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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 25 January 2025 (last year 52 weeks to 27 January 2024). 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 for at least 12 months from the date of approval of these Financial Statements, meet its financial covenants and therefore it is appropriate to adopt the going concern basis in preparing the consolidated financial statements for the 52 weeks ended 25 January 2025 (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, or joint control but not sole 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 29. 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 \u2018nextpay\u2019 credit facility). Where third-party goods are sold on a commission basis and NEXT are acting as the agent, 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. 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. This is in accordance with IFRS 9. Royalty income Royalty income is recognised as income in line with the underlying sales and when the group has a contractual right to the income in accordance with the substance of the relevant agreements (provided it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably). Rental income Rental income is measured at the fair value of the consideration received or receivable. It is recognised on a straight line basis over the period of the lease. This is in accordance with IFRS 16. 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. Revenue is recognised only when the related performance obligation is satisfied. 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. 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 In these financial statements, 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 and/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: \u25cf It is unusual in nature or outside the normal course of business and significant in value. \u25cf 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: \u25cf Freehold and long leasehold property 50 years \u25cf Plant and equipment 6 \u2013 25 years \u25cf Leasehold improvements the period of the lease, or useful life if shorter \u25cf Assets under the course of construction not depreciated 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:
\u25cf It is technically feasible to complete the software so that it is available for use.
\u25cf Management controls and intends to complete the software for use in the business.
\u25cf There is an ability to use or sell the software.
\u25cf It can be demonstrated how the software will generate probable economic benefits in the future.
\u25cf Adequate technical, financial and other resources are available to complete the project.
Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements,
including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. When control
cannot be demonstrated, expenditure in relation to such costs are expensed alongside the expected useful life of the solution.
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 the course
of 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:
\u25cf Brand names and trademarks 15 \u2013 25 years
\u25cf Customer relationships 5 \u2013 8 years
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.
The material CGUs are:
\u25cf Retail: Within the Retail segment, the lowest level CGU are the individual stores with the associated right-of-use asset and property,
plant and equipment then included in any impairment testing. The Retail segment itself is also deemed a CGU for impairment testing
purposes.
\u25cf Online and Finance: The Online business has been assessed as a CGU. The main assets which fall within this segment for impairment
testing are the warehouses and intangible assets associated with the warehouse operations and website.
\u25cf Total Platform: Within the Total Platform segment are the Reiss, Joules and FatFace businesses. Each of these is assessed as a CGU. The
lowest level CGU within each business are the individual stores with the associated right-of-use asset and property, plant and
equipment then included in any impairment testing.
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:
\u25cf the Group\u2019s business model for managing the assets; and
\u25cf 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 30. 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 the Income Statement.
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 the Income Statement.
Equity instruments at FVPL
These assets are subsequently measured at fair value. Dividends are recognised as income in the
Income Statement unless the dividend clearly represents recovery of part of the cost of investments
in which case they are recognised against the cost of investment. Other net gains and losses are
recognised in the Income Statement.
Call options over non-controlling
These
assets
are
subsequently
measured
at fair value. Gains and losses are recognised in Other
interests Equity.
Derecognition A financial asset is derecognised primarily when: \u25cf the rights to receive cash flows from the asset have expired; \u25cf 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 \u25cf 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
Financial Instruments \u2013 Initial Recognition and Subsequent Measurement
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 30). 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 45% weighting is applied to the
base case and 5% to the upside scenario, 35% to the downside scenario and 15% to the extreme scenario.
IFRS 9 \u201cFinancial instruments\u201d paragraph 5.5.20 ordinarily requires an entity to not only consider a loan, but also the undrawn commitment
and the ECL in respect of the undrawn commitment, where its ability to cancel or demand repayment of the facility does not limit its
exposure to the credit risk of the undrawn element. However, the guidance in IFRS 9 on commitments relates only to commitments to
provide a loan (that is, a commitment to provide financial assets, such as cash) and excludes from its scope rights and obligations from the
delivery of goods as a result of a contract with a customer within the scope of IFRS 15 \u201cRevenue from contracts with customers\u201d (that is, a
sales commitment). Thus, the sales commitment (unlike a loan commitment) is not a financial instrument, and therefore the impairment
requirements in IFRS 9 do not apply until delivery has occurred and a receivable has been recognised.
Impairment charges in respect of customer receivables are recognised in the Income Statement within \u201cImpairment losses on customer and
other receivables\u201d.
Delinquency is taken as being in arrears and credit impaired is taken as being the loan has defaulted, which is considered to be the point at
which the debt is passed to an internal or external Debt Collection Agency (DCA) and a default registered to a Credit Reference Agency (CRA),
or any debt 90 days past due. Delinquency and default are relevant for the estimation of ECL, which segments the book by customer
indebtedness, banded into 4 risk bands by arrears stage (see Note 30).
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 the Income
Statement.
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:
\u25cf There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument.
\u25cf The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship.
\u25cf 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 the Income
Statement 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 the Income Statement.
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 and commodity price 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:
\u25cf the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and
\u25cf 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 the Income Statement as the hedged item affects the Income Statement (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 the Income Statement as a reclassification adjustment in
the same period or periods during which the hedged cash flows affect the Income Statement.
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 32 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. Any curtailment
gains and losses are recognised within the Income Statement during the year they are incurred. 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.
Within the Parent Company accounts, share-based payments are recharged to the relevant Group undertaking to which the employee
provides their services to.
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 respectively.
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 continued to adopt the amendments to IAS 12. 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 mandatory 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 the Income Statement 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.
Contingent liabilities
A contingent liability is disclosed where the Group has a present obligation (legal or constructive) as a result of a past event and it is possible
that an outflow of economic benefits will be required to settle the obligation. Where the Group has a contingent liability the nature, timing
and related information on the potential liability is explained. The value of any contingent liability is disclosed (but not recognised) and
measured at the present value of the expenditures which may 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 potential obligation. In rare cases where it is not possible to form
a reliable estimate of the potential obligation, or the disclosure of such a value would be considered prejudicial to the business, a value is not
disclosed and this assessment is disclosed.
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 which are to be made over the lease term. The lease
payments are discounted at the Group\u2019s incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
\u25cf fixed lease payments (including in-substance fixed payments), less any lease incentives;
\u25cf 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;
\u25cf the amount expected to be payable by the lessee under residual value guarantees;
\u25cf the exercise price of purchase options where the Group is reasonably certain to exercise the options; and
\u25cf payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
In some cases, at the end of the lease term, the Group will continue to occupy the premises under \u201chold over\u201d terms. The assessment of the
lease term does not include any potential payments for hold over periods. When a lease is in hold over, it is deemed short term and any
charges are expensed to the Consolidated Income Statement over the period to which it relates. This charge is included within our disclosure
of \u201cExpense on short term and low value leases\u201d within Note 12.
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:
\u25cf 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;
\u25cf 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 case 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
\u25cf 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 the Income Statement.
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 the Income Statement.
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. Where the rights to the asset have been transferred to the counterparty, a gain or loss is then recognised associated to the proportion of the asset where the Group no longer has control. 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: \u25cf 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. \u25cf For the right-of-use assets associated with our warehouse and head office, and the machinery in our 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. \u25cf 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. \u25cf 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. \u25cf 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 were 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 2025 Annual Report and Accounts. Please see page 84 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. 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 14), \u00a371.1m (2024: \u00a394.1m) relates to defaulted debt (without significant uncertainty) and \u00a3110.2m (2024: \u00a3113.0m) is for non defaulted debt, where significant estimation uncertainty exists. The remainder of this section relates to non defaulted debt. \u25cf Macroeconomic Uplift The first main area of major estimation uncertainty in calculating the ECL is the impact of a change in unemployment. Management use an independent forecast of unemployment, provided by Experian, and weights the effect of the expected (base case), upside, downside and extreme scenarios in the proportions 45/5/35/15. The expected scenario assumes a central unemployment rate peaking at 4.6% in Q4 2025. This weighted view adds \u00a311.3m (2024: \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 of macroeconomic factors that are not included in the \u201cmacroeconomic uplift\u201d calculation, due to it being solely based on changes in unemployment rate. Management have reviewed independent forecasts of real wage growth, along with recent worsening in job vacancies data, and continued signs of upward pressure on inflation (including mortgage costs) and has considered the potential negative effects these factors may have on customer payment
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.
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 14), \u00a371.1m (2024: \u00a394.1m) relates to defaulted debt (without significant uncertainty) and \u00a3110.2m (2024: \u00a3113.0m) is
for non defaulted debt, where significant estimation uncertainty exists. The remainder of this section relates to non defaulted debt.
\u25cf Macroeconomic Uplift
The first main area of major estimation uncertainty in calculating the ECL is the impact of a change in unemployment. Management use an
independent forecast of unemployment, provided by Experian, and weights the effect of the expected (base case), upside, downside and
extreme scenarios in the proportions 45/5/35/15. The expected scenario assumes a central unemployment rate peaking at 4.6% in Q4 2025.
This weighted view adds \u00a311.3m (2024: \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 of macroeconomic factors that are not included in
the \u201cmacroeconomic uplift\u201d calculation, due to it being solely based on changes in unemployment rate. Management have reviewed
independent forecasts of real wage growth, along with recent worsening in job vacancies data, and continued signs of upward pressure on
inflation (including mortgage costs) and has considered the potential negative effects these factors may have on customer payment
behaviour. In order to reflect the underlying risk in the loan book, the following adjustment has been incorporated into the provision:
\u25cf 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. In addition, whereas in recent years, pay deals have led to real terms wage growth, along with a buoyant jobs market providing
opportunities for consumers to boost their incomes; both of these indicators have weakened in recent statistics and updated independent
forecasts. 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 \u00a338.8m 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.
\u25cf Sensitivity to the Probability of Default
Following application of the above 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 \u00a350.2m.
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.
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.
Equal Pay (judgement)
In August 2024 the first tier Employment Tribunal issued its decision on an Equal Pay case brought against NEXT by both current and former
employees. The Board has reviewed this decision and obtained further legal advice on the implications of this decision. Having carefully
considered this advice the Board has exercised judgement regarding the likely success of the appeals process and concluded that it is more
likely than not that NEXT would be successful on Appeal. Our position was informed by internal legal advice and external Counsel. See Note
36 for further details.
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:
\u25cf Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
\u25cf Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
\u25cf Non-current Liabilities with Covenants (amendments to IAS 1)
\u25cf Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
The application of these new interpretations and amendments did not have a material impact on the financial statements.
The Group has enhanced the detail in its segmental reporting to present details of the material costs that are included in the segment
measure of profit that is reviewed by the chief operating decision maker. This is in response to the IFRIC Agenda Decision on IFRS 8 Operating
Segments, issued in July 2024.
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 page 66 and 67, APMs are used as management believe these measures provide additional useful information on the trends,
performance and position of the Group. These measures are used for performance analysis by the Board. The APMs are not defined by IFRS
and therefore may not be directly comparable with other companies\u2019 APMs. These measures are not intended to be a substitute for, or
superior to, IFRS measurements.
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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 25 January 2025 (last year 52 weeks to 27 January 2024).
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 for at least 12 months from the date of approval of these Financial Statements, meet its financial covenants
and therefore it is appropriate to adopt the going concern basis in preparing the consolidated financial statements for the 52 weeks ended 25
January 2025 (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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-656": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-600": { "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, or joint control but not sole 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-601": { "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 29.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-603": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-657": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-602": { "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 \u2018nextpay\u2019 credit
facility).
Where third-party goods are sold on a commission basis and NEXT are acting as the agent, 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.
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. This is in accordance with IFRS 9.
Royalty income
Royalty income is recognised as income in line with the underlying sales and when the group has a contractual right to the income in
accordance with the substance of the relevant agreements (provided it is probable that the economic benefits will flow to the Company and
the amount of revenue can be measured reliably).
Rental income
Rental income is measured at the fair value of the consideration received or receivable. It is recognised on a straight line basis over the
period of the lease. This is in accordance with IFRS 16.
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. Revenue is recognised only when the related performance
obligation is satisfied.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-691": { "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 \u2018nextpay\u2019 credit facility). Where third-party goods are sold on a commission basis and NEXT are acting as the agent, 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. 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. This is in accordance with IFRS 9. Royalty income Royalty income is recognised as income in line with the underlying sales and when the group has a contractual right to the income in accordance with the substance of the relevant agreements (provided it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably). Rental income Rental income is measured at the fair value of the consideration received or receivable. It is recognised on a straight line basis over the period of the lease. This is in accordance with IFRS 16. 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. Revenue is recognised only when the related performance obligation is satisfied. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-604": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-605": { "value": "
Exceptional Items
In these financial statements, 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 and/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:
\u25cf It is unusual in nature or outside the normal course of business and significant in value.
\u25cf 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-606": { "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:
\u25cf Freehold and long leasehold property 50 years
\u25cf Plant and equipment 6 \u2013 25 years
\u25cf Leasehold improvements the period of the lease, or useful life if shorter
\u25cf Assets under the course of construction not depreciated
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-659": { "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: \u25cf Freehold and long leasehold property 50 years \u25cf Plant and equipment 6 \u2013 25 years \u25cf Leasehold improvements the period of the lease, or useful life if shorter \u25cf Assets under the course of construction not depreciated ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-658": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-608": { "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. 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: \u25cf It is technically feasible to complete the software so that it is available for use. \u25cf Management controls and intends to complete the software for use in the business. \u25cf There is an ability to use or sell the software. \u25cf It can be demonstrated how the software will generate probable economic benefits in the future. \u25cf Adequate technical, financial and other resources are available to complete the project. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. When control cannot be demonstrated, expenditure in relation to such costs are expensed alongside the expected useful life of the solution. 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 the course of 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: \u25cf Brand names and trademarks 15 \u2013 25 years \u25cf Customer relationships 5 \u2013 8 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-692": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-607": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-660": { "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: \u25cf It is technically feasible to complete the software so that it is available for use. \u25cf Management controls and intends to complete the software for use in the business. \u25cf There is an ability to use or sell the software. \u25cf It can be demonstrated how the software will generate probable economic benefits in the future. \u25cf Adequate technical, financial and other resources are available to complete the project. Directly attributable software development costs in relation to the configuration and customisation of cloud computing arrangements, including Software-as-a-Service (\u2018SaaS\u2019) are only capitalised to the extent they give rise to an asset controlled by the Group. When control cannot be demonstrated, expenditure in relation to such costs are expensed alongside the expected useful life of the solution. 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 the course of 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: \u25cf Brand names and trademarks 15 \u2013 25 years \u25cf Customer relationships 5 \u2013 8 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-609": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-693": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-661": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-610": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-613": { "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. The material CGUs are: \u25cf Retail: Within the Retail segment, the lowest level CGU are the individual stores with the associated right-of-use asset and property, plant and equipment then included in any impairment testing. The Retail segment itself is also deemed a CGU for impairment testing purposes. \u25cf Online and Finance: The Online business has been assessed as a CGU. The main assets which fall within this segment for impairment testing are the warehouses and intangible assets associated with the warehouse operations and website. \u25cf Total Platform: Within the Total Platform segment are the Reiss, Joules and FatFace businesses. Each of these is assessed as a CGU. The lowest level CGU within each business are the individual stores with the associated right-of-use asset and property, plant and equipment then included in any impairment testing. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-712": { "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. The material CGUs are: \u25cf Retail: Within the Retail segment, the lowest level CGU are the individual stores with the associated right-of-use asset and property, plant and equipment then included in any impairment testing. The Retail segment itself is also deemed a CGU for impairment testing purposes. \u25cf Online and Finance: The Online business has been assessed as a CGU. The main assets which fall within this segment for impairment testing are the warehouses and intangible assets associated with the warehouse operations and website. \u25cf Total Platform: Within the Total Platform segment are the Reiss, Joules and FatFace businesses. Each of these is assessed as a CGU. The lowest level CGU within each business are the individual stores with the associated right-of-use asset and property, plant and equipment then included in any impairment testing. 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. 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 45% weighting is applied to the base case and 5% to the upside scenario, 35% to the downside scenario and 15% to the extreme scenario. IFRS 9 \u201cFinancial instruments\u201d paragraph 5.5.20 ordinarily requires an entity to not only consider a loan, but also the undrawn commitment and the ECL in respect of the undrawn commitment, where its ability to cancel or demand repayment of the facility does not limit its exposure to the credit risk of the undrawn element. However, the guidance in IFRS 9 on commitments relates only to commitments to provide a loan (that is, a commitment to provide financial assets, such as cash) and excludes from its scope rights and obligations from the delivery of goods as a result of a contract with a customer within the scope of IFRS 15 \u201cRevenue from contracts with customers\u201d (that is, a sales commitment). Thus, the sales commitment (unlike a loan commitment) is not a financial instrument, and therefore the impairment requirements in IFRS 9 do not apply until delivery has occurred and a receivable has been recognised. Impairment charges in respect of customer receivables are recognised in the Income Statement within \u201cImpairment losses on customer and other receivables\u201d. Delinquency is taken as being in arrears and credit impaired is taken as being the loan has defaulted, which is considered to be the point at which the debt is passed to an internal or external Debt Collection Agency (DCA) and a default registered to a Credit Reference Agency (CRA), or any debt 90 days past due. Delinquency and default are relevant for the estimation of ECL, which segments the book by customer indebtedness, banded into 4 risk bands by arrears stage (see Note 30). 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 the Income Statement. 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-611": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-612": { "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: \u25cf the Group\u2019s business model for managing the assets; and \u25cf 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 30. 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 the Income Statement.
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 the Income Statement.
Equity instruments at FVPL
These assets are subsequently measured at fair value. Dividends are recognised as income in the
Income Statement unless the dividend clearly represents recovery of part of the cost of investments
in which case they are recognised against the cost of investment. Other net gains and losses are
recognised in the Income Statement.
Call options over non-controlling
These
assets
are
subsequently
measured
at fair value. Gains and losses are recognised in Other
interests Equity.
Derecognition A financial asset is derecognised primarily when: \u25cf the rights to receive cash flows from the asset have expired; \u25cf 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 \u25cf 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
Financial Instruments \u2013 Initial Recognition and Subsequent Measurement 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 30). 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. 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: \u25cf There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument. \u25cf The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship. \u25cf 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 the Income Statement 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 the Income Statement. 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 and commodity price 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: \u25cf the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and \u25cf 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 the Income Statement as the hedged item affects the Income Statement (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 the Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flows affect the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-662": { "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: \u25cf the Group\u2019s business model for managing the assets; and \u25cf 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 30.
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 the Income Statement.
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 the Income Statement.
Equity instruments at FVPL
These assets are subsequently measured at fair value. Dividends are recognised as income in the
Income Statement unless the dividend clearly represents recovery of part of the cost of investments
in which case they are recognised against the cost of investment. Other net gains and losses are
recognised in the Income Statement.
Call options over non-controlling
These
assets
are
subsequently
measured
at fair value. Gains and losses are recognised in Other
interests Equity.
Derecognition
A financial asset is derecognised primarily when:
\u25cf the rights to receive cash flows from the asset have expired;
\u25cf 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
\u25cf 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-694": { "value": "Derecognition A financial asset is derecognised primarily when: \u25cf the rights to receive cash flows from the asset have expired; \u25cf 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 \u25cf 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-695": { "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. 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 45% weighting is applied to the base case and 5% to the upside scenario, 35% to the downside scenario and 15% to the extreme scenario. IFRS 9 \u201cFinancial instruments\u201d paragraph 5.5.20 ordinarily requires an entity to not only consider a loan, but also the undrawn commitment and the ECL in respect of the undrawn commitment, where its ability to cancel or demand repayment of the facility does not limit its exposure to the credit risk of the undrawn element. However, the guidance in IFRS 9 on commitments relates only to commitments to provide a loan (that is, a commitment to provide financial assets, such as cash) and excludes from its scope rights and obligations from the delivery of goods as a result of a contract with a customer within the scope of IFRS 15 \u201cRevenue from contracts with customers\u201d (that is, a sales commitment). Thus, the sales commitment (unlike a loan commitment) is not a financial instrument, and therefore the impairment requirements in IFRS 9 do not apply until delivery has occurred and a receivable has been recognised. Impairment charges in respect of customer receivables are recognised in the Income Statement within \u201cImpairment losses on customer and other receivables\u201d. Delinquency is taken as being in arrears and credit impaired is taken as being the loan has defaulted, which is considered to be the point at which the debt is passed to an internal or external Debt Collection Agency (DCA) and a default registered to a Credit Reference Agency (CRA), or any debt 90 days past due. Delinquency and default are relevant for the estimation of ECL, which segments the book by customer indebtedness, banded into 4 risk bands by arrears stage (see Note 30). 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 the Income Statement. 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:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-663": { "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
Financial Instruments \u2013 Initial Recognition and Subsequent Measurement 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 30). 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-664": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-614": { "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 45% weighting is applied to the base case and 5% to the upside scenario, 35% to the downside scenario and 15% to the extreme scenario. IFRS 9 \u201cFinancial instruments\u201d paragraph 5.5.20 ordinarily requires an entity to not only consider a loan, but also the undrawn commitment and the ECL in respect of the undrawn commitment, where its ability to cancel or demand repayment of the facility does not limit its exposure to the credit risk of the undrawn element. However, the guidance in IFRS 9 on commitments relates only to commitments to provide a loan (that is, a commitment to provide financial assets, such as cash) and excludes from its scope rights and obligations from the delivery of goods as a result of a contract with a customer within the scope of IFRS 15 \u201cRevenue from contracts with customers\u201d (that is, a sales commitment). Thus, the sales commitment (unlike a loan commitment) is not a financial instrument, and therefore the impairment requirements in IFRS 9 do not apply until delivery has occurred and a receivable has been recognised. Impairment charges in respect of customer receivables are recognised in the Income Statement within \u201cImpairment losses on customer and other receivables\u201d. Delinquency is taken as being in arrears and credit impaired is taken as being the loan has defaulted, which is considered to be the point at which the debt is passed to an internal or external Debt Collection Agency (DCA) and a default registered to a Credit Reference Agency (CRA), or any debt 90 days past due. Delinquency and default are relevant for the estimation of ECL, which segments the book by customer indebtedness, banded into 4 risk bands by arrears stage (see Note 30). 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 the Income Statement. 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-713": { "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: \u25cf There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument. \u25cf The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship. \u25cf 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 the Income Statement 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 the Income Statement. 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 and commodity price 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: \u25cf the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and \u25cf 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 the Income Statement as the hedged item affects the Income Statement (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 the Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flows affect the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-696": { "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: \u25cf There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument. \u25cf The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship. \u25cf 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 the Income Statement 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 the Income Statement. 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 and commodity price 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: \u25cf the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and \u25cf 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 the Income Statement as the hedged item affects the Income Statement (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 the Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flows affect the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-665": { "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: \u25cf There is an \u201ceconomic relationship\u201d between the hedged item and the hedging instrument. \u25cf The effect of the credit risk does not \u201cdominate the value changes\u201d that result from the economic relationship. \u25cf 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 the Income Statement 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 the Income Statement. 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 and commodity price 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: \u25cf the intrinsic value \u2013 which is determined by the difference between the strike price and the current market price of the underlying; and \u25cf 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 the Income Statement as the hedged item affects the Income Statement (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 the Income Statement as a reclassification adjustment in the same period or periods during which the hedged cash flows affect the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-615": { "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 32 of the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-616": { "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. Any curtailment gains and losses are recognised within the Income Statement during the year they are incurred. 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-617": { "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. Within the Parent Company accounts, share-based payments are recharged to the relevant Group undertaking to which the employee provides their services to. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-618": { "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 respectively. 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 continued to adopt the amendments to IAS 12. 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 mandatory 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-666": { "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 respectively. 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 continued to adopt the amendments to IAS 12. 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 mandatory 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-619": { "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 the Income Statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. ", "dimensions": { "concept": "nextplc:DescriptionOfAccountingPolicyForShareBuyback", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-621": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-620": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-622": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-623": { "value": "Contingent liabilities A contingent liability is disclosed where the Group has a present obligation (legal or constructive) as a result of a past event and it is possible that an outflow of economic benefits will be required to settle the obligation. Where the Group has a contingent liability the nature, timing and related information on the potential liability is explained. The value of any contingent liability is disclosed (but not recognised) and measured at the present value of the expenditures which may 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 potential obligation. In rare cases where it is not possible to form a reliable estimate of the potential obligation, or the disclosure of such a value would be considered prejudicial to the business, a value is not disclosed and this assessment is disclosed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-624": { "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 which are to be made over the lease term. The lease payments are discounted at the Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u25cf fixed lease payments (including in-substance fixed payments), less any lease incentives; \u25cf 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; \u25cf the amount expected to be payable by the lessee under residual value guarantees; \u25cf the exercise price of purchase options where the Group is reasonably certain to exercise the options; and \u25cf payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. In some cases, at the end of the lease term, the Group will continue to occupy the premises under \u201chold over\u201d terms. The assessment of the lease term does not include any potential payments for hold over periods. When a lease is in hold over, it is deemed short term and any charges are expensed to the Consolidated Income Statement over the period to which it relates. This charge is included within our disclosure of \u201cExpense on short term and low value leases\u201d within Note 12. 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: \u25cf 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; \u25cf 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 case 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 \u25cf 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 the Income Statement. 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 the Income Statement. 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. Where the rights to the asset have been transferred to the counterparty, a
gain or loss is then recognised associated to the proportion of the asset where the Group no longer has control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-625": { "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:
\u25cf 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.
\u25cf For the right-of-use assets associated with our warehouse and head office, and the machinery in our 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.
\u25cf 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.
\u25cf 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.
\u25cf 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 were 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
2025 Annual Report and Accounts. Please see page 84 of the Annual Report and Accounts for further detail on our climate change
assessment.
