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"value": "1 Adoption of new and revised International Financial Reporting Standards (IFRSs) and Interpretations (IFRICs) The following relevant UK endorsed new amendments to standards are mandatory for the \ufb01rst time for the \ufb01nancial year beginning 1 January 2022: \u2022 Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a First-time Adopter \u2022 Amendment to IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 Test for Derecognition of Financial Liabilities \u2022 Amendment to IAS 14 Agriculture \u2013 Taxation in Fair Value Measurements \u2022 Amendment to IAS 37 Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract \u2022 Amendment to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2022 Amendment to IFRS 3 Reference to the Conceptual Framework The effects of the implementation of these amendments have been limited to disclosure amendments where applicable. The Group has not applied the following new amendments to standards which are not yet effective: \u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IAS 8 De\ufb01nition of Accounting Estimates \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting policies The Group is currently considering the implication of these amendments with the expected impact upon the Group being limited to disclosures if applicable. ",
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"fact-290": {
"value": "1 Adoption of new and revised International Financial Reporting Standards (IFRSs) and Interpretations (IFRICs) The following relevant UK endorsed new amendments to standards are mandatory for the \ufb01rst time for the \ufb01nancial year beginning 1 January 2022: \u2022 Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a First-time Adopter \u2022 Amendment to IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 Test for Derecognition of Financial Liabilities \u2022 Amendment to IAS 14 Agriculture \u2013 Taxation in Fair Value Measurements \u2022 Amendment to IAS 37 Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract \u2022 Amendment to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2022 Amendment to IFRS 3 Reference to the Conceptual Framework The effects of the implementation of these amendments have been limited to disclosure amendments where applicable. The Group has not applied the following new amendments to standards which are not yet effective: \u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IAS 8 De\ufb01nition of Accounting Estimates \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting policies The Group is currently considering the implication of these amendments with the expected impact upon the Group being limited to disclosures if applicable. 2 Accounting policies Statement of compliance The consolidated Group \ufb01nancial statements are prepared in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019). Parent Company \ufb01nancial statements are prepared in accordance with UK adopted IAS in conformity with the requirements of the Companies Act 2006. Basis of preparation The \ufb01nancial statements have been prepared on the historical cost basis except for the revaluation of certain \ufb01nancial instruments. Historical cost is generally based on the fair value of the consideration given in exchange for assets. In preparing the Group \ufb01nancial statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate Related Disclosures. This included an assessment of Inventories and Goodwill and Intangible Assets and how they could be impacted by measures taken to address global warming. Recognising that the environmental impact on the Group\u2019s operations is relatively low, no issues were identi\ufb01ed that would impact the carrying values of such assets or have any other impact on the \ufb01nancial statements. Going concern The Group has performed well in the twelve months ended 31 December 2022. Persimmon\u2019s long-term strategy, which recognises the risks associated with the housing cycle by maintaining operational \ufb02exibility, investing in high quality land, minimising \ufb01nancial risk and deploying capital at the right time in the cycle, has equipped the business with strong liquidity and a robust balance sheet. The Group delivered a strong trading performance in the twelve months to 31 December 2022, completing the sale of 14,868 new homes (2021: 14,551) and generating an underlying pro\ufb01t before tax* of \u00a31,005.7m (2021: \u00a3966.8m). At 31 December 2022, the Group\u2019s strong \ufb01nancial position included \u00a3861.6m of cash (2021: \u00a31,246.6m), high quality land holdings and land creditors of \u00a3472.8m (2021: \u00a3407.6m). In addition, the Group has an undrawn Revolving Credit Facility of \u00a3300m, which extends out to 31 March 2026. Given the economic turmoil resulting from the \u201cmini budget\u201d in September 2022 and the adverse impact it has had on the UK housing market the Group\u2019s forward order book, including legal completions taken so far in 2023, is c.30% weaker year on year with new home forward sales of c.\u00a31.5bn. We have over 2,800 new homes sold forward into the private owner occupier market with an average selling price of over \u00a3288,600, which is 11% stronger than a year ago. The cumulative average private sales reservation rate for the \ufb01rst 8 weeks of the year is c.70% stronger than the rate achieved in Q4 2022. The Directors have carried out a robust assessment of the principal risks facing the Group, as described on page 57. The Group has considered the impact of these risks on the going concern of the business by performing a range of sensitivity analyses, covering the period to 30 June 2024, including severe but plausible scenarios based on experience gained by management during the Global Financial Crisis from 2007 to 2010, materialising together with the likely effectiveness of mitigating actions that would be executed by the Directors. For further detail regarding the approach and process the Directors follow in assessing the long-term viability of the business, please see the Viability Statement on page 75. The scenarios emphasise the potential impact of severe market disruption, including for example the ongoing effect of economic disruption from the cost of living crisis and the war in Ukraine, on short to medium-term demand for new homes. The scenarios\u2019 emphasis on the impact on the cash in\ufb02ows of the Group through reduced new home sales is designed to allow the examination of the extreme cash \ufb02ow consequences of such circumstances occurring. The Group\u2019s cash \ufb02ows are less sensitive to supply side disruption given the Group\u2019s sustainable business model, \ufb02exible operations, agile management team and off-site manufacturing facilities. In the \ufb01rst downside scenario modelled, the combined impact is assumed to cause, when compared to the 2022 outturn, a c.59% reduction in volumes and a c.15% reduction in average selling price in 2023. The combined impact results in a c.65% fall in the Group\u2019s 2023 housing revenues. From the lower 2023 position, the scenario then assumes a c.40% increase in housing revenue as a result of a c.34% increase in volume and a c.5% in average selling price. A second, even more extreme, scenario assumes a signi\ufb01cant and enduring depression of the UK economy and housing market in 2023, consistent with the above scenario, causing a reduction of c.59% in new home sales volumes, a c.15% fall in average selling prices and a c.65% fall in the Group\u2019s housing revenue in 2023. The scenario then assumes that neither volumes nor revenue recover into 2024. In each of these scenarios, cash \ufb02ows were assumed to be managed consistently, ensuring all relevant land, work in progress and operational investments were made in the business at the appropriate time to deliver the projected new home legal completions. Each scenario fully re\ufb02ects the current estimate of cash out\ufb02ows, value and timing, associated with the legacy buildings provision. Notes to the \ufb01nancial statements For the year ended 31 December 2022 * Stated before legacy buildings provision charge (2022: \u00a3275.0m, 2021: \u00a3nil). 2 Accounting policies continued
In addition the Group has been increasingly assessing climate related risk and opportunities that may present
to the Group. During the period assessed for going concern no signi\ufb01cant risk has been identi\ufb01ed that would
materially impact the Group\u2019s ability to generate sufficient cash and continue as a going concern.
Having considered the inherent strength of the UK housing market, the resilience of the Group\u2019s average
selling prices and the Group\u2019s scenario analysis as detailed above, the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis in preparing these \ufb01nancial statements.
Basis of consolidation
The consolidated \ufb01nancial statements include the \ufb01nancial statements of the Company and its subsidiaries
up to 31 December each year. Subsidiaries are entities controlled by the Group. The Group controls an entity
when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability
to affect the returns through its power over the entity. The acquisition date is the date on which control is
transferred to the acquirer. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial
statements from the date that control commences until the date that control ceases. Where necessary,
adjustments are made to the \ufb01nancial statements of subsidiaries to bring the accounting policies used
into line with those used by the Group. All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Business combinations
The acquisition of subsidiaries is accounted for using the acquisition method. The subsidiary\u2019s identi\ufb01able
assets, liabilities and contingent liabilities are recognised at their fair value at the acquisition date.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest
in the fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired entity at the date
of the acquisition. Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset.
Goodwill is subsequently measured at cost less any accumulated impairment losses.
Brand intangibles
Internally generated brands are not held on the balance sheet. The Group carries assets on the balance
sheet only for brands that have been acquired. Acquired brand values are calculated based on discounted
cash \ufb02ows. No amortisation is charged on brand intangibles as the Group believes that the value of the
brands is maintained inde\ufb01nitely. The factors that result in the durability of the brands capitalised are that
there are no material legal, regulatory, contractual, competitive, economic or other factors that limit the
useful life of these intangibles. The acquired brands are tested annually for impairment by performing
a value in use calculation, using a discount factor based on the Group\u2019s pre-tax weighted average cost
of capital, on the branded income stream.
Where a brand\u2019s life is not deemed to be inde\ufb01nite it is written off over its expected useful life
on a straight-line basis.
Revenue recognition
Revenue is recognised as the fair value of the consideration received or receivable on legal completion of
a newly built residential property sale. Revenue also includes the fair value of the consideration received or
receivable on the sale of part exchange properties and amounts contractually due under a development
agreement at the balance sheet date relating to the stage of completion of the agreement as veri\ufb01ed
by surveys performed by the relevant customer as this re\ufb02ects the performance obligations delivered
by the Group at the balance sheet date.
Revenue relating to the provision of internet services is recognised as the service is provided.
Government grants
Grants are included within work in progress in the balance sheet and are credited to the statement of
comprehensive income over the life of the developments to which they relate. Grants related to income
are deducted from the related expense in the statement of comprehensive income.
Other operating income
Other operating income comprises pro\ufb01ts from the sale of land holdings, freehold reversions, rent receivable,
and other incidental sundry income.
Operating expenses
Operating expenses represent the administration costs of the business, which are written off to the statement
of comprehensive income as incurred.
Borrowing costs
Interest bearing bank loans, overdrafts and Partnership liabilities are initially measured at fair value (being
proceeds received, net of direct issue costs) and are subsequently measured at amortised cost, using the
effective interest rate method. Finance charges, including direct issue costs are accounted for and taken
to the statement of comprehensive income using the effective interest rate method.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which
are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added
to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Where bank agreements include a legal right of offset for in hand and overdraft balances, and the Group
intends to settle the net outstanding position, the offset arrangements are applied to record the net position
in the balance sheet.
Exceptional items
Exceptional items are items of income and expenditure that, in the judgement of management, should be
disclosed separately on the basis that they are material, either by their nature or their size, to an understanding
of the \ufb01nancial performance and signi\ufb01cantly distort the comparability of \ufb01nancial performance between
accounting periods. Items of income or expense that are considered by management for designation as
exceptional include such items as major restructuring and signi\ufb01cant impairment of assets.
During 2022 the charge of \u00a3275.0m (2021: \u00a3nil) relating to the increase of the Group\u2019s legacy buildings
provision has been disclosed as an exceptional item due to the non-recurring nature and scale of the charge.
Further details on this provision are found in notes 3 and 22.
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
166
Share-based payments
Charges for employee services received in exchange for share-based payment have been made for all
options/awards in accordance with IFRS 2 Share-based Payment, to spread the fair value of the grant over
the anticipated vesting period.
The fair value of such options has been calculated using generally accepted option pricing models, based
upon publicly available market data at the point of grant. Share options include both market and non-market
conditions. Market conditions are considered in the establishment of the initial valuation of the options.
In the event of failure to meet market conditions share-based payment charges are not reversed. In the
event of failure to meet non-market conditions share-based payment charges are reversed.
Where options are net settled in respect of withholding tax obligations, these are accounted for as
equity settled transactions. Payments to HMRC are accounted for as a deduction from equity for the
shares withheld, except to the extent (if any) that the payment exceeds the fair value of shares withheld,
in which case the excess will be charged to the statement of comprehensive income.
Share-based payments are charged wholly in the ultimate Parent Company.
Retirement benefit costs
The Group operates two de\ufb01ned bene\ufb01t pension schemes. It also operates two de\ufb01ned contribution
schemes for employees who are not members of a de\ufb01ned bene\ufb01t scheme. The asset/liability in respect of
the de\ufb01ned bene\ufb01t schemes is the present value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date,
less the fair value of the schemes\u2019 assets, together with adjustments for remeasurement gains and losses.
Where a net asset results it is limited to the present value of economic bene\ufb01ts available in the form of future
refunds from the scheme or reductions in future contributions, subject to any minimum funding requirements.
Further details of the schemes and the valuation methods applied may be found in note 28.
Interest cost on the scheme liabilities and \ufb01nance returns on scheme assets are recognised at the applicable
discount rate as net \ufb01nance income/costs in the statement of comprehensive income and remeasurement
gains and losses via the statement of other comprehensive income.
Subsidiary entities bear a charge for current employees based upon their current pensionable salaries.
Differences between this charge and the current service cost are borne by the Company as the legal
sponsor, as are all experience gains and losses. There is no contractual arrangement or stated policy
for recharging the other Group entities involved in the Scheme.
Payments to the de\ufb01ned contribution schemes are accounted for on an accruals basis. Once the payments
have been made, the Group has no further payment obligations.
Taxation
Income tax on the pro\ufb01t for the year comprises current and deferred tax. Income tax is recognised in the
statement of comprehensive income except to the extent that it relates to items recognised directly in
equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using enacted or substantially
enacted tax rates, and adjusted for any tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between
the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation
purposes. The following temporary differences are not provided for: goodwill, the initial recognition of assets
or liabilities that affect neither accounting or taxable pro\ufb01t, and differences relating to investment in subsidiaries
to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided
is based on the carrying amount of assets and liabilities, using the tax rates applicable, or expected to be
applicable at the date of settlement, based on enacted rates at the reporting date.
Where the deferred tax asset recognised in respect of share-based payments would give rise to a credit in
excess of the related accounting charge at the prevailing tax rate the excess is recognised directly in equity.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available
against which the asset can be utilised. Deferred tax assets are reviewed at each balance sheet date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities when the Group intends to settle its current tax assets and liabilities on a net basis.
Leases
The Group recognises a single recognition and measurement approach for all leases, except for short-term
leases and leases of low value assets. The Group recognises lease liabilities to make lease payments and
right of use assets representing the right to use the underlying assets.
Right of use assets are recognised at the commencement date of the lease and are measured at cost. The right
of use assets are depreciated on a straight line basis over the shorter of the lease term and the estimated useful
lives of the assets.
The Group recognises lease liabilities at the commencement date of the lease and are measured at the present
value of lease payments to be made over the lease term. In calculating the present value of lease payments, the
Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased
to re\ufb02ect the accretion of interest and reduced for the lease payments made.
The Group applies the short-term lease exemption and the low value asset recognition exemption to leases
that have a lease term of 12 months or less from commencement date or are considered to be low value.
Lease payments on short-term leases or leases of low value assets are charged to work in progress or
operating expenses on a straight line basis over the lease term.
Property, plant and equipment
It is the Group\u2019s policy to hold property, plant and equipment at cost less accumulated depreciation,
subject to the requirement to test assets for impairment.
Depreciation on property, plant and equipment is provided using the straight line method to write off the
cost less any estimated residual value, over the estimated useful lives on the following bases:
Plant and equipment \u2013 3 to 5 years.
Fixtures and \ufb01ttings \u2013 3 to 5 years.
Owned utility infrastructure \u2013 15 to 40 years.
Freehold buildings \u2013 50 years.
No depreciation is provided on freehold land.
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Persimmon Plc | Annual Report | December 2022
167
2 Accounting policies continued
The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each
\ufb01nancial year end. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount
exceeds its recoverable amount.
Investments
Interests in subsidiary undertakings are valued at cost less impairment. Other investments are stated
at fair value.
Joint ventures
A joint venture is an entity in which the Group holds an interest with one or more other parties where
a contractual arrangement has established joint control over the entity, and where the arrangements
entitle the Group to a share of the net assets of the entity.
Investments in joint ventures are accounted for under the equity method of accounting.
Joint operations
A joint operation is an arrangement or entity in which the Group holds an interest with one or more other
parties where a contractual arrangement has established joint control over the operation and where the
arrangements entitle the Group to rights over speci\ufb01c assets or obligations of the operation. The Group
recognises its share of revenue, costs, assets and liabilities for its joint operations.
Shared equity loan receivables
Receivables on extended terms granted as part of a sales transaction are secured by way of a second
legal charge on the respective property. The loans are classi\ufb01ed as \ufb01nancial assets held at fair
value through pro\ufb01t or loss and are carried in the balance sheet at fair value with net changes in fair
value recognised in the statement of comprehensive income as described in note 17.
Inventories
Inventories are stated at the lower of cost and net realisable value. Land with planning includes undeveloped
land and land under development and is initially recorded at discounted cost. Where, through deferred
purchase credit terms, the carrying value differs from the amount that will ultimately be paid in settling the
liability, this difference is charged as a \ufb01nance cost in the statement of comprehensive income over the
period of settlement. Work in progress comprises direct materials, labour costs, site overheads, associated
professional charges and other attributable overheads. Net realisable value represents the estimated selling
prices less all estimated costs of completion and overheads. Investments in land without the bene\ufb01t of
a planning consent are initially included at cost. Regular reviews are carried out to identify any impairment
in the value of the land considering the existing use value of the land and the likelihood of achieving
a planning consent and the value thereof. Provision is made to re\ufb02ect any irrecoverable amounts.
Expenditure relating to forward land, including options and fees, is held at cost. If the option expires
or the Directors no longer consider it likely that the option will be exercised prior to the securing of
planning permission, the amount is written off on that date.
Impairment of financial assets
The Group recognises an allowance for expected credit losses for all debt instruments not held at fair
value through pro\ufb01t and loss. Expected credit losses are based on the difference between the contracted
cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive,
discounted at an approximation of the original effective interest rate.
For trade receivables and, in the Parent Company, intercompany receivables, the Group applies a simpli\ufb01ed
approach in calculating expected credit losses. The Group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime expected credit losses at each reporting date.
