income Statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency and option contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm commitments. Where forward contracts are used to hedge forecast transactions, the Group designates the change in fair value relating to both the spot and forward components as the hedging instrument. The ineffective portion relating to foreign currency contracts is recognised as other gains/losses in the Income Statement. The fair value of option contracts are divided into two portions: \u2022 the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and \u2022 the time value \u2013 which is the remaining value of the option which reflects the volatility of the price of the underlying and the time remaining to maturity. In accordance with IFRS 9 \u201cFinancial instruments\u201d, the Group designates the intrinsic value of foreign currency options as hedging instruments for hedging relationships entered into. The intrinsic value is determined with reference to the relevant spot market exchange rate. Changes in the time value of the options that relate to the hedged item are deferred in the cost of hedging reserve and recognised against the related hedge transaction when it occurs. The amounts accumulated in the cash flow hedge reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost for the carrying amount of the hedged asset or liability. The deferred amounts are ultimately recognised in profit or loss as the hedged item affects profit or loss (e.g. when inventory impacts cost of sales). This is not a reclassification adjustment and will not be recognised in OCI for the period. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-600": {
"value": "Derivative Financial Instruments and Hedge Accounting Derivative financial instruments (\u201cderivatives\u201d) are used to manage risks arising from changes in foreign currency exchange rates relating to the purchase of overseas sourced products, overseas sales and changes in interest rates relating to the Group\u2019s debt. In accordance with its treasury policy, the Group does not enter into derivatives for speculative purposes. Foreign currency and interest rate derivatives are stated at their fair value, being the estimated amount that the Group would receive or pay to terminate them at the Balance Sheet date based on prevailing foreign currency and interest rates. The Group designates certain derivatives as either: a. Hedges of fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or b. Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). Hedge documentation At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument. \u2022 The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged items that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of the hedged item. Interest rate derivatives \u2013 fair value hedges The Group uses interest rate derivatives to hedge part of the interest rate risk associated with the Group\u2019s corporate bonds. The carrying values of the relevant bonds are adjusted only for changes in fair value attributable to the interest rate risk being hedged. The adjustment is recognised in the Income Statement and is offset by movements in the fair value of the derivatives. For fair value hedges relating to items carried at amortised cost, any adjustment to the carrying value is amortised through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortisation may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognised, the unamortised fair value is recognised immediately in profit or loss. Foreign currency derivatives \u2013 cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Income Statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency and option contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm commitments. Where forward contracts are used to hedge forecast transactions, the Group designates the change in fair value relating to both the spot and forward components as the hedging instrument. The ineffective portion relating to foreign currency contracts is recognised as other gains/losses in the Income Statement. The fair value of option contracts are divided into two portions: \u2022 the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and \u2022 the time value \u2013 which is the remaining value of the option which reflects the volatility of the price of the underlying and the time remaining to maturity. In accordance with IFRS 9 \u201cFinancial instruments\u201d, the Group designates the intrinsic value of foreign currency options as hedging instruments for hedging relationships entered into. The intrinsic value is determined with reference to the relevant spot market exchange rate. Changes in the time value of the options that relate to the hedged item are deferred in the cost of hedging reserve and recognised against the related hedge transaction when it occurs. The amounts accumulated in the cash flow hedge reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost for the carrying amount of the hedged asset or liability. The deferred amounts are ultimately recognised in profit or loss as the hedged item affects profit or loss (e.g. when inventory impacts cost of sales). This is not a reclassification adjustment and will not be recognised in OCI for the period. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-544": {
"value": "Derivative Financial Instruments and Hedge Accounting Derivative financial instruments (\u201cderivatives\u201d) are used to manage risks arising from changes in foreign currency exchange rates relating to the purchase of overseas sourced products, overseas sales and changes in interest rates relating to the Group\u2019s debt. In accordance with its treasury policy, the Group does not enter into derivatives for speculative purposes. Foreign currency and interest rate derivatives are stated at their fair value, being the estimated amount that the Group would receive or pay to terminate them at the Balance Sheet date based on prevailing foreign currency and interest rates. The Group designates certain derivatives as either: a. Hedges of fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or b. Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). Hedge documentation At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument. \u2022 The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged items that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of the hedged item. Interest rate derivatives \u2013 fair value hedges The Group uses interest rate derivatives to hedge part of the interest rate risk associated with the Group\u2019s corporate bonds. The carrying values of the relevant bonds are adjusted only for changes in fair value attributable to the interest rate risk being hedged. The adjustment is recognised in the Income Statement and is offset by movements in the fair value of the derivatives. For fair value hedges relating to items carried at amortised cost, any adjustment to the carrying value is amortised through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortisation may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognised, the unamortised fair value is recognised immediately in profit or loss. Foreign currency derivatives \u2013 cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the Income Statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward currency and option contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm commitments. Where forward contracts are used to hedge forecast transactions, the Group designates the change in fair value relating to both the spot and forward components as the hedging instrument. The ineffective portion relating to foreign currency contracts is recognised as other gains/losses in the Income Statement. The fair value of option contracts are divided into two portions: \u2022 the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and \u2022 the time value \u2013 which is the remaining value of the option which reflects the volatility of the price of the underlying and the time remaining to maturity. In accordance with IFRS 9 \u201cFinancial instruments\u201d, the Group designates the intrinsic value of foreign currency options as hedging instruments for hedging relationships entered into. The intrinsic value is determined with reference to the relevant spot market exchange rate. Changes in the time value of the options that relate to the hedged item are deferred in the cost of hedging reserve and recognised against the related hedge transaction when it occurs. The amounts accumulated in the cash flow hedge reserve are accounted for depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost for the carrying amount of the hedged asset or liability. The deferred amounts are ultimately recognised in profit or loss as the hedged item affects profit or loss (e.g. when inventory impacts cost of sales). This is not a reclassification adjustment and will not be recognised in OCI for the period. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-545": {
"value": "Cash and Cash Equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, credit card receipts and bank overdrafts. Amounts held in money market funds are held at fair value through the profit and loss and are valued using Level 1 inputs. Bank overdrafts are shown within borrowings in current liabilities in the Balance Sheet. Refer to Note 30 of the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-546": {
"value": "Pension Arrangements The Group provides pension benefits which include both defined benefit and defined contribution arrangements. Pension assets are held in separate trustee administered funds and the Group also provides other, unfunded, pension benefits to certain members. The cost of providing benefits under the defined benefit and unfunded arrangements are determined separately for each plan using the projected unit credit method, with actuarial valuations being carried out at each Balance Sheet date by external actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. A net pension asset is only recognised to the extent that it is expected to be recoverable in the future through a cash refund or a reduction in future payments. The current service cost of the defined benefit plan is recognised in the Income Statement as an employee benefit expense. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. The cost of defined contribution schemes is recognised in the Income Statement as incurred. The Group has no further payment obligations once the contributions have been paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-547": {
"value": "Share-based Payments The fair value of employee share options is calculated when they are granted using a Black-Scholes model and the fair value of equity-settled LTIP awards is calculated at grant using a Monte Carlo model. The resulting cost is charged in the Income Statement, as an employee benefit expense, over the vesting period of the option or award together with a corresponding increase in equity. The cumulative expense recognised is the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Income Statement for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Service and non-service performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. No expense is recognised for awards that do not ultimately vest because of non-market performance and/or service conditions that have not been met. When awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non- vesting condition is satisfied, provided that all other performance and/or service conditions are met. The social security contributions payable in connection with the grant of the share options or LTIP award is considered an integral part of the grant itself, and the charge is treated as a cash-settled transaction. For cash-settled awards, the fair value of the liability is determined at each Balance Sheet date and the cost is recognised in the Income Statement over the vesting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-601": {
"value": "Taxation Taxation, comprised of current and deferred tax, is charged or credited to the Income Statement unless it relates to items recognised in other comprehensive income or directly in equity. In such cases, the related tax is also recognised in other comprehensive income or directly in equity. Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the Balance Sheet date. Deferred tax is accounted for using the Balance Sheet liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts. It is calculated using rates of taxation enacted or substantively enacted at the Balance Sheet date which are expected to apply when the asset or liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is not recognised in respect of investments in subsidiaries and associates where the reversal of any taxable temporary differences can be controlled and are unlikely to reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis. Tax provisions are recognised when there is a potential exposure to an uncertain tax position. Management uses professional advisers and in-house tax experts to determine the amounts to be provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-548": {
"value": "Taxation Taxation, comprised of current and deferred tax, is charged or credited to the Income Statement unless it relates to items recognised in other comprehensive income or directly in equity. In such cases, the related tax is also recognised in other comprehensive income or directly in equity. Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the Balance Sheet date. Deferred tax is accounted for using the Balance Sheet liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts. It is calculated using rates of taxation enacted or substantively enacted at the Balance Sheet date which are expected to apply when the asset or liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is not recognised in respect of investments in subsidiaries and associates where the reversal of any taxable temporary differences can be controlled and are unlikely to reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis. Tax provisions are recognised when there is a potential exposure to an uncertain tax position. Management uses professional advisers and in-house tax experts to determine the amounts to be provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-549": {
"value": "Share Buybacks The Group has regularly returned surplus cash to shareholders through share buybacks. Shares purchased for cancellation are deducted from retained earnings at the total consideration paid or payable. The Company also uses contingent share purchase contracts and irrevocable closed period buyback programmes; the obligation to purchase shares is recognised in full at the inception of the contract, even when that obligation is conditional on the share price. Any subsequent reduction in the obligation caused by the expiry or termination of a contract is credited back to equity at that time. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. ",
"dimensions": {
"concept": "nextplc:DescriptionOfAccountingPolicyForShareBuyback",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-550": {
"value": "Shares Held by ESOT The NEXT Employee Share Ownership Trust (ESOT) provides for the issue of shares to Group employees, principally under share option schemes. Shares in the Company held by the ESOT are included in the Balance Sheet at cost, including any directly attributable incremental costs, as a deduction from equity. ",
"dimensions": {
"concept": "nextplc:DescriptionOfAccountingPolicyForSharesHeldByESOT",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-551": {
"value": "Provisions A provision is recognised where the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-552": {
"value": "Lease Accounting Group as lessee At inception of a contract the Group assesses whether the contract is or contains a lease. A lease is present where the contract conveys, over a period of time, the right to control the use of an identified asset in exchange for consideration. Where a lease term ends and the Group remains within the site on holdover terms, the rental costs associated with this arrangement are recognised in the Income Statement as incurred. Where a lease is identified the Group recognises a right-of-use asset and a corresponding lease liability, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. Lease liability \u2013 initial recognition The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted at the Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments (including in-substance fixed payments), less any lease incentives; \u2022 variable lease payments such as those that depend on an index or rate (such as RPI), initially measured using the index or rate at the commencement date; \u2022 the amount expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of purchase options where the Group is reasonably certain to exercise the options; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the Consolidated Balance Sheet, split between current and non-current liabilities. Lease liability \u2013 subsequent measurement The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. Lease liability \u2013 remeasurement The lease liability is remeasured where: \u2022 there is a change in the assessment of exercise of an option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; \u2022 the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or \u2022 the lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset unless its carrying amount is reduced to zero, in which case any remaining amount is recognised in profit or loss. Where the lease liability is denominated in a foreign currency it is retranslated at the Balance Sheet date with foreign exchange gains and losses recognised in profit or loss. Right-of-use asset \u2013 initial recognition The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease incentives received, lease payments made at or before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Where the Group has an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. The right-of-use asset is presented as a separate line in the Balance Sheet. Right-of-use asset \u2013 subsequent measurement Right-of-use assets are depreciated over the shorter of the lease term and useful life of the underlying asset. Lease Accounting (continued) Impairment The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Impairment \u2013 non-financial assets\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non- lease components as a single arrangement. The Group has not used this practical expedient. Short term leases and low value assets For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The Group as lessor The Group enters into lease agreements as a lessor with respect to some of its properties. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. Sale and leaseback A sale and leaseback transaction is where the Group sells an asset and reacquires the use of the asset by entering into a lease with the counterparty. A sale is recognised when control of the underlying asset passes to the counterparty. The asset sold is derecognised and a lease liability and right- of-use asset recognised in relation to the lease. Any gain or loss arising on the transaction is recognised in the Income Statement and relates to the rights transferred to the counterparty. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-553": {
"value": "Government Grants Grants are recognised only when there is reasonable assurance that the Group will comply with the conditions attached to them and that the grants will be received. Grants that are receivable as compensation for expenses already incurred are recognised in profit or loss in the period in which they become receivable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-554": {
"value": "Climate change In preparing the financial statements we have considered the potential impact of climate change. Given the identified risks are expected to be present in the medium to long term our focus has been on the non-current assets within the Balance Sheet. Specifically, for the material non-current assets, we note the following: \u2022 The plant, property and equipment associated with our stores have relatively short useful lives (in line with the store lease terms which average 5 years) and hence would not be at risk in the medium to long term. Furthermore, based on our current lease profile, we expect any potential future store refurbishments to be phased over several years and therefore any changes in the requirements associated with climate change would not have a material impact in any given year. \u2022 For the right-of-use assets associated with our warehouse and head office, and the machinery in our new E3 warehouse, the risk from climate change is not considered material. The warehouse and head office sites are located in areas which we would not expect to be physically impacted by climate change while the risk of impairment on such assets, for example due to the introduction of environmental taxes, is considered remote given the strong operational margins generated by the Online business which they support. \u2022 The intangible assets, which consist of goodwill, brands and internally generated software, are either fully recoverable or have a useful life less than 10 years and hence do not fall within the medium to long term risk profile. Hence, we would not expect the identified risks to impact these assets. \u2022 The Associates, joint ventures and other investments comprise our equity investments. These businesses also operate in the retail and online fashion sector and consequently have a similar asset and risk profile to NEXT. There is no indication of any specific climate related risks to their assets or business that would represent a material risk to the carrying value of these investments. \u2022 Defined benefit pension assets covering gilts, property based investments and equity investments are diverse and, in the context of the climate change horizons, relatively liquid. The pension scheme is therefore able to amend its investment portfolio and strategy within a relatively short time horizon to ensure its assets are not at material risk from climate change. The other non-current assets were also reviewed and no risk identified. Current assets, by their nature, are expected to be fully utilised within the business in the short term and no climate risk has been identified in this time horizon. As a consequence there has been no material impact on the financial reporting judgements and estimates applied in the preparation of the 2023 Annual Report and Accounts. Please see page 91 of the Annual Report and Accounts for further detail on our climate change assessment. ",
"dimensions": {
"concept": "nextplc:DescriptionOfAccountingPolicyForClimateChange",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-625": {
"value": "Major Sources of Estimation Uncertainty and Judgement The preparation of the financial statements requires estimates and assumptions to be made that affect the reported values of assets, liabilities, revenues and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised and in any future years affected. Control implications of investment in Reiss On 28 February 2022, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d). Upon review of the Shareholders\u2019 Agreement there are certain operational and financial matters which require joint agreement from all shareholders. Therefore, even though NEXT now holds 51% of the equity shares, management has formed a judgement that it does not have control over Reiss and so it has been accounted for as a joint venture. In applying the Group\u2019s accounting policies described above, the directors have identified that the following areas are the key estimates that have a significant risk of resulting in a material adjustment to the carrying value of assets and liabilities in the next financial year. Defined benefit pension assumptions The assumptions applied in determining the defined benefit pension obligation (Note 20), are particularly sensitive. Advice is taken from a qualified actuary to determine appropriate assumptions at each Balance Sheet date. The actuarial valuation involves making assumptions about discount rates, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. A sensitivity analysis is shown in Note 20. In determining the appropriate discount rate, management considers the interest rates of high quality UK corporate bonds, with extrapolated maturities corresponding to the expected duration of the obligation. The mortality rate is based on publicly available mortality tables. Expected credit losses on Online customer and other receivables The allowance for ECL (Note 13) is calculated on a customer-by-customer basis, using a combination of internally and externally sourced information, including expected future default levels (derived from historical defaults, overlaid by arrears and indebtedness profiles, and third party macro- economic forecasts) and future predicted cash collection levels (derived from past trends and future projections). Prior to default, the greatest sensitivity relates to the ability of customers to afford their payments (impacting the Probability of Default (PD) and, to a lesser extent, the Exposure at Default (EAD)). Once a customer receivable has defaulted, there is limited sensitivity in expected recoveries due to the lack of significant variability in cash collection levels post default. Of the total ECL (Note 28), \u00a387.8m relates to defaulted debt (without significant uncertainty) and \u00a3114.7m is for non defaulted debt, where significant estimation uncertainty exists. The remainder of the section relates to non defaulted debt. Major Sources of Estimation Uncertainty and Judgement (continued) Expected credit losses on Online customer and other receivables (continued) Macroeconomic Uplift The first main area of major estimation uncertainty in calculating the ECL is the impact of a change in unemployment. Management uses an independent forecast of unemployment, provided by Experian, and weights the effect of the expected, low, high and extreme scenarios in the proportions 40/30/25/5. The expected scenario assumes a central unemployment rate peaking at 5.7% in Q4 2024. This weighted view adds \u00a312.5m to the underlying model ECL. If the extreme unemployment scenario was used instead (peaking at 9.6% in Q1 2025), this would add a further \u00a318m of ECL. If the high unemployment scenario was used (peaking at 7.3% in Q1 2025), this would add a further \u00a37m of ECL. Lastly, if the low unemployment scenario was used (peaking at 4.4% at Q4 2024), this would reduce the ECL by \u00a37m. The second main area of major estimation uncertainty in calculating the ECL is the impact that the current cost of living pressures may have on customer payment behaviour. In order to reflect the underlying risk in the loan book, the following factors have been incorporated into the provision: 1) Downgrading the underlying base to the pre-COVID arrears and indebtedness profile The underlying distribution of arrears and consumer indebtedness scores from before the COVID pandemic have been overlaid on the ECL calculation in order to adjust recent performance trends. This is because the Consumer Indebtedness Index (CII) scores and the arrears profile of customers are key inputs in the underlying ECL model and management considers that the underlying risk characteristics have not yet returned to normalised levels. This adjustment, using pre-COVID arrears and indebtedness profiles, contributes \u00a313.1m to the ECL. 2) Recognition of the ongoing risk of an increased ECL for customers who have shown recent indicators of distress and are therefore considered to be at higher risk of default With the UK experiencing record levels of inflation, disposable income is likely to be further constricted as the effects of mortgage rate rises start to flow through into household budgets and energy bills remain elevated. Management believe this may adversely impact the recoverability of customer receivables, specifically customers who have previously shown signs of distress. A further overlay to increase the provision coverage of these customers to align with that of those customers in the highest risk banding (relating to their current arrears stage) has been applied, which forms \u00a324.4m of the total ECL. We are not explicitly predicting that these customers will move towards a higher level of indebtedness (per the CII) but we are using this model mechanism to apply an appropriate and understood multiplier on the risk levels of these particular customers. Sensitivity to the Probability of Default Following application of the above two overlays, Management believes that there is adequate provision for ECL based on a stressed, but realistic level of payments. The primary area of estimation uncertainty which could have a material impact to the provision is the probability of default. Whilst considered unlikely, if the probability of default were to double, this would increase the provision by \u00a328.2m . In the five weeks following the year end date, \u00a30.2bn of the \u00a31.3bn NEXT customer and other trade receivables has been recovered. Other areas of estimation uncertainty and judgement In addition, in applying the Group\u2019s accounting policies described above, the directors have identified the following areas as key estimates and judgements that relate to balances which the directors consider to be of particular importance to understanding the nature of the Balance Sheet. A significant change in these estimates could result in a significant (but not material) adjustment to the carrying value of assets and liabilities in the next financial year. Net realisable value of inventories The selling prices of inventory are estimated to determine the net realisable value of inventory. Historical sales patterns and post year end trading performance are used to determine these. A 2% change in the volume of inventories going to clearance would impact the net realisable value by circa \u00a36m. A 2% change in the level of markdown applied to the selling price would impact the value of inventories going to clearance by circa \u00a38m. Major Sources of Estimation Uncertainty and Judgement (continued) Impairment of right-of-use assets and property, plant and equipment Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or a previous impairment should be reversed. Key triggers considered by management include store (i.e. CGU) sales varying significantly from previous forecasts, significant changes in the cost base (for example due to a rent review) and whether any new, wider economic factors may impact the forecast performance. When an impairment review is performed, the recoverable amount is based on the higher of the value in use and fair value less costs to sell. The value in use method requires the Group to apply assumptions in performing its assessment of future cash flows over the useful life of the asset. Key assumptions used are the Board approved budget for year 1, growth rate to be applied to the cash flows and the risk adjusted pre-tax discount rate used to discount the assumed cash flows to present value. The cash flow projections include assumptions on store performance throughout the remaining contractual lease term. In particular, the expected decline in like-for-like Retail sales in the budget for 2023/24 and the subsequent assumptions on our like-for-like Retail sales represent sources of significant estimation uncertainty. A future change to the assumption of sales growth would result in a reassessment of the value in use and could give rise to a significant change in the impairment recognised. Retail store performance in the year has significantly exceeded management\u2019s previous expectations. This better than expected performance has informed management\u2019s view on the 2023/24 budget and following a review of CGU forecast performance, there has been a reversal of the previous impairment of \u00a337.6m. Management\u2019s budget for 2023/24 assumes a year on year reduction in sales of -4.5% and then a longer term decline of -6% in line with the observed 3 year decline in the pre COVID period. A reduction in the forecast sales in the year 1 budget of -2%, with no subsequent changes to sales, would result in an increase in the impairment charge of circa \u00a31m. A larger change of -4% would result in an increased impairment charge of circa \u00a32m. In the prior year the impairment charge had been significant. Accordingly a change in the discount rate applied to the impairment model would have resulted in a significant change in the impairment recognised. However, the remaining balance, following the reversal in the year, is now relatively low in value and hence a change in the discount rate no longer has a significant impact. Management has assessed its online business to be a CGU. There have been no indicators in the current year or prior year of any impairment. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-602": {