", "dimensions": { "concept": "nextplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-697": { "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. 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 14), \u00a371.1m (2024: \u00a394.1m) relates to defaulted debt (without significant uncertainty) and \u00a3110.2m (2024: \u00a3113.0m) is for non defaulted debt, where significant estimation uncertainty exists. The remainder of this section relates to non defaulted debt. \u25cf Macroeconomic Uplift The first main area of major estimation uncertainty in calculating the ECL is the impact of a change in unemployment. Management use an independent forecast of unemployment, provided by Experian, and weights the effect of the expected (base case), upside, downside and extreme scenarios in the proportions 45/5/35/15. The expected scenario assumes a central unemployment rate peaking at 4.6% in Q4 2025. This weighted view adds \u00a311.3m (2024: \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 of macroeconomic factors that are not included in the \u201cmacroeconomic uplift\u201d calculation, due to it being solely based on changes in unemployment rate. Management have reviewed independent forecasts of real wage growth, along with recent worsening in job vacancies data, and continued signs of upward pressure on inflation (including mortgage costs) and has considered the potential negative effects these factors may have on customer payment behaviour. In order to reflect the underlying risk in the loan book, the following adjustment has been incorporated into the provision: \u25cf 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. In addition, whereas in recent years, pay deals have led to real terms wage growth, along with a buoyant jobs market providing opportunities for consumers to boost their incomes; both of these indicators have weakened in recent statistics and updated independent forecasts. 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 \u00a338.8m 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. \u25cf Sensitivity to the Probability of Default Following application of the above 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 \u00a350.2m. 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. 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. Equal Pay (judgement) In August 2024 the first tier Employment Tribunal issued its decision on an Equal Pay case brought against NEXT by both current and former employees. The Board has reviewed this decision and obtained further legal advice on the implications of this decision. Having carefully considered this advice the Board has exercised judgement regarding the likely success of the appeals process and concluded that it is more likely than not that NEXT would be successful on Appeal. Our position was informed by internal legal advice and external Counsel. See Note 36 for further details. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-626": { "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. 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 14), \u00a371.1m (2024: \u00a394.1m) relates to defaulted debt (without significant uncertainty) and \u00a3110.2m (2024: \u00a3113.0m) is for non defaulted debt, where significant estimation uncertainty exists. The remainder of this section relates to non defaulted debt. \u25cf Macroeconomic Uplift The first main area of major estimation uncertainty in calculating the ECL is the impact of a change in unemployment. Management use an independent forecast of unemployment, provided by Experian, and weights the effect of the expected (base case), upside, downside and extreme scenarios in the proportions 45/5/35/15. The expected scenario assumes a central unemployment rate peaking at 4.6% in Q4 2025. This weighted view adds \u00a311.3m (2024: \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 of macroeconomic factors that are not included in the \u201cmacroeconomic uplift\u201d calculation, due to it being solely based on changes in unemployment rate. Management have reviewed independent forecasts of real wage growth, along with recent worsening in job vacancies data, and continued signs of upward pressure on inflation (including mortgage costs) and has considered the potential negative effects these factors may have on customer payment behaviour. In order to reflect the underlying risk in the loan book, the following adjustment has been incorporated into the provision: \u25cf 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. In addition, whereas in recent years, pay deals have led to real terms wage growth, along with a buoyant jobs market providing opportunities for consumers to boost their incomes; both of these indicators have weakened in recent statistics and updated independent forecasts. 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 \u00a338.8m 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. \u25cf Sensitivity to the Probability of Default Following application of the above 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 \u00a350.2m. 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. 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. Equal Pay (judgement) In August 2024 the first tier Employment Tribunal issued its decision on an Equal Pay case brought against NEXT by both current and former employees. The Board has reviewed this decision and obtained further legal advice on the implications of this decision. Having carefully considered this advice the Board has exercised judgement regarding the likely success of the appeals process and concluded that it is more likely than not that NEXT would be successful on Appeal. Our position was informed by internal legal advice and external Counsel. See Note 36 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-698": { "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: \u25cf Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u25cf Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u25cf Non-current Liabilities with Covenants (amendments to IAS 1) \u25cf Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) The application of these new interpretations and amendments did not have a material impact on the financial statements. The Group has enhanced the detail in its segmental reporting to present details of the material costs that are included in the segment measure of profit that is reviewed by the chief operating decision maker. This is in response to the IFRIC Agenda Decision on IFRS 8 Operating Segments, issued in July 2024. 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-667": { "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: \u25cf Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u25cf Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u25cf Non-current Liabilities with Covenants (amendments to IAS 1) \u25cf Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) The application of these new interpretations and amendments did not have a material impact on the financial statements. The Group has enhanced the detail in its segmental reporting to present details of the material costs that are included in the segment measure of profit that is reviewed by the chief operating decision maker. This is in response to the IFRIC Agenda Decision on IFRS 8 Operating Segments, issued in July 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-627": { "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: \u25cf Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u25cf Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u25cf Non-current Liabilities with Covenants (amendments to IAS 1) \u25cf Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) The application of these new interpretations and amendments did not have a material impact on the financial statements. The Group has enhanced the detail in its segmental reporting to present details of the material costs that are included in the segment measure of profit that is reviewed by the chief operating decision maker. This is in response to the IFRIC Agenda Decision on IFRS 8 Operating Segments, issued in July 2024. 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-668": { "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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-628": { "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 page 66 and 67, 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-629": { "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 Group\u2019s reportable segments have been identified as the following:
\u25cf NEXT Online - note that within the Chief Executive\u2019s Review, this segment is split further into NEXT Online (UK) and NEXT Online
(International)
\u25cf NEXT Retail
\u25cf NEXT Finance
\u25cf Total Platform which represents the sales, profit and related assets from the Total Platform business which includes Reiss, FatFace and
Joules alongside our equity investments.
\u25cf Other Business Activities (all other segments) which includes the Property Management segment which holds properties and property
leases which are recharged to other segments and external parties and the Franchise, Sourcing and other segment. This segment also
includes Central costs, the IFRS 2 \u201cShare-based payment\u201d expense and unrealised gains or losses on derivatives which do not qualify for
hedge accounting.
\u201cTotal NEXT Trading sales\u201d as reported within the \u201cTotal NEXT sales excluding VAT\u201d column represents the full customer sales value of NEXT
owned product sales, third-party commission based sales and NEXT Finance interest income. The Total Platform sales represent the
commission and service income on sales with our Total Platform partners. Revenue from other business activities relates primarily to sales
from our Franchise, Property Management and Sourcing business. The CODM uses the Total NEXT sales as an important metric in assessing
segment performance; accordingly, this is presented in this note and then reconciled to the statutory revenue.
The adjustments to arrive at statutory revenue are explained as: (i) \u201cRevenue from acquired businesses and brands\u201d relates to sales
generated from our acquired brands, primarily Reiss, FatFace and Joules who retail through their own store portfolio and websites other than
next.co.uk. (ii) \u201cCommission sales adjustment\u201d: Where third-party branded goods are sold on a commission basis, only the commission
receivable is included in statutory revenue; and (iii) Other IFRS 15 adjustments for customer delivery charges, promotional discounts, Interest
Free Credit commission costs and expired gift card balances.
Segment sales and revenue
52 weeks to 25 January 2025
Revenue
Total NEXT from
sales acquired Commission Total
excluding businesses sales Other IFRS 15 External Internal segment
VAT and brands adjustment adjustments revenue revenue revenue
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
3,470.6
-
(361.5)
92.1
3,201.2
-
3,201.2
NEXT Retail
1,848.7
-
(32.4)
4.9
1,821.2
1.3
1,822.5
NEXT Finance
300.3
-
-
0.7
301.0
-
301.0
Total NEXT Trading Sales
5,619.6
-
(393.9)
97.7
5,323.4
1.3
5,324.7
Total Platform
67.0
623.0
-
-
690.0
-
690.0
Other business activities (all
other segments)
104.7
-
-
-
104.7
696.6
801.3
Total NEXT Sales
5,791.3
623.0
(393.9)
97.7
6,118.1
697.9
6,816.0
Eliminations
-
-
-
-
-
(697.9)
(697.9)
Total
5,791.3
623.0
(393.9)
97.7
6,118.1
-
6,118.1
52 weeks to 27 January 2024
Revenue
Total NEXT from
sales acquired Commission Total
excluding businesses sales Other 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
-
(334.6)
76.3
2,901.4
10.5
2,911.9
NEXT Retail
1,864.9
-
(22.5)
1.3
1,843.7
0.9
1,844.6
NEXT Finance
292.7
-
-
-
292.7
-
292.7
Total NEXT Trading Sales
5,317.3
-
(357.1)
77.6
5,037.8
11.4
5,049.2
Total Platform
52.5
308.5
-
2.8
363.8
-
363.8
Other business activities (all
other segments)
89.4
-
-
-
89.4
646.8
736.2
Total NEXT Sales
5,459.2
308.5
(357.1)
80.4
5,491.0
658.2
6,149.2
Eliminations
-
-
-
-
-
(658.2)
(658.2)
Total
5,459.2
308.5
(357.1)
80.4
5,491.0
-
5,491.0
In the Chief Executive\u2019s Review, NEXT Online is separated between NEXT Online (UK) Total NEXT sales \u00a32,540.4m (2024: \u00a32,428.6m) and NEXT
Online (International) Total NEXT sales of \u00a3930.2m (2024: \u00a3731.1m), whereas these are aggregated within this note.
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
25 January 27 January
2025 2024
\u00a3m \u00a3m
NEXT Online
(1)
587.6
517.1
NEXT Retail
236.8
244.7
NEXT Finance
181.7
163.4
Profit from Trading
1,006.1
925.2
Total Platform
(2)
66.2
31.2
Other business activities (all other segments)
(3)
 (42.0) (18.8)
Recharge of interest
(4)
59.6
50.3
Curtailment loss - exceptional items (14.5) -
Operating profit
1,075.4
987.9
Gain on Reiss transaction - exceptional items
-
108.6
Finance income
8.2
6.8
Finance costs (96.6)
(87.5)
Profit before tax
987.0
1,015.8
(1) NEXT Online \u00a3587.6m (2024: \u00a3517.1m): Within the Chief Executive\u2019s Review, the Online segment is separated between NEXT Online (UK) \u00a3456.6m
(2024: \u00a3421.1m) and NEXT Online (International) \u00a3131.0m (2024: \u00a396.0m), whereas these are aggregated within this note.
(2) Total Platform (TP) \u00a366.2m (2024: \u00a331.2m): The TP segment includes NEXT\u2019s share of profits from its investments in associates and joint ventures. It also
includes the profits from our TP subsidiaries (Joules, Reiss and FatFace). It excludes the non-recurring TP implementation costs for Joules and FatFace
which, as noted below, are reported within Central and Other costs.
The Total Platform segment within the Chief Executive\u2019s Review:
1) excludes the operating profit of the non-controlling interest of \u00a310.2m (2024: profit of \u00a32.6m);
2) excludes NEXT\u2019s share of the brand and customer relationship amortisation (both owned brands and those included within our associate and
joint venture investments) of \u00a319.0m (2024: \u00a39.8m).
(3) Other Business Activities (all other segments) \u00a342.0m cost (2024: \u00a318.8m cost): This segment includes the following:
\u25cf Property management cost of \u00a31.7m (2024: profit of \u00a31.7m)
\u25cf Franchise and wholesale profit of \u00a37.5m (2024: profit of \u00a35.8m)
\u25cf Sourcing profit of \u00a331.4m (2024: profit of \u00a327.4m)
\u25cf Central and other costs of \u00a379.2m cost (2024: \u00a353.7m cost) comprises the following:
a) Central costs of \u00a323.4m (2024: \u00a318.5m);
b) Share option charge of \u00a338.7m (2024: \u00a331.9m);
c) Unrealised foreign exchange gains of \u00a32.3m (2024: gain of \u00a312.3m);
d) 100% of non-recurring TP implementation costs associated with FatFace of \u00a36.4m (2024: \u00a315.6m relating to Joules and FatFace). Note that
the Chief Executive\u2019s Review excludes the non controlling interest element of these costs; and
e) an impairment in our investment in JoJo Maman B\u00e9b\u00e9 of \u00a313.0m (2024: Nil).
(4) Recharge of interest \u00a359.6m (2024: \u00a350.3m): In the current year, the recharge of interest of \u00a359.6m (2024: \u00a350.3m) includes \u00a39.3m (2024: \u00a32.5m) of
interest that has been reallocated to Total Platform. The remaining element is the cost of funding relating to the NEXT Finance segment.
Profit from Trading includes the following significant costs:
52 weeks to 25 January 2025
52 weeks to 27 January 2024
NEXT NEXT NEXT NEXT NEXT NEXT
Online Retail Finance Online Retail Finance
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bought-in costs
1,255.7
720.3
-
1,155.1
725.6
-
Store costs
-
565.0
-
-
567.0
-
Warehouse and logistics
774.6
127.4
-
702.0
128.9
-
Bad debt charge (Note 14)
1.9
-
17.5
3.8
-
32.2
Cost of funding
-
-
50.2
-
-
47.8
The costs set out in the table above are aligned to the grouping used by the CODM and board in their review of segment performance. See the Chief Executive\u2019s Review for further details including margin analysis. Bought in costs relate to the costs directly attributable to the selling of goods. It will include the cost of the stock, shrinkage and related costs. Store costs include the rental costs on the Retail stores, payroll costs for our Retail employees and related costs such as rates. Warehouse and logistic costs include the costs for running our warehouse operations, distribution activity and related spend. Segment assets, capital expenditure and depreciation
Property, plant, Capital expenditure Depreciation and
equipment and software Right-of-use assets inc. software amortisation
2025 2024 2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
465.8
481.3
194.5
153.1
54.3
86.8
76.9
54.7
NEXT Retail
226.2
210.6
458.3
488.7
85.1
73.7
165.3
163.1
NEXT Finance
-
-
-
-
-
-
-
-
Total Platform
22.7
24.0
81.1
90.0
10.4
5.4
66.1
28.4
Other business activities
54.1
55.2
3.4
2.8
1.2
37.7
3.2
2.6
(all other segments)
Total
768.8
771.1
737.3
734.6
151.0
203.6
311.5
248.8
These assets are allocated based on the operations of the segment and the physical location of the asset. 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 or financial assets.
External revenue
Non-current assets
Right-of-use assets
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
4,995.0
4,600.6
1,384.0
1,408.9
710.6
704.3
Rest of Europe
663.9
521.9
3.9
3.5
16.4
21.6
Middle East
295.8
255.0
4.3
4.3
-
-
Asia
46.8
41.9
28.2
28.0
2.6
2.8
Rest of World
116.6
71.6
1.4
-
7.7
5.9
Total
6,118.1
5,491.0
1,421.8
1,444.7
737.3
734.6
For the geographical split of non current assets all of the brand and goodwill has been allocated to the United Kingdom segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-669": { "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 or financial assets.
External revenue
Non-current assets
Right-of-use assets
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
United Kingdom
4,995.0
4,600.6
1,384.0
1,408.9
710.6
704.3
Rest of Europe
663.9
521.9
3.9
3.5
16.4
21.6
Middle East
295.8
255.0
4.3
4.3
-
-
Asia
46.8
41.9
28.2
28.0
2.6
2.8
Rest of World
116.6
71.6
1.4
-
7.7
5.9
Total
6,118.1
5,491.0
1,421.8
1,444.7
737.3
734.6
For the geographical split of non current assets all of the brand and goodwill has been allocated to the United Kingdom segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-630": { "value": "
2.\u2002Revenue
The Group\u2019s disaggregated revenue recognised under contracts with customers relates to the following categories and operating segments:
52 weeks to 25 January 2025
Credit
Sale of account Rental Service
goods interest Royalties income income Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
3,201.2
-
-
-
-
3,201.2
NEXT Retail
1,821.2
-
-
-
-
1,821.2
NEXT Finance
-
301.0
-
-
-
301.0
Total Platform
679.8
-
-
-
10.2
690.0
Other business activities
68.4
-
14.5
21.8
-
104.7
(all other segments)
Total
5,770.6
301.0
14.5
21.8
10.2
6,118.1
52 weeks to 27 January 2024
Credit
Sale of account Rental Service
goods interest Royalties income income Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
2,901.4
-
-
-
-
2,901.4
NEXT Retail
1,843.7
-
-
-
-
1,843.7
NEXT Finance
-
292.7
-
-
-
292.7
Total Platform
346.7
-
-
-
17.1
363.8
Other business activities
58.1
-
9.8
21.5
-
89.4
(all other segments)
Total
5,149.9
292.7
9.8
21.5
17.1
5,491.0
Service income of \u00a310.2m (2024: \u00a317.1m) relates to our Total Platform services to non controlled entities. It excludes the value of Total
Platform services to our controlled (ie consolidated) entities Joules, Reiss and FatFace. In the CEO report, the service income in relation to
both controlled and non controlled entities are reported within the Total Platform segment.
Included within Sale of goods is \u00a3168.8m (2024: \u00a3134.4m) related to sales made through the redemption of gift cards.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-670": { "value": "2.\u2002Revenue The Group\u2019s disaggregated revenue recognised under contracts with customers relates to the following categories and operating segments:
52 weeks to 25 January 2025
Credit
Sale of account Rental Service
goods interest Royalties income income Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
3,201.2
-
-
-
-
3,201.2
NEXT Retail
1,821.2
-
-
-
-
1,821.2
NEXT Finance
-
301.0
-
-
-
301.0
Total Platform
679.8
-
-
-
10.2
690.0
Other business activities
68.4
-
14.5
21.8
-
104.7
(all other segments)
Total
5,770.6
301.0
14.5
21.8
10.2
6,118.1
52 weeks to 27 January 2024
Credit
Sale of account Rental Service
goods interest Royalties income income Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
NEXT Online
2,901.4
-
-
-
-
2,901.4
NEXT Retail
1,843.7
-
-
-
-
1,843.7
NEXT Finance
-
292.7
-
-
-
292.7
Total Platform
346.7
-
-
-
17.1
363.8
Other business activities
58.1
-
9.8
21.5
-
89.4
(all other segments)
Total
5,149.9
292.7
9.8
21.5
17.1
5,491.0
Service income of \u00a310.2m (2024: \u00a317.1m) relates to our Total Platform services to non controlled entities. It excludes the value of Total Platform services to our controlled (ie consolidated) entities Joules, Reiss and FatFace. In the CEO report, the service income in relation to both controlled and non controlled entities are reported within the Total Platform segment. Included within Sale of goods is \u00a3168.8m (2024: \u00a3134.4m) related to sales made through the redemption of gift cards. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-671": { "value": "
3.\u2002Operating Profit
Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Depreciation on property, plant and equipment
114.5
94.9
Depreciation on right-of-use assets
144.6
117.7
Loss on disposal of property, plant and equipment
-
0.7
Gain on sale and leasebacks
-
(1.6)
Impairment charge on property, plant and equipment
3.4
1.7
Net impairment charge/(reversal) on right-of-use assets
(1.7)
(5.9)
Amortisation and impairment of intangible assets (excluding software)
22.6
8.3
Amortisation, impairment and loss on software
32.6
30.1
Gain on lease modifications and early exit
(5.0)
(2.5)
Gain on financial instruments
(3.4)
(12.3)
Cost of inventories recognised as an expense
1,909.3
1,809.2
Write-down of inventories to net realisable value
153.4
125.8
Total
2,062.7
1,935.0
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 \u00a33.4m (2024: gains of \u00a312.3m) relate to derivative contracts which do not qualify for hedge accounting
under IFRS 9.
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
25 January 27 January
2025 2024
\u00a3000 \u00a3000
Auditor's remuneration
Audit of the financial statements
1,491
1,473
Audit of subsidiaries
1,386
1,251
Total audit fees
2,877
2,724
Tax compliance services
-
193
Tax advisory services
-
57
Other assurance services
194
99
Total
3,071
3,073
Non audit services totalled \u00a3194,000 in the year (2024: \u00a3349,000). The work related to Corporate Responsibility reporting. In the prior year
the work included Corporate Responsibility reporting as well as tax services which were initiated by Reiss and FatFace prior to acquisition. In
accordance with regulatory requirements these tax services were completed within 3 months of acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-722": { "value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Depreciation on property, plant and equipment
114.5
94.9
Depreciation on right-of-use assets
144.6
117.7
Loss on disposal of property, plant and equipment
-
0.7
Gain on sale and leasebacks
-
(1.6)
Impairment charge on property, plant and equipment
3.4
1.7
Net impairment charge/(reversal) on right-of-use assets
(1.7)
(5.9)
Amortisation and impairment of intangible assets (excluding software)
22.6
8.3
Amortisation, impairment and loss on software
32.6
30.1
Gain on lease modifications and early exit
(5.0)
(2.5)
Gain on financial instruments
(3.4)
(12.3)
Cost of inventories recognised as an expense
1,909.3
1,809.2
Write-down of inventories to net realisable value
153.4
125.8
Total
2,062.7
1,935.0
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 \u00a33.4m (2024: gains of \u00a312.3m) relate to derivative contracts which do not qualify for hedge accounting under IFRS 9. 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
25 January 27 January
2025 2024
\u00a3000 \u00a3000
Auditor's remuneration
Audit of the financial statements
1,491
1,473
Audit of subsidiaries
1,386
1,251
Total audit fees
2,877
2,724
Tax compliance services
-
193
Tax advisory services
-
57
Other assurance services
194
99
Total
3,071
3,073
Non audit services totalled \u00a3194,000 in the year (2024: \u00a3349,000). The work related to Corporate Responsibility reporting. In the prior year the work included Corporate Responsibility reporting as well as tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these tax services were completed within 3 months of acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-631": { "value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Depreciation on property, plant and equipment
114.5
94.9
Depreciation on right-of-use assets
144.6
117.7
Loss on disposal of property, plant and equipment
-
0.7
Gain on sale and leasebacks
-
(1.6)
Impairment charge on property, plant and equipment
3.4
1.7
Net impairment charge/(reversal) on right-of-use assets
(1.7)
(5.9)
Amortisation and impairment of intangible assets (excluding software)
22.6
8.3
Amortisation, impairment and loss on software
32.6
30.1
Gain on lease modifications and early exit
(5.0)
(2.5)
Gain on financial instruments
(3.4)
(12.3)
Cost of inventories recognised as an expense
1,909.3
1,809.2
Write-down of inventories to net realisable value
153.4
125.8
Total
2,062.7
1,935.0
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 \u00a33.4m (2024: gains of \u00a312.3m) relate to derivative contracts which do not qualify for hedge accounting under IFRS 9. 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
25 January 27 January
2025 2024
\u00a3000 \u00a3000
Auditor's remuneration
Audit of the financial statements
1,491
1,473
Audit of subsidiaries
1,386
1,251
Total audit fees
2,877
2,724
Tax compliance services
-
193
Tax advisory services
-
57
Other assurance services
194
99
Total
3,071
3,073
Non audit services totalled \u00a3194,000 in the year (2024: \u00a3349,000). The work related to Corporate Responsibility reporting. In the prior year the work included Corporate Responsibility reporting as well as tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these tax services were completed within 3 months of acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-699": { "value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Depreciation on property, plant and equipment
114.5
94.9
Depreciation on right-of-use assets
144.6
117.7
Loss on disposal of property, plant and equipment
-
0.7
Gain on sale and leasebacks
-
(1.6)
Impairment charge on property, plant and equipment
3.4
1.7
Net impairment charge/(reversal) on right-of-use assets
(1.7)
(5.9)
Amortisation and impairment of intangible assets (excluding software)
22.6
8.3
Amortisation, impairment and loss on software
32.6
30.1
Gain on lease modifications and early exit
(5.0)
(2.5)
Gain on financial instruments
(3.4)
(12.3)
Cost of inventories recognised as an expense
1,909.3
1,809.2
Write-down of inventories to net realisable value
153.4
125.8
Total
2,062.7
1,935.0
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 \u00a33.4m (2024: gains of \u00a312.3m) relate to derivative contracts which do not qualify for hedge accounting under IFRS 9. 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
25 January 27 January
2025 2024
\u00a3000 \u00a3000
Auditor's remuneration
Audit of the financial statements
1,491
1,473
Audit of subsidiaries
1,386
1,251
Total audit fees
2,877
2,724
Tax compliance services
-
193
Tax advisory services
-
57
Other assurance services
194
99
Total
3,071
3,073
Non audit services totalled \u00a3194,000 in the year (2024: \u00a3349,000). The work related to Corporate Responsibility reporting. In the prior year the work included Corporate Responsibility reporting as well as tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these tax services were completed within 3 months of acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-714": { "value": "3.\u2002Operating Profit Group operating profit is stated after charging/(crediting):
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Depreciation on property, plant and equipment
114.5
94.9
Depreciation on right-of-use assets
144.6
117.7
Loss on disposal of property, plant and equipment
-
0.7
Gain on sale and leasebacks
-
(1.6)
Impairment charge on property, plant and equipment
3.4
1.7
Net impairment charge/(reversal) on right-of-use assets
(1.7)
(5.9)
Amortisation and impairment of intangible assets (excluding software)
22.6
8.3
Amortisation, impairment and loss on software
32.6
30.1
Gain on lease modifications and early exit
(5.0)
(2.5)
Gain on financial instruments
(3.4)
(12.3)
Cost of inventories recognised as an expense
1,909.3
1,809.2
Write-down of inventories to net realisable value
153.4
125.8
Total
2,062.7
1,935.0
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 \u00a33.4m (2024: gains of \u00a312.3m) relate to derivative contracts which do not qualify for hedge accounting under IFRS 9. 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
25 January 27 January
2025 2024
\u00a3000 \u00a3000
Auditor's remuneration
Audit of the financial statements
1,491
1,473
Audit of subsidiaries
1,386
1,251
Total audit fees
2,877
2,724
Tax compliance services
-
193
Tax advisory services
-
57
Other assurance services
194
99
Total
3,071
3,073
Non audit services totalled \u00a3194,000 in the year (2024: \u00a3349,000). The work related to Corporate Responsibility reporting. In the prior year the work included Corporate Responsibility reporting as well as tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these tax services were completed within 3 months of acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-727": { "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
25 January 27 January
2025 2024
\u00a3000 \u00a3000
Auditor's remuneration
Audit of the financial statements
1,491
1,473
Audit of subsidiaries
1,386
1,251
Total audit fees
2,877
2,724
Tax compliance services
-
193
Tax advisory services
-
57
Other assurance services
194
99
Total
3,071
3,073
Non audit services totalled \u00a3194,000 in the year (2024: \u00a3349,000). The work related to Corporate Responsibility reporting. In the prior year the work included Corporate Responsibility reporting as well as tax services which were initiated by Reiss and FatFace prior to acquisition. In accordance with regulatory requirements these tax services were completed within 3 months of acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-632": { "value": "
4.\u2002Staff Costs and Key Management Personnel
Total staff costs were as follows:
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Wages and salaries
1,016.5
907.4
Social security costs
86.3
72.6
Other pension costs
25.5
42.1
1,128.3
1,022.1
Share-based payment expense - equity settled
35.9
31.5
Share-based payment expense - cash settled
0.2
0.2
Total
1,164.4
1,053.8
In the prior year, \u00a321.5m of pension contributions made through salary sacrifice were netted off Wages and salaries and presented within
Other pension costs. In the current year, such costs are presented in Wages and salaries. Prior year has not been restated on grounds of
materiality.
Share-based payments comprise Management, Sharesave and Share Matching Plan options and LTIP share awards, details of which are given
in Note 26.
Total staff costs excluding share-based payment expense by business segment were made up as follows:
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
NEXT Online, Retail and Finance
965.3
922.8
Total Platform
113.8
54.2
Other business activities (all other segments)
49.2
45.1
Total
1,128.3
1,022.1
Average employees
Full-time equivalents
2025 2024 2025 2024
Number Number Number Number
NEXT Online, Retail and Finance
42,028
42,272
26,139
26,741
Total Platform
4,771
2,313
2,852
1,381
Other business activities (all other segments)
3,944
3,832
3,940
3,825
Total
50,743
48,417
32,931
31,947
Included within \u201cTotal Platform\u201d staff costs and employee numbers are the Reiss, Joules and FatFace subsidiaries. The movement year on
year is primarily due to Reiss and Fatface only being included from the date of acquisition in the prior year.
