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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 consolidated financial statements of NEXT plc 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 27 January 2024 (last year 52 weeks to 28 January 2023). 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 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 27 January 2024 (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 28. 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. 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.
Goods sold through our Retail stores and websites
It is the Group\u2019s policy to sell its products to the retail customer with a right to return within 28 days. 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).
Service revenue
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.
Loyalty programme and gift cards
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 recognised when the customer redeems the gift card.
Finance credit interest
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
Royalty income is received from franchisees and is recognised on an accruals basis in accordance with the substance of the relevant agreements.
Commission income
Where third-party goods are sold on a commission basis, only the commission receivable is included in statutory revenue. To aid comparability,
\u201cTotal NEXT sales\u201d are disclosed in the Strategic Report and in Note 1 of the financial statements. Total NEXT sales is an APM used by management
and 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.
Exceptional items
For the financial period ended 27 January 2024, the Group has used the term \u2018exceptional items\u2019. The Group exercises judgement in assessing
whether items should be classified as exceptional items. This assessment covers the nature of the item, cause of occurrence and scale of impact
of that item on the reported performance. In determining whether an item should be presented as exceptional items, the Group considers items
which are significant because of either their size or their nature. In order for an item to be presented as exceptional items, it should typically meet
at least one of the following criteria:
\u2022 It is unusual in nature or outside the normal course of business and significant in value.
\u2022 Items directly incurred as a result of either a significant acquisition or a divestment, or arising from a major business change or restructuring
programme which of itself has significant impact on the Income Statement.
The separate reporting of items, which are presented as exceptional items within the relevant category in the Consolidated Income Statement,
helps provide an indication of the Group\u2019s trading performance in the normal course of business. It is also consistent with how management has
assessed performance in the period.
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:
\u2022
Freehold and long leasehold property
50 years
\u2022
Plant and equipment
6 \u2013 25 years
\u2022
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 and 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.
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 8
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 and customer relationships obtained on acquisition which were initially recognised at fair value.
They are amortised on a straight-line basis over their expected useful lives of:
\u2022 Brand names: 15 \u2013 25 years
\u2022 Customer relationships: 5 \u2013 8 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.
The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or a joint venture. When the
Group retains an interest in the former associate or a joint venture, the difference between the carrying amount of the associate or a joint venture
at the date the equity method was discontinued, and the fair value of its new shareholding is included in the determination of the gain or loss on
disposal of the associate or joint venture.
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 instrument\u2019s 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
Call options over non-controlling interests
Fair value through Other Equity
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 14. For details on hedge accounting refer to Note 29. 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 cost of investment, in which case
they are recognised in the cost of investment. Other net gains and losses are recognised in profit
and loss.
Call options over non-controlling interests
These assets are subsequently measured at fair value. Gains and losses are recognised in Other Equity.
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 14. 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:
Corporate bonds
Amortised cost \u2013 designated in hedge relationships
Bank loans and overdrafts
Amortised cost
Trade and other payables
Amortised cost
Put options over non controlling interests
Fair value through Other Equity
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 in Note 29). Accrued interest is included within other creditors and accruals.
Put options over non-
controlling interests
Subsequently measured at fair value. Gains and losses are recognised in Other Equity.
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. 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
four risk bands by arrears stage (see Note 29).
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, changes in commodity prices of certain purchases 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,
commodity 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 & commodity 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 31 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 Long Term Incentive Plan (\u201cLTIP\u201d) 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. During the year the Group adopted the amendments to IAS 12 for the first time in the current year. The IASB amends the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. 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. Share issue The issue of ordinary shares is recognised on its settlement date (i.e. the date the proceeds are received and the shares are issued). Upon issuance, the shares are recorded at their fair value, being the fair value of the proceeds received. Those proceeds are allocated first to the par value of the shares (if any), with any excess over par value allocated to share premium. 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. 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.
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. 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 less than 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 assessed annually for indicators of impairment. As part of this assessment consideration is given to the impact of potential climate change related regulations, capital expenditure or other items. As at the year end no material climate related change matters have been identified. \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 primarily relate to insurance contracts. The value of these contracts is linked to the financial strength of the insurance company. Their financial strength and environmental credentials are reviewed and there was no indication of 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 2024 Annual Report and Accounts. Please see page 94 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. 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. Change in control in investment in Reiss (judgement) In the prior year, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d), resulting in a total shareholding of 51%. Upon review of the Shareholders\u2019 Agreement there were certain operational and financial matters which require joint agreement from all shareholders. Therefore, even though NEXT held 51% of the equity shares, management formed a judgement that it did not have control over Reiss and so it was accounted for as a joint venture. During the current year, NEXT acquired a further interest in the Reiss, increasing our shareholding to 72%. As a result of this acquisition and related changes to the Shareholders\u2019 Agreement, management has now assessed that NEXT has control over Reiss. As a result of the change from significant influence to control, the Group has accounted for this as a step acquisition and have recognised a net gain of \u00a3108.6m within Exceptional Items in the Income Statement. This gain represents the fair value recognised upon remeasurement of the previously held 51% equity interest to Reiss\u2019 acquisition-date fair value.
Defined benefit pension assumptions (estimation)
The assumptions applied in determining the defined benefit pension obligation (Note 21), 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 21. 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 (estimation)
The allowance for ECL (Note 14) 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 29), \u00a394.1m relates to defaulted debt (without significant uncertainty) and \u00a3113.0m is for non defaulted debt, where significant
estimation uncertainty exists. The remainder of the section relates to non defaulted debt. The sensitivities disclosed in this section, while not
individually material, would in total be at or approaching a material impact and hence have been disclosed to aid understanding.
\u2022 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 4.6% in Q2 2024. This weighted view adds \u00a39.6m
to the underlying model ECL. A sensitivity assessment on the unemployment scenarios has been performed by management and the impact of a
significant but plausible change would not be material.
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, along with continued uncertainty surrounding the lasting impacts of the COVID period on household finances.
In order to reflect the underlying risk in the loan book, the following factors have been incorporated into the provision:
1. Recognition of the ongoing risk of an increased ECL for customers who have shown
recent indicators of distress and considered to be at higher risk of default
With consumer prices in the UK still elevated following an extended period of high inflation, along with the continued high interest rate,
disposable income is likely to be constricted as mortgage rate rises continue 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 are modelled
to have a low income, high mortgage repayment or are renting. A further overlay to increase the provision coverage of these customers has
been applied, which forms \u00a325.1m 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.
2. 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, due to Government support and the effect of a relative
increase in household savings over the period, both elements do not represent the underlying risk created by payments returning to normalised
levels. Adjusting the arrears and indebtedness profiles to those recorded based on current data would reduce the ECL by \u00a320m.
\u2022 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.
If the probability of default were to double, this would increase the provision by \u00a332.2m, while significant this is not considered material.
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 (estimation)
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 \u00a37m. A 2% change in the level of markdown applied to the selling price would impact the value of inventories going to clearance by circa \u00a33m.
Impairment of Goodwill and Other Intangible Assets (estimation)
Goodwill is allocated to the cash-generating units (\u2018CGUs\u2019), that are expected to benefit from the business combination from which goodwill was
recognised. Other intangible assets arising on acquisition, such as brand names and customer relationships are also allocated to the same CGUs.
The recoverable amount of an asset or Group CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on
the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset or Group CGU. See Note 11 for further detail.
Fair value of assets and liabilities acquired (estimation)
On acquisition of a controlling interest in Reiss and FatFace, NEXT was required to recognise the identifiable assets and liabilities at their fair value
in accordance with IFRS 3. The key fair value adjustments related to the brand and goodwill values which total more than \u00a30.5bn. In particular the
value of the brands is based on forecast cash flows of the acquired business and assumptions on discount rates. To support this fair value, the Group
obtained external specialist advice to both calculate the fair value and benchmark the resulting valuations against comparable brands. In accordance
with IFRS 3, the Group has 12 months following acquisition to finalise its assessment of the fair value for all identified assets and liabilities.
Key assumptions used in the calculation of the Brand valuations were the sales growth and discount rate. A change in the discount rate applied
of 1%, would impact the valuation of the Reiss brand by approximately \u00a325m and the FatFace brand by \u00a35m which would be significant, but not
material. A change in the sales growth applied in the first 3 years of 2% would not have a significant impact on the brand valuations. Given this is
the first year of acquisition it should be noted that, in absence of any impairment, the corresponding adjustment would be within goodwill.
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 IFRS 17 Insurance Contracts
\u2022 Amendments to IFRS 17
\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12
\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8
\u2022 International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12) \u2013 application of the exception and disclosure of that fact
\u2022 International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12) \u2013 other disclosure requirements
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 76 and 77, 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-544": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-7": { "value": "NEXT plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-2": { "value": "UK based retailer selling beautifully designed, excellent quality clothing, homeware and beauty products which are responsibly sourced and accessibly priced.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-5": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-6": { "value": "Desford Road, Enderby, Leicester LE19 4AT.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-545": { "value": "
Basis of Preparation
The consolidated financial statements of NEXT plc 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 27 January 2024 (last year 52 weeks to 28 January 2023).
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 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
27 January 2024 (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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-602": { "value": "The consolidated financial statements of NEXT plc 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-546": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-547": { "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 28.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-548": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-603": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-549": { "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.
Goods sold through our Retail stores and websites It is the Group\u2019s policy to sell its products to the retail customer with a right to return within 28 days. 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). Service revenue 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. Loyalty programme and gift cards 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 recognised when the customer redeems the gift card. Finance credit interest 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 Royalty income is received from franchisees and is recognised on an accruals basis in accordance with the substance of the relevant agreements. Commission income Where third-party goods are sold on a commission basis, only the commission receivable is included in statutory revenue. To aid comparability, \u201cTotal NEXT sales\u201d are disclosed in the Strategic Report and in Note 1 of the financial statements. Total NEXT sales is an APM used by management and 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-550": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-551": { "value": "Exceptional items For the financial period ended 27 January 2024, the Group has used the term \u2018exceptional items\u2019. The Group exercises judgement in assessing whether items should be classified as exceptional items. This assessment covers the nature of the item, cause of occurrence and scale of impact of that item on the reported performance. In determining whether an item should be presented as exceptional items, the Group considers items which are significant because of either their size or their nature. In order for an item to be presented as exceptional items, it should typically meet at least one of the following criteria: \u2022 It is unusual in nature or outside the normal course of business and significant in value. \u2022 Items directly incurred as a result of either a significant acquisition or a divestment, or arising from a major business change or restructuring programme which of itself has significant impact on the Income Statement. The separate reporting of items, which are presented as exceptional items within the relevant category in the Consolidated Income Statement, helps provide an indication of the Group\u2019s trading performance in the normal course of business. It is also consistent with how management has assessed performance in the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-604": { "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:
\u2022
Freehold and long leasehold property
50 years
\u2022
Plant and equipment
6 \u2013 25 years
\u2022
Leasehold improvements
the period of the lease, or useful life if shorter
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-552": { "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:
\u2022
Freehold and long leasehold property
50 years
\u2022
Plant and equipment
6 \u2013 25 years
\u2022
Leasehold improvements
the period of the lease, or useful life if shorter
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-638": { "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 and 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. 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-605": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-553": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-555": { "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 and 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. 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-606": { "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 8 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 and customer relationships obtained on acquisition which were initially recognised at fair value. They are amortised on a straight-line basis over their expected useful lives of: \u2022 Brand names: 15 \u2013 25 years \u2022 Customer relationships: 5 \u2013 8 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-554": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-608": { "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. The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or a joint venture. When the Group retains an interest in the former associate or a joint venture, the difference between the carrying amount of the associate or a joint venture at the date the equity method was discontinued, and the fair value of its new shareholding is included in the determination of the gain or loss on disposal of the associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-639": { "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. The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or a joint venture. When the Group retains an interest in the former associate or a joint venture, the difference between the carrying amount of the associate or a joint venture at the date the equity method was discontinued, and the fair value of its new shareholding is included in the determination of the gain or loss on disposal of the associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-558": { "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. The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or a joint venture. When the Group retains an interest in the former associate or a joint venture, the difference between the carrying amount of the associate or a joint venture at the date the equity method was discontinued, and the fair value of its new shareholding is included in the determination of the gain or loss on disposal of the associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-607": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-556": { "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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-557": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-559": { "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 instrument\u2019s 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
Call options over non-controlling interests
Fair value through Other Equity
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 14. For details on hedge accounting refer to Note 29. 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 cost of investment, in which case
they are recognised in the cost of investment. Other net gains and losses are recognised in profit
and loss.
Call options over non-controlling interests
These assets are subsequently measured at fair value. Gains and losses are recognised in Other Equity.
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 14. 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:
Corporate bonds
Amortised cost \u2013 designated in hedge relationships
Bank loans and overdrafts
Amortised cost
Trade and other payables
Amortised cost
Put options over non controlling interests
Fair value through Other Equity
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 in Note 29). Accrued interest is included within other creditors and accruals.
Put options over non-
controlling interests
Subsequently measured at fair value. Gains and losses are recognised in Other Equity.
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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-609": { "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 instrument\u2019s 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
Call options over non-controlling interests
Fair value through Other Equity
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 14. For details on hedge accounting refer to Note 29. 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 cost of investment, in which case
they are recognised in the cost of investment. Other net gains and losses are recognised in profit
and loss.
Call options over non-controlling interests
These assets are subsequently measured at fair value. Gains and losses are recognised in Other Equity.
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 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-640": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-641": { "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 14.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-610": { "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:
Corporate bonds
Amortised cost \u2013 designated in hedge relationships
Bank loans and overdrafts
Amortised cost
Trade and other payables
Amortised cost
Put options over non controlling interests
Fair value through Other Equity
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 in Note 29). Accrued interest is included within other creditors and accruals.
Put options over non-
controlling interests
Subsequently measured at fair value. Gains and losses are recognised in Other Equity.
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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-611": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-560": { "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 four risk bands by arrears stage (see Note 29). 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-642": { "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, changes in commodity prices of certain purchases 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, commodity 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 & commodity 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-612": { "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, changes in commodity prices of certain purchases 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, commodity 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 & commodity 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-561": { "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, changes in commodity prices of certain purchases 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, commodity 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 & commodity 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-562": { "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 31 of the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-563": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-564": { "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
Long Term Incentive Plan (\u201cLTIP\u201d) 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-565": { "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.
During the year the Group adopted the amendments to IAS 12 for the first time in the current year. The IASB amends the scope of IAS 12 to clarify
that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published
by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules.
The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither
recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-613": { "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. During the year the Group adopted the amendments to IAS 12 for the first time in the current year. The IASB amends the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-566": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-567": { "value": "
Share issue
The issue of ordinary shares is recognised on its settlement date (i.e. the date the proceeds are received and the shares are issued). Upon issuance,
the shares are recorded at their fair value, being the fair value of the proceeds received. Those proceeds are allocated first to the par value of the
shares (if any), with any excess over par value allocated to share premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-568": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-569": { "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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-570": { "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. 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-571": { "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
less than 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 assessed annually for indicators of impairment.
As part of this assessment consideration is given to the impact of potential climate change related regulations, capital expenditure or other
items. As at the year end no material climate related change matters have been identified.
\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 primarily relate to insurance contracts. The value of these contracts is linked to the financial strength of the
insurance company. Their financial strength and environmental credentials are reviewed and there was no indication of 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 2024
Annual Report and Accounts. Please see page 94 of the Annual Report and Accounts for further detail on our climate change assessment.
", "dimensions": { "concept": "nextplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-572": { "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.
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.
Change in control in investment in Reiss (judgement)
In the prior year, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d), resulting in a total shareholding of
51%. Upon review of the Shareholders\u2019 Agreement there were certain operational and financial matters which require joint agreement from all
shareholders. Therefore, even though NEXT held 51% of the equity shares, management formed a judgement that it did not have control over Reiss
and so it was accounted for as a joint venture.
During the current year, NEXT acquired a further interest in the Reiss, increasing our shareholding to 72%. As a result of this acquisition and related
changes to the Shareholders\u2019 Agreement, management has now assessed that NEXT has control over Reiss.
As a result of the change from significant influence to control, the Group has accounted for this as a step acquisition and have recognised a net
gain of \u00a3108.6m within Exceptional Items in the Income Statement. This gain represents the fair value recognised upon remeasurement of the
previously held 51% equity interest to Reiss\u2019 acquisition-date fair value.
Defined benefit pension assumptions (estimation) The assumptions applied in determining the defined benefit pension obligation (Note 21), 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 21. 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 (estimation) The allowance for ECL (Note 14) 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 29), \u00a394.1m relates to defaulted debt (without significant uncertainty) and \u00a3113.0m is for non defaulted debt, where significant estimation uncertainty exists. The remainder of the section relates to non defaulted debt. The sensitivities disclosed in this section, while not individually material, would in total be at or approaching a material impact and hence have been disclosed to aid understanding. \u2022 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 4.6% in Q2 2024. This weighted view adds \u00a39.6m to the underlying model ECL. A sensitivity assessment on the unemployment scenarios has been performed by management and the impact of a significant but plausible change would not be material. 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, along with continued uncertainty surrounding the lasting impacts of the COVID period on household finances. In order to reflect the underlying risk in the loan book, the following factors have been incorporated into the provision: 1. Recognition of the ongoing risk of an increased ECL for customers who have shown recent indicators of distress and considered to be at higher risk of default With consumer prices in the UK still elevated following an extended period of high inflation, along with the continued high interest rate, disposable income is likely to be constricted as mortgage rate rises continue 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 are modelled to have a low income, high mortgage repayment or are renting. A further overlay to increase the provision coverage of these customers has been applied, which forms \u00a325.1m 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. 2. 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, due to Government support and the effect of a relative increase in household savings over the period, both elements do not represent the underlying risk created by payments returning to normalised levels. Adjusting the arrears and indebtedness profiles to those recorded based on current data would reduce the ECL by \u00a320m. \u2022 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. If the probability of default were to double, this would increase the provision by \u00a332.2m, while significant this is not considered material. 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 (estimation) 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 \u00a37m. A 2% change in the level of markdown applied to the selling price would impact the value of inventories going to clearance by circa \u00a33m. Impairment of Goodwill and Other Intangible Assets (estimation) Goodwill is allocated to the cash-generating units (\u2018CGUs\u2019), that are expected to benefit from the business combination from which goodwill was recognised. Other intangible assets arising on acquisition, such as brand names and customer relationships are also allocated to the same CGUs. The recoverable amount of an asset or Group CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or Group CGU. See Note 11 for further detail. Fair value of assets and liabilities acquired (estimation) On acquisition of a controlling interest in Reiss and FatFace, NEXT was required to recognise the identifiable assets and liabilities at their fair value in accordance with IFRS 3. The key fair value adjustments related to the brand and goodwill values which total more than \u00a30.5bn. In particular the value of the brands is based on forecast cash flows of the acquired business and assumptions on discount rates. To support this fair value, the Group obtained external specialist advice to both calculate the fair value and benchmark the resulting valuations against comparable brands. In accordance with IFRS 3, the Group has 12 months following acquisition to finalise its assessment of the fair value for all identified assets and liabilities. Key assumptions used in the calculation of the Brand valuations were the sales growth and discount rate. A change in the discount rate applied of 1%, would impact the valuation of the Reiss brand by approximately \u00a325m and the FatFace brand by \u00a35m which would be significant, but not material. A change in the sales growth applied in the first 3 years of 2% would not have a significant impact on the brand valuations. Given this is the first year of acquisition it should be noted that, in absence of any impairment, the corresponding adjustment would be within goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-643": { "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. 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. Change in control in investment in Reiss (judgement) In the prior year, NEXT exercised its option to acquire a further 26% indirect interest in Reiss Limited (\u201cReiss\u201d), resulting in a total shareholding of 51%. Upon review of the Shareholders\u2019 Agreement there were certain operational and financial matters which require joint agreement from all shareholders. Therefore, even though NEXT held 51% of the equity shares, management formed a judgement that it did not have control over Reiss and so it was accounted for as a joint venture. During the current year, NEXT acquired a further interest in the Reiss, increasing our shareholding to 72%. As a result of this acquisition and related changes to the Shareholders\u2019 Agreement, management has now assessed that NEXT has control over Reiss. As a result of the change from significant influence to control, the Group has accounted for this as a step acquisition and have recognised a net gain of \u00a3108.6m within Exceptional Items in the Income Statement. This gain represents the fair value recognised upon remeasurement of the previously held 51% equity interest to Reiss\u2019 acquisition-date fair value. Defined benefit pension assumptions (estimation) The assumptions applied in determining the defined benefit pension obligation (Note 21), 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 21. 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 (estimation) The allowance for ECL (Note 14) 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 29), \u00a394.1m relates to defaulted debt (without significant uncertainty) and \u00a3113.0m is for non defaulted debt, where significant estimation uncertainty exists. The remainder of the section relates to non defaulted debt. The sensitivities disclosed in this section, while not individually material, would in total be at or approaching a material impact and hence have been disclosed to aid understanding. \u2022 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 4.6% in Q2 2024. This weighted view adds \u00a39.6m to the underlying model ECL. A sensitivity assessment on the unemployment scenarios has been performed by management and the impact of a significant but plausible change would not be material. 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, along with continued uncertainty surrounding the lasting impacts of the COVID period on household finances. In order to reflect the underlying risk in the loan book, the following factors have been incorporated into the provision: 1. Recognition of the ongoing risk of an increased ECL for customers who have shown recent indicators of distress and considered to be at higher risk of default With consumer prices in the UK still elevated following an extended period of high inflation, along with the continued high interest rate, disposable income is likely to be constricted as mortgage rate rises continue 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 are modelled to have a low income, high mortgage repayment or are renting. A further overlay to increase the provision coverage of these customers has been applied, which forms \u00a325.1m 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. 2. 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, due to Government support and the effect of a relative increase in household savings over the period, both elements do not represent the underlying risk created by payments returning to normalised levels. Adjusting the arrears and indebtedness profiles to those recorded based on current data would reduce the ECL by \u00a320m. \u2022 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. If the probability of default were to double, this would increase the provision by \u00a332.2m, while significant this is not considered material. 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 (estimation) 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 \u00a37m. A 2% change in the level of markdown applied to the selling price would impact the value of inventories going to clearance by circa \u00a33m. Impairment of Goodwill and Other Intangible Assets (estimation) Goodwill is allocated to the cash-generating units (\u2018CGUs\u2019), that are expected to benefit from the business combination from which goodwill was recognised. Other intangible assets arising on acquisition, such as brand names and customer relationships are also allocated to the same CGUs. The recoverable amount of an asset or Group CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or Group CGU. See Note 11 for further detail. Fair value of assets and liabilities acquired (estimation) On acquisition of a controlling interest in Reiss and FatFace, NEXT was required to recognise the identifiable assets and liabilities at their fair value in accordance with IFRS 3. The key fair value adjustments related to the brand and goodwill values which total more than \u00a30.5bn. In particular the value of the brands is based on forecast cash flows of the acquired business and assumptions on discount rates. To support this fair value, the Group obtained external specialist advice to both calculate the fair value and benchmark the resulting valuations against comparable brands. In accordance with IFRS 3, the Group has 12 months following acquisition to finalise its assessment of the fair value for all identified assets and liabilities. Key assumptions used in the calculation of the Brand valuations were the sales growth and discount rate. A change in the discount rate applied of 1%, would impact the valuation of the Reiss brand by approximately \u00a325m and the FatFace brand by \u00a35m which would be significant, but not material. A change in the sales growth applied in the first 3 years of 2% would not have a significant impact on the brand valuations. Given this is the first year of acquisition it should be noted that, in absence of any impairment, the corresponding adjustment would be within goodwill. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-668": { "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 IFRS 17 Insurance Contracts \u2022 Amendments to IFRS 17 \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12) \u2013 application of the exception and disclosure of that fact \u2022 International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12) \u2013 other disclosure requirements 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-573": { "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 IFRS 17 Insurance Contracts \u2022 Amendments to IFRS 17 \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12) \u2013 application of the exception and disclosure of that fact \u2022 International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12) \u2013 other disclosure requirements 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-614": { "value": "The Group has applied the following interpretations and amendments for the first time in these financial statements: \u2022 IFRS 17 Insurance Contracts \u2022 Amendments to IFRS 17 \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12) \u2013 application of the exception and disclosure of that fact \u2022 International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12) \u2013 other disclosure requirements The application of these new interpretations and amendments did not have a material impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-615": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-574": { "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 76 and 77, 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.", "dimensions": { "concept": "nextplc:DisclosureOfAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-575": { "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 Franchise, Sourcing and other segment (previously called \u201cInternational Retail, Sourcing and other\u201d) comprises franchise and our sourcing
business. International online sales are included in the NEXT Online segment. Total Platform represents the sales, profit and related assets from the
Total Platform business which includes Joules, Reiss and FatFace alongside our equity investments. The profits disclosed in this note are all before
exceptional items.
Where third-party branded goods are sold on a commission basis, only the commission receivable is included in statutory revenue. \u201cTotal NEXT
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 NEXT
sales as an important metric in assessing segment performance; accordingly, this is presented below and then reconciled to the statutory revenue.
Restatement
In the prior year, Total Platform sales, as reported within \u201cTotal NEXT sales\u201d, was based on the total goods transaction value and not the statutory
commission basis. For statutory reporting purposes this was adjusted so that the financial statements showed these sales as commission income in
accordance with IFRS 15. This year, \u201cTotal NEXT sales\u201d used in the CEO report has changed so that it now shows these sales on a commission basis.
Therefore no adjustment is required to show these on a statutory basis. This change is reflected in the prior year comparatives within this note.
The change had no impact on statutory sales or profit.
In addition, sales in the Joules segment have now been transferred and included within the Total Platform segment. These changes had no impact
on Statutory revenue or statutory profit.
Segment sales and revenue
52 weeks to 27 January 2024
Total NEXT Revenue
sales from acquired Commission Other Total
excluding businesses sales IFRS 15 External Internal segment
VAT
and brands
*
adjustment adjustments revenue revenue revenue
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
3,159.7
\u2013
(334.6)
76.3
2,901.4
10.5
2,911.9
NEXT Retail
1,864.9
\u2013
(22.5)
1.3
1,843.7
0.9
1,844.6
NEXT Finance
292.7
\u2013
\u2013
\u2013
292.7
\u2013
292.7
Total NEXT Trading Sales
5,317.3
\u2013
(357.1)
77.6
5,037.8
11.4
5,049.2
Total Platform
52.5
308.5
\u2013
2.8
363.8
\u2013
363.8
Property Management
21.5
\u2013
\u2013
\u2013
21.5
170.9
192.4
Franchise, Sourcing and other
67.9
\u2013
\u2013
\u2013
67.9
475.9
543.8
Total NEXT Sales
5,459.2
308.5
(357.1)
80.4
5,491.0
658.2
6,149.2
Eliminations
\u2013
\u2013
\u2013
\u2013
\u2013
(658.2)
(658.2)
Total
5,459.2
308.5
(357.1)
80.4
5,491.0
\u2013
5,491.0
* This relates to sales generated from Joules, Reiss and FatFace who retail through websites other than next.co.uk and their own store portfolio. It also includes revenue from Made.
com, an acquired brand which is 100% owned.
52 weeks to 28 January 2023 \u2013 Restated
Total NEXT Revenue
sales from acquired Commission Other Total
excluding businesses sales IFRS 15 External Internal segment
VAT
and brands
*
adjustment adjustments revenue revenue revenue
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
3,006.6
\u2013
(329.2)
66.2
2,743.6
0.6
2,744.2
NEXT Retail
1,865.1
\u2013
(17.1)
1.1
1,849.1
0.4
1,849.5
NEXT Finance
274.4
\u2013
\u2013
\u2013
274.4
\u2013
274.4
Total NEXT Trading Sales
5,146.1
\u2013
(346.3)
67.3
4,867.1
1.0
4,868.1
Total Platform
40.1
35.6
\u2013
\u2013
75.7
\u2013
75.7
Property Management
18.9
\u2013
\u2013
\u2013
18.9
156.1
175.0
Franchise, Sourcing and other
72.3
\u2013
\u2013
\u2013
72.3
530.2
602.5
Total NEXT Sales
5,277.4
35.6
(346.3)
67.3
5,034.0
687.3
5,721.3
Eliminations
\u2013
\u2013
\u2013
\u2013
\u2013
(687.3)
(687.3)
Total
5,277.4
35.6
(346.3)
67.3
5,034.0
\u2013
5,034.0
* This relates to sales generated from Joules, Reiss and FatFace who retail through websites other than next.co.uk and their own store portfolio. It also includes revenue from
Made.com, an acquired brand which is 100% owned.
Included within external revenue is \u00a3134.4m (2023: \u00a3123.7m) related to sales made through the redemption of gift cards.
Segment profit
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.