"value": "Major Sources of Estimation Uncertainty and Judgement The preparation of the financial statements requires estimates and assumptions to be made that affect the reported values of assets, liabilities, revenues and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised and in any future years affected. Control implications of investment in Reiss On 28 February 2022, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d). Upon review of the Shareholders\u2019 Agreement there are certain operational and financial matters which require joint agreement from all shareholders. Therefore, even though NEXT now holds 51% of the equity shares, management has formed a judgement that it does not have control over Reiss and so it has been accounted for as a joint venture. In applying the Group\u2019s accounting policies described above, the directors have identified that the following areas are the key estimates that have a significant risk of resulting in a material adjustment to the carrying value of assets and liabilities in the next financial year. Defined benefit pension assumptions The assumptions applied in determining the defined benefit pension obligation (Note 20), are particularly sensitive. Advice is taken from a qualified actuary to determine appropriate assumptions at each Balance Sheet date. The actuarial valuation involves making assumptions about discount rates, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. A sensitivity analysis is shown in Note 20. In determining the appropriate discount rate, management considers the interest rates of high quality UK corporate bonds, with extrapolated maturities corresponding to the expected duration of the obligation. The mortality rate is based on publicly available mortality tables. Expected credit losses on Online customer and other receivables The allowance for ECL (Note 13) is calculated on a customer-by-customer basis, using a combination of internally and externally sourced information, including expected future default levels (derived from historical defaults, overlaid by arrears and indebtedness profiles, and third party macro- economic forecasts) and future predicted cash collection levels (derived from past trends and future projections). Prior to default, the greatest sensitivity relates to the ability of customers to afford their payments (impacting the Probability of Default (PD) and, to a lesser extent, the Exposure at Default (EAD)). Once a customer receivable has defaulted, there is limited sensitivity in expected recoveries due to the lack of significant variability in cash collection levels post default. Of the total ECL (Note 28), \u00a387.8m relates to defaulted debt (without significant uncertainty) and \u00a3114.7m is for non defaulted debt, where significant estimation uncertainty exists. The remainder of the section relates to non defaulted debt. Major Sources of Estimation Uncertainty and Judgement (continued) Expected credit losses on Online customer and other receivables (continued) Macroeconomic Uplift The first main area of major estimation uncertainty in calculating the ECL is the impact of a change in unemployment. Management uses an independent forecast of unemployment, provided by Experian, and weights the effect of the expected, low, high and extreme scenarios in the proportions 40/30/25/5. The expected scenario assumes a central unemployment rate peaking at 5.7% in Q4 2024. This weighted view adds \u00a312.5m to the underlying model ECL. If the extreme unemployment scenario was used instead (peaking at 9.6% in Q1 2025), this would add a further \u00a318m of ECL. If the high unemployment scenario was used (peaking at 7.3% in Q1 2025), this would add a further \u00a37m of ECL. Lastly, if the low unemployment scenario was used (peaking at 4.4% at Q4 2024), this would reduce the ECL by \u00a37m. The second main area of major estimation uncertainty in calculating the ECL is the impact that the current cost of living pressures may have on customer payment behaviour. In order to reflect the underlying risk in the loan book, the following factors have been incorporated into the provision: 1) Downgrading the underlying base to the pre-COVID arrears and indebtedness profile The underlying distribution of arrears and consumer indebtedness scores from before the COVID pandemic have been overlaid on the ECL calculation in order to adjust recent performance trends. This is because the Consumer Indebtedness Index (CII) scores and the arrears profile of customers are key inputs in the underlying ECL model and management considers that the underlying risk characteristics have not yet returned to normalised levels. This adjustment, using pre-COVID arrears and indebtedness profiles, contributes \u00a313.1m to the ECL. 2) Recognition of the ongoing risk of an increased ECL for customers who have shown recent indicators of distress and are therefore considered to be at higher risk of default With the UK experiencing record levels of inflation, disposable income is likely to be further constricted as the effects of mortgage rate rises start to flow through into household budgets and energy bills remain elevated. Management believe this may adversely impact the recoverability of customer receivables, specifically customers who have previously shown signs of distress. A further overlay to increase the provision coverage of these customers to align with that of those customers in the highest risk banding (relating to their current arrears stage) has been applied, which forms \u00a324.4m of the total ECL. We are not explicitly predicting that these customers will move towards a higher level of indebtedness (per the CII) but we are using this model mechanism to apply an appropriate and understood multiplier on the risk levels of these particular customers. Sensitivity to the Probability of Default Following application of the above two overlays, Management believes that there is adequate provision for ECL based on a stressed, but realistic level of payments. The primary area of estimation uncertainty which could have a material impact to the provision is the probability of default. Whilst considered unlikely, if the probability of default were to double, this would increase the provision by \u00a328.2m . In the five weeks following the year end date, \u00a30.2bn of the \u00a31.3bn NEXT customer and other trade receivables has been recovered. Other areas of estimation uncertainty and judgement In addition, in applying the Group\u2019s accounting policies described above, the directors have identified the following areas as key estimates and judgements that relate to balances which the directors consider to be of particular importance to understanding the nature of the Balance Sheet. A significant change in these estimates could result in a significant (but not material) adjustment to the carrying value of assets and liabilities in the next financial year. Net realisable value of inventories The selling prices of inventory are estimated to determine the net realisable value of inventory. Historical sales patterns and post year end trading performance are used to determine these. A 2% change in the volume of inventories going to clearance would impact the net realisable value by circa \u00a36m. A 2% change in the level of markdown applied to the selling price would impact the value of inventories going to clearance by circa \u00a38m. Major Sources of Estimation Uncertainty and Judgement (continued) Impairment of right-of-use assets and property, plant and equipment Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or a previous impairment should be reversed. Key triggers considered by management include store (i.e. CGU) sales varying significantly from previous forecasts, significant changes in the cost base (for example due to a rent review) and whether any new, wider economic factors may impact the forecast performance. When an impairment review is performed, the recoverable amount is based on the higher of the value in use and fair value less costs to sell. The value in use method requires the Group to apply assumptions in performing its assessment of future cash flows over the useful life of the asset. Key assumptions used are the Board approved budget for year 1, growth rate to be applied to the cash flows and the risk adjusted pre-tax discount rate used to discount the assumed cash flows to present value. The cash flow projections include assumptions on store performance throughout the remaining contractual lease term. In particular, the expected decline in like-for-like Retail sales in the budget for 2023/24 and the subsequent assumptions on our like-for-like Retail sales represent sources of significant estimation uncertainty. A future change to the assumption of sales growth would result in a reassessment of the value in use and could give rise to a significant change in the impairment recognised. Retail store performance in the year has significantly exceeded management\u2019s previous expectations. This better than expected performance has informed management\u2019s view on the 2023/24 budget and following a review of CGU forecast performance, there has been a reversal of the previous impairment of \u00a337.6m. Management\u2019s budget for 2023/24 assumes a year on year reduction in sales of -4.5% and then a longer term decline of -6% in line with the observed 3 year decline in the pre COVID period. A reduction in the forecast sales in the year 1 budget of -2%, with no subsequent changes to sales, would result in an increase in the impairment charge of circa \u00a31m. A larger change of -4% would result in an increased impairment charge of circa \u00a32m. In the prior year the impairment charge had been significant. Accordingly a change in the discount rate applied to the impairment model would have resulted in a significant change in the impairment recognised. However, the remaining balance, following the reversal in the year, is now relatively low in value and hence a change in the discount rate no longer has a significant impact. Management has assessed its online business to be a CGU. There have been no indicators in the current year or prior year of any impairment. ",
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"value": "Major Sources of Estimation Uncertainty and Judgement The preparation of the financial statements requires estimates and assumptions to be made that affect the reported values of assets, liabilities, revenues and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised and in any future years affected. Control implications of investment in Reiss On 28 February 2022, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d). Upon review of the Shareholders\u2019 Agreement there are certain operational and financial matters which require joint agreement from all shareholders. Therefore, even though NEXT now holds 51% of the equity shares, management has formed a judgement that it does not have control over Reiss and so it has been accounted for as a joint venture. In applying the Group\u2019s accounting policies described above, the directors have identified that the following areas are the key estimates that have a significant risk of resulting in a material adjustment to the carrying value of assets and liabilities in the next financial year. Defined benefit pension assumptions The assumptions applied in determining the defined benefit pension obligation (Note 20), are particularly sensitive. Advice is taken from a qualified actuary to determine appropriate assumptions at each Balance Sheet date. The actuarial valuation involves making assumptions about discount rates, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. A sensitivity analysis is shown in Note 20. In determining the appropriate discount rate, management considers the interest rates of high quality UK corporate bonds, with extrapolated maturities corresponding to the expected duration of the obligation. The mortality rate is based on publicly available mortality tables. Expected credit losses on Online customer and other receivables The allowance for ECL (Note 13) is calculated on a customer-by-customer basis, using a combination of internally and externally sourced information, including expected future default levels (derived from historical defaults, overlaid by arrears and indebtedness profiles, and third party macro- economic forecasts) and future predicted cash collection levels (derived from past trends and future projections). Prior to default, the greatest sensitivity relates to the ability of customers to afford their payments (impacting the Probability of Default (PD) and, to a lesser extent, the Exposure at Default (EAD)). Once a customer receivable has defaulted, there is limited sensitivity in expected recoveries due to the lack of significant variability in cash collection levels post default. Of the total ECL (Note 28), \u00a387.8m relates to defaulted debt (without significant uncertainty) and \u00a3114.7m is for non defaulted debt, where significant estimation uncertainty exists. The remainder of the section relates to non defaulted debt. Major Sources of Estimation Uncertainty and Judgement (continued) Expected credit losses on Online customer and other receivables (continued) Macroeconomic Uplift The first main area of major estimation uncertainty in calculating the ECL is the impact of a change in unemployment. Management uses an independent forecast of unemployment, provided by Experian, and weights the effect of the expected, low, high and extreme scenarios in the proportions 40/30/25/5. The expected scenario assumes a central unemployment rate peaking at 5.7% in Q4 2024. This weighted view adds \u00a312.5m to the underlying model ECL. If the extreme unemployment scenario was used instead (peaking at 9.6% in Q1 2025), this would add a further \u00a318m of ECL. If the high unemployment scenario was used (peaking at 7.3% in Q1 2025), this would add a further \u00a37m of ECL. Lastly, if the low unemployment scenario was used (peaking at 4.4% at Q4 2024), this would reduce the ECL by \u00a37m. The second main area of major estimation uncertainty in calculating the ECL is the impact that the current cost of living pressures may have on customer payment behaviour. In order to reflect the underlying risk in the loan book, the following factors have been incorporated into the provision: 1) Downgrading the underlying base to the pre-COVID arrears and indebtedness profile The underlying distribution of arrears and consumer indebtedness scores from before the COVID pandemic have been overlaid on the ECL calculation in order to adjust recent performance trends. This is because the Consumer Indebtedness Index (CII) scores and the arrears profile of customers are key inputs in the underlying ECL model and management considers that the underlying risk characteristics have not yet returned to normalised levels. This adjustment, using pre-COVID arrears and indebtedness profiles, contributes \u00a313.1m to the ECL. 2) Recognition of the ongoing risk of an increased ECL for customers who have shown recent indicators of distress and are therefore considered to be at higher risk of default With the UK experiencing record levels of inflation, disposable income is likely to be further constricted as the effects of mortgage rate rises start to flow through into household budgets and energy bills remain elevated. Management believe this may adversely impact the recoverability of customer receivables, specifically customers who have previously shown signs of distress. A further overlay to increase the provision coverage of these customers to align with that of those customers in the highest risk banding (relating to their current arrears stage) has been applied, which forms \u00a324.4m of the total ECL. We are not explicitly predicting that these customers will move towards a higher level of indebtedness (per the CII) but we are using this model mechanism to apply an appropriate and understood multiplier on the risk levels of these particular customers. Sensitivity to the Probability of Default Following application of the above two overlays, Management believes that there is adequate provision for ECL based on a stressed, but realistic level of payments. The primary area of estimation uncertainty which could have a material impact to the provision is the probability of default. Whilst considered unlikely, if the probability of default were to double, this would increase the provision by \u00a328.2m . In the five weeks following the year end date, \u00a30.2bn of the \u00a31.3bn NEXT customer and other trade receivables has been recovered. Other areas of estimation uncertainty and judgement In addition, in applying the Group\u2019s accounting policies described above, the directors have identified the following areas as key estimates and judgements that relate to balances which the directors consider to be of particular importance to understanding the nature of the Balance Sheet. A significant change in these estimates could result in a significant (but not material) adjustment to the carrying value of assets and liabilities in the next financial year. Net realisable value of inventories The selling prices of inventory are estimated to determine the net realisable value of inventory. Historical sales patterns and post year end trading performance are used to determine these. A 2% change in the volume of inventories going to clearance would impact the net realisable value by circa \u00a36m. A 2% change in the level of markdown applied to the selling price would impact the value of inventories going to clearance by circa \u00a38m. Major Sources of Estimation Uncertainty and Judgement (continued) Impairment of right-of-use assets and property, plant and equipment Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or a previous impairment should be reversed. Key triggers considered by management include store (i.e. CGU) sales varying significantly from previous forecasts, significant changes in the cost base (for example due to a rent review) and whether any new, wider economic factors may impact the forecast performance. When an impairment review is performed, the recoverable amount is based on the higher of the value in use and fair value less costs to sell. The value in use method requires the Group to apply assumptions in performing its assessment of future cash flows over the useful life of the asset. Key assumptions used are the Board approved budget for year 1, growth rate to be applied to the cash flows and the risk adjusted pre-tax discount rate used to discount the assumed cash flows to present value. The cash flow projections include assumptions on store performance throughout the remaining contractual lease term. In particular, the expected decline in like-for-like Retail sales in the budget for 2023/24 and the subsequent assumptions on our like-for-like Retail sales represent sources of significant estimation uncertainty. A future change to the assumption of sales growth would result in a reassessment of the value in use and could give rise to a significant change in the impairment recognised. Retail store performance in the year has significantly exceeded management\u2019s previous expectations. This better than expected performance has informed management\u2019s view on the 2023/24 budget and following a review of CGU forecast performance, there has been a reversal of the previous impairment of \u00a337.6m. Management\u2019s budget for 2023/24 assumes a year on year reduction in sales of -4.5% and then a longer term decline of -6% in line with the observed 3 year decline in the pre COVID period. A reduction in the forecast sales in the year 1 budget of -2%, with no subsequent changes to sales, would result in an increase in the impairment charge of circa \u00a31m. A larger change of -4% would result in an increased impairment charge of circa \u00a32m. In the prior year the impairment charge had been significant. Accordingly a change in the discount rate applied to the impairment model would have resulted in a significant change in the impairment recognised. However, the remaining balance, following the reversal in the year, is now relatively low in value and hence a change in the discount rate no longer has a significant impact. Management has assessed its online business to be a CGU. There have been no indicators in the current year or prior year of any impairment. ",
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"value": "Adoption of new accounting standards, interpretations and amendments The Group has applied the following interpretations and amendments for the first time in these financial statements: \u2022 Reference to Conceptual Framework \u2013 amendments to IFRS 3 \u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2013 amendments to IAS 16 \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 amendments to IAS 37 \u2022 Annual Improvements to IFRS Standards 2018-2020 The application of these new interpretations and amendments did not have a material impact on the financial statements. Certain new accounting standards and interpretations have been published that are not yet effective and have not been adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
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"value": "Alternative performance measures (APMs) Management exercises judgement in determining the adjustments to apply to IFRS measurements in order to derive suitable APMs. As set out on pages 72 to 73, APMs are used as management believe these measures provide additional useful information on the trends, performance and position of the Group. These measures are used for performance analysis by the Board. The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. These measures are not intended to be a substitute for, or superior to, IFRS measurements. ",
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"value": "1.\u2002Segmental Analysis The Group\u2019s operating segments are determined based on the Group\u2019s internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be the Group Chief Executive, with support from the Board. The performance of operating segments is assessed on operating profit, excluding equity-settled share option charges recognised under IFRS 2 \u201cShare-based payment\u201d and unrealised gains or losses on derivatives which do not qualify for hedge accounting. The Property Management segment holds properties and property leases which are recharged to other segments and external parties. The International Retail, Sourcing and other segment comprises franchise and wholly owned stores overseas and our sourcing business. International online sales are included in the NEXT Online segment. Joules represents the results from the Joules business acquired in 2022. Where third-party branded goods are sold on a commission basis, only the commission receivable is included in statutory revenue. \u201cTotal Group Sales\u201d represents the full customer sales value of commission based sales, interest income and service income, excluding VAT. Under IFRS 15 \u201cRevenue from contracts with customers\u201d, total sales have also been adjusted for customer delivery charges, promotional discounts, Interest Free Credit commission costs and expired gift card balances (See \u201cOther IFRS 15 adjustments\u201d in the table overleaf). The CODM uses the Total Group sales as a key metric in assessing segment performance; accordingly, this is presented below and then reconciled to the statutory revenue. Segment analysis restatement During the financial year to 28 January 2023, the segment revenue and profit used by the CODM changed as set out below: 1. Lipsy The Group had previously split the profit generated from selling Lipsy goods through the NEXT website between NEXT Online and the Lipsy division. Given all of Lipsy\u2019s online sales are reported within NEXT Online, the Group will now present all of these associated profits within NEXT Online and therefore for comparative purposes has restated segment sales and revenue and profit for the 52 weeks to 29 January 2022. This does not impact Group profit and is a change in presentation within this note only. Under the previous approach, prior to the restatement, the Lipsy profit was \u00a327.1m (2022: \u00a320.5m). As a result of this change: 1) Segment profit for NEXT Online increases by \u00a327.5m (2022: \u00a318.0m). 2) NEXT Finance profit increases by \u00a311.7m (2022: \u00a37.7m) as Lipsy previously received a benefit for its contribution towards the NEXT Finance business. 3) International Retail, Sourcing and Other has an additional cost of \u00a312.1m (2022: \u00a35.2m). Lipsy\u2019s assets, capital expenditure and depreciation are included within NEXT Online. 2. Total Platform In the prior financial year, the financial performance of Total Platform was reported across two segments: (1) profit on sales was reported within NEXT Online; and (2) equity returns were reported separately within \u201cShare of results of associates and joint venture\u201d. The Total Platform business has grown significantly in the last 12 months and therefore sales and profits will be presented within its own segment for better understanding of the performance of Total Platform. As a result, the prior year segment revenue and profits have been restated so that all Total Platform related profit is presented in its own segment. This has no impact on Group profit. As a result of this change: 1) Total Platform segment reports profit of \u00a319.3m (2022: \u00a36.9m); 2) NEXT Online\u2019s segment profit decreases by \u00a35.1m (2022: \u00a32.1m); and 3) Profit shown in \u201cShare of results of associates and joint ventures\u201d decreases by \u00a314.3m (2022: \u00a34.8m). Total Platform\u2019s assets, capital expenditure and depreciation are reported within the NEXT Online segment as the assets are shared with the Online business. In addition to the above we have aggregated NEXT International Retail and NEXT Sourcing and some residual Lipsy wholesale sales and central costs into a single line \u201cInternational Retail, Sourcing and Other\u201d. None of these changes impact the overall Group operating profit as they relate to presentation and reclassifications only. Note that the profit impacts noted for Lipsy and Total Platform above are rounded to 0.1 decimal place. 1.\u2002Segmental Analysis (continued) Segment sales and revenue 52 weeks to 28 January 2023 Total sales excluding VAT \u00a3m Commission sales adjustment \u00a3m Other IFRS 15 adjustments \u00a3m External revenue \u00a3m Internal revenue \u00a3m Total segment revenue \u00a3m NEXT Online 3,006.6 (329.2) 66.2 2,743.6 0.6 2,744.2 NEXT Finance 274.4 \u2013 \u2013 274.4 \u2013 274.4 NEXT Retail 1,865.1 (17.1) 1.1 1,849.1 0.4 1,849.5 Total Trading Sales 5,146.1 (346.3) 67.3 4,867.1 1.0 4,868.1 Total Platform 144.4 (101.5) \u2013 42.9 \u2013 42.9 Joules 32.8 \u2013 \u2013 32.8 \u2013 32.8 Property Management 18.9 \u2013 \u2013 18.9 156.1 175.0 International Retail, Sourcing and other 72.3 \u2013 \u2013 72.3 530.2 602.5 Total segment sales/revenue 5,414.5 (447.8) 67.3 5,034.0 687.3 5,721.3 Eliminations \u2013 \u2013 \u2013 \u2013 (687.3) (687.3) Total 5,414.5 (447.8) 67.3 5,034.0 \u2013 5,034.0 Included within external revenue is \u00a3123.7m (2022: \u00a3110.4m) related to sales made through the redemption of gift cards. 52 weeks to 29 January 2022 *restated Total sales excluding VAT \u00a3m Commission sales adjustment \u00a3m Other IFRS 15 adjustments \u00a3m External revenue \u00a3m Internal revenue \u00a3m Total segment revenue \u00a3m NEXT Online 3,064.7 (273.7) 72.1 2,863.1 \u2013 2,863.1 NEXT Finance 249.4 \u2013 \u2013 249.4 \u2013 249.4 NEXT Retail 1,432.4 (7.2) 0.7 1,425.9 0.2 1,426.1 Total Trading sales 4,746.5 (280.9) 72.8 4,538.4 0.2 4,538.6 Total Platform 39.1 (27.8) \u2013 11.3 \u2013 11.3 Joules \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Property Management 12.7 \u2013 \u2013 12.7 167.3 180.0 International Retail, Sourcing and other 63.5 \u2013 \u2013 63.5 488.0 551.5 Total segment sales/revenue 4,861.8 (308.7) 72.8 4,625.9 655.5 5,281.4 Eliminations \u2013 \u2013 \u2013 \u2013 (655.5) (655.5) Total 4,861.8 (308.7) 72.8 4,625.9 \u2013 4,625.9 1.\u2002Segmental Analysis (continued) Segment profit 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 *Restated \u00a3m 52 weeks to 29 January 2022 previously reported \u00a3m NEXT Online 467.3 604.4 588.5 NEXT Finance 170.5 149.5 141.8 NEXT Retail 240.5 107.0 107.0 Profit from Trading 878.3 860.9 837.3 Total Platform (including share of results from associates and joint ventures) 19.3 6.9 \u2013 Joules (4.1) \u2013 \u2013 Lipsy \u2013 \u2013 20.5 Property Management 37.0 10.8 10.8 International Retail, Sourcing and other 28.1 28.5 33.7 Total segment profit 958.6 907.1 902.3 Central costs and other (10.9) (15.2) (15.2) Recharge of interest 34.4 30.9 30.9 Share option charge (24.3) (19.9) (19.9) Unrealised foreign exchange (losses)/gains (16.3) 2.5 2.5 Share of results of associates and joint ventures \u2013 \u2013 4.8 Operating profit 941.5 905.4 905.4 Finance income 5.7 4.2 4.2 Finance costs (77.9) (86.5) (86.5) Profit before tax 869.3 823.1 823.1 In the Chief Executive\u2019s Review the segment loss from Joules, adjusted to remove the non controlling interest, is presented as part of Total Platform. Transactions between operating segments are made on an arm\u2019s length basis in a manner similar to those with third-parties. Segment revenue and segment profit include transactions between business segments which are eliminated on consolidation. The substantial majority of NEXT Sourcing\u2019s revenues and profits are derived from sales to NEXT Retail and NEXT Online. Further detail on the segment performance is provided in the Chief Executive\u2019s Review. 1.\u2002Segmental Analysis (continued) Segment assets, capital expenditure and depreciation Property, plant, equipment and software Right-of-use assets Capital expenditure inc. software Depreciation and amortisation 2023 \u00a3m 2022 *restated \u00a3m 2023 \u00a3m 2022 *restated \u00a3m 2023 \u00a3m 2022 *restated \u00a3m 2023 \u00a3m 2022 *restated \u00a3m NEXT Online 445.1 337.5 132.8 94.9 144.9 130.8 46.8 36.3 NEXT Finance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 NEXT Retail 205.7 213.2 521.0 534.6 63.6 50.3 168.0 181.1 Joules 8.3 \u2013 \u2013 \u2013 0.5 \u2013 1.1 \u2013 Property Management 55.6 83.7 5.3 5.0 38.5 79.8 0.3 (0.3) International Retail, Sourcing and other 1.5 2.0 2.9 4.6 0.6 1.0 3.8 3.6 Total 716.2 636.4 662.0 639.1 248.1 261.9 220.0 220.7 These assets are allocated based on the operations of the segment and the physical location of the asset. Impairment charges and reversals in relation to property, plant and equipment are included in the NEXT Retail segment. Analyses of the Group\u2019s external revenues (by customer location) and non-current assets (by geographical location) are detailed below. Non current assets include plant, property and equipment and intangible assets. It does not include right-of-use assets (disclosed separately), investments, the deferred tax asset or financial assets. External revenue by geographical location 2023 \u00a3m 2022 \u00a3m United Kingdom 4,290.7 3,837.5 Rest of Europe 415.3 447.0 Middle East 235.6 247.0 Asia 48.5 53.0 Rest of World 43.9 41.4 Total 5,034.0 4,625.9 Non-current assets by geographical location 2023 \u00a3m 2022 \u00a3m United Kingdom 746.6 644.5 Rest of Europe 3.5 3.5 Middle East 4.3 4.4 Asia 27.5 28.0 Total 781.9 680.4 Right-of-use assets by geographical location 2023 \u00a3m 2022 \u00a3m United Kingdom 637.0 615.3 Rest of Europe 22.1 19.2 Asia 2.9 4.6 Total 662.0 639.1 ",