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
25 January 27 January
2025 2024
\u00a3m \u00a3m
Short term employee benefits
9.1
7.5
Share-based payments
3.8
2.9
Total
12.9
10.4
Directors\u2019 remuneration is detailed in the Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-672": { "value": "4.\u2002Staff Costs and Key Management Personnel Total staff costs were as follows:
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Wages and salaries
1,016.5
907.4
Social security costs
86.3
72.6
Other pension costs
25.5
42.1
1,128.3
1,022.1
Share-based payment expense - equity settled
35.9
31.5
Share-based payment expense - cash settled
0.2
0.2
Total
1,164.4
1,053.8
In the prior year, \u00a321.5m of pension contributions made through salary sacrifice were netted off Wages and salaries and presented within Other pension costs. In the current year, such costs are presented in Wages and salaries. Prior year has not been restated on grounds of materiality. Share-based payments comprise Management, Sharesave and Share Matching Plan options and LTIP share awards, details of which are given in Note 26. Total staff costs excluding share-based payment expense by business segment were made up as follows:
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
NEXT Online, Retail and Finance
965.3
922.8
Total Platform
113.8
54.2
Other business activities (all other segments)
49.2
45.1
Total
1,128.3
1,022.1
Average employees
Full-time equivalents
2025 2024 2025 2024
Number Number Number Number
NEXT Online, Retail and Finance
42,028
42,272
26,139
26,741
Total Platform
4,771
2,313
2,852
1,381
Other business activities (all other segments)
3,944
3,832
3,940
3,825
Total
50,743
48,417
32,931
31,947
Included within \u201cTotal Platform\u201d staff costs and employee numbers are the Reiss, Joules and FatFace subsidiaries. The movement year on year is primarily due to Reiss and Fatface only being included from the date of acquisition in the prior year. 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
25 January 27 January
2025 2024
\u00a3m \u00a3m
Short term employee benefits
9.1
7.5
Share-based payments
3.8
2.9
Total
12.9
10.4
Directors\u2019 remuneration is detailed in the Remuneration Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-634": { "value": "
5.\u2002Finance Income and Costs
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
7.2
2.5
Other interest receivable
1.0
4.3
Finance income
8.2
6.8
Interest on bonds and other borrowings
41.6
39.1
Discount unwind
0.2
0.5
Finance costs on lease liability
54.8
47.9
Finance costs
96.6
87.5
Online account interest from our Finance business is presented as a component of revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-673": { "value": "5.\u2002Finance Income and Costs
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
7.2
2.5
Other interest receivable
1.0
4.3
Finance income
8.2
6.8
Interest on bonds and other borrowings
41.6
39.1
Discount unwind
0.2
0.5
Finance costs on lease liability
54.8
47.9
Finance costs
96.6
87.5
Online account interest from our Finance business is presented as a component of revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-728": { "value": "5.\u2002Finance Income and Costs
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
7.2
2.5
Other interest receivable
1.0
4.3
Finance income
8.2
6.8
Interest on bonds and other borrowings
41.6
39.1
Discount unwind
0.2
0.5
Finance costs on lease liability
54.8
47.9
Finance costs
96.6
87.5
Online account interest from our Finance business is presented as a component of revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-723": { "value": "5.\u2002Finance Income and Costs
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
7.2
2.5
Other interest receivable
1.0
4.3
Finance income
8.2
6.8
Interest on bonds and other borrowings
41.6
39.1
Discount unwind
0.2
0.5
Finance costs on lease liability
54.8
47.9
Finance costs
96.6
87.5
Online account interest from our Finance business is presented as a component of revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-715": { "value": "5.\u2002Finance Income and Costs
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
7.2
2.5
Other interest receivable
1.0
4.3
Finance income
8.2
6.8
Interest on bonds and other borrowings
41.6
39.1
Discount unwind
0.2
0.5
Finance costs on lease liability
54.8
47.9
Finance costs
96.6
87.5
Online account interest from our Finance business is presented as a component of revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-700": { "value": "5.\u2002Finance Income and Costs
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
7.2
2.5
Other interest receivable
1.0
4.3
Finance income
8.2
6.8
Interest on bonds and other borrowings
41.6
39.1
Discount unwind
0.2
0.5
Finance costs on lease liability
54.8
47.9
Finance costs
96.6
87.5
Online account interest from our Finance business is presented as a component of revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-633": { "value": "
6.\u2002Exceptional Items
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
- Curtailment loss on pension scheme
(1)
(14.1)
-
- One-off costs associated with the closure of the pension scheme
(1)
(0.4)
-
- Exceptional gain on acquisition of subsidiary previously presented as a joint venture
(2)
-
110.1
- One-off costs associated with acquisitions
(3)
-
(1.5)
Exceptional items
(14.5)
108.6
(1) In March 2024, the NEXT defined benefit scheme was closed to future service accrual. As a result, a curtailment loss of \u00a314.1m was recognised in the
P&L. This loss arises because:
(a) Our pension liability for active members, prior to closure, was based on the service that members had accrued up to the date of closure.
(b) Under a closure, the liability is based on the pension payable to date and an estimate of future inflationary increases.
This is a non-recurring and non-cash item. Given its nature this has been recognised within exceptional items alongside the associated costs.
(2) In the prior year, an exceptional gain was 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.
(3) There were one-off costs related to professional fees associated with the step-acquisition of Reiss in the prior year.
", "dimensions": { "concept": "nextplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-674": { "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 198.
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Current tax:
Current tax on profits for the year
238.2
191.5
Adjustments in respect of prior years
(6.3)
11.5
Total current tax
231.9
203.0
Deferred tax:
Origination and reversal of temporary differences
6.6
28.6
Adjustments in respect of prior years
5.3
(16.3)
Total deferred tax
11.9
12.3
Tax expense reported in the Consolidated Income Statement
243.8
215.3
The adjustments in respect of prior years relate to true-ups following the submission of the final tax returns.
The prior year adjustment in 2024 relates to the correction of capital gains tax on property disposals and the true-up of deferred tax balances
related to IFRS 16 leases.
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
25 January 27 January
2025 2024
% %
UK corporation tax rate
25.0
24.0
Non-taxable income
(0.2)
(3.2)
Non deductible expenses
0.9
1.0
Overseas tax
(0.6)
(0.6)
Adjustments in respect of prior years
(0.1)
(0.4)
Tax losses for which (deferred tax asset is recognised) / no deferred tax is recognised
(0.3)
0.4
Statutory effective tax rate
24.7
21.2
Non-taxable exceptional income
-
2.5
Effective tax rate before exceptionals
24.7
23.7
Tax recognised in other comprehensive income and equity In addition to the amount charged to the Income Statement, tax movements recognised in other comprehensive income and in equity were as follows:
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Deferred tax:
Pension benefit obligation
(3.5)
(25.9)
Fair value movements on derivative instruments
5.1
0.2
Tax charge/(credit) in other comprehensive income
1.6
(25.7)
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Current tax:
Share-based payments
(6.5)
(6.7)
Deferred tax:
Fair value movements on derivative instruments
2.9
1.8
Share-based payments
(9.5)
(6.7)
Total tax credit in the Statement of Changes in Equity
(13.1)
(11.6)
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 liability is made up of:
Accelerated Derivatives Pension Share- Other
Intangible capital to fair benefit based IFRS 16 temporary
assets allowances value obligation payments leases differences TOTAL
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 28 January 2023
-
6.0
7.9
(37.8)
16.5
33.6
7.1
33.3
Recognised in:
- Income Statement
1.6
(24.2)
(3.0)
(2.8)
3.1
7.8
5.2
(12.3)
- Other Comprehensive Income
-
-
(0.2)
25.9
-
-
-
25.7
- Statement of Changes in Equity
-
-
(1.8)
-
6.7
-
-
4.9
Acquisition of subsidiary
(111.0)
2.0
-
-
-
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)
Recognised in:
- Income Statement
(8.0)
(13.1)
(0.4)
3.5
4.1
(6.9)
8.9
(11.9)
- Other Comprehensive Income
-
-
(5.1)
3.5
-
-
-
(1.6)
- Statement of Changes in Equity
-
-
(2.9)
-
9.5
-
-
6.6
Acquisition of subsidiary
-
1.0
-
-
-
-
(4.1)
(3.1)
At 25 January 2025
(117.4)
(28.3) (5.5) (7.7)
39.9
35.7
25.2
(58.1)
7.\u2002Taxation (continued) The deferred tax asset of \u00a335.7m in relation to IFRS 16 leases primarily relates to the transitional adjustment arising from the initial implementation of IFRS 16. 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
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trading losses
14.6
3.7
14.3
3.6
Capital losses
28.9
7.2
-
-
The capital losses this year have arisen from the finalisation of gain calculations in the submitted tax returns. 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. Deferred tax balances materially relate to UK assets and liabilities. Therefore they have been measured at the UK headline rate of 25%, 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. Income Tax - Pillar Two 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 came into effect for accounting periods starting on or after 31 December 2023, therefore this is the first accounting period to which these rules apply for the Group. 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. In the year ended January 2025, the impact of Pillar Two on the Group\u2019s tax charge is immaterial for the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-635": { "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 198.
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Current tax:
Current tax on profits for the year
238.2
191.5
Adjustments in respect of prior years
(6.3)
11.5
Total current tax
231.9
203.0
Deferred tax:
Origination and reversal of temporary differences
6.6
28.6
Adjustments in respect of prior years
5.3
(16.3)
Total deferred tax
11.9
12.3
Tax expense reported in the Consolidated Income Statement
243.8
215.3
The adjustments in respect of prior years relate to true-ups following the submission of the final tax returns. The prior year adjustment in 2024 relates to the correction of capital gains tax on property disposals and the true-up of deferred tax balances related to IFRS 16 leases. 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
25 January 27 January
2025 2024
% %
UK corporation tax rate
25.0
24.0
Non-taxable income
(0.2)
(3.2)
Non deductible expenses
0.9
1.0
Overseas tax
(0.6)
(0.6)
Adjustments in respect of prior years
(0.1)
(0.4)
Tax losses for which (deferred tax asset is recognised) / no deferred tax is recognised
(0.3)
0.4
Statutory effective tax rate
24.7
21.2
Non-taxable exceptional income
-
2.5
Effective tax rate before exceptionals
24.7
23.7
Tax recognised in other comprehensive income and equity
In addition to the amount charged to the Income Statement, tax movements recognised in other comprehensive income and in equity were
as follows:
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Deferred tax:
Pension benefit obligation
(3.5)
(25.9)
Fair value movements on derivative instruments
5.1
0.2
Tax charge/(credit) in other comprehensive income
1.6
(25.7)
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Current tax:
Share-based payments
(6.5)
(6.7)
Deferred tax:
Fair value movements on derivative instruments
2.9
1.8
Share-based payments
(9.5)
(6.7)
Total tax credit in the Statement of Changes in Equity
(13.1)
(11.6)
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 liability is made up of:
Accelerated Derivatives Pension Share- Other
Intangible capital to fair benefit based IFRS 16 temporary
assets allowances value obligation payments leases differences TOTAL
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 28 January 2023
-
6.0
7.9
(37.8)
16.5
33.6
7.1
33.3
Recognised in:
- Income Statement
1.6
(24.2)
(3.0)
(2.8)
3.1
7.8
5.2
(12.3)
- Other Comprehensive Income
-
-
(0.2)
25.9
-
-
-
25.7
- Statement of Changes in Equity
-
-
(1.8)
-
6.7
-
-
4.9
Acquisition of subsidiary
(111.0)
2.0
-
-
-
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)
Recognised in:
- Income Statement
(8.0)
(13.1)
(0.4)
3.5
4.1
(6.9)
8.9
(11.9)
- Other Comprehensive Income
-
-
(5.1)
3.5
-
-
-
(1.6)
- Statement of Changes in Equity
-
-
(2.9)
-
9.5
-
-
6.6
Acquisition of subsidiary
-
1.0
-
-
-
-
(4.1)
(3.1)
At 25 January 2025
(117.4)
(28.3) (5.5) (7.7)
39.9
35.7
25.2
(58.1)
The deferred tax asset of \u00a335.7m in relation to IFRS 16 leases primarily relates to the transitional adjustment arising from the initial
implementation of IFRS 16.
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
2025 2025 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trading losses
14.6
3.7
14.3
3.6
Capital losses
28.9
7.2
-
-
The capital losses this year have arisen from the finalisation of gain calculations in the submitted tax returns. 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. Deferred
tax balances materially relate to UK assets and liabilities. Therefore they have been measured at the UK headline rate of 25%, 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.
Income Tax - Pillar Two
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 came into effect for accounting periods starting
on or after 31 December 2023, therefore this is the first accounting period to which these rules apply for the Group. 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.
In the year ended January 2025, the impact of Pillar Two on the Group\u2019s tax charge is immaterial for the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-636": { "value": "
8.\u2002Dividends
Statement
Pence Cash Flow of Changes
per Statement in Equity
Year to 25 January 2025
Paid
share \u00a3m \u00a3m
Final ordinary dividend for the year to Jan 2024
1 Aug 2024
141p
168.9
168.9
Interim ordinary dividend for the year to Jan 2025
3 Jan 2025
75p
88.9
88.9
257.8
257.8
Statement
Pence Cash Flow of Changes
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
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 25 January 2025 of 158p per share. If approved, it will be paid on 1 August
2025 to shareholders who are on the register of members on 4 July 2025. The proposed dividend is subject to approval by shareholders at
the Annual General Meeting to be held on 15 May 2025 and has not been included as a liability in the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-8": { "value": "1.41", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-637": { "value": "
9.\u2002Earnings Per Share
52 weeks to 25 52 weeks to 27
January 2025 January 2024
Basic Earnings Per Share
615.1p
661.6p
Diluted Earnings Per Share
605.5p
655.9p
Basic Earnings Per Share is based on the profit for the period attributable to the equity holders of the Parent Company divided by the net of
the weighted average number of shares ranking for dividend less the weighted average number of shares held by the ESOT during the period.
Diluted Earnings Per Share is calculated by adjusting the weighted average number of shares used for the calculation of Basic Earnings Per
Share as increased by the dilutive effect of potential ordinary shares. Dilutive shares primarily 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. In addition, there are put and call options over the non-controlling interest
shareholding in Reiss, FatFace and Joules. The Company has the option to settle these options in NEXT plc shares and therefore are dilutive in
nature. Their dilutive effect is calculated based on the potential number of shares that could be issued using an option formula as prescribed
in the respective shareholder agreement.
There were 950,885 non-dilutive share options in the current year (2024: 2,632,665).
The table below shows the key variables used in the Earnings Per Share calculations:
52 weeks to 25 52 weeks to 27
January 2025 January 2024
Profit after tax attributable to equity holders of the Parent Company (\u00a3m)
736.1
802.3
Weighted average number of shares (millions)
Weighted average shares in issue
126.0
127.8
Weighted average shares held by ESOT
(6.3)
(6.5)
Weighted average shares for basic EPS
119.7
121.3
Weighted average dilutive potential shares
1.9
1.1
Weighted average shares for diluted EPS
121.6
122.4
As detailed in the Remuneration Report, the 2024/25 annual bonus for executive directors, was based on NEXT Group pre-tax Profit Earnings
per Share of 845.2p. The NEXT Group Profit before tax on a 52 week basis of \u00a31,011.4m 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-716": { "value": "10.\u2002Property, Plant and Equipment
Assets under
Freehold Leasehold Plant and the course of
property property equipment construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2023
39.8
1.3
2,085.7
14.5
2,141.3
Exchange movement
-
-
(0.9)
-
(0.9)
Arising from acquisitions
-
-
18.6
-
18.6
Additions
13.8
-
124.2
22.9
160.9
Reclassification from assets under the course of
construction
37.1
-
-
(37.1)
-
Disposals
(37.3)
-
(51.4)
-
(88.7)
At January 2024
53.4
1.3
2,176.2
0.3
2,231.2
Exchange movement
-
-
0.4
-
0.4
Additions
-
-
122.8
0.1
122.9
Transfer to intangible assets
-
-
(4.3)
-
(4.3)
Disposals
(0.1)
(1.3)
(26.9)
-
(28.3)
At January 2025
53.3
-
2,268.2
0.4
2,321.9
Depreciation
At January 2023
0.5
0.1
1,495.9
-
1,496.5
Exchange movement
-
-
(0.8)
-
(0.8)
Provided during the year
0.1
-
94.8
-
94.9
Net impairment charge
1.1
-
0.6
-
1.7
Disposals
-
-
(48.6)
-
(48.6)
At January 2024
1.7
0.1
1,541.9
-
1,543.7
Exchange movement
-
-
0.6
-
0.6
Provided during the year
0.2
-
114.3
-
114.5
Net impairment charge
-
-
3.4
-
3.4
Transfer to intangible assets
-
-
(1.0)
-
(1.0)
Disposals
-
(0.1)
(25.6)
-
(25.7)
At January 2025
1.9
-
1,633.6
-
1,635.5
Carrying amount
At January 2025
51.4
-
634.6
0.4
686.4
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
As at January 2025, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a319.2m (2024: \u00a333.3m). Plant and equipment includes leasehold improvements. The assets under the course of construction in the prior year related to the build of the Dearne Valley warehouse extension. During the year, \u00a34.3m of assets that were previously categorised as plant and equipment, have been re-categorised to software (see Note 11). 11.\u2002Intangible Assets Goodwill \u00a3m Brand names and trademarks \u00a3m Cu 11.\u2002Intangible Assets
Software
Brand names assets under
and Customer the course of
Goodwill trademarks relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2023
57.3
14.8
-
63.3
23.8
159.2
Additions
-
8.5
-
33.0
9.7
51.2
Arising from acquisitions
169.9
430.5
13.5
3.0
-
616.9
Reclassified from assets under the course
-
-
-
17.5
(17.5)
-
of construction
Transfer between categories
-
3.4
-
(3.4)
-
-
Disposals
-
-
-
(2.0)
-
(2.0)
Fair value adjustment
(9.7)
-
-
-
-
(9.7)
At January 2024
217.5
457.2
13.5
111.4
16.0
815.6
Additions
-
0.1
-
24.6
3.5
28.2
Reclassified from assets under the course
-
-
-
8.4
(8.4)
-
of construction
Transfer from property, plant and
equipment
-
-
-
4.3
-
4.3
Disposals
-
-
-
(9.4)
(1.7)
(11.1)
Fair value adjustment
1.9
-
-
-
-
1.9
At January 2025
219.4
457.3
13.5
139.3
9.4
838.9
Amortisation and Impairment
At January 2023
1.8
4.6
-
15.7
-
22.1
Amortisation provided during the year
-
7.6
0.6
28.0
-
36.2
Impairment
-
-
-
1.3
-
1.3
Disposals
-
-
-
(1.2)
-
(1.2)
At January 2024
1.8
12.2
0.6
43.8
-
58.4
Amortisation provided during the year
-
20.5
2.1
29.8
-
52.4
Transfer from property, plant and
equipment
-
-
-
1.0
-
1.0
Disposals
-
-
-
(8.3)
-
(8.3)
At January 2025
1.8
32.7
2.7
66.3
-
103.5
Carrying amount
At January 2025
217.6
424.6
10.8
73.0
9.4
735.4
At January 2024
215.7
445.0
12.9
67.6
16.0
757.2
At January 2023
55.5
10.2
-
47.6
23.8
137.1
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 prior year relate to Reiss and FatFace brand names and customer relationships of \u00a3444.0m, goodwill arising from acquisitions of \u00a3169.9m and software intangibles of \u00a33.0m. In the current year, goodwill in relation to Reiss and FatFace has been adjusted by \u00a31.9m. See Note 35 for further details on acquisitions. In the prior year, the Group acquired the Cath Kidston brand name for a consideration of \u00a38.5m. During the year, \u00a34.3m of assets that were previously categorised as plant and equipment, have been re-categorised to software (see Note 10). The carrying amount of goodwill is allocated to the following cash generating units:
2025 2024
\u00a3m \u00a3m
NEXT Sourcing
30.5
30.5
Lipsy
12.1
12.1
NEXT Beauty
1.3
1.3
Joules
1.9
1.9
Reiss
140.1
140.6
FatFace
31.7
29.3
Total
217.6
215.7
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 an operating profit growth rate of 0% (2024: 0% growth rate) with a terminal value of 0% applied thereafter. The cash flows were then discounted at a pre-tax rate of 9.7% (2024: 8.0%). In management\u2019s 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 with an operating profit growth of 2% (2024: 5%) were used, with a long term, terminal value growth at 2% (2024: 2%). The cash flows were then discounted at a pre-tax rate of 11.7% (2024: 8%). In management\u2019s assessment, no reasonable change in assumptions would have resulted in an impairment of the goodwill. 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 with an operating profit growth of 2% (2024: 2%) were used, with a long term, terminal value growth at 2% (2024: 2%). The cash flows were then discounted at a pre-tax rate of 12.0% (2024: 8%). In management\u2019s assessment, no reasonable change in assumptions would have resulted in an impairment of the goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-638": { "value": "10.\u2002Property, Plant and Equipment
Assets under
Freehold Leasehold Plant and the course of
property property equipment construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2023
39.8
1.3
2,085.7
14.5
2,141.3
Exchange movement
-
-
(0.9)
-
(0.9)
Arising from acquisitions
-
-
18.6
-
18.6
Additions
13.8
-
124.2
22.9
160.9
Reclassification from assets under the course of
construction
37.1
-
-
(37.1)
-
Disposals
(37.3)
-
(51.4)
-
(88.7)
At January 2024
53.4
1.3
2,176.2
0.3
2,231.2
Exchange movement
-
-
0.4
-
0.4
Additions
-
-
122.8
0.1
122.9
Transfer to intangible assets
-
-
(4.3)
-
(4.3)
Disposals
(0.1)
(1.3)
(26.9)
-
(28.3)
At January 2025
53.3
-
2,268.2
0.4
2,321.9
Depreciation
At January 2023
0.5
0.1
1,495.9
-
1,496.5
Exchange movement
-
-
(0.8)
-
(0.8)
Provided during the year
0.1
-
94.8
-
94.9
Net impairment charge
1.1
-
0.6
-
1.7
Disposals
-
-
(48.6)
-
(48.6)
At January 2024
1.7
0.1
1,541.9
-
1,543.7
Exchange movement
-
-
0.6
-
0.6
Provided during the year
0.2
-
114.3
-
114.5
Net impairment charge
-
-
3.4
-
3.4
Transfer to intangible assets
-
-
(1.0)
-
(1.0)
Disposals
-
(0.1)
(25.6)
-
(25.7)
At January 2025
1.9
-
1,633.6
-
1,635.5
Carrying amount
At January 2025
51.4
-
634.6
0.4
686.4
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
As at January 2025, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a319.2m (2024: \u00a333.3m). Plant and equipment includes leasehold improvements. The assets under the course of construction in the prior year related to the build of the Dearne Valley warehouse extension. During the year, \u00a34.3m of assets that were previously categorised as plant and equipment, have been re-categorised to software (see Note 11). 11.\u2002Intangible Assets Goodwill \u00a3m Brand names and trademarks \u00a3m Cu ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-639": { "value": "
11.\u2002Intangible Assets
Software
Brand names assets under
and Customer the course of
Goodwill trademarks relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2023
57.3
14.8
-
63.3
23.8
159.2
Additions
-
8.5
-
33.0
9.7
51.2
Arising from acquisitions
169.9
430.5
13.5
3.0
-
616.9
Reclassified from assets under the course
-
-
-
17.5
(17.5)
-
of construction
Transfer between categories
-
3.4
-
(3.4)
-
-
Disposals
-
-
-
(2.0)
-
(2.0)
Fair value adjustment
(9.7)
-
-
-
-
(9.7)
At January 2024
217.5
457.2
13.5
111.4
16.0
815.6
Additions
-
0.1
-
24.6
3.5
28.2
Reclassified from assets under the course
-
-
-
8.4
(8.4)
-
of construction
Transfer from property, plant and
equipment
-
-
-
4.3
-
4.3
Disposals
-
-
-
(9.4)
(1.7)
(11.1)
Fair value adjustment
1.9
-
-
-
-
1.9
At January 2025
219.4
457.3
13.5
139.3
9.4
838.9
Amortisation and Impairment
At January 2023
1.8
4.6
-
15.7
-
22.1
Amortisation provided during the year
-
7.6
0.6
28.0
-
36.2
Impairment
-
-
-
1.3
-
1.3
Disposals
-
-
-
(1.2)
-
(1.2)
At January 2024
1.8
12.2
0.6
43.8
-
58.4
Amortisation provided during the year
-
20.5
2.1
29.8
-
52.4
Transfer from property, plant and
equipment
-
-
-
1.0
-
1.0
Disposals
-
-
-
(8.3)
-
(8.3)
At January 2025
1.8
32.7
2.7
66.3
-
103.5
Carrying amount
At January 2025
217.6
424.6
10.8
73.0
9.4
735.4
At January 2024
215.7
445.0
12.9
67.6
16.0
757.2
At January 2023
55.5
10.2
-
47.6
23.8
137.1
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 prior year relate to Reiss and FatFace brand names and customer relationships of \u00a3444.0m,
goodwill arising from acquisitions of \u00a3169.9m and software intangibles of \u00a33.0m. In the current year, goodwill in relation to Reiss and FatFace
has been adjusted by \u00a31.9m. See Note 35 for further details on acquisitions.
In the prior year, the Group acquired the Cath Kidston brand name for a consideration of \u00a38.5m.
During the year, \u00a34.3m of assets that were previously categorised as plant and equipment, have been re-categorised to software (see Note
10).