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
NEXT Online
517.1
467.3
NEXT Retail
244.7
240.5
NEXT Finance
163.4
170.5
Profit from Trading
925.2
878.3
Total Platform
31.2
15.2
Property Management
1.7
37.0
Franchise, Sourcing and wholesale
33.2
28.1
Total segment profit
991.3
958.6
Central and other costs
(53.7)
(51.5)
Recharge of interest
50.3
34.4
Operating profit
987.9
941.5
Exceptional items
108.6
\u2013
Finance income
6.8
5.7
Finance costs
(87.5)
(77.9)
Profit before tax
1,015.8
869.3
1
2
3
4
1. Total Platform (TP) includes NEXT\u2019s share of profits from its investments in associates and joint ventures. It also includes the profits from our TP subsidiaries (Joules, FatFace and
Reiss). It excludes the non recurring TP implementation costs for Joules and FatFace which, as noted below, are reported within Central and Other costs. In the prior year, the results
for Joules were shown as its own segment but have now been included within Total Platform. This had no change in the profit before tax.
The Total Platform segment within the CEO Review excludes (1) the operating profit of the non controlling interest of \u00a32.6m (2023: loss of \u00a31.1m) and (2) brand and customer
relationship amortisation (both owned brands and those included within our associate and joint venture investments) of \u00a39.8m (2023: \u00a34.3m).
2. Franchise, Sourcing and Other includes Franchise and Wholesale of \u00a35.8m and Sourcing of \u00a327.4m. Note that Sourcing is shown within \u201cCentral costs, FX, Sourcing and Other\u201d in
the CEO Review Summary of Group Profit by Division. It is then analysed further within Other Business Activities within the CEO Review.
3. Central and other costs include (1) Central costs and other of \u00a318.5m (2023: \u00a310.3m), (2) Share option charge of \u00a331.9m (2023: \u00a324.9m) and (3) unrealised foreign exchange gains of
\u00a312.3m (2023: loss of \u00a316.3m). This segment also includes 100% of the non-recurring TP implementation costs associated with Joules and FatFace of \u00a315.6m (2023: \u00a3nil) (whereas
the CEO Review excludes the non controlling interest element).
4. Recharge of interest: In the current year, the recharge of interest of \u00a350.3m includes \u00a32.5m of interest that has been reallocated to Total Platform. The remaining element is the
cost of funding relating to the Finance segment.
Segment assets, capital expenditure and depreciation
Property, plant, equipment
and software
Right-of-use Capital expenditure Depreciation and
assets inc. software amortisation
2024 2023 2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
481.3
445.1
153.1
132.8
86.8
144.9
54.7
46.8
NEXT Retail
210.6
205.7
488.7
521.0
73.7
63.6
163.1
168.0
NEXT Finance
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total Platform
24.0
8.3
90.0
\u2013
5.4
0.5
28.4
1.1
Property Management
53.3
55.6
\u2013
5.3
36.7
38.5
\u2013
0.3
Franchise, Sourcing
and other
1.9
1.5
2.8
2.9
1.0
0.6
2.6
3.8
Total
771.1
716.2
734.6
662.0
203.6
248.1
248.8
220.0
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. Depreciation and amortisation includes depreciation from
property, plant and equipment and right-of-use assets, as well as amortisation of brands, customer relationships and software.
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.
2024 2023
External revenue by geographical location \u00a3m \u00a3m
United Kingdom
4,600.6
4,290.7
Rest of Europe
521.9
415.3
Middle East
255.0
235.6
Asia
41.9
48.5
Rest of World
71.6
43.9
Total
5,491.0
5,034.0
2024 2023
Non-current assets by geographical location \u00a3m \u00a3m
United Kingdom
1,408.9
746.6
Rest of Europe
3.5
3.5
Middle East
4.3
4.3
Asia
28.0
27.5
Total
1,444.7
781.9
For the geographical split of non current assets all of the brand and goodwill has been allocated to the United Kingdom segment.
2024 2023
Right-of-use assets by geographical location \u00a3m \u00a3m
United Kingdom
704.3
637.0
Rest of Europe
21.6
22.1
Asia
2.8
2.9
Other
5.9
\u2013
Total
734.6
662.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-616": { "value": "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.
2024 2023
External revenue by geographical location \u00a3m \u00a3m
United Kingdom
4,600.6
4,290.7
Rest of Europe
521.9
415.3
Middle East
255.0
235.6
Asia
41.9
48.5
Rest of World
71.6
43.9
Total
5,491.0
5,034.0
2024 2023
Non-current assets by geographical location \u00a3m \u00a3m
United Kingdom
1,408.9
746.6
Rest of Europe
3.5
3.5
Middle East
4.3
4.3
Asia
28.0
27.5
Total
1,444.7
781.9
For the geographical split of non current assets all of the brand and goodwill has been allocated to the United Kingdom segment.
2024 2023
Right-of-use assets by geographical location \u00a3m \u00a3m
United Kingdom
704.3
637.0
Rest of Europe
21.6
22.1
Asia
2.8
2.9
Other
5.9
\u2013
Total
734.6
662.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-577": { "value": "
2.\u2002Revenue
The Group\u2019s disaggregated revenue recognised under contracts with customers relates to the following categories and operating segments:
52 weeks to 27 January 2024
Credit account Rental Service
Sale of goods interest Royalties income income Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
2,901.4
\u2013
\u2013
\u2013
\u2013
2,901.4
NEXT Retail
1,843.7
\u2013
\u2013
\u2013
\u2013
1,843.7
NEXT Finance
\u2013
292.7
\u2013
\u2013
\u2013
292.7
Total Platform
346.7
\u2013
\u2013
\u2013
17.1
363.8
Property Management
\u2013
\u2013
\u2013
21.5
\u2013
21.5
Franchise, Sourcing and other
58.1
\u2013
9.8
\u2013
\u2013
67.9
Total
5,149.9
292.7
9.8
21.5
17.1
5,491.0
52 weeks to 28 January 2023
Credit account Rental Service
Sale of goods interest Royalties income income Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
2,743.6
\u2013
\u2013
\u2013
\u2013
2,743.6
NEXT Retail
1,849.1
\u2013
\u2013
\u2013
\u2013
1,849.1
NEXT Finance
\u2013
274.4
\u2013
\u2013
\u2013
274.4
Total Platform
60.2
\u2013
\u2013
\u2013
15.5
75.7
Property Management
\u2013
\u2013
\u2013
18.9
\u2013
18.9
Franchise, 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
Note that sales in the Joules segment have now been included within the overall Total Platform segment. These changes had no impact on
Statutory revenue.
In the current year Service income of \u00a317.1m excludes the value of Total Platform services to our controlled entities Joules and Reiss (from the point
of acquisition). In the CEO these sales are reported within the Total Platform segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-618": { "value": "2.\u2002Revenue The Group\u2019s disaggregated revenue recognised under contracts with customers relates to the following categories and operating segments:
52 weeks to 27 January 2024
Credit account Rental Service
Sale of goods interest Royalties income income Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
2,901.4
\u2013
\u2013
\u2013
\u2013
2,901.4
NEXT Retail
1,843.7
\u2013
\u2013
\u2013
\u2013
1,843.7
NEXT Finance
\u2013
292.7
\u2013
\u2013
\u2013
292.7
Total Platform
346.7
\u2013
\u2013
\u2013
17.1
363.8
Property Management
\u2013
\u2013
\u2013
21.5
\u2013
21.5
Franchise, Sourcing and other
58.1
\u2013
9.8
\u2013
\u2013
67.9
Total
5,149.9
292.7
9.8
21.5
17.1
5,491.0
52 weeks to 28 January 2023
Credit account Rental Service
Sale of goods interest Royalties income income Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
2,743.6
\u2013
\u2013
\u2013
\u2013
2,743.6
NEXT Retail
1,849.1
\u2013
\u2013
\u2013
\u2013
1,849.1
NEXT Finance
\u2013
274.4
\u2013
\u2013
\u2013
274.4
Total Platform
60.2
\u2013
\u2013
\u2013
15.5
75.7
Property Management
\u2013
\u2013
\u2013
18.9
\u2013
18.9
Franchise, 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
Note that sales in the Joules segment have now been included within the overall Total Platform segment. These changes had no impact on Statutory revenue. In the current year Service income of \u00a317.1m excludes the value of Total Platform services to our controlled entities Joules and Reiss (from the point of acquisition). In the CEO these sales are reported within the Total Platform segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-576": { "value": "
3.\u2002Operating Profit
Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Depreciation on property, plant and equipment
94.9
100.5
Depreciation on right-of-use assets
117.7
107.6
Loss on disposal of property, plant and equipment
0.7
0.5
Gain on sale and leasebacks
(1.6)
(17.7)
Impairment charge/(reversal) on property, plant and equipment
1.7
(2.7)
Reversal of impairment on right-of-use assets
(5.9)
(34.9)
Amortisation and impairment of intangible assets (excluding software)
8.3
0.4
Amortisation, impairment and loss on software
30.1
12.1
Gain on lease modifications, early exit and reassessed lease term
(2.5)
(1.4)
(Gain)/loss on financial instruments
(12.3)
16.3
Cost of inventories recognised as an expense
1,809.2
1,785.4
Write-down of inventories to net realisable value
125.8
152.4
Total
1,935.0
1,937.8
The Group has reviewed its store impairment models following identification of impairment triggers (principally being a significant change in sales
or cost base). As a result, where stores have performed significantly better than expected a net reversal of amounts previously impaired has been
recognised of \u00a35.9m (2023: \u00a334.9m) on right-of-use assets. Separately, there was a review of technological assets during the year which has partly
resulted in an additional impairment charge of \u00a31.7m (2023: \u00a32.7m reversal) on plant, property and equipment.
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.
Gains on financial instruments of \u00a312.3m (2023: losses of \u00a316.3m) relate to derivative contracts which do not qualify for hedge accounting under
IFRS 9. Other foreign exchange gains of \u00a313.7m (2023: \u00a39.6m) were also recognised in the Income Statement.
During the year the Group obtained the following services from the Company\u2019s auditor and its associates, including expenses:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Audit of the financial statements
1,473
1,212
Audit of subsidiaries
1,251
110
Total audit fees
2,724
1,322
Tax compliance services
193
\u2013
Tax advisory services
57
\u2013
Other assurance services
99
106
Total
3,073
1,428
The year on year increase in audit fees from \u00a31.3m to \u00a32.7m is mainly driven by the acquisition of Reiss and FatFace. These acquisitions resulted in
one off audit work on the opening balance sheet of \u00a30.6m and a recurring fee for the local audit of \u00a30.8m.
Non audit services totalled \u00a3349,000 in the year. This work included tax services which were initiated by Reiss and FatFace prior to acquisition.
In accordance with regulatory requirements these non audit services provided to Reiss and FatFace were completed within 3 months of acquisition.
Other assurance services relate to work on Corporate Responsibility reporting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-663": { "value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Depreciation on property, plant and equipment
94.9
100.5
Depreciation on right-of-use assets
117.7
107.6
Loss on disposal of property, plant and equipment
0.7
0.5
Gain on sale and leasebacks
(1.6)
(17.7)
Impairment charge/(reversal) on property, plant and equipment
1.7
(2.7)
Reversal of impairment on right-of-use assets
(5.9)
(34.9)
Amortisation and impairment of intangible assets (excluding software)
8.3
0.4
Amortisation, impairment and loss on software
30.1
12.1
Gain on lease modifications, early exit and reassessed lease term
(2.5)
(1.4)
(Gain)/loss on financial instruments
(12.3)
16.3
Cost of inventories recognised as an expense
1,809.2
1,785.4
Write-down of inventories to net realisable value
125.8
152.4
Total
1,935.0
1,937.8
The Group has reviewed its store impairment models following identification of impairment triggers (principally being a significant change in sales or cost base). As a result, where stores have performed significantly better than expected a net reversal of amounts previously impaired has been recognised of \u00a35.9m (2023: \u00a334.9m) on right-of-use assets. Separately, there was a review of technological assets during the year which has partly resulted in an additional impairment charge of \u00a31.7m (2023: \u00a32.7m reversal) on plant, property and equipment. 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. Gains on financial instruments of \u00a312.3m (2023: losses of \u00a316.3m) relate to derivative contracts which do not qualify for hedge accounting under IFRS 9. Other foreign exchange gains of \u00a313.7m (2023: \u00a39.6m) were also recognised in the Income Statement. During the year the Group obtained the following services from the Company\u2019s auditor and its associates, including expenses:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Audit of the financial statements
1,473
1,212
Audit of subsidiaries
1,251
110
Total audit fees
2,724
1,322
Tax compliance services
193
\u2013
Tax advisory services
57
\u2013
Other assurance services
99
106
Total
3,073
1,428
The year on year increase in audit fees from \u00a31.3m to \u00a32.7m is mainly driven by the acquisition of Reiss and FatFace. These acquisitions resulted in one off audit work on the opening balance sheet of \u00a30.6m and a recurring fee for the local audit of \u00a30.8m. Non audit services totalled \u00a3349,000 in the year. This work included tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these non audit services provided to Reiss and FatFace were completed within 3 months of acquisition. Other assurance services relate to work on Corporate Responsibility reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-655": { "value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Depreciation on property, plant and equipment
94.9
100.5
Depreciation on right-of-use assets
117.7
107.6
Loss on disposal of property, plant and equipment
0.7
0.5
Gain on sale and leasebacks
(1.6)
(17.7)
Impairment charge/(reversal) on property, plant and equipment
1.7
(2.7)
Reversal of impairment on right-of-use assets
(5.9)
(34.9)
Amortisation and impairment of intangible assets (excluding software)
8.3
0.4
Amortisation, impairment and loss on software
30.1
12.1
Gain on lease modifications, early exit and reassessed lease term
(2.5)
(1.4)
(Gain)/loss on financial instruments
(12.3)
16.3
Cost of inventories recognised as an expense
1,809.2
1,785.4
Write-down of inventories to net realisable value
125.8
152.4
Total
1,935.0
1,937.8
The Group has reviewed its store impairment models following identification of impairment triggers (principally being a significant change in sales or cost base). As a result, where stores have performed significantly better than expected a net reversal of amounts previously impaired has been recognised of \u00a35.9m (2023: \u00a334.9m) on right-of-use assets. Separately, there was a review of technological assets during the year which has partly resulted in an additional impairment charge of \u00a31.7m (2023: \u00a32.7m reversal) on plant, property and equipment. 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. Gains on financial instruments of \u00a312.3m (2023: losses of \u00a316.3m) relate to derivative contracts which do not qualify for hedge accounting under IFRS 9. Other foreign exchange gains of \u00a313.7m (2023: \u00a39.6m) were also recognised in the Income Statement. During the year the Group obtained the following services from the Company\u2019s auditor and its associates, including expenses:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Audit of the financial statements
1,473
1,212
Audit of subsidiaries
1,251
110
Total audit fees
2,724
1,322
Tax compliance services
193
\u2013
Tax advisory services
57
\u2013
Other assurance services
99
106
Total
3,073
1,428
The year on year increase in audit fees from \u00a31.3m to \u00a32.7m is mainly driven by the acquisition of Reiss and FatFace. These acquisitions resulted in one off audit work on the opening balance sheet of \u00a30.6m and a recurring fee for the local audit of \u00a30.8m. Non audit services totalled \u00a3349,000 in the year. This work included tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these non audit services provided to Reiss and FatFace were completed within 3 months of acquisition. Other assurance services relate to work on Corporate Responsibility reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-644": { "value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Depreciation on property, plant and equipment
94.9
100.5
Depreciation on right-of-use assets
117.7
107.6
Loss on disposal of property, plant and equipment
0.7
0.5
Gain on sale and leasebacks
(1.6)
(17.7)
Impairment charge/(reversal) on property, plant and equipment
1.7
(2.7)
Reversal of impairment on right-of-use assets
(5.9)
(34.9)
Amortisation and impairment of intangible assets (excluding software)
8.3
0.4
Amortisation, impairment and loss on software
30.1
12.1
Gain on lease modifications, early exit and reassessed lease term
(2.5)
(1.4)
(Gain)/loss on financial instruments
(12.3)
16.3
Cost of inventories recognised as an expense
1,809.2
1,785.4
Write-down of inventories to net realisable value
125.8
152.4
Total
1,935.0
1,937.8
The Group has reviewed its store impairment models following identification of impairment triggers (principally being a significant change in sales or cost base). As a result, where stores have performed significantly better than expected a net reversal of amounts previously impaired has been recognised of \u00a35.9m (2023: \u00a334.9m) on right-of-use assets. Separately, there was a review of technological assets during the year which has partly resulted in an additional impairment charge of \u00a31.7m (2023: \u00a32.7m reversal) on plant, property and equipment. 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. Gains on financial instruments of \u00a312.3m (2023: losses of \u00a316.3m) relate to derivative contracts which do not qualify for hedge accounting under IFRS 9. Other foreign exchange gains of \u00a313.7m (2023: \u00a39.6m) were also recognised in the Income Statement. During the year the Group obtained the following services from the Company\u2019s auditor and its associates, including expenses:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Audit of the financial statements
1,473
1,212
Audit of subsidiaries
1,251
110
Total audit fees
2,724
1,322
Tax compliance services
193
\u2013
Tax advisory services
57
\u2013
Other assurance services
99
106
Total
3,073
1,428
The year on year increase in audit fees from \u00a31.3m to \u00a32.7m is mainly driven by the acquisition of Reiss and FatFace. These acquisitions resulted in one off audit work on the opening balance sheet of \u00a30.6m and a recurring fee for the local audit of \u00a30.8m. Non audit services totalled \u00a3349,000 in the year. This work included tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these non audit services provided to Reiss and FatFace were completed within 3 months of acquisition. Other assurance services relate to work on Corporate Responsibility reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-617": { "value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Depreciation on property, plant and equipment
94.9
100.5
Depreciation on right-of-use assets
117.7
107.6
Loss on disposal of property, plant and equipment
0.7
0.5
Gain on sale and leasebacks
(1.6)
(17.7)
Impairment charge/(reversal) on property, plant and equipment
1.7
(2.7)
Reversal of impairment on right-of-use assets
(5.9)
(34.9)
Amortisation and impairment of intangible assets (excluding software)
8.3
0.4
Amortisation, impairment and loss on software
30.1
12.1
Gain on lease modifications, early exit and reassessed lease term
(2.5)
(1.4)
(Gain)/loss on financial instruments
(12.3)
16.3
Cost of inventories recognised as an expense
1,809.2
1,785.4
Write-down of inventories to net realisable value
125.8
152.4
Total
1,935.0
1,937.8
The Group has reviewed its store impairment models following identification of impairment triggers (principally being a significant change in sales or cost base). As a result, where stores have performed significantly better than expected a net reversal of amounts previously impaired has been recognised of \u00a35.9m (2023: \u00a334.9m) on right-of-use assets. Separately, there was a review of technological assets during the year which has partly resulted in an additional impairment charge of \u00a31.7m (2023: \u00a32.7m reversal) on plant, property and equipment. 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. Gains on financial instruments of \u00a312.3m (2023: losses of \u00a316.3m) relate to derivative contracts which do not qualify for hedge accounting under IFRS 9. Other foreign exchange gains of \u00a313.7m (2023: \u00a39.6m) were also recognised in the Income Statement. During the year the Group obtained the following services from the Company\u2019s auditor and its associates, including expenses:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Audit of the financial statements
1,473
1,212
Audit of subsidiaries
1,251
110
Total audit fees
2,724
1,322
Tax compliance services
193
\u2013
Tax advisory services
57
\u2013
Other assurance services
99
106
Total
3,073
1,428
The year on year increase in audit fees from \u00a31.3m to \u00a32.7m is mainly driven by the acquisition of Reiss and FatFace. These acquisitions resulted in one off audit work on the opening balance sheet of \u00a30.6m and a recurring fee for the local audit of \u00a30.8m. Non audit services totalled \u00a3349,000 in the year. This work included tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these non audit services provided to Reiss and FatFace were completed within 3 months of acquisition. Other assurance services relate to work on Corporate Responsibility reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-666": { "value": "During the year the Group obtained the following services from the Company\u2019s auditor and its associates, including expenses:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3000 \u00a3000
Auditors\u2019 remuneration
Audit of the financial statements
1,473
1,212
Audit of subsidiaries
1,251
110
Total audit fees
2,724
1,322
Tax compliance services
193
\u2013
Tax advisory services
57
\u2013
Other assurance services
99
106
Total
3,073
1,428
The year on year increase in audit fees from \u00a31.3m to \u00a32.7m is mainly driven by the acquisition of Reiss and FatFace. These acquisitions resulted in one off audit work on the opening balance sheet of \u00a30.6m and a recurring fee for the local audit of \u00a30.8m. Non audit services totalled \u00a3349,000 in the year. This work included tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these non audit services provided to Reiss and FatFace were completed within 3 months of acquisition. Other assurance services relate to work on Corporate Responsibility reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-578": { "value": "
4.\u2002Staff Costs and Key Management Personnel
Total staff costs were as follows:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Wages and salaries
907.4
772.3
Social security costs
72.6
62.3
Other pension costs
42.1
43.7
1,022.1
878.3
Share-based payment expense \u2013 equity settled
31.5
24.3
Share-based payment expense \u2013 cash settled
0.2
\u2013
Total
1,053.8
902.6
Share-based payments comprise Management, Sharesave and Share Matching Plan options and LTIP share awards, details of which are given in
Note 25.
Total staff costs by business sector were made up as follows:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
NEXT Online, Retail and Finance
952.1
857.3
NEXT Franchise and Sourcing
34.8
30.5
Total Platform
54.5
4.9
Other activities
12.4
9.9
Total
1,053.8
902.6
Average employees
Full-time equivalents
2024 2023 2024 2023
Number Number Number Number
NEXT Online, Retail and Finance
42,272
42,168
26,741
27,889
NEXT Franchise and Sourcing
3,749
4,224
3,749
4,224
Total Platform
2,313
241
1,381
140
Other activities
83
77
76
71
Total
48,417
46,710
31,947
32,324
Included within \u201cTotal Platform\u201d staff costs and employee numbers are the Reiss, Joules and FatFace subsidiaries.
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 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
7.5
5.1
Share-based payments
2.9
2.8
Total
10.4
7.9
Directors\u2019 remuneration is detailed in the Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-619": { "value": "4.\u2002Staff Costs and Key Management Personnel Total staff costs were as follows:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Wages and salaries
907.4
772.3
Social security costs
72.6
62.3
Other pension costs
42.1
43.7
1,022.1
878.3
Share-based payment expense \u2013 equity settled
31.5
24.3
Share-based payment expense \u2013 cash settled
0.2
\u2013
Total
1,053.8
902.6
Share-based payments comprise Management, Sharesave and Share Matching Plan options and LTIP share awards, details of which are given in Note 25. Total staff costs by business sector were made up as follows:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
NEXT Online, Retail and Finance
952.1
857.3
NEXT Franchise and Sourcing
34.8
30.5
Total Platform
54.5
4.9
Other activities
12.4
9.9
Total
1,053.8
902.6
Average employees
Full-time equivalents
2024 2023 2024 2023
Number Number Number Number
NEXT Online, Retail and Finance
42,272
42,168
26,741
27,889
NEXT Franchise and Sourcing
3,749
4,224
3,749
4,224
Total Platform
2,313
241
1,381
140
Other activities
83
77
76
71
Total
48,417
46,710
31,947
32,324
Included within \u201cTotal Platform\u201d staff costs and employee numbers are the Reiss, Joules and FatFace subsidiaries. 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 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
7.5
5.1
Share-based payments
2.9
2.8
Total
10.4
7.9
Directors\u2019 remuneration is detailed in the Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-579": { "value": "
5.\u2002Finance Income and Costs
52 weeks to
52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Interest on bank deposits
2.5
0.1
Other interest receivable
4.3
5.6
Finance income
6.8
5.7
Interest on bonds and other borrowings
39.1
29.8
Discount unwind
0.5
0.8
Finance costs on lease liability
47.9
47.3
Finance costs
87.5
77.9
Other interest receivable includes interest income on preference shares of \u00a33.4m (2023: \u00a34.8m) 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-667": { "value": "5.\u2002Finance Income and Costs 52 weeks to
52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Interest on bank deposits
2.5
0.1
Other interest receivable
4.3
5.6
Finance income
6.8
5.7
Interest on bonds and other borrowings
39.1
29.8
Discount unwind
0.5
0.8
Finance costs on lease liability
47.9
47.3
Finance costs
87.5
77.9
Other interest receivable includes interest income on preference shares of \u00a33.4m (2023: \u00a34.8m) and amounts accrued on loans to associates and joint ventures. Online account interest is presented as a component of revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-664": { "value": "5.\u2002Finance Income and Costs 52 weeks to
52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Interest on bank deposits
2.5
0.1
Other interest receivable
4.3
5.6
Finance income
6.8
5.7
Interest on bonds and other borrowings
39.1
29.8
Discount unwind
0.5
0.8
Finance costs on lease liability
47.9
47.3
Finance costs
87.5
77.9
Other interest receivable includes interest income on preference shares of \u00a33.4m (2023: \u00a34.8m) and amounts accrued on loans to associates and joint ventures. Online account interest is presented as a component of revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-656": { "value": "5.\u2002Finance Income and Costs 52 weeks to
52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Interest on bank deposits
2.5
0.1
Other interest receivable
4.3
5.6
Finance income
6.8
5.7
Interest on bonds and other borrowings
39.1
29.8
Discount unwind
0.5
0.8
Finance costs on lease liability
47.9
47.3
Finance costs
87.5
77.9
Other interest receivable includes interest income on preference shares of \u00a33.4m (2023: \u00a34.8m) and amounts accrued on loans to associates and joint ventures. Online account interest is presented as a component of revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-645": { "value": "5.\u2002Finance Income and Costs 52 weeks to
52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Interest on bank deposits
2.5
0.1
Other interest receivable
4.3
5.6
Finance income
6.8
5.7
Interest on bonds and other borrowings
39.1
29.8
Discount unwind
0.5
0.8
Finance costs on lease liability
47.9
47.3
Finance costs
87.5
77.9
Other interest receivable includes interest income on preference shares of \u00a33.4m (2023: \u00a34.8m) 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-620": { "value": "5.\u2002Finance Income and Costs 52 weeks to
52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Interest on bank deposits
2.5
0.1
Other interest receivable
4.3
5.6
Finance income
6.8
5.7
Interest on bonds and other borrowings
39.1
29.8
Discount unwind
0.5
0.8
Finance costs on lease liability
47.9
47.3
Finance costs
87.5
77.9
Other interest receivable includes interest income on preference shares of \u00a33.4m (2023: \u00a34.8m) 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-580": { "value": "6.\u2002Exceptional Items For the financial period ended 27 January 2024, the Group has used the term \u2018exceptional items\u2019. In determining whether an item should be presented as exceptional items, the Group considers items which are significant because of either their size or their nature. In order for an item to be presented as exceptional items, it should typically meet at least one of the following criteria: \u2022 It is unusual in nature or outside the normal course of business and significant in value. \u2022 Items directly incurred as a result of either a significant acquisition or a divestment, or arising from a major business change or restructuring programme which of itself has significant impact on the Income Statement. The separate reporting of items, which are presented as exceptional items within the relevant category in the Consolidated Income Statement, helps provide an indication of the Group\u2019s trading performance in the normal course of business. It is also consistent with how management has assessed performance in the period.
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
\u2013 Exceptional gain on acquisition of subsidiary previously presented as a joint venture
110.1
\u2013
\u2013 One-off costs associated with Reiss acquisition
(1.5)
\u2013
Exceptional items
108.6 \u2013
1 2 1. An exceptional gain has been recognised on the step-acquisition of Reiss which equates to the fair value of our joint venture shareholding less the carrying value as at the date of the step-acquisition. 2. These one-off costs relate to professional fees associated with the step-acquisition of Reiss", "dimensions": { "concept": "nextplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-581": { "value": "
7.\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 207.
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Current tax:
Current tax on profits for the year
191.5
137.9
Adjustments in respect of prior years
11.5
17.7
Total current tax
203.0
155.6
Deferred tax:
Origination and reversal of temporary differences
28.6
17.7
Adjustments in respect of prior years
(16.3)
(14.7)
Total deferred tax
12.3
3.0
Tax expense reported in the Consolidated Income Statement
215.3
158.6
The adjustments in respect of prior years relate to the correction of capital gains tax on property disposals and the true-up of deferred tax balances
related to IFRS 16 leases. The prior year adjustments in 2023 related to timing on the recognition of amounts claimed as capital allowances.