Inter-Group guarantees
Where the Company enters into \ufb01nancial guarantee contracts to guarantee the indebtedness of other
companies within the Group, the Company considers these to be insurance arrangements and accounts for
them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such
time as it becomes probable that the Company will be required to make a payment under the guarantee.
Trade and other payables
Trade payables on normal terms are not interest bearing and are stated at amortised cost. Trade payables
on extended terms, particularly in respect of land purchases, are initially recorded at their fair value and
subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the Group has a present commitment as a result of a past event, it
is probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle that
commitment. Provisions are measured at the Directors\u2019 best estimate of the expenditure required
to settle the commitment at the balance sheet date and are discounted to present value where the
effect is material.
Deposits
New property deposits and on account contract receipts are held within current trade and other payables
until the legal completion of the related property or cancellation of the sale.
Cash and cash equivalents
Cash and cash equivalents include cash and balances in the bank accounts with no notice or less
than three months\u2019 notice from inception, and are subject to insigni\ufb01cant risk of changes in value.
Interest bearing borrowings
Interest bearing borrowings and Partnership liabilities are carried at amortised cost.
Dividends
Dividends receivable by the Parent Company from subsidiaries are accounted for on a cash basis,
or once formally approved by the shareholders of the subsidiary companies.
Dividends payable are recorded in the period in which they are approved or paid, whichever is earliest.
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
168
Own shares held
The Group may acquire holdings in its own shares either directly or via employee bene\ufb01t trusts. The acquisition
cost of such shares (including associated purchase costs) is treated as a deduction from retained earnings.
Such shares may be used in satisfaction of employee options or rights, in which case the cost of such shares
is reversed from the pro\ufb01t reserves on a \u2018\ufb01rst in \ufb01rst out\u2019 basis.
Transactions of the Company sponsored EBT are treated as being those of the Company and are therefore
re\ufb02ected in the Company \ufb01nancial statements. In particular, the trust\u2019s purchases and sales of shares in the
Company are debited and credited directly to equity.
3 Critical accounting judgements and key sources of estimation uncertainty
In applying the Group\u2019s accounting policies which are described in note 2, the Directors have made no
individual judgements that have a signi\ufb01cant impact upon the \ufb01nancial statements, excepting those involving
estimation which are dealt with below. The key sources of estimation uncertainty at the balance sheet date are:
Goodwill
The impairment testing of goodwill is substantially dependent upon the ability of the Group to successfully
progress its strategic land holdings. The assumptions on which this estimate is based may be undermined by
any signi\ufb01cant changes in the current planning regime, or adverse economic conditions in the UK. For further
information on the estimates used, please refer to note 14. The carrying amount of goodwill at the balance
sheet date was \u00a372.3m with an impairment of \u00a36.6m recognised during the year.
Pensions
The Directors have employed the services of a quali\ufb01ed, independent actuary in assessing pension assets/
liabilities. However, they recognise that \ufb01nal liabilities and asset returns may differ from actuarial estimates
and therefore the ultimate pension asset/liability may differ from that included in the \ufb01nancial statements.
For further information on the estimates used, please refer to note 28.
Land and work in progress
Given the high quality of the Group\u2019s inventory asset base, the sensitivity of the assumptions used in assessing
the Net Realisable Value (\u2018NRV\u2019) of the Group\u2019s inventories is relatively low. As such no reasonably possible
change in assumptions is likely to result in a material impact to the carrying value of the Group\u2019s land and
work in progress balance within the next twelve months. The disclosure below provides additional insight
into the carrying value of the Group\u2019s land and work in progress.
Valuations of the Group\u2019s developments, which include an estimation of costs to complete and anticipated
revenues, are carried out at regular intervals throughout the year. The valuations allocate total expected site
development costs between units built in the current year and those to be built in future years. These valuations
therefore include a degree of uncertainty when estimating the pro\ufb01tability of a site and in assessing any
impairment provision which may be required.
During the year ended 31 December 2022, the Group conducted reviews of the NRV of its development land
and work in progress carrying values. The reviews were conducted on a site by site basis, using assumptions
surrounding anticipated selling prices and the level of future development costs, based on local management
and the Board\u2019s assessment of market conditions existing at the balance sheet date.
As noted above, the sensitivity of these assumptions to inventory carrying value is relatively low. However,
the most sensitive assumption relates to the consideration of the Group\u2019s average selling price prognosis \u2013
for example, the Directors have modelled a scenario involving an immediate and enduring reduction in Group
average selling price of 20% across each plot in the Group\u2019s land holdings (it is important to note that the
enduring nature of this assumption would present unusually unique circumstances when considered in the
context of the UK housing market). Such a scenario would not result in a material adjustment to the carrying
value of the Group\u2019s inventory. Given these factors, the Board does not believe that a reasonably possible
change in the assumptions could result in a material impairment of land and work in progress carrying values
in the next twelve months.
If there are signi\ufb01cant movements in UK house prices or developments costs, beyond management\u2019s
reasonably possible expectations, then further impairments of land and work in progress may be necessary.
Provisions
The Group holds a provision of \u00a3333.3m (2021: \u00a372.7m) based on management\u2019s best estimates of the costs
of completing works to ensure \ufb01re safety on affected buildings under direct ownership, and to work with
and support owners and other relevant stakeholders on buildings it has developed. Prior years provisions
represented management\u2019s best estimate if of the liability based on the information available at that point.
During 2022 we have signed the Building Safety Pledge (England) and worked constructively with the
Government to agree the \u2018Long Form Contract\u2019 that turns the pledge into a legal agreement, which we
anticipate signing imminently. As we have worked through this process we have identi\ufb01ed further eligible
multi-storey developments requiring remediation for which we will be liable, and developed a more
detailed understanding of remediation costs.
The number of developments we are responsible for has increased and now stands at 73 (of which 33 have
now either secured EWS1 certi\ufb01cates or concluded any necessary works). This, along with a broader scope,
including reimbursement of any funds already outlaid by the Building Safety Fund, remediation of non-
cladding \ufb01re related build defects and interim protection measures for residents, set against a background
of signi\ufb01cant build cost in\ufb02ation has resulted in our total provision for \ufb01re related build remediation works
increasing by \u00a3275.0m to \u00a3350.0m, before spend to date.
These estimates may change over time as further information is assessed, remedial works progress the
interpretation of \ufb01re safety regulations further evolves and further developments requiring remediation works
are potentially identi\ufb01ed. This is a highly complex area with judgements and estimates in respect of the costs
of remedial works to be incurred. Whilst management have exercised their best judgement in these matters,
there remains the potential for variations to this estimate from multiple factors such as material, energy
and labour cost in\ufb02ation, limited quali\ufb01ed contractor availability and abnormal works identi\ufb01ed on intrusive
surveys. Should a 10% variation in the costs of untendered projects occur then the overall provision would
vary by +/- \u00a314.3m.
The following two areas of estimation uncertainty are not presented to comply with the requirements of
paragraph 125 of IAS 1, \u2018Presentation of Financial Statements\u2019 as it is not expected there is a signi\ufb01cant risk
of a material adjustment to the carrying amount of assets within the next \ufb01nancial year. They are presented
as an additional disclosure of estimate used in these accounts.
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
169
3 Critical accounting judgements and key sources of estimation uncertainty
continued
Brand intangibles
The intangible brand assets have been assessed against the discounted cash \ufb02ows arising. These are based
upon estimated returns from the related businesses, which may be impacted by various factors, most notably
government social housing policy and further deterioration in the economic conditions in the UK. The carrying
amount of inde\ufb01nite life brands at the balance sheet date was \u00a397.0m, with no impairment recognised during
the year ended 31 December 2022.
Shared equity loan receivables
Shared equity loan receivables comprise loans granted as part of sales transactions that are secured by way
of a second legal charge on the respective property. The fair value of these receivables is determined by
taking into account factors such as the length of time that the loan has been outstanding, market conditions,
including those in respect of house price in\ufb02ation, forced sale discount and probability of borrower default.
The variables used are kept under regular review to ensure that as far as possible they re\ufb02ect current
economic circumstances; however changes in house prices, redemption dates, interest rates, unemployment
levels and bankruptcy trends in the UK could result in actual returns differing from reported valuations.
At 31 December 2022 the loan recognised on the balance sheet was \u00a336.0m (2021: \u00a345.6m).
4 Principal activities
The Group has only one reportable operating segment, being housebuilding within the UK, under the
control of the Executive Board. The Executive Board has been identi\ufb01ed as the Chief Operating Decision
Maker as de\ufb01ned under IFRS 8 Operating Segments.
5 Revenue
An analysis of the Group\u2019s revenue is as follows:
2022
\u00a3m
2021
\u00a3m
Revenue from the sale of new housing 3,696.4 3,449.7
Revenue from the sale of part exchange properties 110.6 155.4
Revenue from the provision of internet services 8.8 5.4
Revenue from the sale of goods and services as reported in the statement of
comprehensive income 3,815.8 3,610.5
Other operating income 10.3 6.4
Finance income 9.9 9.9
3,836.0 3,626.8
Sale of goods includes \u00a3142.2m (2021: \u00a3126.5m) in respect of the value of properties accepted in part
exchange by the Group on the sale of new housing.
6 Exceptional items
During 2022 the Group have recognised an exceptional charge of \u00a3275.0m (2021: \u00a3nil) in relation to the
increase in the anticipated costs of the Group\u2019s commitments to support leaseholders in buildings we had
developed with the costs of removal of combustible cladding and other \ufb01re related remediation works.
This re\ufb02ects the extended commitment of the government long form contract, the identi\ufb01cation of further
developments for which we are now responsible, and a greater understanding of remediation costs.
Further detail on this matter is provided in notes 3 and 22.
This has been disclosed as an exceptional item due to the non-recurring nature and scale of the charge,
in order to aid understanding of the \ufb01nancial performance of the Group and to assist in the comparability
of \ufb01nancial performance between accounting periods.
7 Key management remuneration
Key management personnel, as disclosed under IAS 24 Related Party Disclosures, have been identi\ufb01ed
as the Board of Directors. Detailed disclosures of individual remuneration, pension entitlements and share
options, for those Directors who served during the year, are given in the Annual Report on Remuneration
on pages 126 to 153. A summary of key management remuneration is as follows:
2022
\u00a3m
2021
\u00a3m
Short-term bene\ufb01ts 3.2 3.1
Termination bene\ufb01ts \u2013 \u2013
Share-based payments 4.2 2.4
7.4 5.5
Total gains on exercise of options by key management in the year amount to \u00a31.0m (2021: \u00a3nil).
8 Employees
Group
The average monthly number of persons (including Executive Directors) employed by the Group during the
year was 5,862 (2021: 5,121).
2022
\u00a3m
2021
\u00a3m
Staff costs (for the above persons):
Wages and salaries 249.7 217.1
Social security costs 29.2 23.0
Pensions charge 5.4 6.9
Share-based payments 7.5 6.0
291.8 253.0
The Group also uses the services of a substantial number of self-employed labour only site operatives.
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
170
Company
The average monthly number of persons (including Executive Directors) employed by the Company during
the year was 497 (2021: 353).
2022
\u00a3m
2021
\u00a3m
Staff costs (for the above persons):
Wages and salaries 41.1 24.9
Social security costs 5.5 3.0
Pensions charge 0.4 2.3
Share-based payments 7.5 6.0
54.5 36.2
9 Net finance income
2022
\u00a3m
2021
\u00a3m
Recognised in pro\ufb01t after tax
Interest receivable on bank deposits 2.3 0.2
Gains on shared equity loan receivables 3.9 7.9
Net interest on pension asset 2.8 0.7
Other interest receivable 0.9 1.1
Finance income 9.9 9.9
Interest expense on bank overdrafts and loans 0.5 \u2013
Imputed interest on deferred land payables 1.8 1.8
Interest on Partnership liability 1.3 1.5
Other interest payable 0.5 0.3
Finance costs 4.1 3.6
Net \ufb01nance income 5.8 6.3
10 Profit from operations
2022
\u00a3m
2021
\u00a3m
Pro\ufb01t from operations is stated after charging/(crediting):
Staff costs (note 8) 291.8 253.0
Pro\ufb01t on sale of land holdings (5.3) (2.2)
Government grants (0.5) (0.3)
Rent receivable (3.4) (2.9)
Pro\ufb01t on sale of property, plant and equipment (0.8) (0.9)
Depreciation of owned assets 15.8 14.5
Impairment of intangible assets 6.6 6.2
The Group did not receive any new government grants in either year, however the Group\u2019s customers have
bene\ufb01ted from the availability of \ufb01nance through the Government\u2019s \u2018Help to Buy\u2019 scheme which has provided
indirect assistance to the Group.
Amounts receivable by the auditor, Ernst & Young LLP, and their associates in respect of:
2022
\u00a3\u2018000
2021
\u00a3\u2018000
Audit fees
Audit of the Parent Company and consolidated \ufb01nancial statements 427 335
The audit of the Company\u2019s subsidiaries pursuant to legislation 25 25
Total fees for the audit of the Company and its subsidiaries 452 360
Non-audit fees
Audit related assurance services 70 65
Total non-audit fees 70 65
522 425
The extent of non-audit fees and non-audit related service fees payable to Ernst & Young LLP and its
affiliated entities are reviewed by the Audit & Risk Committee in the context of fees paid by the Group to
its other advisors during the year. The Committee also reviews the nature and extent of non-audit services
to ensure that independence is maintained.
Fees to major \ufb01rms of accountants other than Ernst & Young LLP and its affiliated entities for non-audit
services amounted to \u00a3656,285 (2021: \u00a3206,176).
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
171
11 Ta x 11.1 Analysis of the tax charge for the year 2022 \u00a3m 2021 \u00a3m Tax charge comprises: UK corporation tax in respect of the current year 138.8 181.2 Residential Property Developer Tax (RPDT) in respect of the current year 28.7 \u2013 Adjustments in respect of prior years (2.8) (8.3) 164.7 172.9 Deferred tax relating to origination and reversal of temporary differences \u2013 5.4 Impact of introduction of RPDT on deferred tax 3.9 \u2013 Adjustments recognised in the current year in respect of prior years deferred tax 1.1 1.3 5.0 6.7 Tax charge for the year recognised in Statement of Comprehensive Income 169.7 179.6 The tax charge for the year can be reconciled to the accounting pro\ufb01t as follows: 2022 \u00a3m 2021 \u00a3m Pro\ufb01t from continuing operations 730.7 966.8 Tax calculated at UK corporation tax rate of 22% (inclusive of RPDT) (2021: 19%) 160.8 183.7 Accounting base cost not deductible for tax purposes \u2013 0.2 Goodwill impairment losses that are not deductible 1.2 1.2 Expenditure not allowable for tax purposes 0.8 0.2 Impact of change in rate of corporation tax \u2013 2.7 Impact of RPDT on deferred tax introduction 3.9 \u2013 Items not deductible for RPDT 6.8 \u2013 Enhanced tax reliefs (2.1) (1.3) Adjustments in respect of prior years (1.7) (7.1) Tax charge for the year recognised in Statement of Comprehensive Income 169.7 179.6 The UK corporation tax rate will increase from 19% to 25% with effect from 1 April 2023. Legislation to increase the corporation tax rate was enacted during the 31 December 2021 accounting period and the impact on deferred tax was taken into account at the previous balance sheet date. The Finance Act 2022 received Royal Ascent on 24 February 2022 introducing a new residential property tax (\u2018RPDT\u2019) which was effective from 1 April 2022 and is chargeable at 4% of pro\ufb01ts generated from residential property development in excess of an annual threshold. RPDT was introduced by HM Treasury to obtain contributions from the UK\u2019s largest residential developers towards the cost of remediating defective cladding in the UK\u2019s high-rise housing stock. 11.2 Deferred tax recognised in other comprehensive income (note 24) 2022 \u00a3m 2021 \u00a3m Recognised on remeasurement gain on pension schemes 7.6 24.8 11.3 Tax recognised directly in equity 2022 \u00a3m 2021 \u00a3m Arising on transactions with equity participants Current tax related to equity settled transactions (0.8) 0.1 Deferred tax related to equity settled transactions (note 24) 4.2 (1.8) 3.4 (1.7) 12 Dividends/Return of capital 2022 \u00a3m 2021 \u00a3m Amounts recognised as distributions to capital holders in the period: 2020 dividend to all shareholders of 125p per share paid 2021 \u2013 398.7 2020 dividend to all shareholders of 110p per share paid 2021 \u2013 350.9 2021 dividend to all shareholders of 125p per share paid 2022 399.0 \u2013 2021 dividend to all shareholders of 110p per share paid 2022 351.1 \u2013 Total capital return 750.1 749.6 The Directors propose to return 60 pence of surplus capital to shareholders for each ordinary share held on the register on 14 April 2023 with payment made on 5 May 2023 as a \ufb01nal dividend in respect of the \ufb01nancial year ended 31 December 2022. The Directors do not intend to return any further surplus capital in respect of the \ufb01nancial year 31 December 2022. The total anticipated distributions to shareholders is 60 pence per share (2021: 235 pence per share) in respect of the \ufb01nancial year ended 31 December 2022. The Parent Company received \u00a3600.0m dividends from wholly owned subsidiary undertakings during 2022 (2021: \u00a3700.0m) . Notes to the \ufb01nancial statements continued For the year ended 31 December 2022 Persimmon Plc | Annual Report | December 2022 172 13 Earnings per share
Basic earnings per share is calculated by dividing the pro\ufb01t for the year attributable to ordinary shareholders
by the weighted average number of ordinary shares in issue during the year, excluding those held in the
employee bene\ufb01t trusts (see note 25) and any treasury shares, all of which are treated as cancelled, which
were 319.2m (2021: 319.0m).