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"fact-559": {
"value": "2.\u2002Total Revenue The Group\u2019s disaggregated revenue recognised under contracts with customers relates to the following categories and operating segments: 52 weeks to 28 January 2023 Sale of goods \u00a3m Credit account interest \u00a3m Royalties \u00a3m Rental income \u00a3m Service income \u00a3m Total \u00a3m NEXT Online 2,743.6 \u2013 \u2013 \u2013 \u2013 2,743.6 NEXT Finance \u2013 274.4 \u2013 \u2013 \u2013 274.4 NEXT Retail 1,849.1 \u2013 \u2013 \u2013 \u2013 1,849.1 Total Platform 27.4 \u2013 \u2013 \u2013 15.5 42.9 Joules 32.8 \u2013 \u2013 \u2013 \u2013 32.8 Property Management \u2013 \u2013 \u2013 18.9 \u2013 18.9 International Retail, Sourcing and other 62.3 \u2013 10.0 \u2013 \u2013 72.3 Total 4,715.2 274.4 10.0 18.9 15.5 5,034.0 52 weeks to 29 January 2022*restated Sale of goods \u00a3m Credit account interest \u00a3m Royalties \u00a3m Rental income \u00a3m Service income \u00a3m Total \u00a3m NEXT Online 2,863.1 \u2013 \u2013 \u2013 \u2013 2,863.1 NEXT Finance \u2013 249.4 \u2013 \u2013 \u2013 249.4 NEXT Retail 1,425.9 \u2013 \u2013 \u2013 \u2013 1,425.9 Total Platform 11.3 \u2013 \u2013 \u2013 \u2013 11.3 Joules \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Property Management \u2013 \u2013 \u2013 12.7 \u2013 12.7 International Retail, Sourcing and other 57.1 \u2013 6.4 \u2013 \u2013 63.5 Total 4,357.4 249.4 6.4 12.7 \u2013 4,625.9 Service income recognised in the current period relates to services provided to our Total Platform partners. * As a result of the changes in how we report segmental profit per Note 1, segmental revenue has also been amended in the prior year with Lipsy\u2019s previously reported sale of goods of \u00a32.2m being included within International Retail, Sourcing and Other and Lipsy royalties of \u00a31.6m included within International Retail, Sourcing and other. Total Platform has been separated out into its own segment from NEXT Online. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-626": {
"value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting): 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Depreciation on property, plant and equipment 100.5 103.7 Depreciation on right-of-use assets 107.6 113.8 Loss on disposal of property, plant and equipment 0.5 3.1 Gain on sale and leasebacks (17.7) (13.4) Reversal of impairment on property, plant and equipment (2.7) (3.1) Reversal of impairment on right-of-use assets (34.9) (1.2) Amortisation and impairment of intangible assets 12.5 4.3 Gain on lease modifications, early exit and reassessed lease term (1.4) (3.8) Variable rentals payable 26.9 4.1 Job Retention Scheme receipts \u2013 (16.2) Cost of inventories recognised as an expense 1,785.4 1,674.6 Write-down of inventories to net realisable value 152.4 102.4 Total 1,937.8 1,777.0 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-603": {
"value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting): 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Depreciation on property, plant and equipment 100.5 103.7 Depreciation on right-of-use assets 107.6 113.8 Loss on disposal of property, plant and equipment 0.5 3.1 Gain on sale and leasebacks (17.7) (13.4) Reversal of impairment on property, plant and equipment (2.7) (3.1) Reversal of impairment on right-of-use assets (34.9) (1.2) Amortisation and impairment of intangible assets 12.5 4.3 Gain on lease modifications, early exit and reassessed lease term (1.4) (3.8) Variable rentals payable 26.9 4.1 Job Retention Scheme receipts \u2013 (16.2) Cost of inventories recognised as an expense 1,785.4 1,674.6 Write-down of inventories to net realisable value 152.4 102.4 Total 1,937.8 1,777.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-560": {
"value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting): 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Depreciation on property, plant and equipment 100.5 103.7 Depreciation on right-of-use assets 107.6 113.8 Loss on disposal of property, plant and equipment 0.5 3.1 Gain on sale and leasebacks (17.7) (13.4) Reversal of impairment on property, plant and equipment (2.7) (3.1) Reversal of impairment on right-of-use assets (34.9) (1.2) Amortisation and impairment of intangible assets 12.5 4.3 Gain on lease modifications, early exit and reassessed lease term (1.4) (3.8) Variable rentals payable 26.9 4.1 Job Retention Scheme receipts \u2013 (16.2) Cost of inventories recognised as an expense 1,785.4 1,674.6 Write-down of inventories to net realisable value 152.4 102.4 Total 1,937.8 1,777.0 3.\u2002Operating Profit (continued) The Group has reviewed its store impairment models and its forecasts following identification of impairment triggers (being significant change in sales or significant change in cost base following rent reviews). As a result, where stores have performed significantly better than expected a net reversal of amounts previously impaired has been recognised of \u00a334.9m (2022: \u00a31.2m) on right-of-use assets and \u00a32.7m (2022: \u00a33.1m) on plant, property and equipment. This assessment involved a significant degree of estimation in order to determine the impairment required/reversed; refer to the Major Sources of Estimation Uncertainty and Judgement section with our Group Accounting Policies for further detail. In the prior year the Group received funds of \u00a316.2m associated with the Job Retention Scheme. These were recognised in cost of sales at \u00a316.1m and distributions costs at \u00a30.1m based on where the associated staff payroll costs are recognised. All receipts from the Job Retention Scheme were paid in full to staff on furlough. This has been recognised as a grant in accordance with the group\u2019s accounting policy. Cost of inventories recognised as an expense consists of those costs which are directly attributable to goods sold in the year, including packaging and inbound freight costs. Other gains/losses reported in the Income Statement represent foreign exchange losses of \u00a316.3m (2022: gain of \u00a32.5m) in respect of derivative contracts which do not qualify for hedge accounting under IFRS 9. Other foreign exchange differences recognised in the Income Statement were gains of \u00a39.6m (2022: gains of \u00a33.9m). During the year the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditor and its associates, including expenses: 52 weeks to 28 January 2023 \u00a3000 52 weeks to 29 January 2022 \u00a3000 Auditors\u2019 remuneration Audit of the financial statements 1,212 593 Audit of subsidiaries 110 431 Total audit fees 1,322 1,024 Other assurance services 106 72 Total 1,428 1,096 The year on year increase in audit fees reflects the increased complexity of the Group and the compliance costs associated with audits and the increased complexity of the business. Other assurance services relate to assurance work on Corporate Responsibility reporting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-604": {
"value": "During the year the Group (including its overseas subsidiaries) obtained the following services from the Company\u2019s auditor and its associates, including expenses: 52 weeks to 28 January 2023 \u00a3000 52 weeks to 29 January 2022 \u00a3000 Auditors\u2019 remuneration Audit of the financial statements 1,212 593 Audit of subsidiaries 110 431 Total audit fees 1,322 1,024 Other assurance services 106 72 Total 1,428 1,096 The year on year increase in audit fees reflects the increased complexity of the Group and the compliance costs associated with audits and the increased complexity of the business. Other assurance services relate to assurance work on Corporate Responsibility reporting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-605": {
"value": "4.\u2002Staff Costs and Key Management Personnel Total staff costs were as follows: 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Wages and salaries 772.3 703.2 Social security costs 62.3 50.0 Other pension costs 43.7 42.0 878.3 795.2 Share-based payment expense \u2013 equity settled 24.3 19.9 Share-based payment expense \u2013 cash settled \u2013 (0.2) Total 902.6 814.9 Share-based payments comprise Management, Sharesave and Share Matching Plan options and LTIP share awards, details of which are given in Note 24. Total staff costs by business sector were made up as follows: 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 restated* \u00a3m NEXT Online, Retail and Finance 857.3 766.2 NEXT International Retail and Sourcing 30.5 35.4 Joules 4.9 \u2013 Other activities 9.9 13.3 Total 902.6 814.9 * As explained in Note 1 Segment Analysis, the Lipsy segment has been consolidated within NEXT Online. For the purpose of this note, Total Platform has been included within NEXT Online. Therefore the prior year staff costs has been restated to reflect this change in segments. This change has no impact on the Group\u2019s total staff costs. Average employees Full-time equivalents 2023 Number 2022 *restated Number 2023 Number 2022 *restated Number NEXT Online, Retail and Finance 42,168 38,780 27,889 22,581 NEXT International Retail and Sourcing 4,224 4,178 4,224 4,178 Joules 241 \u2013 140 \u2013 Other activities 77 82 71 77 Total 46,710 43,040 32,324 26,836 * The prior year average employees and full-time equivalents have been restated following a change in how Lipsy is reported within the operating segments of the Group. See Note 1 for more details. In addition, staff associated with Total Platform also perform services for NEXT Online, Retail and Finance above. The aggregate amounts charged in the financial statements for key management personnel (including employer\u2019s National Insurance contributions), being the directors of NEXT plc, were as follows: 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Short term employee benefits 5.1 6.0 Share-based payments 2.8 3.6 Total 7.9 9.6 Directors\u2019 remuneration is detailed in the Remuneration Report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-561": {
"value": "4.\u2002Staff Costs and Key Management Personnel Total staff costs were as follows: 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Wages and salaries 772.3 703.2 Social security costs 62.3 50.0 Other pension costs 43.7 42.0 878.3 795.2 Share-based payment expense \u2013 equity settled 24.3 19.9 Share-based payment expense \u2013 cash settled \u2013 (0.2) Total 902.6 814.9 Share-based payments comprise Management, Sharesave and Share Matching Plan options and LTIP share awards, details of which are given in Note 24. Total staff costs by business sector were made up as follows: 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 restated* \u00a3m NEXT Online, Retail and Finance 857.3 766.2 NEXT International Retail and Sourcing 30.5 35.4 Joules 4.9 \u2013 Other activities 9.9 13.3 Total 902.6 814.9 * As explained in Note 1 Segment Analysis, the Lipsy segment has been consolidated within NEXT Online. For the purpose of this note, Total Platform has been included within NEXT Online. Therefore the prior year staff costs has been restated to reflect this change in segments. This change has no impact on the Group\u2019s total staff costs. Average employees Full-time equivalents 2023 Number 2022 *restated Number 2023 Number 2022 *restated Number NEXT Online, Retail and Finance 42,168 38,780 27,889 22,581 NEXT International Retail and Sourcing 4,224 4,178 4,224 4,178 Joules 241 \u2013 140 \u2013 Other activities 77 82 71 77 Total 46,710 43,040 32,324 26,836 * The prior year average employees and full-time equivalents have been restated following a change in how Lipsy is reported within the operating segments of the Group. See Note 1 for more details. In addition, staff associated with Total Platform also perform services for NEXT Online, Retail and Finance above. The aggregate amounts charged in the financial statements for key management personnel (including employer\u2019s National Insurance contributions), being the directors of NEXT plc, were as follows: 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Short term employee benefits 5.1 6.0 Share-based payments 2.8 3.6 Total 7.9 9.6 Directors\u2019 remuneration is detailed in the Remuneration Report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-627": {
"value": "5.\u2002Finance Income and Costs 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Interest on bank deposits 0.1 0.6 Other interest receivable 5.6 3.6 Finance income 5.7 4.2 Interest on bonds and other borrowings 30.6 36.1 Finance costs on lease liability 47.3 50.4 Finance costs 77.9 86.5 Other interest receivable includes interest income on preference shares of \u00a34.8m (2022: \u00a32.4m) and amounts accrued on loans to associates and joint ventures. Online account interest is presented as a component of revenue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-606": {
"value": "5.\u2002Finance Income and Costs 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Interest on bank deposits 0.1 0.6 Other interest receivable 5.6 3.6 Finance income 5.7 4.2 Interest on bonds and other borrowings 30.6 36.1 Finance costs on lease liability 47.3 50.4 Finance costs 77.9 86.5 Other interest receivable includes interest income on preference shares of \u00a34.8m (2022: \u00a32.4m) and amounts accrued on loans to associates and joint ventures. Online account interest is presented as a component of revenue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-562": {
"value": "5.\u2002Finance Income and Costs 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Interest on bank deposits 0.1 0.6 Other interest receivable 5.6 3.6 Finance income 5.7 4.2 Interest on bonds and other borrowings 30.6 36.1 Finance costs on lease liability 47.3 50.4 Finance costs 77.9 86.5 Other interest receivable includes interest income on preference shares of \u00a34.8m (2022: \u00a32.4m) and amounts accrued on loans to associates and joint ventures. Online account interest is presented as a component of revenue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-563": {
"value": "6.\u2002Taxation Tax charge for the period Our tax charge for the period is shown below. Tax is made up of current and deferred tax. Current tax is the amount payable on the taxable income in the period and any adjustments to tax payable in previous years. Deferred tax is explained on page 189. 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Current tax: Current tax on profits for the year 137.9 123.2 Adjustments in respect of prior years 17.7 11.6 Total current tax 155.6 134.8 Deferred tax: Origination and reversal of temporary differences 17.7 20.7 Adjustments in respect of prior years (14.7) (9.9) Total deferred tax 3.0 10.8 Tax expense reported in the Consolidated Income Statement 158.6 145.6 The adjustments in respect of prior years relate to timing on the recognition of amounts claimed as capital allowances. The prior year adjustments in 2022 related to amounts of capital gains on which rollover relief was claimed and the gains have been recognised. Factors affecting the tax charge in the period The tax rate for the current period varied from the standard rate of corporation tax in the UK due to the following factors: 52 weeks to 28 January 2023 % 52 weeks to 29 January 2022 % UK corporation tax rate 19.0 19.0 Non\u2013taxable income (0.5) \u2013 Non deductible expenses 0.6 \u2013 Capital losses utilised (0.2) \u2013 Overseas tax (0.6) \u2013 Adjustments in respect of prior years 0.4 \u2013 Revaluation of deferred tax asset \u2013 (0.6) Benefit as a result of capital allowance 130% deduction (0.4) (0.7) Total 18.3 17.7 6.\u2002Taxation (continued) Tax recognised in other comprehensive income and equity In addition to the amount charged to the Income Statement, tax movements recognised in other comprehensive income and in equity were as follows: 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Deferred tax: Pension benefit obligation 0.1 13.8 Fair value movements on derivative instruments 19.7 7.2 Tax charge in other comprehensive income 19.8 21.0 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Current tax: Share-based payments (1.2) (7.3) Deferred tax: Fair value movements on derivative instruments (30.1) 4.0 Share-based payments 5.4 0.2 Total tax credit in the Statement of Changes in Equity (25.9) (3.1) Deferred tax Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences that arise when the carrying value of assets and liabilities differ between accounting and tax treatments. Deferred tax assets represent the amounts of income taxes recoverable in the future in respect of those differences, while deferred tax liabilities represent the amounts of income taxes payable in the future in respect of those differences. The deferred tax asset is made up of: Accelerated capital allowances \u00a3m Derivatives to fair value \u00a3m Pension benefit obligation \u00a3m Share- based payments \u00a3m IFRS 16 leases \u00a3m Other temporary differences \u00a3m Total \u00a3m At January 2021 23.5 5.2 (15.9) 20.9 34.7 2.0 70.4 Recognised in: \u2013 Income Statement (15.0) (0.6) (6.5) 0.4 1.5 9.0 (11.2) \u2013 Other Comprehensive Income \u2013 (7.2) (13.8) \u2013 \u2013 \u2013 (21.0) \u2013 Statement of Changes in Equity \u2013 (4.0) \u2013 (0.2) \u2013 \u2013 (4.2) At January 2022 8.5 (6.6) (36.2) 21.1 36.2 11.0 34.0 Recognised in: \u2013 Income Statement (2.5) 4.1 (1.5) 0.8 (2.6) (1.3) (3.0) \u2013 Other Comprehensive Income \u2013 (19.7) (0.1) \u2013 \u2013 \u2013 (19.8) \u2013 Statement of Changes in Equity \u2013 30.1 \u2013 (5.4) \u2013 \u2013 24.7 Acquisition of subsidiary \u2013 \u2013 \u2013 \u2013 \u2013 (2.6) (2.6) At January 2023 6.0 7.9 (37.8) 16.5 33.6 7.1 33.3 6.\u2002Taxation (continued) Deferred tax (continued) Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. No recognition has been made of the following deferred tax assets: Unrecognised Unrecognised Gross value 2023 \u00a3m Deferred tax 2023 \u00a3m Gross value 2022 \u00a3m Deferred tax 2022 \u00a3m Capital losses 18.6 4.7 31.0 7.8 The benefit of unrecognised capital losses will only accrue if taxable profits are realised on future disposals of the Group\u2019s capital assets. Factors affecting tax charges in future years Deferred taxes reflected in these financial statements have been measured using the enacted tax rates at the Balance Sheet date. Following on from the Budget of 3 March 2021 the UK corporation tax rate will change effective April 2023 from 19% to 25%. As a result, deferred tax balances have been measured at the rate at which they are expected to unwind in the future, either 24% or 25% depending on the timing. Provisions, which are immaterial to the financial statements, have been recognised in relation to uncertain tax positions. These relate to the interpretation of tax legislation, including changes arising from the OECD\u2019s Base Erosion and Profit Shifting project, which impact our NEXT Sourcing operation in its ordinary course of business. NEXT manages its tax affairs responsibly and proactively to comply with tax legislation. We seek to build solid and constructive working relationships with all tax authorities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-607": {
"value": "6.\u2002Taxation Tax charge for the period Our tax charge for the period is shown below. Tax is made up of current and deferred tax. Current tax is the amount payable on the taxable income in the period and any adjustments to tax payable in previous years. Deferred tax is explained on page 189. 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Current tax: Current tax on profits for the year 137.9 123.2 Adjustments in respect of prior years 17.7 11.6 Total current tax 155.6 134.8 Deferred tax: Origination and reversal of temporary differences 17.7 20.7 Adjustments in respect of prior years (14.7) (9.9) Total deferred tax 3.0 10.8 Tax expense reported in the Consolidated Income Statement 158.6 145.6 The adjustments in respect of prior years relate to timing on the recognition of amounts claimed as capital allowances. The prior year adjustments in 2022 related to amounts of capital gains on which rollover relief was claimed and the gains have been recognised. Factors affecting the tax charge in the period The tax rate for the current period varied from the standard rate of corporation tax in the UK due to the following factors: 52 weeks to 28 January 2023 % 52 weeks to 29 January 2022 % UK corporation tax rate 19.0 19.0 Non\u2013taxable income (0.5) \u2013 Non deductible expenses 0.6 \u2013 Capital losses utilised (0.2) \u2013 Overseas tax (0.6) \u2013 Adjustments in respect of prior years 0.4 \u2013 Revaluation of deferred tax asset \u2013 (0.6) Benefit as a result of capital allowance 130% deduction (0.4) (0.7) Total 18.3 17.7 6.\u2002Taxation (continued) Tax recognised in other comprehensive income and equity In addition to the amount charged to the Income Statement, tax movements recognised in other comprehensive income and in equity were as follows: 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Deferred tax: Pension benefit obligation 0.1 13.8 Fair value movements on derivative instruments 19.7 7.2 Tax charge in other comprehensive income 19.8 21.0 52 weeks to 28 January 2023 \u00a3m 52 weeks to 29 January 2022 \u00a3m Current tax: Share-based payments (1.2) (7.3) Deferred tax: Fair value movements on derivative instruments (30.1) 4.0 Share-based payments 5.4 0.2 Total tax credit in the Statement of Changes in Equity (25.9) (3.1) Deferred tax Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences that arise when the carrying value of assets and liabilities differ between accounting and tax treatments. Deferred tax assets represent the amounts of income taxes recoverable in the future in respect of those differences, while deferred tax liabilities represent the amounts of income taxes payable in the future in respect of those differences. The deferred tax asset is made up of: Accelerated capital allowances \u00a3m Derivatives to fair value \u00a3m Pension benefit obligation \u00a3m Share- based payments \u00a3m IFRS 16 leases \u00a3m Other temporary differences \u00a3m Total \u00a3m At January 2021 23.5 5.2 (15.9) 20.9 34.7 2.0 70.4 Recognised in: \u2013 Income Statement (15.0) (0.6) (6.5) 0.4 1.5 9.0 (11.2) \u2013 Other Comprehensive Income \u2013 (7.2) (13.8) \u2013 \u2013 \u2013 (21.0) \u2013 Statement of Changes in Equity \u2013 (4.0) \u2013 (0.2) \u2013 \u2013 (4.2) At January 2022 8.5 (6.6) (36.2) 21.1 36.2 11.0 34.0 Recognised in: \u2013 Income Statement (2.5) 4.1 (1.5) 0.8 (2.6) (1.3) (3.0) \u2013 Other Comprehensive Income \u2013 (19.7) (0.1) \u2013 \u2013 \u2013 (19.8) \u2013 Statement of Changes in Equity \u2013 30.1 \u2013 (5.4) \u2013 \u2013 24.7 Acquisition of subsidiary \u2013 \u2013 \u2013 \u2013 \u2013 (2.6) (2.6) At January 2023 6.0 7.9 (37.8) 16.5 33.6 7.1 33.3 6.\u2002Taxation (continued) Deferred tax (continued) Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. No recognition has been made of the following deferred tax assets: Unrecognised Unrecognised Gross value 2023 \u00a3m Deferred tax 2023 \u00a3m Gross value 2022 \u00a3m Deferred tax 2022 \u00a3m Capital losses 18.6 4.7 31.0 7.8 The benefit of unrecognised capital losses will only accrue if taxable profits are realised on future disposals of the Group\u2019s capital assets. Factors affecting tax charges in future years Deferred taxes reflected in these financial statements have been measured using the enacted tax rates at the Balance Sheet date. Following on from the Budget of 3 March 2021 the UK corporation tax rate will change effective April 2023 from 19% to 25%. As a result, deferred tax balances have been measured at the rate at which they are expected to unwind in the future, either 24% or 25% depending on the timing. Provisions, which are immaterial to the financial statements, have been recognised in relation to uncertain tax positions. These relate to the interpretation of tax legislation, including changes arising from the OECD\u2019s Base Erosion and Profit Shifting project, which impact our NEXT Sourcing operation in its ordinary course of business. NEXT manages its tax affairs responsibly and proactively to comply with tax legislation. We seek to build solid and constructive working relationships with all tax authorities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-564": {
"value": "7.\u2002Dividends Year to 28 January 2023 Paid Pence per share Cash Flow Statement \u00a3m Statement of Changes in Equity* \u00a3m Final ordinary dividend for the year to Jan 2022 1 Aug 2022 127p 156.5 156.5 Interim ordinary dividend for the year to Jan 2023 3 Jan 2023 66p 80.9 80.9 237.4 237.4 Year to 29 January 2022 Paid Pence per share Cash Flow Statement \u00a3m Statement of Changes in Equity \u00a3m Special interim dividend 3 Sep 2021 110p 140.3 140.3 Special interim dividend 28 Jan 2022 160p 204.2 204.2 344.5 344.5 * Dividends included within the Statement of Changes in Equity is \u00a3237.1m which includes \u00a30.3m of dividends previously payable and have now lapsed. The Trustee of the ESOT waived dividends paid in the year on shares held by the ESOT. It is intended that an ordinary dividend of 140.0p per share will be paid to shareholders on 1 August 2023. NEXT plc shares will trade ex-dividend from 6 July 2023 and the record date will be 7 July 2023. The estimated amount payable is \u00a3173m. The proposed dividend is subject to approval by shareholders at the Annual General Meeting to be held on 18 May 2023 and has not been included as a liability in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-565": {
"value": "8.\u2002Earnings Per Share 52 weeks to 28 January 2023 52 weeks to 29 January 2022 Basic Earnings Per Share 573.4p 530.8p Diluted Earnings Per Share 570.5p 524.0p Fully diluted Earnings Per Share 544.5p 505.8p Basic Earnings Per Share is based on the profit for the period attributable to the equity holders of the Parent Company divided by the net of the weighted average number of shares ranking for dividend less the weighted average number of shares held by the ESOT during the period. Diluted Earnings Per Share is calculated by adjusting the weighted average number of shares used for the calculation of basic Earnings Per Share as increased by the dilutive effect of potential ordinary shares. Dilutive shares arise from employee share option schemes where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the period. Their dilutive effect is calculated on the basis of the equivalent number of nil cost options. Where the option price is above the average market price, the option is not dilutive and is excluded from the diluted EPS calculation. There were 3,112,796 non-dilutive share options in the current year (2022: 1,474,577). Fully diluted Earnings Per Share is based on the weighted average number of shares used for the calculation of basic Earnings Per Share, increased by the weighted average total employee share options outstanding during the period. Fully diluted Earnings Per Share is an Alternative Performance Measure (APM) used for the purposes of the Share Matching Plan, described further in Note 24. The table below shows the key variables used in the Earnings Per Share calculations: 52 weeks to 28 January 2023 52 weeks to 29 January 2022 Profit after tax attributable to equity holders of the Parent Company (\u00a3m) 711.7 677.5 Weighted average number of shares (millions) Weighted average shares in issue 130.2 132.9 Weighted average shares held by ESOT (6.1) (5.3) Weighted average shares for basic EPS 124.1 127.6 Weighted average dilutive potential shares 0.6 1.7 Weighted average shares for diluted EPS 124.7 129.3 Weighted average total options outstanding 6.6 6.3 Weighted average shares for fully diluted EPS 130.7 133.9 As detailed in the Remuneration Report, the 2022/23 annual bonus for executive directors was determined by reference to NEXT Group pre- tax Earnings per Share, adjusted to remove the impact of share buy backs not included in the original target metrics, of 687.2p (2022: 637.4p). The NEXT Profit before tax on a 52 week basis of \u00a3870.4m (2022: \u00a3813.5m), is divided by the net of the weighted average number of shares in issue less the weighted average number of shares held by the ESOT during the period. A definition of NEXT Profit before tax and NEXT Group pre-tax earnings per share is included in the Glossary. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-631": {
"value": "9.\u2002Property, Plant and Equipment Freehold property \u00a3m Leasehold property \u00a3m Plant and equipment \u00a3m Assets under the course of construction \u00a3m Total \u00a3m Cost At January 2021 6.8 2.7 1,917.6 \u2013 1,927.1 Exchange movement \u2013 \u2013 (3.5) \u2013 (3.5) Additions 28.3 \u2013 157.0 53.9 239.2 Disposals (8.3) (0.1) (102.1) \u2013 (110.5) At January 2022 26.8 2.6 1,969.0 53.9 2,052.3 Exchange movement \u2013 \u2013 0.6 \u2013 0.6 Arising from acquisitions \u2013 \u2013 1.1 \u2013 1.1 Additions 13.2 \u2013 168.6 25.3 207.1 Reclassification from assets under the course of construction 64.7 \u2013 \u2013 (64.7) \u2013 Disposals (64.9) (1.3) (53.6) \u2013 (119.8) At January 2023 39.8 1.3 2,085.7 14.5 2,141.3 Depreciation At January 2021 0.4 0.1 1,451.8 \u2013 1,452.3 Exchange movement \u2013 \u2013 (3.4) \u2013 (3.4) Provided during the year 0.1 \u2013 103.6 \u2013 103.7 Impairment charge \u2013 \u2013 (3.1) \u2013 (3.1) Disposals (0.1) \u2013 (98.2) \u2013 (98.3) At January 2022 0.4 0.1 1,450.7 \u2013 1,451.2 Exchange movement \u2013 \u2013 0.7 \u2013 0.7 Provided during the year 0.1 \u2013 100.4 \u2013 100.5 Net impairment release \u2013 \u2013 (2.7) \u2013 (2.7) Disposals \u2013 \u2013 (53.2) \u2013 (53.2) At January 2023 0.5 0.1 1,495.9 \u2013 1,496.5 Carrying amount At January 2023 39.3 1.2 589.8 14.5 644.8 At January 2022 26.4 2.5 518.3 53.9 601.1 At January 2021 6.4 2.6 465.8 \u2013 474.8 At January 2023 the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a333.7m (2022: \u00a396.7m). Plant and equipment includes leasehold improvements. Additions to assets under the course of construction relate to the build of the Dearne Valley warehouse extension. The assets under the course of construction in the prior year related to the build of the E3 warehouse which was completed during the current financial year. See Note 3 for further detail on impairment charges. 10.\u2002Intangible Assets Goodwill \u00a3m Brand names and trademarks \u00a3m Software \u00a3m Software assets under the course of construction \u00a3m Total \u00a3m Cost At January 2021 45.7 4.3 2.1 14.4 66.5 Additions \u2013 \u2013 7.6 15.1 22.7 Reclassified from assets under the course of construction \u2013 \u2013 2.9 (2.9) \u2013 At January 2022 45.7 4.3 12.6 26.6 89.2 Additions \u2013 \u2013 25.5 15.5 41.0 Arising from acquisitions 11.6 10.5 7.4 \u2013 29.5 Reclassified from assets under the course of construction \u2013 \u2013 18.3 (18.3) \u2013 Disposals \u2013 \u2013 (0.5) \u2013 (0.5) At January 2023 57.3 14.8 63.3 23.8 159.2 Amortisation and Impairment At January 2021 1.6 4.1 0.3 \u2013 6.0 Amortisation provided during the year \u2013 0.1 3.1 \u2013 3.2 Impairment 0.2 \u2013 0.5 \u2013 0.7 At January 2022 1.8 4.2 3.9 \u2013 9.9 Amortisation provided during the year \u2013 0.4 11.5 \u2013 11.9 Impairment \u2013 \u2013 0.6 \u2013 0.6 Disposals \u2013 \u2013 (0.3) \u2013 (0.3) At January 2023 1.8 4.6 15.7 \u2013 22.1 Carrying amount At January 2023 55.5 10.2 47.6 23.8 137.1 At January 2022 43.9 0.1 8.7 26.6 79.3 At January 2021 44.1 0.2 1.8 14.4 60.5 Assets under the course of construction relate to internally developed software that is not yet complete. Once complete it will be transferred to \u201csoftware\u201d and amortised over its useful economic life (see Group Accounting Policies for more detail). Intangible assets arising from acquisitions in the year relate to the acquisition of Joules brand name and trade marks for \u00a310.5m, goodwill arising from the acquisition of \u00a311.6m and software intangibles of \u00a37.4m. The carrying amount of goodwill is allocated to the following cash generating units: 2023 \u00a3m 2022 \u00a3m NEXT Sourcing 30.5 30.5 Lipsy 12.1 12.1 NEXT Beauty 1.3 1.3 Joules 11.6 \u2013 Total 55.5 43.9 Goodwill is tested for impairment at the balance sheet date on the basis of value in use calculations. The assumptions and basis for the impairment testing on the significant goodwill balances is set out below. NEXT Sourcing The key assumptions in testing the goodwill for impairment are the future sourcing requirements of the Group and the ability of NEXT Sourcing to meet these requirements based on past experience. In assessing value in use, budgets for the next year were used and extrapolated for nine further years using a growth rate of 0% (2022: 0% growth rate) and discounted at a pre-tax rate of 8% (2022: 8%). Lipsy The key assumptions in testing the goodwill for impairment are the forecast sales for the Lipsy products, particularly through the NEXT website. In assessing the recoverable amount of goodwill, internal budgets for next year were used and extrapolated for nine further years using a growth rate of 2% (2022: 2%) and discounted at a pre-tax rate of 8% (2022: 8%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-566": {