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 52 weeks to
27 January 28 January
2024 2023
% %
UK corporation tax rate
24.0
19.0
Non\u2013taxable income
(3.2)
(0.5)
Non deductible expenses
1.0
0.6
Capital losses utilised
\u2013
(0.2)
Overseas tax
(0.6)
(0.6)
Adjustments in respect of prior years
(0.4)
0.4
Tax losses for which no deferred tax is recognised
0.4
\u2013
Benefit as a result of capital allowance 130% deduction
\u2013
(0.4)
Statutory effective tax rate
21.2
18.3
Non-taxable exceptional income
2.5
\u2013
Effective tax rate before exceptionals
23.7
18.3
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 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Deferred tax:
Pension benefit obligation
(25.9)
0.1
Fair value movements on derivative instruments
0.2
19.7
Tax charge in other comprehensive income
(25.7)
19.8
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Current tax:
Share-based payments
(6.7)
(1.2)
Deferred tax:
Fair value movements on derivative instruments
1.8
(30.1)
Share-based payments
(6.7)
5.4
Total tax credit in the Statement of Changes in Equity
(11.6)
(25.9)
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 Derivatives Pension Share- Other
Brand and capital to fair benefit based IFRS 16 temporary
goodwill allowances value obligation payments leases differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 29 January 2022
\u2013
8.5
(6.6)
(36.2)
21.1
36.2
11.0
34.0
Recognised in:
\u2013 Income Statement
\u2013
(2.5)
4.1
(1.5)
0.8
(2.6)
(1.3)
(3.0)
\u2013 Other Comprehensive
Income
\u2013
\u2013
(19.7)
(0.1)
\u2013
\u2013
\u2013
(19.8)
\u2013 Statement of Changes
in Equity
\u2013
\u2013
30.1
\u2013
(5.4)
\u2013
\u2013
24.7
Acquisition of subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.6)
(2.6)
At 28 January 2023
\u2013
6.0
7.9
(37.8)
16.5
33.6
7.1
33.3
Recognised in:
\u2013 Income Statement
1.6
(24.2)
(3.0)
(2.8)
3.1
7.8
5.2
(12.3)
\u2013 Other Comprehensive
Income
\u2013
\u2013
(0.2)
25.9
\u2013
\u2013
\u2013
25.7
\u2013 Statement of Changes
in Equity
\u2013
\u2013
(1.8)
\u2013
6.7
\u2013
\u2013
4.9
Acquisition of subsidiary
(111.0)
2.0
\u2013
\u2013
\u2013
1.2
8.1
(99.7)
At 27 January 2024
(109.4)
(16.2)
2.9
(14.7)
26.3
42.6
20.4
(48.1)
The deferred tax asset of \u00a342.6m in relation to IFRS 16 leases primarily relates to the transitional adjustment arising from the initial implementation
of IFRS 16. It also contains a deferred tax liability of \u00a38.6m and a deferred tax asset of \u00a38.7m in relation to the acquisition accounting of deferred
tax on right-of-use assets and the associated lease liability.
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 Deferred tax Gross value Deferred tax
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trading losses
14.3
3.6
\u2013
\u2013
Capital losses
\u2013
\u2013
18.6
4.7
The benefit of unrecognised capital losses will only accrue if taxable profits are realised on future disposals of the Group\u2019s capital assets. The trading
losses have not been recognised and do not expire.
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. Effective from
April 2023, the UK headline corporation tax rate increased from 19% to 25%. Deferred tax balances have been measured at the headline rate of
25%. As a result, deferred tax balances have been measured at the rate at which they are expected to unwind in the future.
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.
As part of the Organisation for Economic Co-operation and Development (OECD)/G20 Base Erosion and Profit Shifting (BEPS) project, the OECD
has introduced the Pillar Two model rules. The Group is within the scope of these OECD Pillar Two model rules. Pillar Two legislation was enacted
in the United Kingdom, the jurisdiction in which NEXT Plc is incorporated, and will come into effect from 1 January 2024. Since the Pillar Two
legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognising
and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12
issued in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between their Global Anti-base Erosion Rules
(GloBE) effective tax rate per jurisdiction and the 15% minimum rate. Pillar Two Income Taxes could be payable in the UK, or the local jurisdiction if
it has introduced a Qualifying Domestic Minimum top-up Tax.
The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes under UK legislation. This assessment is
based on a combination of tax filings for the 2022 and 2023 financial years, country-by-country reporting for 2022 and financial statements for
constituent entities in the Group for 2022 and 2023. Based on the assessment the Pillar Two effective tax rates in most of the jurisdictions in which
the Group operates are above 15% or will meet the financial thresholds required to apply the transitional safe harbour rules which will exempt the
Group from applying the full Pillar Two rules in those territories. However, there are a limited number of jurisdictions where the transitional safe
harbour relief does not apply and the Pillar Two effective rate is close to 15%. The Group does not expect a material exposure to Pillar Two income
taxes in those jurisdictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-621": { "value": "7.\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 207.
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Current tax:
Current tax on profits for the year
191.5
137.9
Adjustments in respect of prior years
11.5
17.7
Total current tax
203.0
155.6
Deferred tax:
Origination and reversal of temporary differences
28.6
17.7
Adjustments in respect of prior years
(16.3)
(14.7)
Total deferred tax
12.3
3.0
Tax expense reported in the Consolidated Income Statement
215.3
158.6
The adjustments in respect of prior years relate to the correction of capital gains tax on property disposals and the true-up of deferred tax balances related to IFRS 16 leases. The prior year adjustments in 2023 related to timing on the recognition of amounts claimed as capital allowances. 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 52 weeks to
27 January 28 January
2024 2023
% %
UK corporation tax rate
24.0
19.0
Non\u2013taxable income
(3.2)
(0.5)
Non deductible expenses
1.0
0.6
Capital losses utilised
\u2013
(0.2)
Overseas tax
(0.6)
(0.6)
Adjustments in respect of prior years
(0.4)
0.4
Tax losses for which no deferred tax is recognised
0.4
\u2013
Benefit as a result of capital allowance 130% deduction
\u2013
(0.4)
Statutory effective tax rate
21.2
18.3
Non-taxable exceptional income
2.5
\u2013
Effective tax rate before exceptionals
23.7
18.3
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 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Deferred tax:
Pension benefit obligation
(25.9)
0.1
Fair value movements on derivative instruments
0.2
19.7
Tax charge in other comprehensive income
(25.7)
19.8
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Current tax:
Share-based payments
(6.7)
(1.2)
Deferred tax:
Fair value movements on derivative instruments
1.8
(30.1)
Share-based payments
(6.7)
5.4
Total tax credit in the Statement of Changes in Equity
(11.6)
(25.9)
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 Derivatives Pension Share- Other
Brand and capital to fair benefit based IFRS 16 temporary
goodwill allowances value obligation payments leases differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 29 January 2022
\u2013
8.5
(6.6)
(36.2)
21.1
36.2
11.0
34.0
Recognised in:
\u2013 Income Statement
\u2013
(2.5)
4.1
(1.5)
0.8
(2.6)
(1.3)
(3.0)
\u2013 Other Comprehensive
Income
\u2013
\u2013
(19.7)
(0.1)
\u2013
\u2013
\u2013
(19.8)
\u2013 Statement of Changes
in Equity
\u2013
\u2013
30.1
\u2013
(5.4)
\u2013
\u2013
24.7
Acquisition of subsidiary
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.6)
(2.6)
At 28 January 2023
\u2013
6.0
7.9
(37.8)
16.5
33.6
7.1
33.3
Recognised in:
\u2013 Income Statement
1.6
(24.2)
(3.0)
(2.8)
3.1
7.8
5.2
(12.3)
\u2013 Other Comprehensive
Income
\u2013
\u2013
(0.2)
25.9
\u2013
\u2013
\u2013
25.7
\u2013 Statement of Changes
in Equity
\u2013
\u2013
(1.8)
\u2013
6.7
\u2013
\u2013
4.9
Acquisition of subsidiary
(111.0)
2.0
\u2013
\u2013
\u2013
1.2
8.1
(99.7)
At 27 January 2024
(109.4)
(16.2)
2.9
(14.7)
26.3
42.6
20.4
(48.1)
The deferred tax asset of \u00a342.6m in relation to IFRS 16 leases primarily relates to the transitional adjustment arising from the initial implementation of IFRS 16. It also contains a deferred tax liability of \u00a38.6m and a deferred tax asset of \u00a38.7m in relation to the acquisition accounting of deferred tax on right-of-use assets and the associated lease liability. 207 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 Deferred tax Gross value Deferred tax
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trading losses
14.3
3.6
\u2013
\u2013
Capital losses
\u2013
\u2013
18.6
4.7
The benefit of unrecognised capital losses will only accrue if taxable profits are realised on future disposals of the Group\u2019s capital assets. The trading losses have not been recognised and do not expire. 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. Effective from April 2023, the UK headline corporation tax rate increased from 19% to 25%. Deferred tax balances have been measured at the headline rate of 25%. As a result, deferred tax balances have been measured at the rate at which they are expected to unwind in the future. 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. As part of the Organisation for Economic Co-operation and Development (OECD)/G20 Base Erosion and Profit Shifting (BEPS) project, the OECD has introduced the Pillar Two model rules. The Group is within the scope of these OECD Pillar Two model rules. Pillar Two legislation was enacted in the United Kingdom, the jurisdiction in which NEXT Plc is incorporated, and will come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between their Global Anti-base Erosion Rules (GloBE) effective tax rate per jurisdiction and the 15% minimum rate. Pillar Two Income Taxes could be payable in the UK, or the local jurisdiction if it has introduced a Qualifying Domestic Minimum top-up Tax. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes under UK legislation. This assessment is based on a combination of tax filings for the 2022 and 2023 financial years, country-by-country reporting for 2022 and financial statements for constituent entities in the Group for 2022 and 2023. Based on the assessment the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15% or will meet the financial thresholds required to apply the transitional safe harbour rules which will exempt the Group from applying the full Pillar Two rules in those territories. However, there are a limited number of jurisdictions where the transitional safe harbour relief does not apply and the Pillar Two effective rate is close to 15%. The Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-582": { "value": "
8.\u2002Dividends
Statement
Cash Flow of Changes
Pence per Statement in Equity
Year to 27 January 2024
Paid
share \u00a3m \u00a3m
Final ordinary dividend for the year to Jan 2023
1 Aug 2023
140p
168.4
168.4
Interim ordinary dividend for the year to Jan 2024
3 Jan 2024
66p
79.9
79.9
248.3
248.3
Statement
Cash Flow of Changes
Pence per Statement in Equity*
Year to 28 January 2023
Paid
share \u00a3m \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
* Dividends included within the Statement of Changes in Equity in the prior year was \u00a3237.1m which included \u00a30.3m of dividends previously payable and which have subsequently lapsed.
The Trustee of the ESOT waived dividends paid in the year on shares held by the ESOT.
The Board has recommended a final dividend for the year ended 27 January 2024 of 141.0p per share. If approved, it will be paid on 1 August 2024
to shareholders who are on the register of members at 5 July 2024. The proposed dividend is subject to approval by shareholders at the Annual
General Meeting to be held on 16 May 2024 and has not been included as a liability in the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-8": { "value": "1.40", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-583": { "value": "
9.\u2002Earnings Per Share
52 weeks to
27 January
52 weeks to
28 January
2024 2023
Basic Earnings Per Share
661.6p
573.4p
Basic Earnings Per Share before exceptional items
572.0p
573.4p
Diluted Earnings Per Share
655.9p
570.5p
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.
Basic Earnings Per Share before exceptional items is an Alternative Performance Measure (APM). It is calculated as being Basic Earnings Per Share
excluding exceptional items (see Note 6) and their respective tax impact 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.
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 2,632,665 non-dilutive share options in the current year (2023: 3,112,796).
The table below shows the key variables used in the Earnings Per Share calculations:
52 weeks to 52 weeks to
27 January 28 January
2024 2023
Profit after tax attributable to equity holders of the Parent Company (\u00a3m)
802.3
711.7
Exceptional items (Note 6)
108.6
\u2013
Tax relating to exceptional items
\u2013
\u2013
Profit after tax attributable to equity holders of the Parent Company excluding adjusted items (\u00a3m)
693.7
711.7
Weighted average number of shares (millions)
Weighted average shares in issue
127.8
130.2
Weighted average shares held by ESOT
(6.5)
(6.1)
Weighted average shares for basic EPS
121.3
124.1
Weighted average dilutive potential shares
1.1
0.6
Weighted average shares for diluted EPS
122.4
124.7
As detailed in the Remuneration Report, the 2023/24 annual bonus for executive directors, was based on NEXT Group pre-tax Profit (but after
amortisation) Earnings per Share of 749.1p. The NEXT Group Profit before tax, after amortisation, on a 52 week basis of \u00a3908.4m (2023: \u00a3870.4m),
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 Group Profit before tax (or NEXT Group pre tax profit) is included in the Glossary.
In the prior year the annual bonus for executive directors was determined by reference to NEXT Group pre-tax Earnings per share as adjusted to
remove the impact of share buybacks not included in the original target metrics, of 687.2p.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-584": { "value": "
10.\u2002Property, Plant and Equipment
Freehold
property
Assets under
Leasehold Plant and the course of
property equipment construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
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
Exchange movement
\u2013
\u2013
(0.9)
\u2013
(0.9)
Arising from acquisitions
\u2013
\u2013
18.6
\u2013
18.6
Additions
13.8
\u2013
124.2
22.9
160.9
Reclassification from assets under the course
of construction
37.1
\u2013
\u2013
(37.1)
\u2013
Disposals
(37.3)
\u2013
(51.4)
\u2013
(88.7)
At January 2024
53.4
1.3
2,176.2
0.3
2,231.2
Depreciation
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
Exchange movement
\u2013
\u2013
(0.8)
\u2013
(0.8)
Provided during the year
0.1
\u2013
94.8
\u2013
94.9
Net impairment charge
1.1
\u2013
0.6
\u2013
1.7
Disposals
\u2013
\u2013
(48.6)
\u2013
(48.6)
At January 2024
1.7
0.1
1,541.9
\u2013
1,543.7
Carrying amount
At January 2024
51.7
1.2
634.3
0.3
687.5
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
As at January 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to
\u00a333.3m (2023: \u00a333.7m). 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.
See Note 3 for further detail on impairment charges and reversals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-657": { "value": "10.\u2002Property, Plant and Equipment Freehold property
Assets under
Leasehold Plant and the course of
property equipment construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
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
Exchange movement
\u2013
\u2013
(0.9)
\u2013
(0.9)
Arising from acquisitions
\u2013
\u2013
18.6
\u2013
18.6
Additions
13.8
\u2013
124.2
22.9
160.9
Reclassification from assets under the course
of construction
37.1
\u2013
\u2013
(37.1)
\u2013
Disposals
(37.3)
\u2013
(51.4)
\u2013
(88.7)
At January 2024
53.4
1.3
2,176.2
0.3
2,231.2
Depreciation
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
Exchange movement
\u2013
\u2013
(0.8)
\u2013
(0.8)
Provided during the year
0.1
\u2013
94.8
\u2013
94.9
Net impairment charge
1.1
\u2013
0.6
\u2013
1.7
Disposals
\u2013
\u2013
(48.6)
\u2013
(48.6)
At January 2024
1.7
0.1
1,541.9
\u2013
1,543.7
Carrying amount
At January 2024
51.7
1.2
634.3
0.3
687.5
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
As at January 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a333.3m (2023: \u00a333.7m). 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. See Note 3 for further detail on impairment charges and reversals. 11.\u2002Intangible Assets Goodwill \u00a3m Brand
Software
assets under
Customer the course of
names relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2022
45.7
4.3
\u2013
12.6
26.6
89.2
Additions
\u2013
\u2013
\u2013
25.5
15.5
41.0
Arising from acquisitions
11.6
10.5
\u2013
7.4
\u2013
29.5
Reclassified from assets under the course
of construction
\u2013
\u2013
\u2013
18.3
(18.3)
\u2013
Disposals
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
At January 2023
57.3
14.8
\u2013
63.3
23.8
159.2
Additions
\u2013
8.5
\u2013
33.0
9.7
51.2
Arising from acquisitions
169.9
430.5
13.5
3.0
\u2013
616.9
Reclassified from assets under the course
of construction
\u2013
\u2013
\u2013
17.5
(17.5)
\u2013
Transfer between categories
\u2013
3.4
\u2013
(3.4)
\u2013
\u2013
Disposals
\u2013
\u2013
\u2013
(2.0)
\u2013
(2.0)
Fair value adjustment
(9.7)
\u2013
\u2013
\u2013
\u2013
(9.7)
At January 2024
217.5
457.2
13.5
111.4
16.0
815.6
Amortisation and Impairment
At January 2022
1.8
4.2
\u2013
3.9
\u2013
9.9
Amortisation provided during the year
\u2013
0.4
\u2013
11.5
\u2013
11.9
Impairment
\u2013
\u2013
\u2013
0.6
\u2013
0.6
Disposals
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At January 2023
1.8
4.6
\u2013
15.7
\u2013
22.1
Amortisation provided during the year
\u2013
7.6
0.6
28.0
\u2013
36.2
Impairment
\u2013
\u2013
\u2013
1.3
\u2013
1.3
Disposals
\u2013
\u2013
\u2013
(1.2)
\u2013
(1.2)
At January 2024
1.8
12.2
0.6
43.8
\u2013
58.4
Carrying amount
At January 2024
215.7
445.0
12.9
67.6
16.0
757.2
At January 2023
55.5
10.2
\u2013
47.6
23.8
137.1
At January 2022
43.9
0.1
\u2013
8.7
26.6
79.3
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 the Reiss and FatFace brand names and customer relationships for \u00a3444.0m (2023: Joules brand name of \u00a310.5m), goodwill arising from acquisitions of \u00a3169.9m (2023: \u00a311.6m) and software intangibles of \u00a33.0m (2023: \u00a37.4m). See Note 34 for further details on acquisitions. In March 2023, the Group acquired the Cath Kidston brand name for a consideration of \u00a38.5m. The carrying amount of goodwill is allocated to the following cash generating units:
2024 2023
\u00a3m \u00a3m
NEXT Sourcing
30.5
30.5
Lipsy
12.1
12.1
NEXT Beauty
1.3
1.3
Joules
1.9
11.6
Reiss
140.6
\u2013
FatFace
29.3
\u2013
Total
215.7
55.5
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 the recoverable amount of goodwill, internal budgets for the next year were used and extrapolated for five years using a growth rate of 0% (2023: 0% growth rate) with a terminal value applied thereafter. The cash flows were then discounted at a pre-tax rate of 8% (2023: 8%). In management assessment no reasonable change in assumptions would have resulted in an impairment of the goodwill. 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 the next year were used and extrapolated for five years using a growth rate of 2% (2023: 2% growth rate) with a terminal value applied thereafter. The cash flows were then discounted at a pre-tax rate of 8% (2023: 8%). In management assessment no reasonable change in assumptions would have resulted in an impairment of the goodwill. Reiss The key assumptions in testing the goodwill for impairment are the forecast sales for the Reiss products through their Retail, Online and wholesale channels. In assessing the recoverable amount of goodwill, internal budgets for next year and a five year forecast at 5% growth were used, with a long term, terminal value growth at 2%. The cash flows were then discounted at a pre-tax rate of 8%. This was consistent with the business model used in management appraisal when increasing its equity stake from 51% to 72% in September 2023. Given the Reiss business was acquired within 6 months of the year end, and with no significant variation in performance or outlook, this was considered reasonable. No impairment risk identified. FatFace The key assumptions in testing the goodwill for impairment are the forecast sales for the FatFace products through their Retail, Online and wholesale channels. In assessing the recoverable amount of goodwill, internal budgets for next year and a five year forecast at 2% growth were used, with a long term, terminal value growth at 2%. The cash flows were then discounted at a pre-tax rate of 8%. This was consistent with the business model used in management appraisal when acquiring 97% of FatFace in October 2023. Given the business was acquired within 6 months of the year end, and with no significant variation in performance or outlook, this was considered reasonable. No impairment risk identified. Joules The reduction in the carrying value of Joules goodwill was due to the finalisation of the opening balance sheet valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-622": { "value": "
11.\u2002Intangible Assets
Goodwill
\u00a3m
Brand
Software
assets under
Customer the course of
names relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2022
45.7
4.3
\u2013
12.6
26.6
89.2
Additions
\u2013
\u2013
\u2013
25.5
15.5
41.0
Arising from acquisitions
11.6
10.5
\u2013
7.4
\u2013
29.5
Reclassified from assets under the course
of construction
\u2013
\u2013
\u2013
18.3
(18.3)
\u2013
Disposals
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
At January 2023
57.3
14.8
\u2013
63.3
23.8
159.2
Additions
\u2013
8.5
\u2013
33.0
9.7
51.2
Arising from acquisitions
169.9
430.5
13.5
3.0
\u2013
616.9
Reclassified from assets under the course
of construction
\u2013
\u2013
\u2013
17.5
(17.5)
\u2013
Transfer between categories
\u2013
3.4
\u2013
(3.4)
\u2013
\u2013
Disposals
\u2013
\u2013
\u2013
(2.0)
\u2013
(2.0)
Fair value adjustment
(9.7)
\u2013
\u2013
\u2013
\u2013
(9.7)
At January 2024
217.5
457.2
13.5
111.4
16.0
815.6
Amortisation and Impairment
At January 2022
1.8
4.2
\u2013
3.9
\u2013
9.9
Amortisation provided during the year
\u2013
0.4
\u2013
11.5
\u2013
11.9
Impairment
\u2013
\u2013
\u2013
0.6
\u2013
0.6
Disposals
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At January 2023
1.8
4.6
\u2013
15.7
\u2013
22.1
Amortisation provided during the year
\u2013
7.6
0.6
28.0
\u2013
36.2
Impairment
\u2013
\u2013
\u2013
1.3
\u2013
1.3
Disposals
\u2013
\u2013
\u2013
(1.2)
\u2013
(1.2)
At January 2024
1.8
12.2
0.6
43.8
\u2013
58.4
Carrying amount
At January 2024
215.7
445.0
12.9
67.6
16.0
757.2
At January 2023
55.5
10.2
\u2013
47.6
23.8
137.1
At January 2022
43.9
0.1
\u2013
8.7
26.6
79.3
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 the Reiss and FatFace brand names and customer relationships for
\u00a3444.0m (2023: Joules brand name of \u00a310.5m), goodwill arising from acquisitions of \u00a3169.9m (2023: \u00a311.6m) and software intangibles of \u00a33.0m
(2023: \u00a37.4m). See Note 34 for further details on acquisitions.
In March 2023, the Group acquired the Cath Kidston brand name for a consideration of \u00a38.5m.
11.\u2002Intangible Assets The carrying amount of goodwill is allocated to the following cash generating units:
2024 2023
\u00a3m \u00a3m
NEXT Sourcing
30.5
30.5
Lipsy
12.1
12.1
NEXT Beauty
1.3
1.3
Joules
1.9
11.6
Reiss
140.6
\u2013
FatFace
29.3
\u2013
Total
215.7
55.5
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 the recoverable amount of goodwill, internal budgets for the next year were used and extrapolated for five years using a growth rate of 0% (2023: 0% growth rate) with a terminal value applied thereafter. The cash flows were then discounted at a pre-tax rate of 8% (2023: 8%). In management assessment no reasonable change in assumptions would have resulted in an impairment of the goodwill. 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 the next year were used and extrapolated for five years using a growth rate of 2% (2023: 2% growth rate) with a terminal value applied thereafter. The cash flows were then discounted at a pre-tax rate of 8% (2023: 8%). In management assessment no reasonable change in assumptions would have resulted in an impairment of the goodwill. Reiss The key assumptions in testing the goodwill for impairment are the forecast sales for the Reiss products through their Retail, Online and wholesale channels. In assessing the recoverable amount of goodwill, internal budgets for next year and a five year forecast at 5% growth were used, with a long term, terminal value growth at 2%. The cash flows were then discounted at a pre-tax rate of 8%. This was consistent with the business model used in management appraisal when increasing its equity stake from 51% to 72% in September 2023. Given the Reiss business was acquired within 6 months of the year end, and with no significant variation in performance or outlook, this was considered reasonable. No impairment risk identified. FatFace The key assumptions in testing the goodwill for impairment are the forecast sales for the FatFace products through their Retail, Online and wholesale channels. In assessing the recoverable amount of goodwill, internal budgets for next year and a five year forecast at 2% growth were used, with a long term, terminal value growth at 2%. The cash flows were then discounted at a pre-tax rate of 8%. This was consistent with the business model used in management appraisal when acquiring 97% of FatFace in October 2023. Given the business was acquired within 6 months of the year end, and with no significant variation in performance or outlook, this was considered reasonable. No impairment risk identified. Joules The reduction in the carrying value of Joules goodwill was due to the finalisation of the opening balance sheet valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-585": { "value": "11.\u2002Intangible Assets Goodwill \u00a3m Brand
Software
assets under
Customer the course of
names relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2022
45.7
4.3
\u2013
12.6
26.6
89.2
Additions
\u2013
\u2013
\u2013
25.5
15.5
41.0
Arising from acquisitions
11.6
10.5
\u2013
7.4
\u2013
29.5
Reclassified from assets under the course
of construction
\u2013
\u2013
\u2013
18.3
(18.3)
\u2013
Disposals
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
At January 2023
57.3
14.8
\u2013
63.3
23.8
159.2
Additions
\u2013
8.5
\u2013
33.0
9.7
51.2
Arising from acquisitions
169.9
430.5
13.5
3.0
\u2013
616.9
Reclassified from assets under the course
of construction
\u2013
\u2013
\u2013
17.5
(17.5)
\u2013
Transfer between categories
\u2013
3.4
\u2013
(3.4)
\u2013
\u2013
Disposals
\u2013
\u2013
\u2013
(2.0)
\u2013
(2.0)
Fair value adjustment
(9.7)
\u2013
\u2013
\u2013
\u2013
(9.7)
At January 2024
217.5
457.2
13.5
111.4
16.0
815.6
Amortisation and Impairment
At January 2022
1.8
4.2
\u2013
3.9
\u2013
9.9
Amortisation provided during the year
\u2013
0.4
\u2013
11.5
\u2013
11.9
Impairment
\u2013
\u2013
\u2013
0.6
\u2013
0.6
Disposals
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At January 2023
1.8
4.6
\u2013
15.7
\u2013
22.1
Amortisation provided during the year
\u2013
7.6
0.6
28.0
\u2013
36.2
Impairment
\u2013
\u2013
\u2013
1.3
\u2013
1.3
Disposals
\u2013
\u2013
\u2013
(1.2)
\u2013
(1.2)
At January 2024
1.8
12.2
0.6
43.8
\u2013
58.4
Carrying amount
At January 2024
215.7
445.0
12.9
67.6
16.0
757.2
At January 2023
55.5
10.2
\u2013
47.6
23.8
137.1
At January 2022
43.9
0.1
\u2013
8.7
26.6
79.3
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 the Reiss and FatFace brand names and customer relationships for \u00a3444.0m (2023: Joules brand name of \u00a310.5m), goodwill arising from acquisitions of \u00a3169.9m (2023: \u00a311.6m) and software intangibles of \u00a33.0m (2023: \u00a37.4m). See Note 34 for further details on acquisitions. In March 2023, the Group acquired the Cath Kidston brand name for a consideration of \u00a38.5m. The carrying amount of goodwill is allocated to the following cash generating units:
2024 2023
\u00a3m \u00a3m
NEXT Sourcing
30.5
30.5
Lipsy
12.1
12.1
NEXT Beauty
1.3
1.3
Joules
1.9
11.6
Reiss
140.6
\u2013
FatFace
29.3
\u2013
Total
215.7
55.5
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 the recoverable amount of goodwill, internal budgets for the next year were used and extrapolated for five years using a growth rate of 0% (2023: 0% growth rate) with a terminal value applied thereafter. The cash flows were then discounted at a pre-tax rate of 8% (2023: 8%). In management assessment no reasonable change in assumptions would have resulted in an impairment of the goodwill. 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 the next year were used and extrapolated for five years using a growth rate of 2% (2023: 2% growth rate) with a terminal value applied thereafter. The cash flows were then discounted at a pre-tax rate of 8% (2023: 8%). In management assessment no reasonable change in assumptions would have resulted in an impairment of the goodwill. Reiss The key assumptions in testing the goodwill for impairment are the forecast sales for the Reiss products through their Retail, Online and wholesale channels. In assessing the recoverable amount of goodwill, internal budgets for next year and a five year forecast at 5% growth were used, with a long term, terminal value growth at 2%. The cash flows were then discounted at a pre-tax rate of 8%. This was consistent with the business model used in management appraisal when increasing its equity stake from 51% to 72% in September 2023. Given the Reiss business was acquired within 6 months of the year end, and with no significant variation in performance or outlook, this was considered reasonable. No impairment risk identified. FatFace The key assumptions in testing the goodwill for impairment are the forecast sales for the FatFace products through their Retail, Online and wholesale channels. In assessing the recoverable amount of goodwill, internal budgets for next year and a five year forecast at 2% growth were used, with a long term, terminal value growth at 2%. The cash flows were then discounted at a pre-tax rate of 8%. This was consistent with the business model used in management appraisal when acquiring 97% of FatFace in October 2023. Given the business was acquired within 6 months of the year end, and with no significant variation in performance or outlook, this was considered reasonable. No impairment risk identified. Joules The reduction in the carrying value of Joules goodwill was due to the finalisation of the opening balance sheet valuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-646": { "value": "11.\u2002Intangible Assets Goodwill \u00a3m Brand
Software
assets under
Customer the course of
names relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2022
45.7
4.3
\u2013
12.6
26.6
89.2
Additions
\u2013
\u2013
\u2013
25.5
15.5
41.0
Arising from acquisitions
11.6
10.5
\u2013
7.4
\u2013
29.5
Reclassified from assets under the course
of construction
\u2013
\u2013
\u2013
18.3
(18.3)
\u2013
Disposals
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
At January 2023
57.3
14.8
\u2013
63.3
23.8
159.2
Additions
\u2013
8.5
\u2013
33.0
9.7
51.2
Arising from acquisitions
169.9
430.5
13.5
3.0
\u2013
616.9
Reclassified from assets under the course
of construction
\u2013
\u2013
\u2013
17.5
(17.5)
\u2013
Transfer between categories
\u2013
3.4
\u2013
(3.4)
\u2013
\u2013
Disposals
\u2013
\u2013
\u2013
(2.0)
\u2013
(2.0)
Fair value adjustment
(9.7)
\u2013
\u2013
\u2013
\u2013
(9.7)
At January 2024
217.5
457.2
13.5
111.4
16.0
815.6
Amortisation and Impairment
At January 2022
1.8
4.2
\u2013
3.9
\u2013
9.9
Amortisation provided during the year
\u2013
0.4
\u2013
11.5
\u2013
11.9
Impairment
\u2013
\u2013
\u2013
0.6
\u2013
0.6
Disposals
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
At January 2023
1.8
4.6
\u2013
15.7
\u2013
22.1
Amortisation provided during the year
\u2013
7.6
0.6
28.0
\u2013
36.2
Impairment
\u2013
\u2013
\u2013
1.3
\u2013
1.3
Disposals
\u2013
\u2013
\u2013
(1.2)
\u2013
(1.2)
At January 2024
1.8
12.2
0.6
43.8
\u2013
58.4
Carrying amount
At January 2024
215.7
445.0
12.9
67.6
16.0
757.2
At January 2023
55.5
10.2
\u2013
47.6
23.8
137.1
At January 2022
43.9
0.1
\u2013
8.7
26.6
79.3
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 the Reiss and FatFace brand names and customer relationships for \u00a3444.0m (2023: Joules brand name of \u00a310.5m), goodwill arising from acquisitions of \u00a3169.9m (2023: \u00a311.6m) and software intangibles of \u00a33.0m (2023: \u00a37.4m). See Note 34 for further details on acquisitions. In March 2023, the Group acquired the Cath Kidston brand name for a consideration of \u00a38.5m. 11.\u2002Intangible Assets
The carrying amount of goodwill is allocated to the following cash generating units:
2024 2023
\u00a3m \u00a3m
NEXT Sourcing
30.5
30.5
Lipsy
12.1
12.1
NEXT Beauty
1.3
1.3
Joules
1.9
11.6
Reiss
140.6
\u2013
FatFace
29.3
\u2013
Total
215.7
55.5
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 the recoverable amount of goodwill, internal budgets for the next year were
used and extrapolated for five years using a growth rate of 0% (2023: 0% growth rate) with a terminal value applied thereafter. The cash flows were
then discounted at a pre-tax rate of 8% (2023: 8%). In management assessment no reasonable change in assumptions would have resulted in an
impairment of the goodwill.