The carrying amount of goodwill is allocated to the following cash generating units:
2025 2024
\u00a3m \u00a3m
NEXT Sourcing
30.5
30.5
Lipsy
12.1
12.1
NEXT Beauty
1.3
1.3
Joules
1.9
1.9
Reiss
140.1
140.6
FatFace
31.7
29.3
Total
217.6
215.7
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 an operating profit growth rate of 0% (2024: 0% growth rate) with a terminal value of 0% applied thereafter. The cash flows were then discounted at a pre-tax rate of 9.7% (2024: 8.0%). In management\u2019s 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 with an operating profit growth of 2% (2024: 5%) were used, with a long term, terminal value growth at 2% (2024: 2%). The cash flows were then discounted at a pre-tax rate of 11.7% (2024: 8%). In management\u2019s assessment, no reasonable change in assumptions would have resulted in an impairment of the goodwill. 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 with an operating profit growth of 2% (2024: 2%) were used, with a long term, terminal value growth at 2% (2024: 2%). The cash flows were then discounted at a pre-tax rate of 12.0% (2024: 8%). In management\u2019s assessment, no reasonable change in assumptions would have resulted in an impairment of the goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-701": { "value": "11.\u2002Intangible Assets
Software
Brand names assets under
and Customer the course of
Goodwill trademarks relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2023
57.3
14.8
-
63.3
23.8
159.2
Additions
-
8.5
-
33.0
9.7
51.2
Arising from acquisitions
169.9
430.5
13.5
3.0
-
616.9
Reclassified from assets under the course
-
-
-
17.5
(17.5)
-
of construction
Transfer between categories
-
3.4
-
(3.4)
-
-
Disposals
-
-
-
(2.0)
-
(2.0)
Fair value adjustment
(9.7)
-
-
-
-
(9.7)
At January 2024
217.5
457.2
13.5
111.4
16.0
815.6
Additions
-
0.1
-
24.6
3.5
28.2
Reclassified from assets under the course
-
-
-
8.4
(8.4)
-
of construction
Transfer from property, plant and
equipment
-
-
-
4.3
-
4.3
Disposals
-
-
-
(9.4)
(1.7)
(11.1)
Fair value adjustment
1.9
-
-
-
-
1.9
At January 2025
219.4
457.3
13.5
139.3
9.4
838.9
Amortisation and Impairment
At January 2023
1.8
4.6
-
15.7
-
22.1
Amortisation provided during the year
-
7.6
0.6
28.0
-
36.2
Impairment
-
-
-
1.3
-
1.3
Disposals
-
-
-
(1.2)
-
(1.2)
At January 2024
1.8
12.2
0.6
43.8
-
58.4
Amortisation provided during the year
-
20.5
2.1
29.8
-
52.4
Transfer from property, plant and
equipment
-
-
-
1.0
-
1.0
Disposals
-
-
-
(8.3)
-
(8.3)
At January 2025
1.8
32.7
2.7
66.3
-
103.5
Carrying amount
At January 2025
217.6
424.6
10.8
73.0
9.4
735.4
At January 2024
215.7
445.0
12.9
67.6
16.0
757.2
At January 2023
55.5
10.2
-
47.6
23.8
137.1
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 prior year relate to Reiss and FatFace brand names and customer relationships of \u00a3444.0m, goodwill arising from acquisitions of \u00a3169.9m and software intangibles of \u00a33.0m. In the current year, goodwill in relation to Reiss and FatFace has been adjusted by \u00a31.9m. See Note 35 for further details on acquisitions. In the prior year, the Group acquired the Cath Kidston brand name for a consideration of \u00a38.5m. During the year, \u00a34.3m of assets that were previously categorised as plant and equipment, have been re-categorised to software (see Note 10). The carrying amount of goodwill is allocated to the following cash generating units:
2025 2024
\u00a3m \u00a3m
NEXT Sourcing
30.5
30.5
Lipsy
12.1
12.1
NEXT Beauty
1.3
1.3
Joules
1.9
1.9
Reiss
140.1
140.6
FatFace
31.7
29.3
Total
217.6
215.7
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 an operating profit growth rate of 0% (2024: 0% growth rate) with a terminal value of 0% applied thereafter. The cash flows were then discounted at a pre-tax rate of 9.7% (2024: 8.0%). In management\u2019s 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 with an operating profit growth of 2% (2024: 5%) were used, with a long term, terminal value growth at 2% (2024: 2%). The cash flows were then discounted at a pre-tax rate of 11.7% (2024: 8%). In management\u2019s assessment, no reasonable change in assumptions would have resulted in an impairment of the goodwill. 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 with an operating profit growth of 2% (2024: 2%) were used, with a long term, terminal value growth at 2% (2024: 2%). The cash flows were then discounted at a pre-tax rate of 12.0% (2024: 8%). In management\u2019s assessment, no reasonable change in assumptions would have resulted in an impairment of the goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-675": { "value": "11.\u2002Intangible Assets
Software
Brand names assets under
and Customer the course of
Goodwill trademarks relationships Software construction Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At January 2023
57.3
14.8
-
63.3
23.8
159.2
Additions
-
8.5
-
33.0
9.7
51.2
Arising from acquisitions
169.9
430.5
13.5
3.0
-
616.9
Reclassified from assets under the course
-
-
-
17.5
(17.5)
-
of construction
Transfer between categories
-
3.4
-
(3.4)
-
-
Disposals
-
-
-
(2.0)
-
(2.0)
Fair value adjustment
(9.7)
-
-
-
-
(9.7)
At January 2024
217.5
457.2
13.5
111.4
16.0
815.6
Additions
-
0.1
-
24.6
3.5
28.2
Reclassified from assets under the course
-
-
-
8.4
(8.4)
-
of construction
Transfer from property, plant and
equipment
-
-
-
4.3
-
4.3
Disposals
-
-
-
(9.4)
(1.7)
(11.1)
Fair value adjustment
1.9
-
-
-
-
1.9
At January 2025
219.4
457.3
13.5
139.3
9.4
838.9
Amortisation and Impairment
At January 2023
1.8
4.6
-
15.7
-
22.1
Amortisation provided during the year
-
7.6
0.6
28.0
-
36.2
Impairment
-
-
-
1.3
-
1.3
Disposals
-
-
-
(1.2)
-
(1.2)
At January 2024
1.8
12.2
0.6
43.8
-
58.4
Amortisation provided during the year
-
20.5
2.1
29.8
-
52.4
Transfer from property, plant and
equipment
-
-
-
1.0
-
1.0
Disposals
-
-
-
(8.3)
-
(8.3)
At January 2025
1.8
32.7
2.7
66.3
-
103.5
Carrying amount
At January 2025
217.6
424.6
10.8
73.0
9.4
735.4
At January 2024
215.7
445.0
12.9
67.6
16.0
757.2
At January 2023
55.5
10.2
-
47.6
23.8
137.1
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 prior year relate to Reiss and FatFace brand names and customer relationships of \u00a3444.0m, goodwill arising from acquisitions of \u00a3169.9m and software intangibles of \u00a33.0m. In the current year, goodwill in relation to Reiss and FatFace has been adjusted by \u00a31.9m. See Note 35 for further details on acquisitions. In the prior year, the Group acquired the Cath Kidston brand name for a consideration of \u00a38.5m. During the year, \u00a34.3m of assets that were previously categorised as plant and equipment, have been re-categorised to software (see Note 10). The carrying amount of goodwill is allocated to the following cash generating units:
2025 2024
\u00a3m \u00a3m
NEXT Sourcing
30.5
30.5
Lipsy
12.1
12.1
NEXT Beauty
1.3
1.3
Joules
1.9
1.9
Reiss
140.1
140.6
FatFace
31.7
29.3
Total
217.6
215.7
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 an operating profit growth rate of 0% (2024: 0% growth rate) with a terminal value of 0% applied thereafter. The cash flows were then discounted at a pre-tax rate of 9.7% (2024: 8.0%). In management\u2019s 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 with an operating profit growth of 2% (2024: 5%) were used, with a long term, terminal value growth at 2% (2024: 2%). The cash flows were then discounted at a pre-tax rate of 11.7% (2024: 8%). In management\u2019s assessment, no reasonable change in assumptions would have resulted in an impairment of the goodwill. 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 with an operating profit growth of 2% (2024: 2%) were used, with a long term, terminal value growth at 2% (2024: 2%). The cash flows were then discounted at a pre-tax rate of 12.0% (2024: 8%). In management\u2019s assessment, no reasonable change in assumptions would have resulted in an impairment of the goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-640": { "value": "
12.\u2002Leases
Right-of-use assets
The right-of-use assets are comprised of:
2025 2024
\u00a3m \u00a3m
Buildings - stores
410.7
455.0
Buildings - warehouses, head office and others
313.1
264.2
Equipment
0.5
0.7
Vehicles
13.0
14.7
Total
737.3
734.6
The right-of-use assets movement in the year is as follows:
2025 2024
\u00a3m \u00a3m
At the beginning of the year 734.6 662.0
Additions 130.8 40.2
Arising from acquisitions - 80.5
Disposals (18.5) (4.9)
Modifications and amendments 33.3 68.6
Depreciation (144.6) (117.7)
Reversal of impairment 1.7 5.9
At the end of the year 737.3 734.6
Additions to right-of-use assets include new leases and new contracts for leases previously on hold over.
Modifications and the amendments relate to changes to the lease payments and lease terms after the inception of the lease.
The income from subleasing right-of use assets under operating leases is \u00a321.3m (2024: \u00a321.4m).
Lease liability
The lease liability movement in the year is as follows:
2025 2024
\u00a3m \u00a3m
At the beginning of the year
(1,037.7)
(1,023.3)
Additions
(131.9)
(40.1)
Arising from acquisitions
-
(84.7)
Modifications and amendments
(32.9)
(52.9)
Payments
219.4
204.0
Interest
(54.8)
(47.9)
Disposals
23.1
6.3
Foreign exchange movement
0.4
0.9
At the end of the year
(1,014.4)
(1,037.7)
2025 2024
Lease liability \u00a3m \u00a3m
Less than 1 year
(170.8)
(167.8)
More than 1 year
(843.6)
(869.9)
Total
(1,014.4)
(1,037.7)
The weighted average remaining lease is 6.7 years (2024: 7.2 years). Whether or not management exercise options to extend lease terms is
assessed on a case by case basis.
Amounts recognised in the Consolidated Income Statement
2025 2024
Depreciation on right-of-use assets \u00a3m \u00a3m
Buildings - stores
116.1
94.1
Buildings - warehouses, head office and others
22.3
16.5
Equipment
0.3
0.5
Vehicles
5.9
6.6
Total
144.6
117.7
2025 2024
\u00a3m \u00a3m
Finance costs on leases
(54.8)
(47.9)
Expense on short term and low value leases
(7.3)
(6.3)
Expense on variable leases and concession-related rent
(63.5)
(60.1)
Gain on sale and leasebacks
-
1.6
During the prior 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 was recognised in the Income Statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-676": { "value": "12.\u2002Leases Right-of-use assets The right-of-use assets are comprised of:
2025 2024
\u00a3m \u00a3m
Buildings - stores
410.7
455.0
Buildings - warehouses, head office and others
313.1
264.2
Equipment
0.5
0.7
Vehicles
13.0
14.7
Total
737.3
734.6
The right-of-use assets movement in the year is as follows:
2025 2024
\u00a3m \u00a3m
At the beginning of the year 734.6 662.0
Additions 130.8 40.2
Arising from acquisitions - 80.5
Disposals (18.5) (4.9)
Modifications and amendments 33.3 68.6
Depreciation (144.6) (117.7)
Reversal of impairment 1.7 5.9
At the end of the year 737.3 734.6
Additions to right-of-use assets include new leases and new contracts for leases previously on hold over. Modifications and the amendments relate to changes to the lease payments and lease terms after the inception of the lease. The income from subleasing right-of use assets under operating leases is \u00a321.3m (2024: \u00a321.4m). Lease liability The lease liability movement in the year is as follows:
2025 2024
\u00a3m \u00a3m
At the beginning of the year
(1,037.7)
(1,023.3)
Additions
(131.9)
(40.1)
Arising from acquisitions
-
(84.7)
Modifications and amendments
(32.9)
(52.9)
Payments
219.4
204.0
Interest
(54.8)
(47.9)
Disposals
23.1
6.3
Foreign exchange movement
0.4
0.9
At the end of the year
(1,014.4)
(1,037.7)
2025 2024
Lease liability \u00a3m \u00a3m
Less than 1 year
(170.8)
(167.8)
More than 1 year
(843.6)
(869.9)
Total
(1,014.4)
(1,037.7)
The weighted average remaining lease is 6.7 years (2024: 7.2 years). Whether or not management exercise options to extend lease terms is assessed on a case by case basis. Amounts recognised in the Consolidated Income Statement
2025 2024
Depreciation on right-of-use assets \u00a3m \u00a3m
Buildings - stores
116.1
94.1
Buildings - warehouses, head office and others
22.3
16.5
Equipment
0.3
0.5
Vehicles
5.9
6.6
Total
144.6
117.7
2025 2024
\u00a3m \u00a3m
Finance costs on leases
(54.8)
(47.9)
Expense on short term and low value leases
(7.3)
(6.3)
Expense on variable leases and concession-related rent
(63.5)
(60.1)
Gain on sale and leasebacks
-
1.6
During the prior 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 was recognised in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-677": { "value": "
13.\u2002Associates, Joint Ventures and Other Investments
Interest in
associates and Other
joint ventures investments Total
\u00a3m \u00a3m \u00a3m
Cost
At January 2023
114.3
1.9
116.2
Additions
0.9
-
0.9
Retained profit
6.9
-
6.9
Interest on preference shares
3.2
0.2
3.4
Dividend received
(2.6)
-
(2.6)
Disposal of interest in joint venture (see note below)
(84.3)
-
(84.3)
At January 2024
38.4
2.1
40.5
Additions
1.2
-
1.2
Retained profit
6.7
-
6.7
Interest on preference shares
-
0.3
0.3
At January 2025
46.3
2.4
48.7
Amortisation/Impairment
At January 2023
1.6
-
1.6
Provided during the year
0.9
-
0.9
At January 2024
2.5
-
2.5
Provided during the year
0.5
-
0.5
Impairment
13.0
-
13.0
At January 2025
16.0
-
16.0
Carrying amount
At January 2025
30.3
2.4
32.7
At January 2024
35.9
2.1
38.0
At January 2023
112.7
1.9
114.6
Current year
During the year, the carrying value of JoJo Maman B\u00e9b\u00e9 was impaired by \u00a313.0m to \u00a3nil.
Prior year - Disposal of interest in Reiss as a Joint Venture / Acquisition of controlling interest in Reiss
In the prior year, NEXT acquired a further 21% interest in the Reiss group (\u201cReiss\u201d) thus increasing its existing shareholding from 51% to 72%.
As NEXT gained control over Reiss\u2019 operational and financial activities, it was consolidated into the NEXT plc Group and therefore was
presented as a disposal of our investment within this note and then as an acquisition of a subsidiary in Note 35.
Within the line \u201cinterest on preference shares\u201d there was \u00a33.4m relating to interest on NEXT\u2019s share of preference shares in the Reiss group\u2019s
ultimate holding company. This was recognised within the Finance income line of the Income Statement. However, following the acquisition
of the additional 21% in the prior year, the finance income is now eliminated upon consolidation (see Note 35 for further details on the
acquisition).
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 \u00a330.3m (2024: \u00a335.9m) with the Group\u2019s share
of their profit from continuing operations in the current period being \u00a36.7m (2024: \u00a34.6m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-717": { "value": "13.\u2002Associates, Joint Ventures and Other Investments
Interest in
associates and Other
joint ventures investments Total
\u00a3m \u00a3m \u00a3m
Cost
At January 2023
114.3
1.9
116.2
Additions
0.9
-
0.9
Retained profit
6.9
-
6.9
Interest on preference shares
3.2
0.2
3.4
Dividend received
(2.6)
-
(2.6)
Disposal of interest in joint venture (see note below)
(84.3)
-
(84.3)
At January 2024
38.4
2.1
40.5
Additions
1.2
-
1.2
Retained profit
6.7
-
6.7
Interest on preference shares
-
0.3
0.3
At January 2025
46.3
2.4
48.7
Amortisation/Impairment
At January 2023
1.6
-
1.6
Provided during the year
0.9
-
0.9
At January 2024
2.5
-
2.5
Provided during the year
0.5
-
0.5
Impairment
13.0
-
13.0
At January 2025
16.0
-
16.0
Carrying amount
At January 2025
30.3
2.4
32.7
At January 2024
35.9
2.1
38.0
At January 2023
112.7
1.9
114.6
Current year During the year, the carrying value of JoJo Maman B\u00e9b\u00e9 was impaired by \u00a313.0m to \u00a3nil. Prior year - Disposal of interest in Reiss as a Joint Venture / Acquisition of controlling interest in Reiss In the prior year, NEXT acquired a further 21% interest in the Reiss group (\u201cReiss\u201d) thus increasing its existing shareholding from 51% to 72%. As NEXT gained control over Reiss\u2019 operational and financial activities, it was consolidated into the NEXT plc Group and therefore was presented as a disposal of our investment within this note and then as an acquisition of a subsidiary in Note 35. Within the line \u201cinterest on preference shares\u201d there was \u00a33.4m relating to interest on NEXT\u2019s share of preference shares in the Reiss group\u2019s ultimate holding company. This was recognised within the Finance income line of the Income Statement. However, following the acquisition of the additional 21% in the prior year, the finance income is now eliminated upon consolidation (see Note 35 for further details on the acquisition). 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 \u00a330.3m (2024: \u00a335.9m) with the Group\u2019s share of their profit from continuing operations in the current period being \u00a36.7m (2024: \u00a34.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-702": { "value": "13.\u2002Associates, Joint Ventures and Other Investments
Interest in
associates and Other
joint ventures investments Total
\u00a3m \u00a3m \u00a3m
Cost
At January 2023
114.3
1.9
116.2
Additions
0.9
-
0.9
Retained profit
6.9
-
6.9
Interest on preference shares
3.2
0.2
3.4
Dividend received
(2.6)
-
(2.6)
Disposal of interest in joint venture (see note below)
(84.3)
-
(84.3)
At January 2024
38.4
2.1
40.5
Additions
1.2
-
1.2
Retained profit
6.7
-
6.7
Interest on preference shares
-
0.3
0.3
At January 2025
46.3
2.4
48.7
Amortisation/Impairment
At January 2023
1.6
-
1.6
Provided during the year
0.9
-
0.9
At January 2024
2.5
-
2.5
Provided during the year
0.5
-
0.5
Impairment
13.0
-
13.0
At January 2025
16.0
-
16.0
Carrying amount
At January 2025
30.3
2.4
32.7
At January 2024
35.9
2.1
38.0
At January 2023
112.7
1.9
114.6
Current year During the year, the carrying value of JoJo Maman B\u00e9b\u00e9 was impaired by \u00a313.0m to \u00a3nil. Prior year - Disposal of interest in Reiss as a Joint Venture / Acquisition of controlling interest in Reiss In the prior year, NEXT acquired a further 21% interest in the Reiss group (\u201cReiss\u201d) thus increasing its existing shareholding from 51% to 72%. As NEXT gained control over Reiss\u2019 operational and financial activities, it was consolidated into the NEXT plc Group and therefore was presented as a disposal of our investment within this note and then as an acquisition of a subsidiary in Note 35. Within the line \u201cinterest on preference shares\u201d there was \u00a33.4m relating to interest on NEXT\u2019s share of preference shares in the Reiss group\u2019s ultimate holding company. This was recognised within the Finance income line of the Income Statement. However, following the acquisition of the additional 21% in the prior year, the finance income is now eliminated upon consolidation (see Note 35 for further details on the acquisition). 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 \u00a330.3m (2024: \u00a335.9m) with the Group\u2019s share of their profit from continuing operations in the current period being \u00a36.7m (2024: \u00a34.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-641": { "value": "13.\u2002Associates, Joint Ventures and Other Investments
Interest in
associates and Other
joint ventures investments Total
\u00a3m \u00a3m \u00a3m
Cost
At January 2023
114.3
1.9
116.2
Additions
0.9
-
0.9
Retained profit
6.9
-
6.9
Interest on preference shares
3.2
0.2
3.4
Dividend received
(2.6)
-
(2.6)
Disposal of interest in joint venture (see note below)
(84.3)
-
(84.3)
At January 2024
38.4
2.1
40.5
Additions
1.2
-
1.2
Retained profit
6.7
-
6.7
Interest on preference shares
-
0.3
0.3
At January 2025
46.3
2.4
48.7
Amortisation/Impairment
At January 2023
1.6
-
1.6
Provided during the year
0.9
-
0.9
At January 2024
2.5
-
2.5
Provided during the year
0.5
-
0.5
Impairment
13.0
-
13.0
At January 2025
16.0
-
16.0
Carrying amount
At January 2025
30.3
2.4
32.7
At January 2024
35.9
2.1
38.0
At January 2023
112.7
1.9
114.6
Current year During the year, the carrying value of JoJo Maman B\u00e9b\u00e9 was impaired by \u00a313.0m to \u00a3nil. Prior year - Disposal of interest in Reiss as a Joint Venture / Acquisition of controlling interest in Reiss In the prior year, NEXT acquired a further 21% interest in the Reiss group (\u201cReiss\u201d) thus increasing its existing shareholding from 51% to 72%. As NEXT gained control over Reiss\u2019 operational and financial activities, it was consolidated into the NEXT plc Group and therefore was presented as a disposal of our investment within this note and then as an acquisition of a subsidiary in Note 35. Within the line \u201cinterest on preference shares\u201d there was \u00a33.4m relating to interest on NEXT\u2019s share of preference shares in the Reiss group\u2019s ultimate holding company. This was recognised within the Finance income line of the Income Statement. However, following the acquisition of the additional 21% in the prior year, the finance income is now eliminated upon consolidation (see Note 35 for further details on the acquisition). 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 \u00a330.3m (2024: \u00a335.9m) with the Group\u2019s share of their profit from continuing operations in the current period being \u00a36.7m (2024: \u00a34.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-642": { "value": "
14.\u2002Customer and Other Receivables
The following table shows the components of net receivables:
2025 2024
\u00a3m \u00a3m
Gross customer receivables excluding Interest Free Credit receivable
1,546.5
1,550.7
Interest Free Credit receivable
9.3
-
Gross customer receivables
1,555.8
1,550.7
Less: refund liabilities*
(51.5)
(72.9)
Net customer receivables
1,504.3
1,477.8
Less: allowance for expected credit losses
(181.6)
(207.4)
1,322.7
1,270.4
Other trade receivables
47.9
64.9
Less: allowance for doubtful debts
(1.4)
(2.0)
1,369.2
1,333.3
Presentation of the above, split by total receivables and allowances:
2025 2024
\u00a3m \u00a3m
Net customer receivables
1,504.3
1,477.8
Other trade receivables
47.9
64.9
1,552.2
1,542.7
Less: allowance for expected credit losses and doubtful debts
(183.0)
(209.4)
1,369.2
1,333.3
Prepayments
68.3
63.6
Other debtors
58.7
43.8
Amounts due from associates and joint ventures
12.2
12.1
1,508.4
1,452.8
*Refund liabilities represent the potential liability the Group has to pay out associated with customer returns. In the prior year, this included
a provision for credit returns of \u00a351.1m and cash returns of \u00a321.8m. In the current year, the provision for cash returns of \u00a326.6m has been
reclassified into other creditors. Note that the prior year has not been restated on grounds of materiality.
No interest is charged on online credit account 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% (2024: 24.9%) at the year-end date, except for \u00a395.6m (2024: \u00a372.9m) of balances
on the \u201cpay in 3\u201d product (previously \u201cnext3step\u201d) which bears interest at 29.9% (2024: 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 30), 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 \u00a31,340m (2024: \u00a31,310m). 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 29).
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 and amounts due from associates and joint ventures 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 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
-
Financial assets derecognised during the period
-
(20.7)
(20.7)
Amounts written off
(9.3)
(6.0)
(15.3)
At January 2024
1,441.0
101.5
1,542.5
New assets originated/recoveries
80.8
(15.3)
65.5
Transfers from lifetime ECL to credit impaired
(38.5)
38.5
-
Financial assets derecognised during the period
-
(42.9)
(42.9)
Amounts written off
(7.6)
(5.3)
(12.9)
At January 2025
1,475.7
76.5
1,552.2
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 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
-
19.0
19.0
Amounts written off
0.8
5.5
6.3
At January 2024
(115.3)
(94.1) (209.4)
New assets originated/recoveries
(2.7)
13.9
11.2
Transfers from lifetime ECL to credit impaired
2.9
(35.1)
(32.2)
Change in the allowance for expected credit losses
2.6
0.1
2.7
Financial assets derecognised during the period
-
39.3
39.3
Amounts written off
0.6
4.8
5.4
At January 2025
(111.9)
(71.1) (183.0)
Credit
Lifetime ECL impaired Total
\u00a3m \u00a3m \u00a3m
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)
Impairment
(3.4)
(19.8)
(23.2)
Amounts recovered
3.0
0.8
3.8
Charged to the Income Statement
(0.4)
(19.0)
(19.4)
Used during the year
3.8
42.0
45.8
Total movement
3.4
23.0
26.4
At January 2025
(111.9)
(71.1) (183.0)
The amount charged to the Income Statement of \u00a319.4m (2024: \u00a336.0m) differs to the bad debt charge of \u00a317.5m (2024: \u00a332.2m) in the
Chief Executive\u2019s Review on page 40 due to the inclusion of other trade receivables within this note not included within the Chief Executive
review.
Information on the Group\u2019s credit risk in relation to customer receivables is provided in Note 30.
15.\u2002Other Financial Assets
2025 2024
\u00a3m \u00a3m
Foreign exchange contracts
31.8
6.8
Commodity price contracts
-
0.1
31.8
6.9
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 30). These instruments are primarily for US Dollars and Euros.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-678": { "value": "14.\u2002Customer and Other Receivables The following table shows the components of net receivables:
2025 2024
\u00a3m \u00a3m
Gross customer receivables excluding Interest Free Credit receivable
1,546.5
1,550.7
Interest Free Credit receivable
9.3
-
Gross customer receivables
1,555.8
1,550.7
Less: refund liabilities*
(51.5)
(72.9)
Net customer receivables
1,504.3
1,477.8
Less: allowance for expected credit losses
(181.6)
(207.4)
1,322.7
1,270.4
Other trade receivables
47.9
64.9
Less: allowance for doubtful debts
(1.4)
(2.0)
1,369.2
1,333.3
Presentation of the above, split by total receivables and allowances:
2025 2024
\u00a3m \u00a3m
Net customer receivables
1,504.3
1,477.8
Other trade receivables
47.9
64.9
1,552.2
1,542.7
Less: allowance for expected credit losses and doubtful debts
(183.0)
(209.4)
1,369.2
1,333.3
Prepayments
68.3
63.6
Other debtors
58.7
43.8
Amounts due from associates and joint ventures
12.2
12.1
1,508.4
1,452.8
*Refund liabilities represent the potential liability the Group has to pay out associated with customer returns. In the prior year, this included a provision for credit returns of \u00a351.1m and cash returns of \u00a321.8m. In the current year, the provision for cash returns of \u00a326.6m has been reclassified into other creditors. Note that the prior year has not been restated on grounds of materiality. No interest is charged on online credit account 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% (2024: 24.9%) at the year-end date, except for \u00a395.6m (2024: \u00a372.9m) of balances on the \u201cpay in 3\u201d product (previously \u201cnext3step\u201d) which bears interest at 29.9% (2024: 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 30), 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 \u00a31,340m (2024: \u00a31,310m). 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 29). 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 and amounts due from associates and joint ventures 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 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
-
Financial assets derecognised during the period
-
(20.7)
(20.7)
Amounts written off
(9.3)
(6.0)
(15.3)
At January 2024
1,441.0
101.5
1,542.5
New assets originated/recoveries
80.8
(15.3)
65.5
Transfers from lifetime ECL to credit impaired
(38.5)
38.5
-
Financial assets derecognised during the period
-
(42.9)
(42.9)
Amounts written off
(7.6)
(5.3)
(12.9)
At January 2025
1,475.7
76.5
1,552.2
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 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
-
19.0
19.0
Amounts written off
0.8
5.5
6.3
At January 2024
(115.3)
(94.1) (209.4)
New assets originated/recoveries
(2.7)
13.9
11.2
Transfers from lifetime ECL to credit impaired
2.9
(35.1)
(32.2)
Change in the allowance for expected credit losses
2.6
0.1
2.7
Financial assets derecognised during the period
-
39.3
39.3
Amounts written off
0.6
4.8
5.4
At January 2025
(111.9)
(71.1) (183.0)
Credit
Lifetime ECL impaired Total
\u00a3m \u00a3m \u00a3m
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)
Impairment
(3.4)
(19.8)
(23.2)
Amounts recovered
3.0
0.8
3.8
Charged to the Income Statement
(0.4)
(19.0)
(19.4)
Used during the year
3.8
42.0
45.8
Total movement
3.4
23.0
26.4
At January 2025
(111.9)
(71.1) (183.0)
The amount charged to the Income Statement of \u00a319.4m (2024: \u00a336.0m) differs to the bad debt charge of \u00a317.5m (2024: \u00a332.2m) in the Chief Executive\u2019s Review on page 40 due to the inclusion of other trade receivables within this note not included within the Chief Executive review. Information on the Group\u2019s credit risk in relation to customer receivables is provided in Note 30. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-724": { "value": "14.\u2002Customer and Other Receivables The following table shows the components of net receivables:
2025 2024
\u00a3m \u00a3m
Gross customer receivables excluding Interest Free Credit receivable
1,546.5
1,550.7
Interest Free Credit receivable
9.3
-
Gross customer receivables
1,555.8
1,550.7
Less: refund liabilities*
(51.5)
(72.9)
Net customer receivables
1,504.3
1,477.8
Less: allowance for expected credit losses
(181.6)
(207.4)
1,322.7
1,270.4
Other trade receivables
47.9
64.9
Less: allowance for doubtful debts
(1.4)
(2.0)
1,369.2
1,333.3
Presentation of the above, split by total receivables and allowances:
2025 2024
\u00a3m \u00a3m
Net customer receivables
1,504.3
1,477.8
Other trade receivables
47.9
64.9
1,552.2
1,542.7
Less: allowance for expected credit losses and doubtful debts
(183.0)
(209.4)
1,369.2
1,333.3
Prepayments
68.3
63.6
Other debtors
58.7
43.8
Amounts due from associates and joint ventures
12.2
12.1
1,508.4
1,452.8
*Refund liabilities represent the potential liability the Group has to pay out associated with customer returns. In the prior year, this included a provision for credit returns of \u00a351.1m and cash returns of \u00a321.8m. In the current year, the provision for cash returns of \u00a326.6m has been reclassified into other creditors. Note that the prior year has not been restated on grounds of materiality. No interest is charged on online credit account 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% (2024: 24.9%) at the year-end date, except for \u00a395.6m (2024: \u00a372.9m) of balances on the \u201cpay in 3\u201d product (previously \u201cnext3step\u201d) which bears interest at 29.9% (2024: 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 30), 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 \u00a31,340m (2024: \u00a31,310m). 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 29). 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 and amounts due from associates and joint ventures 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 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
-
Financial assets derecognised during the period
-
(20.7)
(20.7)
Amounts written off
(9.3)
(6.0)
(15.3)
At January 2024
1,441.0
101.5
1,542.5
New assets originated/recoveries
80.8
(15.3)
65.5
Transfers from lifetime ECL to credit impaired
(38.5)
38.5
-
Financial assets derecognised during the period
-
(42.9)
(42.9)
Amounts written off
(7.6)
(5.3)
(12.9)
At January 2025
1,475.7
76.5
1,552.2
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 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
-
19.0
19.0
Amounts written off
0.8
5.5
6.3
At January 2024
(115.3)
(94.1) (209.4)
New assets originated/recoveries
(2.7)
13.9
11.2
Transfers from lifetime ECL to credit impaired
2.9
(35.1)
(32.2)
Change in the allowance for expected credit losses
2.6
0.1
2.7
Financial assets derecognised during the period
-
39.3
39.3
Amounts written off
0.6
4.8
5.4
At January 2025
(111.9)
(71.1) (183.0)
Credit
Lifetime ECL impaired Total
\u00a3m \u00a3m \u00a3m
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)
Impairment
(3.4)
(19.8)
(23.2)
Amounts recovered
3.0
0.8
3.8
Charged to the Income Statement
(0.4)
(19.0)
(19.4)
Used during the year
3.8
42.0
45.8
Total movement
3.4
23.0
26.4
At January 2025
(111.9)
(71.1) (183.0)
The amount charged to the Income Statement of \u00a319.4m (2024: \u00a336.0m) differs to the bad debt charge of \u00a317.5m (2024: \u00a332.2m) in the Chief Executive\u2019s Review on page 40 due to the inclusion of other trade receivables within this note not included within the Chief Executive review. Information on the Group\u2019s credit risk in relation to customer receivables is provided in Note 30. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-703": { "value": "
2025 2024
\u00a3m \u00a3m
Net customer receivables
1,504.3
1,477.8
Other trade receivables
47.9
64.9
1,552.2
1,542.7
Less: allowance for expected credit losses and doubtful debts
(183.0)
(209.4)
1,369.2
1,333.3
Prepayments
68.3
63.6
Other debtors
58.7
43.8
Amounts due from associates and joint ventures
12.2
12.1
1,508.4
1,452.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-718": { "value": "15.\u2002Other Financial Assets
2025 2024
\u00a3m \u00a3m
Foreign exchange contracts
31.8
6.8
Commodity price contracts
-
0.1
31.8
6.9
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 30). These instruments are primarily for US Dollars and Euros. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-704": { "value": "15.\u2002Other Financial Assets
2025 2024
\u00a3m \u00a3m
Foreign exchange contracts
31.8
6.8
Commodity price contracts
-
0.1
31.8
6.9
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 30). These instruments are primarily for US Dollars and Euros. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-679": { "value": "15.\u2002Other Financial Assets
2025 2024
\u00a3m \u00a3m
Foreign exchange contracts
31.8
6.8
Commodity price contracts
-
0.1
31.8
6.9
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 30). These instruments are primarily for US Dollars and Euros. 28.\u2002Financial Instruments: Categories
2025 2024
\u00a3m \u00a3m
Financial assets
Derivatives not designated as hedging instruments
1.2
0.7
Derivatives designated as hedging instruments
30.5
6.9
Customer and other receivables at amortised cost
(1)
1,439.2
1,388.6
Cash, short term deposits (note 16)
200.4
188.3
Preference shares at amortised cost
2.2
2.0
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
(2.8)
(5.9)
Derivatives designated as hedging instruments
(13.5)
(24.2)
Lease liabilities at amortised cost
(1,014.4)
(1,037.7)
Interest bearing loans and borrowings:
Corporate bonds at amortised cost adjusted for the fair value changes attributable to the risk being
hedged
(793.8)
(790.8)
Bank loans and overdrafts at amortised cost
(60.6)
(88.2)
Put and call options over non-controlling interests
(31.1)
(26.1)
Trade and other payables at amortised cost
(2)
(825.4)
(740.5)
(1) Prepayments of \u00a368.3m (2024: \u00a363.6m) and other debtors of \u00a30.8m (2024: \u00a30.5m) do not meet the definition of a financial instrument. (2) Other taxation and social security payables of \u00a3123.0m (2024: \u00a3133.4m), deferred income of \u00a3107.5m (2024: \u00a399.0m), share-based payment liabilities of \u00a30.4m (2024: \u00a30.2m) and other creditors of \u00a331.9m (2024: \u00a330.5m) do not meet the definition of a financial instrument. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-643": { "value": "
16.\u2002Cash and Short Term Deposits
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
107.9
139.3
Short term deposits
92.5
-
Money market funds
-
49.0
200.4
188.3
Cash at bank represents the gross cash positions, of which the majority are part of the Group\u2019s bank account and interest and balance
pooling arrangements. Short term deposits and 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-644": { "value": "
17. Bank Loans and Overdrafts
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts and short term borrowings
29.1
-
30.1
-
Bank loans
31.5
-
5.0
28.9
Loan notes
-
-
23.6
0.6
60.6
-
58.7
29.5
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 and the
FatFace loan notes of \u00a30.6m were repaid in the current financial year. The loan notes are interest bearing on an arm's length basis.