"value": "9.\u2002Property, Plant and Equipment Freehold property \u00a3m Leasehold property \u00a3m Plant and equipment \u00a3m Assets under the course of construction \u00a3m Total \u00a3m Cost At January 2021 6.8 2.7 1,917.6 \u2013 1,927.1 Exchange movement \u2013 \u2013 (3.5) \u2013 (3.5) Additions 28.3 \u2013 157.0 53.9 239.2 Disposals (8.3) (0.1) (102.1) \u2013 (110.5) At January 2022 26.8 2.6 1,969.0 53.9 2,052.3 Exchange movement \u2013 \u2013 0.6 \u2013 0.6 Arising from acquisitions \u2013 \u2013 1.1 \u2013 1.1 Additions 13.2 \u2013 168.6 25.3 207.1 Reclassification from assets under the course of construction 64.7 \u2013 \u2013 (64.7) \u2013 Disposals (64.9) (1.3) (53.6) \u2013 (119.8) At January 2023 39.8 1.3 2,085.7 14.5 2,141.3 Depreciation At January 2021 0.4 0.1 1,451.8 \u2013 1,452.3 Exchange movement \u2013 \u2013 (3.4) \u2013 (3.4) Provided during the year 0.1 \u2013 103.6 \u2013 103.7 Impairment charge \u2013 \u2013 (3.1) \u2013 (3.1) Disposals (0.1) \u2013 (98.2) \u2013 (98.3) At January 2022 0.4 0.1 1,450.7 \u2013 1,451.2 Exchange movement \u2013 \u2013 0.7 \u2013 0.7 Provided during the year 0.1 \u2013 100.4 \u2013 100.5 Net impairment release \u2013 \u2013 (2.7) \u2013 (2.7) Disposals \u2013 \u2013 (53.2) \u2013 (53.2) At January 2023 0.5 0.1 1,495.9 \u2013 1,496.5 Carrying amount At January 2023 39.3 1.2 589.8 14.5 644.8 At January 2022 26.4 2.5 518.3 53.9 601.1 At January 2021 6.4 2.6 465.8 \u2013 474.8 At January 2023 the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a333.7m (2022: \u00a396.7m). Plant and equipment includes leasehold improvements. Additions to assets under the course of construction relate to the build of the Dearne Valley warehouse extension. The assets under the course of construction in the prior year related to the build of the E3 warehouse which was completed during the current financial year. See Note 3 for further detail on impairment charges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-628": {
"value": "10.\u2002Intangible Assets Goodwill \u00a3m Brand names and trademarks \u00a3m Software \u00a3m Software assets under the course of construction \u00a3m Total \u00a3m Cost At January 2021 45.7 4.3 2.1 14.4 66.5 Additions \u2013 \u2013 7.6 15.1 22.7 Reclassified from assets under the course of construction \u2013 \u2013 2.9 (2.9) \u2013 At January 2022 45.7 4.3 12.6 26.6 89.2 Additions \u2013 \u2013 25.5 15.5 41.0 Arising from acquisitions 11.6 10.5 7.4 \u2013 29.5 Reclassified from assets under the course of construction \u2013 \u2013 18.3 (18.3) \u2013 Disposals \u2013 \u2013 (0.5) \u2013 (0.5) At January 2023 57.3 14.8 63.3 23.8 159.2 Amortisation and Impairment At January 2021 1.6 4.1 0.3 \u2013 6.0 Amortisation provided during the year \u2013 0.1 3.1 \u2013 3.2 Impairment 0.2 \u2013 0.5 \u2013 0.7 At January 2022 1.8 4.2 3.9 \u2013 9.9 Amortisation provided during the year \u2013 0.4 11.5 \u2013 11.9 Impairment \u2013 \u2013 0.6 \u2013 0.6 Disposals \u2013 \u2013 (0.3) \u2013 (0.3) At January 2023 1.8 4.6 15.7 \u2013 22.1 Carrying amount At January 2023 55.5 10.2 47.6 23.8 137.1 At January 2022 43.9 0.1 8.7 26.6 79.3 At January 2021 44.1 0.2 1.8 14.4 60.5 Assets under the course of construction relate to internally developed software that is not yet complete. Once complete it will be transferred to \u201csoftware\u201d and amortised over its useful economic life (see Group Accounting Policies for more detail). Intangible assets arising from acquisitions in the year relate to the acquisition of Joules brand name and trade marks for \u00a310.5m, goodwill arising from the acquisition of \u00a311.6m and software intangibles of \u00a37.4m. The carrying amount of goodwill is allocated to the following cash generating units: 2023 \u00a3m 2022 \u00a3m NEXT Sourcing 30.5 30.5 Lipsy 12.1 12.1 NEXT Beauty 1.3 1.3 Joules 11.6 \u2013 Total 55.5 43.9 Goodwill is tested for impairment at the balance sheet date on the basis of value in use calculations. The assumptions and basis for the impairment testing on the significant goodwill balances is set out below. NEXT Sourcing The key assumptions in testing the goodwill for impairment are the future sourcing requirements of the Group and the ability of NEXT Sourcing to meet these requirements based on past experience. In assessing value in use, budgets for the next year were used and extrapolated for nine further years using a growth rate of 0% (2022: 0% growth rate) and discounted at a pre-tax rate of 8% (2022: 8%). Lipsy The key assumptions in testing the goodwill for impairment are the forecast sales for the Lipsy products, particularly through the NEXT website. In assessing the recoverable amount of goodwill, internal budgets for next year were used and extrapolated for nine further years using a growth rate of 2% (2022: 2%) and discounted at a pre-tax rate of 8% (2022: 8%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-608": {
"value": "10.\u2002Intangible Assets Goodwill \u00a3m Brand names and trademarks \u00a3m Software \u00a3m Software assets under the course of construction \u00a3m Total \u00a3m Cost At January 2021 45.7 4.3 2.1 14.4 66.5 Additions \u2013 \u2013 7.6 15.1 22.7 Reclassified from assets under the course of construction \u2013 \u2013 2.9 (2.9) \u2013 At January 2022 45.7 4.3 12.6 26.6 89.2 Additions \u2013 \u2013 25.5 15.5 41.0 Arising from acquisitions 11.6 10.5 7.4 \u2013 29.5 Reclassified from assets under the course of construction \u2013 \u2013 18.3 (18.3) \u2013 Disposals \u2013 \u2013 (0.5) \u2013 (0.5) At January 2023 57.3 14.8 63.3 23.8 159.2 Amortisation and Impairment At January 2021 1.6 4.1 0.3 \u2013 6.0 Amortisation provided during the year \u2013 0.1 3.1 \u2013 3.2 Impairment 0.2 \u2013 0.5 \u2013 0.7 At January 2022 1.8 4.2 3.9 \u2013 9.9 Amortisation provided during the year \u2013 0.4 11.5 \u2013 11.9 Impairment \u2013 \u2013 0.6 \u2013 0.6 Disposals \u2013 \u2013 (0.3) \u2013 (0.3) At January 2023 1.8 4.6 15.7 \u2013 22.1 Carrying amount At January 2023 55.5 10.2 47.6 23.8 137.1 At January 2022 43.9 0.1 8.7 26.6 79.3 At January 2021 44.1 0.2 1.8 14.4 60.5 Assets under the course of construction relate to internally developed software that is not yet complete. Once complete it will be transferred to \u201csoftware\u201d and amortised over its useful economic life (see Group Accounting Policies for more detail). Intangible assets arising from acquisitions in the year relate to the acquisition of Joules brand name and trade marks for \u00a310.5m, goodwill arising from the acquisition of \u00a311.6m and software intangibles of \u00a37.4m. The carrying amount of goodwill is allocated to the following cash generating units: 2023 \u00a3m 2022 \u00a3m NEXT Sourcing 30.5 30.5 Lipsy 12.1 12.1 NEXT Beauty 1.3 1.3 Joules 11.6 \u2013 Total 55.5 43.9 Goodwill is tested for impairment at the balance sheet date on the basis of value in use calculations. The assumptions and basis for the impairment testing on the significant goodwill balances is set out below. NEXT Sourcing The key assumptions in testing the goodwill for impairment are the future sourcing requirements of the Group and the ability of NEXT Sourcing to meet these requirements based on past experience. In assessing value in use, budgets for the next year were used and extrapolated for nine further years using a growth rate of 0% (2022: 0% growth rate) and discounted at a pre-tax rate of 8% (2022: 8%). Lipsy The key assumptions in testing the goodwill for impairment are the forecast sales for the Lipsy products, particularly through the NEXT website. In assessing the recoverable amount of goodwill, internal budgets for next year were used and extrapolated for nine further years using a growth rate of 2% (2022: 2%) and discounted at a pre-tax rate of 8% (2022: 8%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-567": {
"value": "10.\u2002Intangible Assets Goodwill \u00a3m Brand names and trademarks \u00a3m Software \u00a3m Software assets under the course of construction \u00a3m Total \u00a3m Cost At January 2021 45.7 4.3 2.1 14.4 66.5 Additions \u2013 \u2013 7.6 15.1 22.7 Reclassified from assets under the course of construction \u2013 \u2013 2.9 (2.9) \u2013 At January 2022 45.7 4.3 12.6 26.6 89.2 Additions \u2013 \u2013 25.5 15.5 41.0 Arising from acquisitions 11.6 10.5 7.4 \u2013 29.5 Reclassified from assets under the course of construction \u2013 \u2013 18.3 (18.3) \u2013 Disposals \u2013 \u2013 (0.5) \u2013 (0.5) At January 2023 57.3 14.8 63.3 23.8 159.2 Amortisation and Impairment At January 2021 1.6 4.1 0.3 \u2013 6.0 Amortisation provided during the year \u2013 0.1 3.1 \u2013 3.2 Impairment 0.2 \u2013 0.5 \u2013 0.7 At January 2022 1.8 4.2 3.9 \u2013 9.9 Amortisation provided during the year \u2013 0.4 11.5 \u2013 11.9 Impairment \u2013 \u2013 0.6 \u2013 0.6 Disposals \u2013 \u2013 (0.3) \u2013 (0.3) At January 2023 1.8 4.6 15.7 \u2013 22.1 Carrying amount At January 2023 55.5 10.2 47.6 23.8 137.1 At January 2022 43.9 0.1 8.7 26.6 79.3 At January 2021 44.1 0.2 1.8 14.4 60.5 Assets under the course of construction relate to internally developed software that is not yet complete. Once complete it will be transferred to \u201csoftware\u201d and amortised over its useful economic life (see Group Accounting Policies for more detail). Intangible assets arising from acquisitions in the year relate to the acquisition of Joules brand name and trade marks for \u00a310.5m, goodwill arising from the acquisition of \u00a311.6m and software intangibles of \u00a37.4m. The carrying amount of goodwill is allocated to the following cash generating units: 2023 \u00a3m 2022 \u00a3m NEXT Sourcing 30.5 30.5 Lipsy 12.1 12.1 NEXT Beauty 1.3 1.3 Joules 11.6 \u2013 Total 55.5 43.9 Goodwill is tested for impairment at the balance sheet date on the basis of value in use calculations. The assumptions and basis for the impairment testing on the significant goodwill balances is set out below. NEXT Sourcing The key assumptions in testing the goodwill for impairment are the future sourcing requirements of the Group and the ability of NEXT Sourcing to meet these requirements based on past experience. In assessing value in use, budgets for the next year were used and extrapolated for nine further years using a growth rate of 0% (2022: 0% growth rate) and discounted at a pre-tax rate of 8% (2022: 8%). Lipsy The key assumptions in testing the goodwill for impairment are the forecast sales for the Lipsy products, particularly through the NEXT website. In assessing the recoverable amount of goodwill, internal budgets for next year were used and extrapolated for nine further years using a growth rate of 2% (2022: 2%) and discounted at a pre-tax rate of 8% (2022: 8%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-609": {
"value": "11.\u2002Leases The right-of-use assets are comprised of: 2023 \u00a3m 2022 \u00a3m Buildings 228.0 193.0 Stores 420.5 433.5 Equipment 1.2 2.0 Vehicles 12.3 10.6 Total 662.0 639.1 The right-of-use assets movement in the year is as follows: 2023 \u00a3m 2022 \u00a3m At the beginning of the year 639.1 720.1 Additions 58.2 27.8 Disposals (4.0) (6.0) Modifications and amendments 41.4 9.2 Depreciation (107.6) (113.8) Reversal of impairment 34.9 1.8 At the end of the year 662.0 639.1 Additions to right-of-use assets include new leases and new contracts for leases previously on hold over. The income from subleasing right-of use assets under operating leases is \u00a318.7m (2022: \u00a312.6m). The lease liability movement in the year is as follows: 2023 \u00a3m 2022 \u00a3m At the beginning of the year (1,057.5) (1,185.9) Additions (84.2) (41.2) Modifications and amendments (41.5) (12.9) Payments 204.4 222.7 Interest (47.3) (50.4) Disposals 5.5 9.5 Foreign exchange movement (2.7) 0.7 At the end of the year (1,023.3) (1,057.5) Amounts recognised in the Consolidated Income Statement include: Depreciation on right-of-use assets 2023 \u00a3m 2022 \u00a3m Buildings 19.7 17.6 Stores 83.3 91.3 Equipment 0.7 1.3 Vehicles 3.9 3.6 Total 107.6 113.8 2023 \u00a3m 2022 \u00a3m Finance costs on leases (47.3) (50.4) Expense on short term and low value leases (4.0) (3.5) Expense on variable leases (26.9) (4.1) Gain on sale and leasebacks 17.7 13.4 During the prior year, the Group entered into a sale and leaseback transaction in respect of our Elmsall 3 warehouse construction. As a result of this transaction, the Group received total proceeds of \u00a3114.6m and recognised a gain of \u00a317.8m (of which \u00a37.0m was recognised in the prior year) within administrative expenses. The gain has been recognised in relation to the performance obligations under the contract and reflects the proportion of the asset not retained in the future lease and is a proportion of the total gain expected on the sale and leaseback transaction. The Group also received cash proceeds of \u00a310m in respect of two smaller sale and leaseback transactions which gave rise to a net gain of \u00a36.9m. 11.\u2002Leases (continued) Of the total proceeds received in the year of \u00a3101.0m, \u00a341.7m of the proceeds (being the portion of the assets sold and not subject to the leaseback) have been classified within investing activities. The remaining sale and leaseback proceeds of \u00a359.3m, relating to the asset being leased back, are presented within financing activity. See Note 3 for further detail on impairment charges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-568": {
"value": "11.\u2002Leases The right-of-use assets are comprised of: 2023 \u00a3m 2022 \u00a3m Buildings 228.0 193.0 Stores 420.5 433.5 Equipment 1.2 2.0 Vehicles 12.3 10.6 Total 662.0 639.1 The right-of-use assets movement in the year is as follows: 2023 \u00a3m 2022 \u00a3m At the beginning of the year 639.1 720.1 Additions 58.2 27.8 Disposals (4.0) (6.0) Modifications and amendments 41.4 9.2 Depreciation (107.6) (113.8) Reversal of impairment 34.9 1.8 At the end of the year 662.0 639.1 Additions to right-of-use assets include new leases and new contracts for leases previously on hold over. The income from subleasing right-of use assets under operating leases is \u00a318.7m (2022: \u00a312.6m). The lease liability movement in the year is as follows: 2023 \u00a3m 2022 \u00a3m At the beginning of the year (1,057.5) (1,185.9) Additions (84.2) (41.2) Modifications and amendments (41.5) (12.9) Payments 204.4 222.7 Interest (47.3) (50.4) Disposals 5.5 9.5 Foreign exchange movement (2.7) 0.7 At the end of the year (1,023.3) (1,057.5) Amounts recognised in the Consolidated Income Statement include: Depreciation on right-of-use assets 2023 \u00a3m 2022 \u00a3m Buildings 19.7 17.6 Stores 83.3 91.3 Equipment 0.7 1.3 Vehicles 3.9 3.6 Total 107.6 113.8 2023 \u00a3m 2022 \u00a3m Finance costs on leases (47.3) (50.4) Expense on short term and low value leases (4.0) (3.5) Expense on variable leases (26.9) (4.1) Gain on sale and leasebacks 17.7 13.4 During the prior year, the Group entered into a sale and leaseback transaction in respect of our Elmsall 3 warehouse construction. As a result of this transaction, the Group received total proceeds of \u00a3114.6m and recognised a gain of \u00a317.8m (of which \u00a37.0m was recognised in the prior year) within administrative expenses. The gain has been recognised in relation to the performance obligations under the contract and reflects the proportion of the asset not retained in the future lease and is a proportion of the total gain expected on the sale and leaseback transaction. The Group also received cash proceeds of \u00a310m in respect of two smaller sale and leaseback transactions which gave rise to a net gain of \u00a36.9m. 11.\u2002Leases (continued) Of the total proceeds received in the year of \u00a3101.0m, \u00a341.7m of the proceeds (being the portion of the assets sold and not subject to the leaseback) have been classified within investing activities. The remaining sale and leaseback proceeds of \u00a359.3m, relating to the asset being leased back, are presented within financing activity. See Note 3 for further detail on impairment charges. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-629": {
"value": "12.\u2002Associates, Joint Ventures and Other Investments Interest in associates and joint ventures \u00a3m Other investments \u00a3m Total \u00a3m Cost At January 2021 4.3 1.0 5.3 Additions 34.3 \u2013 34.3 Retained profit 4.8 \u2013 4.8 Interest on preference shares 2.4 \u2013 2.4 At January 2022 45.8 1.0 46.8 Additions 64.7 1.9 66.6 Retained profit 14.3 \u2013 14.3 Interest on preference shares 4.8 \u2013 4.8 Preference share dividend received (9.8) \u2013 (9.8) Divestment of preference shares (5.5) \u2013 (5.5) Disposal of investment \u2013 (1.0) (1.0) At January 2023 114.3 1.9 116.2 Amortisation/Impairment At January 2021 0.3 \u2013 0.3 Provided during the year 0.3 \u2013 0.3 At January 2022 0.6 \u2013 0.6 Provided during the year 0.3 \u2013 0.3 Impairment charge in the year 0.7 \u2013 0.7 At January 2023 1.6 \u2013 1.6 Carrying amount At January 2023 112.7 1.9 114.6 At January 2022 45.2 1.0 46.2 At January 2021 4.0 1.0 5.0 On 28 February 2022, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d). Upon completion in May 2022, NEXT acquired the 26% for \u00a345.3m financed from NEXT\u2019s own cash resources. Although NEXT now holds a 51% equity share, it does not have control of Reiss\u2019 operational and financial activities and therefore has been treated as a joint venture. The finance income relates to interest on NEXT\u2019s share of preference shares in the Reiss group\u2019s ultimate holding company. This has been recognised within the Finance income line of the Income Statement. In addition, in March 2022, NEXT acquired a 25% equity stake in Swoon Limited for a cash consideration of \u00a33.5m, and in April 2022, a 44% equity stake in the holding company of JoJo Maman B\u00e9b\u00e9 Limited for a total cash consideration of \u00a315.9m. In both cases NEXT has significant influence, but not control, over the investments\u2019 operational and financial activities and therefore they have been treated as associates. During the year, NEXT also acquired a 19.9% stake in the holding company of Sealskinz Limited for \u00a31.9m comprising ordinary shares and preference shares. For this acquisition, NEXT does not have significant influence and therefore the investment in ordinary shares has been accounted for as financial assets at fair value through profit or loss and the preference shares are financial assets measured at amortised cost within this note. Additions in the prior period to January 2022 relate to the considerations paid for the initial 25% indirect interest in Reiss Limited (\u201cReiss\u201d), a 33% direct interest in Aubin and Wills Holdings Limited and a 51% joint venture arrangement with Gap, Inc., West Apparel Limited. West Apparel Limited is treated as a joint venture as NEXT has joint control of its operations and financial activities. 12.\u2002Associates, Joint Ventures and Other Investments (continued) Details of material associates and joint ventures Set out below are the material associates and joint ventures of the Group as at 28 January 2023. The entities listed below have share capital consisting of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business with the exception of Reiss (see below), and the proportion of ownership interest is the same as the proportion of voting rights held. % ownership Carrying amount Name of entity Investment type 2023 % 2022 % Nature of relationship Measurement method 2023 \u00a3m 2022 \u00a3m Pink Topco Limited* (Reiss) Ordinary shares 51% 25% Joint venture Equity 17.3 2.0 Pink Topco Limited* (Reiss) Preference shares 51% 25% Joint venture Amortised cost 61.2 35.1 Regent Bidco 1 Limited** (JoJo Maman B\u00e9b\u00e9) Ordinary shares 44% \u2013 Associate Equity 16.2 \u2013 Immaterial associates and joint ventures 18.0 8.1 112.7 45.2 * Pink Topco Limited is the parent company for the Reiss Group which designs and retails high quality women\u2019s and men\u2019s fashion clothing and accessories. Its product range complements the Group\u2019s customer offering within stores and online. Its registered office is 22 Grenville Street, St Helier, Jersey JE4 8PX and its principal place of business is REISS Building, 12 Picton Place, London W1U 1BW. ** Regent Bidco 1 Limited is the parent company of the JoJo Maman B\u00e9b\u00e9 Group which designs and sells high-quality maternity, baby and children\u2019s clothing, nursery products, gifts and toys. The business trades via omni-channel retail direct to consumers in the UK and Ireland and via wholesale and ecommerce sales internationally. Its registered office is \u2105 Alter Domus (Uk) Limited, 10th Floor, 20 St Mary Axe, London EC3A 8BF and its principal place of business is Unit A Oxwich Road, Reevesland Industrial Estate, Newport, Gwent NP19 4PU. The table below provides the summarised profit and loss and balance sheet for Reiss and JoJo Maman B\u00e9b\u00e9. The information disclosed reflects the amounts presented in the consolidated financial statements of Reiss and JoJo Maman B\u00e9b\u00e9 amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and modifications for differences in accounting policy. Reiss* JoJo Maman B\u00e9b\u00e9 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Sales 325.2 236.1 58.6 \u2013 Profit after tax 9.0 7.0 0.7 \u2013 Group's share in % 51.0% 25.0% 44.0% \u2013 Group share in \u00a3'm 6.8 1.8 0.3 \u2013 Total non\u2013current assets 176.4 194.1 32.0 \u2013 Total current assets 85.2 99.8 22.5 \u2013 Total current liabilities (75.7) (60.2) (11.8) \u2013 Total non\u2013current liabilities (211.8) (268.7) (18.0) \u2013 Net assets/(liabilities) (25.9) (35.0) 24.7 \u2013 Group share in % 51.0% 25.0% 44.0% \u2013 Group share in \u00a3m (13.2) (8.8) 10.9 \u2013 Goodwill 30.5 10.8 5.3 \u2013 Carrying amount 17.3 2.0 16.2 \u2013 * Due to the exercise of the option, the Group\u2019s share of Reiss\u2019 profit is calculated at 25% for the first 3 months of the year and then at 51% for the remainder of the year. In addition to the above as at 28 January 2023, Reiss had cash and cash equivalents of \u00a318.0m (2022: \u00a349.0m) and current financial liabilities (excluding trade and other payables and provisions) of \u00a3nil (2022: \u00a3nil) and non-current financial liabilities of \u00a3120.4m (preference shares). Included within their income statement were depreciation and amortisation of \u00a326.5m (2022: \u00a322.0m), interest income of \u00a3nil (2022: \u00a3nil), interest expense of \u00a314.1m (2022: \u00a312.3m). There are no other profits or losses from discontinued operations or other comprehensive income from the Group\u2019s investments in associates and joint ventures other than the amounts already disclosed above. Aggregate information of associates and joint ventures that are not individually material The aggregate carrying amount of the individually immaterial associates and joint ventures is \u00a318.0m (2022: \u00a38.1m) with the Group\u2019s share of their profit from continuing operations in the current period being \u00a37.2m (2022: \u00a33.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-610": {
"value": "12.\u2002Associates, Joint Ventures and Other Investments Interest in associates and joint ventures \u00a3m Other investments \u00a3m Total \u00a3m Cost At January 2021 4.3 1.0 5.3 Additions 34.3 \u2013 34.3 Retained profit 4.8 \u2013 4.8 Interest on preference shares 2.4 \u2013 2.4 At January 2022 45.8 1.0 46.8 Additions 64.7 1.9 66.6 Retained profit 14.3 \u2013 14.3 Interest on preference shares 4.8 \u2013 4.8 Preference share dividend received (9.8) \u2013 (9.8) Divestment of preference shares (5.5) \u2013 (5.5) Disposal of investment \u2013 (1.0) (1.0) At January 2023 114.3 1.9 116.2 Amortisation/Impairment At January 2021 0.3 \u2013 0.3 Provided during the year 0.3 \u2013 0.3 At January 2022 0.6 \u2013 0.6 Provided during the year 0.3 \u2013 0.3 Impairment charge in the year 0.7 \u2013 0.7 At January 2023 1.6 \u2013 1.6 Carrying amount At January 2023 112.7 1.9 114.6 At January 2022 45.2 1.0 46.2 At January 2021 4.0 1.0 5.0 On 28 February 2022, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d). Upon completion in May 2022, NEXT acquired the 26% for \u00a345.3m financed from NEXT\u2019s own cash resources. Although NEXT now holds a 51% equity share, it does not have control of Reiss\u2019 operational and financial activities and therefore has been treated as a joint venture. The finance income relates to interest on NEXT\u2019s share of preference shares in the Reiss group\u2019s ultimate holding company. This has been recognised within the Finance income line of the Income Statement. In addition, in March 2022, NEXT acquired a 25% equity stake in Swoon Limited for a cash consideration of \u00a33.5m, and in April 2022, a 44% equity stake in the holding company of JoJo Maman B\u00e9b\u00e9 Limited for a total cash consideration of \u00a315.9m. In both cases NEXT has significant influence, but not control, over the investments\u2019 operational and financial activities and therefore they have been treated as associates. During the year, NEXT also acquired a 19.9% stake in the holding company of Sealskinz Limited for \u00a31.9m comprising ordinary shares and preference shares. For this acquisition, NEXT does not have significant influence and therefore the investment in ordinary shares has been accounted for as financial assets at fair value through profit or loss and the preference shares are financial assets measured at amortised cost within this note. Additions in the prior period to January 2022 relate to the considerations paid for the initial 25% indirect interest in Reiss Limited (\u201cReiss\u201d), a 33% direct interest in Aubin and Wills Holdings Limited and a 51% joint venture arrangement with Gap, Inc., West Apparel Limited. West Apparel Limited is treated as a joint venture as NEXT has joint control of its operations and financial activities. 12.\u2002Associates, Joint Ventures and Other Investments (continued) Details of material associates and joint ventures Set out below are the material associates and joint ventures of the Group as at 28 January 2023. The entities listed below have share capital consisting of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business with the exception of Reiss (see below), and the proportion of ownership interest is the same as the proportion of voting rights held. % ownership Carrying amount Name of entity Investment type 2023 % 2022 % Nature of relationship Measurement method 2023 \u00a3m 2022 \u00a3m Pink Topco Limited* (Reiss) Ordinary shares 51% 25% Joint venture Equity 17.3 2.0 Pink Topco Limited* (Reiss) Preference shares 51% 25% Joint venture Amortised cost 61.2 35.1 Regent Bidco 1 Limited** (JoJo Maman B\u00e9b\u00e9) Ordinary shares 44% \u2013 Associate Equity 16.2 \u2013 Immaterial associates and joint ventures 18.0 8.1 112.7 45.2 * Pink Topco Limited is the parent company for the Reiss Group which designs and retails high quality women\u2019s and men\u2019s fashion clothing and accessories. Its product range complements the Group\u2019s customer offering within stores and online. Its registered office is 22 Grenville Street, St Helier, Jersey JE4 8PX and its principal place of business is REISS Building, 12 Picton Place, London W1U 1BW. ** Regent Bidco 1 Limited is the parent company of the JoJo Maman B\u00e9b\u00e9 Group which designs and sells high-quality maternity, baby and children\u2019s clothing, nursery products, gifts and toys. The business trades via omni-channel retail direct to consumers in the UK and Ireland and via wholesale and ecommerce sales internationally. Its registered office is \u2105 Alter Domus (Uk) Limited, 10th Floor, 20 St Mary Axe, London EC3A 8BF and its principal place of business is Unit A Oxwich Road, Reevesland Industrial Estate, Newport, Gwent NP19 4PU. The table below provides the summarised profit and loss and balance sheet for Reiss and JoJo Maman B\u00e9b\u00e9. The information disclosed reflects the amounts presented in the consolidated financial statements of Reiss and JoJo Maman B\u00e9b\u00e9 amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and modifications for differences in accounting policy. Reiss* JoJo Maman B\u00e9b\u00e9 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Sales 325.2 236.1 58.6 \u2013 Profit after tax 9.0 7.0 0.7 \u2013 Group's share in % 51.0% 25.0% 44.0% \u2013 Group share in \u00a3'm 6.8 1.8 0.3 \u2013 Total non\u2013current assets 176.4 194.1 32.0 \u2013 Total current assets 85.2 99.8 22.5 \u2013 Total current liabilities (75.7) (60.2) (11.8) \u2013 Total non\u2013current liabilities (211.8) (268.7) (18.0) \u2013 Net assets/(liabilities) (25.9) (35.0) 24.7 \u2013 Group share in % 51.0% 25.0% 44.0% \u2013 Group share in \u00a3m (13.2) (8.8) 10.9 \u2013 Goodwill 30.5 10.8 5.3 \u2013 Carrying amount 17.3 2.0 16.2 \u2013 * Due to the exercise of the option, the Group\u2019s share of Reiss\u2019 profit is calculated at 25% for the first 3 months of the year and then at 51% for the remainder of the year. In addition to the above as at 28 January 2023, Reiss had cash and cash equivalents of \u00a318.0m (2022: \u00a349.0m) and current financial liabilities (excluding trade and other payables and provisions) of \u00a3nil (2022: \u00a3nil) and non-current financial liabilities of \u00a3120.4m (preference shares). Included within their income statement were depreciation and amortisation of \u00a326.5m (2022: \u00a322.0m), interest income of \u00a3nil (2022: \u00a3nil), interest expense of \u00a314.1m (2022: \u00a312.3m). There are no other profits or losses from discontinued operations or other comprehensive income from the Group\u2019s investments in associates and joint ventures other than the amounts already disclosed above. Aggregate information of associates and joint ventures that are not individually material The aggregate carrying amount of the individually immaterial associates and joint ventures is \u00a318.0m (2022: \u00a38.1m) with the Group\u2019s share of their profit from continuing operations in the current period being \u00a37.2m (2022: \u00a33.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-569": {