Diluted earnings per share is calculated by dividing the pro\ufb01t for the year attributable to ordinary shareholders
by the weighted average number of ordinary shares in issue adjusted to assume conversion of all potentially
dilutive ordinary shares from the start of the year, giving a \ufb01gure of 321.8m (2021: 320.2m).
Underlying earnings per share excludes the legacy buildings provision charge and goodwill impairment.
The earnings per share from continuing operations were as follows:
2022 2021
Basic earnings per share 175.8p 246.8p
Underlying basic earnings per share 247.3p 248.7p
Diluted earnings per share 174.3p 245.6p
Underlying diluted earnings per share 245.3p 247.6p
The calculation of the basic and diluted earnings per share is based upon the following data:
2022
\u00a3m
2021
\u00a3m
Underlying earnings attributable to shareholders 789.5 793.4
Legacy buildings provision (net of tax) (221.9) \u2013
Goodwill impairment (6.6) (6.2)
Earnings attributable to shareholders 561.0 787.2
14 Intangible assets
Group
Goodwill
\u00a3m
Brand
\u00a3m
Know-how
\u00a3m
Total
\u00a3m
Cost
At 1 January 2021, 1 January 2022 408.8 60.0 1.9 470.7
Arising in the year 4.0 \u2013 \u2013 4.0
At 31 December 2022 412.8 60.0 1.9 474.7
Accumulated impairment losses/amortisation
At 1 January 2021 287.0 \u2013 1.9 288.9
Impairment losses for the year \u2013 utilisation
of strategic land holdings 6.2 \u2013 \u2013 6.2
At 1 January 2022 293.2 \u2013 1.9 295.1
Impairment losses for the year \u2013 utilisation
of strategic land holdings 6.6 \u2013 \u2013 6.6
At 31 December 2022 299.8 \u2013 1.9 301.7
Carrying amount
At 31 December 2022 113.0 60.0 \u2013 173.0
At 31 December 2021 115.6 60.0 \u2013 175.6
Goodwill brought forward at the start of the year of \u00a3115.6m includes \u00a395.6m (2021: \u00a3100.5m) which arose on
acquisitions before the date of transition to IFRSs and is retained at the previous UK GAAP amounts, subject
to being tested for impairment. \u00a337.0m (2021: \u00a337.0m) of this amount represented the brand value of Charles
Church, acquired with Beazer Group plc in 2001.
On the 6 May 2022 the Group acquired the entire share capital of Horsebridge Network Systems Limited
for a consideration of \u00a31. The fair value of the balance sheet on date of acquisition was a \u00a34.0m net liability.
As a result goodwill of \u00a34.0m has arisen on acquisition and recognised in the Group\u2019s balance sheet at
31 December 2022.
Acquired brand values, including the brand value of Charles Church which is classi\ufb01ed as goodwill as this
was acquired before the date of transition to IFRSs, are calculated based on discounted cash \ufb02ows and are
tested annually for impairment. The remainder of goodwill is allocated to acquired strategic land holdings
and is tested annually for impairment.
The recoverable amounts of the intangibles are determined from value in use calculations. Goodwill is
allocated for impairment testing purposes down to a lower level than the Group\u2019s single operating segment,
being to Charles Church and to the portfolios of strategic land holdings throughout the UK acquired with
Beazer and Westbury. The key assumptions for value in use calculations are those regarding discount
and growth rates. Growth rates incorporate volume, selling price and direct cost changes.
The Group prepares cash \ufb02ow forecasts derived from the most recent \ufb01nancial forecasts approved
by management to form the basis of the Group\u2019s \ufb01ve-year business plan.
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
173
14 Intangible assets continued When performing the impairment review of the brands, the relevant retraction/growth rates included therein vary between 0% to 17% (2021: 0% to 3%), re\ufb02ecting the economic uncertainties associated with the ongoing war in Ukraine and the cost of living crisis which is affecting the UK economy and the UK housing industry. The retraction/growth rates in relation to the impairment review of goodwill allocated to strategic land holdings vary between 0% to 3% (2021: 0% to +3%). After this period the growth rates applied to calculate the cash \ufb02ow forecasts vary between 1 and 2% (2021: 1 and 2%) re\ufb02ecting management\u2019s estimate of the forecast recovery in the UK housing market, which do not exceed the long-term average growth rates for the industry. Management used pre-tax discount factors between 5% and 9% (2021: 2% and 8%) over the forecast periods. The goodwill allocated to acquired strategic land holdings is further tested by reference to the proportion of legally completed plots in the period compared to the total plots which are expected to receive satisfactory planning permission in the remaining strategic land holdings, taking account of historic experience and market conditions. This review resulted in an underlying impairment of \u00a36.6m (2021: \u00a36.2m). This charge re\ufb02ects ongoing consumption of the acquired strategic land holdings. The effect of testing goodwill for impairment in the manner set out is that the goodwill will be completely impaired once the \ufb01nal plot for which management expects to receive a satisfactory planning permission is sold. The timescale for full impairment to occur is difficult to calculate however based on current estimates, it is believed this will take over 20 years. On concluding the annual impairment testing, there remains \u00a353.1m (2021: \u00a358.5m) and \u00a318.9m (2021: \u00a320.1m) of Beazer and Westbury goodwill allocated to strategic land holdings and \u00a337.0m (2021: \u00a337.0m) allocated to the Charles Church brand. In addition, there is \u00a360.0m (2021: \u00a360.0m) of carrying value in relation to the Westbury brand. No reasonable possible change in any of the assumptions noted above would lead to an impairment charge being required. However, in the event of deterioration in the UK housing market conditions, operating margins reducing, or appropriate discount rates increasing the possibility of impairment losses in the future remains. Company Trademarks \u00a3m Cost At 1 January 2021, 1 January 2022 and 31 December 2022 5.0 Amortisation At 1 January 2021 4.3 Charge for the year 0.2 At 1 January 2022 4.5 Charge for the year 0.2 At 31 December 2022 4.7 Carrying amount At 31 December 2022 0.3 At 31 December 2021 0.5 15 Property, plant and equipment Group Land and buildings \u00a3m Plant \u00a3m Fixtures and \ufb01ttings \u00a3m Total \u00a3m Cost At 1 January 2021 49.2 116.9 29.7 195.8 Additions 1.1 20.0 2.1 23.2 Disposals (0.2) (10.9) (2.2) (13.3) At 1 January 2022 50.1 126.0 29.6 205.7 Additions 5.1 27.1 3.3 35.5 Disposals (0.6) (4.5) (1.0) (6.1) At 31 December 2022 54.6 148.6 31.9 235.1 Accumulated depreciation At 1 January 2021 8.1 79.7 17.6 105.4 Charge for the year 1.5 9.9 3.1 14.5 Disposals (0.1) (10.9) (2.2) (13.2) At 1 January 2022 9.5 78.7 18.5 106.7 Charge for the year 1.7 12.0 2.1 15.8 Disposals (0.4) (4.6) (1.0) (6.0) At 31 December 2022 10.8 86.1 19.6 116.5 Carrying amount At 31 December 2022 43.8 62.5 12.3 118.6 At 31 December 2021 40.6 47. 3 11.1 99.0 At 31 December 2022, the Group had \u00a320.1m contractual commitments for the acquisition of property, plant and equipment (2021: \u00a32.8m). At 31 December 2022, the Group had \u00a3nil held for sale (2021: \u00a3nil). Within additions for the year are \u00a35.4m of \u2018Right of Use\u2019 assets (2021: \u00a32.2m). At 31 December 2022 a \u2018Right of Use\u2019 asset of \u00a310.7m is reported within Property, plant and equipment (2021: \u00a38.6m) . Notes to the \ufb01nancial statements continued For the year ended 31 December 2022 Persimmon Plc | Annual Report | December 2022 174 Company
Land and
buildings
\u00a3m
Plant
\u00a3m
Computer
equipment,
\ufb01xtures and
\ufb01ttings
\u00a3m
Total
\u00a3m
Cost
At 1 January 2021 2.1 0.9 5.2 8.2
Additions \u2013 0.3 0.5 0.8
Disposals \u2013 (0.1) \u2013 (0.1)
At 1 January 2022 2.1 1.1 5.7 8.9
Additions 0.7 0.4 1.4 2.5
Disposals \u2013 \u2013 \u2013 \u2013
At 31 December 2022 2.8 1.5 7.1 11.4
Accumulated depreciation
At 1 January 2021 0.7 0.5 3.8 5.0
Charge for the year \u2013 0.2 0.9 1.1
Disposals \u2013 \u2013 \u2013 \u2013
At 1 January 2022 0.7 0.7 4.7 6.1
Charge for the year 0.1 0.3 0.6 1.0
Disposals \u2013 \u2013 \u2013 \u2013
At 31 December 2022 0.8 1.0 5.3 7.1
Carrying amount
At 31 December 2022 2.0 0.5 1.8 4.3
At 31 December 2021 1.4 0.4 1.0 2.8
16 Investments
16.1 Investments accounted for using the equity method
Group
Investments
in joint ventures
\u00a3m
Cost
At 1 January 2021 and 1 January 2022 0.3
Distributions \u2014
At 31 December 2022 0.3
Investments in joint ventures are accounted for under the equity method of accounting. All principal joint
ventures have a single external partner holding a 50% interest giving an equal interest in the trade and net
assets of the joint ventures. There are no signi\ufb01cant restrictions on these entities.
During the year the Group disposed of all its signi\ufb01cant joint venture investments.
The Group\u2019s share of assets and liabilities of joint ventures is shown below:
2022
\u00a3m
2021
\u00a3m
Non-current assets 0.1 0.1
Current assets 0.2 0.2
Current liabilities \u2013 \u2013
Net assets of joint ventures 0.3 0.3
16.2 Investments in subsidiaries
Company
2022
\u00a3m
2021
\u00a3m
Cost
At 1 January 2021, 31 December 2021 and 31 December 2022 3,540.7 3,540.7
Impairment
At 1 January 2021, 31 December 2021 and 31 December 2022 335.0 335.0
Net book value
At 31 December 3,205.7 3,205.7
The annual review of the carrying value of the investment in subsidiaries identi\ufb01ed \u00a3nil impairment issues
(2021: \u00a3nil impairment). Details of Group undertakings are set out in notes 32 and 33.
17 Shared equity loan receivables
Group
2022
\u00a3m
2021
\u00a3m
At 1 January 45.6 56.2
Settlements (13.3) (18.9)
Gains 3.7 8.3
At 31 December 36.0 45.6
All gains/losses have been recognised in the Consolidated Statement of Comprehensive Income.
Of the gains recognised in \ufb01nance income for the period \u00a30.3m (2021: \u00a34.2m) was unrealised.
Shared equity loan receivables, comprise loans, largely with a ten year term and variable repayment
amounts, provided as part of sales transactions that are secured by way of a second legal charge on the
related property. Loans are repayable at the borrower\u2019s option, on sale or transfer of the related property
or other redemption of the \ufb01rst legal charge or at the end of the \ufb01xed term. The loans are recorded at fair
value, being the estimated future amount receivable by the Group, discounted to present day values.
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
175
17 Shared equity loan receivables continued The fair value of future anticipated cash receipts takes into account the Directors\u2019 view of future house price movements, the expected timing of receipts and the likelihood that a purchaser defaults on a repayment. The Directors revisit the future anticipated cash receipts from the loans at the end of each \ufb01nancial reporting period. The difference between the anticipated future receipt and the initial fair value is credited over the estimated deferred term to \ufb01nance income, with the loan increasing to its full expected cash settlement value on the anticipated receipt date. Credit risk, which the Directors currently consider to be largely mitigated through holding a second legal charge over the assets, is accounted for in determining fair values and appropriate discount factors are applied. The Directors expect an average maturity pro\ufb01le of between \ufb01ve and ten years from the balance sheet date. Further disclosures relating to loans are set out in note 23. 18 Inventories 2022 \u00a3m 2021 \u00a3m Land 2,091.7 1,798.2 Work in progress 1,263.9 1,054.1 Part exchange properties 61.0 24.8 Showhouses 46.3 43.6 3,462.9 2,920.7 The Directors consider all inventories to be essentially current in nature although the Group\u2019s operational cycle is such that a proportion of inventories will not be realised within 12 months. It is not possible to determine with accuracy when speci\ufb01c inventory will be realised as this is subject to a number of issues, including consumer demand and planning permission delays. The Group conducted a further review of the net realisable value of its land and work in progress portfolio during 2022. Our approach to this review has been consistent with that conducted at 31 December 2021. This review gave rise to a reversal of \u00a3nil (2021: \u00a3nil) of provision on inventories that were written down in a previous accounting period and an impairment of land and work in progress of \u00a3nil (2021: \u00a3nil). Net realisable provisions held against inventories at 31 December 2022 were \u00a35.5m (2021: \u00a318.6m). The key judgements in estimating the future net realisable value of a site were the estimation of likely sales prices, house types and costs to complete the developments. Sales prices and costs to complete were estimated on a site by site basis based upon existing market conditions. If the UK housing market were to improve or deteriorate in the future then further adjustments to the carrying value of land and work in progress may be required. Following the 2022 review, \u00a32.9m (2021: \u00a34.1m) of inventories are valued at net realisable value rather than at historical cost. Land with a carrying value of \u00a3860.8m (2021: \u00a3811.4m) was used as security for land payables (note 21). The value of inventories expensed in 2022 and included in cost of sales was \u00a32,556.7m (2021: \u00a32,443.6m) . 19 Trade and other receivables Group 2022 \u00a3m Group 2021 \u00a3m Company 2022 \u00a3m Company 2021 (restated) \u00a3m Non-current assets Other receivables 0.3 0.6 \u2013 \u2013 Amounts owed by Group undertakings \u2013 \u2013 2,015.4 1,940.4 0.3 0.6 2,015.4 1,940.4 Group 2022 \u00a3m Group 2021 \u00a3m Company 2022 \u00a3m Company 2021 (restated) \u00a3m Current assets Trade receivables 153.7 87.9 1.3 0.7 Other receivables 17.9 26.0 8.2 27.0 Prepayments and accrued income 21.6 10.0 3.8 1.7 193.2 123.9 13.3 29.4 Following a review of the Company\u2019s historic practice and future plans not to call on all intercompany receivables in the short-term, \u00a31,940.4m of current intercompany receivables at 31 December 2021 have been reclassi\ufb01ed to non-current in line with IAS 1. These balances remain repayable on demand, and can be called upon at the sole discretion of the Company if required. This reclassi\ufb01cation has no impact on net assets, result for the year or cash \ufb02ows. The impact on the 31 December 2020 balance sheet would be to reclassify \u00a31,840.5m of current intercompany receivables to non-current intercompany receivables. Trade and other receivables are non-interest bearing, and the Group applies a simpli\ufb01ed approach in calculating expected credit losses. The Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The Directors consider that the carrying value of trade receivables approximates to their fair value. No allowance for expected credit losses is deemed necessary in respect of amounts owed by Group undertakings. 2022 \u00a3m 2021 \u00a3m Ageing of overdue but not impaired receivables Less than 3 months 29.8 13.7 Over 3 months 7.4 6.3 37.2 20.0 Notes to the \ufb01nancial statements continued For the year ended 31 December 2022 Persimmon Plc | Annual Report | December 2022 176 The carrying value of trade and other receivables are stated after the following allowance for expected
credit losses:
2022
\u00a3m
2021
\u00a3m
Group
At 1 January 2.0 2.0
Allowance for expected credit losses charged 0.2 0.1
Amounts written off during the year as uncollectable (0.2) (0.1)
Allowance for expected credit losses reversed \u2013 \u2013
At 31 December 2.0 2.0
20 Borrowings
Detailed disclosure of the Group\u2019s usage of \ufb01nancial instruments is included in note 23. There are \u00a3nil
borrowings at 31 December 2022 (2021: \u00a3nil).
The contractual repayment terms of facilities are as noted below.
Currency
Nominal
interest rate
Year of
maturity
2022
\u00a3m
2021
\u00a3m
Bank overdrafts GBP
Base
+1%-3.25% 2023 26.0 31.0
Syndicated loan GBP
SONIA
+0.90%-
0.93% 2026 300.0 300.0
Available facilities 326.0 331.0
The interest rate applicable to the syndicated loan may increase dependent upon the Group\u2019s gearing level.
The discount rate applies to current and forecast gearing levels.
21 Trade and other payables
Group
2022
\u00a3m
Group
2021
\u00a3m
Company
2022
\u00a3m
Company
2021
\u00a3m
Non-current liabilities
Land payables 202.8 190.2 \u2013 \u2013
Other payables 12.0 13.2 2.0 1.8
214.8 203.4 2.0 1.8
Group
2022
\u00a3m
Group
2021
\u00a3m
Company
2022
\u00a3m
Company
2021
\u00a3m
Current liabilities
Trade payables 368.6 227.2 3.3 0.7
Land payables 270.0 217.4 \u2013 \u2013
Deposits and on account contract receipts \u2013 25.8 \u2013 \u2013
Other payables 54.8 48.6 16.1 9.2
Accrued expenses 256.0 288.0 6.2 9.9
Amounts owed to Group undertakings \u2013 \u2013 3,857.4 4,114.1
949.4 807.0 3,883.0 4,133.9
Trade payables subject to payment terms were 35 days (2021: 14 days), based on the ratio of year end trade
payables (excluding retentions and unagreed claims) to amounts invoiced during the year by trade creditors.