28.\u2002Financial Instruments: Categories
2025 2024
\u00a3m \u00a3m
Financial assets
Derivatives not designated as hedging instruments
1.2
0.7
Derivatives designated as hedging instruments
30.5
6.9
Customer and other receivables at amortised cost
(1)
1,439.2
1,388.6
Cash, short term deposits (note 16)
200.4
188.3
Preference shares at amortised cost
2.2
2.0
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
(2.8)
(5.9)
Derivatives designated as hedging instruments
(13.5)
(24.2)
Lease liabilities at amortised cost
(1,014.4)
(1,037.7)
Interest bearing loans and borrowings:
Corporate bonds at amortised cost adjusted for the fair value changes attributable to the risk being
hedged
(793.8)
(790.8)
Bank loans and overdrafts at amortised cost
(60.6)
(88.2)
Put and call options over non-controlling interests
(31.1)
(26.1)
Trade and other payables at amortised cost
(2)
(825.4)
(740.5)
(1) Prepayments of \u00a368.3m (2024: \u00a363.6m) and other debtors of \u00a30.8m (2024: \u00a30.5m) do not meet the definition of a financial instrument. (2) Other taxation and social security payables of \u00a3123.0m (2024: \u00a3133.4m), deferred income of \u00a3107.5m (2024: \u00a399.0m), share-based payment liabilities of \u00a30.4m (2024: \u00a30.2m) and other creditors of \u00a331.9m (2024: \u00a330.5m) do not meet the definition of a financial instrument. 29.\u2002Financial Instruments: Fair Values
The fair values of each category of the Group\u2019s financial instruments are based on the following assumptions:
Customer receivables
The fair value has been calculated based on future cash flows discounted at an appropriate
rate for the risk of the debt. See Note 14 for further details.
Other trade receivables, trade payables, short
term deposits, bank loans and overdrafts
instruments.
Corporate bonds
The fair value is the market value which includes accrued interest and change in credit risk
and interest rate risk. See Note 20 for further details.
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 to the net assets of the investment given no observable market
rates at the reporting date.
Bank loans - non-current
The
fair value
of
bank loans and other borrowings approximates to 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 which also equates to the carrying value. See Note 19 for details.
The fair value approximates to the carrying amount because of the short maturity of these 29.\u2002Financial Instruments: Fair Values (continued)
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
Corporate bonds, Money Market value includes accrued interest and change in credit
markets for identical assets Market Funds
risk and interest rate risk, and is therefore different to the
or liabilities reported carrying amounts.
Level 2
Inputs other than quoted
Derivative financial
Valuation
techniques
include
forward
pricing
and
swap
prices included within Level instruments
models using net present value calculation of future cash
1 that are observable for the
flows. The model inputs include the foreign exchange spot
asset or liability, either
and forward rates, yield curves of the respective currencies,
directly (i.e. as prices) or
currency basis spreads between the respective currencies,
indirectly (i.e. derived from commodity price indices and interest rate curves.
prices)
Level 3
Inputs for the asset or
Non-listed equity
The fair value of these non-listed equity investments has been
liability that are not based on
instruments at fair value
estimated using a discounted cash flow model.
observable market data
through OCI and Put and Call
(unobservable market data)
options at fair value through
The fair value of the put and call options have been estimated
other equity
using a formula as stated within the relevant shareholder
agreement. The inputs include management approved future
cash flows and earnings ratios calculated from market quoted
prices.
30.\u2002Financial 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:
\u25cf Liquidity risk
\u25cf Interest rate risk
\u25cf Foreign currency risk
\u25cf Commodity price risk
\u25cf Credit risk
\u25cf 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 year 1 to 2 years 2 to 5 years Over 5 years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans and overdrafts
61.1
-
-
-
61.1
Lease liabilities
210.9
177.6
369.8
711.6
1,469.9
Trade and other payables
793.3
2.8
-
-
796.1
Corporate bonds
279.3
271.8
321.8
-
872.9
Put and call options
-
8.6
33.1
-
41.7
1,344.6
460.8
724.7
711.6
3,241.7
Derivatives: net settled
4.6
3.5
-
-
8.1
Derivatives: gross settled
Cash inflows
(1,792.1)
-
-
-
(1,792.1)
Cash outflows
1,760.0
-
-
-
1,760.0
Total cash flows
1,317.1
464.3
724.7
711.6
3,217.7
Less than
1 year 1 to 2 years 2 to 5 years Over 5 years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans and overdrafts
37.6
29.4
-
-
67.0
Lease liabilities
205.7
175.9
366.1
735.0
1,482.7
Trade and other payables
703.8
2.8
-
-
706.6
Corporate bonds
29.3
279.3
593.6
-
902.2
Loan notes
23.6
0.6
-
-
24.2
Put and call options
-
-
26.1
-
26.1
1,000.0
488.0
985.8
735.0
3,208.8
Derivatives: net settled
6.4
3.3
2.0
-
11.7
Derivatives: gross settled
Cash inflows
(1,241.2)
-
-
-
(1,241.2)
Cash outflows
1,250.0
-
-
-
1,250.0
Total cash flows
1,015.2
491.3
987.8
735.0
3,229.3
Within lease liabilities greater than 5 years are leases on stores with cash flows in years 5-10 of \u00a3116.5m (2024: \u00a3153.0m) and more than 10
years of \u00a317.6m (2024: \u00a327.8m). The lease liabilities greater than 5 years on warehouses and head office premises with cash flows in years
5-10 are \u00a3171.1m (2024: \u00a3146.3m) and more than 10 years of \u00a3406.4m (2024: \u00a3407.9m).
As at 25 January 2025, the Group had borrowing facilities of \u00a3425.0m (2024: \u00a3425.0m) committed until June 2029 (2024: June 2028), in
respect of which all conditions precedent have been met. \u00a3nil of the facilities were drawn down as at January 2025 (2024: \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:
\u25cf Different interest rate curve applied to discount the hedged item and the hedging instrument.
\u25cf Differences in timing of cash flows of the hedged item and hedging instrument.
\u25cf 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:
2025 2024
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(8.0)
(11.3)
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:
2025
2024
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
Notional Carrying ineffectiveness
amount amount* in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Interest rate swaps - liabilities
Other financial liabilities
250.0
(6.2)
(3.0)
At 27 January 2024
Interest rate swaps - liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
* Other financial liabilities also includes \u00a31.8m of interest payable (2024: \u00a32.1m interest payable) 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: The ineffectiveness recognised in the Income Statement for the period ended 25 January 2025 was \u00a3nil (2024: \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 31. 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: \u25cf Differences in the timing of the cash flows of the hedged items and the hedging instruments. \u25cf Different indices (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments. \u25cf The counterparties\u2019 credit risk differently impacts the fair value movements of the hedging instruments and hedged items. \u25cf Changes to the forecasted amount of cash flows of hedged items and hedging instruments. The fair values of foreign exchange derivatives are as follows:
2025 2024
\u00a3m \u00a3m
Derivatives in designated hedging relationships
25.4
(6.5)
Other foreign exchange derivatives not designated in hedging relationships
(1.6)
(5.2)
Total foreign exchange derivatives
23.8
(11.7)
Changes in fair
value used for
Accumulated measuring
Carrying fair value ineffectiveness
amount adjustments in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Fixed-rate borrowings
Corporate bonds
250.0
(6.2)
(3.0)
At 27 January 2024
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
Derivatives designated in hedging relationships at 25 January 2025:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
684.7
281.7
-
966.4
Average GBP: USD contract rate
1.28
1.28
-
1.28
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
73.8
81.6
-
155.4
Average GBP: EURO contract rate
1.14
1.16
-
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
144.5
47.1
-
191.6
Average GBP: Other contract rate
Various currencies*
* 10 currencies are hedged, which are individually not material to the financial statements. Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
-
938.5
Average GBP: USD contract rate
1.26
1.28
-
1.26
EURO (highly probable forecast purchases)
(1)
Notional amount (in \u00a3m)
45.0
-
-
45.0
Average GBP: EURO contract rate
1.16
-
-
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
-
50.8
Average GBP: EURO contract rate
1.14
1.14
-
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
-
-
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies were hedged, which are individually not material to the financial statements. (1) Note that in the prior year, there was significant Euro denominated capital expenditure, therefore the prior year comparative table shows additiona l disclosure for Euro purchases.
The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair
value used for
measuring
Notional Carrying ineffectiveness
amount amount in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Foreign exchange contracts
Other financial assets
1,124.9
30.5
52.8
Foreign exchange contracts
Other financial liabilities
358.6
(5.2)
(33.0)
At 27 January 2024
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
The impact of the hedged items on the Balance Sheet is as follows:
25 January 2025
27 January 2024
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 (0.9)
1.7
-
3.5
0.4
-
sales
Highly probable forecast
21.3
23.8
(0.2)
(1.8)
(6.5)
(0.4)
stock purchases
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness reclassified from
recognised in Cost of hedging OCI to the
Income Recycled to cost recognised in Income Line item in the
Statement of inventories OCI Statement Income
\u00a3m \u00a3m \u00a3m \u00a3m Statement
Year ended 25 January 2025
Highly probable forecast sales
-
-
-
1.4
Revenue
Highly probable forecast stock purchases
-
10.1
(0.6)
-
-
Year ended 27 January 2024
Highly probable forecast sales
-
-
-
(5.0)
Revenue
Highly probable forecast stock purchases
-
12.4
(0.9)
-
-
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. As at 25
January 2025, the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2024: \u00a30.3m) 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 12,213kL (2024:
12,623kL) 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 \u00a31,369.2m at the reporting date (2024: \u00a31,333.2m). 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 2025, there were 3.00m active customers (2024: 2.94m) with an average balance of \u00a3512 (2024: \u00a3503). 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 \u00a38.3m (2024: \u00a312.1m) were on a Reduced Payment Indicator (RPI) plan. An allowance for Expected Credit Losses (ECLs) of \u00a35.9m (2024: \u00a38.7m) has been made against these balances. Customers are typically on RPI plans for a period of 12 months during which no interest is charged and repayment rates are reduced. On completion of the RPI plan the customer would be 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 0 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.
2025 2024
Total Total
\u00a3m \u00a3m
Risk exposure determined by CII score
Risk band 1 (CII<=5)
980.4
954.4
Risk band 2 (5<CII<=16)
236.2
231.1
Risk band 3 (16<CII<=48)
156.1
159.6
Risk band 4 (CII>48)
103.0
96.0
Gross carrying amount before credit impaired
1,475.7
1,441.1
Credit impaired
76.5
101.5
Gross carrying amount after credit impaired
1,552.2
1,542.6
Less allowance
(183.0)
(209.4)
Carrying amount
1,369.2
1,333.2
Analysis of customer receivables and other trade receivables, stratified by credit grade, is provided in the tables below. Since 2024, CII scores
have been based on GEN11.
1-30 31-60 61-90 91-120 >120
days past days past days past days past days past Payment
Current due due due due due plans Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer receivables and other trade receivables
Risk band 1 (CII<=5)
969.6
10.2
0.1
-
-
-
0.5
980.4
Risk band 2 (5<CII<=16)
229.1
6.3
0.2
-
-
-
0.6
236.2
Risk band 3 (16<CII<=48)
142.8
9.2
1.4
0.5
0.2
0.2
1.8
156.1
Risk band 4 (CII>48)
77.0
9.3
3.9
2.7
2.2
2.5
5.4
103.0
Otherwise impaired
-
-
-
-
-
76.5
-
76.5
Total
1,418.5
35.0
5.6
3.2
2.4
79.2
8.3
1,552.2
Loss allowance
Risk band 1 (CII<=5)
(52.3)
(1.0)
-
-
-
-
(0.2)
(53.5)
Risk band 2 (5<CII<=16)
(15.9)
(0.7)
(0.1)
-
-
-
(0.2)
(16.9)
Risk band 3 (16<CII<=48)
(11.5)
(1.0)
(0.4)
(0.3)
(0.2)
(0.2)
(1.0)
(14.6)
Risk band 4 (CII>48)
(13.8)
(1.9)
(1.4)
(1.7)
(1.7)
(1.9)
(4.5)
(26.9)
Otherwise impaired
-
-
-
-
-
(71.1)
-
(71.1)
Total
(93.5)
(4.6) (1.9) (2.0) (1.9) (73.2) (5.9) (183.0)
Expected loss rate %
Risk band 1 (CII<=5)
5.4%
9.4%
24.1%
-
-
-
29.2%
5.5%
Risk band 2 (5<CII<=16)
7.0%
10.4%
25.8%
-
-
-
35.9%
7.2%
Risk band 3 (16<CII<=48)
8.0%
11.3%
26.1%
57.3%
83.6%
80.5%
56.9%
9.3%
Risk band 4 (CII>48)
17.9%
19.9%
36.3%
61.7%
77.0%
75.9%
84.1%
26.0%
Otherwise impaired
-
-
-
-
-
93.1%
-
93.1%
Total
6.6%
12.9%
33.1%
61.1%
77.7%
92.5%
71.1%
11.8%
1-30 31-60 61-90 91-120 >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
-
-
-
0.9
954.4
Risk band 2 (5<CII<=16)
222.7
7.1
0.2
-
-
-
1.1
231.1
Risk band 3 (16<CII<=48)
143.5
10.3
1.8
0.6
0.2
0.3
2.9
159.6
Risk band 4 (CII>48)
65.5
9.2
4.8
3.3
2.7
3.2
7.2
95.9
Otherwise impaired
-
-
-
-
-
101.5
-
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)
-
-
-
-
(0.3)
(50.7)
Risk band 2 (5<CII<=16)
(15.5)
(1.1)
(0.1)
-
-
-
(0.5)
(17.2)
Risk band 3 (16<CII<=48)
(12.8)
(1.7)
(0.6)
(0.4)
(0.2)
(0.2)
(1.8)
(17.7)
Risk band 4 (CII>48)
(12.8)
(2.0)
(2.0)
(2.1)
(2.1)
(2.6)
(6.1)
(29.7)
Otherwise impaired
-
-
-
-
-
(94.1)
-
(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%
-
79.3%
31.3%
5.3%
Risk band 2 (5<CII<=16)
7.0%
15.2%
33.6%
62.7%
-
79.2%
40.8%
7.4%
Risk band 3 (16<CII<=48)
8.9%
16.9%
36.3%
61.4%
77.9%
77.3%
61.7%
11.1%
Risk band 4 (CII>48)
19.5%
21.3%
40.8%
64.3%
80.6%
80.6%
84.6%
31.0%
Otherwise impaired
-
-
-
-
-
92.7%
-
92.7%
Total
6.6%
16.6%
39.3%
63.8%
80.4%
92.3%
71.3%
13.6%
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 (2024: \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 collateralised.
Capital risk
The capital structure of the Group consists of debt, as analysed in Note 32, 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.
31.\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: \u25cf 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. \u25cf 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
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate increase of 1.0%
(1.4)
(1.5)
(1.4)
(1.5)
Interest rate decrease of 1.0%
1.4
1.5
1.4
1.5
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
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling strengthens by 10%
US Dollar
(24.0)
(12.6)
(86.1)
(60.2)
Euro
1.1
-
9.8
1.3
Sterling weakens by 10%
US Dollar
8.5
3.4
83.1
66.2
Euro
(2.9)
-
(13.6)
(1.6)
Year end exchange rates applied in the above analysis are US Dollar 1.25 (2024: 1.27) and Euro 1.19 (2024: 1.17). 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-680": { "value": "17. Bank Loans and Overdrafts
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts and short term borrowings
29.1
-
30.1
-
Bank loans
31.5
-
5.0
28.9
Loan notes
-
-
23.6
0.6
60.6
-
58.7
29.5
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 and the FatFace loan notes of \u00a30.6m were repaid in the current financial year. The loan notes are interest bearing on an arm's length basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-645": { "value": "
18.\u2002Trade Payables and Other Liabilities
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
355.8
-
297.1
-
Amounts owed to associates and joint ventures
1.4
-
1.1
-
Refund liabilities
47.7
-
11.1
-
Other taxation and social security
123.0
-
133.4
-
Deferred revenue from the sale of gift cards
107.5
-
99.0
-
Share-based payment liability
0.2
0.2
-
0.2
Other creditors and accruals
441.1
11.3
450.1
11.5
1,076.7
11.5
991.8
11.7
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.
Refund liabilities represent the potential liability the Group has to pay out associated with customer returns. In the prior year, the provision
of cash returns of \u00a321.8m was included within customer receivables. In the current year, the provision for cash returns of \u00a326.6m has been
reclassified into other creditors. Note that the prior year has not been restated on grounds of materiality.
Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a375.7m (bonus, holiday pay
and overtime) (2024: \u00a393.8m), warehouse and duty related accruals of \u00a3120.0m (2024: \u00a399.4m), property accruals \u00a338.3m (2024: \u00a348.0m),
marketing accruals \u00a315.1m (2024: \u00a315.3m) and IT systems, utilities and deferred income on NEXT Unlimited.
19.\u2002Other Financial Liabilities
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange contracts
8.0
-
18.5
-
Interest rate derivatives
-
8.0
-
11.3
Commodity price contracts
0.3
-
0.3
-
Put and call options
-
31.1
-
26.1
8.3
39.1
18.8
37.4
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 30). 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 30).
Put and call options
Put and call options are in place over some of the remaining non-controlling interest shareholding in Reiss, FatFace and Joules. 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 short period of time between the put option window commencing and the call option window commencing.
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 budget 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 25 January 2025 total \u00a331.1m (2024: \u00a326.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-725": { "value": "18.\u2002Trade Payables and Other Liabilities
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
355.8
-
297.1
-
Amounts owed to associates and joint ventures
1.4
-
1.1
-
Refund liabilities
47.7
-
11.1
-
Other taxation and social security
123.0
-
133.4
-
Deferred revenue from the sale of gift cards
107.5
-
99.0
-
Share-based payment liability
0.2
0.2
-
0.2
Other creditors and accruals
441.1
11.3
450.1
11.5
1,076.7
11.5
991.8
11.7
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. Refund liabilities represent the potential liability the Group has to pay out associated with customer returns. In the prior year, the provision of cash returns of \u00a321.8m was included within customer receivables. In the current year, the provision for cash returns of \u00a326.6m has been reclassified into other creditors. Note that the prior year has not been restated on grounds of materiality. Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a375.7m (bonus, holiday pay and overtime) (2024: \u00a393.8m), warehouse and duty related accruals of \u00a3120.0m (2024: \u00a399.4m), property accruals \u00a338.3m (2024: \u00a348.0m), marketing accruals \u00a315.1m (2024: \u00a315.3m) and IT systems, utilities and deferred income on NEXT Unlimited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-719": { "value": "18.\u2002Trade Payables and Other Liabilities
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
355.8
-
297.1
-
Amounts owed to associates and joint ventures
1.4
-
1.1
-
Refund liabilities
47.7
-
11.1
-
Other taxation and social security
123.0
-
133.4
-
Deferred revenue from the sale of gift cards
107.5
-
99.0
-
Share-based payment liability
0.2
0.2
-
0.2
Other creditors and accruals
441.1
11.3
450.1
11.5
1,076.7
11.5
991.8
11.7
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. Refund liabilities represent the potential liability the Group has to pay out associated with customer returns. In the prior year, the provision of cash returns of \u00a321.8m was included within customer receivables. In the current year, the provision for cash returns of \u00a326.6m has been reclassified into other creditors. Note that the prior year has not been restated on grounds of materiality. Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a375.7m (bonus, holiday pay and overtime) (2024: \u00a393.8m), warehouse and duty related accruals of \u00a3120.0m (2024: \u00a399.4m), property accruals \u00a338.3m (2024: \u00a348.0m), marketing accruals \u00a315.1m (2024: \u00a315.3m) and IT systems, utilities and deferred income on NEXT Unlimited. 19.\u2002Other Financial Liabilities
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange contracts
8.0
-
18.5
-
Interest rate derivatives
-
8.0
-
11.3
Commodity price contracts
0.3
-
0.3
-
Put and call options
-
31.1
-
26.1
8.3
39.1
18.8
37.4
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 30). 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 30). Put and call options Put and call options are in place over some of the remaining non-controlling interest shareholding in Reiss, FatFace and Joules. 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 short period of time between the put option window commencing and the call option window commencing. 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 budget 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 25 January 2025 total \u00a331.1m (2024: \u00a326.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-705": { "value": "18.\u2002Trade Payables and Other Liabilities
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
355.8
-
297.1
-
Amounts owed to associates and joint ventures
1.4
-
1.1
-
Refund liabilities
47.7
-
11.1
-
Other taxation and social security
123.0
-
133.4
-
Deferred revenue from the sale of gift cards
107.5
-
99.0
-
Share-based payment liability
0.2
0.2
-
0.2
Other creditors and accruals
441.1
11.3
450.1
11.5
1,076.7
11.5
991.8
11.7
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. Refund liabilities represent the potential liability the Group has to pay out associated with customer returns. In the prior year, the provision of cash returns of \u00a321.8m was included within customer receivables. In the current year, the provision for cash returns of \u00a326.6m has been reclassified into other creditors. Note that the prior year has not been restated on grounds of materiality. Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a375.7m (bonus, holiday pay and overtime) (2024: \u00a393.8m), warehouse and duty related accruals of \u00a3120.0m (2024: \u00a399.4m), property accruals \u00a338.3m (2024: \u00a348.0m), marketing accruals \u00a315.1m (2024: \u00a315.3m) and IT systems, utilities and deferred income on NEXT Unlimited. 19.\u2002Other Financial Liabilities
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange contracts
8.0
-
18.5
-
Interest rate derivatives
-
8.0
-
11.3
Commodity price contracts
0.3
-
0.3
-
Put and call options
-
31.1
-
26.1
8.3
39.1
18.8
37.4
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 30). 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 30). Put and call options Put and call options are in place over some of the remaining non-controlling interest shareholding in Reiss, FatFace and Joules. 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 short period of time between the put option window commencing and the call option window commencing. 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 budget 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 25 January 2025 total \u00a331.1m (2024: \u00a326.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-681": { "value": "18.\u2002Trade Payables and Other Liabilities
2025
2024
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
355.8
-
297.1
-
Amounts owed to associates and joint ventures
1.4
-
1.1
-
Refund liabilities
47.7
-
11.1
-
Other taxation and social security
123.0
-
133.4
-
Deferred revenue from the sale of gift cards
107.5
-
99.0
-
Share-based payment liability
0.2
0.2
-
0.2
Other creditors and accruals
441.1
11.3
450.1
11.5
1,076.7
11.5
991.8
11.7
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. Refund liabilities represent the potential liability the Group has to pay out associated with customer returns. In the prior year, the provision of cash returns of \u00a321.8m was included within customer receivables. In the current year, the provision for cash returns of \u00a326.6m has been reclassified into other creditors. Note that the prior year has not been restated on grounds of materiality. Other creditors and accruals do not bear interest. Within other creditors and accruals are staff related accruals \u00a375.7m (bonus, holiday pay and overtime) (2024: \u00a393.8m), warehouse and duty related accruals of \u00a3120.0m (2024: \u00a399.4m), property accruals \u00a338.3m (2024: \u00a348.0m), marketing accruals \u00a315.1m (2024: \u00a315.3m) and IT systems, utilities and deferred income on NEXT Unlimited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-646": { "value": "
20.\u2002Corporate Bonds
Balance Sheet value
Nominal value
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Corporate bond 3.000% repayable 2025
250.0
250.0
250.0
250.0
Corporate bond 4.375% repayable 2026
243.8
240.8
250.0
250.0
Corporate bond 3.625% repayable 2028
300.0
300.0
300.0
300.0
793.8
790.8
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:
2025
2024
Nominal Nominal
value Aggregate 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 30.