"value": "12.\u2002Associates, Joint Ventures and Other Investments Interest in associates and joint ventures \u00a3m Other investments \u00a3m Total \u00a3m Cost At January 2021 4.3 1.0 5.3 Additions 34.3 \u2013 34.3 Retained profit 4.8 \u2013 4.8 Interest on preference shares 2.4 \u2013 2.4 At January 2022 45.8 1.0 46.8 Additions 64.7 1.9 66.6 Retained profit 14.3 \u2013 14.3 Interest on preference shares 4.8 \u2013 4.8 Preference share dividend received (9.8) \u2013 (9.8) Divestment of preference shares (5.5) \u2013 (5.5) Disposal of investment \u2013 (1.0) (1.0) At January 2023 114.3 1.9 116.2 Amortisation/Impairment At January 2021 0.3 \u2013 0.3 Provided during the year 0.3 \u2013 0.3 At January 2022 0.6 \u2013 0.6 Provided during the year 0.3 \u2013 0.3 Impairment charge in the year 0.7 \u2013 0.7 At January 2023 1.6 \u2013 1.6 Carrying amount At January 2023 112.7 1.9 114.6 At January 2022 45.2 1.0 46.2 At January 2021 4.0 1.0 5.0 On 28 February 2022, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d). Upon completion in May 2022, NEXT acquired the 26% for \u00a345.3m financed from NEXT\u2019s own cash resources. Although NEXT now holds a 51% equity share, it does not have control of Reiss\u2019 operational and financial activities and therefore has been treated as a joint venture. The finance income relates to interest on NEXT\u2019s share of preference shares in the Reiss group\u2019s ultimate holding company. This has been recognised within the Finance income line of the Income Statement. In addition, in March 2022, NEXT acquired a 25% equity stake in Swoon Limited for a cash consideration of \u00a33.5m, and in April 2022, a 44% equity stake in the holding company of JoJo Maman B\u00e9b\u00e9 Limited for a total cash consideration of \u00a315.9m. In both cases NEXT has significant influence, but not control, over the investments\u2019 operational and financial activities and therefore they have been treated as associates. During the year, NEXT also acquired a 19.9% stake in the holding company of Sealskinz Limited for \u00a31.9m comprising ordinary shares and preference shares. For this acquisition, NEXT does not have significant influence and therefore the investment in ordinary shares has been accounted for as financial assets at fair value through profit or loss and the preference shares are financial assets measured at amortised cost within this note. Additions in the prior period to January 2022 relate to the considerations paid for the initial 25% indirect interest in Reiss Limited (\u201cReiss\u201d), a 33% direct interest in Aubin and Wills Holdings Limited and a 51% joint venture arrangement with Gap, Inc., West Apparel Limited. West Apparel Limited is treated as a joint venture as NEXT has joint control of its operations and financial activities. 12.\u2002Associates, Joint Ventures and Other Investments (continued) Details of material associates and joint ventures Set out below are the material associates and joint ventures of the Group as at 28 January 2023. The entities listed below have share capital consisting of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business with the exception of Reiss (see below), and the proportion of ownership interest is the same as the proportion of voting rights held. % ownership Carrying amount Name of entity Investment type 2023 % 2022 % Nature of relationship Measurement method 2023 \u00a3m 2022 \u00a3m Pink Topco Limited* (Reiss) Ordinary shares 51% 25% Joint venture Equity 17.3 2.0 Pink Topco Limited* (Reiss) Preference shares 51% 25% Joint venture Amortised cost 61.2 35.1 Regent Bidco 1 Limited** (JoJo Maman B\u00e9b\u00e9) Ordinary shares 44% \u2013 Associate Equity 16.2 \u2013 Immaterial associates and joint ventures 18.0 8.1 112.7 45.2 * Pink Topco Limited is the parent company for the Reiss Group which designs and retails high quality women\u2019s and men\u2019s fashion clothing and accessories. Its product range complements the Group\u2019s customer offering within stores and online. Its registered office is 22 Grenville Street, St Helier, Jersey JE4 8PX and its principal place of business is REISS Building, 12 Picton Place, London W1U 1BW. ** Regent Bidco 1 Limited is the parent company of the JoJo Maman B\u00e9b\u00e9 Group which designs and sells high-quality maternity, baby and children\u2019s clothing, nursery products, gifts and toys. The business trades via omni-channel retail direct to consumers in the UK and Ireland and via wholesale and ecommerce sales internationally. Its registered office is \u2105 Alter Domus (Uk) Limited, 10th Floor, 20 St Mary Axe, London EC3A 8BF and its principal place of business is Unit A Oxwich Road, Reevesland Industrial Estate, Newport, Gwent NP19 4PU. The table below provides the summarised profit and loss and balance sheet for Reiss and JoJo Maman B\u00e9b\u00e9. The information disclosed reflects the amounts presented in the consolidated financial statements of Reiss and JoJo Maman B\u00e9b\u00e9 amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and modifications for differences in accounting policy. Reiss* JoJo Maman B\u00e9b\u00e9 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Sales 325.2 236.1 58.6 \u2013 Profit after tax 9.0 7.0 0.7 \u2013 Group's share in % 51.0% 25.0% 44.0% \u2013 Group share in \u00a3'm 6.8 1.8 0.3 \u2013 Total non\u2013current assets 176.4 194.1 32.0 \u2013 Total current assets 85.2 99.8 22.5 \u2013 Total current liabilities (75.7) (60.2) (11.8) \u2013 Total non\u2013current liabilities (211.8) (268.7) (18.0) \u2013 Net assets/(liabilities) (25.9) (35.0) 24.7 \u2013 Group share in % 51.0% 25.0% 44.0% \u2013 Group share in \u00a3m (13.2) (8.8) 10.9 \u2013 Goodwill 30.5 10.8 5.3 \u2013 Carrying amount 17.3 2.0 16.2 \u2013 * Due to the exercise of the option, the Group\u2019s share of Reiss\u2019 profit is calculated at 25% for the first 3 months of the year and then at 51% for the remainder of the year. In addition to the above as at 28 January 2023, Reiss had cash and cash equivalents of \u00a318.0m (2022: \u00a349.0m) and current financial liabilities (excluding trade and other payables and provisions) of \u00a3nil (2022: \u00a3nil) and non-current financial liabilities of \u00a3120.4m (preference shares). Included within their income statement were depreciation and amortisation of \u00a326.5m (2022: \u00a322.0m), interest income of \u00a3nil (2022: \u00a3nil), interest expense of \u00a314.1m (2022: \u00a312.3m). There are no other profits or losses from discontinued operations or other comprehensive income from the Group\u2019s investments in associates and joint ventures other than the amounts already disclosed above. Aggregate information of associates and joint ventures that are not individually material The aggregate carrying amount of the individually immaterial associates and joint ventures is \u00a318.0m (2022: \u00a38.1m) with the Group\u2019s share of their profit from continuing operations in the current period being \u00a37.2m (2022: \u00a33.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-570": {
"value": "13.\u2002Customer and Other Receivables The following table shows the components of net receivables. 2023 \u00a3m 2022 \u00a3m Gross customer receivables 1,521.1 1,403.3 Less: refund liabilities (64.2) (49.4) Net customer receivables 1,456.9 1,353.9 Less: allowance for expected credit losses (202.2) (191.2) 1,254.7 1,162.7 Other trade receivables 42.9 24.9 Less: allowance for doubtful debts (0.3) (0.5) 1,297.3 1,187.1 Presentation of the above, split by total receivables and allowances: 2023 \u00a3m 2022 \u00a3m Net customer receivables 1,456.9 1,353.9 Other trade receivables 42.9 24.9 1,499.8 1,378.8 Less: allowance for expected credit losses and doubtful debts (202.5) (191.7) 1,297.3 1,187.1 Prepayments 54.9 53.1 Other debtors 40.7 14.1 Amounts due from associates and joint ventures 32.6 26.6 1,425.5 1,280.9 No interest is charged on customer receivables if the statement balance is paid in full and to terms; otherwise balances bear interest at a variable annual percentage rate of 23.9% (2022: 23.9%) at the year-end date, except for \u00a354.8m (2022: \u00a340.6m) of next3step balance which bears interest at 29.9% (2022: 29.9%) at the year end date. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, other trade receivables have been allocated to the Risk band 1 (defined in Note 28), representing management\u2019s view of the risk and the days past due. The expected credit losses incorporate forward looking information. The fair value of customer receivables and other trade receivables is approximately \u00a31,260m (2022: \u00a31,150m). This has been calculated based on future cash flows discounted at an appropriate rate for the risk of the debt. The fair value is within Level 3 of the fair value hierarchy (refer to the Fair Value Hierarchy table in Note 27). Expected irrecoverable amounts on balances with indicators of impairment are provided for based on past default experience, adjusted for expected behaviour. Receivables which are impaired, other than by age or default, are separately identified and provided for as necessary. The ECL allowance against other debtors is immaterial in the current and prior year. The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset. 13.\u2002Customer and Other Receivables (continued) An analysis of changes in the gross carrying amount in relation to customer receivables and other trade receivables is as follows: Gross carrying amount Lifetime ECL \u00a3m Credit impaired \u00a3m Total \u00a3m At January 2021 1,149.1 88.5 1,237.6 New assets originated/recoveries 197.2 (13.6) 183.6 Transfers from lifetime ECL to credit impaired (39.4) 39.4 \u2013 Financial assets derecognised during the period \u2013 (29.7) (29.7) Amounts written off (7.8) (4.9) (12.7) At January 2022 1,299.1 79.7 1,378.8 New assets originated/recoveries 159.4 (11.7) 147.7 Transfers from lifetime ECL to credit impaired (45.3) 45.3 \u2013 Financial assets derecognised during the period \u2013 (8.0) (8.0) Amounts written off (9.8) (8.9) (18.7) At January 2023 1,403.4 96.4 1,499.8 An analysis of the changes in the impairment allowance for customer receivables and other trade receivables is as follows: Loss allowance Lifetime ECL \u00a3m Credit impaired \u00a3m Total \u00a3m At January 2021 (112.5) (83.6) (196.1) New assets originated/recoveries (6.7) 12.3 5.6 Transfers from lifetime ECL to credit impaired 3.6 (35.6) (32.0) Change in the allowance for expected credit losses (3.6) 2.4 (1.2) Financial assets derecognised during the period \u2013 26.8 26.8 Amounts written off 0.7 4.5 5.2 At January 2022 (118.5) (73.2) (191.7) New assets originated/recoveries (5.2) 10.5 5.3 Transfers from lifetime ECL to credit impaired 3.8 (40.7) (36.9) Change in the allowance for expected credit losses 4.4 0.4 4.8 Financial assets derecognised during the period \u2013 7.2 7.2 Amounts written off 0.8 8.0 8.8 At January 2023 (114.7) (87.8) (202.5) The amount charged to the Income Statement (see table below) of \u00a331.0m (2022: \u00a328.6m) differs to the bad debt charge of \u00a326m (2022: \u00a327m) in the Chief Executive\u2019s Review on page 45 due to recoveries of previously written off assets taken directly to the Income Statement. Lifetime ECL \u00a3m Credit impaired \u00a3m Total \u00a3m At January 2021 (112.5) (83.6) (196.1) Impairment (11.5) (24.0) (35.5) Amounts recovered 1.3 5.6 6.9 Charged to the Income Statement (10.2) (18.4) (28.6) Used during the year 4.2 28.8 33.0 Total movement (6.0) 10.4 4.4 At January 2022 (118.5) (73.2) (191.7) Impairment (1.9) (32.0) (33.9) Amounts recovered 0.8 2.1 2.9 Charged to the Income Statement (1.1) (29.9) (31.0) Used during the year 4.9 15.3 20.2 Total movement 3.8 (14.6) (10.8) At January 2023 (114.7) (87.8) (202.5) Information on the Group\u2019s credit risk in relation to customer receivables is provided in Note 28. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-571": {
"value": "14.\u2002Other Financial Assets 2023 2022 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Foreign exchange contracts 9.1 \u2013 35.5 \u2013 Interest rate derivatives \u2013 \u2013 \u2013 18.0 9.1 \u2013 35.5 18.0 Foreign exchange contracts comprise forward contracts and options, the majority of which are used to hedge exchange risk arising from the Group\u2019s merchandise purchases (refer to Note 28). These instruments are primarily for US Dollars and Euros. Interest rate derivatives are used to manage the fixed and floating interest rate risk associated with the corporate bonds (refer to Note 19). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-630": {
"value": "14.\u2002Other Financial Assets 2023 2022 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Foreign exchange contracts 9.1 \u2013 35.5 \u2013 Interest rate derivatives \u2013 \u2013 \u2013 18.0 9.1 \u2013 35.5 18.0 Foreign exchange contracts comprise forward contracts and options, the majority of which are used to hedge exchange risk arising from the Group\u2019s merchandise purchases (refer to Note 28). These instruments are primarily for US Dollars and Euros. Interest rate derivatives are used to manage the fixed and floating interest rate risk associated with the corporate bonds (refer to Note 19). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-611": {
"value": "14.\u2002Other Financial Assets 2023 2022 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Foreign exchange contracts 9.1 \u2013 35.5 \u2013 Interest rate derivatives \u2013 \u2013 \u2013 18.0 9.1 \u2013 35.5 18.0 Foreign exchange contracts comprise forward contracts and options, the majority of which are used to hedge exchange risk arising from the Group\u2019s merchandise purchases (refer to Note 28). These instruments are primarily for US Dollars and Euros. Interest rate derivatives are used to manage the fixed and floating interest rate risk associated with the corporate bonds (refer to Note 19). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-572": {
"value": "15.\u2002Cash and Short Term Deposits 2023 \u00a3m 2022 \u00a3m Cash at bank and in hand 105.0 383.0 Short term deposits \u2013 50.0 105.0 433.0 Cash at bank represents the gross cash positions, of which the majority are part of the Group\u2019s bank account and interest and balance pooling arrangements. Short term deposits are made for varying periods of between one day and three months depending on the cash requirements of the Group and earn interest at short term market deposit rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-573": {
"value": "16.\u2002Bank Loans and Overdrafts 2023 \u00a3m 2022 \u00a3m Bank overdrafts and short term borrowings 102.3 233.1 102.3 233.1 Bank overdrafts represent the gross overdraft positions, of which the majority are part of the Group\u2019s bank account interest and balance pooling arrangements. Bank overdrafts are repayable on demand and bear interest at a margin over bank base rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-574": {
"value": "17.\u2002Trade Payables and Other Liabilities 2023 2022 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Trade payables 230.1 \u2013 275.4 \u2013 Amounts owed to associates and joint ventures 2.1 \u2013 0.5 \u2013 Refund liabilities 8.3 \u2013 4.8 \u2013 Other taxation and social security 95.7 \u2013 76.8 \u2013 Deferred revenue from the sale of gift cards 84.2 \u2013 79.5 \u2013 Share-based payment liability 0.2 \u2013 0.2 0.1 Other creditors and accruals 370.5 14.3 361.2 31.1 791.1 14.3 798.4 31.2 Trade payables do not bear interest and are generally settled on 30 day terms. Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a342.7m (bonus, holiday pay and overtime) (2022: \u00a399.1m), warehouse and duty related accruals of \u00a392.1m (2022: \u00a382.7m) and accruals for marketing, rates, IT systems, utilities and deferred income on NEXT Unlimited. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-575": {
"value": "18.\u2002Other Financial Liabilities 2023 2022 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Foreign exchange contracts 40.8 \u2013 1.0 \u2013 Interest rate derivatives \u2013 9.5 \u2013 \u2013 40.8 9.5 1.0 \u2013 Foreign exchange contracts comprise forward contracts and options, of which the majority are used to hedge exchange risk arising from the Group\u2019s merchandise purchases (Note 28). These instruments are primarily for US Dollars and Euros. Interest rate derivatives are used to manage the fixed and floating interest rate risk associated with the corporate bonds (Note 19). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-576": {
"value": "19.\u2002Corporate Bonds Balance sheet value Nominal value 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Corporate bond 3.000% repayable 2025 250.0 250.0 250.0 250.0 Corporate bond 4.375% repayable 2026 240.7 265.7 250.0 250.0 Corporate bond 3.625% repayable 2028 300.0 300.0 300.0 300.0 790.7 815.7 800.0 800.0 The Group uses interest rate derivatives to manage the interest rate risk associated with its bonds, the profile of the post hedged interest rate which is shown below: 2023 Nominal value \u00a3m 2023 Aggregate interest rate 2022 Nominal value \u00a3m 2022 Aggregate interest rate 2025 Bonds Fixed 250.0 3.000% 250.0 3.000% 2026 Bonds Floating 250.0 SONIA +1.7% 250.0 6m LIBOR +1.4% 2028 Bonds Fixed 300.0 3.625% 300.0 3.625% Total 800.0 800.0 From April 2022, the hedged 2026 Bonds accrue interest by reference to the Sterling Overnight Index Average (\u201cSONIA\u201d). The main difference between LIBOR rates and SONIA rates is that SONIA does not incorporate any credit risk/liquidity premium which is inherent in the calculation of LIBOR. Interest rate risk management is explained in Note 28 and the fair values of the corporate bonds in aggregate are shown in Note 27. ",
"dimensions": {
"concept": "nextplc:DisclosureOfCorporateBonds",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-577": {
"value": "20.\u2002Pension Benefits The Group operates four pension arrangements in the UK: the NEXT Group Pension Plan (the \u201cOriginal Plan\u201d), the 2013 NEXT Group Pension Plan (the \u201c2013 Plan\u201d), a Legal & General Master Trust and the NEXT Supplemental Pension Arrangement (the \u201cSPA\u201d). NEXT also contributes to the People\u2019s Pension which it uses as its auto-enrolment vehicle. The Group\u2019s UK pension arrangements include defined benefit and defined contribution arrangements. The Original Plan and 2013 Plan are established under trust law and comply with all relevant UK legislation. Pension assets are held in separate trustee administered funds which have equal pension rights with respect to members of either sex. The defined benefit section was closed to new members in 2000 and over recent years the Group has taken steps to manage the ongoing risks associated with its defined benefit liabilities. The Group also provides additional retirement benefits through the SPA to some plan members whose benefits would otherwise be affected by the Lifetime Allowance. The Original Plan comprises predominantly members with pensions in payment, following the transfer of active and deferred members (and associated liabilities) to the 2013 Plan. The risks associated with the payment of pensions of the Original Plan have been largely mitigated by the purchase of two insurance contracts (\u201cbuy-ins\u201d) with Aviva in 2010 and 2012 to cover the liabilities of this Plan, although it remains the ultimate responsibility of the Company to provide members with benefits. The pensions and matching insurance contracts held by the Original Plan will be converted to buy-out in due course and the Original Plan will then be dissolved. The 2013 Plan was established in 2013 via the transfer of liabilities and assets from the Original Plan. This arrangement provides benefits to the majority of members whose pensions were not insured with Aviva. From November 2012, the future accrual of benefits for remaining active employee members has been based on pensionable earnings frozen at that time, rather than final earnings. In August 2018, the Trustees of the 2013 Plan undertook a buy-in in respect of certain pensioner members of the 2013 Plan, with a premium paid of \u00a394m. As at 28 January 2023 this buy-in policy has a value of \u00a361m (2022: \u00a384m) within the pension scheme assets. Within the 2013 Plan, following a High Court ruling, a proportion of members\u2019 benefits are being equalised to address the inequalities that arise due to differing Guaranteed Minimum Pensions (GMP) entitlements for men and women. This equalisation increased the IAS 19 liabilities of the Plan by \u00a30.4m and was recognised in the 2019 disclosures. Following a further High Court ruling on 20 November 2020, transfers out of the Plan between May 1990 and October 2018 need to be revisited and equalised for GMP. Due to the relatively small impact of GMP equalisation on benefits in the Plan and the amount of benefits transferred out of the Plan, we believe that the impact of this latest ruling is immaterial. The trustee of both of the NEXT Group Pension Plans is a limited company, NEXT Pension Trustees Limited (the \u201cTrustee\u201d). The Board of the Trustee currently comprises six directors. Four of these are members of the 2013 Plan, and one director (the Chair) is independent and has no other connection to NEXT. Two of these directors are member nominated directors and cannot be removed by NEXT. The other four directors, including the independent director, are appointed by and can be removed by NEXT. All directors of the Trustee receive a fee for their services, including those directors who are also employees of NEXT. No director of the Company is a director of the Trustee. The Plans\u2019 investments are kept separate from the business of the NEXT Group and the Trustee holds them in separate trusts. Responsibility for investment of the Plans\u2019 funds has been delegated to professional investment managers. The Group operates a salary sacrifice scheme whereby members from either section can elect to receive a reduced gross salary in exchange for enhanced employer pension contributions. The participation of members in the salary sacrifice scheme does not result in any overall increase in costs to the Group. Defined contribution arrangements In the prior year the defined contribution section of the 2013 Plan was transferred to a Legal & General Master Trust which enables the pension scheme members to benefit from lower running costs, greater flexibility of retirement options and improved range of online tools and advice to support members in decisions they may make about their financial plans. The Master Trust is run by a board of independent trustees who are responsible for ensuring that the Trust is run in accordance with the law and that funds are invested properly. Members pay 5% of their pensionable earnings which is matched by the Company. For death prior to retirement, a lump sum of three times the member\u2019s base salary at the previous April is payable along with the current value of the member\u2019s fund. 20.\u2002Pension Benefits (continued) Defined benefit arrangements The defined benefit arrangement was closed to new members in 2000. Since 2012, the accrual of pension benefits has been based on pensionable salary frozen at October 2012, rather than final earnings. Those employees affected by the change to pensionable salary in 2012 can also elect to receive up to a 15% salary supplement or additional contributions to the defined contribution section. The defined benefit arrangement now provides members with a retirement benefit of one sixtieth or one eightieth (depending on the member\u2019s chosen contribution rate) of pensionable earnings at October 2012 for each year of pensionable service. The defined benefit section provides a lump sum death in service benefit and dependants\u2019 pensions on death in service or following retirement. In the case of ill-health retirement, only the accrued pension is payable. All benefits are subject to 2013 Plan limits. Increases to pensions in payment are at the discretion of the Trustee although pensionable service post 1997 is subject to limited price indexation. From 2006, sales and profit related bonuses were excluded from pensionable earnings and the normal retirement age under the Original Plan was increased from 60 to 65. Certain members whose accrued or projected pension fund value exceeds their personal lifetime allowance are provided with benefits through an unfunded, unapproved supplementary pension arrangement. The relevant members contribute towards the additional cost of providing these benefits by a payment of 5% on all pensionable earnings to the 2013 Plan. Since April 2011, where existing members have reached either the annual or lifetime pension contributions limits, the Company has offered those members the choice of leaving the defined benefit section and either joining the defined contribution section (with an enhanced Company contribution) or taking a salary supplement, in both cases equal to 10% or 15% of their salary (depending on their existing contributions and benefits). Principal risks The following table summarises the principal risks associated with the Group\u2019s defined benefit arrangements: Investment risk The present value of defined benefit liabilities is calculated using a discount rate set by reference to high quality corporate bond yields. If plan assets underperform corporate bonds, this will create a deficit. Investment risk in the Original plan is negligible, as almost all liabilities in this plan are covered by insurance contracts. Interest rate risk A fall in corporate bond yields would increase the value of the liabilities. This would be only partially offset by an increase in the value of bond investments and annuity policies held. Inflation risk Pensions in payment are increased annually in line with RPI or CPI for Guaranteed Minimum Pensions built up since 1988. Pensions built up since 2005 are capped at 2.5% and pensions built up between 1997 and 2005 are capped at 5%. When discretionary increases have been awarded for pensions built up before 1997, they too have tended to take inflation into account. Therefore an increase in inflation would increase the value of pension liabilities. The assets would be expected to also increase, to the extent that they are linked to inflation, but this would not be expected to fully match the increase in liabilities. Longevity risk The present value of the defined benefit liabilities is calculated having regards to a best estimate of the mortality of plan members. If members live longer than this mortality assumption, this will increase liabilities. This is partially offset by insurance contracts covering part of the liability. The buy-in insurance contracts represent over 99.8% of the Original Plan pension liabilities, 11.6% of the 2013 Plan pension liabilities and 25.0% of the total pension liabilities. This partially offsets the total risks described above. Derivatives are not used to hedge any of the risks noted above. 20.\u2002Pension Benefits (continued) Income statement The components of the net defined benefit expense, recognised in the Consolidated Income Statement within administrative expenses are as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Current service cost 6.6 \u2013 0.1 6.7 8.1 \u2013 0.3 8.4 Past service cost 1.1 \u2013 \u2013 1.1 \u2013 \u2013 \u2013 \u2013 Net interest (3.6) (0.1) 0.2 (3.5) (1.8) \u2013 0.2 (1.6) Administration costs 2.4 0.1 \u2013 2.5 2.4 0.1 \u2013 2.5 Net defined benefit expense 6.5 \u2013 0.3 6.8 8.7 0.1 0.5 9.3 Other comprehensive income The components of the net defined benefit expense recognised in other comprehensive income are as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Actuarial gains/(losses) due to liability experience (33.4) (1.4) 0.1 (34.7) \u2013 (4.0) \u2013 (4.0) Actuarial gains due to liability assumption changes 311.7 31.6 3.6 346.9 24.5 5.4 1.1 31.0 278.3 30.2 3.7 312.2 24.5 1.4 1.1 27.0 Return on plan assets greater than/(less than) discount rate (280.8) (30.8) \u2013 (311.6) 29.5 (1.4) \u2013 28.1 Actuarial gains/(losses) recognised in other comprehensive income (2.5) (0.6) 3.7 0.6 54.0 \u2013 1.1 55.1 The surplus in the scheme has moved from \u00a3156.9m at January 2022 to \u00a3157.5m at January 2023, mainly due to a reduction in plan obligations of \u00a3312.2m offset by a reduction in the return on plan assets of \u00a3311.6m. The reduction in the plan obligations was primarily the result of a higher discount rate being applied as yield on gilt curves increased in the period. 20.\u2002Pension Benefits (continued) Balance sheet valuation The net defined benefit pension asset recognised in the Consolidated Balance Sheet is analysed as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Present value of benefit obligations (521.1) (95.2) (6.8) (623.1) (793.0) (129.8) (10.3) (933.1) Fair value of plan assets 684.0 96.6 \u2013 780.6 958.2 131.8 \u2013 1,090.0 Net pension asset 162.9 1.4 (6.8) 157.5 165.2 2.0 (10.3) 156.9 A net asset has been recognised as the Trust Deeds of the Original and 2013 Plans provide the Group with an unconditional right to a refund assuming the gradual settlement of the Plans\u2019 liabilities over time until all members have left the Plans. Plan obligations Changes in the present value of defined benefit pension obligations are analysed as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Opening obligation 793.0 129.8 10.3 933.1 812.1 136.2 11.0 959.3 Current service cost 6.6 \u2013 0.1 6.7 8.1 \u2013 0.3 8.4 Past service cost 1.1 \u2013 \u2013 1.1 \u2013 \u2013 \u2013 \u2013 Interest cost 16.9 2.7 0.2 19.8 13.3 2.1 0.2 15.6 Employee contributions 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1 Benefits paid (18.3) (7.1) (0.1) (25.5) (16.1) (7.1) (0.1) (23.3) Actuarial (gains)/losses \u2013 financial assumptions (311.4) (31.0) (3.6) (346.0) (23.1) (4.5) (1.1) (28.7) \u2013 experience 33.4 1.4 (0.1) 34.7 \u2013 4.0 \u2013 4.0 \u2013 demographic assumptions (0.3) (0.6) \u2013 (0.9) (1.4) (0.9) \u2013 (2.3) Closing obligation 521.1 95.2 6.8 623.1 793.0 129.8 10.3 933.1 The present value of the defined benefit closing obligation of \u00a3623.1m (2022: \u00a3933.1m) was approximately 25% (2022: 26%) relating to active participants, 45% (2022: 47%) relating to deferred participants and 30% (2022: 27%) relating to pensioners. Plan assets Changes in the fair value of defined benefit pension assets were as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Opening assets 958.2 131.8 \u2013 1,090.0 920.2 138.3 \u2013 1,058.5 Employer contributions 6.7 \u2013 0.1 6.8 11.8 \u2013 \u2013 11.8 Employee contributions 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1 Benefits paid (18.3) (7.1) (0.1) (25.5) (16.1) (7.1) \u2013 (23.2) Interest income on assets 20.5 2.8 \u2013 23.3 15.1 2.1 \u2013 17.2 Return on plan assets (excluding amounts included in interest) (280.8) (30.8) \u2013 (311.6) 29.5 (1.4) \u2013 28.1 Administrative costs (2.4) (0.1) \u2013 (2.5) (2.4) (0.1) \u2013 (2.5) Closing assets 684.0 96.6 \u2013 780.6 958.2 131.8 \u2013 1,090.0 20.