The Group has \ufb01nancial risk management policies in place to ensure that all payables are paid within the
pre-agreed terms. The Directors consider that the carrying amount of trade payables approximates to their
fair value.
Land payables are reduced for imputed interest, which is charged to the statement of comprehensive
income over the credit period of the purchase contract.
22 Legacy buildings provision
Group
2022
\u00a3m
Group
2021
\u00a3m
At 1 January 72.7 75.0
Additions to provision in the year 275.0 \u2013
Provisions utilised in the year (14.4) (2.3)
At 31 December 333.3 72.7
In 2020 the Group made an initial commitment that no leaseholder living in a building we had developed should
have to cover the cost of removal of combustible cladding. During 2022 we have signed the Building Safety
Pledge (England) and worked constructively with the government to agree the \u2018Long Form Contract\u2019 that turns
the pledge into a legal agreement, which we anticipate signing imminently. As we have worked through this
process we have identi\ufb01ed further eligible multi-storey developments requiring remediation for which we will be
liable, and developed a more detailed understanding of remediation costs. The number of developments we
are responsible for has increased and now stands at 73 (of which 33 have now either secured EWS1 certi\ufb01cates
or concluded any necessary works). This, along with a broader scope, including reimbursement of any funds
already outlaid by the Building Safety Fund, remediation of non-cladding \ufb01re related build defects and interim
protection measures for residents, set against a background of signi\ufb01cant build cost in\ufb02ation has resulted in our
total provision for \ufb01re related build remediation works increasing by \u00a3275.0m to \u00a3350.0m, before spend to date.
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
177
22 Legacy buildings provision continued
It is assumed the majority of the work will be completed over the next 3 years and the amount provided for
has been discounted accordingly.
The charge of \u00a3275.0m in the year has been separately disclosed on the face of the Consolidated Statement
of Comprehensive Income.
This is a highly complex area with judgments and estimates in respect of the cost of the remedial works,
with investigative surveys ongoing to determine the full extent of those required works. Where remediation
works have not yet been fully tendered we have estimated the likely scope and costs of such works based on
experience of other similar sites. Whilst management have exercised their best judgement of these matters, there
remains the potential for variations to this estimate from multiple factors such as material, energy and labour cost
in\ufb02ation, limited quali\ufb01ed contractor availability and abnormal works identi\ufb01ed on intrusive surveys. Should a 10%
variation in the costs of untendered projects occur then the overall provision would vary by +/- \u00a314.3m.
The \ufb01nancial statements have been prepared on the latest available information, however there remains the
possibility that despite managements endeavours to identify all such properties, including those constructed
by acquired entities well before acquisition, further developments requiring remediation may emerge.
The Company has no provisions.
23 Financial risk management
The Group has exposure to the following risks from its use of \ufb01nancial instruments:
\u2022 Market risk
\u2022 Liquidity risk
\u2022 Capital risk
\u2022 Credit risk
This note presents basic information regarding the Group\u2019s exposure to these risks and the Group\u2019s
objectives, strategy and processes for measuring and managing exposure to them. Unless otherwise
stated references to Group should be considered to apply to the Company as well.
The Board has overall responsibility for the assessment and effective management of the Group\u2019s risks.
Comprehensive processes are in place to identify, monitor, mitigate and control risks, through the work
of the Audit & Risk Committee, Group Internal Audit department and operational management teams.
This includes a wide-ranging annual survey of Board and senior management in order to assess key risk
issues and emerging risks. Collectively, these processes provide the Board with visibility of the Group\u2019s
full risk landscape, while remaining focused on the most signi\ufb01cant threats and trends, and allow for the
effective deployment of supporting controls.
Market risk
Market risk represents the potential for changes in foreign exchange prices and interest rates to affect
the Group\u2019s pro\ufb01t and the value of its \ufb01nancial instruments. It also incorporates the effect of the overall
UK housing market on the Group. The Group\u2019s objective in market risk management is to minimise its
exposures to \ufb02uctuations within such variables whilst optimising returns.
The Group has no signi\ufb01cant direct currency exposures.
Interest rate risk
The Group currently holds no \ufb01xed interest borrowings. This re\ufb02ects both the low borrowing requirements
of the Group and the current low interest rates applicable to \ufb02oating borrowings. The Group has no formal
target for a ratio of \ufb01xed to \ufb02oating funding. The responsibility for setting the level of \ufb01xed rate debt lies
with the Board and is continually reviewed in the light of economic data provided by a variety of sources.
Sensitivity analysis
If in the year ended 31 December 2022 UK interest rates had been 1.0% higher/lower than the Group\u2019s pre-
tax pro\ufb01t would have increased/decreased by \u00a35.1m (2021: increased/decreased by \u00a310.6m). The Group\u2019s
post-tax pro\ufb01t would have increased/decreased by \u00a34.0m (2021: increased/decreased by \u00a38.6m).
These sensitivities have been prepared in respect of the direct impact of such an interest rate change on
the net \ufb01nancing expense of \ufb01nancial instruments only, and do not attempt to estimate the indirect effect
such a change may have on the wider economic environment such as house pricing, mortgage availability
and exchange rates.
Housing market risk
The Group is fundamentally affected by the level of UK house prices. These in turn are affected by factors
such as credit availability, employment levels, interest rates, consumer con\ufb01dence and supply of land with
planning. The UK\u2019s withdrawal from the EU may have a signi\ufb01cant impact on these factors.
Whilst it is not possible for the Group to fully mitigate such risks on a national macroeconomic basis the Group
does continually monitor its geographical spread within the UK, seeking to balance its investment in areas
offering the best immediate returns with a long-term spread of its operations throughout the UK to minimise
the risk of local microeconomic \ufb02uctuations. The Group has taken steps to control its speculative build, land
acquisition activities and work in progress levels so as to manage the exposure of the Group to any further
market disruption.
Sensitivity analysis
At 31 December 2022, if UK house prices had been 10% higher/lower, and all other variables were
held constant, the Group\u2019s house price linked \ufb01nancial instruments, which are solely shared equity loan
receivables, would increase/decrease in value, excluding any effects of current or deferred tax, by \u00a33.6m
(2021: \u00a34.6m).
Liquidity risk
Liquidity risk re\ufb02ects the risk that the Group will have insufficient resources to meet its \ufb01nancial obligations
as they fall due. The Group\u2019s strategy in relation to managing liquidity risk is to ensure that the Group has
sufficient liquid funds to meet all its potential liabilities as they fall due.
This is true not only of normal market conditions but also of negative projections against expected outcomes,
so as to avoid any risk of incurring contractual penalties or damaging the Group\u2019s reputation, which would
in turn reduce the Group\u2019s ability to borrow at optimal rates. Therefore the Group remains con\ufb01dent of its
continued compliance with \ufb01nancial covenants under the syndicated loan even in the event of deterioration
in market conditions. Further information on the Group\u2019s liquidity forecast process is included in the Viability
Statement on pages 75 to 77.
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
178
The Group has entered into a number of deferred payment guarantees and performance bonds in the normal
course of operations. The liabilities to which these guarantees relate are recognised and accounted for in
accordance with our standard accounting policies.
Liquidity forecasts are produced on (i) a daily basis to ensure that utilisation of current facilities is optimised;
(ii) a monthly basis to ensure that covenant compliance targets and medium-term liquidity is maintained; and
(iii) a long-term projection basis for the purpose of identifying long-term strategic funding requirements.
The Directors also continually assess the balance of capital and debt funding of the Group. They consider
the security of capital funding against the potentially higher rates of return offered by debt \ufb01nancing in order
to set an efficient but stable balance appropriate to the size of the Group.
The Group operates short-term uncommitted overdraft facilities to meet day-to-day liquidity requirements.
These facilities are cancellable on request from the bank; however the Group generally maintains low levels
of borrowing on these in favour of more cost efficient facilities. These overdraft facilities are provided by \ufb01ve
leading clearing banks to minimise exposure to any one lender.
The Group maintains a \u00a3300m revolving credit facility committed to March 2026. These committed facilities
are sufficient to meet projected liquidity requirements to this date. Undrawn committed facilities at the
reporting date amount to \u00a3300m (2021: \u00a3300m).
Cash deposits
The Group has a policy of ensuring cash deposits are made with the primary objective of security of principal.
Accordingly deposits are made only with approved, respected, high credit rating \ufb01nancial institutions.
Deposits are spread across such institutions to minimise exposure to any single entity and are made
on a short-term basis only to preserve liquidity.
Capital risk
The capital structure of the Group consists of net cash/debt (borrowings as detailed in note 20 offset by cash
and bank balances) and equity of the Group (comprising issued capital, reserves and retained earnings as
detailed in the statement of changes in shareholders\u2019 equity). The Group\u2019s objective in managing capital
is primarily to ensure the continued ability of the Group to meet its liabilities as they fall due whilst also
maintaining an appropriate balance of equity and borrowings and minimising costs of capital. Close control
of deployment of capital is maintained by detailed management review procedures for authorisation of
signi\ufb01cant capital commitments, such as land acquisition, capital targets for local management and a
system of internal interest recharges, ensuring capital cost impact is understood and considered by all
management tiers.
Decisions regarding the balance of equity and borrowings, dividend policy and all major borrowing facilities
are reserved for the Board. The Group is currently pursuing a strategy of capital return to shareholders,
whilst at the same time building a stronger, larger business. Full details are available in the Strategic Report
on pages 53 to 55.
The following are the contractual maturities of \ufb01nancial liabilities, including interest payments (not discounted):
Group
2022
Carrying
amount
\u00a3m
Contractual
cash \ufb02ows
\u00a3m
Less than
1 year
\u00a3m
1\u20132
years
\u00a3m
2\u20135
years
\u00a3m
Over
5 years
\u00a3m
Trade and other payables 691.2 694.4 683.8 2.7 2.8 5.1
Land payables 477.3 481.7 269.2 142.3 62.2 8.0
Partnership liability 25.1 28.2 5.6 5.6 17.0 \u2013
Financial liabilities 1,193.6 1,204.3 958.6 150.6 82.0 13.1
Group
2021
Carrying
amount
\u00a3m
Contractual
cash \ufb02ows
\u00a3m
Less than
1 year
\u00a3m
1\u20132
years
\u00a3m
2\u20135
years
\u00a3m
Over
5 years
\u00a3m
Trade and other payables 577.0 580.0 565.4 7.7 2.7 4.2
Land payables 407.6 409.6 218.7 105.3 81.8 3.8
Partnership liability 29.3 33.7 5.5 5.6 16.9 5.7
Financial liabilities 1,013.9 1,023.3 789.6 118.6 101.4 13.7
Company
2022
Carrying
amount
\u00a3m
Contractual
cash \ufb02ows
\u00a3m
Less than
1 year
\u00a3m
1\u20132
years
\u00a3m
2\u20135
years
\u00a3m
Over
5 years
\u00a3m
Trade and other payables
(including intercompany
balances) 3,885.1 3,885.1 3,884.3 0.3 0.5 \u2013
Financial liabilities 3,885.1 3,885.1 3,884.3 0.3 0.5 \u2013
It is noted that \u00a33,857.1m (2021: \u00a34,114.1m) of other payables refer to amounts owed to subsidiary undertakings.
Whilst generally repayable upon demand, in practice it is unlikely there will be any required repayment in the
short-term.
Company
2021
Carrying
amount
\u00a3m
Contractual
cash \ufb02ows
\u00a3m
Less than
1 year
\u00a3m
1\u20132
years
\u00a3m
2\u20135
years
\u00a3m
Over
5 years
\u00a3m
Trade and other payables
(including intercompany
balances) 4,135.7 4,135.7 4,133.9 0.3 1.5 \u2013
Financial liabilities 4,135.7 4,135.7 4,133.9 0.3 1.5 \u2013
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
179
23 Financial risk management continued
Credit risk
The nature of the UK housing industry and the legal framework surrounding it results in the Group having
a low exposure to credit risk.
In all but a minority of cases the full cash receipt for each sale occurs on legal completion, which is also the
point of revenue recognition under the Group\u2019s accounting policies.
In certain speci\ufb01c circumstances the Group has entered into shared equity arrangements (not applicable
to the Company). The pressures of market conditions during recessionary periods necessitated an increase
in this form of sales structure from 2008. In such cases the long-term debt is secured upon the property
concerned. The Group does not recognise collateral rights as a separate asset, nor does it have rights
to trade such collateral. Reductions in property values leads to an increase in the credit risk of the Group
in respect of such sales. There was \u00a30.3m requirement for a charge in relation to credit impairment in the
year (2021: \u00a30.3m).
The maximum total credit risk is as follows:
Group
2022
\u00a3m
2021
\u00a3m
Trade and other receivables 164.9 114.5
Shared equity loan receivables 36.1 45.6
Cash and cash equivalents 861.6 1,246.6
1,062.6 1,406.7
Company
Loans and receivables (including intercompany balances) 2,024.9 1,968.1
Cash and cash equivalents 603.3 1,054.9
2,628.2 3,023.0
The maximum credit exposure of the Group to overseas parties is \u00a3nil (2021: \u00a3nil) (Company: \u00a3nil (2021: \u00a3nil)).
The Group\u2019s credit risk is widely distributed. The maximum credit risk should any single party (excepting
\ufb01nancial institutions) fail to perform is \u00a356.6m (2021: \u00a320.4m) and is not yet due (Company: \u00a31,414.5m
(2021: \u00a31,339.5m) being a subsidiary debtor). The Directors consider these \ufb01nancial assets to be of
high quality and the credit risk is assessed as low. The maximum credit risk associated with a \ufb01nancial
institution in respect of short-term cash deposits is \u00a3188.7m (2021: \u00a3216.1m) .
Fair value
The fair value of \ufb01nancial assets and liabilities is as follows:
Group
2022 2021
Fair
value
\u00a3m
Carrying
value
\u00a3m
Fair
value
\u00a3m
Carrying
value
\u00a3m
Trade and other receivables 164.9 164.9 114.5 114.5
Shared equity loan receivables 36.1 36.1 45.6 45.6
Cash and cash equivalents 861.6 861.6 1,246.6 1,246.6
Trade and other payables (691.7) (691.7) (577.0) (577.0)
Land payables (472.8) (472.8) (407.6) (407.6)
Partnership liability (24.1) (25.2) (30.1) (29.3)
(126.0) (127.1) (392.0) (392.8)
In aggregate, the fair value of \ufb01nancial assets and liabilities are not materially different from their
carrying value.
Company
2022 2021
Fair
value
\u00a3m
Carrying
value
\u00a3m
Fair
value
\u00a3m
Carrying
value
\u00a3m
Trade and other receivables (including
intercompany balances) 2,024.9 2024.9 1,968.1 1,968.1
Cash and cash equivalents 603.3 603.3 1,054.9 1,054.9
Trade and other payables (including
intercompany balances) (3,885.1) (3,885.1) (4,135.7) (4,135.7)
(1,256.9) (1,256.9) (1,112.7) (1,112.7)
Income and expense in relation to \ufb01nancial instruments is disclosed in note 9.
Financial assets and liabilities by category:
Group Company
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Financial assets designated fair value through
statement of comprehensive income 36.1 45.6 \u2013 \u2013
Trade and other receivables 164.9 114.5 2,024.9 1,968.1
Cash and cash equivalents 861.6 1,246.6 603.3 1,054.9
Financial liabilities at amortised cost (1,189.7) (1,013.9) (3,883.0) (4,135.7)
(127.1) 392.8 (1,254.8) (1,112.7)
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
180
Financial assets and liabilities carried at fair value are categorised within the hierarchical classi\ufb01cation
of IFRS 13 Revised (as de\ufb01ned within the standard) as follows:
Group
2022
Level 3
\u00a3m
2021
Level 3
\u00a3m
Shared equity loan receivables 36.0 45.6
Shared equity loan receivables
Shared equity loan receivables represent loans advanced to customers and secured by way of a second
charge on their new home. They are carried at fair value. The fair value is determined by reference to the
rates at which they could be exchanged by knowledgeable and willing parties. Fair value is determined
by discounting forecast cash \ufb02ows for the residual period of the contract by a risk adjusted rate.
There exists an element of uncertainty over the precise \ufb01nal valuation and timing of cash \ufb02ows arising from
these loans. As a result the Group has applied inputs based on current market conditions and the Group\u2019s
historic experience of actual cash \ufb02ows resulting from such arrangements. These inputs are by nature
estimates and as such the fair value has been classi\ufb01ed as level 3 under the fair value hierarchy laid out
in IFRS 13 Fair Value Measurement.
Signi\ufb01cant unobservable inputs into the fair value measurement calculation include regional house price
movements based on the Group\u2019s actual experience of regional house pricing and management forecasts
of future movements, weighted average duration of the loans from inception to settlement of ten years
(2021: ten years) and discount rate 7% (2021: 5%) based on current observed market interest rates offered
to private individuals on secured second loans.
The discounted forecast cash \ufb02ow calculation is dependent upon the estimated future value of the
properties on which the shared equity loans are secured. Adjustments to this input, which might result from
a change in the wider property market, would have a proportional impact upon the fair value of the loan.
Furthermore, whilst not easily assessable in advance, the resulting change in security value may affect
the credit risk associated with the counterparty, in\ufb02uencing fair value further.