The fair value of the corporate bonds held on the Balance Sheet is as follows:
2025
2024
Carrying Carrying
amount Fair value amount Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
In hedging relationships
243.8
251.6
240.8
248.7
Not in hedging relationships
550.0
546.8
550.0
535.0
793.8
798.4
790.8
783.7
The fair value of corporate bonds is based on market values which includes accrued interest and changes in credit risk and interest rate risk.
The fair value is within Level 1 of the fair value hierarchy (refer to the Fair Value Hierarchy table in Note 29).
32.\u2002Analysis of Net Debt
Movements in net debt
27 January Net cash Fair value IFRS 16 25 January
2024 movements movements movements 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and short term deposits
188.3
12.1
-
-
200.4
Overdrafts and short term borrowings
(30.1)
1.0
-
-
(29.1)
Cash and cash equivalents
158.2
13.1
-
-
171.3
Bank loans
(33.9)
2.4
-
-
(31.5)
Loan notes
(24.2)
24.2
-
-
-
Corporate bonds
(790.8)
-
(3.0)
-
(793.8)
Fair value hedges on corporate bonds
(9.2)
-
3.0
-
(6.2)
Net debt excluding leases
(699.9)
39.7
-
-
(660.2)
Current lease liability
(167.8)
-
-
(3.0)
(170.8)
Non-current lease liability
(869.9)
-
-
26.3
(843.6)
(1,037.7)
-
-
23.3
(1,014.4)
Net debt including leases
(1,737.6)
39.7
-
23.3
(1,674.6)
In the current year, bank loans of \u00a333.9m has been separated out of the cash and cash equivalent subtotal and disclosed separately above.
Fair value movements: In relation to the corporate bonds, the movement of \u00a33.0m represents the movement in the fair value adjustment
arising through the application of hedge accounting. This offsets with an equal and opposite movement of \u00a33.0m in fair value hedges on
bonds. See Note 30 for further details.
At January 2025, there is unpaid interest on the Corporate bonds of \u00a316.0m (2024: \u00a316.4m) recognised within accruals.
IFRS 16: The movement in the lease liability, including the cash flows, is explained in Note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-647": { "value": "
21.\u2002Pension Benefits
The Group\u2019s UK pension arrangements include the following:
\u25cf The NEXT Group Pension Plan (the \u201cOriginal Plan\u201d)
\u25cf The 2013 NEXT Group Pension Plan (the \u201c2013 Plan\u201d)
\u25cf Legal & General Master Trust and the NEXT Supplemental Pension Arrangement (the \u201cSPA\u201d)
\u25cf NEXT contributes to the People\u2019s Pension which it uses for auto enrolment
\u25cf Reiss and FatFace operate separate defined contribution plans for their employees.
The Original Plan and the 2013 Plan are defined benefit schemes.
The trustee of the Original Plan and 2013 Plan is a limited company, NEXT Pension Trustees Limited (the \u201cTrustee\u201d). The Board of the Trustee
currently comprises six directors. Three of these are members of the 2013 Plan, and one director (the Chair) is independent and has no other
connection to NEXT. Two of these directors are member nominated directors and cannot be removed by NEXT. The other four directors,
including the independent director, are appointed by and can be removed by NEXT. All directors of the Trustee receive a fee for their services,
including those directors who are also employees of NEXT. No director of the Company is a director of the Trustee.
The Plans\u2019 investments are kept separate from the business of the NEXT Group and the Trustee holds them in separate trusts. Responsibility
for investment of the Plans\u2019 funds has been delegated to professional investment managers. Further details on each plan are set out below.
Defined benefit arrangements
The Original Plan
The Original Plan comprises predominantly of 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. 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 could 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. In March 2024, the 2013 Plan was closed to future accrual.
As at January 2025 more than 90% of the 2013 Plan assets consist of two insurance contracts:
\u25cf 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 25 January 2025 this buy-in policy has a value of \u00a351m (2024: \u00a355m) within the pension scheme assets.
\u25cf 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 25 January 2025 this buy-in policy has a value of \u00a3441m (2024: \u00a3476m) within the pension scheme
assets.
These insurance contracts provide members with enhanced security over their pension.
During the period 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 are now deferred members and their accrued pension will be
revalued each year on a basis linked to inflation and not ongoing service. As a result of this closure, a curtailment loss has been recognised of
\u00a314.1m in the period.
The 2013 Plan provides for contingent and dependants' pensions, along with guaranteed pension benefits upon death. All life assurance
benefits are handled through an excepted group life trust. In 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). Virgin Media case The Virgin Media case concerned the validity of amendments to defined benefit pension schemes, specifically whether actuarial confirmation was required for amendments to be valid. In light of the recent ruling we have reviewed all the relevant scheme changes and assessed the potential impact on the Next 2013 Plan and Original Plan. Having carefully considered the ruling and sought appropriate advice, the Company is satisfied that the schemes are not significantly impacted. The Company will continue to monitor relevant legal and regulatory developments. Defined contribution arrangements Legal and General Master Trust 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. Other The NEXT Group also operates an auto-enrolment scheme which is open to all employees to which employees contribute 5% of their pensionable earnings and the Group contributes 3%. Reiss and FatFace operate separate defined contribution plans for their employees. Principal risks As at January 2025, the Group held buy-in insurance contracts with Aviva, PIC and JUST. These insurance contracts provide the 2013 and the Original Plan with an income flow which materially offsets the principal risks usually expected in a DB scheme. For completeness the risks which are now mitigated by the insurance contract are set out below.
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.
Interest rate risk
A fall in corporate bond yields would increase the value of the liabilities.
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.
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.
As noted above each of the above risks has now been mitigated by the insurance contracts secured. The remaining risk relates to a potential insolvency or inability of the insurance company to meet its obligations. However, each insurer has a strong Balance Sheet and asset base with which to meet the obligations as they fall due.
Income statement
The components of the net defined benefit expense, recognised in the Consolidated Income Statement are as follows:
2025
2024
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
0.6
-
-
0.6
3.0
-
-
3.0
Past service cost
-
-
-
-
2.4
-
-
2.4
Curtailment loss
13.3
-
0.8
14.1
-
-
-
-
Net interest
(2.7)
(0.1)
0.4
(2.4)
(7.6) (0.1)
0.3
(7.4)
Administration costs
2.5
0.1
-
2.6
2.3
0.1
-
2.4
Net defined benefit expense
13.7
-
1.2
14.9
0.1
-
0.3
0.4
The curtailment loss has been recognised on the face of the Consolidated Income Statement as an exceptional item. All other components
have been recognised within administrative expenses.
Other comprehensive income
The components of the net defined benefit expense recognised in other comprehensive income are as follows:
2025
2024
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
-
2.6
0.2
2.8
(7.6)
(1.1)
(0.4)
(9.1)
experience
Actuarial gains due to liability
38.8
3.2
0.4
42.4
30.6
3.9
0.5
35.0
assumption changes
38.8
5.8
0.6
45.2
23.0
2.8
0.1
25.9
Return on plan assets less than discount
(53.0)
(6.0)
-
(59.0)
(126.5)
(3.0)
-
(129.5)
rate
Actuarial gains/(losses) recognised in
other comprehensive income
(14.2)
(0.2)
0.6
(13.8)
(103.5)
(0.2)
0.1
(103.6)
Balance Sheet valuation
The net defined benefit pension asset recognised in the Consolidated Balance Sheet is analysed as follows:
2025
2024
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
(498.1)
(81.0) (7.4) (586.5)
(512.7)
(89.5)
(6.9)
(609.1)
Fair value of plan assets
535.3
82.0
-
617.3
577.7
90.7
-
668.4
Net pension asset
37.2
1.0
(7.4)
30.8
65.0
1.2
(6.9)
59.3
The surplus in the scheme has moved from \u00a359.3m as at January 2024 to \u00a330.8m as at January 2025, mainly due to the curtailment loss
recognised in the year.
A net asset has been recognised as the Trust Deeds of the Original and 2013 Plans provide the Group with an unconditional right to a refund
assuming the gradual settlement of the Plans\u2019 liabilities over time until all members have left the Plans.
Plan obligations Changes in the present value of defined benefit pension obligations are analysed as follows:
2025
2024
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening obligation
512.7
89.5
6.9
609.1
521.1
95.2
6.8
623.1
Current service cost
0.6
-
-
0.6
3.0
-
-
3.0
Past service cost
-
-
-
-
2.4
-
-
2.4
Curtailment loss
13.3
-
0.8
14.1
-
-
-
-
Interest cost
25.7
4.3
0.4
30.4
23.7
4.2
0.3
28.2
Employee contributions
-
-
-
-
0.1
-
-
0.1
Benefits paid
(15.4)
(7.0)
(0.1)
(22.5)
(14.6)
(7.1)
(0.1)
(21.8)
Actuarial (gains)/losses
- financial assumptions
(25.2)
(3.2)
(0.4)
(28.8)
(19.5)
(3.9)
(0.4)
(23.8)
- experience
-
(2.6)
(0.2)
(2.8)
7.6
1.1
0.4
9.1
- demographic assumptions
(13.6)
-
-
(13.6)
(11.1)
-
(0.1)
(11.2)
Closing obligation
498.1
81.0
7.4
586.5
512.7
89.5
6.9
609.1
The present value of the defined benefit closing obligation of \u00a3586.5m (2024: \u00a3609.1m) was approximately 0% (2024: 20%) relating to active participants (due to closure of the 2013 Plan and SPA to future accrual during the year), 65% (2024: 43%) relating to deferred participants and 35% (2024: 37%) relating to pensioners. Plan assets Changes in the fair value of defined benefit pension assets were as follows:
2025
2024
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening assets
577.7
90.7
-
668.4
684.0
96.6
-
780.6
Employer contributions
0.1
-
0.1
0.2
5.7
-
0.1
5.8
Employee contributions
-
-
-
-
0.1
-
-
0.1
Benefits paid
(15.4)
(7.0)
(0.1)
(22.5)
(14.6)
(7.1)
(0.1)
(21.8)
Interest income on assets
28.4
4.4
-
32.8
31.3
4.3
-
35.6
Return on plan assets (excluding
amounts included in interest)
(53.0)
(6.0)
-
(59.0)
(126.5)
(3.0)
-
(129.5)
Administrative costs
(2.5)
(0.1)
-
(2.6)
(2.3)
(0.1)
-
(2.4)
Closing assets
535.3
82.0
-
617.3
577.7
90.7
-
668.4
The fair value of defined benefit plan assets was as follows:
2025
2024
2013 Original 2013 Original
Plan Plan Total Plan Plan Total
\u00a3m \u00a3m
\u00a3m
%
\u00a3m \u00a3m
\u00a3m
%
Gilts
21.6
1.2
22.8
3.7
-
1.4
1.4
0.2
Insurance contracts
492.2
80.8
573.0
92.8
531.4
89.3
620.7
92.9
Cash and cash equivalents
21.5
-
21.5
3.5
46.3
-
46.3
6.9
535.3
82.0
617.3
100.0
577.7
90.7
668.4
100.0
The fair values of the gilts are determined based on quoted prices in active markets.
Principal assumptions
The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at January 2025 using
the projected unit credit method. The principal actuarial assumptions used in the valuation were as follows:
2025
2024
Original 2013 and Original 2013 and
Plan SPA Plan SPA
Discount rate
5.55%
5.55%
5.00%
5.00%
Inflation - RPI
3.50%
3.10%
3.30%
2.95%
Inflation - CPI
2.50%
2.85%
2.30%
2.65%
Salary increases
n/a
n/a
n/a
n/a
Pension increases in payment
- RPI with a maximum of 5.0%
3.25%
2.95%
3.10%
2.80%
- RPI with a maximum of 2.5% and discretionary increases
2.10%
1.95%
2.05%
1.90%
2025
2024
Pensioner Non-pensioner Pensioner Non-pensioner
aged 65 aged 45 aged 65 aged 45
Life expectancy at age 65 (years)
- Male
21.2
22.7
21.3
22.8
- Female
23.3
25.2
23.2
25.2
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 13 years and the
2013 Plan is 15 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 2023) with a long term trend towards 1.5% per annum and a smoothing factor of 7.0.
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
\u00a339.8m increase
\u00a341.0m increase
Price inflation
0.5% increase to RPI and CPI
\u00a325.1m increase
\u00a326.0m increase
Price inflation
0.1% decrease to CPI (i.e. increase in the gap between RPI and CPI)
\u00a31.4m decrease
\u00a31.5m decrease
Mortality
Life expectancy increased by one year
\u00a311.6m 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 were the 2013 Plan Actuary to the Trustees at the time (LCP were recently appointed as Plan Actuary). The valuation showed a funding surplus on a Technical Provisions basis required by legislation of 114.1% or \u00a385.4m at that date. In March 2024, the 2013 Plan was closed to future accrual. Following this, no further contributions have been made into the Plan. The next actuarial valuation is due as at 30 September 2025. Contributions The 2013 Plan closed to future accrual on 31 March 2024, therefore pension contributions ceased from 1 April 2024. Contributions paid by the Group (including salary sacrifice contributions) during the year are set out below:
2025 2024
\u00a3m \u00a3m
Defined contribution
26.3
20.0
Automatic enrolment
29.2
21.4
Defined benefit
0.2
0.7
55.7
42.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-682": { "value": "Defined benefit arrangements The Original Plan The Original Plan comprises predominantly of 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. 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 could 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. In March 2024, the 2013 Plan was closed to future accrual. As at January 2025 more than 90% of the 2013 Plan assets consist of two insurance contracts: \u25cf 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 25 January 2025 this buy-in policy has a value of \u00a351m (2024: \u00a355m) within the pension scheme assets. \u25cf 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 25 January 2025 this buy-in policy has a value of \u00a3441m (2024: \u00a3476m) within the pension scheme assets. These insurance contracts provide members with enhanced security over their pension. During the period 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 are now deferred members and their accrued pension will be revalued each year on a basis linked to inflation and not ongoing service. As a result of this closure, a curtailment loss has been recognised of \u00a314.1m in the period. The 2013 Plan provides for contingent and dependants' pensions, along with guaranteed pension benefits upon death. All life assurance benefits are handled through an excepted group life trust. In 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).
Virgin Media case
The Virgin Media case concerned the validity of amendments to defined benefit pension schemes, specifically whether actuarial confirmation
was required for amendments to be valid. In light of the recent ruling we have reviewed all the relevant scheme changes and assessed the
potential impact on the Next 2013 Plan and Original Plan. Having carefully considered the ruling and sought appropriate advice, the Company
is satisfied that the schemes are not significantly impacted. The Company will continue to monitor relevant legal and regulatory
developments.
Principal risks
As at January 2025, the Group held buy-in insurance contracts with Aviva, PIC and JUST. These insurance contracts provide the 2013 and the
Original Plan with an income flow which materially offsets the principal risks usually expected in a DB scheme. For completeness the risks
which are now mitigated by the insurance contract are set out below.
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.
Interest rate risk
A fall in corporate bond yields would increase the value of the liabilities.
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.
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.
As noted above each of the above risks has now been mitigated by the insurance contracts secured. The remaining risk relates to a potential
insolvency or inability of the insurance company to meet its obligations. However, each insurer has a strong Balance Sheet and asset base
with which to meet the obligations as they fall due.
Income statement The components of the net defined benefit expense, recognised in the Consolidated Income Statement are as follows:
2025
2024
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
0.6
-
-
0.6
3.0
-
-
3.0
Past service cost
-
-
-
-
2.4
-
-
2.4
Curtailment loss
13.3
-
0.8
14.1
-
-
-
-
Net interest
(2.7)
(0.1)
0.4
(2.4)
(7.6) (0.1)
0.3
(7.4)
Administration costs
2.5
0.1
-
2.6
2.3
0.1
-
2.4
Net defined benefit expense
13.7
-
1.2
14.9
0.1
-
0.3
0.4
The curtailment loss has been recognised on the face of the Consolidated Income Statement as an exceptional item. All other components have been recognised within administrative expenses. Other comprehensive income The components of the net defined benefit expense recognised in other comprehensive income are as follows:
2025
2024
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
-
2.6
0.2
2.8
(7.6)
(1.1)
(0.4)
(9.1)
experience
Actuarial gains due to liability
38.8
3.2
0.4
42.4
30.6
3.9
0.5
35.0
assumption changes
38.8
5.8
0.6
45.2
23.0
2.8
0.1
25.9
Return on plan assets less than discount
(53.0)
(6.0)
-
(59.0)
(126.5)
(3.0)
-
(129.5)
rate
Actuarial gains/(losses) recognised in
other comprehensive income
(14.2)
(0.2)
0.6
(13.8)
(103.5)
(0.2)
0.1
(103.6)
Balance Sheet valuation The net defined benefit pension asset recognised in the Consolidated Balance Sheet is analysed as follows:
2025
2024
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
(498.1)
(81.0) (7.4) (586.5)
(512.7)
(89.5)
(6.9)
(609.1)
Fair value of plan assets
535.3
82.0
-
617.3
577.7
90.7
-
668.4
Net pension asset
37.2
1.0
(7.4)
30.8
65.0
1.2
(6.9)
59.3
The surplus in the scheme has moved from \u00a359.3m as at January 2024 to \u00a330.8m as at January 2025, mainly due to the curtailment loss recognised in the year. A net asset has been recognised as the Trust Deeds of the Original and 2013 Plans provide the Group with an unconditional right to a refund assuming the gradual settlement of the Plans\u2019 liabilities over time until all members have left the Plans.
Plan obligations
Changes in the present value of defined benefit pension obligations are analysed as follows:
2025
2024
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening obligation
512.7
89.5
6.9
609.1
521.1
95.2
6.8
623.1
Current service cost
0.6
-
-
0.6
3.0
-
-
3.0
Past service cost
-
-
-
-
2.4
-
-
2.4
Curtailment loss
13.3
-
0.8
14.1
-
-
-
-
Interest cost
25.7
4.3
0.4
30.4
23.7
4.2
0.3
28.2
Employee contributions
-
-
-
-
0.1
-
-
0.1
Benefits paid
(15.4)
(7.0)
(0.1)
(22.5)
(14.6)
(7.1)
(0.1)
(21.8)
Actuarial (gains)/losses
- financial assumptions
(25.2)
(3.2)
(0.4)
(28.8)
(19.5)
(3.9)
(0.4)
(23.8)
- experience
-
(2.6)
(0.2)
(2.8)
7.6
1.1
0.4
9.1
- demographic assumptions
(13.6)
-
-
(13.6)
(11.1)
-
(0.1)
(11.2)
Closing obligation
498.1
81.0
7.4
586.5
512.7
89.5
6.9
609.1
The present value of the defined benefit closing obligation of \u00a3586.5m (2024: \u00a3609.1m) was approximately 0% (2024: 20%) relating to active
participants (due to closure of the 2013 Plan and SPA to future accrual during the year), 65% (2024: 43%) relating to deferred participants
and 35% (2024: 37%) relating to pensioners.
Plan assets
Changes in the fair value of defined benefit pension assets were as follows:
2025
2024
2013 Original 2013 Original
Plan Plan SPA Total Plan Plan SPA Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening assets
577.7
90.7
-
668.4
684.0
96.6
-
780.6
Employer contributions
0.1
-
0.1
0.2
5.7
-
0.1
5.8
Employee contributions
-
-
-
-
0.1
-
-
0.1
Benefits paid
(15.4)
(7.0)
(0.1)
(22.5)
(14.6)
(7.1)
(0.1)
(21.8)
Interest income on assets
28.4
4.4
-
32.8
31.3
4.3
-
35.6
Return on plan assets (excluding
amounts included in interest)
(53.0)
(6.0)
-
(59.0)
(126.5)
(3.0)
-
(129.5)
Administrative costs
(2.5)
(0.1)
-
(2.6)
(2.3)
(0.1)
-
(2.4)
Closing assets
535.3
82.0
-
617.3
577.7
90.7
-
668.4
The fair value of defined benefit plan assets was as follows:
2025
2024
2013 Original 2013 Original
Plan Plan Total Plan Plan Total
\u00a3m \u00a3m
\u00a3m
%
\u00a3m \u00a3m
\u00a3m
%
Gilts
21.6
1.2
22.8
3.7
-
1.4
1.4
0.2
Insurance contracts
492.2
80.8
573.0
92.8
531.4
89.3
620.7
92.9
Cash and cash equivalents
21.5
-
21.5
3.5
46.3
-
46.3
6.9
535.3
82.0
617.3
100.0
577.7
90.7
668.4
100.0
The fair values of the gilts are determined based on quoted prices in active markets.
Principal assumptions The IAS 19 (accounting) valuation of the defined benefit obligation was undertaken by an external qualified actuary as at January 2025 using the projected unit credit method. The principal actuarial assumptions used in the valuation were as follows:
2025
2024
Original 2013 and Original 2013 and
Plan SPA Plan SPA
Discount rate
5.55%
5.55%
5.00%
5.00%
Inflation - RPI
3.50%
3.10%
3.30%
2.95%
Inflation - CPI
2.50%
2.85%
2.30%
2.65%
Salary increases
n/a
n/a
n/a
n/a
Pension increases in payment
- RPI with a maximum of 5.0%
3.25%
2.95%
3.10%
2.80%
- RPI with a maximum of 2.5% and discretionary increases
2.10%
1.95%
2.05%
1.90%
2025
2024
Pensioner Non-pensioner Pensioner Non-pensioner
aged 65 aged 45 aged 65 aged 45
Life expectancy at age 65 (years)
- Male
21.2
22.7
21.3
22.8
- Female
23.3
25.2
23.2
25.2
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 13 years and the 2013 Plan is 15 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 2023) with a long term trend towards 1.5% per annum and a smoothing factor of 7.0. 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
\u00a339.8m increase
\u00a341.0m increase
Price inflation
0.5% increase to RPI and CPI
\u00a325.1m increase
\u00a326.0m increase
Price inflation
0.1% decrease to CPI (i.e. increase in the gap between RPI and CPI)
\u00a31.4m decrease
\u00a31.5m decrease
Mortality
Life expectancy increased by one year
\u00a311.6m 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 were the 2013 Plan Actuary to the Trustees
at the time (LCP were recently appointed as Plan Actuary). The valuation showed a funding surplus on a Technical Provisions basis required
by legislation of 114.1% or \u00a385.4m at that date.
In March 2024, the 2013 Plan was closed to future accrual. Following this, no further contributions have been made into the Plan.
The next actuarial valuation is due as at 30 September 2025.
Contributions
The 2013 Plan closed to future accrual on 31 March 2024, therefore pension contributions ceased from 1 April 2024.
Contributions paid by the Group (including salary sacrifice contributions) during the year are set out below:
2025 2024
\u00a3m \u00a3m
Defined contribution
26.3
20.0
Automatic enrolment
29.2
21.4
Defined benefit
0.2
0.7
55.7
42.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-683": { "value": "
Defined contribution arrangements
Legal and General Master Trust
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.
Other
The NEXT Group also operates an auto-enrolment scheme which is open to all employees to which employees contribute 5% of their
pensionable earnings and the Group contributes 3%.
Reiss and FatFace operate separate defined contribution plans for their employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-648": { "value": "
22.\u2002Provisions
2025 2024
\u00a3m \u00a3m
At the beginning of the year
52.4
33.8
Arising from acquisitions
-
13.1
Provisions made in the year
7.9
9.2
Utilisation of provisions
(1.2)
(4.1)
Release of provision
(3.6)
(0.1)
Unwind of discount
0.2
0.5
At the end of the year
55.7
52.4
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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-684": { "value": "
23.\u2002Share Capital
2025 2024 2025 2024
Shares '000 Shares '000 \u00a3m \u00a3m
Allocated, called up and fully paid
Ordinary shares of 10p each
At the start of the year
127,424
129,263
12.7
12.9
Issued in the year
-
746
-
0.1
Purchased for cancellation in the year
(3,781)
(2,585)
(0.3)
(0.3)
123,643
127,424
12.4
12.7
The table below shows the movements in equity from share purchases and commitments during the year:
2025
2024
Shares Cost Shares Cost
'000 \u00a3m '000 \u00a3m
Shares issued in the year
-
-
(746)
(53.4)
Shares purchased for cancellation in the year
3,781
360.2
2,585
177.3
Amount shown in Statement of Changes in Equity
360.2
123.9
During the prior year, 745,912 new ordinary shares were issued as part consideration for the acquisition of Fatface (see Note 35 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 prior year end.
Subsequent to the end of the financial year, the Group entered into an irrevocable share purchase agreement with a total commitment value
of \u00a345.0m. As at 26 March 2025, none of the commitment was outstanding.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-649": { "value": "23.\u2002Share Capital
2025 2024 2025 2024
Shares '000 Shares '000 \u00a3m \u00a3m
Allocated, called up and fully paid
Ordinary shares of 10p each
At the start of the year
127,424
129,263
12.7
12.9
Issued in the year
-
746
-
0.1
Purchased for cancellation in the year
(3,781)
(2,585)
(0.3)
(0.3)
123,643
127,424
12.4
12.7
The table below shows the movements in equity from share purchases and commitments during the year:
2025
2024
Shares Cost Shares Cost
'000 \u00a3m '000 \u00a3m
Shares issued in the year
-
-
(746)
(53.4)
Shares purchased for cancellation in the year
3,781
360.2
2,585
177.3
Amount shown in Statement of Changes in Equity
360.2
123.9
During the prior year, 745,912 new ordinary shares were issued as part consideration for the acquisition of Fatface (see Note 35 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 prior year end. Subsequent to the end of the financial year, the Group entered into an irrevocable share purchase agreement with a total commitment value of \u00a345.0m. As at 26 March 2025, none of the commitment was outstanding. 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.
27.\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 26.
As at 25 January 2025, the ESOT held 6,238,649 (2024: 6,163,671) ordinary shares of 10p each in the Company, the market value of which
amounted to \u00a3582.7m (2024: \u00a3524.4m). Details of outstanding share awards and options are shown in Note 26.
The consideration paid for the ordinary shares of 10p each in the Company held by the ESOT at 25 January 2025 and 27 January 2024 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:
2025
2024
Shares Shares
'000
\u00a3m
'000
\u00a3m
Shares purchased by ESOT in the year
1,382
126.8
1,713
116.3
Shares issued in respect of employee share schemes
1,307
69.7
2,019
94.0
Exercises in the year totalled \u00a376.6m (2024: \u00a397.8m) on Management and Sharesave options. The amount shown in the Statement of
Changes in Equity of \u00a369.7m (2024: \u00a394.0m) 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 \u00a386.4m (2024: \u00a3125.7m).
During the year, \u00a35.0m of ESOT purchases were used to part fund the acquisition of additional equity from a non-controlling interest in a
Group company.
As at 26 March 2025, 80,742 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-685": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-650": { "value": "
25.\u2002Non-controlling Interests
The non-controlling interest in respect of Pink Holdco Limited is considered to be a material non-controlling interest. Pink Holdco is the
parent company within the Reiss group (hereafter \u201cReiss\u201d). Its principal place of business is the UK. During the year NEXT exercised a call
option, increasing its equity interest by 2%. The non-controlling interest holds 26% (2024: 28%) of the ownership interest. Summarised
financial information in respect of Reiss is set out below. The financial information in this note represents amounts before intragroup
eliminations.