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 the next year were used and extrapolated for five years using a growth rate
of 2% (2023: 2% growth rate) with a terminal value applied thereafter. The cash flows were then discounted at a pre-tax rate of 8% (2023: 8%).
In management assessment no reasonable change in assumptions would have resulted in an impairment of the goodwill.
Reiss
The key assumptions in testing the goodwill for impairment are the forecast sales for the Reiss products through their Retail, Online and wholesale
channels. In assessing the recoverable amount of goodwill, internal budgets for next year and a five year forecast at 5% growth were used, with a
long term, terminal value growth at 2%. The cash flows were then discounted at a pre-tax rate of 8%. This was consistent with the business model
used in management appraisal when increasing its equity stake from 51% to 72% in September 2023. Given the Reiss business was acquired
within 6 months of the year end, and with no significant variation in performance or outlook, this was considered reasonable. No impairment
risk identified.
FatFace
The key assumptions in testing the goodwill for impairment are the forecast sales for the FatFace products through their Retail, Online and wholesale
channels. In assessing the recoverable amount of goodwill, internal budgets for next year and a five year forecast at 2% growth were used, with a
long term, terminal value growth at 2%. The cash flows were then discounted at a pre-tax rate of 8%. This was consistent with the business model
used in management appraisal when acquiring 97% of FatFace in October 2023. Given the business was acquired within 6 months of the year end,
and with no significant variation in performance or outlook, this was considered reasonable. No impairment risk identified.
Joules
The reduction in the carrying value of Joules goodwill was due to the finalisation of the opening balance sheet valuation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-586": { "value": "
12.\u2002Leases
Right-of-use assets
The right-of-use assets are comprised of:
2024 2023
\u00a3m \u00a3m
Buildings
264.2
228.0
Stores
455.0
420.5
Equipment
0.7
1.2
Vehicles
14.7
12.3
Total
734.6
662.0
The right-of-use assets movement in the year is as follows:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
662.0
639.1
Additions
40.2
58.2
Arising from acquisitions
80.5
\u2013
Disposals
(4.9)
(4.0)
Modifications and amendments
68.6
41.4
Depreciation
(117.7)
(107.6)
Reversal of impairment
5.9
34.9
At the end of the year
734.6
662.0
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 \u00a321.4m (2023: \u00a318.7m).
Lease liability
The lease liability movement in the year is as follows:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
(1,023.3)
(1,057.5)
Additions
(40.1)
(84.2)
Arising from acquisitions
(84.7)
\u2013
Modifications and amendments
(52.9)
(41.5)
Payments
204.0
204.4
Interest
(47.9)
(47.3)
Disposals
6.3
5.5
Foreign exchange movement
0.9
(2.7)
At the end of the year
(1,037.7)
(1,023.3)
2024 2023
Lease liability \u00a3m \u00a3m
Less than 1 year
(167.8)
(146.2)
More than 1 year
(869.9)
(877.1)
Total
(1,037.7)
(1,023.3)
Amounts recognised in the Consolidated Income Statement
2024 2023
Depreciation on right-of-use assets \u00a3m \u00a3m
Buildings
16.5
19.7
Stores
94.1
83.3
Equipment
0.5
0.7
Vehicles
6.6
3.9
Total
117.7
107.6
2024 2023
\u00a3m \u00a3m
Finance costs on leases
(47.9)
(47.3)
Expense on short term and low value leases
(6.3)
(4.0)
Expense on variable leases
(60.1)
(26.9)
Gain on sale and leasebacks
1.6
17.7
During the year, the Group received proceeds of \u00a321.9m in relation to the completion of the sale and leaseback of its Dearne Valley warehouse.
The gain on completion of \u00a31.6m has been recognised in the Income Statement.
In the prior year, the Group received total proceeds 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 and reversals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-623": { "value": "12.\u2002Leases Right-of-use assets The right-of-use assets are comprised of:
2024 2023
\u00a3m \u00a3m
Buildings
264.2
228.0
Stores
455.0
420.5
Equipment
0.7
1.2
Vehicles
14.7
12.3
Total
734.6
662.0
The right-of-use assets movement in the year is as follows:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
662.0
639.1
Additions
40.2
58.2
Arising from acquisitions
80.5
\u2013
Disposals
(4.9)
(4.0)
Modifications and amendments
68.6
41.4
Depreciation
(117.7)
(107.6)
Reversal of impairment
5.9
34.9
At the end of the year
734.6
662.0
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 \u00a321.4m (2023: \u00a318.7m). Lease liability The lease liability movement in the year is as follows:
2024 2023
\u00a3m \u00a3m
At the beginning of the year
(1,023.3)
(1,057.5)
Additions
(40.1)
(84.2)
Arising from acquisitions
(84.7)
\u2013
Modifications and amendments
(52.9)
(41.5)
Payments
204.0
204.4
Interest
(47.9)
(47.3)
Disposals
6.3
5.5
Foreign exchange movement
0.9
(2.7)
At the end of the year
(1,037.7)
(1,023.3)
2024 2023
Lease liability \u00a3m \u00a3m
Less than 1 year
(167.8)
(146.2)
More than 1 year
(869.9)
(877.1)
Total
(1,037.7)
(1,023.3)
Amounts recognised in the Consolidated Income Statement
2024 2023
Depreciation on right-of-use assets \u00a3m \u00a3m
Buildings
16.5
19.7
Stores
94.1
83.3
Equipment
0.5
0.7
Vehicles
6.6
3.9
Total
117.7
107.6
2024 2023
\u00a3m \u00a3m
Finance costs on leases
(47.9)
(47.3)
Expense on short term and low value leases
(6.3)
(4.0)
Expense on variable leases
(60.1)
(26.9)
Gain on sale and leasebacks
1.6
17.7
During the year, the Group received proceeds of \u00a321.9m in relation to the completion of the sale and leaseback of its Dearne Valley warehouse. The gain on completion of \u00a31.6m has been recognised in the Income Statement. In the prior year, the Group received total proceeds 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 and reversals.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-587": { "value": "
13.\u2002Associates, Joint Ventures and Other Investments
Interest in
associates
and Other
joint ventures investments Total
\u00a3m \u00a3m \u00a3m
Cost
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
Additions
0.9
\u2013
0.9
Retained profit
6.9
\u2013
6.9
Interest on preference shares
3.2
0.2
3.4
Dividend received
(2.6)
\u2013
(2.6)
Disposal of interest in joint venture (see note below)
(84.3)
\u2013
(84.3)
At January 2024
38.4
2.1
40.5
Amortisation/Impairment
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
Provided during the year
0.9
\u2013
0.9
At January 2024
2.5
\u2013
2.5
Carrying amount
At January 2024
35.9
2.1
38.0
At January 2023
112.7
1.9
114.6
At January 2022
45.2
1.0
46.2
Disposal of interest in Reiss as a Joint Venture / Acquisition of controlling interest in Reiss
In September 2023, NEXT acquired a further 21% interest in the Reiss group (\u201cReiss\u201d) thus increasing its existing shareholding from 51% to 72%.
As NEXT now has control over Reiss\u2019 operational and financial activities, it has been consolidated into the NEXT plc Group and therefore is presented
as a disposal of our investment within this note and then as an acquisition of a subsidiary in Note 34.
In the prior year, NEXT exercised its option to acquire a further 26% in the holding company of Reiss Limited. Upon completion in May 2022,
NEXT acquired the 26% for \u00a345.3m financed from NEXT\u2019s own cash resources. As a result, at the prior year end date, Next held a 51% equity share
and at that point did not have control of Reiss\u2019 operational and financial activities and therefore was 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. However, following the acquisition of the additional 21% in the current year, the finance
income is now eliminated upon consolidation (see note 34 for further details on the acquisition).
Other investment acquisitions \u2013 prior year
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 prior 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.
Details of material associates and joint ventures
Set out below are the material associates and joint ventures of the Group as at 27 January 2024. 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
Investment 2024 2023 Nature of Measurement 2024 2023
Name of entity type % % relationship method \u00a3m \u00a3m
Pink Topco Limited* (Reiss)
Ordinary shares
n/a
51%
Joint venture
Equity
\u2013
17.3
Pink Topco Limited* (Reiss)
Preference shares
n/a
51%
Joint venture
Amortised cost
\u2013
61.2
Immaterial associates and
joint ventures
35.9
34.2
35.9
112.7
* Pink Topco Limited was 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. As noted above, the Reiss Group was a subsidiary of the NEXT Group as at the Balance Sheet date and therefore the carrying amount
of the equity investment is nil at this date.
The table below provides the summarised profit and loss and balance sheet for our material Associates and Joint Ventures. The information
disclosed reflects the amounts presented in the consolidated financial statements of Reiss amended to reflect adjustments made by the Group
when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
2024 2023
\u00a3m \u00a3m
Sales
208.1
325.2
Profit after tax
4.5
9.0
Group\u2019s share in %
51.0%
51.0%
Group share in \u00a3\u2019m
2.3
6.8
Total non\u2013current assets
\u2013
176.4
Total current assets
\u2013
85.2
Total current liabilities
\u2013
(75.7)
Total non\u2013current liabilities
\u2013
(211.8)
Net assets/(liabilities)
\u2013
(25.9)
Group share in %
\u2013
51.0%
Group share in \u00a3m
\u2013
(13.2)
Goodwill
\u2013
30.5
Carrying amount
\u2013
17.3
NEXT\u2019s shareholding in Reiss increased to 72% in September 2023 and at this point NEXT acquired control over the Reiss Group. As at the balance
sheet date, our investment in Reiss is no longer equity accounted for and therefore the disclosure above only shows the profit and loss up to the
point of the change in control. Also note that due to the exercise of the option in the prior year, the Group\u2019s share of Reiss\u2019 profit in the period to
January 2023 was calculated at 25% for the first 3 months and then at 51% for the remainder of the prior year.
As at the point of the change in control, Reiss had cash and cash equivalents of \u00a319.0m (2023: \u00a318.0m), current financial liabilities (excluding trade
and other payables and provisions) of \u00a3nil (2023: \u00a3nil) and non-current financial liabilities relating to preference shares of \u00a3126.8m (2023: \u00a3120.4m).
Included within their income statement were depreciation and amortisation of \u00a319.7m (2023: \u00a326.5m), interest income of \u00a3nil (2023: \u00a3nil) and
interest expense of \u00a38.8m (2023: \u00a314.1m).
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 \u00a335.9m (2023: \u00a334.2m) with the Group\u2019s share of
their profit from continuing operations in the current period being \u00a34.6m (2023: \u00a37.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-658": { "value": "13.\u2002Associates, Joint Ventures and Other Investments
Interest in
associates
and Other
joint ventures investments Total
\u00a3m \u00a3m \u00a3m
Cost
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
Additions
0.9
\u2013
0.9
Retained profit
6.9
\u2013
6.9
Interest on preference shares
3.2
0.2
3.4
Dividend received
(2.6)
\u2013
(2.6)
Disposal of interest in joint venture (see note below)
(84.3)
\u2013
(84.3)
At January 2024
38.4
2.1
40.5
Amortisation/Impairment
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
Provided during the year
0.9
\u2013
0.9
At January 2024
2.5
\u2013
2.5
Carrying amount
At January 2024
35.9
2.1
38.0
At January 2023
112.7
1.9
114.6
At January 2022
45.2
1.0
46.2
Disposal of interest in Reiss as a Joint Venture / Acquisition of controlling interest in Reiss In September 2023, NEXT acquired a further 21% interest in the Reiss group (\u201cReiss\u201d) thus increasing its existing shareholding from 51% to 72%. As NEXT now has control over Reiss\u2019 operational and financial activities, it has been consolidated into the NEXT plc Group and therefore is presented as a disposal of our investment within this note and then as an acquisition of a subsidiary in Note 34. In the prior year, NEXT exercised its option to acquire a further 26% in the holding company of Reiss Limited. Upon completion in May 2022, NEXT acquired the 26% for \u00a345.3m financed from NEXT\u2019s own cash resources. As a result, at the prior year end date, Next held a 51% equity share and at that point did not have control of Reiss\u2019 operational and financial activities and therefore was 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. However, following the acquisition of the additional 21% in the current year, the finance income is now eliminated upon consolidation (see note 34 for further details on the acquisition). Other investment acquisitions \u2013 prior year 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 prior 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. Details of material associates and joint ventures Set out below are the material associates and joint ventures of the Group as at 27 January 2024. 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
Investment 2024 2023 Nature of Measurement 2024 2023
Name of entity type % % relationship method \u00a3m \u00a3m
Pink Topco Limited* (Reiss)
Ordinary shares
n/a
51%
Joint venture
Equity
\u2013
17.3
Pink Topco Limited* (Reiss)
Preference shares
n/a
51%
Joint venture
Amortised cost
\u2013
61.2
Immaterial associates and
joint ventures
35.9
34.2
35.9
112.7
* Pink Topco Limited was 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. As noted above, the Reiss Group was a subsidiary of the NEXT Group as at the Balance Sheet date and therefore the carrying amount of the equity investment is nil at this date. The table below provides the summarised profit and loss and balance sheet for our material Associates and Joint Ventures. The information disclosed reflects the amounts presented in the consolidated financial statements of Reiss amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
2024 2023
\u00a3m \u00a3m
Sales
208.1
325.2
Profit after tax
4.5
9.0
Group\u2019s share in %
51.0%
51.0%
Group share in \u00a3\u2019m
2.3
6.8
Total non\u2013current assets
\u2013
176.4
Total current assets
\u2013
85.2
Total current liabilities
\u2013
(75.7)
Total non\u2013current liabilities
\u2013
(211.8)
Net assets/(liabilities)
\u2013
(25.9)
Group share in %
\u2013
51.0%
Group share in \u00a3m
\u2013
(13.2)
Goodwill
\u2013
30.5
Carrying amount
\u2013
17.3
NEXT\u2019s shareholding in Reiss increased to 72% in September 2023 and at this point NEXT acquired control over the Reiss Group. As at the balance sheet date, our investment in Reiss is no longer equity accounted for and therefore the disclosure above only shows the profit and loss up to the point of the change in control. Also note that due to the exercise of the option in the prior year, the Group\u2019s share of Reiss\u2019 profit in the period to January 2023 was calculated at 25% for the first 3 months and then at 51% for the remainder of the prior year. As at the point of the change in control, Reiss had cash and cash equivalents of \u00a319.0m (2023: \u00a318.0m), current financial liabilities (excluding trade and other payables and provisions) of \u00a3nil (2023: \u00a3nil) and non-current financial liabilities relating to preference shares of \u00a3126.8m (2023: \u00a3120.4m). Included within their income statement were depreciation and amortisation of \u00a319.7m (2023: \u00a326.5m), interest income of \u00a3nil (2023: \u00a3nil) and interest expense of \u00a38.8m (2023: \u00a314.1m). 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 \u00a335.9m (2023: \u00a334.2m) with the Group\u2019s share of their profit from continuing operations in the current period being \u00a34.6m (2023: \u00a37.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-647": { "value": "13.\u2002Associates, Joint Ventures and Other Investments
Interest in
associates
and Other
joint ventures investments Total
\u00a3m \u00a3m \u00a3m
Cost
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
Additions
0.9
\u2013
0.9
Retained profit
6.9
\u2013
6.9
Interest on preference shares
3.2
0.2
3.4
Dividend received
(2.6)
\u2013
(2.6)
Disposal of interest in joint venture (see note below)
(84.3)
\u2013
(84.3)
At January 2024
38.4
2.1
40.5
Amortisation/Impairment
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
Provided during the year
0.9
\u2013
0.9
At January 2024
2.5
\u2013
2.5
Carrying amount
At January 2024
35.9
2.1
38.0
At January 2023
112.7
1.9
114.6
At January 2022
45.2
1.0
46.2
Disposal of interest in Reiss as a Joint Venture / Acquisition of controlling interest in Reiss In September 2023, NEXT acquired a further 21% interest in the Reiss group (\u201cReiss\u201d) thus increasing its existing shareholding from 51% to 72%. As NEXT now has control over Reiss\u2019 operational and financial activities, it has been consolidated into the NEXT plc Group and therefore is presented as a disposal of our investment within this note and then as an acquisition of a subsidiary in Note 34. In the prior year, NEXT exercised its option to acquire a further 26% in the holding company of Reiss Limited. Upon completion in May 2022, NEXT acquired the 26% for \u00a345.3m financed from NEXT\u2019s own cash resources. As a result, at the prior year end date, Next held a 51% equity share and at that point did not have control of Reiss\u2019 operational and financial activities and therefore was 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. However, following the acquisition of the additional 21% in the current year, the finance income is now eliminated upon consolidation (see note 34 for further details on the acquisition). Other investment acquisitions \u2013 prior year 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 prior 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. Details of material associates and joint ventures Set out below are the material associates and joint ventures of the Group as at 27 January 2024. 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
Investment 2024 2023 Nature of Measurement 2024 2023
Name of entity type % % relationship method \u00a3m \u00a3m
Pink Topco Limited* (Reiss)
Ordinary shares
n/a
51%
Joint venture
Equity
\u2013
17.3
Pink Topco Limited* (Reiss)
Preference shares
n/a
51%
Joint venture
Amortised cost
\u2013
61.2
Immaterial associates and
joint ventures
35.9
34.2
35.9
112.7
* Pink Topco Limited was 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. As noted above, the Reiss Group was a subsidiary of the NEXT Group as at the Balance Sheet date and therefore the carrying amount of the equity investment is nil at this date. The table below provides the summarised profit and loss and balance sheet for our material Associates and Joint Ventures. The information disclosed reflects the amounts presented in the consolidated financial statements of Reiss amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
2024 2023
\u00a3m \u00a3m
Sales
208.1
325.2
Profit after tax
4.5
9.0
Group\u2019s share in %
51.0%
51.0%
Group share in \u00a3\u2019m
2.3
6.8
Total non\u2013current assets
\u2013
176.4
Total current assets
\u2013
85.2
Total current liabilities
\u2013
(75.7)
Total non\u2013current liabilities
\u2013
(211.8)
Net assets/(liabilities)
\u2013
(25.9)
Group share in %
\u2013
51.0%
Group share in \u00a3m
\u2013
(13.2)
Goodwill
\u2013
30.5
Carrying amount
\u2013
17.3
NEXT\u2019s shareholding in Reiss increased to 72% in September 2023 and at this point NEXT acquired control over the Reiss Group. As at the balance sheet date, our investment in Reiss is no longer equity accounted for and therefore the disclosure above only shows the profit and loss up to the point of the change in control. Also note that due to the exercise of the option in the prior year, the Group\u2019s share of Reiss\u2019 profit in the period to January 2023 was calculated at 25% for the first 3 months and then at 51% for the remainder of the prior year. As at the point of the change in control, Reiss had cash and cash equivalents of \u00a319.0m (2023: \u00a318.0m), current financial liabilities (excluding trade and other payables and provisions) of \u00a3nil (2023: \u00a3nil) and non-current financial liabilities relating to preference shares of \u00a3126.8m (2023: \u00a3120.4m). Included within their income statement were depreciation and amortisation of \u00a319.7m (2023: \u00a326.5m), interest income of \u00a3nil (2023: \u00a3nil) and interest expense of \u00a38.8m (2023: \u00a314.1m). 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 \u00a335.9m (2023: \u00a334.2m) with the Group\u2019s share of their profit from continuing operations in the current period being \u00a34.6m (2023: \u00a37.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-624": { "value": "13.\u2002Associates, Joint Ventures and Other Investments
Interest in
associates
and Other
joint ventures investments Total
\u00a3m \u00a3m \u00a3m
Cost
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
Additions
0.9
\u2013
0.9
Retained profit
6.9
\u2013
6.9
Interest on preference shares
3.2
0.2
3.4
Dividend received
(2.6)
\u2013
(2.6)
Disposal of interest in joint venture (see note below)
(84.3)
\u2013
(84.3)
At January 2024
38.4
2.1
40.5
Amortisation/Impairment
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
Provided during the year
0.9
\u2013
0.9
At January 2024
2.5
\u2013
2.5
Carrying amount
At January 2024
35.9
2.1
38.0
At January 2023
112.7
1.9
114.6
At January 2022
45.2
1.0
46.2
Disposal of interest in Reiss as a Joint Venture / Acquisition of controlling interest in Reiss In September 2023, NEXT acquired a further 21% interest in the Reiss group (\u201cReiss\u201d) thus increasing its existing shareholding from 51% to 72%. As NEXT now has control over Reiss\u2019 operational and financial activities, it has been consolidated into the NEXT plc Group and therefore is presented as a disposal of our investment within this note and then as an acquisition of a subsidiary in Note 34. In the prior year, NEXT exercised its option to acquire a further 26% in the holding company of Reiss Limited. Upon completion in May 2022, NEXT acquired the 26% for \u00a345.3m financed from NEXT\u2019s own cash resources. As a result, at the prior year end date, Next held a 51% equity share and at that point did not have control of Reiss\u2019 operational and financial activities and therefore was 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. However, following the acquisition of the additional 21% in the current year, the finance income is now eliminated upon consolidation (see note 34 for further details on the acquisition). Other investment acquisitions \u2013 prior year 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 prior 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. Details of material associates and joint ventures Set out below are the material associates and joint ventures of the Group as at 27 January 2024. 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
Investment 2024 2023 Nature of Measurement 2024 2023
Name of entity type % % relationship method \u00a3m \u00a3m
Pink Topco Limited* (Reiss)
Ordinary shares
n/a
51%
Joint venture
Equity
\u2013
17.3
Pink Topco Limited* (Reiss)
Preference shares
n/a
51%
Joint venture
Amortised cost
\u2013
61.2
Immaterial associates and
joint ventures
35.9
34.2
35.9
112.7
* Pink Topco Limited was 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. As noted above, the Reiss Group was a subsidiary of the NEXT Group as at the Balance Sheet date and therefore the carrying amount of the equity investment is nil at this date. The table below provides the summarised profit and loss and balance sheet for our material Associates and Joint Ventures. The information disclosed reflects the amounts presented in the consolidated financial statements of Reiss amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and modifications for differences in accounting policy.
2024 2023
\u00a3m \u00a3m
Sales
208.1
325.2
Profit after tax
4.5
9.0
Group\u2019s share in %
51.0%
51.0%
Group share in \u00a3\u2019m
2.3
6.8
Total non\u2013current assets
\u2013
176.4
Total current assets
\u2013
85.2
Total current liabilities
\u2013
(75.7)
Total non\u2013current liabilities
\u2013
(211.8)
Net assets/(liabilities)
\u2013
(25.9)
Group share in %
\u2013
51.0%
Group share in \u00a3m
\u2013
(13.2)
Goodwill
\u2013
30.5
Carrying amount
\u2013
17.3
NEXT\u2019s shareholding in Reiss increased to 72% in September 2023 and at this point NEXT acquired control over the Reiss Group. As at the balance sheet date, our investment in Reiss is no longer equity accounted for and therefore the disclosure above only shows the profit and loss up to the point of the change in control. Also note that due to the exercise of the option in the prior year, the Group\u2019s share of Reiss\u2019 profit in the period to January 2023 was calculated at 25% for the first 3 months and then at 51% for the remainder of the prior year. As at the point of the change in control, Reiss had cash and cash equivalents of \u00a319.0m (2023: \u00a318.0m), current financial liabilities (excluding trade and other payables and provisions) of \u00a3nil (2023: \u00a3nil) and non-current financial liabilities relating to preference shares of \u00a3126.8m (2023: \u00a3120.4m). Included within their income statement were depreciation and amortisation of \u00a319.7m (2023: \u00a326.5m), interest income of \u00a3nil (2023: \u00a3nil) and interest expense of \u00a38.8m (2023: \u00a314.1m). 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 \u00a335.9m (2023: \u00a334.2m) with the Group\u2019s share of their profit from continuing operations in the current period being \u00a34.6m (2023: \u00a37.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-588": { "value": "
14.\u2002Customer and Other Receivables
The following table shows the components of net receivables.
2024 2023
\u00a3m \u00a3m
Gross customer receivables
1,550.7
1,521.1
Less: refund liabilities
(72.9)
(64.2)
Net customer receivables
1,477.8
1,456.9
Less: allowance for expected credit losses
(207.4)
(202.2)
1,270.4
1,254.7
Other trade receivables
64.9
42.9
Less: allowance for doubtful debts
(2.0)
(0.3)
1,333.3
1,297.3
Presentation of the above, split by total receivables and allowances:
2024 2023
\u00a3m \u00a3m
Net customer receivables
1,477.8
1,456.9
Other trade receivables
64.9
42.9
1,542.7
1,499.8
Less: allowance for expected credit losses and doubtful debts
(209.4)
(202.5)
1,333.3
1,297.3
Prepayments
63.6
54.9
Other debtors
43.8
40.7
Amounts due from associates and joint ventures
12.1
32.6
1,452.8
1,425.5
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 24.9% (2023: 23.9%) at the year-end date, except for \u00a372.9m (2023: \u00a354.8m) of next3step balance which bears interest
at 29.9% (2023: 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 29), 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 \u00a31,310m (2023: \u00a31,260m). 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 28).
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.
An analysis of changes in the gross carrying amount in relation to customer receivables and other trade receivables is as follows:
Credit
Lifetime ECL impaired Total
Gross carrying amount \u00a3m \u00a3m \u00a3m
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
New assets originated/recoveries
93.2
(14.5)
78.7
Transfers from lifetime ECL to credit impaired
(46.3)
46.3
\u2013
Financial assets derecognised during the period
\u2013
(20.7)
(20.7)
Amounts written off
(9.3)
(6.0)
(15.3)
At January 2024
1,441.0
101.5
1,542.5
An analysis of the changes in the impairment allowance for customer receivables and other trade receivables is as follows:
Credit
Lifetime ECL impaired Total
Loss allowance \u00a3m \u00a3m \u00a3m
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)
New assets originated/recoveries
(3.5)
13.3
9.8
Transfers from lifetime ECL to credit impaired
3.8
(42.5)
(38.7)
Change in the allowance for expected credit losses
(1.7)
(1.6)
(3.3)
Financial assets derecognised during the period
\u2013
19.0
19.0
Amounts written off
0.8
5.5
6.3
At January 2024
(115.3)
(94.1)
(209.4)
Credit
Lifetime ECL impaired Total
\u00a3m \u00a3m \u00a3m
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)
Impairment
(4.9)
(32.6)
(37.5)
Amounts recovered
0.1
1.4
1.5
Charged to the Income Statement
(4.8)
(31.2)
(36.0)
Used during the year
4.2
24.9
29.1
Total movement
(0.6)
(6.3)
(6.9)
At January 2024
(115.3)
(94.1)
(209.4)
The amount charged to the Income Statement of \u00a336.0m (2023: \u00a331.0m) differs to the bad debt charge of \u00a332.2m (2023: \u00a326.2m) in the Chief Executive\u2019s Review on page 50 due to recoveries of previously written off assets taken directly to the Income Statement. Information on the Group\u2019s credit risk in relation to customer receivables is provided in Note 29.