\u2002Pension Benefits (continued) Plan assets (continued) The fair value of defined benefit plan assets was as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m Total \u00a3m % 2013 Plan \u00a3m Original Plan \u00a3m Total \u00a3m % Equities 124.2 \u2013 124.2 15.9 101.8 \u2013 101.8 9.4 Equity-linked bonds 54.6 \u2013 54.6 7.0 81.8 \u2013 81.8 7.5 Bonds 61.9 \u2013 61.9 7.9 69.7 \u2013 69.7 6.4 Gilts 300.2 1.6 301.8 38.7 458.6 2.3 460.9 42.3 Property 78.9 \u2013 78.9 10.1 91.9 \u2013 91.9 8.4 Infrastructure \u2013 \u2013 \u2013 \u2013 62.2 \u2013 62.2 5.7 Insurance contracts 60.5 95.0 155.5 19.9 84.4 129.5 213.9 19.6 Cash and cash equivalents 3.7 \u2013 3.7 0.5 7.8 \u2013 7.8 0.7 684.0 96.6 780.6 100.0 958.2 131.8 1,090.0 100.0 None of the pension arrangements directly invest in any of the Group\u2019s own financial instruments nor any property occupied by, or other assets used by, the Group. The fair values of the above equity and debt instruments are determined based on quoted prices in active markets. The majority of the benefits within the Original Plan are covered by two insurance contracts with Aviva. The insurance assets have been valued so as to match the defined benefit obligations, the value of which was calculated by Aviva. Principal assumptions The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at January 2023 using the projected unit credit method. The principal actuarial assumptions used in the valuation were as follows: 2023 2022 Original Plan 2013 and SPA Original Plan 2013 and SPA Discount rate 4.60% 4.60% 2.15% 2.15% Inflation \u2013 RPI 3.40% 3.10% 3.85% 3.50% Inflation \u2013 CPI 2.40% 2.70% 2.85% 3.05% Salary increases n/a n/a n/a n/a Pension increases in payment \u2013 RPI with a maximum of 5.0% 3.20% 2.85% 3.55% 3.05% \u2013 RPI with a maximum of 2.5% and discretionary increases 2.10% 1.85% 2.25% 2.00% 2023 2022 Pensioner aged 65 Non- pensioner aged 45 Pensioner aged 65 Non- pensioner aged 45 Life expectancy at age 65 (years) Male 22.3 24.3 22.3 24.3 Female 24.7 26.9 24.6 26.8 The discount rate has been derived as the single average discount rate appropriate to the term of the liabilities, based on the yields available on high quality Sterling corporate bonds. The expected average duration of the Original Plan\u2019s liabilities is 9.1 years, the SPA is 15.8 years and the 2013 Plan is 14.2 years. The rate of retail price inflation (RPI) has been derived in a consistent way to the discount rate, so that it is appropriate to the term of the liabilities. The RPI assumption for the 2013 Plan and SPA allows for the inflation risk premium of 0.3% per annum. As in previous years, the Original Plan does not allow for an inflation risk premium because its assets and liabilities are almost fully matched. The rate of consumer price inflation (CPI) is set lower than the assumption for retail price inflation, reflecting the long term expected gap between the two indices and takes into account the alignment of RPI to CPI from 2030. 20.\u2002Pension Benefits (continued) Principal assumptions (continued) For the 2013 Plan and the SPA, the base mortality assumptions reflect the best estimate output from a postcode mortality study. This results in an assumption in line with the standard SAPS Series 3 All Pensioner tables (with a multiplier of 101% for male and female pensioners and 103% for male non-pensioners and 100% for female non-pensioners). Future improvement trends have been allowed for, in line with the most recent CMI core projection model (CMI 2021) with a long term trend towards 1.5% per annum and a smoothing factor of 7.5. The base mortality assumption for the Original Plan is in line with the standard SAPS Series 1 All Pensioner tables, with medium cohort improvements to 2009, and CMI 2013 improvements applied from 2009 with a long term trend towards 1.5% per annum. Sensitivity analysis The sensitivity of the net pension asset to changes in the principal assumptions is: Sensitivity analysis Impact on net pension asset as at 28 January 2023 Discount rate 0.5% decrease \u00a345m decrease Price inflation 0.5% increase to RPI and CPI \u00a324m decrease Price inflation 0.1% decrease to CPI (i.e. increase in the gap between RPI and CPI) \u00a31m increase Mortality Life expectancy increased by one year \u00a310m decrease The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. Aside from the matching insurance contracts held in the Original Plan, no allowance has been made for any change in assets that might arise under any of the scenarios set out above. When calculating the sensitivity of the defined benefit obligation to changes in the significant assumptions, the same method has been applied as when calculating the pension liability recognised within the Consolidated Balance Sheet. The inflation assumption impacts the \u201cpension increases in payment\u201d and deferred pension calculations. The sensitivities shown are just one possible outcome and should not be taken as an indication of the likelihood of a change occurring in the future. Market metrics used to derive the discount rate and price inflation assumptions could increase or decrease in the future, by more or less than the change set out. Full actuarial valuation An actuarial valuation of the 2013 Plan was undertaken as at 30 September 2019 by Mercer, who are the 2013 Plan Actuary to the Trustees. The valuation showed a funding deficit on the Technical Provisions basis required by legislation of \u00a319.1m at that date. The Group agreed a recovery plan to meet the funding deficit, which is intended to restore the Plan assets to a fully funded position on a Technical Provisions basis by 31 December 2024. Under that agreement, the Group will contribute five annual payments of \u00a34.0m by 31 December each year if the funding level is below 105% at the preceding 30 September. In addition, if the funding level is below 96.5% for two consecutive quarters, then an additional Company contingent contribution of up to \u00a311.9 million is payable, subject to a maximum contingent contribution of \u00a311.9 million in any Company financial year. At 31 December 2022 the 2013 Plan was estimated to be circa 115% funded on a Technical Provisions basis, reflecting the lower risk investment strategy in place from February 2021, corresponding to a surplus on this basis in the region of \u00a384m. With effect from January 2020, the Company also agreed to pay contributions of 38% per annum of members\u2019 frozen pensionable salaries as at 31 October 2012 towards the future accrual of benefits for active members. Contributions Members of the defined benefit section of the 2013 Plan contribute 3% or 5% of pensionable earnings; the Group contributes 38% per annum. Members of the Legal & General Master Trust defined contribution scheme contribute 5% of Pensionable Earnings, which is matched by the Group. Contributions paid by the Group during the year are set out below: 2023 \u00a3m 2022 \u00a3m Defined contribution \u2013 recognised as an expense 17.1 17.1 Automatic enrolment \u2013 recognised as an expense 19.7 15.6 Defined benefit 6.7 11.8 43.5 44.5 Employer contributions to the defined benefit section in the year ahead are expected to be around \u00a37m. Employer contributions for the defined contribution Master Trust scheme are expected to be circa \u00a317m (including salary sacrifice contributions) for the year ahead. Employer contributions for the automatic enrolment scheme are expected to be around \u00a321m, including salary sacrifice contributions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
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},
"fact-612": {
"value": "Defined contribution arrangements In the prior year the defined contribution section of the 2013 Plan was transferred to a Legal & General Master Trust which enables the pension scheme members to benefit from lower running costs, greater flexibility of retirement options and improved range of online tools and advice to support members in decisions they may make about their financial plans. The Master Trust is run by a board of independent trustees who are responsible for ensuring that the Trust is run in accordance with the law and that funds are invested properly. Members pay 5% of their pensionable earnings which is matched by the Company. For death prior to retirement, a lump sum of three times the member\u2019s base salary at the previous April is payable along with the current value of the member\u2019s fund. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-613": {
"value": "Defined benefit arrangements The defined benefit arrangement was closed to new members in 2000. Since 2012, the accrual of pension benefits has been based on pensionable salary frozen at October 2012, rather than final earnings. Those employees affected by the change to pensionable salary in 2012 can also elect to receive up to a 15% salary supplement or additional contributions to the defined contribution section. The defined benefit arrangement now provides members with a retirement benefit of one sixtieth or one eightieth (depending on the member\u2019s chosen contribution rate) of pensionable earnings at October 2012 for each year of pensionable service. The defined benefit section provides a lump sum death in service benefit and dependants\u2019 pensions on death in service or following retirement. In the case of ill-health retirement, only the accrued pension is payable. All benefits are subject to 2013 Plan limits. Increases to pensions in payment are at the discretion of the Trustee although pensionable service post 1997 is subject to limited price indexation. From 2006, sales and profit related bonuses were excluded from pensionable earnings and the normal retirement age under the Original Plan was increased from 60 to 65. Certain members whose accrued or projected pension fund value exceeds their personal lifetime allowance are provided with benefits through an unfunded, unapproved supplementary pension arrangement. The relevant members contribute towards the additional cost of providing these benefits by a payment of 5% on all pensionable earnings to the 2013 Plan. Since April 2011, where existing members have reached either the annual or lifetime pension contributions limits, the Company has offered those members the choice of leaving the defined benefit section and either joining the defined contribution section (with an enhanced Company contribution) or taking a salary supplement, in both cases equal to 10% or 15% of their salary (depending on their existing contributions and benefits). Principal risks The following table summarises the principal risks associated with the Group\u2019s defined benefit arrangements: Investment risk The present value of defined benefit liabilities is calculated using a discount rate set by reference to high quality corporate bond yields. If plan assets underperform corporate bonds, this will create a deficit. Investment risk in the Original plan is negligible, as almost all liabilities in this plan are covered by insurance contracts. Interest rate risk A fall in corporate bond yields would increase the value of the liabilities. This would be only partially offset by an increase in the value of bond investments and annuity policies held. Inflation risk Pensions in payment are increased annually in line with RPI or CPI for Guaranteed Minimum Pensions built up since 1988. Pensions built up since 2005 are capped at 2.5% and pensions built up between 1997 and 2005 are capped at 5%. When discretionary increases have been awarded for pensions built up before 1997, they too have tended to take inflation into account. Therefore an increase in inflation would increase the value of pension liabilities. The assets would be expected to also increase, to the extent that they are linked to inflation, but this would not be expected to fully match the increase in liabilities. Longevity risk The present value of the defined benefit liabilities is calculated having regards to a best estimate of the mortality of plan members. If members live longer than this mortality assumption, this will increase liabilities. This is partially offset by insurance contracts covering part of the liability. The buy-in insurance contracts represent over 99.8% of the Original Plan pension liabilities, 11.6% of the 2013 Plan pension liabilities and 25.0% of the total pension liabilities. This partially offsets the total risks described above. Derivatives are not used to hedge any of the risks noted above. Income statement The components of the net defined benefit expense, recognised in the Consolidated Income Statement within administrative expenses are as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Current service cost 6.6 \u2013 0.1 6.7 8.1 \u2013 0.3 8.4 Past service cost 1.1 \u2013 \u2013 1.1 \u2013 \u2013 \u2013 \u2013 Net interest (3.6) (0.1) 0.2 (3.5) (1.8) \u2013 0.2 (1.6) Administration costs 2.4 0.1 \u2013 2.5 2.4 0.1 \u2013 2.5 Net defined benefit expense 6.5 \u2013 0.3 6.8 8.7 0.1 0.5 9.3 Other comprehensive income The components of the net defined benefit expense recognised in other comprehensive income are as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Actuarial gains/(losses) due to liability experience (33.4) (1.4) 0.1 (34.7) \u2013 (4.0) \u2013 (4.0) Actuarial gains due to liability assumption changes 311.7 31.6 3.6 346.9 24.5 5.4 1.1 31.0 278.3 30.2 3.7 312.2 24.5 1.4 1.1 27.0 Return on plan assets greater than/(less than) discount rate (280.8) (30.8) \u2013 (311.6) 29.5 (1.4) \u2013 28.1 Actuarial gains/(losses) recognised in other comprehensive income (2.5) (0.6) 3.7 0.6 54.0 \u2013 1.1 55.1 The surplus in the scheme has moved from \u00a3156.9m at January 2022 to \u00a3157.5m at January 2023, mainly due to a reduction in plan obligations of \u00a3312.2m offset by a reduction in the return on plan assets of \u00a3311.6m. The reduction in the plan obligations was primarily the result of a higher discount rate being applied as yield on gilt curves increased in the period. Balance sheet valuation The net defined benefit pension asset recognised in the Consolidated Balance Sheet is analysed as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Present value of benefit obligations (521.1) (95.2) (6.8) (623.1) (793.0) (129.8) (10.3) (933.1) Fair value of plan assets 684.0 96.6 \u2013 780.6 958.2 131.8 \u2013 1,090.0 Net pension asset 162.9 1.4 (6.8) 157.5 165.2 2.0 (10.3) 156.9 A net asset has been recognised as the Trust Deeds of the Original and 2013 Plans provide the Group with an unconditional right to a refund assuming the gradual settlement of the Plans\u2019 liabilities over time until all members have left the Plans. Plan obligations Changes in the present value of defined benefit pension obligations are analysed as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Opening obligation 793.0 129.8 10.3 933.1 812.1 136.2 11.0 959.3 Current service cost 6.6 \u2013 0.1 6.7 8.1 \u2013 0.3 8.4 Past service cost 1.1 \u2013 \u2013 1.1 \u2013 \u2013 \u2013 \u2013 Interest cost 16.9 2.7 0.2 19.8 13.3 2.1 0.2 15.6 Employee contributions 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1 Benefits paid (18.3) (7.1) (0.1) (25.5) (16.1) (7.1) (0.1) (23.3) Actuarial (gains)/losses \u2013 financial assumptions (311.4) (31.0) (3.6) (346.0) (23.1) (4.5) (1.1) (28.7) \u2013 experience 33.4 1.4 (0.1) 34.7 \u2013 4.0 \u2013 4.0 \u2013 demographic assumptions (0.3) (0.6) \u2013 (0.9) (1.4) (0.9) \u2013 (2.3) Closing obligation 521.1 95.2 6.8 623.1 793.0 129.8 10.3 933.1 The present value of the defined benefit closing obligation of \u00a3623.1m (2022: \u00a3933.1m) was approximately 25% (2022: 26%) relating to active participants, 45% (2022: 47%) relating to deferred participants and 30% (2022: 27%) relating to pensioners. Plan assets Changes in the fair value of defined benefit pension assets were as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m 2013 Plan \u00a3m Original Plan \u00a3m SPA \u00a3m Total \u00a3m Opening assets 958.2 131.8 \u2013 1,090.0 920.2 138.3 \u2013 1,058.5 Employer contributions 6.7 \u2013 0.1 6.8 11.8 \u2013 \u2013 11.8 Employee contributions 0.1 \u2013 \u2013 0.1 0.1 \u2013 \u2013 0.1 Benefits paid (18.3) (7.1) (0.1) (25.5) (16.1) (7.1) \u2013 (23.2) Interest income on assets 20.5 2.8 \u2013 23.3 15.1 2.1 \u2013 17.2 Return on plan assets (excluding amounts included in interest) (280.8) (30.8) \u2013 (311.6) 29.5 (1.4) \u2013 28.1 Administrative costs (2.4) (0.1) \u2013 (2.5) (2.4) (0.1) \u2013 (2.5) Closing assets 684.0 96.6 \u2013 780.6 958.2 131.8 \u2013 1,090.0 Plan assets (continued) The fair value of defined benefit plan assets was as follows: 2023 2022 2013 Plan \u00a3m Original Plan \u00a3m Total \u00a3m % 2013 Plan \u00a3m Original Plan \u00a3m Total \u00a3m % Equities 124.2 \u2013 124.2 15.9 101.8 \u2013 101.8 9.4 Equity-linked bonds 54.6 \u2013 54.6 7.0 81.8 \u2013 81.8 7.5 Bonds 61.9 \u2013 61.9 7.9 69.7 \u2013 69.7 6.4 Gilts 300.2 1.6 301.8 38.7 458.6 2.3 460.9 42.3 Property 78.9 \u2013 78.9 10.1 91.9 \u2013 91.9 8.4 Infrastructure \u2013 \u2013 \u2013 \u2013 62.2 \u2013 62.2 5.7 Insurance contracts 60.5 95.0 155.5 19.9 84.4 129.5 213.9 19.6 Cash and cash equivalents 3.7 \u2013 3.7 0.5 7.8 \u2013 7.8 0.7 684.0 96.6 780.6 100.0 958.2 131.8 1,090.0 100.0 None of the pension arrangements directly invest in any of the Group\u2019s own financial instruments nor any property occupied by, or other assets used by, the Group. The fair values of the above equity and debt instruments are determined based on quoted prices in active markets. The majority of the benefits within the Original Plan are covered by two insurance contracts with Aviva. The insurance assets have been valued so as to match the defined benefit obligations, the value of which was calculated by Aviva. Principal assumptions The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at January 2023 using the projected unit credit method. The principal actuarial assumptions used in the valuation were as follows: 2023 2022 Original Plan 2013 and SPA Original Plan 2013 and SPA Discount rate 4.60% 4.60% 2.15% 2.15% Inflation \u2013 RPI 3.40% 3.10% 3.85% 3.50% Inflation \u2013 CPI 2.40% 2.70% 2.85% 3.05% Salary increases n/a n/a n/a n/a Pension increases in payment \u2013 RPI with a maximum of 5.0% 3.20% 2.85% 3.55% 3.05% \u2013 RPI with a maximum of 2.5% and discretionary increases 2.10% 1.85% 2.25% 2.00% 2023 2022 Pensioner aged 65 Non- pensioner aged 45 Pensioner aged 65 Non- pensioner aged 45 Life expectancy at age 65 (years) Male 22.3 24.3 22.3 24.3 Female 24.7 26.9 24.6 26.8 The discount rate has been derived as the single average discount rate appropriate to the term of the liabilities, based on the yields available on high quality Sterling corporate bonds. The expected average duration of the Original Plan\u2019s liabilities is 9.1 years, the SPA is 15.8 years and the 2013 Plan is 14.2 years. The rate of retail price inflation (RPI) has been derived in a consistent way to the discount rate, so that it is appropriate to the term of the liabilities. The RPI assumption for the 2013 Plan and SPA allows for the inflation risk premium of 0.3% per annum. As in previous years, the Original Plan does not allow for an inflation risk premium because its assets and liabilities are almost fully matched. The rate of consumer price inflation (CPI) is set lower than the assumption for retail price inflation, reflecting the long term expected gap between the two indices and takes into account the alignment of RPI to CPI from 2030. Principal assumptions (continued) For the 2013 Plan and the SPA, the base mortality assumptions reflect the best estimate output from a postcode mortality study. This results in an assumption in line with the standard SAPS Series 3 All Pensioner tables (with a multiplier of 101% for male and female pensioners and 103% for male non-pensioners and 100% for female non-pensioners). Future improvement trends have been allowed for, in line with the most recent CMI core projection model (CMI 2021) with a long term trend towards 1.5% per annum and a smoothing factor of 7.5. The base mortality assumption for the Original Plan is in line with the standard SAPS Series 1 All Pensioner tables, with medium cohort improvements to 2009, and CMI 2013 improvements applied from 2009 with a long term trend towards 1.5% per annum. Sensitivity analysis The sensitivity of the net pension asset to changes in the principal assumptions is: Sensitivity analysis Impact on net pension asset as at 28 January 2023 Discount rate 0.5% decrease \u00a345m decrease Price inflation 0.5% increase to RPI and CPI \u00a324m decrease Price inflation 0.1% decrease to CPI (i.e. increase in the gap between RPI and CPI) \u00a31m increase Mortality Life expectancy increased by one year \u00a310m decrease The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. Aside from the matching insurance contracts held in the Original Plan, no allowance has been made for any change in assets that might arise under any of the scenarios set out above. When calculating the sensitivity of the defined benefit obligation to changes in the significant assumptions, the same method has been applied as when calculating the pension liability recognised within the Consolidated Balance Sheet. The inflation assumption impacts the \u201cpension increases in payment\u201d and deferred pension calculations. The sensitivities shown are just one possible outcome and should not be taken as an indication of the likelihood of a change occurring in the future. Market metrics used to derive the discount rate and price inflation assumptions could increase or decrease in the future, by more or less than the change set out. Full actuarial valuation An actuarial valuation of the 2013 Plan was undertaken as at 30 September 2019 by Mercer, who are the 2013 Plan Actuary to the Trustees. The valuation showed a funding deficit on the Technical Provisions basis required by legislation of \u00a319.1m at that date. The Group agreed a recovery plan to meet the funding deficit, which is intended to restore the Plan assets to a fully funded position on a Technical Provisions basis by 31 December 2024. Under that agreement, the Group will contribute five annual payments of \u00a34.0m by 31 December each year if the funding level is below 105% at the preceding 30 September. In addition, if the funding level is below 96.5% for two consecutive quarters, then an additional Company contingent contribution of up to \u00a311.9 million is payable, subject to a maximum contingent contribution of \u00a311.9 million in any Company financial year. At 31 December 2022 the 2013 Plan was estimated to be circa 115% funded on a Technical Provisions basis, reflecting the lower risk investment strategy in place from February 2021, corresponding to a surplus on this basis in the region of \u00a384m. With effect from January 2020, the Company also agreed to pay contributions of 38% per annum of members\u2019 frozen pensionable salaries as at 31 October 2012 towards the future accrual of benefits for active members. Contributions Members of the defined benefit section of the 2013 Plan contribute 3% or 5% of pensionable earnings; the Group contributes 38% per annum. Members of the Legal & General Master Trust defined contribution scheme contribute 5% of Pensionable Earnings, which is matched by the Group. Contributions paid by the Group during the year are set out below: 2023 \u00a3m 2022 \u00a3m Defined contribution \u2013 recognised as an expense 17.1 17.1 Automatic enrolment \u2013 recognised as an expense 19.7 15.6 Defined benefit 6.7 11.8 43.5 44.5 Employer contributions to the defined benefit section in the year ahead are expected to be around \u00a37m. Employer contributions for the defined contribution Master Trust scheme are expected to be circa \u00a317m (including salary sacrifice contributions) for the year ahead. Employer contributions for the automatic enrolment scheme are expected to be around \u00a321m, including salary sacrifice contributions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-578": {
"value": "21.\u2002Provisions\u2003Property costs 2023 \u00a3m 2022 \u00a3m At the beginning of the year 21.9 18.6 Provisions made in the year 13.3 4.3 Utilisation of provisions (2.2) (1.4) Unwind of discount 0.8 0.4 At the end of the year 33.8 21.9 Provision is made for the committed cost or estimated exit costs of properties occupied by the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
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},
"fact-579": {
"value": "22.\u2002Share Capital 2023 Shares \u2018000 2022 Shares \u2018000 2023 \u00a3m 2022 \u00a3m Allocated, called up and fully paid Ordinary shares of 10p each At the start of the year 132,772 132,949 13.3 13.3 Purchased for cancellation in the year (3,509) (177) (0.4) \u2013 129,263 132,772 12.9 13.3 The table below shows the movements in equity from share purchases and commitments during the year: 2023 2022 Shares \u2018000 Cost \u00a3m Shares \u2018000 Cost \u00a3m Shares purchased for cancellation in the year 3,509 224.0 177 13.1 Amount shown in Statement of Changes in Equity 224.0 13.1 Subsequent to the end of the financial year, the Company entered into an irrevocable closed period share buyback programme and during the period from 27 February 2023 up to and including 28 March 2023 purchased 526,099 shares for cancellation at a cost of \u00a336.2m. ",
"dimensions": {
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"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
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},
"fact-580": {
"value": "23.\u2002Other Reserves Other reserves in the Consolidated Balance Sheet comprise the reserve created on reduction of share capital through a Scheme of Arrangement under Section 425 of the Companies Act 1985 of \u00a31,460.7m less share premium account of \u00a33.8m and capital redemption reserve of \u00a38.7m at the time of a capital reconstruction in 2002, plus the accumulated amount of goodwill arising on acquisition after taking into account subsequent disposals of \u00a30.7m, less the unrealised component of revaluations of properties arising under previous accounting standards of \u00a35.1m as at the date of transition to IFRS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
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},
"fact-581": {
"value": "24.\u2002Share-based Payments The Group operates a number of share-based payment schemes as follows: Management share options The NEXT Management Share Option Plan provides for options over shares, exercisable between three and 10 years following their grant, to be allocated to Group employees at the discretion of the Remuneration Committee. This plan is primarily aimed at middle management and senior store staff. No options were granted to any directors or changes made to existing entitlements in the year under review. No employee is entitled to be granted options under the scheme if, in the same financial year, they have received an award under NEXT\u2019s Long Term Incentive Plan or Share Matching Plan. The total number of options which can be granted is subject to limits. There are no cash-settlement alternatives and they are therefore accounted for under IFRS 2 as equity-settled awards. Option prices are set at the prevailing market price at the time of grant. The maximum total market value of shares (i.e. the acquisition price of shares) over which options may be granted to any person during any financial year of the Company is three times salary, excluding bonuses and benefits in kind. This limit may be increased to five times salary in circumstances considered by the Remuneration Committee to be exceptional, for example on the grant of options following recruitment. Grants are generally made annually. Sharesave options The Company\u2019s Save As You Earn (Sharesave) scheme is open to all UK employees. Invitations to participate are generally issued annually and the scheme is subject to HMRC rules. The current maximum monthly savings within the schemes detailed below is \u00a3250. Options are granted at the prevailing market rate less a discount of 20% and are exercisable three or five years from the date of grant. Sharesave options are also accounted for as equity-settled awards under IFRS 2. 24.\u2002Share-based Payments (continued) Management and Sharesave options The following table summarises the movements in Management and Sharesave options during the year: 2023 2022 No. of options Weighted average exercise price No. of options Weighted average exercise price Outstanding at beginning of year 5,153,993 \u00a355.78 5,650,992 \u00a349.83 Granted 2,544,386 \u00a350.19 1,185,455 \u00a376.14 Exercised (704,448) \u00a349.53 (1,462,096) \u00a349.71 Forfeited (603,599) \u00a357.96 (220,358) \u00a352.95 Outstanding at end of year 6,390,332 \u00a354.04 5,153,993 \u00a355.78 Exercisable at end of year 1,571,001 \u00a354.94 1,036,463 \u00a352.86 Options were exercised on a regular basis throughout the year and the weighted average share price during this period was \u00a362.40 (2022: \u00a380.94). Options outstanding at 28 January 2023 are exercisable at prices ranging between \u00a338.25 and \u00a380.64 (2022: \u00a329.67 and \u00a380.64) and have a weighted average remaining contractual life of 6.1 years (2022: 6.2 years), as analysed in the table below: 2023 2022 No. of options Weighted average remaining contractual life (years) No. of options Weighted average remaining contractual life (years) Exercise price range \u00a329.67-\u00a341.09 1,258,787 3.8 215,183 4.4 \u00a341.70-\u00a344.22 1,215,109 7.0 1,407,059 7.6 \u00a348.12-\u00a356.46 1,350,225 4.4 2,052,792 5.0 \u00a359.20-\u00a364.53 1,520,462 8.6 356,493 4.2 \u00a366.95-\u00a380.64 1,045,749 6.4 1,122,466 7.5 6,390,332 6.1 5,153,993 6.2 Share Matching Plan (SMP) The SMP is an equity-settled scheme open to a small number of senior executives below Board level. Executive directors are not granted SMP awards. Under the current awards participants who invest a proportion of any annual cash bonus in NEXT shares will receive up to a maximum of two times the original number of shares they purchase with their bonus. Any matching is conditional upon achieving performance measures over the following three years. The maximum matching ratio which is permitted under the SMP rules is 3:1, matching the pre-tax equivalent of the amount invested in shares. For any SMP grants made from 2018, participants will be entitled to receive ordinary and special dividend accruals on any awards vesting under the SMP. The Remuneration Committee\u2019s policy is to set performance measures by reference to underlying fully diluted post-tax EPS but the Committee has flexibility to use different measures. Under the formulae, a notional adjustment is made to actual EPS achieved for special dividends, on the basis that the cash distributed had instead been used to purchase shares at the prevailing share price on the day of the special dividend payment. The following table summarises the movements in nil cost SMP options during the year: 2023 No. of options 2022 No. of options Outstanding at beginning of year 18,142 27,750 Granted 21,894 \u2013 Dividend accrual awarded in the year 548 \u2013 Exercised (8,886) \u2013 Forfeited \u2013 (9,608) Outstanding at end of year 31,698 18,142 Exercisable at end of year \u2013 \u2013 24.\u2002Share-based Payments (continued) Share Matching Plan (SMP) (continued) The weighted average remaining contractual life of these options is 8.7 years (2022: 7.9 years). During the year ending 28 January 2023 SMP options were exercised at different times and the weighted average share price during this period was \u00a361.76. During the year ending 29 January 2022 there was no SMP grant and no SMP options were exercised. Long Term Incentive Plan (LTIP) As explained in the Remuneration Report, the Group operates an equity-settled LTIP scheme for executive directors and other senior executives. Performance conditions for the LTIP awards are detailed in the Remuneration Report. The following table summarises the movements in nil cost LTIP awards during the year: 2023 No. of awards 2022 No. of awards Outstanding at beginning of year 520,017 535,506 Granted 204,644 148,975 Dividend accrual awarded in the year 8,538 7,952 Vested (140,907) (160,161) Forfeited (62,209) (12,255) Outstanding at end of year 530,083 520,017 The weighted average remaining contractual life of these options is 1.4 years (2022: 1.3 years). Profit Sharing Bonus Plan The Profit Sharing Bonus Plan provided for options over shares in NEXT for senior employees of Lipsy Limited. Under the arrangement, a profit bonus equal to 3.6% of the average of the post tax profits of Lipsy and any subsidiaries of Lipsy in respect of the financial years ending January 2023 and January 2024, multiplied by ten was payable. This plan was settled early during the year to January 2023 and as a result no options remained outstanding at the year end date. Fair value calculations The fair value of Management, Sharesave and Share Matching Plan options granted is calculated at the date of grant using a Black-Scholes option pricing model. Expected volatility was determined by calculating the historical volatility of the Company\u2019s share price over a period equivalent to the expected life of the option. The expected life applied in the model is based on historical analyses of exercise patterns, taking into account any early exercises. The following table lists the inputs to the model used for the two sets of management options granted in the years ended 28 January 2023 and 29 January 2022 based on information at the date of grant: Management share options \u2013 first grant in financial year 2023 2022 Share price at date of grant \u00a359.20 \u00a380.64 Exercise price \u00a359.20 \u00a380.64 Volatility 35.40% 31.10% Expected life 4 Years 4 Years Risk free rate 1.56% 0.23% Dividend yield 2.15% 2.08% Weighted average fair value per option \u00a314.57 \u00a316.09 Long Term Incentive Plan (LTIP) (continued) Management share options \u2013 second grant in the financial year (not applicable for 2023) 2023 2022 Share price at date of grant \u2013 \u00a378.68 Exercise price \u2013 \u00a378.68 Volatility \u2013 37.32% Expected life \u2013 4 Years Risk free rate \u2013 0.76% Dividend yield \u2013 2.13% Weighted average fair value per option \u2013 \u00a319.63 Sharesave plans 2023 2022 Share price at date of grant \u00a348.36 \u00a380.66 Exercise price \u00a338.69 \u00a364.53 Volatility 38.65% 36.84% Expected life 3.4 years 3.4 years Risk free rate 3.22% 0.68% Dividend yield 3.99% 2.08% Weighted average fair value per option \u00a314.77 \u00a324.81 Share Matching Plan 2023 2022* Share price at date of grant \u00a361.48 \u2013 Exercise price Nil \u2013 Volatility 38.02% \u2013 Expected life 3 years \u2013 Risk free rate 1.48% \u2013 Dividend yield Nil \u2013 Weighted average fair value per option \u00a361.48 \u2013 * There were no shares issued under the Share Matching Plan in the year ended 29 January 2022. The fair value of LTIP awards granted is calculated at the date of grant using a Monte Carlo option pricing model. Expected volatility was determined by calculating the historical volatility of the Company\u2019s share price over a period equivalent to the life of the award. The following table lists the inputs to the model used for awards granted in the year ended 28 January 2023 and 29 January 2022 based on information at the date of grant: LTIP awards (granted in March/April) 2023 2022 Share price at date of grant \u00a362.82 \u00a379.20 Award price Nil Nil Volatility 37.35% 27.60% Life of award 3 years 3 years Risk free rate 1.41% 0.18% Dividend yield 0.00% 0.00% Fair value per award \u00a330.98 \u00a337.48 LTIP awards (granted in September) 2023 2022 Share price at date of grant \u00a348.01 \u00a382.12 Award price Nil Nil Volatility 38.99% 37.14% Life of award 3 years 3 years Risk free rate 4.35% 0.50% Dividend yield 0.00% 0.00% Fair value per award \u00a323.35 \u00a351.00 From September 2017, for all new LTIP awards, dividend accruals (both in respect of special and ordinary dividends) may be payable on vested awards. The charge to the Income Statement for all share option schemes is disclosed in note 4. ",