Summary Balance Sheet
Reiss
2025 2024
\u00a3m \u00a3m
Non-current assets
536.0
549.6
Current assets
137.7
141.1
Current liabilities
(116.1)
(108.1)
Non-current liabilities
(113.0)
(137.1)
Net assets
444.6
445.5
Equity attributable to owners of parent company
328.5
321.1
Non-controlling interest
116.1
124.4
444.6
445.5
Summary Statement of Comprehensive Income
Reiss
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Revenue
370.4
137.4
Profit after tax for the period
28.2
12.8
Other comprehensive income
-
-
Total comprehensive income
28.2
12.8
Profit attributable to non-controlling interest
7.5
3.6
Dividends paid to non-controlling interest
7.8
-
Reiss became a subsidiary of the Group from September 2023, therefore the comparative period relates to the financial performance
post-acquisition only.
Summary cash flows
Reiss
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Cash flow from operating activities
62.3
32.6
Cash flow from investing activities
(30.5)
(2.7)
Cash flow from financing activities
(51.3)
(8.1)
Net (decrease)/increase in cash and cash equivalents
(19.5)
21.8
Reiss became a subsidiary of the Group from September 2023, therefore the comparative period relates to the cash flows generated
post-acquisition only.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-651": { "value": "
26.\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 for 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:
2025
2024
Weighted Weighted
No. of average No. of average exercise
options exercise price options price
Outstanding at beginning of year
6,047,428
\u00a358.29
6,390,332
\u00a354.04
Granted
1,494,874
\u00a388.42
1,912,941
\u00a363.24
Exercised
(1,160,187)
\u00a365.41
(1,971,039)
\u00a349.92
Forfeited
(229,598)
\u00a359.43
(284,806)
\u00a354.02
Outstanding at end of year
6,152,517
\u00a364.23
6,047,428
\u00a358.29
Exercisable at end of year
791,723
\u00a359.30
1,061,154
\u00a351.43
Options were exercised on a regular basis throughout the year and the weighted average share price during this period was \u00a393.70 (2024:
\u00a372.95). Options outstanding at 25 January 2025 are exercisable at prices ranging between \u00a338.69 and \u00a389.86 (2024: \u00a338.69 and \u00a380.64) and
have a weighted average remaining contractual life of 6.3 years (2024: 6.3 years), as analysed in the table below:
2025
2024
Weighted Weighted
average average
remaining remaining
No. of contractual life No. of contractual life
Exercise price range options (years) options (years)
\u00a338.69-\u00a341.09
961,562
1.8
1,074,356
2.8
\u00a343.48-\u00a358.50
798,909
3.5
1,252,595
4.5
\u00a359.20-\u00a361.86
1,248,599
7.2
1,307,884
8.2
\u00a364.50
1,399,628
8.2
1,469,433
9.2
\u00a364.53-\u00a389.86
1,743,819
7.8
943,160
5.7
6,152,517
6.3
6,047,428
6.3
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. Participants are entitled to receive ordinary and special dividend accruals on any
awards vesting under the SMP.
The Remuneration Committee\u2019s policy is to set performance measures by reference to underlying fully diluted pre-tax EPS but the Committee
has flexibility to use different measures. Under the formulae, a notional adjustment is made to actual EPS achieved for special dividends, on
the basis that the cash distributed had instead been used to purchase shares at the prevailing share price on the day of the special dividend
payment.
The following table summarises the movements in nil cost SMP options during the year:
2025 2024
No. of No. of
options options
Outstanding at beginning of year
28,202
31,698
Granted
13,174
7,980
Dividend accrual awarded in the year
-
868
Exercised
-
(10,672)
Forfeited
(3,840)
(1,672)
Outstanding at end of year
37,536
28,202
Exercisable at end of year
-
-
The weighted average remaining contractual life of these options is 8.2 years (2024: 8.5 years). During the year ending 25 January 2025 no
SMP options were exercised. 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.
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:
2025 2024
No. of No. of
awards awards
Outstanding at beginning of year
559,691
530,083
Granted
195,844
232,517
Dividend accrual awarded in the year
14,376
8,256
Vested
(157,212)
(105,877)
Forfeited
(51,573)
(105,288)
Outstanding at end of year
561,126
559,691
The weighted average remaining contractual life of these options is 1.4 years (2024: 1.5 years).
Put and call options
Share options are in place for the management teams of Reiss, FatFace and Joules. These are cash-settled schemes. The expense recognised
in the year was \u00a30.3m. See Note 19 for further details.
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 25
January 2025 and 27 January 2024 based on information at the date of grant:
Management share options
2025
2024
Share price at date of grant
\u00a389.86
\u00a364.50
Exercise price
\u00a389.86
\u00a364.50
Volatility
33.17%
38.90%
Expected life
4 years
4 years
Risk free rate
4.16%
3.43%
Dividend yield
2.29%
2.99%
Weighted average fair value per option
\u00a323.62
\u00a317.67
Sharesave plans
2025
2024
Share price at date of grant
\u00a3101.00
\u00a373.12
Exercise price
\u00a380.80
\u00a358.50
Volatility
31.75%
33.53%
Expected life
3.2 years
3.2 years
Risk free rate
3.81%
4.78%
Dividend yield
2.05%
2.82%
Weighted average fair value per option
\u00a332.28
\u00a323.57
Share Matching Plan
2025
2024
Share price at date of grant
\u00a390.42
\u00a366.02
Exercise price
Nil
Nil
Volatility
31.56%
35.53%
Expected life
3 years
3 years
Risk free rate
4.28%
3.67%
Dividend yield
Nil
Nil
Weighted average fair value per option
\u00a390.42
\u00a366.02
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's 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 25 January 2025 and 27 January 2024 based on information at
the date of grant:
LTIP awards
2025
2024
Grant date
March
September
March
September
Share price at date of grant
\u00a391.92
\u00a399.76
\u00a365.40
\u00a372.98
Award price
Nil
Nil
Nil
Nil
Volatility
28.48%
28.00%
35.22%
29.88%
Life of award
3 years
3 years
3 years
3 years
Risk free rate
3.89%
3.68%
3.47%
4.48%
Dividend yield
0.00%
0.00%
0.00%
0.00%
Fair value per award
\u00a338.32
\u00a342.99
\u00a330.38
\u00a331.81
For 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-686": { "value": "27.\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 26. As at 25 January 2025, the ESOT held 6,238,649 (2024: 6,163,671) ordinary shares of 10p each in the Company, the market value of which amounted to \u00a3582.7m (2024: \u00a3524.4m). Details of outstanding share awards and options are shown in Note 26. The consideration paid for the ordinary shares of 10p each in the Company held by the ESOT at 25 January 2025 and 27 January 2024 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:
2025
2024
Shares Shares
'000
\u00a3m
'000
\u00a3m
Shares purchased by ESOT in the year
1,382
126.8
1,713
116.3
Shares issued in respect of employee share schemes
1,307
69.7
2,019
94.0
Exercises in the year totalled \u00a376.6m (2024: \u00a397.8m) on Management and Sharesave options. The amount shown in the Statement of Changes in Equity of \u00a369.7m (2024: \u00a394.0m) 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 \u00a386.4m (2024: \u00a3125.7m). During the year, \u00a35.0m of ESOT purchases were used to part fund the acquisition of additional equity from a non-controlling interest in a Group company. As at 26 March 2025, 80,742 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-706": { "value": "
28.\u2002Financial Instruments: Categories
2025 2024
\u00a3m \u00a3m
Financial assets
Derivatives not designated as hedging instruments
1.2
0.7
Derivatives designated as hedging instruments
30.5
6.9
Customer and other receivables at amortised cost
(1)
1,439.2
1,388.6
Cash, short term deposits (note 16)
200.4
188.3
Preference shares at amortised cost
2.2
2.0
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
(2.8)
(5.9)
Derivatives designated as hedging instruments
(13.5)
(24.2)
Lease liabilities at amortised cost
(1,014.4)
(1,037.7)
Interest bearing loans and borrowings:
Corporate bonds at amortised cost adjusted for the fair value changes attributable to the risk being
hedged
(793.8)
(790.8)
Bank loans and overdrafts at amortised cost
(60.6)
(88.2)
Put and call options over non-controlling interests
(31.1)
(26.1)
Trade and other payables at amortised cost
(2)
(825.4)
(740.5)
(1) Prepayments of \u00a368.3m (2024: \u00a363.6m) and other debtors of \u00a30.8m (2024: \u00a30.5m) do not meet the definition of a financial instrument.
(2) Other taxation and social security payables of \u00a3123.0m (2024: \u00a3133.4m), deferred income of \u00a3107.5m (2024: \u00a399.0m), share-based payment liabilities of
\u00a30.4m (2024: \u00a30.2m) and other creditors of \u00a331.9m (2024: \u00a330.5m) do not meet the definition of a financial instrument.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-687": { "value": "
29.\u2002Financial Instruments: Fair Values
The fair values of each category of the Group\u2019s financial instruments are based on the following assumptions:
Customer receivables
The fair value has been calculated based on future cash flows discounted at an appropriate
rate for the risk of the debt. See Note 14 for further details.
Other trade receivables, trade payables, short
term deposits, bank loans and overdrafts
instruments.
Corporate bonds
The fair value is the market value which includes accrued interest and change in credit risk
and interest rate risk. See Note 20 for further details.
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 to the net assets of the investment given no observable market
rates at the reporting date.
Bank loans - non-current
The
fair value
of
bank loans and other borrowings approximates to 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 which also equates to the carrying value. See Note 19 for details.
The fair value approximates to the carrying amount because of the short maturity of these
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
Corporate bonds, Money Market value includes accrued interest and change in credit
markets for identical assets Market Funds
risk and interest rate risk, and is therefore different to the
or liabilities reported carrying amounts.
Level 2
Inputs other than quoted
Derivative financial
Valuation
techniques
include
forward
pricing
and
swap
prices included within Level instruments
models using net present value calculation of future cash
1 that are observable for the
flows. The model inputs include the foreign exchange spot
asset or liability, either
and forward rates, yield curves of the respective currencies,
directly (i.e. as prices) or
currency basis spreads between the respective currencies,
indirectly (i.e. derived from commodity price indices and interest rate curves.
prices)
Level 3
Inputs for the asset or
Non-listed equity
The fair value of these non-listed equity investments has been
liability that are not based on
instruments at fair value
estimated using a discounted cash flow model.
observable market data
through OCI and Put and Call
(unobservable market data)
options at fair value through
The fair value of the put and call options have been estimated
other equity
using a formula 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-707": { "value": "29.\u2002Financial Instruments: Fair Values
The fair values of each category of the Group\u2019s financial instruments are based on the following assumptions:
Customer receivables
The fair value has been calculated based on future cash flows discounted at an appropriate
rate for the risk of the debt. See Note 14 for further details.
Other trade receivables, trade payables, short
term deposits, bank loans and overdrafts
instruments.
Corporate bonds
The fair value is the market value which includes accrued interest and change in credit risk
and interest rate risk. See Note 20 for further details.
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 to the net assets of the investment given no observable market
rates at the reporting date.
Bank loans - non-current
The
fair value
of
bank loans and other borrowings approximates to 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 which also equates to the carrying value. See Note 19 for details.
The fair value approximates to the carrying amount because of the short maturity of these 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
Corporate bonds, Money Market value includes accrued interest and change in credit
markets for identical assets Market Funds
risk and interest rate risk, and is therefore different to the
or liabilities reported carrying amounts.
Level 2
Inputs other than quoted
Derivative financial
Valuation
techniques
include
forward
pricing
and
swap
prices included within Level instruments
models using net present value calculation of future cash
1 that are observable for the
flows. The model inputs include the foreign exchange spot
asset or liability, either
and forward rates, yield curves of the respective currencies,
directly (i.e. as prices) or
currency basis spreads between the respective currencies,
indirectly (i.e. derived from commodity price indices and interest rate curves.
prices)
Level 3
Inputs for the asset or
Non-listed equity
The fair value of these non-listed equity investments has been
liability that are not based on
instruments at fair value
estimated using a discounted cash flow model.
observable market data
through OCI and Put and Call
(unobservable market data)
options at fair value through
The fair value of the put and call options have been estimated
other equity
using a formula 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-688": { "value": "30.\u2002Financial 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: \u25cf Liquidity risk \u25cf Interest rate risk \u25cf Foreign currency risk \u25cf Commodity price risk \u25cf Credit risk \u25cf 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 year 1 to 2 years 2 to 5 years Over 5 years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans and overdrafts
61.1
-
-
-
61.1
Lease liabilities
210.9
177.6
369.8
711.6
1,469.9
Trade and other payables
793.3
2.8
-
-
796.1
Corporate bonds
279.3
271.8
321.8
-
872.9
Put and call options
-
8.6
33.1
-
41.7
1,344.6
460.8
724.7
711.6
3,241.7
Derivatives: net settled
4.6
3.5
-
-
8.1
Derivatives: gross settled
Cash inflows
(1,792.1)
-
-
-
(1,792.1)
Cash outflows
1,760.0
-
-
-
1,760.0
Total cash flows
1,317.1
464.3
724.7
711.6
3,217.7
Less than
1 year 1 to 2 years 2 to 5 years Over 5 years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans and overdrafts
37.6
29.4
-
-
67.0
Lease liabilities
205.7
175.9
366.1
735.0
1,482.7
Trade and other payables
703.8
2.8
-
-
706.6
Corporate bonds
29.3
279.3
593.6
-
902.2
Loan notes
23.6
0.6
-
-
24.2
Put and call options
-
-
26.1
-
26.1
1,000.0
488.0
985.8
735.0
3,208.8
Derivatives: net settled
6.4
3.3
2.0
-
11.7
Derivatives: gross settled
Cash inflows
(1,241.2)
-
-
-
(1,241.2)
Cash outflows
1,250.0
-
-
-
1,250.0
Total cash flows
1,015.2
491.3
987.8
735.0
3,229.3
Within lease liabilities greater than 5 years are leases on stores with cash flows in years 5-10 of \u00a3116.5m (2024: \u00a3153.0m) and more than 10 years of \u00a317.6m (2024: \u00a327.8m). The lease liabilities greater than 5 years on warehouses and head office premises with cash flows in years 5-10 are \u00a3171.1m (2024: \u00a3146.3m) and more than 10 years of \u00a3406.4m (2024: \u00a3407.9m). As at 25 January 2025, the Group had borrowing facilities of \u00a3425.0m (2024: \u00a3425.0m) committed until June 2029 (2024: June 2028), in respect of which all conditions precedent have been met. \u00a3nil of the facilities were drawn down as at January 2025 (2024: \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: \u25cf Different interest rate curve applied to discount the hedged item and the hedging instrument. \u25cf Differences in timing of cash flows of the hedged item and hedging instrument. \u25cf 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:
2025 2024
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(8.0)
(11.3)
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:
2025
2024
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
Notional Carrying ineffectiveness
amount amount* in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Interest rate swaps - liabilities
Other financial liabilities
250.0
(6.2)
(3.0)
At 27 January 2024
Interest rate swaps - liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
* Other financial liabilities also includes \u00a31.8m of interest payable (2024: \u00a32.1m interest payable) 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:
The ineffectiveness recognised in the Income Statement for the period ended 25 January 2025 was \u00a3nil (2024: \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 31.
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:
\u25cf Differences in the timing of the cash flows of the hedged items and the hedging instruments.
\u25cf Different indices (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments.
\u25cf The counterparties\u2019 credit risk differently impacts the fair value movements of the hedging instruments and hedged items.
\u25cf Changes to the forecasted amount of cash flows of hedged items and hedging instruments.
The fair values of foreign exchange derivatives are as follows:
2025 2024
\u00a3m \u00a3m
Derivatives in designated hedging relationships
25.4
(6.5)
Other foreign exchange derivatives not designated in hedging relationships
(1.6)
(5.2)
Total foreign exchange derivatives
23.8
(11.7)
Changes in fair
value used for
Accumulated measuring
Carrying fair value ineffectiveness
amount adjustments in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Fixed-rate borrowings
Corporate bonds
250.0
(6.2)
(3.0)
At 27 January 2024
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
Derivatives designated in hedging relationships at 25 January 2025:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
684.7
281.7
-
966.4
Average GBP: USD contract rate
1.28
1.28
-
1.28
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
73.8
81.6
-
155.4
Average GBP: EURO contract rate
1.14
1.16
-
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
144.5
47.1
-
191.6
Average GBP: Other contract rate
Various currencies*
* 10 currencies are hedged, which are individually not material to the financial statements.
Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
-
938.5
Average GBP: USD contract rate
1.26
1.28
-
1.26
EURO (highly probable forecast purchases)
(1)
Notional amount (in \u00a3m)
45.0
-
-
45.0
Average GBP: EURO contract rate
1.16
-
-
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
-
50.8
Average GBP: EURO contract rate
1.14
1.14
-
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
-
-
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies were hedged, which are individually not material to the financial statements.
(1) Note that in the prior year, there was significant Euro denominated capital expenditure, therefore the prior year comparative table shows additiona l
disclosure for Euro purchases.
The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair
value used for
measuring
Notional Carrying ineffectiveness
amount amount in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Foreign exchange contracts
Other financial assets
1,124.9
30.5
52.8
Foreign exchange contracts
Other financial liabilities
358.6
(5.2)
(33.0)
At 27 January 2024
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
The impact of the hedged items on the Balance Sheet is as follows:
25 January 2025
27 January 2024
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 (0.9)
1.7
-
3.5
0.4
-
sales
Highly probable forecast
21.3
23.8
(0.2)
(1.8)
(6.5)
(0.4)
stock purchases
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness reclassified from
recognised in Cost of hedging OCI to the
Income Recycled to cost recognised in Income Line item in the
Statement of inventories OCI Statement Income
\u00a3m \u00a3m \u00a3m \u00a3m Statement
Year ended 25 January 2025
Highly probable forecast sales
-
-
-
1.4
Revenue
Highly probable forecast stock purchases
-
10.1
(0.6)
-
-
Year ended 27 January 2024
Highly probable forecast sales
-
-
-
(5.0)
Revenue
Highly probable forecast stock purchases
-
12.4
(0.9)
-
-
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. As at 25 January 2025, the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2024: \u00a30.3m) 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 12,213kL (2024: 12,623kL) 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 \u00a31,369.2m at the reporting date (2024: \u00a31,333.2m). 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 2025, there were 3.00m active customers (2024: 2.94m) with an average balance of \u00a3512 (2024: \u00a3503). 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 \u00a38.3m (2024: \u00a312.1m) were on a Reduced Payment Indicator (RPI) plan. An allowance for Expected
Credit Losses (ECLs) of \u00a35.9m (2024: \u00a38.7m) has been made against these balances. Customers are typically on RPI plans for a period of 12
months during which no interest is charged and repayment rates are reduced. On completion of the RPI plan the customer would be
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 0 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.
2025 2024
Total Total
\u00a3m \u00a3m
Risk exposure determined by CII score
Risk band 1 (CII<=5)
980.4
954.4
Risk band 2 (5<CII<=16)
236.2
231.1
Risk band 3 (16<CII<=48)
156.1
159.6
Risk band 4 (CII>48)
103.0
96.0
Gross carrying amount before credit impaired
1,475.7
1,441.1
Credit impaired
76.5
101.5
Gross carrying amount after credit impaired
1,552.2
1,542.6
Less allowance
(183.0)
(209.4)
Carrying amount
1,369.2
1,333.2
Analysis of customer receivables and other trade receivables, stratified by credit grade, is provided in the tables below. Since 2024, CII scores have been based on GEN11.
1-30 31-60 61-90 91-120 >120
days past days past days past days past days past Payment
Current due due due due due plans Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer receivables and other trade receivables
Risk band 1 (CII<=5)
969.6
10.2
0.1
-
-
-
0.5
980.4
Risk band 2 (5<CII<=16)
229.1
6.3
0.2
-
-
-
0.6
236.2
Risk band 3 (16<CII<=48)
142.8
9.2
1.4
0.5
0.2
0.2
1.8
156.1
Risk band 4 (CII>48)
77.0
9.3
3.9
2.7
2.2
2.5
5.4
103.0
Otherwise impaired
-
-
-
-
-
76.5
-
76.5
Total
1,418.5
35.0
5.6
3.2
2.4
79.2
8.3
1,552.2
Loss allowance
Risk band 1 (CII<=5)
(52.3)
(1.0)
-
-
-
-
(0.2)
(53.5)
Risk band 2 (5<CII<=16)
(15.9)
(0.7)
(0.1)
-
-
-
(0.2)
(16.9)
Risk band 3 (16<CII<=48)
(11.5)
(1.0)
(0.4)
(0.3)
(0.2)
(0.2)
(1.0)
(14.6)
Risk band 4 (CII>48)
(13.8)
(1.9)
(1.4)
(1.7)
(1.7)
(1.9)
(4.5)
(26.9)
Otherwise impaired
-
-
-
-
-
(71.1)
-
(71.1)
Total
(93.5)
(4.6) (1.9) (2.0) (1.9) (73.2) (5.9) (183.0)
Expected loss rate %
Risk band 1 (CII<=5)
5.4%
9.4%
24.1%
-
-
-
29.2%
5.5%
Risk band 2 (5<CII<=16)
7.0%
10.4%
25.8%
-
-
-
35.9%
7.2%
Risk band 3 (16<CII<=48)
8.0%
11.3%
26.1%
57.3%
83.6%
80.5%
56.9%
9.3%
Risk band 4 (CII>48)
17.9%
19.9%
36.3%
61.7%
77.0%
75.9%
84.1%
26.0%
Otherwise impaired
-
-
-
-
-
93.1%
-
93.1%
Total
6.6%
12.9%
33.1%
61.1%
77.7%
92.5%
71.1%
11.8%
1-30 31-60 61-90 91-120 >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
-
-
-
0.9
954.4
Risk band 2 (5<CII<=16)
222.7
7.1
0.2
-
-
-
1.1
231.1
Risk band 3 (16<CII<=48)
143.5
10.3
1.8
0.6
0.2
0.3
2.9
159.6
Risk band 4 (CII>48)
65.5
9.2
4.8
3.3
2.7
3.2
7.2
95.9
Otherwise impaired
-
-
-
-
-
101.5
-
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)
-
-
-
-
(0.3)
(50.7)
Risk band 2 (5<CII<=16)
(15.5)
(1.1)
(0.1)
-
-
-
(0.5)
(17.2)
Risk band 3 (16<CII<=48)
(12.8)
(1.7)
(0.6)
(0.4)
(0.2)
(0.2)
(1.8)
(17.7)
Risk band 4 (CII>48)
(12.8)
(2.0)
(2.0)
(2.1)
(2.1)
(2.6)
(6.1)
(29.7)
Otherwise impaired
-
-
-
-
-
(94.1)
-
(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%
-
79.3%
31.3%
5.3%
Risk band 2 (5<CII<=16)
7.0%
15.2%
33.6%
62.7%
-
79.2%
40.8%
7.4%
Risk band 3 (16<CII<=48)
8.9%
16.9%
36.3%
61.4%
77.9%
77.3%
61.7%
11.1%
Risk band 4 (CII>48)
19.5%
21.3%
40.8%
64.3%
80.6%
80.6%
84.6%
31.0%
Otherwise impaired
-
-
-
-
-
92.7%
-
92.7%
Total
6.6%
16.6%
39.3%
63.8%
80.4%
92.3%
71.3%
13.6%
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 (2024: \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 collateralised. Capital risk The capital structure of the Group consists of debt, as analysed in Note 32, 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.
31.\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:
\u25cf 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.