15.\u2002Other Financial Assets
2024 2023
\u00a3m \u00a3m
Foreign exchange contracts
6.8
9.1
Commodity price contracts
0.1
\u2013
6.9
9.1
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 29). These instruments are primarily for US Dollars and Euros.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-625": { "value": "14.\u2002Customer and Other Receivables The following table shows the components of net receivables.
2024 2023
\u00a3m \u00a3m
Gross customer receivables
1,550.7
1,521.1
Less: refund liabilities
(72.9)
(64.2)
Net customer receivables
1,477.8
1,456.9
Less: allowance for expected credit losses
(207.4)
(202.2)
1,270.4
1,254.7
Other trade receivables
64.9
42.9
Less: allowance for doubtful debts
(2.0)
(0.3)
1,333.3
1,297.3
Presentation of the above, split by total receivables and allowances:
2024 2023
\u00a3m \u00a3m
Net customer receivables
1,477.8
1,456.9
Other trade receivables
64.9
42.9
1,542.7
1,499.8
Less: allowance for expected credit losses and doubtful debts
(209.4)
(202.5)
1,333.3
1,297.3
Prepayments
63.6
54.9
Other debtors
43.8
40.7
Amounts due from associates and joint ventures
12.1
32.6
1,452.8
1,425.5
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 24.9% (2023: 23.9%) at the year-end date, except for \u00a372.9m (2023: \u00a354.8m) of next3step balance which bears interest at 29.9% (2023: 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 29), 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 \u00a31,310m (2023: \u00a31,260m). 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 28). 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.
An analysis of changes in the gross carrying amount in relation to customer receivables and other trade receivables is as follows:
Credit
Lifetime ECL impaired Total
Gross carrying amount \u00a3m \u00a3m \u00a3m
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
New assets originated/recoveries
93.2
(14.5)
78.7
Transfers from lifetime ECL to credit impaired
(46.3)
46.3
\u2013
Financial assets derecognised during the period
\u2013
(20.7)
(20.7)
Amounts written off
(9.3)
(6.0)
(15.3)
At January 2024
1,441.0
101.5
1,542.5
An analysis of the changes in the impairment allowance for customer receivables and other trade receivables is as follows:
Credit
Lifetime ECL impaired Total
Loss allowance \u00a3m \u00a3m \u00a3m
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)
New assets originated/recoveries
(3.5)
13.3
9.8
Transfers from lifetime ECL to credit impaired
3.8
(42.5)
(38.7)
Change in the allowance for expected credit losses
(1.7)
(1.6)
(3.3)
Financial assets derecognised during the period
\u2013
19.0
19.0
Amounts written off
0.8
5.5
6.3
At January 2024
(115.3)
(94.1)
(209.4)
Credit
Lifetime ECL impaired Total
\u00a3m \u00a3m \u00a3m
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)
Impairment
(4.9)
(32.6)
(37.5)
Amounts recovered
0.1
1.4
1.5
Charged to the Income Statement
(4.8)
(31.2)
(36.0)
Used during the year
4.2
24.9
29.1
Total movement
(0.6)
(6.3)
(6.9)
At January 2024
(115.3)
(94.1)
(209.4)
The amount charged to the Income Statement of \u00a336.0m (2023: \u00a331.0m) differs to the bad debt charge of \u00a332.2m (2023: \u00a326.2m) in the Chief
Executive\u2019s Review on page 50 due to recoveries of previously written off assets taken directly to the Income Statement.
Information on the Group\u2019s credit risk in relation to customer receivables is provided in Note 29.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-659": { "value": "15.\u2002Other Financial Assets
2024 2023
\u00a3m \u00a3m
Foreign exchange contracts
6.8
9.1
Commodity price contracts
0.1
\u2013
6.9
9.1
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 29). These instruments are primarily for US Dollars and Euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-648": { "value": "15.\u2002Other Financial Assets
2024 2023
\u00a3m \u00a3m
Foreign exchange contracts
6.8
9.1
Commodity price contracts
0.1
\u2013
6.9
9.1
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 29). These instruments are primarily for US Dollars and Euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-626": { "value": "15.\u2002Other Financial Assets
2024 2023
\u00a3m \u00a3m
Foreign exchange contracts
6.8
9.1
Commodity price contracts
0.1
\u2013
6.9
9.1
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 29). These instruments are primarily for US Dollars and Euros.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-589": { "value": "
16.\u2002Cash and Short Term Deposits
2024 2023
\u00a3m \u00a3m
Cash at bank and in hand
139.3
105.0
Money market funds
49.0
\u2013
188.3
105.0
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. Money market funds are used to manage the short-term liquidity requirements of the Group and are highly liquid investments that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-591": { "value": "
17.\u2002Loans and Overdrafts
2024
2023
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts and short term borrowings
30.1
\u2013
102.3
\u2013
Bank loans
5.0
28.9
\u2013
\u2013
Loan notes
23.6
0.6
\u2013
\u2013
58.7
29.5
102.3
\u2013
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.
Bank loans represent facilities provided by external banks to Reiss on which the annual rate of interest is between 2.15% and 2.90% over SONIA
based on net leverage. The loan is secured by a fixed and floating charge over the assets of the Reiss group, charges over credit balances held by
Reiss and unlimited cross guarantees to NatWest Bank PLC from other companies within the Reiss group.
Loan notes were issued to management of Reiss and FatFace as part of their respective acquisitions. The Reiss loan notes of \u00a323.6m are repayable
by January 2025 and the FatFace loan notes of \u00a30.6m are repayable by March 2025. The loan notes are interest bearing on an arm\u2019s length basis.
27.\u2002Financial Instruments: Categories
2024 2023
\u00a3m \u00a3m
Financial assets
Derivatives not designated as hedging instruments
0.7
0.5
Derivatives designated as hedging instruments
6.9
8.6
Customer and other receivables at amortised cost
*
1,388.6
1,370.2
Cash, short term deposits (Note 16)
188.3
105.0
Preference shares at amortised cost
2.0
63.1
Non-listed equity instruments designated at fair value through profit or loss / OCI
0.2
0.2
Financial liabilities
Derivatives not designated as hedging instruments
(5.9)
(17.6)
Derivatives designated as hedging instruments
(24.2)
(32.7)
Lease liabilities at amortised cost
(1,037.7)
(1,023.3)
Interest bearing loans and borrowings:
Corporate bonds at amortised cost adjusted for the fair value changes attributable to the risk being hedged
(790.8)
(790.7)
Bank loans and overdrafts at amortised cost
(88.2)
(102.3)
Put and call options over non-controlling interests
(26.1)
\u2013
Trade and other payables at amortised cost**
(740.5)
(596.9)
* Prepayments of \u00a363.6m (2023: \u00a354.9m) and other debtors of \u00a30.5m (2023: \u00a30.4m) do not meet the definition of a financial instrument.
** Other taxation and social security payables of \u00a3133.4m (2023: \u00a395.7m), deferred income of \u00a399.0m (2023: \u00a384.2m), share-based payment liabilities of \u00a30.2m (2023: \u00a30.2m) and
other creditors of \u00a330.5m (2023: \u00a328.5m) do not meet the definition of a financial instrument.
28.\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 The fair value approximates to the carrying amount because of the short maturity
deposits and borrowings of these instruments.
Preference shares
The fair value approximates to 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.
Put and call options
The fair value is determined as the present value of the EBITDA forecasts
multiplied by an earnings ratio.
The fair value of corporate bonds is as follows:
2024
2023
Carrying Carrying
amount Fair value amount Fair value
Corporate bonds \u00a3m \u00a3m \u00a3m \u00a3m
In hedging relationships
240.8
248.7
240.7
249.8
Not in hedging relationships
550.0
535.0
550.0
533.5
790.8
783.7
790.7
783.3
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 20).
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
Corporate bonds and Money Market value includes accrued interest and
for identical assets or liabilities Market Funds change in credit risk and interest rate risk,
and is therefore different to the reported
carrying amounts.
Level 2
Inputs
other
than
quoted
prices
Derivative financial instruments
Valuation techniques include forward pricing
included
within
Level
1
that
are
and swap models using net present value
observable for the asset or liability, calculation of future cash flows. The model
either
directly
(i.e.
as
prices)
or
inputs include the foreign exchange spot and
indirectly (i.e. derived from prices) forward rates, yield curves of the respective
currencies, currency basis spreads between
the respective currencies, commodity price
indices and interest rate curves.
Level 3
Inputs for the asset or liability that
Non-listed equity instruments
The
fair value
of
these
non-listed
equity
are not based on observable market at fair value through OCI and
investments
has
been
estimated
using
a
data (unobservable market data) Put and Call options at fair value discounted cash flow model.
through other equity
The fair value of the put and call options
have
been
estimated
using
formula
a
as
stated
within
the
relevant
shareholder
agreement. The inputs include management
approved
future
cash
flows
and
earnings
ratios calculated from market quoted prices.
29.\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 Commodity price risk \u2022 Credit risk \u2022 Capital risk Treasury function NEXT operates a centralised treasury function which is responsible for managing the liquidity, interest, commodity 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:
Less than 1 to 2 2 to 5 Over
1 year years years 5 years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans and overdrafts
37.6
29.4
\u2013
\u2013
67.0
Lease liabilities
205.7
175.9
366.1
735.0
1,482.7
Trade and other payables
703.8
2.8
\u2013
\u2013
706.6
Corporate bonds
29.3
279.3
593.6
\u2013
902.2
Loan notes
23.6
0.6
\u2013
\u2013
24.2
Put and call options
\u2013
\u2013
26.1
\u2013
26.1
1,000.0
488.0
985.8
735.0
3,208.8
Derivatives: net settled
6.4
3.3
2.0
\u2013
11.7
Derivatives: gross settled
Cash inflows
(1,241.2)
\u2013
\u2013
\u2013
(1,241.2)
Cash outflows
1,250.0
\u2013
\u2013
\u2013
1,250.0
Total cash flows
1,015.2
491.3
987.8
735.0
3,229.3
Less than 1 to 2 2 to 5 Over
1 year years years 5 years Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \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
Within lease liabilities greater than 5 years are leases on stores with cash flows in years 5\u201310 of \u00a3153.0m (2023: \u00a3193.4m) and more than 10 years
of \u00a327.8m (2023: \u00a342.3m). The lease liabilities greater than 5 years on warehouses and head office premises with cash flows in years 5\u201310 are
\u00a3146.3m (2023: \u00a3137.5m) and more than 10 years of \u00a3407.9m (2023: \u00a3320.4m).
As at 27 January 2024, the Group had borrowing facilities of \u00a3425.0m (2023: \u00a3450.0m) committed until June 2028 (2023: committed until November
2024), in respect of which all conditions precedent have been met. \u00a3nil of the facilities were drawn down as at January 2024 (2023: \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 SONIA. Details of the aggregate rates payable are given in Note 20.
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 impacts the fair value movements of the hedging instrument and the hedged item.
Fair value of group swaps
The fair values of the Group\u2019s interest rate swaps, including accrued interest, are as follows:
2024 2023
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(11.3)
(9.5)
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:
2024
2023
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%
SONIA + 1.7%
The impact of the hedging instrument on the Balance Sheet is as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount* the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Interest rate swaps \u2013 assets
Other financial assets
\u2013
\u2013
\u2013
Interest rate swaps \u2013 liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
At 28 January 2023
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)
* Other financial liabilities also includes \u00a32.1m of interest payable (2023: \u00a30.2m interest receivable) on interest rate swaps that has been accrued at the balance sheet date.
The impact of the hedged items on the Balance Sheet is as follows:
Changes in fair value
used for measuring
Accumulated fair ineffectiveness in
Carrying amount value adjustments the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
At 28 January 2023
Fixed-rate borrowings
Corporate bonds
250.0
(9.3)
(25.0)
The ineffectiveness recognised in the Income Statement for the period ended 27 January 2024 was \u00a3nil (2023: \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 30.
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:
2024 2023
\u00a3m \u00a3m
Derivatives in designated hedging relationships
(6.5)
(14.6)
Other foreign exchange derivatives not designated in hedging relationships
(5.2)
(17.0)
Total foreign exchange derivatives
(11.7)
(31.6)
Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
\u2013
938.5
Average GBP: USD contract rate
1.26
1.28
\u2013
1.26
EURO (highly probable forecast purchases)
Notional amount (in \u00a3m)
45.0
\u2013
\u2013
45.0
Average GBP: EURO contract rate
1.16
\u2013
\u2013
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
\u2013
50.8
Average GBP: EURO contract rate
1.14
1.14
\u2013
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
\u2013
\u2013
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies are hedged, which are individually not material to the financial statements.
Derivatives designated in hedging relationships at 28 January 2023:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
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 were hedged, which are individually not material to the financial statements.
The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
At 28 January 2023
Foreign exchange contracts
Other financial assets
462.5
9.1
116.4
Foreign exchange contracts
Other financial liabilities
407.2
(40.8)
(37.6)
The impact of the hedged items on the Balance sheet is as follows:
27 January 2024
28 January 2023
Changes in fair Changes in fair
value used for value used for
measuring Closing cash Closing cost measuring Closing cash Closing cost
ineffectiveness flow hedge of hedging ineffectiveness flow hedge of hedging
in the period reserve reserve in the period reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly probable forecast sales
3.5
0.4
\u2013
(7.0)
1.9
\u2013
Highly probable forecast stock purchases
(1.8)
(6.5)
(0.4)
86.2
(17.0)
0.5
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness Cost of reclassified
recognised in Recycled to hedging from OCI to
Income cost of recognised in the Income Line item in
Statement inventories OCI Statement the Income
Year ended 27 January 2024 \u00a3m \u00a3m \u00a3m \u00a3m Statement
Highly probable forecast sales
\u2013
\u2013
\u2013
(5.0)
Revenue
Highly probable forecast stock purchases
\u2013
12.4
(0.9)
\u2013
\u2013
Year ended 28 January 2023
Highly probable forecast sales
\u2013
\u2013
\u2013
6.1
Revenue
Highly probable forecast stock purchases
\u2013
(134.8)
(0.4)
\u2013
\u2013
Commodity price risk
The Group is exposed to commodity price risk on contracts to purchase commodities at a floating price. In order to mitigate the risk arising from
potential movements in commodity prices, the Group enters into deliverable fixed price contracts or financial derivatives. At 27 January 2024,
the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2023: \u00a3nil) in relation to highly probable forecast diesel purchases.
These contracts committed the Group to pay a fixed price and receive the floating index price on 12,623kL (2023: nil) of diesel and have been
designated as cash flow hedges for reporting purposes.
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 \u00a31,333.2m at the reporting date (2023: \u00a31,297.3m). These are detailed in Note 14.
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. As at January 2024,
there were 2.94m active customers (2023: 2.87m) with an average balance of \u00a3503 (2023: \u00a3508). The Group\u2019s outstanding receivables balances
and impairment losses are detailed in Note 14. 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 \u00a312.1m (2023: \u00a317.6m) were on a Reduced Payment Indicator (RPI) plan. An allowance for Expected Credit
Losses (ECLs) of \u00a38.7m (2023: \u00a312.3m) 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 returned to normal
scoring, which considers multivariate factors, including indebtedness and repayment history, in the assessment of their expected risk levels.
Any modification gain or loss recognised is immaterial to the financial statements.
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).
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.
2024 2023
Total Total
\u00a3m \u00a3m
Risk exposure determined by CII score
Risk band 1 (CII<=5)
954.4
891.6
Risk band 2 (5<CII<=16)
231.1
211.7
Risk band 3 (17<CII<=48)
159.6
173.8
Risk band 4 (48>CII)
96.0
126.3
Gross carrying amount before credit impaired
1,441.1
1,403.4
Credit impaired
101.5
96.4
Gross carrying amount after credit impaired
1,542.6
1,499.8
Less allowance
(209.4)
(202.5)
Carrying amount
1,333.2
1,297.3
Analysis of customer receivables and other trade receivables, stratified by credit grade, is provided in the tables below. In 2023, CII scores were
based on GEN10 (Risk Band 1 \u2013 CII<=10, Risk Band 2 \u2013 10<CII<=20, Risk Band 3 \u2013 20<CII<=47 and Risk Band 4 47>CII). For 2024, the CII scores are
based on GEN11.
1\u201330 31\u201360 61\u201390 91\u2013120 >120
days past days past days past days past days past Payment
Current due due due due due plans Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer receivables and other trade receivables
Risk band 1 (CII<=5)
942.7
10.7
0.1
\u2013
\u2013
\u2013
0.9
954.4
Risk band 2 (5<CII<=16)
222.7
7.1
0.2
\u2013
\u2013
\u2013
1.1
231.1
Risk band 3 (17<CII<=48)
143.5
10.3
1.8
0.6
0.2
0.3
2.9
159.6
Risk band 4 (48>CII)
65.5
9.2
4.8
3.3
2.7
3.2
7.2
95.9
Otherwise impaired
\u2013
\u2013
\u2013
\u2013
\u2013
101.5
\u2013
101.5
Total
1,374.4
37.3
6.9
3.9
2.9
105.0
12.1
1,542.5
Loss allowance
Risk band 1 (CII<=5)
(49.0)
(1.4)
\u2013
\u2013
\u2013
\u2013
(0.3)
(50.7)
Risk band 2 (5<CII<=16)
(15.5)
(1.1)
(0.1)
\u2013
\u2013
\u2013
(0.5)
(17.2)
Risk band 3 (17<CII<=48)
(12.8)
(1.7)
(0.6)
(0.4)
(0.2)
(0.2)
(1.8)
(17.7)
Risk band 4 (48>CII)
(12.8)
(2.0)
(2.0)
(2.1)
(2.1)
(2.6)
(6.1)
(29.7)
Otherwise impaired
\u2013
\u2013
\u2013
\u2013
\u2013
(94.1)
\u2013
(94.1)
Total
(90.1)
(6.2)
(2.7)
(2.5)
(2.3)
(96.9)
(8.7)
(209.4)
Expected loss rate %
Risk band 1 (CII<=5)
5.2%
13.3%
32.8%
63.7%
\u2013
79.3%
31.3%
5.3%
Risk band 2 (5<CII<=16)
7.0%
15.2%
33.6%
62.7%
\u2013
79.2%
40.8%
7.4%
Risk band 3 (17<CII<=48)
8.9%
16.9%
36.3%
61.4%
77.9%
77.3%
61.7%
11.1%
Risk band 4 (48>CII)
19.5%
21.3%
40.8%
64.3%
80.6%
80.6%
84.6%
31.0%
Otherwise impaired
\u2013
\u2013
\u2013
\u2013
\u2013
92.7%
\u2013
92.7%
Total
6.6%
16.6%
39.3%
63.8%
80.4%
92.3%
71.3%
13.6%
1\u201330 31\u201360 61\u201390 91\u2013120 >120
days past days past days past days past days past Payment
Current due due due due due plans Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 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 (2023: \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 31, 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.
30.\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.
Interest rate sensitivity analysis (continued)
Income Statement
Equity
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate increase of 1.0%
(1.5)
(2.8)
(1.5)
(2.8)
Interest rate decrease of 1.0%
1.5
2.8
1.5
2.8
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
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling strengthens by 10%
US Dollar
(12.6)
(20.9)
(60.2)
(51.4)
Euro
\u2013
\u2013
1.3
(1.5)
Sterling weakens by 10%
US Dollar
3.4
14.0
66.2
58.6
Euro
\u2013
\u2013
(1.6)
1.8
Year end exchange rates applied in the above analysis are US Dollar 1.27 (2023: 1.24) and Euro 1.17 (2023: 1.14). 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:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-628": { "value": "17.\u2002Loans and Overdrafts
2024
2023
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts and short term borrowings
30.1
\u2013
102.3
\u2013
Bank loans
5.0
28.9
\u2013
\u2013
Loan notes
23.6
0.6
\u2013
\u2013
58.7
29.5
102.3
\u2013
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. Bank loans represent facilities provided by external banks to Reiss on which the annual rate of interest is between 2.15% and 2.90% over SONIA based on net leverage. The loan is secured by a fixed and floating charge over the assets of the Reiss group, charges over credit balances held by Reiss and unlimited cross guarantees to NatWest Bank PLC from other companies within the Reiss group. Loan notes were issued to management of Reiss and FatFace as part of their respective acquisitions. The Reiss loan notes of \u00a323.6m are repayable by January 2025 and the FatFace loan notes of \u00a30.6m are repayable by March 2025. The loan notes are interest bearing on an arm\u2019s length basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-590": { "value": "
18.\u2002Trade Payables and Other Liabilities
2024
2023
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
297.1
\u2013
230.1
\u2013
Amounts owed to associates and joint ventures
1.1
\u2013
2.1
\u2013
Refund liabilities
11.1
\u2013
8.3
\u2013
Other taxation and social security
133.4
\u2013
95.7
\u2013
Deferred revenue from the sale of gift cards
99.0
\u2013
84.2
\u2013
Share-based payment liability
\u2013
0.2
0.2
\u2013
Other creditors and accruals
450.1
11.5
370.5
14.3
991.8
11.7
791.1
14.3
Trade payables do not bear interest and are generally settled on 30 day terms. The year on year increase in trade payables and other liabilities is
largely due to the acquisition of Reiss and FatFace, higher staff incentives and capital accruals.
Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a393.8m (bonus, holiday pay
and overtime) (2023: \u00a342.7m), warehouse and duty related accruals of \u00a399.4m (2023: \u00a392.1m), property accruals \u00a348.0m (2023: \u00a329.0m),
marketing accruals \u00a315.3m (2023: \u00a317.8m) and IT systems, utilities and deferred income on NEXT Unlimited.
19.\u2002Other Financial Liabilities
2024
2023
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange contracts
18.5
\u2013
40.8
\u2013
Interest rate derivatives
\u2013
11.3
\u2013
9.5
Commodity price contracts
0.3
\u2013
\u2013
\u2013
Put and call options
\u2013
26.1
\u2013
\u2013
18.8
37.4
40.8
9.5
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 29). 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 20).
Commodity price contracts are used to hedge against movements in the Group\u2019s purchases of diesel fuel (refer to Note 29).
Put and call options
Put and call options are in place over some of the remaining non-controlling interest shareholding in Reiss and FatFace. These put and call options
are accounted for at fair value. This recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the
Consolidated Balance Sheet at the present value of the estimated exercise price of the put and call option.
Put and call options are entered into simultaneously, in contemplation of each other and are documented within a single agreement with the same
counterparty in respect of each minority shareholding. The terms of the put and call are identical in respect of the valuation mechanic and the
period on which they are derived, and therefore the underlying asset and risk associated to the put and call are considered to be the same. The only
distinguishable difference between the put and the call, other than the party choosing to initiate the option, is the timing of the option window.
There is a period of time between the put option window commencing and the call option window commencing. For example, the put option can
be exercised in years 3, 4 and 5 post acquisition, whereas the call option can only be exercised 5 years post acquisition. Accordingly, the Group has
assessed that the put and call options are to be accounted for as a single unit of account.
The present value of the exercise price of the put and call options is estimated using Board approved forecasts multiplied by an earnings ratio.
The option formula is specific to each subsidiary and stated within the shareholder agreement. The forecast cash flows are discounted using
a discount rate reflecting the current market assessment of the time value of money and any specific risk premiums relevant to the individual
businesses involved. These discount rates are considered to be equivalent to the rates a market participant would use. Upon initial recognition of
put and call options a corresponding entry is made to Other Equity, and for subsequent changes on remeasurement of the liability the corresponding
entry is made to Other Equity.
The options relating to the 27 January 2024 total \u00a326.1m comprising Reiss \u00a321.5m and FatFace \u00a34.6m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-660": { "value": "18.\u2002Trade Payables and Other Liabilities
2024
2023
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
297.1
\u2013
230.1
\u2013
Amounts owed to associates and joint ventures
1.1
\u2013
2.1
\u2013
Refund liabilities
11.1
\u2013
8.3
\u2013
Other taxation and social security
133.4
\u2013
95.7
\u2013
Deferred revenue from the sale of gift cards
99.0
\u2013
84.2
\u2013
Share-based payment liability
\u2013
0.2
0.2
\u2013
Other creditors and accruals
450.1
11.5
370.5
14.3
991.8
11.7
791.1
14.3
Trade payables do not bear interest and are generally settled on 30 day terms. The year on year increase in trade payables and other liabilities is largely due to the acquisition of Reiss and FatFace, higher staff incentives and capital accruals. Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a393.8m (bonus, holiday pay and overtime) (2023: \u00a342.7m), warehouse and duty related accruals of \u00a399.4m (2023: \u00a392.1m), property accruals \u00a348.0m (2023: \u00a329.0m), marketing accruals \u00a315.3m (2023: \u00a317.8m) and IT systems, utilities and deferred income on NEXT Unlimited. 19.\u2002Other Financial Liabilities
2024
2023
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange contracts
18.5
\u2013
40.8
\u2013
Interest rate derivatives
\u2013
11.3
\u2013
9.5
Commodity price contracts
0.3
\u2013
\u2013
\u2013
Put and call options
\u2013
26.1
\u2013
\u2013
18.8
37.4
40.8
9.5
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 29). 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 20). Commodity price contracts are used to hedge against movements in the Group\u2019s purchases of diesel fuel (refer to Note 29). Put and call options Put and call options are in place over some of the remaining non-controlling interest shareholding in Reiss and FatFace. These put and call options are accounted for at fair value. This recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Balance Sheet at the present value of the estimated exercise price of the put and call option. Put and call options are entered into simultaneously, in contemplation of each other and are documented within a single agreement with the same counterparty in respect of each minority shareholding. The terms of the put and call are identical in respect of the valuation mechanic and the period on which they are derived, and therefore the underlying asset and risk associated to the put and call are considered to be the same. The only distinguishable difference between the put and the call, other than the party choosing to initiate the option, is the timing of the option window. There is a period of time between the put option window commencing and the call option window commencing. For example, the put option can be exercised in years 3, 4 and 5 post acquisition, whereas the call option can only be exercised 5 years post acquisition. Accordingly, the Group has assessed that the put and call options are to be accounted for as a single unit of account. The present value of the exercise price of the put and call options is estimated using Board approved forecasts multiplied by an earnings ratio. The option formula is specific to each subsidiary and stated within the shareholder agreement. The forecast cash flows are discounted using a discount rate reflecting the current market assessment of the time value of money and any specific risk premiums relevant to the individual businesses involved. These discount rates are considered to be equivalent to the rates a market participant would use. Upon initial recognition of put and call options a corresponding entry is made to Other Equity, and for subsequent changes on remeasurement of the liability the corresponding entry is made to Other Equity. The options relating to the 27 January 2024 total \u00a326.1m comprising Reiss \u00a321.5m and FatFace \u00a34.6m.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-649": { "value": "18.\u2002Trade Payables and Other Liabilities
2024
2023
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
297.1
\u2013
230.1
\u2013
Amounts owed to associates and joint ventures
1.1
\u2013
2.1
\u2013
Refund liabilities
11.1
\u2013
8.3
\u2013
Other taxation and social security
133.4
\u2013
95.7
\u2013
Deferred revenue from the sale of gift cards
99.0
\u2013
84.2
\u2013
Share-based payment liability
\u2013
0.2
0.2
\u2013
Other creditors and accruals
450.1
11.5
370.5
14.3
991.8
11.7
791.1
14.3
Trade payables do not bear interest and are generally settled on 30 day terms. The year on year increase in trade payables and other liabilities is largely due to the acquisition of Reiss and FatFace, higher staff incentives and capital accruals. Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a393.8m (bonus, holiday pay and overtime) (2023: \u00a342.7m), warehouse and duty related accruals of \u00a399.4m (2023: \u00a392.1m), property accruals \u00a348.0m (2023: \u00a329.0m), marketing accruals \u00a315.3m (2023: \u00a317.8m) and IT systems, utilities and deferred income on NEXT Unlimited. 19.\u2002Other Financial Liabilities
2024
2023
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange contracts
18.5
\u2013
40.8
\u2013
Interest rate derivatives
\u2013
11.3
\u2013
9.5
Commodity price contracts
0.3
\u2013
\u2013
\u2013
Put and call options
\u2013
26.1
\u2013
\u2013
18.8
37.4
40.8
9.5
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 29). 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 20). Commodity price contracts are used to hedge against movements in the Group\u2019s purchases of diesel fuel (refer to Note 29). Put and call options Put and call options are in place over some of the remaining non-controlling interest shareholding in Reiss and FatFace. These put and call options are accounted for at fair value. This recognises put and call options over non-controlling interests in its subsidiary undertakings as a liability in the Consolidated Balance Sheet at the present value of the estimated exercise price of the put and call option. Put and call options are entered into simultaneously, in contemplation of each other and are documented within a single agreement with the same counterparty in respect of each minority shareholding. The terms of the put and call are identical in respect of the valuation mechanic and the period on which they are derived, and therefore the underlying asset and risk associated to the put and call are considered to be the same. The only distinguishable difference between the put and the call, other than the party choosing to initiate the option, is the timing of the option window. There is a period of time between the put option window commencing and the call option window commencing. For example, the put option can be exercised in years 3, 4 and 5 post acquisition, whereas the call option can only be exercised 5 years post acquisition. Accordingly, the Group has assessed that the put and call options are to be accounted for as a single unit of account. The present value of the exercise price of the put and call options is estimated using Board approved forecasts multiplied by an earnings ratio. The option formula is specific to each subsidiary and stated within the shareholder agreement. The forecast cash flows are discounted using a discount rate reflecting the current market assessment of the time value of money and any specific risk premiums relevant to the individual businesses involved. These discount rates are considered to be equivalent to the rates a market participant would use. Upon initial recognition of put and call options a corresponding entry is made to Other Equity, and for subsequent changes on remeasurement of the liability the corresponding entry is made to Other Equity. The options relating to the 27 January 2024 total \u00a326.1m comprising Reiss \u00a321.5m and FatFace \u00a34.6m.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-627": { "value": "18.\u2002Trade Payables and Other Liabilities
2024
2023
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
297.1
\u2013
230.1
\u2013
Amounts owed to associates and joint ventures
1.1
\u2013
2.1
\u2013
Refund liabilities
11.1
\u2013
8.3
\u2013
Other taxation and social security
133.4
\u2013
95.7
\u2013
Deferred revenue from the sale of gift cards
99.0
\u2013
84.2
\u2013
Share-based payment liability
\u2013
0.2
0.2
\u2013
Other creditors and accruals
450.1
11.5
370.5
14.3
991.8
11.7
791.1
14.3
Trade payables do not bear interest and are generally settled on 30 day terms. The year on year increase in trade payables and other liabilities is largely due to the acquisition of Reiss and FatFace, higher staff incentives and capital accruals. Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a393.8m (bonus, holiday pay and overtime) (2023: \u00a342.7m), warehouse and duty related accruals of \u00a399.4m (2023: \u00a392.1m), property accruals \u00a348.0m (2023: \u00a329.0m), marketing accruals \u00a315.3m (2023: \u00a317.8m) and IT systems, utilities and deferred income on NEXT Unlimited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-592": { "value": "
20.\u2002Corporate Bonds
Balance Sheet value
Nominal value
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Corporate bond 3.000% repayable 2025
250.0
250.0
250.0
250.0
Corporate bond 4.375% repayable 2026
240.8
240.7
250.0
250.0
Corporate bond 3.625% repayable 2028
300.0
300.0
300.0
300.0
790.8
790.7
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:
2024 2024 2023 2023
Nominal value Aggregate Nominal value Aggregate
\u00a3m interest rate \u00a3m interest rate
2025
Bonds
Fixed
250.0
3.000%
250.0
3.000%
2026
Bonds
Floating
250.0
SONIA + 1.7%
250.0
SONIA +1.7%
2028
Bonds
Fixed
300.0
3.625%
300.0
3.625%
Total
800.0
800.0
Interest rate risk management is explained in Note 29 and the fair values of the corporate bonds in aggregate are shown in Note 28.