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"value": "25.\u2002Shares Held by ESOT The NEXT 2003 ESOT has an independent trustee resident in Jersey and provides for the issue of shares to Group employees to satisfy awards which vest/are exercised in accordance with the terms of the various share-based schemes detailed in Note 24. As at 28 January 2023 the ESOT held 6,469,007 (2022: 5,302,016) ordinary shares of 10p each in the Company, the market value of which amounted to \u00a3429.3m (2022: \u00a3401.6m). Details of outstanding share awards and options are shown in Note 24. The consideration paid for the ordinary shares of 10p each in the Company held by the ESOT at 28 January 2023 and 29 January 2022 has been shown as an ESOT reserve and presented within equity for the Company and the Group. All other assets, liabilities, income and costs of the ESOT have been incorporated into the financial statements of the Company and the Group. The table below shows the movements in equity from ESOT transactions during the year: 2023 2022 Shares \u2018000 \u00a3m Shares \u2018000 \u00a3m Shares purchased by ESOT in the year 2,118 124.0 1,895 151.3 Shares sold by ESOT in the year \u2013 \u2013 \u2013 \u2013 Shares issued in respect of employee share schemes 951 40.8 1,543 66.4 Exercises in the year totalled \u00a335.2m (2022: \u00a372.5m) on Management and Sharesave options. The amount shown in the Statement of Changes in Equity of \u00a340.8m (2022: \u00a366.4m) is after the issue of any nil cost LTIP, SMP and Deferred bonus shares. The weighted average cost of shares issued by the ESOT was \u00a359.0m (2022: \u00a390.8m). As at 28 March 2023, 233,591 employee share options had been exercised subsequent to the Balance Sheet date and had been satisfied by ordinary shares issued by the ESOT. ",
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"value": "26.\u2002Financial Instruments: Categories 2023 \u00a3m 2022 \u00a3m Financial assets Derivatives not designated as hedging instruments 0.5 0.1 Derivatives designated as hedging instruments 8.6 53.4 Customer and other receivables at amortised cost* 1,370.2 1,227.3 Cash, short term deposits (note 15) 105.0 433.0 Preference shares at amortised cost 63.1 35.1 Non-listed equity instruments designated at fair value through profit or loss / OCI 0.2 1.0 Financial liabilities Derivatives not designated as hedging instruments (17.6) (0.8) Derivatives designated as hedging instruments (32.7) (0.2) Lease liabilities (1,023.3) (1,057.5) Interest bearing loans and borrowings: Corporate bonds at amortised cost adjusted for the fair value changes attributable to the risk being hedged (790.7) (815.7) Bank loans and overdrafts at amortised cost (102.3) (233.1) Trade and other payables at amortised cost** (596.9) (647.7) * Prepayments of \u00a354.9m (2022: \u00a353.1m) and other debtors of \u00a30.4m (2022: \u00a30.5m) do not meet the definition of a financial instrument. ** Other taxation and social security payables of \u00a395.7m (2022: \u00a376.8m), deferred income of \u00a384.2m (2022: \u00a379.5m), share-based payment liabilities of \u00a30.2m (2022: \u00a30.3m) and other creditors of \u00a328.5m (2022: \u00a325.3m) do not meet the definition of a financial instrument. ",
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"value": "27.\u2002Financial Instruments: Fair Values The fair values of each category of the Group\u2019s financial instruments are the same as their carrying values in the Group\u2019s Balance Sheet, other than corporate bonds and customer receivables, based on the following assumptions: Other trade receivables, trade payables, short term deposits and borrowings The fair value approximates the carrying amount because of the short maturity of these instruments. Preference shares The fair value approximates the carrying amount because the percentage interest earned on the shares is equivalent to the effective interest rate used to calculate the amortised cost. Non-listed equity instruments The fair value approximates the net assets of the investment given no observable market rates at the reporting date. Long term borrowings The fair value of bank loans and other borrowings approximates the carrying value reported in the Balance Sheet as the majority are floating rate where interest rates are reset at intervals less than one year. Derivative financial instruments The fair value is determined as the net present value of cash flows using observable market rates at the reporting date. The fair value of corporate bonds is as follows: 2023 2022 Corporate bonds Carrying amount \u00a3m Fair value \u00a3m Carrying amount \u00a3m Fair value \u00a3m In hedging relationships 240.7 249.8 265.7 277.8 Not in hedging relationships 550.0 533.5 550.0 589.6 790.7 783.3 815.7 867.4 Corporate bonds are held at amortised cost, and where hedged, adjusted for the fair value changes attributable to the interest rate risk being hedged (see Note 19). Fair Value Hierarchy The fair values of financial instruments measured by reference to the following levels under IFRS 13 \u201cFair value measurement\u201d: Hierarchy level Inputs Financial instruments Valuation methodology Level 1 Quoted prices in active markets for identical assets or liabilities Corporate bonds and Money Market Funds Market value includes accrued interest and change in credit risk and interest rate risk, and is therefore different to the reported carrying amounts. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Derivative financial instruments Valuation techniques include forward pricing and swap models using net present value calculation of future cash flows. The model inputs include the foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies and interest rate curves. Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable market data) Non-listed equity instruments at fair value through OCI The fair value of these non-listed equity investments has been estimated using a discounted cash flow model. ",
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"value": "28.\u2002 Financial Instruments: Financial Risk Management and Hedging Activities The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework and for establishing the Group\u2019s risk management policies. The Group has exposure to the following risks arising from financial instruments: \u2022 Liquidity risk \u2022 Interest rate risk \u2022 Foreign currency risk \u2022 Credit risk \u2022 Capital risk Treasury function NEXT operates a centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the Group\u2019s activities. As part of its strategy for the management of these risks, the Group uses financial instruments. In accordance with the Group\u2019s treasury policy, financial instruments are not entered into for speculative purposes. The treasury policy is reviewed and approved by the Board and specifies the parameters within which treasury operations must be conducted, including authorised counterparties, instrument types and transaction limits, and principles governing the management of liquidity, interest and foreign currency risks. The Group\u2019s financial instruments also include cash, short term deposits, preference shares, bank overdrafts, loans, and corporate bonds. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. In addition, the Group has various other financial assets and liabilities such as trade receivables and trade payables arising directly from its operations. Liquidity risk The Group manages its cash and borrowing requirements centrally to minimise net interest expense within risk parameters agreed by the Board, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of its businesses. The forecast cash and borrowings profile of the Group is monitored to ensure that adequate headroom remains under committed borrowing facilities. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows (including interest) of the Group\u2019s financial liabilities, including cash flows in respect of derivatives: 2023 Less than 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Bank loans and overdrafts 102.3 \u2013 \u2013 \u2013 102.3 Lease liabilities 182.7 162.4 360.3 693.6 1,399.0 Trade and other payables 569.7 4.6 \u2013 \u2013 574.3 Corporate bonds 29.3 29.3 562.0 310.9 931.5 884.0 196.3 922.3 1,004.5 3,007.1 Derivatives: net settled 2.7 2.9 2.8 \u2013 8.4 Derivatives: gross settled Cash inflows (1,139.1) \u2013 \u2013 \u2013 (1,139.1) Cash outflows 1,169.4 \u2013 \u2013 \u2013 1,169.4 Total cash flows 917.0 199.2 925.1 1,004.5 3,045.8 2022 Less than 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Bank loans and overdrafts 233.1 \u2013 \u2013 \u2013 233.1 Lease liabilities 202.2 168.0 376.8 683.8 1,430.8 Trade and other payables 597.7 20.9 \u2013 \u2013 618.6 Corporate bonds 29.3 29.3 580.4 321.8 960.8 1,062.3 218.2 957.2 1,005.6 3,243.3 Derivatives: net settled (5.4) (2.6) (9.2) \u2013 (17.2) Derivatives: gross settled Cash inflows (1,244.7) \u2013 \u2013 \u2013 (1,244.7) Cash outflows 1,209.1 \u2013 \u2013 \u2013 1,209.1 Total cash flows 1,021.3 215.6 948.0 1,005.6 3,190.5 28.\u2002 Financial Instruments: Financial Risk Management and Hedging Activities (continued) Liquidity risk (continued) Within lease liabilities greater than 5 years are leases on stores with cash flows in years 5-10 of \u00a3193.4m (2022: 237.1m) and more than 10 years of \u00a342.3m (2022: \u00a357.3m). The lease liabilities greater than 5 years on warehouses and head office premises with cash flows in years 5-10 are \u00a3137.5m (2022: \u00a3111.0m) and more than 10 years of \u00a3320.4m (2022: \u00a3278.4m). At 28 January 2023, the Group had borrowing facilities of \u00a3450.0m (2022: \u00a3450.0m) committed until November 2024, in respect of which all conditions precedent have been met. \u00a3nil of the facilities were drawn down at January 2023 (2022: \u00a3nil). Interest rate risk The Group is exposed to fair value interest rate risk on its fixed rate corporate bonds and cash flow interest rate risk on floating rate loans and overdrafts. The forecast cash and borrowings profile of the Group is monitored regularly to assess the mix of fixed and variable rate debt, and the Group uses interest rate derivatives where appropriate to manage its exposure to changes in interest rates and the economic environment. Interest rates: fair value hedges The Group has interest rate swap agreements in place as fair value hedges against part of the interest rate risk associated with the corporate bonds. Under the terms of the swaps, which have matching features as the bonds, the Group receives a fixed rate of interest equivalent to the relevant coupon rate, and pays a variable rate interest related to LIBOR prior to April 2022 and SONIA, from April 2022. Details of the aggregate rates payable are given in Note 19. There is an economic relationship between the hedged item and the hedging instrument as the terms of the interest rate swaps match the terms of the fixed rate corporate bonds (e.g. notional amount and maturity). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. To test the hedge effectiveness, the Group compares the changes in the fair value of the hedging instrument against the changes in the fair value of the hedged item attributable to the hedged risk. The hedge ineffectiveness can arise from: \u2022 Different interest rate curve applied to discount the hedged item and the hedging instrument. \u2022 Differences in timing of cash flows of the hedged item and hedging instrument. \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and the hedged item. The fair values of the Group\u2019s interest rate swaps, including accrued interest, are as follows: 2023 \u00a3m 2022 \u00a3m Derivatives in designated fair value hedging relationships (9.5) 18.0 The fair values of derivatives have been calculated by discounting the expected future cash flows at prevailing interest rates and are based on market prices at the Balance Sheet date. The timing of the nominal amounts of the interest rate swaps are as follows: 2023 2022 Maturity date of swap October 2026 October 2026 Interest rate swap Fixed to floating Fixed to floating Nominal amount (\u00a3m) 250.0 250.0 Average price SONIA + 1.7% 6 month LIBOR + 1.434 % 28.\u2002 Financial Instruments: Financial Risk Management and Hedging Activities (continued) Fair value of group swaps (continued) The impact of the hedging instrument on the Balance Sheet is as follows: At 28 January 2023 Line item in the Balance Sheet Notional amount \u00a3m Carrying amount* \u00a3m Changes in fair value used for measuring ineffectiveness in the period \u00a3m Interest rate swaps \u2013 assets Other financial assets \u2013 \u2013 \u2013 Interest rate swaps \u2013 liabilities Other financial liabilities 250.0 (9.5) (27.5) At 29 January 2022 Interest rate swaps \u2013 assets Other financial assets 250.0 18.0 (21.4) Interest rate swaps \u2013 liabilities Other financial liabilities \u2013 \u2013 \u2013 * The carrying amount of derivatives includes \u00a30.2 m of interest receivable (2022: \u00a32.3m interest accrual).\u2003The impact of the hedged items on the Balance Sheet is as follows: At 28 January 2023 Line item in the Balance Sheet Carrying amount \u00a3m Accumulated fair value adjustments \u00a3m Changes in fair value used for measuring ineffectiveness in the period \u00a3m Fixed-rate borrowings Corporate bonds 250.0 (9.3) (25.0) At 29 January 2022 Fixed-rate borrowings Corporate bonds 250.0 15.7 21.3 The ineffectiveness recognised in the Income Statement for the period ended 28 January 2023 was \u00a3nil (2022: \u00a3nil). Foreign currency risk The Group\u2019s principal foreign currency exposures arise from the purchase of overseas sourced products. Group policy allows for these exposures to be hedged for up to 24 months ahead in order to fix the cost in Sterling. This hedging activity involves the use of spot, forward and option contracts. The market value of outstanding foreign exchange contracts is reported regularly to the Board and reviewed in conjunction with percentage cover taken by season and current market conditions, in order to assess and manage the Group\u2019s ongoing exposure. The Group does not have a material exposure to currency movements in relation to the translation of overseas investments and consequently does not hedge any such exposure. The Group\u2019s net exposure to foreign currencies, taking hedging activities into account, is illustrated by the sensitivity analysis in Note 29. Foreign currency hedges There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange contracts match the terms of highly probable forecast transactions (e.g. notional amount and expected payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange contracts are identical to the hedged risk components. To test hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in the fair value of the hedged items attributable to the hedged risks. In these hedge relationships, the main sources of ineffectiveness are: \u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments. \u2022 Different indices (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments. \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instruments and hedged items. \u2022 Changes to the forecasted amount of cash flows of hedged items and hedging instruments. The fair values of foreign exchange derivatives are as follows: 2023 \u00a3m 2022 \u00a3m Derivatives in designated hedging relationships (14.6) 35.2 Other foreign exchange derivatives not designated in hedging relationships (17.0) (0.7) Total foreign exchange derivatives (31.6) 34.5 28.\u2002 Financial Instruments: Financial Risk Management and Hedging Activities (continued) Foreign currency hedges (continued) Derivatives designated in hedging relationships at 28 January 2023: Maturity US Dollars (highly probable forecast purchases) 1\u20136 months 6\u201312 months More than one year Total Notional amount (in \u00a3m) 663.5 40.9 \u2013 704.4 Average GBP: USD contract rate 1.20 1.22 \u2013 1.20 EURO (highly probable forecast purchases) Notional amount (in \u00a3m) 26.8 \u2013 \u2013 26.8 Average GBP: EURO contract rate 1.13 \u2013 \u2013 1.13 EURO (highly probable forecast sales) Notional amount (in \u00a3m) 20.0 \u2013 \u2013 20.0 Average GBP: EURO contract rate 1.13 \u2013 1.13 Other (highly probable forecast sales) Notional amount (in \u00a3m) 47.5 \u2013 \u2013 47.5 Average GBP: Other contract rate Various currencies* * 5 currencies are hedged, which individually are not material to the financial statements. Derivatives designated in hedging relationships at 29 January 2022: Maturity US Dollars (highly probable forecast purchases) 1\u20136 months 6\u201312 months More than one year Total Notional amount (in \u00a3m) 665.2 267.9 \u2013 933.1 Average GBP: USD contract rate 1.39 1.38 \u2013 1.39 EURO (highly probable forecast purchases) Notional amount (in \u00a3m) 1.4 \u2013 \u2013 1.4 Average GBP: EURO contract rate 1.21 \u2013 \u2013 1.21 EURO (highly probable forecast sales) Notional amount (in \u00a3m) 55.9 26.9 \u2013 82.8 Average GBP: EURO contract rate 1.16 1.17 \u2013 1.16 Other (highly probable forecast sales) Notional amount (in \u00a3m) 83.2 0.6 \u2013 83.8 Average GBP: Other contract rate Various currencies* * 5 currencies were hedged, which are individually not material to the financial statements. The impact of the hedging instruments on the Balance Sheet are as follows: At 28 January 2023 Line item in the Balance Sheet Notional amount \u00a3m Carrying amount \u00a3m Changes in fair value used for measuring ineffectiveness in the period \u00a3m Foreign exchange contracts Other financial assets 462.5 9.1 116.4 Foreign exchange contracts Other financial liabilities 407.2 (40.8) (37.6) At 29 January 2022 Foreign exchange contracts Other financial assets 1,107.0 35.5 30.6 Foreign exchange contracts Other financial liabilities 58.5 (1.0) 7.1 28.\u2002 Financial Instruments: Financial Risk Management and Hedging Activities (continued) Foreign currency hedges (continued) The impact of the hedged items on the Balance sheet is as follows: 28 January 2023 29 January 2022 Changes in fair value used for measuring ineffectiveness in the period \u00a3m Closing cash flow hedge reserve \u00a3m Closing cost of hedging reserve \u00a3m Changes in fair value used for measuring ineffectiveness in the period \u00a3m Closing cash flow hedge reserve \u00a3m Closing cost of hedging reserve \u00a3m Highly probable forecast sales (7.0) 1.9 \u2013 (3.0) 0.5 \u2013 Highly probable forecast stock purchases 86.2 (17.0) 0.5 39.9 33.9 0.9 The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows: Year ended 28 January 2023 Ineffectiveness recognised in Income Statement \u00a3m Recycled to cost of inventories \u00a3m Cost of hedging recognised in OCI \u00a3m Amount reclassified from OCI to the Income Statement \u00a3m Line item in the Income Statement Highly probable forecast sales \u2013 \u2013 \u2013 6.1 Revenue Highly probable forecast stock purchases \u2013 (134.8) (0.4) \u2013 \u2013 Year ended 29 January 2022 Highly probable forecast sales \u2013 \u2013 \u2013 3.2 Revenue Highly probable forecast stock purchases \u2013 18.5 0.8 \u2013 \u2013 Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises primarily from the Group\u2019s Online customer receivables. The carrying amount of financial assets represents the maximum residual credit exposure, which was \u00a31,297.3m at the reporting date (2022: \u00a31,187.1m). These are detailed in Note 13. The Group\u2019s credit risk in relation to customer receivables is influenced mainly by the individual characteristics of each customer. The Board has established a credit policy under which each new credit customer is analysed individually for creditworthiness and subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for estimated irrecoverable amounts using forward looking estimates. The concentration of credit risk is limited due to the Online customer base being large and diverse. At January 2023 there were 2.87m active customers (2022: 2.84m) with an average balance of \u00a3508 (2022: \u00a3477). The Group\u2019s outstanding receivables balances and impairment losses are detailed in Note 13. The performance of our credit risk policies and the risk of the debtor book are monitored weekly by management. Any trends and deviations from expectations are investigated. Senior management review is carried out monthly. Customer receivables with a value of \u00a317.6m (2022: \u00a317.1m) were on a Reduced Payment Indicator (RPI) plan. An allowance for Expected Credit Losses (ECLs) of \u00a312.3m (2022: \u00a311.7m) has been made against these balances. Customers are typically on RPI plans for a period of 12 months during which no interest is charged and repayment rates are reduced. On completion of the RPI plan the customer would be treated as higher risk than the arrears stage and customer indebtedness would otherwise suggest. Any modification gain or loss recognised is immaterial to the financial statements. In addition to those identified as previously being on an RPI, data provided by Experian has been used to identify customers who are, or have been, on a similar \u2018payment freeze\u2019 with another lender. These customers are also treated as higher risk than the arrears stage and customer indebtedness would otherwise suggest. The ECLs applied in calculating the overlay have been uplifted by an average of c.6%, weighted by value. The Group uses Experian Delphi for Customer Management which provides a suite of characteristics and scores to monitor the credit behaviour of new and existing customers. The principal score for making risk decisions around credit limit changes, and monitoring the risk of associated sales, is the Account and Arrears Management (\u201cAAM\u201d) score. The principal measure to assess a customer\u2019s ability to afford repayments, and our allowance for expected credit losses under IFRS 9, is the Consumer Indebtedness Index (\u201cCII\u201d). The CII is a score within the range of 1 to 99. A lower CII score is representative of a lower level of risk associated with the debt (i.e. a lower CII score indicates the customer has a greater ability to afford repayments). 28.\u2002 Financial Instruments: Financial Risk Management and Hedging Activities (continued) Credit risk (continued) The following table contains an analysis of customer and other receivables segmented by CII score at the end of the reporting period. For the purpose of this analysis, trade receivables are recognised in Risk band 1. 2023 Total \u00a3m 2022 Total \u00a3m Risk exposure determined by CII score Risk band 1 (CII<=10) 891.6 801.8 Risk band 2 (10<CII=<20) 211.7 200.5 Risk band 3 (20<CII=<47) 173.8 176.0 Risk band 4 (47<CII) 126.3 120.8 Gross carrying amount before credit impaired 1,403.4 1,299.1 Credit impaired 96.4 79.7 Gross carrying amount after credit impaired 1,499.8 1,378.8 Less allowance (202.5) (191.7) Carrying amount 1,297.3 1,187.1 Analysis of customer receivables and other trade receivables, stratified by credit grade, is provided in the tables below. Due to Government initiatives to support customers through the pandemic, the underlying risk is judged to be higher than the CII index may otherwise suggest. Expected loss rates have been uplifted using internal and external data to allow for this, in particular in relation to debt previously on payment plans. 2023 Current \u00a3m 1\u201330 days past due \u00a3m 31\u201360 days past due \u00a3m 61\u201390 days past due \u00a3m 91\u2013120 days past due \u00a3m >120 days past due \u00a3m Payment plans \u00a3m Total \u00a3m Customer receivables and other trade receivables Risk band 1 (CII<=10) 873.9 14.0 0.5 0.1 \u2013 0.1 3.0 891.6 Risk band 2 (10<CII=<20) 202.7 6.1 0.6 0.1 \u2013 0.1 2.1 211.7 Risk band 3 (20<CII=<47) 158.4 8.2 2.0 1.0 0.3 0.4 3.5 173.8 Risk band 4 (47<CII) 94.2 9.1 4.4 3.5 3.0 3.1 9.0 126.3 Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 96.4 \u2013 96.4 Total 1,329.2 37.4 7.5 4.7 3.3 100.1 17.6 1,499.8 Loss allowance Risk band 1 (CII<=10) (35.6) (1.2) (0.2) \u2013 \u2013 (0.1) (1.9) (39.0) Risk band 2 (10<CII=<20) (12.6) (0.7) (0.3) (0.1) \u2013 (0.1) (1.4) (15.2) Risk band 3 (20<CII=<47) (17.2) (1.4) (1.0) (0.6) (0.2) (0.3) (2.3) (23.0) Risk band 4 (47<CII) (19.1) (2.0) (2.7) (2.3) (2.3) (2.4) (6.7) (37.5) Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 (87.8) \u2013 (87.8) Total (84.5) (5.3) (4.2) (3.0) (2.5) (90.7) (12.3) (202.5) Expected loss rate % Risk band 1 (CII<=10) 4.1% 8.8% 32.4% 47.6% \u2013 78.2% 63.7% 4.4% Risk band 2 (10<CII=<20) 6.2% 11.5% 41.3% 52.2% \u2013 77.4% 67.6% 7.1% Risk band 3 (20<CII=<47) 10.8% 16.5% 51.4% 60.5% 73.8% 76.8% 64.3% 13.2% Risk band 4 (47<CII) 20.3% 22.1% 61.3% 66.1% 79.0% 78.7% 75.2% 29.8% Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 91.1% \u2013 91.1% Total 6.4% 14.2% 55.1% 64.3% 78.3% 90.6% 70.1% 13.5% 28.\u2002 Financial Instruments: Financial Risk Management and Hedging Activities (continued) Credit risk (continued) 2022 Current \u00a3m 1\u201330 days past due \u00a3m 31\u201360 days past due \u00a3m 61\u201390 days past due \u00a3m 91\u2013120 days past due \u00a3m > 120 days past due \u00a3m Payment plans \u00a3m Total \u00a3m Customer receivables and other trade receivables Risk band 1 (CII<=10) 784.3 13.4 0.7 0.2 \u2013 0.2 3.0 801.8 Risk band 2 (10<CII=<20) 191.6 5.5 0.9 0.2 \u2013 0.1 2.2 200.5 Risk band 3 (20<CII=<47) 161.4 7.0 1.9 0.9 0.5 0.4 3.9 176.0 Risk band 4 (47<CII) 93.6 7.5 3.5 2.8 2.6 2.8 8.0 120.8 Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 79.7 \u2013 79.7 Total 1,230.9 33.4 7.0 4.1 3.1 83.2 17.1 1,378.8 Loss allowance Risk band 1 (CII<=10) (42.0) (1.4) (0.2) (0.1) \u2013 (0.1) (1.6) (45.4) Risk band 2 (10<CII=<20) (13.9) (0.8) (0.3) (0.1) \u2013 (0.1) (1.2) (16.4) Risk band 3 (20<CII=<47) (17.1) (1.4) (0.9) (0.6) (0.3) (0.3) (2.2) (22.8) Risk band 4 (47<CII) (17.1) (2.0) (2.1) (1.9) (2.0) (2.1) (6.7) (33.9) Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 (73.2) \u2013 (73.2) Total (90.1) (5.6) (3.5) (2.7) (2.3) (75.8) (11.7) (191.7) Expected loss rate % Risk band 1 (CII<=10) 5.4% 10.8% 32.4% 55.4% \u2013 73.9% 50.9% 5.7% Risk band 2 (10<CII=<20) 7.2% 14.6% 37.7% 57.4% \u2013 73.6% 53.0% 8.2% Risk band 3 (20<CII=<47) 10.6% 19.7% 45.3% 64.5% 68.2% 71.3% 57.8% 13.0% Risk band 4 (47<CII) 18.2% 25.9% 58.8% 68.4% 74.5% 74.0% 84.1% 27.9% Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 91.9% \u2013 91.9% Total 7.3% 16.7% 49.9% 66.4% 73.3% 91.1% 68.2% 13.9% Credit risk on other financial assets Investments of cash surpluses and derivative contracts are made through banks and companies which must fulfil credit rating and investment criteria approved by the Board. Risk is further mitigated by diversification and limiting counterparty exposure. The Group does not consider there to be any impairment loss in respect of these balances (2022: \u00a3nil). The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset as the debt is not collateralized. Capital risk The capital structure of the Group consists of debt, as analysed in Note 30, and equity attributable to the equity holders of the Parent Company, comprising issued capital, reserves and retained earnings as shown in the Consolidated Statement of Changes in Equity. The Group manages its capital with the objective that all entities within the Group continue as going concerns while maintaining an efficient structure to minimise the cost of capital. The Group is not restricted by any externally imposed capital requirements. As part of its strategy for delivering sustainable returns to shareholders, the Group has been returning capital to shareholders by way of share buybacks in addition to dividends (including special dividends). Share buybacks may be transacted through both on-market purchases and off- market contingent contracts. ",
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"language": "en",
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"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
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},
"fact-614": {