Detail of the movements in shared equity loan receivables in the period are disclosed in note 17.
24 Deferred tax
The following are the deferred tax assets and liabilities recognised by the Group and the movements thereon
during the current and prior year:
Note
Accelerated
tax
depreciation
\u00a3m
Retirement
bene\ufb01t
obligation
\u00a3m
Share-based
payment
\u00a3m
Intangible
assets
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
At 1 January 2021 2.0 (9.6) 3.7 (11.4) 0.1 (15.2)
(Charge)/credit to
income statement 11.1 (1.7) (2.8) 2.1 (3.6) (0.7) (6.7)
Credit to other
comprehensive income 11.2 \u2013 (24.8) \u2013 \u2013 \u2013 (24.8)
Amounts taken directly
to equity 11.3 \u2013 \u2013 1.8 \u2013 \u2013 1.8
At 1 January 2022 0.3 (37.2) 7.6 (15.0) (0.6) (44.9)
(Charge)/credit to
income statement 11.1 ( 7.2) (0.4) 1.5 (2.4) 3.7 (4.8)
Charge to other
comprehensive income 11.2 \u2013 ( 7.7 ) \u2013 \u2013 \u2013 (7.7)
Amounts taken directly
to equity 11.3 \u2013 \u2013 (4.2) \u2013 \u2013 (4.2)
At 31 December 2022 (6.9) (45.3) 4.9 (17.4) 3.1 (61.6)
As permitted by IAS 12 Income Taxes, certain deferred tax assets and liabilities have been offset.
The following is an analysis of the deferred tax balances (after offset) for \ufb01nancial reporting purposes:
2022
\u00a3m
2021
\u00a3m
Share-based payments 4.9 7.6
Other items, including accelerated capital allowances 5.6 2.1
Deferred tax assets 10.5 9.7
Brands (17.4) (15.0)
Other items, including accelerated capital allowances (54.7) (39.6)
Deferred tax liabilities (72.1) (54.6)
Net deferred tax liability (61.6) (44.9)
The Group has recognised deferred tax liabilities of \u00a345.3m (2021: liabilities of \u00a337.2m) on retirement bene\ufb01t
assets of \u00a3155.9m (2021: assets of \u00a3148.8m).
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
181
24 Deferred tax continued The following are the deferred tax assets and liabilities recognised by the Company and the movements thereon during the current and prior year: Accelerated tax depreciation \u00a3m Retirement bene\ufb01t obligation \u00a3m Share-based payment \u00a3m Other temporary differences \u00a3m Total \u00a3m At 1 January 2021 0.3 (9.6) 1.7 0.9 (6.7) Credit/(charge) to income statement (0.5) (2.8) 1.2 \u2013 (2.1) Credit to other comprehensive income \u2013 (24.8) \u2013 \u2013 (24.8) Amounts taken directly to equity \u2013 \u2013 0.9 \u2013 0.9 At 1 January 2022 (0.2) (37.2) 3.8 0.9 (32.7) (Charge)/credit to income statement 0.2 (0.4) 2.3 0.3 2.4 Charge to other comprehensive income \u2013 ( 7.7) \u2013 \u2013 ( 7.7) Amounts taken directly to equity \u2013 \u2013 (3.4) \u2013 (3.4) At 31 December 2022 \u2013 (45.3) 2.7 1.2 (41.4) No deferred tax assets and liabilities have been offset (2021: \u00a3nil) . 25 Share capital 2022 \u00a3m 2021 \u00a3m Allotted, called up and fully paid 319,323,432 (2021: 319,206,474) ordinary shares of 10p each 31.9 31.9 The Company has one class of ordinary shares which carry no right to \ufb01xed income. All issued shares are fully paid. During the year 116,958 ordinary shares (2021: 135,213) were issued in satisfaction of share option exercises. The Company has established an Employee Bene\ufb01t Trust to hold shares for participants of the Company\u2019s various share schemes. The Trustee is Persimmon (Share Scheme Trustees) Limited, a subsidiary company. During 2022, the Trustee transferred 53,988 (2021: 0) to employees. At 31 December 2022 the trust held 88,635 shares (2021: 105,523) on which dividends have been waived. The market value of these shares at 31 December 2022 was \u00a31,078,688 (2021: \u00a33,013,737). Own shares Own shares held at cost are reconciled as follows: Group \u00a3m Balance at 31 December 2021 0.4 Disposed of on exercise/vesting to employees (0.3) Balance at 31 December 2022 0.1 26 Reconciliation of net cash flow to net cash and analysis of net cash Group 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents at 1 January 1,246.6 1,234.1 (Decrease)/increase in net cash and cash equivalents in cash \ufb02ow (385.0) 12.5 Cash and cash equivalents at 31 December 861.6 1,246.6 IFRS 16 lease liability (10.9) (8.8) Net cash at 31 December 850.7 1,237.8 Net cash is de\ufb01ned as cash and cash equivalents, bank overdrafts, \ufb01nance lease obligations and interest bearing borrowings. 27 Contingent liabilities As disclosed in note 22 the Group has undertaken a review of all of its legacy buildings that used cladding on their facades. The \ufb01nancial statements have been prepared on the latest available information, however there remains the possibility that despite managements endeavours to identify all such properties, including those constructed by acquired entities well before acquisition, further developments requiring remediation may emerge. There is also the possibility that estimates based on preliminary assessments regarding the scale of remediation works relating to buildings yet to be fully surveyed may prove incorrect. Cost of remedial works will remain under review and be updated as works progress. In the normal course of business the Group has given counter indemnities in respect of performance bonds and \ufb01nancial guarantees. Management estimate that the bonds and guarantees amount to \u00a3386m (2021: \u00a3372m), and con\ufb01rm that the possibility of cash out\ufb02ow is considered minimal and no provision is required. Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions in progress. The Group takes legal advice as to the likelihood of success of claims and actions and no provision is made where the Directors consider, based on that advice, that the action is unlikely to succeed, or a sufficiently reliable estimate of the potential obligation cannot be made. The Company has entered into guarantees of certain \ufb01nancial liabilities of related undertakings as detailed in note 32. Notes to the \ufb01nancial statements continued For the year ended 31 December 2022 Persimmon Plc | Annual Report | December 2022 182 28 Retirement benefit assets
As at 31 December 2022 the Group operated four employee pension schemes, being two Group personal
pension schemes and two de\ufb01ned bene\ufb01t pension schemes. Remeasurement gains and losses in the
de\ufb01ned bene\ufb01t schemes are recognised in full as other comprehensive income within the Consolidated
Statement of Comprehensive Income. All other pension scheme costs are reported in pro\ufb01t or loss.
Group personal pension schemes
The Group makes contributions to the Group personal pension schemes which are open to employees who
are not members of the de\ufb01ned bene\ufb01t schemes. Dependent upon an employee\u2019s role and length of service
the Group may make contributions to the schemes of up to a maximum of 9% of basic salary. The Group has
no liability beyond these contributions. Group contributions to these schemes of \u00a35.7m (2021: \u00a34.9m) are
expensed through the statement of comprehensive income as incurred.
Persimmon Plc Pension & Life Assurance Scheme
The Persimmon Plc Pension & Life Assurance Scheme (the \u2018Persimmon Scheme\u2019) is a de\ufb01ned bene\ufb01t scheme
which was closed to new members in 2001. Active members of the Persimmon Scheme accrue bene\ufb01ts on
a career average revalued earnings basis. The assets of the Persimmon Scheme are held separately from
those of the Group.
On 12 December 2012 Persimmon Plc made a one-off cash contribution of \u00a357.8m to the Persimmon
Scheme. The Persimmon Scheme used these funds to invest in Persimmon Scottish Limited Partnership,
which has undertaken to provide \ufb01xed cash payments to the Persimmon Scheme to meet its liabilities over a
15 year period. See note 29 for further details.
Prowting Pension Scheme
The Group also operates the Prowting Pension Scheme (the \u2018Prowting Scheme\u2019), a de\ufb01ned bene\ufb01t scheme.
Bene\ufb01ts accrue on a career average revalued earnings basis. The assets of the Prowting Scheme are held
separately from those of the Group.
Role of Trustees
Both the Persimmon Scheme and the Prowting Scheme (jointly \u2018the Pension Schemes\u2019) are managed
by Trustees who are legally separate from the Company. The Trustees are composed of representatives
appointed by both the employer and employees. The Trustees are required by law to act in the interest of all
relevant bene\ufb01ciaries and are responsible in particular for the asset investment policy plus the day-to-day
administration of the bene\ufb01ts. They are also responsible for jointly agreeing with the employer the level of
contributions due to the Pension Schemes (see below).
Funding requirements
UK legislation requires that pension schemes are funded prudently i.e. to a level in excess of the current
expected cost of providing bene\ufb01ts. The last funding valuation of the Persimmon Scheme was carried out by
a quali\ufb01ed actuary as at 1 January 2020 and as at 31 March 2021 for the Prowting Scheme. The next funding
valuation will be as at 1 January 2023 for the Persimmon Scheme and as at 31 March 2024 for the Prowting
Scheme. Subsequent valuations will be at intervals of no more than three years thereafter.
Following each valuation, the Trustees and the Company must agree the contributions required (if any) to
ensure the Pension Schemes are fully funded over time on a suitable prudent measure. Contributions agreed
in this manner constitute a minimum funding requirement.
Given the current strength of the Persimmon and Prowting Scheme\u2019s funding (due to recent cash
contributions made to the Schemes) no de\ufb01cit contributions are required for either scheme. Salary related
contributions for active members are payable for the Persimmon Scheme.
Under the governing documentation of the Pension Schemes, any future surplus in either scheme would
be returnable to the Group by refund, assuming gradual settlement of the liabilities over the lifetime of the
Pension Schemes. As a result the Group does not consider there to be an asset ceiling in respect of the
Pension Schemes.
Both Pension Schemes are in a strong funding position. The Group remains committed to the continuity of
this position and will review future contribution levels in the event of any signi\ufb01cant de\ufb01cit arising.
The Pension Schemes investment strategy is to maintain a portfolio of suitable assets of appropriate liquidity
which will generate investment returns to meet, together with future contributions, the bene\ufb01ts of the
members as they fall due.* The Pension Schemes do not invest directly in complex \ufb01nancial instruments,
though there may be limited indirect investment through investment funds.
Regulation
The UK pensions market is regulated by The Pensions Regulator whose key statutory objectives in relation to
UK de\ufb01ned bene\ufb01t plans are:
\u2022 to protect the bene\ufb01ts of members;
\u2022 to promote, and to improve understanding of good administration; and
\u2022 to reduce the risk of situations arising which may lead to compensation being payable from the Pension
Protection Fund (PPF).
The Pensions Regulator has sweeping powers including the powers:
\u2022 to wind up a scheme where winding up is necessary to protect members\u2019 interests;
\u2022 to appoint or remove a trustee;
\u2022 to impose a schedule of company contributions or the calculation of the technical provisions where a
trustee and company fail to agree on appropriate contributions; and
\u2022 to impose a contribution where there has been a detrimental action against a scheme.
* Given the current \ufb01nancial strength of the pension schemes net asset position a low risk investment strategy is applied.
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
183
28 Retirement benefit assets continued
Risks associated with the Pension Schemes
The Pension Schemes expose the Group to a number of risks, the most signi\ufb01cant of which are:
Risk Description
Volatile
asset returns
The de\ufb01ned bene\ufb01t obligation (DBO) is calculated using a discount rate set with
reference to corporate bond yields. If assets underperform this discount rate, this will
create an element of de\ufb01cit. The Persimmon Scheme holds a signi\ufb01cant proportion
(c.20%) of assets in growth assets (such as equities) which, although expected to
outperform corporate bonds in the long-term, create volatility and risk in the short-term.
The allocation to growth assets is monitored to ensure it remains appropriate given the
Pension Schemes\u2019 long-term objectives.
Changes in
bond yields
A decrease in corporate bond yields will increase the value placed on the DBO for
accounting purposes, although this will be partially offset by an increase in the value
of the Pension Schemes\u2019 bond holdings.
In\ufb02ation risk A signi\ufb01cant proportion of the DBO is indexed in line with price in\ufb02ation and higher
in\ufb02ation will lead to higher liabilities (although, in most cases, this is capped at an annual
increase of 5%).
Life expectancy The majority of the Pension Schemes\u2019 obligations are to provide bene\ufb01ts for the life of
the member, so increases in life expectancy will result in an increase in the liabilities.
There are a number of other risks of running the Pension Schemes including operational risks (such as paying
out the wrong bene\ufb01ts), legislative risks (such as the Government increasing the burden on pension through
new legislation) and other demographic risks, such as a higher proportion of members having a dependant
eligible to receive a survivor\u2019s pension.
Net Pension Asset
The amounts included in the Balance Sheet arising from the Group\u2019s obligations in respect of the Pension
Schemes are as follows:
2022
\u00a3m
2021
\u00a3m
Fair value of Pension Scheme assets 555.6 751.9
Present value of funded obligations (399.7) (603.1)
Net pension asset 155.9 148.8
A deferred tax liability totalling \u00a345.2m (2021: \u00a337.2m) has been recognised on the balance sheet in relation to
the net pension asset.
Movements in the net pension asset on the balance sheet were as follows:
2022
\u00a3m
2021
\u00a3m
As at 1 January 148.8 50.6
Total gain recognised in the period 5.5 81.4
Company contributions paid in the period 1.6 16.8
Net pension asset 155.9 148.8
The Group has recognised a Net Pension Asset on the basis that under the rules of the scheme any future
surplus would be returnable to the Group by refund, assuming gradual settlement over the lifetime of
the schemes.
The Company does not present valuations of its own separate assets and liabilities under the Pension
Schemes as the entire net assets of the Pension Schemes are included in the Company balance sheet, as
ultimate scheme sponsor.
The amounts recognised in the Consolidated Statement of Comprehensive Income are as follows:
2022
\u00a3m
2021
\u00a3m
Current service cost 1.9 2.0
Administrative expense 0.6 0.6
Pension cost recognised as operating expense 2.5 2.6
Interest cost 11.3 8.9
Return on assets recorded as interest (14.1) (9.6)
Pension cost recognised as net \ufb01nance credit (2.8) (0.7)
Total de\ufb01ned bene\ufb01t pension (credit)/cost recognised in pro\ufb01t or loss (0.3) 1.9
Remeasurement gain recognised in other comprehensive income (5.2) (83.3)
Total de\ufb01ned bene\ufb01t scheme gain recognised (5.5) (81.4)
The net remeasurement gain in the year of \u00a35.2m (2021: \u00a383.3m) re\ufb02ects the net effect of a loss in asset
values of \u00a3189.5m, offset by a reduction in liability obligations of \u00a3194.7m, largely arising from an increase
in discount rates.
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
184
Assets The assets of the Pension Schemes have been calculated at fair value and are invested in the following asset classes: 2022 \u00a3m 2021 \u00a3m Equity \u2013 UK 4.5 31.3 \u2013 US 26.5 124.0 \u2013 Eurozone 19.3 40.3 \u2013 Other 14.1 21.8 Bonds \u2013 Government 397.4 174.3 \u2013 sub-investment grade 4.9 105.7 Asset backed funding 24.1 30.1 Diversi\ufb01ed Growth Fund 49.0 155.6 Cash 15.8 68.8 Total 555.6 751.9 All assets have a quoted market value in an active market, with the exception of Asset backed funding of \u00a324.1m (2021: \u00a330.1m), which related to secured cash \ufb02ows. The Persimmon Scheme holds 94% (2021: 93%) of the gross assets of the Pension Schemes and 94% (2021: 95%) of the gross liabilities. The remainder relates to the Prowting Scheme. The Pension Schemes do not engage in investments in complex \ufb01nancial assets such as Insurance Contracts or Longevity Derivatives. Changes in the fair value of scheme assets were as follows: 2022 \u00a3m 2021 \u00a3m As at 1 January 751.9 694.4 Return on assets recorded as interest 14.1 9.6 Remeasurement (losses)/gain on assets (189.5) 53.6 Contributions 1.6 16.8 Bene\ufb01ts and expenses paid (22.5) (22.5) As at 31 December 555.6 751.9 Defined Benefit Obligation The liabilities of the Pension Schemes, at each balance sheet date, have been calculated on the following \ufb01nancial assumptions: 2022 % p.a. 2021 % p.a. Discount rate 4.8 1.9 General pay increases 3.0 3.1 RPI In\ufb02ation assumption 3.0 3.1 CPI In\ufb02ation assumption 2.5 2.6 Post retirement life expectancy for retirement aged members are as follows: 2022 Years 2021 Years Male current pensioner 22.6 22.6 Male future pensioner 23.3 23.2 The de\ufb01ned bene\ufb01t obligation includes bene\ufb01ts for current employees, former employees and current pensioners. The following table provides an analysis of the de\ufb01ned bene\ufb01t obligation by membership category. 2022 \u00a3m 2021 \u00a3m Total value of current employees\u2019 bene\ufb01ts 21.5 39.8 Deferred members\u2019 bene\ufb01ts 139.6 244.0 Pensioner members\u2019 bene\ufb01ts 238.6 319.3 Total de\ufb01ned bene\ufb01t obligation 399.7 603.1 The Pension Schemes\u2019 duration is an indicator of the weighted average time until bene\ufb01t payments are made. For the Pension Schemes as a whole, the duration is around 17 years . Strategic report Corporate governance Financial statements Other information Persimmon Plc | Annual Report | December 2022 185 28 Retirement benefit assets continued
Changes in the de\ufb01ned bene\ufb01t obligation were as follows:
2022
\u00a3m
2021
\u00a3m
As at 1 January (603.1) (643.8)
Current service cost (1.9) (2.0)
Interest cost (11.3) (8.9)
Remeasurement gain on liabilities 194.7 29.7
Bene\ufb01ts paid 21.9 21.9
As at 31 December (399.7) (603.1)
Sensitivities
The key assumptions used for IAS 19 are: discount rate, in\ufb02ation and mortality. If different assumptions
were used, this could have a material effect on the results disclosed. The sensitivity of the results to these
assumptions is as follows.