31.\u2002Analysis of Net Debt
January Arising on Other January
2023 acquisitions Cash flow changes IFRS 16 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and short term deposits
105.0
37.4
45.9
\u2013
\u2013
188.3
Overdrafts and short term borrowings
(102.3)
(36.4)
74.7
\u2013
\u2013
(64.0)
Cash and cash equivalents
2.7
1.0
120.6
\u2013
\u2013
124.3
Loan notes
\u2013
\u2013
\u2013
(24.2)
\u2013
(24.2)
Corporate bonds
(790.7)
\u2013
\u2013
(0.1)
\u2013
(790.8)
Fair value hedges of corporate bonds
(9.3)
\u2013
\u2013
0.1
\u2013
(9.2)
Net debt excluding leases
(797.3)
1.0
120.6
(24.2)
\u2013
(699.9)
Current lease liability
(146.2)
(25.9)
\u2013
\u2013
4.3
(167.8)
Non-current lease liability
(877.1)
(58.8)
\u2013
\u2013
66.0
(869.9)
(1,023.3)
(84.7)
\u2013
\u2013
70.3
(1,037.7)
Net debt including leases
(1,820.6)
(83.7)
120.6
(24.2)
70.3
(1,737.6)
The IFRS 16 movements represent cash movements in relation to lease payments of \u00a3204.0m, and non cash movements relating to disposals
of \u00a36.3m and FX/Others of \u00a30.9m, offset by additions of \u00a340.1m, modifications of \u00a352.9m, finance costs \u00a347.9m and additions arising from
acquisitions of \u00a384.7m. See Note 12 for further details.
Interest of \u00a332.8m was accrued and paid on the Corporate bonds and associated hedges during the year. The unpaid interest accrual of \u00a316.4m is
recognised within accruals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-593": { "value": "
21.\u2002Pension Benefits
The Group operates the following pension arrangements in the UK:
\u2022 The NEXT Group Pension Plan (the \u201cOriginal Plan\u201d)
\u2022 The 2013 NEXT Group Pension Plan (the \u201c2013 Plan\u201d)
\u2022 Legal & General Master Trust and the NEXT Supplemental Pension Arrangement (the \u201cSPA\u201d)
\u2022 NEXT also contributes to the People\u2019s Pension which it uses for auto enrolment.
\u2022 Reiss and FatFace operate separate defined contribution plans for its employees.
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 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 five directors. Four of these are members of the 2013 Plan, and one director (the Chair) is independent and has no
other connection to NEXT. One of these directors is a member nominated director 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. Further details on each plan are set out below.
The Original Plan
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
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. The 2013 Plan defined benefit scheme was closed to new members in
2000 and 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 2013 Plan defined benefit scheme currently 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.
As at January 2024 more than 90% of the 2013 Plan assets consist of two insurance contracts:
\u2022 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 27 January 2024 this buy-in policy has a value of \u00a355m (2023: \u00a361m) within the pension scheme assets.
\u2022 In January 2024, the Trustees of the 2013 Plan undertook another buy-in in respect of all remaining members of the 2013 Plan, with a premium
paid of \u00a3511m. As at 27 January 2024 this buy-in policy has a value of \u00a3476m (2023: \u00a3Nil) within the pension scheme assets.
These insurance contracts provide members with enhanced security over their pension.
Subsequent to the year end and following a consultation process, the plan has been closed to future accrual. The closure will take effect from 1 April
2024. For further details see Note 36.
GMP
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 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 The defined contribution section is administered by 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. The 2013 Plan 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 2013 Plan defined benefit section and either joining the Legal and General Master Trust (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 buy-in insurance contracts cover the majority of the 2013 and Original Plan pension liabilities. This significantly offsets the total risks described above. Derivatives are not used to hedge any of the risks noted above. The following table summarises the principal risks associated with the Group\u2019s defined benefit arrangements prior to entering another insurance contract in January 2024:
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.
Income statement
The components of the net defined benefit expense, recognised in the Consolidated Income Statement within administrative expenses are
as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
3.0
\u2013
\u2013
3.0
6.6
\u2013
0.1
6.7
Past service cost
2.4
\u2013
\u2013
2.4
1.1
\u2013
\u2013
1.1
Net interest
(7.6)
(0.1)
0.3
(7.4)
(3.6)
(0.1)
0.2
(3.5)
Administration costs
2.3
0.1
\u2013
2.4
2.4
0.1
\u2013
2.5
Net defined benefit expense
0.1
\u2013
0.3
0.4
6.5
\u2013
0.3
6.8
Other comprehensive income
The components of the net defined benefit expense recognised in other comprehensive income are as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actuarial gains/(losses) due to
liability experience
(7.6)
(1.1)
(0.4)
(9.1)
(33.4)
(1.4)
0.1
(34.7)
Actuarial gains due to liability
assumption changes
30.6
3.9
0.5
35.0
311.7
31.6
3.6
346.9
23.0
2.8
0.1
25.9
278.3
30.2
3.7
312.2
Return on plan assets less than
discount rate
(126.5)
(3.0)
\u2013
(129.5)
(280.8)
(30.8)
\u2013
(311.6)
Actuarial gains/(losses)
recognised in other
comprehensive income
(103.5)
(0.2)
0.1
(103.6)
(2.5)
(0.6)
3.7
0.6
The surplus in the scheme has moved from \u00a3157.5m at January 2023 to \u00a359.3m at January 2024, mainly due to a reduction in plan obligations of
\u00a325.9m offset by a reduction in the return on plan assets of \u00a3129.5m.
Balance Sheet valuation
The net defined benefit pension asset recognised in the Consolidated Balance Sheet is analysed as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of benefit
obligations
(512.7)
(89.5)
(6.9)
(609.1)
(521.1)
(95.2)
(6.8)
(623.1)
Fair value of plan assets
577.7
90.7
\u2013
668.4
684.0
96.6
\u2013
780.6
Net pension asset
65.0
1.2
(6.9)
59.3
162.9
1.4
(6.8)
157.5
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.
Changes in the present value of defined benefit pension obligations are analysed as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening obligation
521.1
95.2
6.8
623.1
793.0
129.8
10.3
933.1
Current service cost
3.0
\u2013
\u2013
3.0
6.6
\u2013
0.1
6.7
Past service cost
2.4
\u2013
\u2013
2.4
1.1
\u2013
\u2013
1.1
Interest cost
23.7
4.2
0.3
28.2
16.9
2.7
0.2
19.8
Employee contributions
0.1
\u2013
\u2013
0.1
0.1
\u2013
\u2013
0.1
Benefits paid
(14.6)
(7.1)
(0.1)
(21.8)
(18.3)
(7.1)
(0.1)
(25.5)
Actuarial (gains)/losses
\u2013 financial assumptions
(19.5)
(3.9)
(0.4)
(23.8)
(311.4)
(31.0)
(3.6)
(346.0)
\u2013 experience
7.6
1.1
0.4
9.1
33.4
1.4
(0.1)
34.7
\u2013 demographic assumptions
(11.1)
\u2013
(0.1)
(11.2)
(0.3)
(0.6)
\u2013
(0.9)
Closing obligation
512.7
89.5
6.9
609.1
521.1
95.2
6.8
623.1
The present value of the defined benefit closing obligation of \u00a3609.1m (2023: \u00a3623.1m) was approximately 20% (2023: 25%) relating to active participants, 43% (2023: 45%) relating to deferred participants and 37% (2023: 30%) relating to pensioners. Plan assets Changes in the fair value of defined benefit pension assets were as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening assets
684.0
96.6
\u2013
780.6
958.2
131.8
\u2013
1,090.0
Employer contributions
5.7
\u2013
0.1
5.8
6.7
\u2013
0.1
6.8
Employee contributions
0.1
\u2013
\u2013
0.1
0.1
\u2013
\u2013
0.1
Benefits paid
(14.6)
(7.1)
(0.1)
(21.8)
(18.3)
(7.1)
(0.1)
(25.5)
Interest income on assets
31.3
4.3
\u2013
35.6
20.5
2.8
\u2013
23.3
Return on plan assets (excluding
amounts included in interest)
(126.5)
(3.0)
\u2013
(129.5)
(280.8)
(30.8)
\u2013
(311.6)
Administrative costs
(2.3)
(0.1)
\u2013
(2.4)
(2.4)
(0.1)
\u2013
(2.5)
Closing assets
577.7
90.7
\u2013
668.4
684.0
96.6
\u2013
780.6
The fair value of defined benefit plan assets was as follows:
2024
2023
2013 Original 2013 Original
Plan Plan Total Plan Plan Total
\u00a3m \u00a3m
\u00a3m
%
\u00a3m \u00a3m
\u00a3m
%
Equities
\u2013
\u2013
\u2013
\u2013
124.2
\u2013
124.2
15.9
Equity-linked bonds
\u2013
\u2013
\u2013
\u2013
54.6
\u2013
54.6
7.0
Bonds
\u2013
\u2013
\u2013
\u2013
61.9
\u2013
61.9
7.9
Gilts
\u2013
1.4
1.4
0.2
300.2
1.6
301.8
38.7
Property
\u2013
\u2013
\u2013
\u2013
78.9
\u2013
78.9
10.1
Insurance contracts
531.4
89.3
620.7
92.9
60.5
95.0
155.5
19.9
Cash and cash equivalents
46.3
\u2013
46.3
6.9
3.7
\u2013
3.7
0.5
577.7
90.7
668.4
100.0
684.0
96.6
780.6
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.
Within the 2013 Plan the main asset is the insurance contract with PIC which at January 2024 had a value of \u00a3476m (2023: \u00a3Nil).
Principal assumptions
The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at January 2024 using the
projected unit credit method. The principal actuarial assumptions used in the valuation were as follows:
2024
2023
Original 2013 and Original 2013 and
Plan SPA Plan SPA
Discount rate
5.00%
5.00%
4.60%
4.60%
Inflation \u2013 RPI
3.30%
2.95%
3.40%
3.10%
Inflation \u2013 CPI
2.30%
2.65%
2.40%
2.70%
Salary increases
n/a
n/a
n/a
n/a
Pension increases in payment
\u2013 RPI with a maximum of 5.0%
3.10%
2.80%
3.20%
2.85%
\u2013 RPI with a maximum of 2.5% and discretionary increases
2.05%
1.90%
2.10%
1.85%
2024
2023
Non- Non-
Pensioner pensioner Pensioner pensioner
aged 65 aged 45 aged 65 aged 45
Life expectancy at age 65 (years)
Male
21.3
22.8
22.3
24.3
Female
23.2
25.2
24.7
26.9
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 years, the SPA is 15 years and the 2013
Plan is 16 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.
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 105% for male and female pensioners and 107% for
male non-pensioners and 103% for female non-pensioners). Future improvement trends have been allowed for, in line with the most recent CMI
core projection model (CMI 2022) 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 pension asset and obligation to changes in the principal assumptions is:
Impact on Impact on
Sensitivity analysis pension asset pension obligation
Discount rate
0.5% decrease
\u00a346.4m increase
\u00a344.6m increase
Price inflation
0.5% increase to RPI and CPI
\u00a327.2m increase
\u00a325.1m increase
Price inflation
0.1% decrease to CPI (i.e. increase in the gap between RPI and CPI)
\u00a31.8m decrease
\u00a31.4m decrease
Mortality
Life expectancy increased by one year
\u00a312.1m increase
\u00a312.0m increase
The 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 2022 by Mercer, who are the 2013 Plan Actuary to the Trustees.
The valuation showed a funding surplus on a Technical Provisions basis required by legislation of 114.1% or \u00a385.4m at that date.
With effect from January 2020, the Company has paid 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. This increased to 47% from 1 October 2023 as stated within the Statement
of Contributions.
The 2022 valuation resulted in the Actuary recommending that the Company should pay regular contributions to the 2013 Plan at the rate of 26.8%
of members\u2019 frozen pensionable salaries at 31 October 2012 from 1 January 2024 (which was advance paid in June 2023).
At 30 September 2023, the 2013 Plan was estimated to be 115.7% funded on a Technical Provisions basis, primarily due to an increase in
government bond yields which has acted to reduce the liabilities, whilst a reduction in future expectations of inflation have also contributed to
this. These factors also reduce the value of the assets, but to a lesser extent meaning the funding level improved, corresponding to a surplus on
this basis in the region of 115.7% or \u00a380.7m.
The next actuarial valuation is due as at 30 September 2025.
Contributions
Members of the defined benefit section of the 2013 Plan contribute 3% or 5% of pensionable earnings; the Group contributes 26.8% 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:
2024 2023
\u00a3m \u00a3m
Defined contribution \u2013 recognised as an expense
20.0
17.1
Automatic enrolment \u2013 recognised as an expense
21.4
19.7
Defined benefit
0.7
6.7
42.1
43.5
Employer contributions to the defined benefit section in the year ahead are expected to be around \u00a34m. Employer contributions for the defined
contribution Master Trust scheme are expected to be circa \u00a321m (including salary sacrifice contributions) for the year ahead. Employer contributions
for the automatic enrolment scheme are expected to be around \u00a323m, including salary sacrifice contributions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-629": { "value": "Defined contribution arrangements The defined contribution section is administered by 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. The 2013 Plan 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 2013 Plan defined benefit section and either joining the Legal and General Master Trust (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", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-630": { "value": "
The buy-in insurance contracts cover the majority of the 2013 and Original Plan pension liabilities. This significantly offsets the total risks described
above. Derivatives are not used to hedge any of the risks noted above.
The following table summarises the principal risks associated with the Group\u2019s defined benefit arrangements prior to entering another insurance
contract in January 2024:
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.
Income statement The components of the net defined benefit expense, recognised in the Consolidated Income Statement within administrative expenses are as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
3.0
\u2013
\u2013
3.0
6.6
\u2013
0.1
6.7
Past service cost
2.4
\u2013
\u2013
2.4
1.1
\u2013
\u2013
1.1
Net interest
(7.6)
(0.1)
0.3
(7.4)
(3.6)
(0.1)
0.2
(3.5)
Administration costs
2.3
0.1
\u2013
2.4
2.4
0.1
\u2013
2.5
Net defined benefit expense
0.1
\u2013
0.3
0.4
6.5
\u2013
0.3
6.8
Other comprehensive income The components of the net defined benefit expense recognised in other comprehensive income are as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actuarial gains/(losses) due to
liability experience
(7.6)
(1.1)
(0.4)
(9.1)
(33.4)
(1.4)
0.1
(34.7)
Actuarial gains due to liability
assumption changes
30.6
3.9
0.5
35.0
311.7
31.6
3.6
346.9
23.0
2.8
0.1
25.9
278.3
30.2
3.7
312.2
Return on plan assets less than
discount rate
(126.5)
(3.0)
\u2013
(129.5)
(280.8)
(30.8)
\u2013
(311.6)
Actuarial gains/(losses)
recognised in other
comprehensive income
(103.5)
(0.2)
0.1
(103.6)
(2.5)
(0.6)
3.7
0.6
The surplus in the scheme has moved from \u00a3157.5m at January 2023 to \u00a359.3m at January 2024, mainly due to a reduction in plan obligations of \u00a325.9m offset by a reduction in the return on plan assets of \u00a3129.5m. Balance Sheet valuation The net defined benefit pension asset recognised in the Consolidated Balance Sheet is analysed as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of benefit
obligations
(512.7)
(89.5)
(6.9)
(609.1)
(521.1)
(95.2)
(6.8)
(623.1)
Fair value of plan assets
577.7
90.7
\u2013
668.4
684.0
96.6
\u2013
780.6
Net pension asset
65.0
1.2
(6.9)
59.3
162.9
1.4
(6.8)
157.5
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.
Changes in the present value of defined benefit pension obligations are analysed as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening obligation
521.1
95.2
6.8
623.1
793.0
129.8
10.3
933.1
Current service cost
3.0
\u2013
\u2013
3.0
6.6
\u2013
0.1
6.7
Past service cost
2.4
\u2013
\u2013
2.4
1.1
\u2013
\u2013
1.1
Interest cost
23.7
4.2
0.3
28.2
16.9
2.7
0.2
19.8
Employee contributions
0.1
\u2013
\u2013
0.1
0.1
\u2013
\u2013
0.1
Benefits paid
(14.6)
(7.1)
(0.1)
(21.8)
(18.3)
(7.1)
(0.1)
(25.5)
Actuarial (gains)/losses
\u2013 financial assumptions
(19.5)
(3.9)
(0.4)
(23.8)
(311.4)
(31.0)
(3.6)
(346.0)
\u2013 experience
7.6
1.1
0.4
9.1
33.4
1.4
(0.1)
34.7
\u2013 demographic assumptions
(11.1)
\u2013
(0.1)
(11.2)
(0.3)
(0.6)
\u2013
(0.9)
Closing obligation
512.7
89.5
6.9
609.1
521.1
95.2
6.8
623.1
The present value of the defined benefit closing obligation of \u00a3609.1m (2023: \u00a3623.1m) was approximately 20% (2023: 25%) relating to active
participants, 43% (2023: 45%) relating to deferred participants and 37% (2023: 30%) relating to pensioners.
Plan assets
Changes in the fair value of defined benefit pension assets were as follows:
2024
2023
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening assets
684.0
96.6
\u2013
780.6
958.2
131.8
\u2013
1,090.0
Employer contributions
5.7
\u2013
0.1
5.8
6.7
\u2013
0.1
6.8
Employee contributions
0.1
\u2013
\u2013
0.1
0.1
\u2013
\u2013
0.1
Benefits paid
(14.6)
(7.1)
(0.1)
(21.8)
(18.3)
(7.1)
(0.1)
(25.5)
Interest income on assets
31.3
4.3
\u2013
35.6
20.5
2.8
\u2013
23.3
Return on plan assets (excluding
amounts included in interest)
(126.5)
(3.0)
\u2013
(129.5)
(280.8)
(30.8)
\u2013
(311.6)
Administrative costs
(2.3)
(0.1)
\u2013
(2.4)
(2.4)
(0.1)
\u2013
(2.5)
Closing assets
577.7
90.7
\u2013
668.4
684.0
96.6
\u2013
780.6
The fair value of defined benefit plan assets was as follows:
2024
2023
2013 Original 2013 Original
Plan Plan Total Plan Plan Total
\u00a3m \u00a3m
\u00a3m
%
\u00a3m \u00a3m
\u00a3m
%
Equities
\u2013
\u2013
\u2013
\u2013
124.2
\u2013
124.2
15.9
Equity-linked bonds
\u2013
\u2013
\u2013
\u2013
54.6
\u2013
54.6
7.0
Bonds
\u2013
\u2013
\u2013
\u2013
61.9
\u2013
61.9
7.9
Gilts
\u2013
1.4
1.4
0.2
300.2
1.6
301.8
38.7
Property
\u2013
\u2013
\u2013
\u2013
78.9
\u2013
78.9
10.1
Insurance contracts
531.4
89.3
620.7
92.9
60.5
95.0
155.5
19.9
Cash and cash equivalents
46.3
\u2013
46.3
6.9
3.7
\u2013
3.7
0.5
577.7
90.7
668.4
100.0
684.0
96.6
780.6
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. Within the 2013 Plan the main asset is the insurance contract with PIC which at January 2024 had a value of \u00a3476m (2023: \u00a3Nil). Principal assumptions The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at January 2024 using the projected unit credit method. The principal actuarial assumptions used in the valuation were as follows:
2024
2023
Original 2013 and Original 2013 and
Plan SPA Plan SPA
Discount rate
5.00%
5.00%
4.60%
4.60%
Inflation \u2013 RPI
3.30%
2.95%
3.40%
3.10%
Inflation \u2013 CPI
2.30%
2.65%
2.40%
2.70%
Salary increases
n/a
n/a
n/a
n/a
Pension increases in payment
\u2013 RPI with a maximum of 5.0%
3.10%
2.80%
3.20%
2.85%
\u2013 RPI with a maximum of 2.5% and discretionary increases
2.05%
1.90%
2.10%
1.85%
2024
2023
Non- Non-
Pensioner pensioner Pensioner pensioner
aged 65 aged 45 aged 65 aged 45
Life expectancy at age 65 (years)
Male
21.3
22.8
22.3
24.3
Female
23.2
25.2
24.7
26.9
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 years, the SPA is 15 years and the 2013 Plan is 16 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. 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 105% for male and female pensioners and 107% for male non-pensioners and 103% for female non-pensioners). Future improvement trends have been allowed for, in line with the most recent CMI core projection model (CMI 2022) 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 pension asset and obligation to changes in the principal assumptions is:
Impact on Impact on
Sensitivity analysis pension asset pension obligation
Discount rate
0.5% decrease
\u00a346.4m increase
\u00a344.6m increase
Price inflation
0.5% increase to RPI and CPI
\u00a327.2m increase
\u00a325.1m increase
Price inflation
0.1% decrease to CPI (i.e. increase in the gap between RPI and CPI)
\u00a31.8m decrease
\u00a31.4m decrease
Mortality
Life expectancy increased by one year
\u00a312.1m increase
\u00a312.0m increase
The 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 2022 by Mercer, who are the 2013 Plan Actuary to the Trustees. The valuation showed a funding surplus on a Technical Provisions basis required by legislation of 114.1% or \u00a385.4m at that date. With effect from January 2020, the Company has paid 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. This increased to 47% from 1 October 2023 as stated within the Statement of Contributions. The 2022 valuation resulted in the Actuary recommending that the Company should pay regular contributions to the 2013 Plan at the rate of 26.8% of members\u2019 frozen pensionable salaries at 31 October 2012 from 1 January 2024 (which was advance paid in June 2023). At 30 September 2023, the 2013 Plan was estimated to be 115.7% funded on a Technical Provisions basis, primarily due to an increase in government bond yields which has acted to reduce the liabilities, whilst a reduction in future expectations of inflation have also contributed to this. These factors also reduce the value of the assets, but to a lesser extent meaning the funding level improved, corresponding to a surplus on this basis in the region of 115.7% or \u00a380.7m. The next actuarial valuation is due as at 30 September 2025. Contributions Members of the defined benefit section of the 2013 Plan contribute 3% or 5% of pensionable earnings; the Group contributes 26.8% 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:
2024 2023
\u00a3m \u00a3m
Defined contribution \u2013 recognised as an expense
20.0
17.1
Automatic enrolment \u2013 recognised as an expense
21.4
19.7
Defined benefit
0.7
6.7
42.1
43.5
Employer contributions to the defined benefit section in the year ahead are expected to be around \u00a34m. Employer contributions for the defined contribution Master Trust scheme are expected to be circa \u00a321m (including salary sacrifice contributions) for the year ahead. Employer contributions for the automatic enrolment scheme are expected to be around \u00a323m, including salary sacrifice contributions.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-596": { "value": "
22.\u2002Provisions
2024 2023
\u00a3m \u00a3m
At the beginning of the year
33.8
21.9
Arising from acquisitions
13.1
\u2013
Provisions made in the year
9.2
13.3
Utilisation of provisions
(4.1)
(2.2)
Release of provision
(0.1)
\u2013
Unwind of discount
0.5
0.8
At the end of the year
52.4
33.8
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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-631": { "value": "
23.\u2002Share Capital
2024 2023 2024 2023
Shares \u2018000 Shares \u2018000 \u00a3m \u00a3m
Allocated, called up and fully paid
Ordinary shares of 10p each
At the start of the year
129,263
132,772
12.9
13.3
Issued in the year
746
\u2013
0.1
\u2013
Purchased for cancellation in the year
(2,585)
(3,509)
(0.3)
(0.4)
127,424
129,263
12.7
12.9
The table below shows the movements in equity from share purchases and commitments during the year:
2024
2023
Shares Cost Shares Cost
\u2018000 \u00a3m \u2018000 \u00a3m
Shares issued in the year
(746)
(53.4)
\u2013
\u2013
Shares purchased for cancellation in the year
2,585
177.3
3,509
224.0
Amount shown in Statement of Changes in Equity
123.9
224.0
During the year 745,912 new ordinary shares were issued as part consideration for the acquisition of Fatface (see Note 34 for more detail).
The shares had a nominal value of \u00a30.10 and a share premium value of \u00a371.51 per share. No amount was unpaid as at year end.
Subsequent to the end of the financial year the Company entered into an irrevocable closed period share buyback programme and during the
period from 20 February 2024 up to and including 20 March 2024 where no shares were purchased for cancellation. Prior to the close period,
between 1 February and 15 February, 298,704 shares were acquired for a cost of \u00a325.1m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-595": { "value": "23.\u2002Share Capital
2024 2023 2024 2023
Shares \u2018000 Shares \u2018000 \u00a3m \u00a3m
Allocated, called up and fully paid
Ordinary shares of 10p each
At the start of the year
129,263
132,772
12.9
13.3
Issued in the year
746
\u2013
0.1
\u2013
Purchased for cancellation in the year
(2,585)
(3,509)
(0.3)
(0.4)
127,424
129,263
12.7
12.9
The table below shows the movements in equity from share purchases and commitments during the year:
2024
2023
Shares Cost Shares Cost
\u2018000 \u00a3m \u2018000 \u00a3m
Shares issued in the year
(746)
(53.4)
\u2013
\u2013
Shares purchased for cancellation in the year
2,585
177.3
3,509
224.0
Amount shown in Statement of Changes in Equity
123.9
224.0
During the year 745,912 new ordinary shares were issued as part consideration for the acquisition of Fatface (see Note 34 for more detail). The shares had a nominal value of \u00a30.10 and a share premium value of \u00a371.51 per share. No amount was unpaid as at year end. Subsequent to the end of the financial year the Company entered into an irrevocable closed period share buyback programme and during the period from 20 February 2024 up to and including 20 March 2024 where no shares were purchased for cancellation. Prior to the close period, between 1 February and 15 February, 298,704 shares were acquired for a cost of \u00a325.1m. 24.\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.
26.\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 25.
As at 27 January 2024, the ESOT held 6,163,671 (2023: 6,469,007) ordinary shares of 10p each in the Company, the market value of which amounted
to \u00a3524.4m (2023: \u00a3429.3m). Details of outstanding share awards and options are shown in Note 25.