\u25cf 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
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate increase of 1.0%
(1.4)
(1.5)
(1.4)
(1.5)
Interest rate decrease of 1.0%
1.4
1.5
1.4
1.5
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
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling strengthens by 10%
US Dollar
(24.0)
(12.6)
(86.1)
(60.2)
Euro
1.1
-
9.8
1.3
Sterling weakens by 10%
US Dollar
8.5
3.4
83.1
66.2
Euro
(2.9)
-
(13.6)
(1.6)
Year end exchange rates applied in the above analysis are US Dollar 1.25 (2024: 1.27) and Euro 1.19 (2024: 1.17). 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-708": { "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 year 1 to 2 years 2 to 5 years Over 5 years Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans and overdrafts
61.1
-
-
-
61.1
Lease liabilities
210.9
177.6
369.8
711.6
1,469.9
Trade and other payables
793.3
2.8
-
-
796.1
Corporate bonds
279.3
271.8
321.8
-
872.9
Put and call options
-
8.6
33.1
-
41.7
1,344.6
460.8
724.7
711.6
3,241.7
Derivatives: net settled
4.6
3.5
-
-
8.1
Derivatives: gross settled
Cash inflows
(1,792.1)
-
-
-
(1,792.1)
Cash outflows
1,760.0
-
-
-
1,760.0
Total cash flows
1,317.1
464.3
724.7
711.6
3,217.7
Less than
1 year 1 to 2 years 2 to 5 years Over 5 years Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans and overdrafts
37.6
29.4
-
-
67.0
Lease liabilities
205.7
175.9
366.1
735.0
1,482.7
Trade and other payables
703.8
2.8
-
-
706.6
Corporate bonds
29.3
279.3
593.6
-
902.2
Loan notes
23.6
0.6
-
-
24.2
Put and call options
-
-
26.1
-
26.1
1,000.0
488.0
985.8
735.0
3,208.8
Derivatives: net settled
6.4
3.3
2.0
-
11.7
Derivatives: gross settled
Cash inflows
(1,241.2)
-
-
-
(1,241.2)
Cash outflows
1,250.0
-
-
-
1,250.0
Total cash flows
1,015.2
491.3
987.8
735.0
3,229.3
Within lease liabilities greater than 5 years are leases on stores with cash flows in years 5-10 of \u00a3116.5m (2024: \u00a3153.0m) and more than 10 years of \u00a317.6m (2024: \u00a327.8m). The lease liabilities greater than 5 years on warehouses and head office premises with cash flows in years 5-10 are \u00a3171.1m (2024: \u00a3146.3m) and more than 10 years of \u00a3406.4m (2024: \u00a3407.9m). As at 25 January 2025, the Group had borrowing facilities of \u00a3425.0m (2024: \u00a3425.0m) committed until June 2029 (2024: June 2028), in respect of which all conditions precedent have been met. \u00a3nil of the facilities were drawn down as at January 2025 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-709": { "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: \u25cf Different interest rate curve applied to discount the hedged item and the hedging instrument. \u25cf Differences in timing of cash flows of the hedged item and hedging instrument. \u25cf 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:
2025 2024
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(8.0)
(11.3)
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:
2025
2024
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
Notional Carrying ineffectiveness
amount amount* in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Interest rate swaps - liabilities
Other financial liabilities
250.0
(6.2)
(3.0)
At 27 January 2024
Interest rate swaps - liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
* Other financial liabilities also includes \u00a31.8m of interest payable (2024: \u00a32.1m interest payable) 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: The ineffectiveness recognised in the Income Statement for the period ended 25 January 2025 was \u00a3nil (2024: \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 31. 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: \u25cf Differences in the timing of the cash flows of the hedged items and the hedging instruments. \u25cf Different indices (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments. \u25cf The counterparties\u2019 credit risk differently impacts the fair value movements of the hedging instruments and hedged items. \u25cf Changes to the forecasted amount of cash flows of hedged items and hedging instruments. The fair values of foreign exchange derivatives are as follows:
2025 2024
\u00a3m \u00a3m
Derivatives in designated hedging relationships
25.4
(6.5)
Other foreign exchange derivatives not designated in hedging relationships
(1.6)
(5.2)
Total foreign exchange derivatives
23.8
(11.7)
Changes in fair
value used for
Accumulated measuring
Carrying fair value ineffectiveness
amount adjustments in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Fixed-rate borrowings
Corporate bonds
250.0
(6.2)
(3.0)
At 27 January 2024
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
Derivatives designated in hedging relationships at 25 January 2025:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
684.7
281.7
-
966.4
Average GBP: USD contract rate
1.28
1.28
-
1.28
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
73.8
81.6
-
155.4
Average GBP: EURO contract rate
1.14
1.16
-
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
144.5
47.1
-
191.6
Average GBP: Other contract rate
Various currencies*
* 10 currencies are hedged, which are individually not material to the financial statements. Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
-
938.5
Average GBP: USD contract rate
1.26
1.28
-
1.26
EURO (highly probable forecast purchases)
(1)
Notional amount (in \u00a3m)
45.0
-
-
45.0
Average GBP: EURO contract rate
1.16
-
-
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
-
50.8
Average GBP: EURO contract rate
1.14
1.14
-
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
-
-
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies were hedged, which are individually not material to the financial statements. (1) Note that in the prior year, there was significant Euro denominated capital expenditure, therefore the prior year comparative table shows additiona l disclosure for Euro purchases. The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair
value used for
measuring
Notional Carrying ineffectiveness
amount amount in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Foreign exchange contracts
Other financial assets
1,124.9
30.5
52.8
Foreign exchange contracts
Other financial liabilities
358.6
(5.2)
(33.0)
At 27 January 2024
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
The impact of the hedged items on the Balance Sheet is as follows:
25 January 2025
27 January 2024
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 (0.9)
1.7
-
3.5
0.4
-
sales
Highly probable forecast
21.3
23.8
(0.2)
(1.8)
(6.5)
(0.4)
stock purchases
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness reclassified from
recognised in Cost of hedging OCI to the
Income Recycled to cost recognised in Income Line item in the
Statement of inventories OCI Statement Income
\u00a3m \u00a3m \u00a3m \u00a3m Statement
Year ended 25 January 2025
Highly probable forecast sales
-
-
-
1.4
Revenue
Highly probable forecast stock purchases
-
10.1
(0.6)
-
-
Year ended 27 January 2024
Highly probable forecast sales
-
-
-
(5.0)
Revenue
Highly probable forecast stock purchases
-
12.4
(0.9)
-
-
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. As at 25 January 2025, the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2024: \u00a30.3m) 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 12,213kL (2024: 12,623kL) of diesel and have been designated as cash flow hedges for reporting purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-726": { "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: \u25cf Different interest rate curve applied to discount the hedged item and the hedging instrument. \u25cf Differences in timing of cash flows of the hedged item and hedging instrument. \u25cf 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:
2025 2024
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(8.0)
(11.3)
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:
2025
2024
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
Notional Carrying ineffectiveness
amount amount* in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Interest rate swaps - liabilities
Other financial liabilities
250.0
(6.2)
(3.0)
At 27 January 2024
Interest rate swaps - liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
* Other financial liabilities also includes \u00a31.8m of interest payable (2024: \u00a32.1m interest payable) 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: The ineffectiveness recognised in the Income Statement for the period ended 25 January 2025 was \u00a3nil (2024: \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 31. 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: \u25cf Differences in the timing of the cash flows of the hedged items and the hedging instruments. \u25cf Different indices (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments. \u25cf The counterparties\u2019 credit risk differently impacts the fair value movements of the hedging instruments and hedged items. \u25cf Changes to the forecasted amount of cash flows of hedged items and hedging instruments. The fair values of foreign exchange derivatives are as follows:
2025 2024
\u00a3m \u00a3m
Derivatives in designated hedging relationships
25.4
(6.5)
Other foreign exchange derivatives not designated in hedging relationships
(1.6)
(5.2)
Total foreign exchange derivatives
23.8
(11.7)
Changes in fair
value used for
Accumulated measuring
Carrying fair value ineffectiveness
amount adjustments in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Fixed-rate borrowings
Corporate bonds
250.0
(6.2)
(3.0)
At 27 January 2024
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
Derivatives designated in hedging relationships at 25 January 2025:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
684.7
281.7
-
966.4
Average GBP: USD contract rate
1.28
1.28
-
1.28
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
73.8
81.6
-
155.4
Average GBP: EURO contract rate
1.14
1.16
-
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
144.5
47.1
-
191.6
Average GBP: Other contract rate
Various currencies*
* 10 currencies are hedged, which are individually not material to the financial statements. Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
-
938.5
Average GBP: USD contract rate
1.26
1.28
-
1.26
EURO (highly probable forecast purchases)
(1)
Notional amount (in \u00a3m)
45.0
-
-
45.0
Average GBP: EURO contract rate
1.16
-
-
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
-
50.8
Average GBP: EURO contract rate
1.14
1.14
-
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
-
-
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies were hedged, which are individually not material to the financial statements. (1) Note that in the prior year, there was significant Euro denominated capital expenditure, therefore the prior year comparative table shows additiona l disclosure for Euro purchases. The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair
value used for
measuring
Notional Carrying ineffectiveness
amount amount in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Foreign exchange contracts
Other financial assets
1,124.9
30.5
52.8
Foreign exchange contracts
Other financial liabilities
358.6
(5.2)
(33.0)
At 27 January 2024
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
The impact of the hedged items on the Balance Sheet is as follows:
25 January 2025
27 January 2024
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 (0.9)
1.7
-
3.5
0.4
-
sales
Highly probable forecast
21.3
23.8
(0.2)
(1.8)
(6.5)
(0.4)
stock purchases
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness reclassified from
recognised in Cost of hedging OCI to the
Income Recycled to cost recognised in Income Line item in the
Statement of inventories OCI Statement Income
\u00a3m \u00a3m \u00a3m \u00a3m Statement
Year ended 25 January 2025
Highly probable forecast sales
-
-
-
1.4
Revenue
Highly probable forecast stock purchases
-
10.1
(0.6)
-
-
Year ended 27 January 2024
Highly probable forecast sales
-
-
-
(5.0)
Revenue
Highly probable forecast stock purchases
-
12.4
(0.9)
-
-
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. As at 25 January 2025, the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2024: \u00a30.3m) 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 12,213kL (2024: 12,623kL) of diesel and have been designated as cash flow hedges for reporting purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-720": { "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: \u25cf Different interest rate curve applied to discount the hedged item and the hedging instrument. \u25cf Differences in timing of cash flows of the hedged item and hedging instrument. \u25cf 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:
2025 2024
\u00a3m \u00a3m
Derivatives in designated fair value hedging relationships
(8.0)
(11.3)
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:
2025
2024
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
Notional Carrying ineffectiveness
amount amount* in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Interest rate swaps - liabilities
Other financial liabilities
250.0
(6.2)
(3.0)
At 27 January 2024
Interest rate swaps - liabilities
Other financial liabilities
250.0
(9.2)
(0.1)
* Other financial liabilities also includes \u00a31.8m of interest payable (2024: \u00a32.1m interest payable) 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: The ineffectiveness recognised in the Income Statement for the period ended 25 January 2025 was \u00a3nil (2024: \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 31. 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: \u25cf Differences in the timing of the cash flows of the hedged items and the hedging instruments. \u25cf Different indices (and accordingly different curves) linked to the hedged risk of the hedged items and hedging instruments. \u25cf The counterparties\u2019 credit risk differently impacts the fair value movements of the hedging instruments and hedged items. \u25cf Changes to the forecasted amount of cash flows of hedged items and hedging instruments. The fair values of foreign exchange derivatives are as follows:
2025 2024
\u00a3m \u00a3m
Derivatives in designated hedging relationships
25.4
(6.5)
Other foreign exchange derivatives not designated in hedging relationships
(1.6)
(5.2)
Total foreign exchange derivatives
23.8
(11.7)
Changes in fair
value used for
Accumulated measuring
Carrying fair value ineffectiveness
amount adjustments in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Fixed-rate borrowings
Corporate bonds
250.0
(6.2)
(3.0)
At 27 January 2024
Fixed-rate borrowings
Corporate bonds
250.0
(9.2)
(0.1)
Derivatives designated in hedging relationships at 25 January 2025:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
684.7
281.7
-
966.4
Average GBP: USD contract rate
1.28
1.28
-
1.28
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
73.8
81.6
-
155.4
Average GBP: EURO contract rate
1.14
1.16
-
1.15
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
144.5
47.1
-
191.6
Average GBP: Other contract rate
Various currencies*
* 10 currencies are hedged, which are individually not material to the financial statements. Derivatives designated in hedging relationships at 27 January 2024:
Maturity
More than
1-6 months
6-12 months
one year
Total
US Dollars (highly probable forecast purchases)
Notional amount (in \u00a3m)
805.0
133.5
-
938.5
Average GBP: USD contract rate
1.26
1.28
-
1.26
EURO (highly probable forecast purchases)
(1)
Notional amount (in \u00a3m)
45.0
-
-
45.0
Average GBP: EURO contract rate
1.16
-
-
1.16
EURO (highly probable forecast sales)
Notional amount (in \u00a3m)
42.0
8.8
-
50.8
Average GBP: EURO contract rate
1.14
1.14
-
1.14
Other (highly probable forecast sales)
Notional amount (in \u00a3m)
49.9
-
-
49.9
Average GBP: Other contract rate
Various currencies*
* 6 currencies were hedged, which are individually not material to the financial statements. (1) Note that in the prior year, there was significant Euro denominated capital expenditure, therefore the prior year comparative table shows additiona disclosure for Euro purchases. The impact of the hedging instruments on the Balance Sheet are as follows:
Changes in fair
value used for
measuring
Notional Carrying ineffectiveness
amount amount in the period
Line item in the Balance Sheet \u00a3m \u00a3m \u00a3m
At 25 January 2025
Foreign exchange contracts
Other financial assets
1,124.9
30.5
52.8
Foreign exchange contracts
Other financial liabilities
358.6
(5.2)
(33.0)
At 27 January 2024
Foreign exchange contracts
Other financial assets
548.0
6.8
29.2
Foreign exchange contracts
Other financial liabilities
605.9
(18.0)
(28.4)
The impact of the hedged items on the Balance Sheet is as follows:
25 January 2025
27 January 2024
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 (0.9)
1.7
-
3.5
0.4
-
sales
Highly probable forecast
21.3
23.8
(0.2)
(1.8)
(6.5)
(0.4)
stock purchases
The effect of the cash flow hedge in the Income Statement or other comprehensive income is as follows:
Amount
Ineffectiveness reclassified from
recognised in Cost of hedging OCI to the
Income Recycled to cost recognised in Income Line item in the
Statement of inventories OCI Statement Income
\u00a3m \u00a3m \u00a3m \u00a3m Statement
Year ended 25 January 2025
Highly probable forecast sales
-
-
-
1.4
Revenue
Highly probable forecast stock purchases
-
10.1
(0.6)
-
-
Year ended 27 January 2024
Highly probable forecast sales
-
-
-
(5.0)
Revenue
Highly probable forecast stock purchases
-
12.4
(0.9)
-
-
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. As at 25 January 2025, the Group had commodity derivative contracts with a fair value loss of \u00a30.3m (2024: \u00a30.3m) 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 12,213kL (2024: 12,623kL) of diesel and have been designated as cash flow hedges for reporting purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-710": { "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 \u00a31,369.2m at the reporting date (2024: \u00a31,333.2m). 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 2025, there were 3.00m active customers (2024: 2.94m) with an average balance of \u00a3512 (2024: \u00a3503). 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 \u00a38.3m (2024: \u00a312.1m) were on a Reduced Payment Indicator (RPI) plan. An allowance for Expected Credit Losses (ECLs) of \u00a35.9m (2024: \u00a38.7m) has been made against these balances. Customers are typically on RPI plans for a period of 12 months during which no interest is charged and repayment rates are reduced. On completion of the RPI plan the customer would be 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 0 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.
2025 2024
Total Total
\u00a3m \u00a3m
Risk exposure determined by CII score
Risk band 1 (CII<=5)
980.4
954.4
Risk band 2 (5<CII<=16)
236.2
231.1
Risk band 3 (16<CII<=48)
156.1
159.6
Risk band 4 (CII>48)
103.0
96.0
Gross carrying amount before credit impaired
1,475.7
1,441.1
Credit impaired
76.5
101.5
Gross carrying amount after credit impaired
1,552.2
1,542.6
Less allowance
(183.0)
(209.4)
Carrying amount
1,369.2
1,333.2
Analysis of customer receivables and other trade receivables, stratified by credit grade, is provided in the tables below. Since 2024, CII scores have been based on GEN11.
1-30 31-60 61-90 91-120 >120
days past days past days past days past days past Payment
Current due due due due due plans Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Customer receivables and other trade receivables
Risk band 1 (CII<=5)
969.6
10.2
0.1
-
-
-
0.5
980.4
Risk band 2 (5<CII<=16)
229.1
6.3
0.2
-
-
-
0.6
236.2
Risk band 3 (16<CII<=48)
142.8
9.2
1.4
0.5
0.2
0.2
1.8
156.1
Risk band 4 (CII>48)
77.0
9.3
3.9
2.7
2.2
2.5
5.4
103.0
Otherwise impaired
-
-
-
-
-
76.5
-
76.5
Total
1,418.5
35.0
5.6
3.2
2.4
79.2
8.3
1,552.2
Loss allowance
Risk band 1 (CII<=5)
(52.3)
(1.0)
-
-
-
-
(0.2)
(53.5)
Risk band 2 (5<CII<=16)
(15.9)
(0.7)
(0.1)
-
-
-
(0.2)
(16.9)
Risk band 3 (16<CII<=48)
(11.5)
(1.0)
(0.4)
(0.3)
(0.2)
(0.2)
(1.0)
(14.6)
Risk band 4 (CII>48)
(13.8)
(1.9)
(1.4)
(1.7)
(1.7)
(1.9)
(4.5)
(26.9)
Otherwise impaired
-
-
-
-
-
(71.1)
-
(71.1)
Total
(93.5)
(4.6) (1.9) (2.0) (1.9) (73.2) (5.9) (183.0)
Expected loss rate %
Risk band 1 (CII<=5)
5.4%
9.4%
24.1%
-
-
-
29.2%
5.5%
Risk band 2 (5<CII<=16)
7.0%
10.4%
25.8%
-
-
-
35.9%
7.2%
Risk band 3 (16<CII<=48)
8.0%
11.3%
26.1%
57.3%
83.6%
80.5%
56.9%
9.3%
Risk band 4 (CII>48)
17.9%
19.9%
36.3%
61.7%
77.0%
75.9%
84.1%
26.0%
Otherwise impaired
-
-
-
-
-
93.1%
-
93.1%
Total
6.6%
12.9%
33.1%
61.1%
77.7%
92.5%
71.1%
11.8%
1-30 31-60 61-90 91-120 >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
-
-
-
0.9
954.4
Risk band 2 (5<CII<=16)
222.7
7.1
0.2
-
-
-
1.1
231.1
Risk band 3 (16<CII<=48)
143.5
10.3
1.8
0.6
0.2
0.3
2.9
159.6
Risk band 4 (CII>48)
65.5
9.2
4.8
3.3
2.7
3.2
7.2
95.9
Otherwise impaired
-
-
-
-
-
101.5
-
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)
-
-
-
-
(0.3)
(50.7)
Risk band 2 (5<CII<=16)
(15.5)
(1.1)
(0.1)
-
-
-
(0.5)
(17.2)
Risk band 3 (16<CII<=48)
(12.8)
(1.7)
(0.6)
(0.4)
(0.2)
(0.2)
(1.8)
(17.7)
Risk band 4 (CII>48)
(12.8)
(2.0)
(2.0)
(2.1)
(2.1)
(2.6)
(6.1)
(29.7)
Otherwise impaired
-
-
-
-
-
(94.1)
-
(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%
-
79.3%
31.3%
5.3%
Risk band 2 (5<CII<=16)
7.0%
15.2%
33.6%
62.7%
-
79.2%
40.8%
7.4%
Risk band 3 (16<CII<=48)
8.9%
16.9%
36.3%
61.4%
77.9%
77.3%
61.7%
11.1%
Risk band 4 (CII>48)
19.5%
21.3%
40.8%
64.3%
80.6%
80.6%
84.6%
31.0%
Otherwise impaired
-
-
-
-
-
92.7%
-
92.7%
Total
6.6%
16.6%
39.3%
63.8%
80.4%
92.3%
71.3%
13.6%
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 (2024: \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 collateralised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-711": { "value": "Capital risk The capital structure of the Group consists of debt, as analysed in Note 32, 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-721": { "value": "31.\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: \u25cf 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. \u25cf 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
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate increase of 1.0%
(1.4)
(1.5)
(1.4)
(1.5)
Interest rate decrease of 1.0%
1.4
1.5
1.4
1.5
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
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Sterling strengthens by 10%
US Dollar
(24.0)
(12.6)
(86.1)
(60.2)
Euro
1.1
-
9.8
1.3
Sterling weakens by 10%
US Dollar
8.5
3.4
83.1
66.2
Euro
(2.9)
-
(13.6)
(1.6)
Year end exchange rates applied in the above analysis are US Dollar 1.25 (2024: 1.27) and Euro 1.19 (2024: 1.17). 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-652": { "value": "
33.\u2002Cash Generated from Operations
52 weeks to 52 weeks to
25 January 27 January
2025 2024
\u00a3m \u00a3m
Cash flows from operating activities
Operating profit
1,075.4
987.9
Depreciation, impairment and (profit)/loss on disposal of property, plant and equipment
117.9
95.7
Depreciation, gains on lease modifications and disposals and impairment reversals on right-of-use
137.9
111.8
assets
Amortisation and impairment of intangible assets
55.2
38.5
Amortisation, impairment & disposals of associates, joint ventures and other investments
13.5
0.8
Share option charge
40.9
31.9
Share of profit of associates and joint ventures
(6.7)
(6.9)
Interest received
7.4
2.8
Exchange movement
(5.6)
(15.5)
(Increase)/decrease in inventories and right of return asset
(100.3)
15.3
(Increase)/decrease in customer and other receivables
(52.3)
3.7
Increase in trade and other payables
93.2
47.6
Cash generated from operations
1,376.5
1,313.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-653": { "value": "
34.\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
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Sales
38.9
64.2
22.6
20.8
Loans (repaid)/advanced
(0.4)
(5.5)
1.3
0.5
Transactions and loan interest
29.4
32.3
1.5
0.2
Amounts outstanding at year end
7.0
7.6
3.8
3.5
The amounts above are an aggregation of the transactions predominantly with the Group\u2019s associates and joint ventures, being:
\u25cf VS Brand Holdings UK Limited and its subsidiaries (joint venture);
\u25cf Pink TopCo Limited and its subsidiaries (the \u201cReiss\u201d Group) (joint venture) - up until September 2023 (see Note 13);
\u25cf West Apparel UK Holdings Limited (\u201cGAP\u201d) (joint venture);
\u25cf Choice Discount Stores Limited (associate);
\u25cf Aubin & Wills Holdings Limited and its subsidiaries (associate);
\u25cf Regent Bidco 1 Limited and its subsidiaries (the \u201cJojo Maman B\u00e9b\u00e9\u201d Group) (associate);
\u25cf Swoon Limited (associate); and
\u25cf Rockett St George 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-689": { "value": "34.\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
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Sales
38.9
64.2
22.6
20.8
Loans (repaid)/advanced
(0.4)
(5.5)
1.3
0.5
Transactions and loan interest
29.4
32.3
1.5
0.2
Amounts outstanding at year end
7.0
7.6
3.8
3.5
The amounts above are an aggregation of the transactions predominantly with the Group\u2019s associates and joint ventures, being: \u25cf VS Brand Holdings UK Limited and its subsidiaries (joint venture); \u25cf Pink TopCo Limited and its subsidiaries (the \u201cReiss\u201d Group) (joint venture) - up until September 2023 (see Note 13); \u25cf West Apparel UK Holdings Limited (\u201cGAP\u201d) (joint venture); \u25cf Choice Discount Stores Limited (associate); \u25cf Aubin & Wills Holdings Limited and its subsidiaries (associate); \u25cf Regent Bidco 1 Limited and its subsidiaries (the \u201cJojo Maman B\u00e9b\u00e9\u201d Group) (associate); \u25cf Swoon Limited (associate); and \u25cf Rockett St George 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": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-654": { "value": "
35. Acquisition of Subsidiaries
Prior 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 was recognised as an exceptional item in the Consolidated Income Statement (Note 6).
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 \u00a3286.2m, which resulted in a goodwill value of \u00a3140.1m arising from
the acquisition. The value of goodwill was higher than provisionally calculated predominantly due to additional provisions and deferred tax
adjustments. 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 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 including cash
43.3
5.3
48.6
Inventory
61.7
-
61.7
Property, plant and equipment, software and right-of-use assets
42.6
(0.3)
42.3
Identifiable intangible assets
365.9
-
365.9
Financial liabilities including loans and lease liabilities
(135.9)
(1.4)
(137.3)
Deferred tax liabilities
(86.6)
(3.1)
(89.7)
Total identifiable assets acquired
291.0
0.5
291.5
Goodwill
140.6
(0.5)
140.1
Non-controlling interest in 28% of Pink Holdco Limited
(120.4)
-
(120.4)
Net assets attributable to NEXT
311.2
-
311.2
Satisfied by:
Cash
98.5
-
98.5
Fair value of joint venture holding
194.5
-
194.5
Loan note and deferred consideration
18.2
-
18.2
Total consideration
311.2
-
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 relation to the consideration paid, the cash of \u00a398.5m was settled in the prior year, the loan notes and deferred consideration of \u00a318.2m
were settled in the current financial year.
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 was performed using an earnings multiple, a suitable discount rate and approved
forecasts, and the initial liability of \u00a318.1m was 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 prior period between the date of acquisition
and the January 2024 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 prior 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.
The identifiable intangible assets include a brand and customer relationship value of \u00a378.2m. Total identifiable assets acquired were \u00a383.6m,
which results in a goodwill value of \u00a331.7m arising from the acquisition. The value of goodwill has been adjusted in the current year as a
result of changes to the fair value of inventories and additional provisions. 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 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 including cash
28.3
-
28.3
Inventory
48.7
(0.9)
47.8
Property, plant and equipment, software and right-of-use assets
59.5
(0.5)
59.0
Identifiable intangible assets
78.2
-
78.2
Financial liabilities including loans and lease liabilities
(115.6)
(1.0)
(116.6)
Deferred tax liabilities
(13.1)
-
(13.1)
Total identifiable assets acquired
86.0
(2.4)
83.6
Goodwill
29.3
2.4
31.7
Non-controlling interest in 3% of Bridgetown Holdco Limited
(3.7)
-
(3.7)
Net assets attributable to NEXT
111.6
-
111.6
Satisfied by:
Cash
57.6
-
57.6
Shares
53.4
-
53.4
Loan notes
0.6
-
0.6
Total consideration
111.6
-
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.
In relation to the consideration paid, the cash consideration of \u00a357.6m and shares of \u00a353.4m were settled in the prior year and the loan
notes of \u00a30.6m were settled in the current financial year.
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 exits the business before these dates). A valuation of these put options was performed using an earnings multiple, a suitable
discount rate and approved forecasts, and the initial liability of \u00a33.8m was 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 prior period between the date of acquisition
and the January 2024 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 prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-729": { "value": "35. Acquisition of Subsidiaries Prior 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 was recognised as an exceptional item in the Consolidated Income Statement (Note 6). 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 \u00a3286.2m, which resulted in a goodwill value of \u00a3140.1m arising from the acquisition. The value of goodwill was higher than provisionally calculated predominantly due to additional provisions and deferred tax adjustments. 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 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 including cash
43.3
5.3
48.6
Inventory
61.7
-
61.7
Property, plant and equipment, software and right-of-use assets
42.6
(0.3)
42.3
Identifiable intangible assets
365.9
-
365.9
Financial liabilities including loans and lease liabilities
(135.9)
(1.4)
(137.3)
Deferred tax liabilities
(86.6)
(3.1)
(89.7)
Total identifiable assets acquired
291.0
0.5
291.5
Goodwill
140.6
(0.5)
140.1
Non-controlling interest in 28% of Pink Holdco Limited
(120.4)
-
(120.4)
Net assets attributable to NEXT
311.2
-
311.2
Satisfied by:
Cash
98.5
-
98.5
Fair value of joint venture holding
194.5
-
194.5
Loan note and deferred consideration
18.2
-
18.2
Total consideration
311.2
-
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 relation to the consideration paid, the cash of \u00a398.5m was settled in the prior year, the loan notes and deferred consideration of \u00a318.2m were settled in the current financial year. 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 was performed using an earnings multiple, a suitable discount rate and approved forecasts, and the initial liability of \u00a318.1m was 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 prior period between the date of acquisition and the January 2024 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 prior 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. The identifiable intangible assets include a brand and customer relationship value of \u00a378.2m. Total identifiable assets acquired were \u00a383.6m, which results in a goodwill value of \u00a331.7m arising from the acquisition. The value of goodwill has been adjusted in the current year as a result of changes to the fair value of inventories and additional provisions. 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 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 including cash
28.3
-
28.3
Inventory
48.7
(0.9)
47.8
Property, plant and equipment, software and right-of-use assets
59.5
(0.5)
59.0
Identifiable intangible assets
78.2
-
78.2
Financial liabilities including loans and lease liabilities
(115.6)
(1.0)
(116.6)
Deferred tax liabilities
(13.1)
-
(13.1)
Total identifiable assets acquired
86.0
(2.4)
83.6
Goodwill
29.3
2.4
31.7
Non-controlling interest in 3% of Bridgetown Holdco Limited
(3.7)
-
(3.7)
Net assets attributable to NEXT
111.6
-
111.6
Satisfied by:
Cash
57.6
-
57.6
Shares
53.4
-
53.4
Loan notes
0.6
-
0.6
Total consideration
111.6
-
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. In relation to the consideration paid, the cash consideration of \u00a357.6m and shares of \u00a353.4m were settled in the prior year and the loan notes of \u00a30.6m were settled in the current financial year. 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 exits the business before these dates). A valuation of these put options was performed using an earnings multiple, a suitable discount rate and approved forecasts, and the initial liability of \u00a33.8m was 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 prior period between the date of acquisition and the January 2024 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 prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-655": { "value": "
36. Contingent Liabilities
As reported in our January 2024 Annual Report and Accounts, NEXT is currently subject to Equal Pay claims from former and current
employees in our store network. A decision on this matter was issued by the Employment Tribunal in August 2024. While NEXT was
successful in its defence on the majority (eleven) of matters considered by the tribunal, there were seven matters on which it was not
successful.
NEXT has carefully reviewed the findings of the Tribunal and, following advice from legal Counsel, has appealed the decision. The legal advice
we have received suggests that we have good prospects of success with the appeal. As such, it remains the view of the Board that the
likelihood of any payment remains possible, but not probable. Therefore, at this time, no provision has been made in the accounts pending
the appeal process.
It is also important to recognise that there remains significant uncertainty in the total number of claims that may be received and the
outcome from the appeals process is unknown. It is a complex case and is expected to continue to run for a number of years as important
legal matters are considered and subject to further hearings.
It has been agreed between the parties that no payments should be made before the appeal process has completed. An estimate of the
potential liability is not disclosed as doing so could be prejudicial to NEXT\u2019s position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-690": { "value": "36. Contingent Liabilities As reported in our January 2024 Annual Report and Accounts, NEXT is currently subject to Equal Pay claims from former and current employees in our store network. A decision on this matter was issued by the Employment Tribunal in August 2024. While NEXT was successful in its defence on the majority (eleven) of matters considered by the tribunal, there were seven matters on which it was not successful. NEXT has carefully reviewed the findings of the Tribunal and, following advice from legal Counsel, has appealed the decision. The legal advice we have received suggests that we have good prospects of success with the appeal. As such, it remains the view of the Board that the likelihood of any payment remains possible, but not probable. Therefore, at this time, no provision has been made in the accounts pending the appeal process. It is also important to recognise that there remains significant uncertainty in the total number of claims that may be received and the outcome from the appeals process is unknown. It is a complex case and is expected to continue to run for a number of years as important legal matters are considered and subject to further hearings. It has been agreed between the parties that no payments should be made before the appeal process has completed. An estimate of the potential liability is not disclosed as doing so could be prejudicial to NEXT\u2019s position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-9": { "value": "NEXT plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } }, "fact-10": { "value": "NEXT plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800WQD8ECPZP9PH98", "period": "2024-01-28T00:00:00/2025-01-26T00:00:00" } } } }