2022
\u00a3m
2021
\u00a3m
Present value of de\ufb01ned bene\ufb01t obligation (DBO) 399.7 603.1
\u2013 DBO following a 0.25% decrease in the discount rate 413.0 628.7
\u2013 DBO following a 0.25% increase in the discount rate 387.0 579.2
\u2013 DBO following a 0.25% decrease in the in\ufb02ation assumption 392.9 591.1
\u2013 DBO following a 0.25% increase in the in\ufb02ation assumption 406.4 617.4
\u2013 DBO following a 1 year decrease to life expectancy 386.5 575.6
\u2013 DBO following a 1 year increase to life expectancy 413.0 630.8
The sensitivity information shown above has been prepared using the same methodology as the calculation
for the current DBO.
29 Partnership Liability to the Persimmon Plc Pension
& Life Assurance Scheme
Persimmon Scottish Pension Trustees Limited, a wholly owned Group subsidiary, is general partner in
Persimmon Scottish Limited Partnership (\u2018the Partnership\u2019). Persimmon Pension Trustees Limited, the Trustee
of the Persimmon Plc Pension & Life Assurance Scheme (\u2018the Persimmon Scheme\u2019) is a limited partner.
The Partnership is included in the consolidated results of the Group. The Partnership has taken advantage of
the exemptions in the Partnerships (Accounts) regulations 2008 not to \ufb01le separate accounts on this basis.
The terms of the Persimmon Scheme\u2019s interest in the Partnership give the pension scheme obligatory rights
to cash returns but insigni\ufb01cant operational control over the Partnership. The interest has been classi\ufb01ed
as a \ufb01nancial liability and is accounted for on an amortised cost basis. During the year the Group has made
payments in relation to the Partnership liability (including interest) totalling \u00a35.6m (2021: \u00a35.5m).
Under IAS 19 the partnership interest of the Persimmon Scheme is included within the UK pension scheme
assets. For further details see note 28.
The Partnership is the bene\ufb01cial owner of a bond secured on a proportion of the Group\u2019s shared equity loan
receivables and guaranteed by Persimmon Plc, which will support the Partnership investment return to the
Persimmon Scheme.
30 Share-based payments
The Group operates a number of share option schemes, the details of which are provided below. All schemes
were equity settled, however the Board have decided to net settle the withholding tax in relation to the
Persimmon Plc 2012 Long Term Incentive Plan. Payments made or due in association with the withholding
tax have been accounted for as a deduction from equity. These amounts totalled \u00a3nil (2021: \u00a3nil). There are
currently no plans to net settle other option schemes.
The Savings-Related Share Option Scheme is an HMRC approved scheme open to all permanent
employees. Options can normally be exercised three years after the date of grant.
Options have been issued to senior management (including the Executive Directors) under the Group\u2019s
various executive share option schemes, which include awards under the Group\u2019s long-term incentive plans.
Future vesting of options is dependent upon the return of cash to shareholders between 2017 and 2019 for
options granted in 2017 under the Persimmon Plc 2017 Performance Share Plan, and upon TSR relative to
a peer group, customer care performance and return of cash to shareholders between 2018 and 2020 for
options granted in 2018 under the Persimmon Plc 2017 Performance Share Plan and on customer care, cash
generation and TSR performance between 2019 and 2021 for options granted between 2019 and 2021 under
the Persimmon Plc 2017 Performance Share Plan.
Options granted under the Persimmon Long Term Incentive Plan 2007 (\u20182007 LTIP\u2019) between September
2010 and September 2011 consisted of unapproved awards and HMRC approved awards where appropriate,
with an exercise price equivalent to market value on the date of the award, plus a linked award. In the event
that the market price of a share at the date of exercise of an approved option exceeds the option price,
then the value of the linked award that vests is restricted to an amount capped at the cost of exercise of the
approved option.
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
186
Reconciliations of share options outstanding during each period, under each type of share scheme, are
as follows:
2022
Savings-Related Share
Option Scheme
2021
Savings-Related Share
Option Scheme
Group and Company
Number
of shares
under option
Weighted
average exercise
price (p)
Number
of shares
under option
Weighted
average exercise
price (p)
Outstanding at the beginning of the year 935,105 1,908.5p 946,876 1,804.6p
Granted during the year 1,266,190 1,080.0p 284,985 2,197.0p
Forfeited during the year (448,958) 1,935.4p (161,543) 1,808.9p
Exercised during the year (37,559) 1,877.4p (135,213) 1,908.2p
Outstanding at the end of the year 1,714,778 1,290.4p 935,105 1,908.5p
Exercisable at the end of the year 181,484 1,692.1p 38,212 1,888.0p
Group and Company
2022
Bonus Share Scheme
2021
Bonus Share Scheme
Number of shares under option Number of shares under option
Outstanding at the beginning of the year 13,694 \u2013
Granted during the year 69,798 13,694
Exercised during the year (15,109) \u2013
Outstanding at the end of the year 68,383 13,694
Exercisable at the end of the year \u2013 \u2013
Group and Company
2022
Buy Out Award
2021
Buy Out Award
Number of shares under option Number of shares under option
Outstanding at the beginning of the year \u2013 \u2013
Granted during the year 209,381 \u2013
Exercised during the year (37,054) \u2013
Outstanding at the end of the year 172,327 \u2013
Exercisable at the end of the year \u2013 \u2013
Group and Company
2022
Long Term Incentive
Plan 2007 HMRC Approved
2021
Long Term Incentive
Plan 2007 HMRC Approved
Number
of shares
under option
Weighted average
exercise price (p)
Number
of shares
under option
Weighted average
exercise price (p)
Outstanding at the beginning of the year \u2013 \u2013 \u2013 \u2013
Exercised during the year \u2013 \u2013 \u2013 \u2013
Outstanding at the end of the year \u2013 \u2013 \u2013 \u2013
Exercisable at the end of the year \u2013 \u2013 \u2013 \u2013
Group and Company
2022
Long Term Incentive
Plan 2012*
2021
Long Term Incentive
Plan 2012*
Number of shares
under option
Number of shares
under option
Outstanding at the beginning of the year 12,000 12,000
Forfeited/waived during the year (8,491) \u2013
Exercised during the year (3,509) \u2013
Outstanding at the end of the year \u2013 12,000
Exercisable at the end of the year \u2013 12,000
* Under 2012 LTIP grants the option exercise price is variable dependent on share price at the date of award and the performance condition
being return of cash to shareholders post grant date.
Group and Company
2022
2017
Performance Share Plan
2021
2017
Performance Share Plan
Number of shares
under option
Number of shares
under option
Outstanding at the beginning of the year 1,770,343 1,261,754
Granted during the year 1,113,250 680,515
Forfeited during the year (316,758) (171,926)
Exercised during the year (85,613) \u2013
Outstanding at the end of the year 2,481,222 1,770,343
Exercisable at the end of the year 386,479 126,544
The weighted average share price at the date of exercise for share options exercised during the period was
2,344.9p (2021: 2,835.0p). The options outstanding at 31 December 2022 had a range of exercise prices from
nil to 2,197.0p and a weighted average remaining contractual life of 1.6 years (2021: 1.3 years).
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
187
30 Share-based payments continued
The inputs into the Black Scholes option pricing model for options that were granted in the year were
as follows:
Option Valuation Assumptions
PSP 2022
Tranche 1
PSP 2023
Tranche 2
SAYE
2022
Grant date 8 March 2022 20 September 2022 21 October 2022
Risk free interest rate 1.34% 3.31% 3.82%
Exercise price \u2013 \u2013 \u00a310.80
Share price at date of grant \u00a322.28 \u00a313.37 \u00a312.19
Expected dividend yield* 0% 0% 6%
Expected life 3.0 years 2.4 years 3.1 years
Holding period 2.0 years 2.0 years n/a
Date of vesting 28 February 2025 28 February 2025 1 December 2025
Expected volatility 27.8% 28.1% 28.5%
Fair value of option \u00a318.02 \u00a39.85 \u00a30.65
* At the discretion of the Remuneration Committee a cash bonus may be paid to holders of 2021 PSP grants equivalent to the value of any
dividend which might have been paid on the shares held under option had those instead been issued. For purposes of valuation it has been
assessed that such a payout will be made and the foregone dividend yield assumption set to nil.
Expected volatility was determined by calculating the historic volatility of the Group\u2019s share price over
various timescales.
The expected life used in the model has been adjusted, based on best estimates, to re\ufb02ect exercise
restrictions and behavioural considerations.
In 2022, the Group recognised total expenses before tax of \u00a39.0m (2021: \u00a36.4m) in relation to equity settled
share-based payment transactions in the consolidated statement of comprehensive income. These option
charges have been credited against the retained earnings reserve. As at 31 December 2022 the total credit
recognised in relation to equity settled share-based payments was \u00a323.4m (2021: \u00a316.9m) of which \u00a36.4m
(2021: \u00a30.1m) related to options currently vested awaiting exercise. All share-based payments are expensed
by the Company.
31 Related party transactions
The Board and certain members of senior management are related parties within the de\ufb01nition of IAS
24 Related Party Disclosures. Summary information of the transactions with key management personnel
is provided in note 7. Detailed disclosure of the individual remuneration of Board members is included
in the Remuneration Report on pages 128 to 153. There is no difference between transactions with key
management personnel of the Company and the Group.
The Company has entered into transactions with its subsidiary undertakings in respect of the following:
internal funding loans and provision of Group services (including senior management, IT, accounting,
marketing, purchasing, legal and conveyancing services). Recharges are made to subsidiary undertakings
for Group loans, based on funding provided, at an interest rate linked to average Group borrowing
costs. No recharges are made in respect of balances due to or from otherwise dormant subsidiaries.
Recharges are made for Group services based on utilisation of those services.
During the year these recharges amounted to:
2022
\u00a3m
2021
\u00a3m
Interest charges on intra-group funding (47. 2) (52.8)
Group services recharges 113.1 54.5
65.9 1.7
In addition to these services the Company acts as a buying agent for certain Group purchases, such as
insurance. These are recharged at cost based on utilisation by the subsidiary undertaking.
The amount outstanding from subsidiary undertakings to the Company at 31 December 2022 totalled
\u00a32,015.4m (2021: \u00a31,969.8m). Amounts owed to subsidiary undertakings by the Company at 31 December
2022 totalled \u00a33,857.4m (2021: \u00a34,114.1m).
The Company provides the Group\u2019s de\ufb01ned bene\ufb01t pension schemes. Current employer contributions
are charged to the operating businesses at cost. There is no contractual arrangement or stated policy
relating to the net de\ufb01ned bene\ufb01t cost. Experience and remeasurement gains and losses are recognised in
the Company.
The Company guarantees a bond issued from Persimmon Shared Equity Limited to Persimmon Scottish
Limited Partnership (both subsidiary undertakings). The fair value of the bond at 31 December 2022 is \u00a324.1m
(2021: \u00a330.1m).
Certain subsidiary undertakings have entered into guarantees of external bank loans and overdrafts of the
Company. The total value of such borrowings at 31 December 2022 was \u00a3nil (2021: \u00a3nil). The Company has
entered into guarantees over bank loans and borrowings of the subsidiary undertakings. The total value of
such borrowings at 31 December 2022 was \u00a3nil (2021: \u00a3nil).
The Company has suffered \u00a3nil expense in respect of bad or doubtful debts of subsidiary undertakings in the
year (2021: \u00a3nil).
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
188
32 Details of major Group undertakings The Directors set out below information relating to the major subsidiary undertakings (those that principally affect the pro\ufb01ts and assets of the Group) of Persimmon Plc at 31 December 2022. All of these companies are registered in England. All voting rights are held by companies within the Group. A full list of subsidiary undertakings and jointly controlled entities can be found in note 33. Major subsidiary undertakings Persimmon Homes Limited\u00b0 Charles Church Developments Limited \u2206 Persimmon Holdings Limited* Persimmon Shared Equity Limited** Persimmon Scottish Limited Partnership*** \u00b0 The shares of this company are held by Persimmon Holdings Limited and Persimmon Plc. \u2206 The shares of this company are held by Persimmon Holdings Limited. * The shares of this company are held by Persimmon Finance Limited and Persimmon Plc. ** The shares of this company are held by Persimmon Plc. *** This entity is controlled by Persimmon Scottish Pension Trustees Limited (see note 28). 33 Details of all subsidiary undertakings Persimmon Group subsidiary companies The following companies, included in these consolidated accounts, are wholly owned by the Persimmon Group and are incorporated in the UK unless otherwise stated. Persimmon Plc or its subsidiary companies also hold all of the voting rights unless otherwise stated. The Registered Office for each company is Persimmon House, Fulford, York, YO19 4FE unless otherwise stated. Name of undertaking Description of shares held @Home Limited Ordinary* and 3.5% Preference* A.E.A Prowting Limited Ordinary* A Monk & Company Developments (S.W.) Limited Ordinary* and Deferred* Alford Brothers Limited Ordinary* Anjok 157 Limited Ordinary* Anjok 171 Limited1 Ordinary* Anjok 172 Limited Ordinary* Anjok 173 Limited Ordinary* Anjok 269 Limited1 Ordinary* and Deferred* Anjok 28 Limited Ordinary* and 8% Preference* Anjok 31 Limited Ordinary* Anjok Five (1996) Limited Ordinary* Anjok Holdings Limited Ordinary* and Deferred* Anjok Investments Limited Ordinary* Anjok Twenty Limited1 A Ordinary* and B Ordinary* Anjok Two Limited Ordinary* Aria Homes Limited A Ordinary* and B Ordinary* Name of undertaking Description of shares held Arthur S Nixon and Company 1% Non-Cumulative Preference* and Ordinary* Aspect Homes Limited Ordinary* Atlantis One Limited Ordinary* and Preference* Beazer Group Limited Ordinary* Beazer Homes (Anglia) Limited Deferred* and A Ordinary* Beazer Homes (Barry) Limited Ordinary* Beazer Homes (FLE) Limited A Ordinary* and B Ordinary* Beazer Homes (FNLHS) Limited Ordinary* Beazer Homes (South Wales) Limited Ordinary* Beazer Homes (Wessex) Limited Ordinary* Beazer Homes and Property Limited Ordinary* Beazer Homes Bedford Limited Deferred* and A Ordinary* Beazer Homes Birmingham Central Limited Deferred* and A Ordinary* Beazer Homes Bridgwater Limited Deferred* and A Ordinary* Beazer Homes Bristol Limited Deferred* and A Ordinary* Beazer Homes Cardiff Limited Deferred* and A Ordinary* Beazer Homes Doncaster Limited Deferred* and A Ordinary* Beazer Homes Edinburgh Limited1 Deferred* and A Ordinary* Beazer Homes Glasgow Limited1 Deferred* and A Ordinary* Beazer Homes Limited Ordinary*, Deferred* and A Ordinary* Beazer Homes Nottingham Limited Ordinary* Beazer Homes Reigate Limited Ordinary* Beazer Homes Stockport Limited Deferred* and A Ordinary* Beazer Homes Yateley Limited Deferred* and A Ordinary* Beazer London Limited Ordinary* Beazer Partnership Homes (Scotland) Limited1 Ordinary* Beazer Partnership Homes Midlands Limited Ordinary* Beazer Swaffham Limited Ordinary* Beazer Urban Developments (Anglia) Limited Deferred* and A Ordinary* Beazer Urban Developments (Bedford) Limited Ordinary* Beazer Urban Developments (East Midlands) Limited Ordinary* Beazer Urban Developments (South West) Limited Ordinary* Beazer Western Engineering Services Limited Ordinary* Belsco 1020 Limited1 Ordinary* Breakblock Limited Ordinary* Broomco (3385) Limited Ordinary* Bruce Fletcher (Leicester) Limited Ordinary* Charles Church Civil Engineering Limited Ordinary * Strategic report Corporate governance Financial statements Other information Persimmon Plc | Annual Report | December 2022 189 Name of undertaking Description of shares held
Charles Church Developments Limited Ordinary*
Charles Church Essex Limited Ordinary*
Charles Church Estates Limited Ordinary*
Charles Church Holdings plc A Convertible Ordinary*, B Ordinary*, B Redeemable Preference*,
C Preference*, D Ordinary*, D Preference*, Deferred*, E Deferred*,
E Ordinary* and Preference*.