The consideration paid for the ordinary shares of 10p each in the Company held by the ESOT at 27 January 2024 and 28 January 2023 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:
2024
2023
Shares Shares
\u2018000
\u00a3m
\u2018000
\u00a3m
Shares purchased by ESOT in the year
1,713
116.3
2,118
124.0
Shares issued in respect of employee share schemes
2,019
94.0
951
40.8
Exercises in the year totalled \u00a397.8m (2023: \u00a335.2m) on Management and Sharesave options. The amount shown in the Statement of Changes in
Equity of \u00a394.0m (2023: \u00a340.8m) 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 \u00a3125.7m (2023: \u00a359.0m).
As at 21 March 2024, 71,945 employee share options had been exercised subsequent to the Balance Sheet date and had been satisfied by ordinary
shares issued by the ESOT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-632": { "value": "
24.\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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-594": { "value": "
25.\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 ten 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 nearly 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.
Management and Sharesave options
The following table summarises the movements in Management and Sharesave options during the year:
2024
2023
Weighted Weighted
average average
No. of exercise No. of exercise
options price options price
Outstanding at beginning of year
6,390,332
\u00a354.04
5,153,993
\u00a355.78
Granted
1,912,941
\u00a363.24
2,544,386
\u00a350.19
Exercised
(1,971,039)
\u00a349.92
(704,448)
\u00a349.53
Forfeited
(284,806)
\u00a354.02
(603,599)
\u00a357.96
Outstanding at end of year
6,047,428
\u00a358.29
6,390,332
\u00a354.04
Exercisable at end of year
1,061,154
\u00a351.43
1,571,001
\u00a354.94
Options were exercised on a regular basis throughout the year and the weighted average share price during this period was \u00a372.95 (2023: \u00a362.40).
Options outstanding at 27 January 2024 are exercisable at prices ranging between \u00a338.69 and \u00a380.64 (2023: \u00a338.25 and \u00a380.64) and have
a weighted average remaining contractual life of 6.3 years (2023: 6.1 years), as analysed in the table below:
2024
2023
Weighted Weighted
average average
remaining remaining
No. of contractual No. of contractual
options life (years) options life (years)
Exercise price range
\u00a338.25\u2013\u00a341.09
1,074,356
2.8
1,258,787
3.8
\u00a341.70\u2013\u00a358.50
1,252,595
4.5
2,565,334
5.6
\u00a359.20\u2013\u00a361.86
1,307,884
8.2
1,402,172
9.2
\u00a364.50
1,469,433
9.2
\u2013
\u2013
\u00a364.53\u2013\u00a380.64
943,160
5.7
1,164,039
6.0
6,047,428
6.3
6,390,332
6.1
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 has previously been to set performance measures by reference to underlying fully diluted post-tax EPS but
the Committee has flexibility to use different measures. After considering the impact of the increase in the headline Corporation Tax rate from 19%
to 25% in April 2023, the Committee approved a change to the performance measure from underlying fully diluted post-tax EPS to the equivalent
pre-tax measure. This applies to all inflight and future grants. 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:
2024 2023
No. of No. of
options options
Outstanding at beginning of year
31,698
18,142
Granted
7,980
21,894
Dividend accrual awarded in the year
868
548
Exercised
(10,672)
(8,886)
Forfeited
(1,672)
\u2013
Outstanding at end of year
28,202
31,698
Exercisable at end of year
\u2013
\u2013
The weighted average remaining contractual life of these options is 8.5 years (2023: 8.7 years). During the year ending 27 January 2024, SMP options
were exercised at different times and the weighted average share price during this period was \u00a373.06 (2023: \u00a361.76).
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:
2024 2023
No. of No. of
awards awards
Outstanding at beginning of year
530,083
520,017
Granted
232,517
204,644
Dividend accrual awarded in the year
8,256
8,538
Vested
(105,877)
(140,907)
Forfeited
(105,288)
(62,209)
Outstanding at end of year
559,691
530,083
The weighted average remaining contractual life of these options is 1.5 years (2023: 1.4 years).
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 options granted in the years ended 27 January 2024 and 28 January 2023
based on information at the date of grant:
Management share options
2024
2023
Share price at date of grant
\u00a364.50
\u00a359.20
Exercise price
\u00a364.50
\u00a359.20
Volatility
38.90%
35.40%
Expected life
4 years
4 years
Risk free rate
3.43%
1.56%
Dividend yield
2.99%
2.15%
Weighted average fair value per option
\u00a317.67
\u00a314.57
Sharesave plans
2024
2023
Share price at date of grant
\u00a373.12
\u00a348.36
Exercise price
\u00a358.50
\u00a338.69
Volatility
33.53%
38.65%
Expected life
3.2 years
3.4 years
Risk free rate
4.78%
3.22%
Dividend yield
2.82%
3.99%
Weighted average fair value per option
\u00a323.57
\u00a314.77
Share Matching Plan
2024
2023
Share price at date of grant
\u00a366.02
\u00a361.48
Exercise price
Nil
Nil
Volatility
35.53%
38.02%
Expected life
3 years
3 years
Risk free rate
3.67%
1.48%
Dividend yield
Nil
Nil
Weighted average fair value per option
\u00a366.02
\u00a361.48
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 27 January 2024 and 28 January 2023 based on information at the date of grant:
LTIP awards (granted in March)
2024
2023
Share price at date of grant
\u00a365.40
\u00a362.82
Award price
Nil
Nil
Volatility
35.22%
37.35%
Life of award
3 years
3 years
Risk free rate
3.47%
1.41%
Dividend yield
0.00%
0.00%
Fair value per award
\u00a330.38
\u00a330.98
LTIP awards (granted in September)
2024
2023
Share price at date of grant
\u00a372.98
\u00a348.01
Award price
Nil
Nil
Volatility
29.88%
38.99%
Life of award
3 years
3 years
Risk free rate
4.48%
4.35%
Dividend yield
0.00%
0.00%
Fair value per award
\u00a331.81
\u00a323.35
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-633": { "value": "26.\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 25. As at 27 January 2024, the ESOT held 6,163,671 (2023: 6,469,007) ordinary shares of 10p each in the Company, the market value of which amounted to \u00a3524.4m (2023: \u00a3429.3m). Details of outstanding share awards and options are shown in Note 25. The consideration paid for the ordinary shares of 10p each in the Company held by the ESOT at 27 January 2024 and 28 January 2023 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:
2024
2023
Shares Shares
\u2018000
\u00a3m
\u2018000
\u00a3m
Shares purchased by ESOT in the year
1,713
116.3
2,118
124.0
Shares issued in respect of employee share schemes
2,019
94.0
951
40.8
Exercises in the year totalled \u00a397.8m (2023: \u00a335.2m) on Management and Sharesave options. The amount shown in the Statement of Changes in Equity of \u00a394.0m (2023: \u00a340.8m) 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 \u00a3125.7m (2023: \u00a359.0m). As at 21 March 2024, 71,945 employee share options had been exercised subsequent to the Balance Sheet date and had been satisfied by ordinary shares issued by the ESOT.", "dimensions": { "concept": "nextplc:DisclosureOfSharesHeldByESOT", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-650": { "value": "28.\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 The fair value approximates to the carrying amount because of the short maturity
deposits and borrowings of these instruments.
Preference shares
The fair value approximates to 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.
Put and call options
The fair value is determined as the present value of the EBITDA forecasts
multiplied by an earnings ratio.
The fair value of corporate bonds is as follows:
2024
2023
Carrying Carrying
amount Fair value amount Fair value
Corporate bonds \u00a3m \u00a3m \u00a3m \u00a3m
In hedging relationships
240.8
248.7
240.7
249.8
Not in hedging relationships
550.0
535.0
550.0
533.5
790.8
783.7
790.7
783.3
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 20). 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
Corporate bonds and Money Market value includes accrued interest and
for identical assets or liabilities Market Funds change in credit risk and interest rate risk,
and is therefore different to the reported
carrying amounts.
Level 2
Inputs
other
than
quoted
prices
Derivative financial instruments
Valuation techniques include forward pricing
included
within
Level
1
that
are
and swap models using net present value
observable for the asset or liability, calculation of future cash flows. The model
either
directly
(i.e.
as
prices)
or
inputs include the foreign exchange spot and
indirectly (i.e. derived from prices) forward rates, yield curves of the respective
currencies, currency basis spreads between
the respective currencies, commodity price
indices and interest rate curves.
Level 3
Inputs for the asset or liability that
Non-listed equity instruments
The
fair value
of
these
non-listed
equity
are not based on observable market at fair value through OCI and
investments
has
been
estimated
using
a
data (unobservable market data) Put and Call options at fair value discounted cash flow model.
through other equity
The fair value of the put and call options
have
been
estimated
using
formula
a
as
stated
within
the
relevant
shareholder
agreement. The inputs include management
approved
future
cash
flows
and
earnings
ratios calculated from market quoted prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-634": { "value": "28.\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 The fair value approximates to the carrying amount because of the short maturity
deposits and borrowings of these instruments.
Preference shares
The fair value approximates to 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.
Put and call options
The fair value is determined as the present value of the EBITDA forecasts
multiplied by an earnings ratio.
The fair value of corporate bonds is as follows:
2024
2023
Carrying Carrying
amount Fair value amount Fair value
Corporate bonds \u00a3m \u00a3m \u00a3m \u00a3m
In hedging relationships
240.8
248.7
240.7
249.8
Not in hedging relationships
550.0
535.0
550.0
533.5
790.8
783.7
790.7
783.3
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 20). 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
Corporate bonds and Money Market value includes accrued interest and
for identical assets or liabilities Market Funds change in credit risk and interest rate risk,
and is therefore different to the reported
carrying amounts.
Level 2
Inputs
other
than
quoted
prices
Derivative financial instruments
Valuation techniques include forward pricing
included
within
Level
1
that
are
and swap models using net present value
observable for the asset or liability, calculation of future cash flows. The model
either
directly
(i.e.
as
prices)
or
inputs include the foreign exchange spot and
indirectly (i.e. derived from prices) forward rates, yield curves of the respective
currencies, currency basis spreads between
the respective currencies, commodity price
indices and interest rate curves.
Level 3
Inputs for the asset or liability that
Non-listed equity instruments
The
fair value
of
these
non-listed
equity
are not based on observable market at fair value through OCI and
investments
has
been
estimated
using
a
data (unobservable market data) Put and Call options at fair value discounted cash flow model.
through other equity
The fair value of the put and call options
have
been
estimated
using
formula
a
as
stated
within
the
relevant
shareholder
agreement. The inputs include management
approved
future
cash
flows
and
earnings
ratios calculated from market quoted prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-635": { "value": "
29.\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 Commodity price risk
\u2022 Credit risk
\u2022 Capital risk
Treasury function
NEXT operates a centralised treasury function which is responsible for managing the liquidity, interest, commodity 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:
Less than 1 to 2 2 to 5 Over
1 year years years 5 years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans and overdrafts
37.6
29.4
\u2013
\u2013
67.0
Lease liabilities
205.7
175.9
366.1
735.0
1,482.7
Trade and other payables
703.8
2.8
\u2013
\u2013
706.6
Corporate bonds
29.3
279.3
593.6
\u2013
902.2
Loan notes
23.6
0.6
\u2013
\u2013
24.2
Put and call options
\u2013
\u2013
26.1
\u2013
26.1
1,000.0
488.0
985.8
735.0
3,208.8
Derivatives: net settled
6.4
3.3
2.0
\u2013
11.7
Derivatives: gross settled
Cash inflows
(1,241.2)
\u2013
\u2013
\u2013
(1,241.2)
Cash outflows
1,250.0
\u2013
\u2013
\u2013
1,250.0
Total cash flows
1,015.2
491.3
987.8
735.0
3,229.3
Less than 1 to 2 2 to 5 Over
1 year years years 5 years Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \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
Within lease liabilities greater than 5 years are leases on stores with cash flows in years 5\u201310 of \u00a3153.0m (2023: \u00a3193.4m) and more than 10 years of \u00a327.8m (2023: \u00a342.3m). The lease liabilities greater than 5 years on warehouses and head office premises with cash flows in years 5\u201310 are \u00a3146.3m (2023: \u00a3137.5m) and more than 10 years of \u00a3407.9m (2023: \u00a3320.4m). As at 27 January 2024, the Group had borrowing facilities of \u00a3425.0m (2023: \u00a3450.0m) committed until June 2028 (2023: committed until November 2024), in respect of which all conditions precedent have been met. \u00a3nil of the facilities were drawn down as at January 2024 (2023: \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 SONIA. Details of the aggregate rates payable are given in Note 20. 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 impacts the fair value movements of the hedging instrument and the hedged item. Fair value of group swaps The fair values of the Group\u2019s interest rate swaps, including accrued interest, are as follows:
2024 2023
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(11.3)
(9.5)
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:
2024
2023
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%
SONIA + 1.7%
The impact of the hedging instrument on the Balance Sheet is as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount* the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Interest rate swaps \u2013 assets
Other financial assets
\u2013
\u2013
\u2013
Interest rate swaps \u2013 liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
At 28 January 2023
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)
* Other financial liabilities also includes \u00a32.1m of interest payable (2023: \u00a30.2m interest receivable) on interest rate swaps that has been accrued at the balance sheet date. The impact of the hedged items on the Balance Sheet is as follows:
Changes in fair value
used for measuring
Accumulated fair ineffectiveness in
Carrying amount value adjustments the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
At 28 January 2023
Fixed-rate borrowings
Corporate bonds
250.0
(9.3)
(25.0)
The ineffectiveness recognised in the Income Statement for the period ended 27 January 2024 was \u00a3nil (2023: \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 30. 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:
2024 2023
\u00a3m \u00a3m
Derivatives in designated hedging relationships
(6.5)
(14.6)
Other foreign exchange derivatives not designated in hedging relationships
(5.2)
(17.0)
Total foreign exchange derivatives
(11.7)
(31.6)
Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
\u2013
938.5
Average GBP: USD contract rate
1.26
1.28
\u2013
1.26
EURO (highly probable forecast purchases)
Notional amount (in \u00a3m)
45.0
\u2013
\u2013
45.0
Average GBP: EURO contract rate
1.16
\u2013
\u2013
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
\u2013
50.8
Average GBP: EURO contract rate
1.14
1.14
\u2013
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
\u2013
\u2013
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies are hedged, which are individually not material to the financial statements. Derivatives designated in hedging relationships at 28 January 2023:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
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 were hedged, which are individually not material to the financial statements. The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
At 28 January 2023
Foreign exchange contracts
Other financial assets
462.5
9.1
116.4
Foreign exchange contracts
Other financial liabilities
407.2
(40.8)
(37.6)
The impact of the hedged items on the Balance sheet is as follows:
27 January 2024
28 January 2023
Changes in fair Changes in fair
value used for value used for
measuring Closing cash Closing cost measuring Closing cash Closing cost
ineffectiveness flow hedge of hedging ineffectiveness flow hedge of hedging
in the period reserve reserve in the period reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly probable forecast sales
3.5
0.4
\u2013
(7.0)
1.9
\u2013
Highly probable forecast stock purchases
(1.8)
(6.5)
(0.4)
86.2
(17.0)
0.5
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness Cost of reclassified
recognised in Recycled to hedging from OCI to
Income cost of recognised in the Income Line item in
Statement inventories OCI Statement the Income
Year ended 27 January 2024 \u00a3m \u00a3m \u00a3m \u00a3m Statement
Highly probable forecast sales
\u2013
\u2013
\u2013
(5.0)
Revenue
Highly probable forecast stock purchases
\u2013
12.4
(0.9)
\u2013
\u2013
Year ended 28 January 2023
Highly probable forecast sales
\u2013
\u2013
\u2013
6.1
Revenue
Highly probable forecast stock purchases
\u2013
(134.8)
(0.4)
\u2013
\u2013
Commodity price risk The Group is exposed to commodity price risk on contracts to purchase commodities at a floating price. In order to mitigate the risk arising from potential movements in commodity prices, the Group enters into deliverable fixed price contracts or financial derivatives. At 27 January 2024, the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2023: \u00a3nil) in relation to highly probable forecast diesel purchases. These contracts committed the Group to pay a fixed price and receive the floating index price on 12,623kL (2023: nil) of diesel and have been designated as cash flow hedges for reporting purposes. 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 \u00a31,333.2m at the reporting date (2023: \u00a31,297.3m). These are detailed in Note 14. 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. As at January 2024, there were 2.94m active customers (2023: 2.87m) with an average balance of \u00a3503 (2023: \u00a3508). The Group\u2019s outstanding receivables balances and impairment losses are detailed in Note 14. 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 \u00a312.1m (2023: \u00a317.6m) were on a Reduced Payment Indicator (RPI) plan. An allowance for Expected Credit Losses (ECLs) of \u00a38.7m (2023: \u00a312.3m) 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 returned to normal scoring, which considers multivariate factors, including indebtedness and repayment history, in the assessment of their expected risk levels. Any modification gain or loss recognised is immaterial to the financial statements. 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). 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.
2024 2023
Total Total
\u00a3m \u00a3m
Risk exposure determined by CII score
Risk band 1 (CII<=5)
954.4
891.6
Risk band 2 (5<CII<=16)
231.1
211.7
Risk band 3 (17<CII<=48)
159.6
173.8
Risk band 4 (48>CII)
96.0
126.3
Gross carrying amount before credit impaired
1,441.1
1,403.4
Credit impaired
101.5
96.4
Gross carrying amount after credit impaired
1,542.6
1,499.8
Less allowance
(209.4)
(202.5)
Carrying amount
1,333.2
1,297.3
Analysis of customer receivables and other trade receivables, stratified by credit grade, is provided in the tables below. In 2023, CII scores were based on GEN10 (Risk Band 1 \u2013 CII<=10, Risk Band 2 \u2013 10<CII<=20, Risk Band 3 \u2013 20<CII<=47 and Risk Band 4 47>CII). For 2024, the CII scores are based on GEN11.
1\u201330 31\u201360 61\u201390 91\u2013120 >120
days past days past days past days past days past Payment
Current due due due due due plans Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer receivables and other trade receivables
Risk band 1 (CII<=5)
942.7
10.7
0.1
\u2013
\u2013
\u2013
0.9
954.4
Risk band 2 (5<CII<=16)
222.7
7.1
0.2
\u2013
\u2013
\u2013
1.1
231.1
Risk band 3 (17<CII<=48)
143.5
10.3
1.8
0.6
0.2
0.3
2.9
159.6
Risk band 4 (48>CII)
65.5
9.2
4.8
3.3
2.7
3.2
7.2
95.9
Otherwise impaired
\u2013
\u2013
\u2013
\u2013
\u2013
101.5
\u2013
101.5
Total
1,374.4
37.3
6.9
3.9
2.9
105.0
12.1
1,542.5
Loss allowance
Risk band 1 (CII<=5)
(49.0)
(1.4)
\u2013
\u2013
\u2013
\u2013
(0.3)
(50.7)
Risk band 2 (5<CII<=16)
(15.5)
(1.1)
(0.1)
\u2013
\u2013
\u2013
(0.5)
(17.2)
Risk band 3 (17<CII<=48)
(12.8)
(1.7)
(0.6)
(0.4)
(0.2)
(0.2)
(1.8)
(17.7)
Risk band 4 (48>CII)
(12.8)
(2.0)
(2.0)
(2.1)
(2.1)
(2.6)
(6.1)
(29.7)
Otherwise impaired
\u2013
\u2013
\u2013
\u2013
\u2013
(94.1)
\u2013
(94.1)
Total
(90.1)
(6.2)
(2.7)
(2.5)
(2.3)
(96.9)
(8.7)
(209.4)
Expected loss rate %
Risk band 1 (CII<=5)
5.2%
13.3%
32.8%
63.7%
\u2013
79.3%
31.3%
5.3%
Risk band 2 (5<CII<=16)
7.0%
15.2%
33.6%
62.7%
\u2013
79.2%
40.8%
7.4%
Risk band 3 (17<CII<=48)
8.9%
16.9%
36.3%
61.4%
77.9%
77.3%
61.7%
11.1%
Risk band 4 (48>CII)
19.5%
21.3%
40.8%
64.3%
80.6%
80.6%
84.6%
31.0%
Otherwise impaired
\u2013
\u2013
\u2013
\u2013
\u2013
92.7%
\u2013
92.7%
Total
6.6%
16.6%
39.3%
63.8%
80.4%
92.3%
71.3%
13.6%
1\u201330 31\u201360 61\u201390 91\u2013120 >120
days past days past days past days past days past Payment
Current due due due due due plans Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 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 (2023: \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 31, 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. 30.\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
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate increase of 1.0%
(1.5)
(2.8)
(1.5)
(2.8)
Interest rate decrease of 1.0%
1.5
2.8
1.5
2.8
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
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling strengthens by 10%
US Dollar
(12.6)
(20.9)
(60.2)
(51.4)
Euro
\u2013
\u2013
1.3
(1.5)
Sterling weakens by 10%
US Dollar
3.4
14.0
66.2
58.6
Euro
\u2013
\u2013
(1.6)
1.8
Year end exchange rates applied in the above analysis are US Dollar 1.27 (2023: 1.24) and Euro 1.17 (2023: 1.14). 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:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-651": { "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:
Less than 1 to 2 2 to 5 Over
1 year years years 5 years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans and overdrafts
37.6
29.4
\u2013
\u2013
67.0
Lease liabilities
205.7
175.9
366.1
735.0
1,482.7
Trade and other payables
703.8
2.8
\u2013
\u2013
706.6
Corporate bonds
29.3
279.3
593.6
\u2013
902.2
Loan notes
23.6
0.6
\u2013
\u2013
24.2
Put and call options
\u2013
\u2013
26.1
\u2013
26.1
1,000.0
488.0
985.8
735.0
3,208.8
Derivatives: net settled
6.4
3.3
2.0
\u2013
11.7
Derivatives: gross settled
Cash inflows
(1,241.2)
\u2013
\u2013
\u2013
(1,241.2)
Cash outflows
1,250.0
\u2013
\u2013
\u2013
1,250.0
Total cash flows
1,015.2
491.3
987.8
735.0
3,229.3
Less than 1 to 2 2 to 5 Over
1 year years years 5 years Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \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
Within lease liabilities greater than 5 years are leases on stores with cash flows in years 5\u201310 of \u00a3153.0m (2023: \u00a3193.4m) and more than 10 years of \u00a327.8m (2023: \u00a342.3m). The lease liabilities greater than 5 years on warehouses and head office premises with cash flows in years 5\u201310 are \u00a3146.3m (2023: \u00a3137.5m) and more than 10 years of \u00a3407.9m (2023: \u00a3320.4m). As at 27 January 2024, the Group had borrowing facilities of \u00a3425.0m (2023: \u00a3450.0m) committed until June 2028 (2023: committed until November 2024), in respect of which all conditions precedent have been met. \u00a3nil of the facilities were drawn down as at January 2024 (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-652": { "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 SONIA. Details of the aggregate rates payable are given in Note 20. 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 impacts the fair value movements of the hedging instrument and the hedged item. Fair value of group swaps The fair values of the Group\u2019s interest rate swaps, including accrued interest, are as follows:
2024 2023
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(11.3)
(9.5)
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:
2024
2023
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%
SONIA + 1.7%
The impact of the hedging instrument on the Balance Sheet is as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount* the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Interest rate swaps \u2013 assets
Other financial assets
\u2013
\u2013
\u2013
Interest rate swaps \u2013 liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
At 28 January 2023
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)
* Other financial liabilities also includes \u00a32.1m of interest payable (2023: \u00a30.2m interest receivable) on interest rate swaps that has been accrued at the balance sheet date. The impact of the hedged items on the Balance Sheet is as follows:
Changes in fair value
used for measuring
Accumulated fair ineffectiveness in
Carrying amount value adjustments the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
At 28 January 2023
Fixed-rate borrowings
Corporate bonds
250.0
(9.3)
(25.0)
The ineffectiveness recognised in the Income Statement for the period ended 27 January 2024 was \u00a3nil (2023: \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 30. 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:
2024 2023
\u00a3m \u00a3m
Derivatives in designated hedging relationships
(6.5)
(14.6)
Other foreign exchange derivatives not designated in hedging relationships
(5.2)
(17.0)
Total foreign exchange derivatives
(11.7)
(31.6)
Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
\u2013
938.5
Average GBP: USD contract rate
1.26
1.28
\u2013
1.26
EURO (highly probable forecast purchases)
Notional amount (in \u00a3m)
45.0
\u2013
\u2013
45.0
Average GBP: EURO contract rate
1.16
\u2013
\u2013
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
\u2013
50.8
Average GBP: EURO contract rate
1.14
1.14
\u2013
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
\u2013
\u2013
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies are hedged, which are individually not material to the financial statements. Derivatives designated in hedging relationships at 28 January 2023:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
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 were hedged, which are individually not material to the financial statements. The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
At 28 January 2023
Foreign exchange contracts
Other financial assets
462.5
9.1
116.4
Foreign exchange contracts
Other financial liabilities
407.2
(40.8)
(37.6)
The impact of the hedged items on the Balance sheet is as follows:
27 January 2024
28 January 2023
Changes in fair Changes in fair
value used for value used for
measuring Closing cash Closing cost measuring Closing cash Closing cost
ineffectiveness flow hedge of hedging ineffectiveness flow hedge of hedging
in the period reserve reserve in the period reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly probable forecast sales
3.5
0.4
\u2013
(7.0)
1.9
\u2013
Highly probable forecast stock purchases
(1.8)
(6.5)
(0.4)
86.2
(17.0)
0.5
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness Cost of reclassified
recognised in Recycled to hedging from OCI to
Income cost of recognised in the Income Line item in
Statement inventories OCI Statement the Income
Year ended 27 January 2024 \u00a3m \u00a3m \u00a3m \u00a3m Statement
Highly probable forecast sales
\u2013
\u2013
\u2013
(5.0)
Revenue
Highly probable forecast stock purchases
\u2013
12.4
(0.9)
\u2013
\u2013
Year ended 28 January 2023
Highly probable forecast sales
\u2013
\u2013
\u2013
6.1
Revenue
Highly probable forecast stock purchases
\u2013
(134.8)
(0.4)
\u2013
\u2013
Commodity price risk The Group is exposed to commodity price risk on contracts to purchase commodities at a floating price. In order to mitigate the risk arising from potential movements in commodity prices, the Group enters into deliverable fixed price contracts or financial derivatives. At 27 January 2024, the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2023: \u00a3nil) in relation to highly probable forecast diesel purchases. These contracts committed the Group to pay a fixed price and receive the floating index price on 12,623kL (2023: nil) of diesel and have been designated as cash flow hedges for reporting purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-665": { "value": "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 SONIA. Details of the aggregate rates payable are given in Note 20. 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 impacts the fair value movements of the hedging instrument and the hedged item. Fair value of group swaps The fair values of the Group\u2019s interest rate swaps, including accrued interest, are as follows:
2024 2023
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(11.3)
(9.5)
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:
2024
2023
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%
SONIA + 1.7%
The impact of the hedging instrument on the Balance Sheet is as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount* the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Interest rate swaps \u2013 assets
Other financial assets
\u2013
\u2013
\u2013
Interest rate swaps \u2013 liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
At 28 January 2023
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)
* Other financial liabilities also includes \u00a32.1m of interest payable (2023: \u00a30.2m interest receivable) on interest rate swaps that has been accrued at the balance sheet date. The impact of the hedged items on the Balance Sheet is as follows:
Changes in fair value
used for measuring
Accumulated fair ineffectiveness in
Carrying amount value adjustments the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
At 28 January 2023
Fixed-rate borrowings
Corporate bonds
250.0
(9.3)
(25.0)
The ineffectiveness recognised in the Income Statement for the period ended 27 January 2024 was \u00a3nil (2023: \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 30. 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:
2024 2023
\u00a3m \u00a3m
Derivatives in designated hedging relationships
(6.5)
(14.6)
Other foreign exchange derivatives not designated in hedging relationships
(5.2)
(17.0)
Total foreign exchange derivatives
(11.7)
(31.6)
Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
\u2013
938.5
Average GBP: USD contract rate
1.26
1.28
\u2013
1.26
EURO (highly probable forecast purchases)
Notional amount (in \u00a3m)
45.0
\u2013
\u2013
45.0
Average GBP: EURO contract rate
1.16
\u2013
\u2013
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
\u2013
50.8
Average GBP: EURO contract rate
1.14
1.14
\u2013
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
\u2013
\u2013
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies are hedged, which are individually not material to the financial statements. Derivatives designated in hedging relationships at 28 January 2023:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
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 were hedged, which are individually not material to the financial statements. The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
At 28 January 2023
Foreign exchange contracts
Other financial assets
462.5
9.1
116.4
Foreign exchange contracts
Other financial liabilities
407.2
(40.8)
(37.6)
The impact of the hedged items on the Balance sheet is as follows:
27 January 2024
28 January 2023
Changes in fair Changes in fair
value used for value used for
measuring Closing cash Closing cost measuring Closing cash Closing cost
ineffectiveness flow hedge of hedging ineffectiveness flow hedge of hedging
in the period reserve reserve in the period reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly probable forecast sales
3.5
0.4
\u2013
(7.0)
1.9
\u2013
Highly probable forecast stock purchases
(1.8)
(6.5)
(0.4)
86.2
(17.0)
0.5
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness Cost of reclassified
recognised in Recycled to hedging from OCI to
Income cost of recognised in the Income Line item in
Statement inventories OCI Statement the Income
Year ended 27 January 2024 \u00a3m \u00a3m \u00a3m \u00a3m Statement
Highly probable forecast sales
\u2013
\u2013
\u2013
(5.0)
Revenue
Highly probable forecast stock purchases
\u2013
12.4
(0.9)
\u2013
\u2013
Year ended 28 January 2023
Highly probable forecast sales
\u2013
\u2013
\u2013
6.1
Revenue
Highly probable forecast stock purchases
\u2013
(134.8)
(0.4)
\u2013
\u2013
Commodity price risk The Group is exposed to commodity price risk on contracts to purchase commodities at a floating price. In order to mitigate the risk arising from potential movements in commodity prices, the Group enters into deliverable fixed price contracts or financial derivatives. At 27 January 2024, the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2023: \u00a3nil) in relation to highly probable forecast diesel purchases. These contracts committed the Group to pay a fixed price and receive the floating index price on 12,623kL (2023: nil) of diesel and have been designated as cash flow hedges for reporting purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-661": { "value": "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 SONIA. Details of the aggregate rates payable are given in Note 20. 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 impacts the fair value movements of the hedging instrument and the hedged item. Fair value of group swaps The fair values of the Group\u2019s interest rate swaps, including accrued interest, are as follows:
2024 2023
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(11.3)
(9.5)
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:
2024
2023
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%
SONIA + 1.7%
The impact of the hedging instrument on the Balance Sheet is as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount* the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Interest rate swaps \u2013 assets
Other financial assets
\u2013
\u2013
\u2013
Interest rate swaps \u2013 liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
At 28 January 2023
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)
* Other financial liabilities also includes \u00a32.1m of interest payable (2023: \u00a30.2m interest receivable) on interest rate swaps that has been accrued at the balance sheet date. The impact of the hedged items on the Balance Sheet is as follows:
Changes in fair value
used for measuring
Accumulated fair ineffectiveness in
Carrying amount value adjustments the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
At 28 January 2023
Fixed-rate borrowings
Corporate bonds
250.0
(9.3)
(25.0)
The ineffectiveness recognised in the Income Statement for the period ended 27 January 2024 was \u00a3nil (2023: \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 30. 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:
2024 2023
\u00a3m \u00a3m
Derivatives in designated hedging relationships
(6.5)
(14.6)
Other foreign exchange derivatives not designated in hedging relationships
(5.2)
(17.0)
Total foreign exchange derivatives
(11.7)
(31.6)
Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
\u2013
938.5
Average GBP: USD contract rate
1.26
1.28
\u2013
1.26
EURO (highly probable forecast purchases)
Notional amount (in \u00a3m)
45.0
\u2013
\u2013
45.0
Average GBP: EURO contract rate
1.16
\u2013
\u2013
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
\u2013
50.8
Average GBP: EURO contract rate
1.14
1.14
\u2013
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
\u2013
\u2013
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies are hedged, which are individually not material to the financial statements. Derivatives designated in hedging relationships at 28 January 2023:
Maturity
More than
1\u20136 months
6\u201312 months
one year
Total
US Dollars (highly probable forecast purchases)
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 were hedged, which are individually not material to the financial statements. The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair value
used for measuring
ineffectiveness in
Notional amount Carrying amount the period
At 27 January 2024
Line item in the Balance Sheet
\u00a3m \u00a3m \u00a3m
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
At 28 January 2023
Foreign exchange contracts
Other financial assets
462.5
9.1
116.4
Foreign exchange contracts
Other financial liabilities
407.2
(40.8)
(37.6)
The impact of the hedged items on the Balance sheet is as follows:
27 January 2024
28 January 2023
Changes in fair Changes in fair
value used for value used for
measuring Closing cash Closing cost measuring Closing cash Closing cost
ineffectiveness flow hedge of hedging ineffectiveness flow hedge of hedging
in the period reserve reserve in the period reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly probable forecast sales
3.5
0.4
\u2013
(7.0)
1.9
\u2013
Highly probable forecast stock purchases
(1.8)
(6.5)
(0.4)
86.2
(17.0)
0.5
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness Cost of reclassified
recognised in Recycled to hedging from OCI to
Income cost of recognised in the Income Line item in
Statement inventories OCI Statement the Income
Year ended 27 January 2024 \u00a3m \u00a3m \u00a3m \u00a3m Statement
Highly probable forecast sales
\u2013
\u2013
\u2013
(5.0)
Revenue
Highly probable forecast stock purchases
\u2013
12.4
(0.9)
\u2013
\u2013
Year ended 28 January 2023
Highly probable forecast sales
\u2013
\u2013
\u2013
6.1
Revenue
Highly probable forecast stock purchases
\u2013
(134.8)
(0.4)
\u2013
\u2013
Commodity price risk The Group is exposed to commodity price risk on contracts to purchase commodities at a floating price. In order to mitigate the risk arising from potential movements in commodity prices, the Group enters into deliverable fixed price contracts or financial derivatives. At 27 January 2024, the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2023: \u00a3nil) in relation to highly probable forecast diesel purchases. These contracts committed the Group to pay a fixed price and receive the floating index price on 12,623kL (2023: nil) of diesel and have been designated as cash flow hedges for reporting purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-653": { "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 \u00a31,333.2m at the reporting date (2023: \u00a31,297.3m). These are detailed in Note 14. 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. As at January 2024, there were 2.94m active customers (2023: 2.87m) with an average balance of \u00a3503 (2023: \u00a3508). The Group\u2019s outstanding receivables balances and impairment losses are detailed in Note 14. 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 \u00a312.1m (2023: \u00a317.6m) were on a Reduced Payment Indicator (RPI) plan. An allowance for Expected Credit Losses (ECLs) of \u00a38.7m (2023: \u00a312.3m) 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 returned to normal scoring, which considers multivariate factors, including indebtedness and repayment history, in the assessment of their expected risk levels. Any modification gain or loss recognised is immaterial to the financial statements. 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). 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.