"value": "Liquidity risk The Group manages its cash and borrowing requirements centrally to minimise net interest expense within risk parameters agreed by the Board, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of its businesses. The forecast cash and borrowings profile of the Group is monitored to ensure that adequate headroom remains under committed borrowing facilities. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows (including interest) of the Group\u2019s financial liabilities, including cash flows in respect of derivatives: 2023 Less than 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Bank loans and overdrafts 102.3 \u2013 \u2013 \u2013 102.3 Lease liabilities 182.7 162.4 360.3 693.6 1,399.0 Trade and other payables 569.7 4.6 \u2013 \u2013 574.3 Corporate bonds 29.3 29.3 562.0 310.9 931.5 884.0 196.3 922.3 1,004.5 3,007.1 Derivatives: net settled 2.7 2.9 2.8 \u2013 8.4 Derivatives: gross settled Cash inflows (1,139.1) \u2013 \u2013 \u2013 (1,139.1) Cash outflows 1,169.4 \u2013 \u2013 \u2013 1,169.4 Total cash flows 917.0 199.2 925.1 1,004.5 3,045.8 2022 Less than 1 year \u00a3m 1 to 2 years \u00a3m 2 to 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Bank loans and overdrafts 233.1 \u2013 \u2013 \u2013 233.1 Lease liabilities 202.2 168.0 376.8 683.8 1,430.8 Trade and other payables 597.7 20.9 \u2013 \u2013 618.6 Corporate bonds 29.3 29.3 580.4 321.8 960.8 1,062.3 218.2 957.2 1,005.6 3,243.3 Derivatives: net settled (5.4) (2.6) (9.2) \u2013 (17.2) Derivatives: gross settled Cash inflows (1,244.7) \u2013 \u2013 \u2013 (1,244.7) Cash outflows 1,209.1 \u2013 \u2013 \u2013 1,209.1 Total cash flows 1,021.3 215.6 948.0 1,005.6 3,190.5 Liquidity risk (continued) Within lease liabilities greater than 5 years are leases on stores with cash flows in years 5-10 of \u00a3193.4m (2022: 237.1m) and more than 10 years of \u00a342.3m (2022: \u00a357.3m). The lease liabilities greater than 5 years on warehouses and head office premises with cash flows in years 5-10 are \u00a3137.5m (2022: \u00a3111.0m) and more than 10 years of \u00a3320.4m (2022: \u00a3278.4m). At 28 January 2023, the Group had borrowing facilities of \u00a3450.0m (2022: \u00a3450.0m) committed until November 2024, in respect of which all conditions precedent have been met. \u00a3nil of the facilities were drawn down at January 2023 (2022: \u00a3nil). ",
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"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-615": {
"value": "Interest rate risk The Group is exposed to fair value interest rate risk on its fixed rate corporate bonds and cash flow interest rate risk on floating rate loans and overdrafts. The forecast cash and borrowings profile of the Group is monitored regularly to assess the mix of fixed and variable rate debt, and the Group uses interest rate derivatives where appropriate to manage its exposure to changes in interest rates and the economic environment. Interest rates: fair value hedges The Group has interest rate swap agreements in place as fair value hedges against part of the interest rate risk associated with the corporate bonds. Under the terms of the swaps, which have matching features as the bonds, the Group receives a fixed rate of interest equivalent to the relevant coupon rate, and pays a variable rate interest related to LIBOR prior to April 2022 and SONIA, from April 2022. Details of the aggregate rates payable are given in Note 19. There is an economic relationship between the hedged item and the hedging instrument as the terms of the interest rate swaps match the terms of the fixed rate corporate bonds (e.g. notional amount and maturity). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. To test the hedge effectiveness, the Group compares the changes in the fair value of the hedging instrument against the changes in the fair value of the hedged item attributable to the hedged risk. The hedge ineffectiveness can arise from: \u2022 Different interest rate curve applied to discount the hedged item and the hedging instrument. \u2022 Differences in timing of cash flows of the hedged item and hedging instrument. \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instrument and the hedged item. The fair values of the Group\u2019s interest rate swaps, including accrued interest, are as follows: 2023 \u00a3m 2022 \u00a3m Derivatives in designated fair value hedging relationships (9.5) 18.0 The fair values of derivatives have been calculated by discounting the expected future cash flows at prevailing interest rates and are based on market prices at the Balance Sheet date. The timing of the nominal amounts of the interest rate swaps are as follows: 2023 2022 Maturity date of swap October 2026 October 2026 Interest rate swap Fixed to floating Fixed to floating Nominal amount (\u00a3m) 250.0 250.0 Average price SONIA + 1.7% 6 month LIBOR + 1.434 Fair value of group swaps (continued) The impact of the hedging instrument on the Balance Sheet is as follows: At 28 January 2023 Line item in the Balance Sheet Notional amount \u00a3m Carrying amount* \u00a3m Changes in fair value used for measuring ineffectiveness in the period \u00a3m Interest rate swaps \u2013 assets Other financial assets \u2013 \u2013 \u2013 Interest rate swaps \u2013 liabilities Other financial liabilities 250.0 (9.5) (27.5) At 29 January 2022 Interest rate swaps \u2013 assets Other financial assets 250.0 18.0 (21.4) Interest rate swaps \u2013 liabilities Other financial liabilities \u2013 \u2013 \u2013 * The carrying amount of derivatives includes \u00a30.2 m of interest receivable (2022: \u00a32.3m interest accrual).\u2003The impact of the hedged items on the Balance Sheet is as follows: At 28 January 2023 Line item in the Balance Sheet Carrying amount \u00a3m Accumulated fair value adjustments \u00a3m Changes in fair value used for measuring ineffectiveness in the period \u00a3m Fixed-rate borrowings Corporate bonds 250.0 (9.3) (25.0) At 29 January 2022 Fixed-rate borrowings Corporate bonds 250.0 15.7 21.3 The ineffectiveness recognised in the Income Statement for the period ended 28 January 2023 was \u00a3nil (2022: \u00a3nil). Foreign currency risk The Group\u2019s principal foreign currency exposures arise from the purchase of overseas sourced products. Group policy allows for these exposures to be hedged for up to 24 months ahead in order to fix the cost in Sterling. This hedging activity involves the use of spot, forward and option contracts. The market value of outstanding foreign exchange contracts is reported regularly to the Board and reviewed in conjunction with percentage cover taken by season and current market conditions, in order to assess and manage the Group\u2019s ongoing exposure. The Group does not have a material exposure to currency movements in relation to the translation of overseas investments and consequently does not hedge any such exposure. The Group\u2019s net exposure to foreign currencies, taking hedging activities into account, is illustrated by the sensitivity analysis in Note 29. Foreign currency hedges There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange contracts match the terms of highly probable forecast transactions (e.g. notional amount and expected payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange contracts are identical to the hedged risk components. To test hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in the fair value of the hedged items attributable to the hedged risks. In these hedge relationships, the main sources of ineffectiveness are: \u2022 Differences in the timing of the cash flows of the hedged items and the hedging instruments. \u2022 Different indices (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments. \u2022 The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instruments and hedged items. \u2022 Changes to the forecasted amount of cash flows of hedged items and hedging instruments. The fair values of foreign exchange derivatives are as follows: 2023 \u00a3m 2022 \u00a3m Derivatives in designated hedging relationships (14.6) 35.2 Other foreign exchange derivatives not designated in hedging relationships (17.0) (0.7) Total foreign exchange derivatives (31.6) 34.5 Foreign currency hedges (continued) Derivatives designated in hedging relationships at 28 January 2023: Maturity US Dollars (highly probable forecast purchases) 1\u20136 months 6\u201312 months More than one year Total Notional amount (in \u00a3m) 663.5 40.9 \u2013 704.4 Average GBP: USD contract rate 1.20 1.22 \u2013 1.20 EURO (highly probable forecast purchases) Notional amount (in \u00a3m) 26.8 \u2013 \u2013 26.8 Average GBP: EURO contract rate 1.13 \u2013 \u2013 1.13 EURO (highly probable forecast sales) Notional amount (in \u00a3m) 20.0 \u2013 \u2013 20.0 Average GBP: EURO contract rate 1.13 \u2013 1.13 Other (highly probable forecast sales) Notional amount (in \u00a3m) 47.5 \u2013 \u2013 47.5 Average GBP: Other contract rate Various currencies* * 5 currencies are hedged, which individually are not material to the financial statements. Derivatives designated in hedging relationships at 29 January 2022: Maturity US Dollars (highly probable forecast purchases) 1\u20136 months 6\u201312 months More than one year Total Notional amount (in \u00a3m) 665.2 267.9 \u2013 933.1 Average GBP: USD contract rate 1.39 1.38 \u2013 1.39 EURO (highly probable forecast purchases) Notional amount (in \u00a3m) 1.4 \u2013 \u2013 1.4 Average GBP: EURO contract rate 1.21 \u2013 \u2013 1.21 EURO (highly probable forecast sales) Notional amount (in \u00a3m) 55.9 26.9 \u2013 82.8 Average GBP: EURO contract rate 1.16 1.17 \u2013 1.16 Other (highly probable forecast sales) Notional amount (in \u00a3m) 83.2 0.6 \u2013 83.8 Average GBP: Other contract rate Various currencies* * 5 currencies were hedged, which are individually not material to the financial statements. The impact of the hedging instruments on the Balance Sheet are as follows: At 28 January 2023 Line item in the Balance Sheet Notional amount \u00a3m Carrying amount \u00a3m Changes in fair value used for measuring ineffectiveness in the period \u00a3m Foreign exchange contracts Other financial assets 462.5 9.1 116.4 Foreign exchange contracts Other financial liabilities 407.2 (40.8) (37.6) At 29 January 2022 Foreign exchange contracts Other financial assets 1,107.0 35.5 30.6 Foreign exchange contracts Other financial liabilities 58.5 (1.0) 7.1 Foreign currency hedges (continued) The impact of the hedged items on the Balance sheet is as follows: 28 January 2023 29 January 2022 Changes in fair value used for measuring ineffectiveness in the period \u00a3m Closing cash flow hedge reserve \u00a3m Closing cost of hedging reserve \u00a3m Changes in fair value used for measuring ineffectiveness in the period \u00a3m Closing cash flow hedge reserve \u00a3m Closing cost of hedging reserve \u00a3m Highly probable forecast sales (7.0) 1.9 \u2013 (3.0) 0.5 \u2013 Highly probable forecast stock purchases 86.2 (17.0) 0.5 39.9 33.9 0.9 The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows: Year ended 28 January 2023 Ineffectiveness recognised in Income Statement \u00a3m Recycled to cost of inventories \u00a3m Cost of hedging recognised in OCI \u00a3m Amount reclassified from OCI to the Income Statement \u00a3m Line item in the Income Statement Highly probable forecast sales \u2013 \u2013 \u2013 6.1 Revenue Highly probable forecast stock purchases \u2013 (134.8) (0.4) \u2013 \u2013 Year ended 29 January 2022 Highly probable forecast sales \u2013 \u2013 \u2013 3.2 Revenue Highly probable forecast stock purchases \u2013 18.5 0.8 \u2013 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-616": {
"value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises primarily from the Group\u2019s Online customer receivables. The carrying amount of financial assets represents the maximum residual credit exposure, which was \u00a31,297.3m at the reporting date (2022: \u00a31,187.1m). These are detailed in Note 13. The Group\u2019s credit risk in relation to customer receivables is influenced mainly by the individual characteristics of each customer. The Board has established a credit policy under which each new credit customer is analysed individually for creditworthiness and subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for estimated irrecoverable amounts using forward looking estimates. The concentration of credit risk is limited due to the Online customer base being large and diverse. At January 2023 there were 2.87m active customers (2022: 2.84m) with an average balance of \u00a3508 (2022: \u00a3477). The Group\u2019s outstanding receivables balances and impairment losses are detailed in Note 13. The performance of our credit risk policies and the risk of the debtor book are monitored weekly by management. Any trends and deviations from expectations are investigated. Senior management review is carried out monthly. Customer receivables with a value of \u00a317.6m (2022: \u00a317.1m) were on a Reduced Payment Indicator (RPI) plan. An allowance for Expected Credit Losses (ECLs) of \u00a312.3m (2022: \u00a311.7m) has been made against these balances. Customers are typically on RPI plans for a period of 12 months during which no interest is charged and repayment rates are reduced. On completion of the RPI plan the customer would be treated as higher risk than the arrears stage and customer indebtedness would otherwise suggest. Any modification gain or loss recognised is immaterial to the financial statements. In addition to those identified as previously being on an RPI, data provided by Experian has been used to identify customers who are, or have been, on a similar \u2018payment freeze\u2019 with another lender. These customers are also treated as higher risk than the arrears stage and customer indebtedness would otherwise suggest. The ECLs applied in calculating the overlay have been uplifted by an average of c.6%, weighted by value. The Group uses Experian Delphi for Customer Management which provides a suite of characteristics and scores to monitor the credit behaviour of new and existing customers. The principal score for making risk decisions around credit limit changes, and monitoring the risk of associated sales, is the Account and Arrears Management (\u201cAAM\u201d) score. The principal measure to assess a customer\u2019s ability to afford repayments, and our allowance for expected credit losses under IFRS 9, is the Consumer Indebtedness Index (\u201cCII\u201d). The CII is a score within the range of 1 to 99. A lower CII score is representative of a lower level of risk associated with the debt (i.e. a lower CII score indicates the customer has a greater ability to afford repayments). Credit risk (continued) The following table contains an analysis of customer and other receivables segmented by CII score at the end of the reporting period. For the purpose of this analysis, trade receivables are recognised in Risk band 1. 2023 Total \u00a3m 2022 Total \u00a3m Risk exposure determined by CII score Risk band 1 (CII<=10) 891.6 801.8 Risk band 2 (10<CII=<20) 211.7 200.5 Risk band 3 (20<CII=<47) 173.8 176.0 Risk band 4 (47<CII) 126.3 120.8 Gross carrying amount before credit impaired 1,403.4 1,299.1 Credit impaired 96.4 79.7 Gross carrying amount after credit impaired 1,499.8 1,378.8 Less allowance (202.5) (191.7) Carrying amount 1,297.3 1,187.1 Analysis of customer receivables and other trade receivables, stratified by credit grade, is provided in the tables below. Due to Government initiatives to support customers through the pandemic, the underlying risk is judged to be higher than the CII index may otherwise suggest. Expected loss rates have been uplifted using internal and external data to allow for this, in particular in relation to debt previously on payment plans. 2023 Current \u00a3m 1\u201330 days past due \u00a3m 31\u201360 days past due \u00a3m 61\u201390 days past due \u00a3m 91\u2013120 days past due \u00a3m >120 days past due \u00a3m Payment plans \u00a3m Total \u00a3m Customer receivables and other trade receivables Risk band 1 (CII<=10) 873.9 14.0 0.5 0.1 \u2013 0.1 3.0 891.6 Risk band 2 (10<CII=<20) 202.7 6.1 0.6 0.1 \u2013 0.1 2.1 211.7 Risk band 3 (20<CII=<47) 158.4 8.2 2.0 1.0 0.3 0.4 3.5 173.8 Risk band 4 (47<CII) 94.2 9.1 4.4 3.5 3.0 3.1 9.0 126.3 Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 96.4 \u2013 96.4 Total 1,329.2 37.4 7.5 4.7 3.3 100.1 17.6 1,499.8 Loss allowance Risk band 1 (CII<=10) (35.6) (1.2) (0.2) \u2013 \u2013 (0.1) (1.9) (39.0) Risk band 2 (10<CII=<20) (12.6) (0.7) (0.3) (0.1) \u2013 (0.1) (1.4) (15.2) Risk band 3 (20<CII=<47) (17.2) (1.4) (1.0) (0.6) (0.2) (0.3) (2.3) (23.0) Risk band 4 (47<CII) (19.1) (2.0) (2.7) (2.3) (2.3) (2.4) (6.7) (37.5) Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 (87.8) \u2013 (87.8) Total (84.5) (5.3) (4.2) (3.0) (2.5) (90.7) (12.3) (202.5) Expected loss rate % Risk band 1 (CII<=10) 4.1% 8.8% 32.4% 47.6% \u2013 78.2% 63.7% 4.4% Risk band 2 (10<CII=<20) 6.2% 11.5% 41.3% 52.2% \u2013 77.4% 67.6% 7.1% Risk band 3 (20<CII=<47) 10.8% 16.5% 51.4% 60.5% 73.8% 76.8% 64.3% 13.2% Risk band 4 (47<CII) 20.3% 22.1% 61.3% 66.1% 79.0% 78.7% 75.2% 29.8% Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 91.1% \u2013 91.1% Total 6.4% 14.2% 55.1% 64.3% 78.3% 90.6% 70.1% 13.5% Credit risk (continued) 2022 Current \u00a3m 1\u201330 days past due \u00a3m 31\u201360 days past due \u00a3m 61\u201390 days past due \u00a3m 91\u2013120 days past due \u00a3m > 120 days past due \u00a3m Payment plans \u00a3m Total \u00a3m Customer receivables and other trade receivables Risk band 1 (CII<=10) 784.3 13.4 0.7 0.2 \u2013 0.2 3.0 801.8 Risk band 2 (10<CII=<20) 191.6 5.5 0.9 0.2 \u2013 0.1 2.2 200.5 Risk band 3 (20<CII=<47) 161.4 7.0 1.9 0.9 0.5 0.4 3.9 176.0 Risk band 4 (47<CII) 93.6 7.5 3.5 2.8 2.6 2.8 8.0 120.8 Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 79.7 \u2013 79.7 Total 1,230.9 33.4 7.0 4.1 3.1 83.2 17.1 1,378.8 Loss allowance Risk band 1 (CII<=10) (42.0) (1.4) (0.2) (0.1) \u2013 (0.1) (1.6) (45.4) Risk band 2 (10<CII=<20) (13.9) (0.8) (0.3) (0.1) \u2013 (0.1) (1.2) (16.4) Risk band 3 (20<CII=<47) (17.1) (1.4) (0.9) (0.6) (0.3) (0.3) (2.2) (22.8) Risk band 4 (47<CII) (17.1) (2.0) (2.1) (1.9) (2.0) (2.1) (6.7) (33.9) Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 (73.2) \u2013 (73.2) Total (90.1) (5.6) (3.5) (2.7) (2.3) (75.8) (11.7) (191.7) Expected loss rate % Risk band 1 (CII<=10) 5.4% 10.8% 32.4% 55.4% \u2013 73.9% 50.9% 5.7% Risk band 2 (10<CII=<20) 7.2% 14.6% 37.7% 57.4% \u2013 73.6% 53.0% 8.2% Risk band 3 (20<CII=<47) 10.6% 19.7% 45.3% 64.5% 68.2% 71.3% 57.8% 13.0% Risk band 4 (47<CII) 18.2% 25.9% 58.8% 68.4% 74.5% 74.0% 84.1% 27.9% Otherwise impaired \u2013 \u2013 \u2013 \u2013 \u2013 91.9% \u2013 91.9% Total 7.3% 16.7% 49.9% 66.4% 73.3% 91.1% 68.2% 13.9% Credit risk on other financial assets Investments of cash surpluses and derivative contracts are made through banks and companies which must fulfil credit rating and investment criteria approved by the Board. Risk is further mitigated by diversification and limiting counterparty exposure. The Group does not consider there to be any impairment loss in respect of these balances (2022: \u00a3nil). The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset as the debt is not collateralized. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
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"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
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"fact-617": {
"value": "Capital risk The capital structure of the Group consists of debt, as analysed in Note 30, and equity attributable to the equity holders of the Parent Company, comprising issued capital, reserves and retained earnings as shown in the Consolidated Statement of Changes in Equity. The Group manages its capital with the objective that all entities within the Group continue as going concerns while maintaining an efficient structure to minimise the cost of capital. The Group is not restricted by any externally imposed capital requirements. As part of its strategy for delivering sustainable returns to shareholders, the Group has been returning capital to shareholders by way of share buybacks in addition to dividends (including special dividends). Share buybacks may be transacted through both on-market purchases and off- market contingent contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-586": {
"value": "29.\u2002Financial Instruments: Sensitivity Analysis Interest rate sensitivity analysis The table below illustrates the hypothetical sensitivity of the Group\u2019s reported profit and closing equity to a 1.0% increase or decrease in interest rates, assuming all other variables were unchanged. The sensitivity rate of 1.0% represents the directors\u2019 assessment of a reasonably possible change, based on historic volatility. The analysis has been prepared using the following assumptions: \u2022 For floating rate assets and liabilities, the amount of the asset or liability outstanding at the Balance Sheet date is assumed to have been outstanding for the whole year. \u2022 Fixed rate financial instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of this analysis. Positive figures represent an increase in profit or equity. Income Statement Equity 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Interest rate increase of 1.0% (2.8) (1.3) (2.8) (1.3) Interest rate decrease of 1.0% 2.8 1.3 2.8 1.3 Foreign currency sensitivity analysis The Group\u2019s principal foreign currency exposures are to US Dollars and the Euro. The table below illustrates the hypothetical sensitivity of the Group\u2019s reported profit and closing equity to a 10% increase and decrease in the US Dollar/Sterling and Euro/Sterling exchange rates at the reporting date, assuming all other variables remain unchanged. The sensitivity rate of 10% represents the directors\u2019 assessment of a reasonably possible change, based on historic volatility. The analysis assumes that exchange rate fluctuations on currency derivatives that form part of an effective cash flow hedge relationship affect the fair value reserve in equity and the fair value of the hedging derivatives. For foreign exchange derivatives which are not designated hedges, movements in exchange rates impact the Income Statement. Positive figures represent an increase in profit or equity. Income Statement Equity 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Sterling strengthens by 10% US Dollar (20.9) (2.1) (51.4) (52.1) Euro \u2013 \u2013 (1.5) 4.6 Sterling weakens by 10% US Dollar 14.0 (0.8) 58.6 69.2 Euro \u2013 \u2013 1.8 (5.6) Year end exchange rates applied in the above analysis are US Dollar 1.24 (2022: 1.34) and Euro 1.14 (2022: 1.20). Strengthening and weakening of Sterling may not produce symmetrical results depending on the proportion and nature of foreign exchange derivatives which do not qualify for hedge accounting. ",
"dimensions": {
"concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-587": {
"value": "30.\u2002Analysis of Net Debt January 2022 \u00a3m Cash flow \u00a3m Fair value changes \u00a3m IFRS 16 \u00a3m January 2023 \u00a3m Cash and short term deposits 433.0 (328.0) \u2013 \u2013 105.0 Overdrafts and short term borrowings (233.1) 130.8 \u2013 \u2013 (102.3) Cash and cash equivalents 199.9 (197.2) \u2013 \u2013 2.7 Corporate bonds (815.7) \u2013 25.0 \u2013 (790.7) Fair value hedges of corporate bonds 15.7 \u2013 (25.0) \u2013 (9.3) Net debt excluding leases (600.1) (197.2) \u2013 \u2013 (797.3) Current lease liability (162.6) \u2013 \u2013 16.4 (146.2) Non-current lease liability (894.9) \u2013 \u2013 17.8 (877.1) (1,057.5) \u2013 \u2013 34.2 (1,023.3) Net debt including leases (1,657.6) (197.2) \u2013 34.2 (1,820.6) The IFRS 16 movements represent the cash movements in relation to lease payments of \u00a3204.4m, and non cash movements relating to disposals of \u00a35.5m offset by additions of \u00a384.2m, modifications of \u00a341.5m, finance costs \u00a347.3m and FX/Others of \u00a32.7m. Interest of \u00a324.0m was accrued and paid on the Corporate bonds and associated hedges during the year. The unpaid interest accrual of \u00a314.6m is recognised within accruals.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-618": {
"value": "31.\u2002Related Party Transactions During the year, group entities entered into the following transactions with related parties and their respective subsidiaries who are not members of the Group: Joint ventures Associates Related party 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Sales 58.1 9.4 7.2 5.3 Loans (repaid)/advanced (14.2) 14.2 0.5 0.8 Transactions and loan interest 47.8 29.1 1.2 1.1 Amounts outstanding at year end 27.7 23.6 2.8 2.6 The amounts above are an aggregation of the transactions with the Group\u2019s associates and joint ventures, namely: \u2022 VS Brand Holdings UK Limited and its subsidiaries (joint venture) \u2022 Pink TopCo Limited and its subsidiaries (the \u201cReiss\u201d Group) (joint venture) \u2022 Retail Restaurants Limited (joint venture) \u2022 West apparel UK Holdings Limited (\u201cGAP\u201d) (joint venture) \u2022 Choice Discount Stores Limited (associate) \u2022 Aubin & Wills Holdings Limited and its subsidiaries (associate) \u2022 Regent Bidco 1 Limited and its subsidiaries (the \u201cJojo Maman B\u00e9b\u00e9\u201d Group) (associate) \u2022 Swoon Limited (associate). All transactions are on an arm\u2019s length basis. Within transactions and loan interest are (i) recharges for payroll costs borne by the NEXT Group and then recharged to the related party and (ii) certain joint ventures are part of the NEXT VAT Group and accordingly includes transactions for the settlement of VAT by NEXT on behalf of the joint venture. Such amounts are immediately recharged by NEXT and then settled by the joint venture. In addition, the Group incurred \u00a359,000 of costs in relation to non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-588": {
"value": "31.\u2002Related Party Transactions During the year, group entities entered into the following transactions with related parties and their respective subsidiaries who are not members of the Group: Joint ventures Associates Related party 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Sales 58.1 9.4 7.2 5.3 Loans (repaid)/advanced (14.2) 14.2 0.5 0.8 Transactions and loan interest 47.8 29.1 1.2 1.1 Amounts outstanding at year end 27.7 23.6 2.8 2.6 The amounts above are an aggregation of the transactions with the Group\u2019s associates and joint ventures, namely: \u2022 VS Brand Holdings UK Limited and its subsidiaries (joint venture) \u2022 Pink TopCo Limited and its subsidiaries (the \u201cReiss\u201d Group) (joint venture) \u2022 Retail Restaurants Limited (joint venture) \u2022 West apparel UK Holdings Limited (\u201cGAP\u201d) (joint venture) \u2022 Choice Discount Stores Limited (associate) \u2022 Aubin & Wills Holdings Limited and its subsidiaries (associate) \u2022 Regent Bidco 1 Limited and its subsidiaries (the \u201cJojo Maman B\u00e9b\u00e9\u201d Group) (associate) \u2022 Swoon Limited (associate). All transactions are on an arm\u2019s length basis. Within transactions and loan interest are (i) recharges for payroll costs borne by the NEXT Group and then recharged to the related party and (ii) certain joint ventures are part of the NEXT VAT Group and accordingly includes transactions for the settlement of VAT by NEXT on behalf of the joint venture. Such amounts are immediately recharged by NEXT and then settled by the joint venture. In addition, the Group incurred \u00a359,000 of costs in relation to non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-589": {
"value": "32. Acquisition of subsidiary On 1 December 2022, the Group acquired 74% of the trade and assets from Joules Limited, a consolidated group whose principal activity is the design and sale of lifestyle clothing, related accessories and a homeware range, through a multi-channel business structure embracing retail stores, wholesale and online. It is expected that this acquisition will strengthen the Groups portfolio of brands while its Total Platform infrastructure will help grow the Joules business. This qualifies as a business as defined in IFRS 3 Business Combinations. The trade and assets were transferred into a new trading company, The Harborough Hare Limited. The amounts recognised in respect of the identifiable assets acquired are set out in the table below: \u00a3m Financial assets 1.8 Inventory 14.3 Property, plant and equipment and software 8.6 Identifiable intangible assets 10.5 Financial liabilities (9.8) Deferred tax liabilities (2.6) Total identifiable assets acquired 22.8 Goodwill 11.6 Non-controlling interest in 26% of The Harborough Hare Holdings Limited (5.6) Total consideration 28.8 Satisfied by: Cash 28.8 Due primarily to the short period of time between acquisition and reporting, the accounting for the acquisition of Joules has only been provisionally determined at the end of the reporting period. In accordance with the requirements of IFRS 3 Business Combinations, the Group will finalise the acquisition balance sheet within 12 months of the acquisition date. For tax purposes, the tax values of Joules\u2019 assets are required to be reset based on market values of the assets. At the date of finalisation of these consolidated financial statements, the necessary market valuations and other calculations had not been finalised and they have therefore only been provisionally determined based on the directors\u2019 best estimate of the likely tax values. The identifiable intangible assets include a brand value of \u00a310.1m and other intangible assets of \u00a30.4m. Total identifiable assets acquired were \u00a322.8m, which results in a goodwill value of \u00a311.6m arising from the acquisition. The goodwill relates to expected synergies from combining Joules into the NEXT group and the effect of a combined workforce with Brand specific design experience. The goodwill at the year end was \u00a311.6m (note 10). The non-controlling interest of 26% ownership interest in Joules recognised at the acquisition date was measured by reference to the cash consideration paid by the non-controlling interest and amounted to \u00a35.6m. Joules contributed \u00a332.8m revenue and \u00a34.1m loss before tax to the Group\u2019s profit for the period between the date of acquisition and the reporting date. The Joules business was previously part of the Joules plc group which went into administration in November 2022. It is not possible to reliably identify the revenue or profit or loss which would have been recognised had the business combination occurred at the beginning of the annual reporting period. However prior to administration Joules Limited, the main trading entity of the former Joules plc group, reported revenue of \u00a3179.9m and a loss of \u00a30.4m for the 52 weeks ended 30 May 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
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"fact-590": {
"value": "33. Contingent liabilities NEXT has since 2018 received around 1,500 equal pay complaints from former and current employees in our store network. These claims are subject to a legal and tribunal process which is expected to last several more years. The claims are fact sensitive, legally complex and being defended rigorously. The Directors believe that the likelihood of successful outcome for the claimants is possible (but not probable). The Directors also believe that it is not yet possible to reliably assess the likely outcome or the exact quantum of these claims if they are successful. ",
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"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-8": {
"value": "NEXT plc ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
}
},
"fact-9": {
"value": "NEXT plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800WQD8ECPZP9PH98",
"period": "2022-01-30T00:00:00/2023-01-29T00:00:00"
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}