Charles Church Housing Limited Ordinary*
Charles Church Investment Properties Limited Ordinary*
Charles Church Kent Limited Ordinary*
Charles Church Limited Ordinary*
Charles Church London Limited Ordinary*
Charles Church Management Limited Ordinary*
Charles Church Partnership Homes Limited Ordinary*
Charles Church Residential Developments Limited Ordinary*
Charles Church South East Limited Ordinary*
Charles Church Southern Limited Ordinary*
Charles Church Thames Valley Limited Ordinary*
Charles Church Trading Limited Ordinary*
Charles Church Village Heritage plc Ordinary*
Coatglade Limited Ordinary*
Comben Group Limited A Deferred Ordinary, B Deferred Ordinary and Ordinary
Cresswellshawe Properties Limited Ordinary* and 3.5% Preference*
Crowther Homes (Darlington) Limited Ordinary*
Crowther Homes (Midland) Limited Ordinary*
Crowther Homes (Nat W) Limited Ordinary*
Crowther Homes (Yarm) Limited Ordinary*
Crowther Homes Limited Ordinary*
D Dunk (Builders) Limited Ordinary*
D R Dunthorn & Son Limited Deferred*, Deferred* and Ordinary*
Datblygwyr Dorothea Limited (94% of nominal value owned) Ordinary*
Delany Brothers (Housebuilders) Limited Ordinary* and Preference*
Domus Group Limited Deferred*, Deferred* and A Ordinary*
E.E. Reed & Co. (Builders) Limited Ordinary*
E F G H Limited Ordinary*
E F G H Nominees Limited Ordinary*
Emerson Park Limited Ordinary*
F C Spear Limited Ordinary*
Name of undertaking Description of shares held
Ferry Quay Developments Limited A Ordinary*, B Ordinary* and C Ordinary*
Flex Fibre Limited Ordinary*
FibreNest Limited Ordinary*
FibreScale Limited Ordinary*
Frays Property Management (No.1) Limited Ordinary*
Frays Property Management (No.2) Limited Ordinary*
Frays Property Management (No.6) Limited Ordinary*
Friary Homes Limited Ordinary*
Galliford Developments Limited Ordinary*
Galliford Homes (London) Limited A Ordinary* and B Ordinary*
Galliford Homes Holdings Limited A Ordinary*, B Ordinary* and Preference*
Galliford Homes Limited Ordinary*
Galliford Properties Southern Limited Ordinary*
Galliford Southern Limited Ordinary*
Geo. Wright & Co. (Contractors Wolverhampton) Limited Deferred*, A Deferred* and A Ordinary*
Glamford Building Company Limited Ordinary*
Gomersal Mills Limited Deferred* and Ordinary*
Gosforth Business Park Management Company (No.2) Limited Ordinary*
Haven Retirement Homes Limited Ordinary*
Hazels Development Company Limited A Ordinary* and B Ordinary*
Hillreed Developments Limited Ordinary*
Hillreed Holdings Limited Ordinary*, Management Shares* and Cumulative Preference*
Hillreed Homes Limited Ordinary*
Hillreed Properties Limited Ordinary*
Horsebridge Network Systems Limited A Ordinary*
Ideal Developments Limited Ordinary*
Ideal Homes (UK) Limited Ordinary*
Ideal Homes Anglia Limited Ordinary*
Ideal Homes Central Limited A Non Voting Ordinary* and B Ordinary*
Ideal Homes Holdings Limited Deferred and Ordinary
Ideal Homes Limited Ordinary*
Ideal Homes Midlands Limited Ordinary*
Ideal Homes North West Limited Ordinary*
Ideal Homes Northern Limited Ordinary*
Ideal Homes Scotland Limited Ordinary*
Ideal Homes Services Limited Ordinary*
Ideal Homes Southern Limited Ordinary*
J.W. Liptrot & Company Limited Ordinary*
33 Details of all subsidiary undertakings continued
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
190
Name of undertaking Description of shares held
Jaboulet Limited Ordinary*
John Maunders Group Limited Ordinary*
Kenton Contracting (Yorkshire) Limited Ordinary*
Kenton Contractors (Yorkshire) Limited Ordinary*
Kenton Homes (Builders) Limited Ordinary*
Kenton Homes (Developments) Limited Ordinary*
Kenton Homes (Estates) Limited Ordinary*
Knightsmoor Homes Limited Ordinary*
Lady\u2019s Lane Property Co. Limited Ordinary*
Lansdown Homes Limited Ordinary*
Lazy Acre Investments Limited Ordinary*
Leech Homes (Showhouses) Limited Ordinary*, 0.1% Non-Cumulative Preference A* and 1% Non-
Cumulative Preference B*
Leech Homes (Wales) Limited Ordinary*
Leech Homes (Yorkshire) Limited Ordinary*
Leech Homes Limited Deferred* and A Ordinary*
Leech Northumbria Limited Ordinary*
Leech Partnership Homes Limited Ordinary*
Leisurama Homes Limited Ordinary*
Linkway Properties Limited Ordinary*
Locking Castle Limited A Ordinary*, B Ordinary* and C Ordinary*
Magnus Design Build Limited Ordinary*
Magnus Holdings Limited A Ordinary*, B Ordinary*, C Ordinary*, Enduring Ordinary* and
Cumulative Redeemable Preference*
Mapleleigh Limited Ordinary*
Marriott Homes Limited Ordinary*
Maunders Homes (East Anglia) Limited Ordinary*
Maunders Homes (Midlands) Limited Ordinary*
Maunders Homes (North West) Limited Ordinary*
Maunders Homes (South) Limited Ordinary*
Maunders Inner City Limited Ordinary*
Maunders Urban Renewal Limited Ordinary*
Mayclose Research Limited Ordinary*
Melville Homes Limited A Ordinary*, B Ordinary*, C Ordinary*, Deferred* and Cumulative
Redeemable Preference*
Merewood (Kendal) Limited Ordinary*
Merewood Group Limited Ordinary*
Merewood Homes Limited Ordinary*
Name of undertaking Description of shares held
Merewood Investments Limited Ordinary*
Mightover Limited Ordinary
Milton Keynes Housing Group Limited Ordinary*
Mitrebuild Limited Ordinary* and Deferred Ordinary*
Monk Homes Limited Ordinary*
Monsell Youell Construction Limited Ordinary*
Monsell Youell Limited Deferred* and A Ordinary*
Montague Developments Limited Ordinary*
Mount Row Finance Limited Ordinary*
Mount Row Securities Limited Ordinary*
NGP Management Company Residential (Cell C) Limited2 Ordinary*
Pacemaker Developments Limited Ordinary*
Park House Developments (Peters\ufb01eld) Limited Ordinary*
Partnership Homes Limited Ordinary*
Pennant Developments Limited Ordinary* and 5% Non-Cumulative Preference*
Pentra Limited Ordinary*
Perlease Limited Ordinary*
Persimmon (City Developments) Limited Ordinary*
Persimmon (Eccleshall) Limited Ordinary*
Persimmon (Share Scheme Trustees) Limited Ordinary
Persimmon (SHL) Limited Ordinary*
Persimmon (Strensall) Limited Ordinary*
Persimmon Brickworks Limited Ordinary*
Persimmon Developments (No 1) Limited Ordinary*
Persimmon Developments (No 2) Limited Ordinary*
Persimmon Developments (Didcot) Limited Ordinary*
Persimmon Developments (No 5) Limited Ordinary*
Persimmon Developments (No 6) Limited Ordinary*
Persimmon Developments (No 7) Limited Ordinary*
Persimmon DN Limited (Incorporated in Ireland)3 Ordinary*
Persimmon Finance (Jersey) Limited (Incorporated in Jersey)4 Ordinary
Persimmon Finance (No 2) Limited Ordinary
Persimmon Finance Limited Ordinary
Persimmon Harts Limited Ordinary
Persimmon GR (No 4) Limited Ordinary*
Persimmon GR (No 11) Limited Ordinary*
Persimmon GR (No 12) Limited Ordinary*
Persimmon GR (No 13) Limited Ordinary*
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
191
Name of undertaking Description of shares held
Persimmon GR (No 14) Limited Ordinary*
Persimmon GR (No 15) Limited Ordinary*
Persimmon GR (No 16) Limited Ordinary*
Persimmon GR (No 17) Limited Ordinary*
Persimmon Holdings Limited Ordinary and A Ordinary*
Persimmon Homes (Anglia) Limited Ordinary*
Persimmon Homes (Doncaster) Limited Ordinary*
Persimmon Homes (East Midlands) Limited Ordinary*
Persimmon Homes (East Scotland) Limited Ordinary*
Persimmon Homes (East Yorkshire) Limited Ordinary*
Persimmon Homes (Edmonstone) Limited Ordinary
Persimmon Homes (Essex) Limited Deferred* and A Ordinary*
Persimmon Homes (Lancashire) Limited Ordinary*
Persimmon Homes (Mercia) Limited Ordinary*
Persimmon Homes (Midlands) Limited Ordinary*
Persimmon Homes (North East) Limited Ordinary*
Persimmon Homes (North Midlands) Limited Ordinary*
Persimmon Homes (North West) Limited Ordinary*
Persimmon Homes (Partnerships) Limited Ordinary
Persimmon Homes (South Coast) Limited Ordinary*
Persimmon Homes (South East) Limited Ordinary*
Persimmon Homes (South Midlands) Limited Deferred* and A Ordinary*
Persimmon Homes (South West) Limited Ordinary*
Persimmon Homes (South Yorkshire) Limited Ordinary*
Persimmon Homes (Teesside) Limited Ordinary*
Persimmon Homes (Thames Valley) Limited Ordinary*
Persimmon Homes (Wales) Limited Ordinary*
Persimmon Homes (Wessex) Limited Ordinary*
Persimmon Homes (West Midlands) Limited Deferred* and A Ordinary*
Persimmon Homes (West Scotland) Limited Ordinary*
Persimmon Homes (West Yorkshire) Limited Ordinary*
Persimmon Homes (Woodley) Limited Ordinary
Persimmon Homes (York) Limited Ordinary
Persimmon Homes (Yorkshire) Limited Deferred* and Ordinary*
Persimmon Homes Developments Limited Ordinary
Persimmon Homes Limited Ordinary*
Name of undertaking Description of shares held
Persimmon Partnerships (Scotland) Limited Ordinary*
Persimmon Pension Trustees Limited Ordinary
Persimmon Residential Limited Ordinary*
Persimmon Scottish Limited Partnership**1 n/a
Persimmon Scottish Pension Trustees Limited1 Ordinary
Persimmon Shared Equity Limited Ordinary
Persimmon Tileworks Limited Ordinary*
Persimmon Trustees Limited Ordinary
Pinnacle Developments (Scotland) Limited1 Ordinary*
Practical Finance Co. Limited Ordinary*
Prowting Homes Anglia Limited B Ordinary*, C Ordinary* and D Ordinary*
Prowting Homes Central Limited Ordinary*
Prowting Homes Chatsworth Limited Ordinary*
Prowting Homes Limited Ordinary*
Prowting Homes Ludlow Limited Ordinary*
Prowting Homes Midlands Limited Ordinary*
Prowting Homes South East Limited Ordinary*
Prowting Homes South West Limited Ordinary*
Prowting Homes West Limited Ordinary*
Prowting Homes Wolds Limited Ordinary*
Prowting Limited Ordinary*
Prowting Projects Limited Ordinary*
Prowting Properties Limited Ordinary*
Repac Homes Limited Ordinary*
SLB Construction Management Limited Ordinary*
Second City Homes Limited Deferred* and A Ordinary*
Senator Homes Limited Ordinary*
Sequoia Developments Limited Ordinary*
Severnbrook Homes Limited Ordinary*
Sherbourne Properties (Warwick) Limited Ordinary*
Space4 Limited Ordinary*
Spring\ufb01r Estates Limited Ordinary*
Spring\ufb01r Holdings Limited Ordinary*
Steelhaven (7) Limited Ordinary* and 1% Non-Cumulative Redeemable Participating Preference*
Tamborough Developments Limited Ordinary*
Tela Properties Limited Ordinary*
The Charles Church Group Limited A Ordinary*
The Charles Church Group Share Trustees Limited Ordinary*
33 Details of all subsidiary undertakings continued
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
192
Name of undertaking Description of shares held
Townedge (Holdings) Limited Ordinary*
Townedge Estates Limited Ordinary*
Trent Park Regeneration Limited A Ordinary* and B Ordinary*
Tryall Developments Limited Ordinary*
Tudor Jenkins & Company Limited Ordinary*
Walker Homes (Scotland) Limited1 Ordinary*
Wardour Limited (Incorporated in Gibraltar)5 Ordinary*
Wenshaw Limited Ordinary*
Wescott Holdings Limited Ordinary*
Wescott Homes Limited Ordinary*
Wescott Land Limited Ordinary*
Westbury Direct Limited Ordinary*
Westbury Homes (Holdings) Limited Irredeemable Preference*, Ordinary*, Deferred* and 9.25%
Preference*
Westbury Homes (Midlands) Limited Ordinary*
Westbury Homes (Oval) Limited Ordinary*
Westbury Homes (Severnside) Limited Ordinary*
Westbury Homes (Somerset) Limited Ordinary*
Westbury Homes (South West) Limited Ordinary*
Westbury Homes (Stadium) Limited Ordinary*
Westbury Homes (Venymore) Limited A Ordinary* and B Ordinary*
Westbury Homes (Wales) Limited Ordinary*
Westbury Homes (West Midlands) Limited Ordinary*
Westbury Homes Limited Ordinary*
Westbury Housing Investments Limited Ordinary*
Westbury Limited Ordinary
William Leech Builders (North West) Limited Ordinary*
William Leech Limited Ordinary* and 6.5% Cumulative Preference*
Joint Arrangements
Name of
undertaking
Description of
shares held
Proportion of nominal value
of share class held
Proportion of all
share classes
Beechpath Limited Ordinary 50% 50%
Bentwaters Housing Limited Ordinary 50% 50%
Bentwaters Nominees Limited Ordinary 50% 50%
Coton Park Consortium Limited
6
WD 50% 25%
Cramlington Developments Limited A Ordinary 100% 50%
Genesis Estates (Manchester) Limited
7
Ordinary 50% 50%
Gosforth Business Park Management
Company Limited
A Ordinary 100% 33.3%
Haydon Development Company Limited
8
Ordinary 20.5% 20.5%
Leebell Developments Limited A Ordinary 100% 50%
Newcastle Great Park (Estates) Limited
2
A Ordinary 100% 50%
North Haven Developments
(Sunderland) Limited
B Ordinary 100% 50%
North Swindon Development
Company Limited
8
Ordinary 15% 15%
Oxfordshire Land Limited Ordinary 33.3% 33.3%
Quedgeley Urban Village Limited
9
C Ordinary 100% 25%
Rothley Temple Estates Limited
10
Ordinary 28.5% 28.5%
Sociedade Torre de Marinha Realizacoes
Turisticas SA (Incorporated in Portugal)
11
Ordinary 50% 50%
Trafalgar Metropolitan Homes Limited A Ordinary 100% 50%
Triumphdeal Limited
12
Ordinary 50% 50%
Wick 3 Nominees Limited B Ordinary 100% 33.3%
* Share class held by another Group company, but ultimately held by Persimmon Plc.
** A Scottish Limited Partnership.
1. 180 Findochty Street, Garthamlock, Glasgow, G33 5EP
2. 3rd Floor Citygate, St. James\u2019 Boulevard, Newcastle upon Tyne, Tyne & Wear, NE1 4JE
3. 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland
4. 44 Esplanade, St Helier, JE4 9WG, Jersey
5. 3 Bell Lane, Gibraltar
6. The Office, 12 West\ufb01eld Close, Gravesend, Kent, DA12 5EH
7. 6 Europa Court, Sheffield Business Park, Sheffield, S9 1XE
8. 6 Drakes Meadow, Penny Lane, Swindon, Wiltshire, SN3 3LL
9. 250 Aztec West, Almondsbury, Bristol, BS32 4TR
10. 137 Scalby Road, Scarborough, North Yorkshire, YO12 6TB
11. Av. Duque de Loul\u00e9 47-2, 1050-086, Lisbon, Portugal
12. Gate House, Turnpike Road, High Wycombe, Buckinghamshire, HP12 3NR
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
193
Residents Management Companies
The companies listed below are Residents Management Companies (RMCs) currently controlled by the
Group. Control is exercised by the Group\u2019s power to appoint Directors and the Group\u2019s voting rights in these
companies. All RMCs are companies limited by guarantee without share capital (unless otherwise stated) and
incorporated in the UK.
The capital, reserves and pro\ufb01t or loss for the year has not been stated for these RMCs as bene\ufb01cial interest
in any assets or liabilities of these companies is held by the residents. These companies have not been
included in the consolidated accounts, are temporary members of the Group and will be handed over to
residents in due course.
The Registered Office of each RMC is Persimmon House, Fulford, York, YO19 4FE (unless otherwise stated).