2024 2023
Total Total
\u00a3m \u00a3m
Risk exposure determined by CII score
Risk band 1 (CII<=5)
954.4
891.6
Risk band 2 (5<CII<=16)
231.1
211.7
Risk band 3 (17<CII<=48)
159.6
173.8
Risk band 4 (48>CII)
96.0
126.3
Gross carrying amount before credit impaired
1,441.1
1,403.4
Credit impaired
101.5
96.4
Gross carrying amount after credit impaired
1,542.6
1,499.8
Less allowance
(209.4)
(202.5)
Carrying amount
1,333.2
1,297.3
Analysis of customer receivables and other trade receivables, stratified by credit grade, is provided in the tables below. In 2023, CII scores were based on GEN10 (Risk Band 1 \u2013 CII<=10, Risk Band 2 \u2013 10<CII<=20, Risk Band 3 \u2013 20<CII<=47 and Risk Band 4 47>CII). For 2024, the CII scores are based on GEN11.
1\u201330 31\u201360 61\u201390 91\u2013120 >120
days past days past days past days past days past Payment
Current due due due due due plans Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer receivables and other trade receivables
Risk band 1 (CII<=5)
942.7
10.7
0.1
\u2013
\u2013
\u2013
0.9
954.4
Risk band 2 (5<CII<=16)
222.7
7.1
0.2
\u2013
\u2013
\u2013
1.1
231.1
Risk band 3 (17<CII<=48)
143.5
10.3
1.8
0.6
0.2
0.3
2.9
159.6
Risk band 4 (48>CII)
65.5
9.2
4.8
3.3
2.7
3.2
7.2
95.9
Otherwise impaired
\u2013
\u2013
\u2013
\u2013
\u2013
101.5
\u2013
101.5
Total
1,374.4
37.3
6.9
3.9
2.9
105.0
12.1
1,542.5
Loss allowance
Risk band 1 (CII<=5)
(49.0)
(1.4)
\u2013
\u2013
\u2013
\u2013
(0.3)
(50.7)
Risk band 2 (5<CII<=16)
(15.5)
(1.1)
(0.1)
\u2013
\u2013
\u2013
(0.5)
(17.2)
Risk band 3 (17<CII<=48)
(12.8)
(1.7)
(0.6)
(0.4)
(0.2)
(0.2)
(1.8)
(17.7)
Risk band 4 (48>CII)
(12.8)
(2.0)
(2.0)
(2.1)
(2.1)
(2.6)
(6.1)
(29.7)
Otherwise impaired
\u2013
\u2013
\u2013
\u2013
\u2013
(94.1)
\u2013
(94.1)
Total
(90.1)
(6.2)
(2.7)
(2.5)
(2.3)
(96.9)
(8.7)
(209.4)
Expected loss rate %
Risk band 1 (CII<=5)
5.2%
13.3%
32.8%
63.7%
\u2013
79.3%
31.3%
5.3%
Risk band 2 (5<CII<=16)
7.0%
15.2%
33.6%
62.7%
\u2013
79.2%
40.8%
7.4%
Risk band 3 (17<CII<=48)
8.9%
16.9%
36.3%
61.4%
77.9%
77.3%
61.7%
11.1%
Risk band 4 (48>CII)
19.5%
21.3%
40.8%
64.3%
80.6%
80.6%
84.6%
31.0%
Otherwise impaired
\u2013
\u2013
\u2013
\u2013
\u2013
92.7%
\u2013
92.7%
Total
6.6%
16.6%
39.3%
63.8%
80.4%
92.3%
71.3%
13.6%
1\u201330 31\u201360 61\u201390 91\u2013120 >120
days past days past days past days past days past Payment
Current due due due due due plans Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 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 (2023: \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", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-654": { "value": "The capital structure of the Group consists of debt, as analysed in Note 31, 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-662": { "value": "30.\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
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate increase of 1.0%
(1.5)
(2.8)
(1.5)
(2.8)
Interest rate decrease of 1.0%
1.5
2.8
1.5
2.8
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
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling strengthens by 10%
US Dollar
(12.6)
(20.9)
(60.2)
(51.4)
Euro
\u2013
\u2013
1.3
(1.5)
Sterling weakens by 10%
US Dollar
3.4
14.0
66.2
58.6
Euro
\u2013
\u2013
(1.6)
1.8
Year end exchange rates applied in the above analysis are US Dollar 1.27 (2023: 1.24) and Euro 1.17 (2023: 1.14). 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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-598": { "value": "32.\u2002Cash Generated from Operations
52 weeks to 52 weeks to
27 January 28 January
2024 2023
\u00a3m \u00a3m
Cash flows from operating activities
Operating profit
987.9
941.5
Depreciation, reversal of impairment and (profit)/loss on disposal of property, plant and equipment
95.7
80.6
Depreciation and impairment reversal on right-of-use assets
111.8
72.7
Amortisation and impairment of intangible assets
38.5
12.5
Amortisation, impairment & disposals of investments
0.8
1.1
Share option charge
31.9
24.3
Share of profit of associates and joint ventures
(6.9)
(14.3)
Interest received
2.8
\u2013
Exchange movement
(15.5)
(0.8)
Decrease/(increase) in inventories and right of return asset
15.3
(22.8)
Decrease/(increase) in customer and other receivables
3.7
(156.5)
Increase in trade and other payables
47.6
12.0
Cash generated from operations
1,313.6
950.3
In the prior year interest received of \u00a30.3m was presented within \u201cCash flows from financing activities\u201d. In the current year interest received (\u00a32.8m) has been presented within \u201cCash flows from operating activities\u201d. No restatement has been made as the prior year amount was not material. In the year to January 2024 the movement on inventories, receivables and payables does not include the acquisition balance sheet amounts for Reiss or FatFace but does include the working capital movement between acquisition and the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-597": { "value": "
33.\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
2024 2023 2024 2023
Related party \u00a3m \u00a3m \u00a3m \u00a3m
Sales
64.2
58.1
20.8
7.2
Loans (repaid)/advanced
(5.5)
(14.2)
0.5
0.5
Transactions and loan interest
32.3
47.8
0.2
1.2
Amounts outstanding at year end
7.6
27.7
3.5
2.8
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) \u2013 up until September 2023 (see Note 13)
\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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-636": { "value": "33.\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
2024 2023 2024 2023
Related party \u00a3m \u00a3m \u00a3m \u00a3m
Sales
64.2
58.1
20.8
7.2
Loans (repaid)/advanced
(5.5)
(14.2)
0.5
0.5
Transactions and loan interest
32.3
47.8
0.2
1.2
Amounts outstanding at year end
7.6
27.7
3.5
2.8
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) \u2013 up until September 2023 (see Note 13) \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.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-599": { "value": "
34. Acquisition of Subsidiaries
Current period acquisitions
Reiss
In September 2023, the Group increased its shareholding in the Reiss Group (\u201cReiss\u201d) from 51% to 72%. In addition, due to a change in reserved
rights within the Shareholder Agreement, the Group therefore has control of Reiss. Reiss\u2019 principal activity is the design and retail of high quality
women\u2019s, men\u2019s and children\u2019s fashion clothing and accessories sold exclusively under the Reiss brand in the UK and overseas. Following NEXT\u2019s
original equity shareholding and the Total Platform partnership, the Reiss business has grown significantly with excellent results. Through the
additional shareholding, Reiss will be able to reap the infrastructural benefits of being part of a larger Group. This qualifies as a business as defined
in IFRS 3 Business Combinations. NEXT\u2019s direct shareholding is in the Reiss group\u2019s ultimate parent company, Pink Holdco Limited.
The Group recognised a non cash gain of \u00a3110.1m as a result of remeasuring the equity interest held in Reiss to fair value before the business
combination. This gain is recognised as an exceptional item in the Consolidated Income Statement (Note 6).
Given the acquisition occurred in the second half of the financial year, the accounting for the acquisition of Reiss 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.
Included within the fair value of the net identifiable assets on acquisition is an intangible asset representing the Reiss brand and customer
relationship value of \u00a3365.9m. Total identifiable assets acquired were \u00a3291.0m, which results in a goodwill value of \u00a3140.6m arising from the
acquisition. The goodwill relates to expected synergies from combining Reiss into the NEXT Group and the effect of a combined workforce with
Brand specific design experience. The goodwill at the year end was \u00a3140.6m (Note 11).
For tax purposes, the tax values of Reiss\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 amounts recognised in respect of the identifiable assets acquired are set out in the table below:
\u00a3m
Financial assets including cash
43.3
Inventory
61.7
Property, plant and equipment, software and right-of-use assets
42.6
Identifiable intangible assets
365.9
Financial liabilities including loans and lease liabilities
(135.9)
Deferred tax liabilities
(86.6)
Total identifiable assets acquired
291.0
Goodwill
140.6
Non-controlling interest in 28% of Pink Holdco Limited
(120.4)
Net assets attributable to NEXT
311.2
Satisfied by:
Cash
98.5
Fair value of joint venture holding
194.5
Loan note and deferred consideration
18.2
Total consideration
311.2
The non-controlling interest of 28% ownership interest in Reiss recognised at the acquisition date was measured by reference to the share for share
consideration paid by the non-controlling interest and amounted to \u00a3120.4m.
In addition to the cash consideration paid, the Group received a contribution from the vendor of \u00a32.0m towards the due diligence and legal
costs as part of the acquisition. This has been excluded from the consideration amounts above as it did not relate to the purchase price of the
shares themselves.
The existing Reiss management team reinvested their original shareholding into Pink Holdco Limited in exchange for a minority stake of 6.3%.
Put and call options, to enable future exit opportunities for the Reiss management team, have also been agreed and become exercisable in 2027,
2028 and 2029. A valuation of these put options has been performed using an earnings multiple, a suitable discount rate and approved forecasts,
and the initial liability of \u00a318.1m has been recognised with the corresponding entry to Other Equity in accordance with the present value method
of accounting. These options are required to be fair valued at each accounting period date.
Reiss contributed \u00a3137.4m of revenue and \u00a316.9m profit before tax to the Group\u2019s profit for the period between the date of acquisition and the
reporting date. Reiss would have contributed \u00a3345.5m revenue and \u00a327.0m profit before tax to the Group\u2019s profits had the business combination
occurred at the beginning of the year.
FatFace
In October 2023, the Group acquired 97% of Bridgetown Holdco Limited, the new parent company of the FatFace group, a consolidated group
whose principal activity is the design and retail of lifestyle clothing, footwear and accessories in the UK, Ireland and North America. It is expected
that this acquisition will strengthen the Group\u2019s portfolio of brands while its Total Platform infrastructure will help grow the FatFace business.
This qualifies as a business as defined in IFRS 3 Business Combinations.
Given the acquisition occurred in the second half of the financial year, the accounting for the acquisition of FatFace 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.
The identifiable intangible assets include a brand and customer relationship value of \u00a378.2m. Total identifiable assets acquired were \u00a386.0m,
which results in a goodwill value of \u00a329.3m arising from the acquisition. The goodwill relates to expected synergies from combining FatFace into
the NEXT Group and the effect of a combined workforce with Brand specific design experience. The goodwill at the year end was \u00a329.3m (Note 11).
For tax purposes, the tax values of FatFace\u2019s 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 amounts provisionally recognised in respect of the identifiable assets acquired are set out in the table below:
\u00a3m
Financial assets including cash
28.3
Inventory
48.7
Property, plant and equipment, software and right-of-use assets
59.5
Identifiable intangible assets
78.2
Financial liabilities including loans and lease liabilities
(115.6)
Deferred tax liabilities
(13.1)
Total identifiable assets acquired
86.0
Goodwill
29.3
Non-controlling interest in 3% of Bridgetown Holdco Limited
(3.7)
Net assets attributable to NEXT
111.6
Satisfied by:
Cash
57.6
Shares
53.4
Loan notes
0.6
Total consideration
111.6
The non-controlling interest of 3% ownership interest in FatFace recognised at the acquisition date was measured by reference to the overall
valuation of the FatFace Group and amounted to \u00a33.7m.
As part of the transaction the existing FatFace management team reinvested their original shareholding into Bridgetown Holdco Limited in exchange
for a minority stake of 3%. Management and NEXT hold put and call options over this minority stake which enables future exit opportunities for
the FatFace management team. These options become exercisable in 2027, 2028 and 2029 (or earlier at NEXT discretion if management exit
the business before these dates). A valuation of these put options has been performed using an earnings multiple, a suitable discount rate and
approved forecasts, and the initial liability of \u00a33.8m has been recognised with the corresponding entry to Other Equity in accordance with the
present value method of accounting. These options are required to be fair valued at each accounting period date.
FatFace contributed \u00a390.8m of revenue and \u00a31.7m profit before tax to the Group\u2019s profit for the period between the date of acquisition and the
reporting date. FatFace would have contributed \u00a3268.8m revenue and \u00a314.7m profit before tax (including exceptional items of \u00a34.6m) to the
Group\u2019s profits had the business combination occurred at the beginning of the year.
Prior period acquisitions \u2013 Joules 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 Group\u2019s portfolio of brands while its Total Platform infrastructure will help grow the Joules business. This qualified 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:
Previously Fair Value
reported Adjustments Restated
\u00a3m \u00a3m \u00a3m
Financial assets
1.8
\u2013
1.8
Inventory
14.3
8.7
23.0
Property, plant and equipment and software
8.6
0.9
9.5
Identifiable intangible assets
10.5
\u2013
10.5
Financial liabilities
(9.8)
\u2013
(9.8)
Deferred tax liabilities
(2.6)
0.1
(2.5)
Total identifiable assets acquired
22.8
9.7
32.5
Goodwill
11.6
(9.7)
1.9
Non-controlling interest in 26% of The Harborough Hare Holdings Limited
(5.6)
\u2013
(5.6)
Net assets attributable to NEXT
28.8
\u2013
28.8
Satisfied by:
Cash
28.8
\u2013
28.8
Due primarily to the short period of time between acquisition and reporting, the accounting for the acquisition of Joules in the January 2023 balance sheet was a provisional assessment. In accordance with the requirements of IFRS 3 Business Combinations, the Group has now finalised the acquisition balance sheet within 12 months of the acquisition date. The changes were immaterial. The identifiable intangible assets include a brand value of \u00a310.1m and other intangible assets of \u00a30.4m. Total identifiable assets acquired were \u00a332.5m, which resulted in a goodwill value of \u00a31.9m arising from the acquisition. The value of goodwill was lower than provisionally calculated predominantly as a result of reducing the level of inventory provisions previously identified. 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 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 January 2023 reporting date. The Joules business was previously part of the Joules plc group which went into administration in November 2022. It was 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:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-669": { "value": "34. Acquisition of Subsidiaries Current period acquisitions Reiss In September 2023, the Group increased its shareholding in the Reiss Group (\u201cReiss\u201d) from 51% to 72%. In addition, due to a change in reserved rights within the Shareholder Agreement, the Group therefore has control of Reiss. Reiss\u2019 principal activity is the design and retail of high quality women\u2019s, men\u2019s and children\u2019s fashion clothing and accessories sold exclusively under the Reiss brand in the UK and overseas. Following NEXT\u2019s original equity shareholding and the Total Platform partnership, the Reiss business has grown significantly with excellent results. Through the additional shareholding, Reiss will be able to reap the infrastructural benefits of being part of a larger Group. This qualifies as a business as defined in IFRS 3 Business Combinations. NEXT\u2019s direct shareholding is in the Reiss group\u2019s ultimate parent company, Pink Holdco Limited. The Group recognised a non cash gain of \u00a3110.1m as a result of remeasuring the equity interest held in Reiss to fair value before the business combination. This gain is recognised as an exceptional item in the Consolidated Income Statement (Note 6). Given the acquisition occurred in the second half of the financial year, the accounting for the acquisition of Reiss 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. Included within the fair value of the net identifiable assets on acquisition is an intangible asset representing the Reiss brand and customer relationship value of \u00a3365.9m. Total identifiable assets acquired were \u00a3291.0m, which results in a goodwill value of \u00a3140.6m arising from the acquisition. The goodwill relates to expected synergies from combining Reiss into the NEXT Group and the effect of a combined workforce with Brand specific design experience. The goodwill at the year end was \u00a3140.6m (Note 11). For tax purposes, the tax values of Reiss\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 amounts recognised in respect of the identifiable assets acquired are set out in the table below:
\u00a3m
Financial assets including cash
43.3
Inventory
61.7
Property, plant and equipment, software and right-of-use assets
42.6
Identifiable intangible assets
365.9
Financial liabilities including loans and lease liabilities
(135.9)
Deferred tax liabilities
(86.6)
Total identifiable assets acquired
291.0
Goodwill
140.6
Non-controlling interest in 28% of Pink Holdco Limited
(120.4)
Net assets attributable to NEXT
311.2
Satisfied by:
Cash
98.5
Fair value of joint venture holding
194.5
Loan note and deferred consideration
18.2
Total consideration
311.2
The non-controlling interest of 28% ownership interest in Reiss recognised at the acquisition date was measured by reference to the share for share consideration paid by the non-controlling interest and amounted to \u00a3120.4m. In addition to the cash consideration paid, the Group received a contribution from the vendor of \u00a32.0m towards the due diligence and legal costs as part of the acquisition. This has been excluded from the consideration amounts above as it did not relate to the purchase price of the shares themselves. The existing Reiss management team reinvested their original shareholding into Pink Holdco Limited in exchange for a minority stake of 6.3%. Put and call options, to enable future exit opportunities for the Reiss management team, have also been agreed and become exercisable in 2027, 2028 and 2029. A valuation of these put options has been performed using an earnings multiple, a suitable discount rate and approved forecasts, and the initial liability of \u00a318.1m has been recognised with the corresponding entry to Other Equity in accordance with the present value method of accounting. These options are required to be fair valued at each accounting period date. Reiss contributed \u00a3137.4m of revenue and \u00a316.9m profit before tax to the Group\u2019s profit for the period between the date of acquisition and the reporting date. Reiss would have contributed \u00a3345.5m revenue and \u00a327.0m profit before tax to the Group\u2019s profits had the business combination occurred at the beginning of the year. FatFace In October 2023, the Group acquired 97% of Bridgetown Holdco Limited, the new parent company of the FatFace group, a consolidated group whose principal activity is the design and retail of lifestyle clothing, footwear and accessories in the UK, Ireland and North America. It is expected that this acquisition will strengthen the Group\u2019s portfolio of brands while its Total Platform infrastructure will help grow the FatFace business. This qualifies as a business as defined in IFRS 3 Business Combinations. Given the acquisition occurred in the second half of the financial year, the accounting for the acquisition of FatFace 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. The identifiable intangible assets include a brand and customer relationship value of \u00a378.2m. Total identifiable assets acquired were \u00a386.0m, which results in a goodwill value of \u00a329.3m arising from the acquisition. The goodwill relates to expected synergies from combining FatFace into the NEXT Group and the effect of a combined workforce with Brand specific design experience. The goodwill at the year end was \u00a329.3m (Note 11). For tax purposes, the tax values of FatFace\u2019s 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 amounts provisionally recognised in respect of the identifiable assets acquired are set out in the table below:
\u00a3m
Financial assets including cash
28.3
Inventory
48.7
Property, plant and equipment, software and right-of-use assets
59.5
Identifiable intangible assets
78.2
Financial liabilities including loans and lease liabilities
(115.6)
Deferred tax liabilities
(13.1)
Total identifiable assets acquired
86.0
Goodwill
29.3
Non-controlling interest in 3% of Bridgetown Holdco Limited
(3.7)
Net assets attributable to NEXT
111.6
Satisfied by:
Cash
57.6
Shares
53.4
Loan notes
0.6
Total consideration
111.6
The non-controlling interest of 3% ownership interest in FatFace recognised at the acquisition date was measured by reference to the overall valuation of the FatFace Group and amounted to \u00a33.7m. As part of the transaction the existing FatFace management team reinvested their original shareholding into Bridgetown Holdco Limited in exchange for a minority stake of 3%. Management and NEXT hold put and call options over this minority stake which enables future exit opportunities for the FatFace management team. These options become exercisable in 2027, 2028 and 2029 (or earlier at NEXT discretion if management exit the business before these dates). A valuation of these put options has been performed using an earnings multiple, a suitable discount rate and approved forecasts, and the initial liability of \u00a33.8m has been recognised with the corresponding entry to Other Equity in accordance with the present value method of accounting. These options are required to be fair valued at each accounting period date. FatFace contributed \u00a390.8m of revenue and \u00a31.7m profit before tax to the Group\u2019s profit for the period between the date of acquisition and the reporting date. FatFace would have contributed \u00a3268.8m revenue and \u00a314.7m profit before tax (including exceptional items of \u00a34.6m) to the Group\u2019s profits had the business combination occurred at the beginning of the year.
Prior period acquisitions \u2013 Joules
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 Group\u2019s portfolio of brands while its Total Platform infrastructure will
help grow the Joules business. This qualified 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:
Previously Fair Value
reported Adjustments Restated
\u00a3m \u00a3m \u00a3m
Financial assets
1.8
\u2013
1.8
Inventory
14.3
8.7
23.0
Property, plant and equipment and software
8.6
0.9
9.5
Identifiable intangible assets
10.5
\u2013
10.5
Financial liabilities
(9.8)
\u2013
(9.8)
Deferred tax liabilities
(2.6)
0.1
(2.5)
Total identifiable assets acquired
22.8
9.7
32.5
Goodwill
11.6
(9.7)
1.9
Non-controlling interest in 26% of The Harborough Hare Holdings Limited
(5.6)
\u2013
(5.6)
Net assets attributable to NEXT
28.8
\u2013
28.8
Satisfied by:
Cash
28.8
\u2013
28.8
Due primarily to the short period of time between acquisition and reporting, the accounting for the acquisition of Joules in the January 2023
balance sheet was a provisional assessment. In accordance with the requirements of IFRS 3 Business Combinations, the Group has now finalised
the acquisition balance sheet within 12 months of the acquisition date. The changes were immaterial.
The identifiable intangible assets include a brand value of \u00a310.1m and other intangible assets of \u00a30.4m. Total identifiable assets acquired were
\u00a332.5m, which resulted in a goodwill value of \u00a31.9m arising from the acquisition. The value of goodwill was lower than provisionally calculated
predominantly as a result of reducing the level of inventory provisions previously identified. 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 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 January
2023 reporting date. The Joules business was previously part of the Joules plc group which went into administration in November 2022. It was
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": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-600": { "value": "
35. Contingent Liabilities
Since 2018 NEXT has received around 2,500 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 years. The claims are fact sensitive, legally complex and being defended
vigorously. 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.
Accordingly, there is no provision in these financial statements for any liability that may arise in relation to the above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-637": { "value": "35. Contingent Liabilities Since 2018 NEXT has received around 2,500 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 years. The claims are fact sensitive, legally complex and being defended vigorously. 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. Accordingly, there is no provision in these financial statements for any liability that may arise in relation to the above.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-601": { "value": "
36. Post Balance Sheet Events
Subsequent to the year end, and following a consultation process with affected employees, the Company closed its defined benefit plan to future
service accrual. Pension members who were previously accruing service will now become deferred members and their accrued pension will be
revalued each year on a basis linked to inflation. As a result of this closure, it is expected that there will be a curtailment loss in the region of \u00a320m
that will be recognised in the year to January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-9": { "value": "NEXT plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } }, "fact-10": { "value": "NEXT plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2023-01-29T00:00:00/2024-01-28T00:00:00" } } } }