Company Name
Abbey Green (Amesbury) Management Company Limited
Abbeyvale Taunton Management Company Limited
1
Abbot Walk (Chatteris) Residents Management Company Limited
Ackton Pastures (Castleford) Management Company Limited
Agusta Park Flats Yeovil Management Company Limited
Agusta Park Yeovil Management Company Limited
Aldenham Road (Bushey) Management Company Limited
Alderman Park (Hasland) Management Company Limited
Allt Y Celyn (Rhos) Management Company Limited
Amberwood (Carlisle) Management Company Limited
Amblehurst Green (Billingshurst) Management Company Limited
Amherst Hill (Brompton) Management Company Limited
2
Appledore Grove Management Company Limited
Arisdale (Phase 2) Residents Management Company Limited
3
Arnold Way (Grove) Management Company Limited
Arnold Way No. 2 (Grove) Management Company Limited
Arnold Way No. 3 (Grove) Management Company Limited
Ashworth Place (Phase 2) Management Limited
Augusta Park (Dinnington) Management Company Limited
Avalon (Mans\ufb01eld) Management Company Limited
4
Aveley Village (Aveley) Residents Management Company Limited
Aveley Village (Thurrock) Management Company Limited
Avon Fields (Durrington) Management Company Limited
Awel Afan (Port Talbot) Management Company Limited
Aykley Woods (Durham) Management Company Limited
Aylesham Village Phase 1b (Aylesham) Residents Management
Company Limited
Aylesham Village Phase 2 (Aylesham) Residents Management Co Ltd
Backbridge (Malmesbury) Management Company Limited
Badbury Park (Swindon) Management Company Limited
Badbury Park (Swindon) No 2 Management Company Limited
Badbury Park (Swindon) No 3 Management Company Limited
Bannerbrook Management Company Limited
5
Bannerbrook Park Phase II (Coventry) Management Company Limited
Barber Court (Birmingham) Management Company Limited
Barrington Park Management Company Limited
6
Barry Waterfront Residents Management Company Limited
7
Beauchamp Grange (Caister) Residents Management Company Limited
Beckets Grove Management Company Limited
Beckets Grove Phase 2 (Wymondham) Residents Management
Company Limited
Beckford Road (Alderton) Management Company Limited
Belgrave Court (Cheltenham) Management Company Limited
7
Bell Lane (Little Chalfont) Management Company Limited
Bells Hill Management Company Limited
8
Berrow Court Management Company Limited
7
Bishops Green (Coundon) Management Company Limited
Bishops Mead (Lydney) Management Company Limited
Bishops Meade (Downton) Management Company Limited
Blossom Meadows (Buttershaw) Management Company Limited
Bluebell Meadow (Bradwell) Management Company Limited
Bluebell Wood (Willenhall) Management Company Limited
9
Bootham Crescent (York) Residents Management Company Limited
Boulton Moor (Derby) Properties Limited
Boyton Place (Haverhill) Residents Management Company Limited
Brackenleigh (Carlisle) Management Company Limited
Bradley Barton View Management Company Limited
Bramble Rise (Hetton) Management Company Limited
Bramblewood (Old Basing) Residents Management Company Limited
Branshaw Park (Keighley) Management Company Ltd
Company Name
Bridge\ufb01eld (Ashford) Management Company Limited
Bridge\ufb01eld Nine Management Company Limited
Brindle Park (Bamber Bridge) Management Company Limited
8
Broadway (Rainham) Residents Management Company Limited
Brockeridge Road (Twyning) Resident Management Company Limited
3
Brook\ufb01eld (Golborne) Management Company Limited
6
Buckton Place (Leiston) Residents Management Company Limited
Bugbrooke Road (Kislingbury) Management Company Limited
10
Bur\ufb01eld Valley Estate Management Limited
11
Buttercup Leys (Boulton Moor) Residential Management
Company Limited
Buzzard Meadows (Leighton Buzzard) Residents Management
Company Limited
10
Calder Grange (Dewsbury) Management Company Limited
Canalside (Burton Upon Trent) Residential Management
Company Limited
Canonbury Rise (Berkeley) Management Company Limited
Carleton Meadows Management Company Limited
Carn Y Cefn RMC Ltd
12
Carpenters Field (Denmead) Management Company Limited
Castellum Grange (Colchester) Residents Management
Company Limited
Castle Hill (Cottingham) Management Company Limited
Castle Park (West Durrington) Management Company Limited
13
Castle View (Netherton) Management Company Limited
Castlemead (953) Trowbridge Management Company Limited
Castlemead (Persimmon 950) Town Trowbridge Limited
Castlemead (Persimmon 964) Town Trowbridge Limited
Castleton Court (Haverfordwest) Management Company Limited
Cathedral Court (Salisbury) Management Company Limited
Cathedral Gate (Salisbury) No.2 Management Company Limited
7
Cathedral View (Durham) Management Company Limited
Cayton Meadows (Scarborough) Management Company Limited
Central Square (Stroud) Management Company Limited
7
Century Rise (Emersons Green) Management Company Limited
Chancery Park (Exning) Residents Management Company Limited
Charlton Place (Keynsham) Management Company Limited
Chaucers Meadow (North Petherton) Management Company Limited
Chilmark Glade Management Company Limited
Chorley G 1 Management Company Limited
8
Chosen View (No. 2) Management Company Limited
7
Church Lane (Deal) Residents Management Company Limited
Clarence Place (Bracknell) Residents Management Company Limited
Cloatley Cresent Management Company Limited
Clock Tower (Wolverhampton) Management Company Limited
8
Clos Ty Gwyn (Hendy) Management Company Limited
Clover Chase (Lingwood) Residents Management Company Limited
Coastal Dunes (Lytham St Annes) Management Company Limited
Coatham Vale And Berrymead Gardens Residents Management
Company Limited
14
Coed Darcy (Llandarcy) Management Company Limited
College Park (Thurston) Residents Management Company Limited
Colliers Walk (Nottingham) Management Company Limited
8
Colonial Wharf (Chatham) Residents Management Company Limited
Copper\ufb01eld Place (Chelmsford) Residents Management
Company Limited
Copper\ufb01eld Truro Management Company Limited
Coquet Grange (Amble) Management Company Limited
Corelli Sherborne Management Company Limited
Cote Farm (Thackley) Management Company Limited
Coton Park (Rugby) Management Company Limited
Cotswold Vale (Long Marston) Management Company Limited
3
Coverdale Paignton Management Company Limited
1
Crofton Walk (Fair Oak) Management Company Limited
Cromwell Gardens (Huntingdon) Residents Management
Company Limited
Cromwell Place (Little Dunmow) Residents Management
Company Limited
Crosland Road (Lindley) Management Limited
15
Cross Quays (Westwood) Management Company Limited
Cross Quays Phase 2 (Thanet) Residents Management Company Limited
Cumnor Hill Management Company Limited
Cwrt Y Llwyfen (Johnstown) Management Company Limited
Daisy Hill (Morley) Management Company Limited
Dan Y Bryn Management Company Limited
Dartford Bow Arrow (Management Company) Limited
16
De Vere Grove (Colchester) Residents Management Company Limited
Deerwood Park (Colne) Management Company Limited
Dol Yr Ysgol (Bridgend) Management Company Limited
Douglas Gardens (Hesketh) Management Company Ltd
8
Downs View (Swanley) Residents Management Company Limited
Dukes Meadow (Tangmere) Management Company Limited
D\u2019urton Heights (Preston) Management Company Limited
Dyffryn Management Limited
12
Earlesmead (Framingham Earl) Residents Management
Company Limited
East Benton Rise (Benton) Management Company Limited
Eclipse House (Andover) Management Company Limited
Edinburgh Park (Liverpool) Management Company Limited
8
Eldon Whins (Middridge) Management Company Limited
Elkas Rise (Ilkeston) Management Company Limited
33 Details of all subsidiary undertakings continued
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
Persimmon Plc | Annual Report | December 2022
194
Ellesmere Park (The Oaks) Management Company Limited
6
Ellis Mews (Micheldever) Management Company Limited
11
Elm Farm (Wymondham) Residents Management Company Limited
Emily Fields (Swansea) Management Company Limited
Eton Place (Bracknell) Management Company Limited
Eve Parc (Falmouth) Management Company Limited
Fair Mile Rise (Blandford St Mary) Management Company Limited
Fairfax Mews Crediton Management Company Limited
1
Fairmoor (Morpeth) Management Company Limited
Fairways (Retford) Management Company Limited
Fallow (Benton) Residents Management Company Limited
Farley Fields South Petherton Management Company Limited
1
Fatherford View (Okehampton) Management Company Limited
Festival Park (Easton) Residents Management Company Limited
Field Place (Faversham) Management Company Limited
16
Fleckney Road Management Company Limited
Flint Grange (Clacton) Residents Management Company Limited
Foley Gardens (Newent) Residential Management Company Limited
3
Folly Grove (Hockley) Residents Management Company Limited
Forest View (Calverton) Management Company Limited
Forge Wood (Crawley) Management Company Limited
17
Foundry Meadows (Bexhill) Residents Management Company Limited
Foxes Chase (Anlaby) Residents Management Company Limited
Fox\ufb01elds (Stoke-On-Trent) Management Company Limited
7
Foxley Park (Dereham) Residents Management Company Limited
Friarwood Park (Pontefract) Management Company Limited
Garden Valley (Aylesham) Residents Management Company Limited
11
Garendon Park Residents Management Company Ltd
George Ward Gardens (Melksham) Management Company Limited
Germany Beck (Fulford) Management Company Limited
Gilden Park (Old Harlow) Resident Management Company Limited
8
Gipping Mill (Great Blakenham) Residents Management
Company Limited
Glan Yr Afon (Swansea) Management Company Limited
Golwg Y Glyn (Fforest) Management Company Limited
7
Golwg Y Mynydd (Mountain Ash) RMC Ltd
12
Gotherington Grange Resident Management Company Limited
Grangewood Park (Burnham On Crouch) Residents Management
Company Limited
Grays Court (Orpington) Residents Management Company Limited
11
Great Western Park (Didcot) No 1 Management Company Limited
Great Western Park (Didcot) No 2 Management Company Limited
Great Western Park (Didcot) No 3 Management Company Limited
Great Woodcote Park Exeter Management Company Limited
Greenacres (Easington) Management Company Limited
Green\ufb01elds (Narberth) Management Company Limited
Greetwell Fields (Lincoln) Residents Management Company Limited
Griffin Wharf (Ipswich) Residents Management Company Limited
Grove Street (Raunds) Residents Management Company Limited
Hailes Wood (Elsenham) Residents Management Company Limited
Hamilton Gate (Frinton) Residents Management Company Limited
Hampton Gardens Phase 3 (Peterborough) Residents Management
Company Ltd
Hampton Park (Littlehampton) Residents Management Company Limited
Hansons Reach (Stewartby) Residents Management Company Limited
Hanwell Chase (Banbury) Residents Management Company Limited
Harbourside View (Portchester) Management Company Limited
Harbury Lane (Warwick) Management Company Limited
Hardings Wood (Kidsgrove) Residents Management Company Limited
6
Harebell Meadows And Hartburn Grange Residents Management
Company Limited
6
Harford Mews Ivybridge Management Company Limited
1
Harlands Park (Uck\ufb01eld) Residents Management Company Limited
Harlow Fields (Mackworth) Residential Management Company Limited
Harlow Hill Grange (Harrogate) Management Company Limited
Harpur Hill (Buxton) Residents Management Company Limited
6
Harrow View West (Harrow) Residents Management Company Limited
Hartley Grange (Whittlesey) Residents Management Company Limited
Hartnells Farm Management Company Limited
Hastings Place (Bentley) Management Company Limited
Hatchwood Mill (Winnersh) Management Company Limited
Hat\ufb01eld Lane Armthorpe Management Company Limited
18
Hathern Road (Shepshed) Management Company Limited
3
Hauxley Grange (Amble) Residents Management Company Limited
Hawthorn Chase (Aston Clinton) Residents Management
Company Limited
Haybridge (Wells) Management Company Limited
7
Haywards Gardens (Kegworth) Man Co. Limited
19
Haywood Heights (Writhlington) Management Company Limited
Hazel Brook Management Company Limited
20
Hazelmere (Flockton) Management Company Limited
Heath\ufb01eld Gardens (Phase 7) Management Company Limited
Heathpark Wood (Windlesham) Management Company Limited
Hellingly 415 Residents Management Company Limited
Hellingly 416 Management Company Limited
Hellingly 418 Management Company Limited
Hepburn Chase Management Company Limited
21
Heritage Gate (Llantwit Major) Residents Management Company Limited
Heritage Green (Newbottle) Management Company Limited
22
Heritage Park (Shin\ufb01eld) Residents Management Company Limited
Heritage Park (Sutton Courtenay) Residents Management
Company Limited
Herne Vale Ilminster Management Company Limited
Herons Park (Angmering) Management Co Ltd
11
Herrington Grange (Philadelphia) Management Company Limited
Hethersett Residents Management Company Limited
8
Heugh Hall (Coxhoe) Residents Management Company Limited
Higham Lane Management Company Limited
High\ufb01eld Farm (West Melton) Residents Management Company Limited
Hill Barton Vale Exeter Management Company Limited
Hill Barton Vale Flats Exeter Management Company Limited
Hill\ufb01eld Meadows (Sunderland) Management Company Limited
Hillies View (Wombwell) Management Company Limited
Holdingham Grange (Sleaford) Residents Management
Company Limited
Homington Avenue (Swindon) Local Centre Management
Company Limited
Horsbere Mews (Longford) Management Company Limited
Horseshoe Meadows (Westbury) Management Company Limited
HRC (Ware) Residents Management Company Limited
Hunters Edge (Eaglescliffe) Residents Management Company Limited
Hurdle Court (Andover) Management Company Limited
Hydro (St Neots) Number One Management Company Limited
Imperial Park (Bristol) Management Company Limited
Ingleby (Barwick) Management Company Limited
Iwade Meadows (Iwade) Management Company Limited
Iwade Meadows (Yalding Apartments Plots 74-79) Management
Company Limited
James Avenue (Calne) Management Company Ltd
Jasmine Gardens Management Company Limited
Jubilee Gardens (Warminster) Management Company Ltd
Kennedy Place (Ulverston) Management Company Limited
Kings Grove Cranbrook Management Company Limited
Kingsbridge Court (Gorseinon) Management Company Limited
Kingsbridge Fields Management Company Limited
Kingsbury Gardens (St Albans) Residents Management Company Limited
Kingsbury Meadows (Wake\ufb01eld) Management Company Limited
Kingsmead (Gloucester) Management Company Limited
Knights Court (Old Sarum) Management Company Limited
Knightswood Place (Rainham) Residents Management Company Limited
Kyngshouton (Houghton Regis) Residents Management
Company Limited
Ladgate Woods (Middlesbrough) Management Company Limited
Lakedale Whiteley Meadows (North Whiteley) Management
Company Limited
Lakeside Edge (Peterborough) Residents Management
Company Limited
Lambourn Meadow (Thatcham) Management Company Limited
13
Larkbear Management Company Limited
7
Lauder Mews Crediton Management Company Limited
Launds Field (Galgate) Management Company Limited
Laureate Heights Sidmouth Management Company Limited
Lavender Fields (South Wootton) Residents Management Company Ltd
Lime Tree Court Derby Management Company Limited
Limes Place (Upper Harbledown) Residents Management
Company Limited
Lindale Park (Alverthorpe) Management Company Limited
Lindley Moor Meadows (Hudders\ufb01eld) Management Company Limited
Ling\ufb01eld Meadows (Houghton) Management Company Limited
Llanilid Management Company Limited
Llanilltern Apartments RMC Ltd
12
Llanilltern Village RMC Ltd
12
Llys Ystrad (Bridgend) Management Company Limited
Lodmoor Sands (Weymouth) Management Company Limited
7
Longbridge Place (Longbridge) Management Company Limited
Longleaze Management Company Limited
Low Moor Meadows (Morley) Management Company Limited
Low Street (Sherburn In Elmet) Management Company Limited
22
Lowen Bre Truro Management Company Limited
Lucknam Crescent (Swindon) Management Company Limited
Lythalls Lane (Coventry) Management Company Limited
Maes Dyfed Management Company Limited
Maes Y Parc (Cross Hands) Management Company Limited
Maiden Vale (Ryhope) Management Company Limited
Malvern Rise (Malvern) Management Company Limited
Malvern Vale (Malvern) Management Company Limited
3
Manor Farm (Doncaster) Management Company Limited
Manor Farm (Mickle\ufb01eld) Management Company Limited
Manor Gardens (Selsey) Management Company Limited
7
Manor Park Residents Company Ltd
20
Manor Park Sprowston Residents Management Company Limited
8
Manor Place (Maidenhead) Residents Management Company Limited
Maple (221) Limited
7
Maple Oak (Alton) Management Company Limited
7
Mariners Walk (Swansea) Apartment Management Company Limited*
Mariners Walk (Swansea) Management Company Limited*
Marshfoot Lane (Hailsham) Residents Management Company Limited
Martello Park (Pembroke) Management Company Limited
Martineau Gardens Harborne Management Company Limited
9
Company NameCompany Name
Strategic report Corporate governance Financial statements Other information
Persimmon Plc | Annual Report | December 2022
195
Mascalls Grange (Paddock Wood) Residents Management
Company Limited
Meadow View (Oundle) Management Company Limited
Meadow View (Redditch) Resident Management Company Limited
Mendip Chase Management Company Limited
7
Meon Way Gardens Management Company Limited
3
Merchants Walk Cullompton No 2 Management Company Limited
Mercians Place Management Company Limited
Meridian Place (Hertford) Residents Management Company Ltd
Merlins Lane (Scarrowscant) Management Company Limited
Mersey View (Bromborough Pool) Management Company Limited
23
Mill Gardens (Cullompton) Management Company Limited
Mill Valley (Pevensey) Residents Management Company Limited
Mill View (Willingdon) Management Company Limited
Millbeck Grange (Bowburn) Management Company Limited
Millennium Farm (New Waltham) Management Company Limited
Monkswood (Sacriston) Management Company Limited
Montague Park Residents Management Company Limited
24
Montfort Place (Odiham) Management Company Limited
8
Moor\ufb01eld (Easington) Management Company Limited
Moor\ufb01eld Park Management Company Limited
8
Moorlands Walk (Sherburn) Management Company Limited
Mulberry Grange (Castleford) Management Company Limited
Mulberry Grove (St Fagans Cardiff) Management Company Limited
Nelson\u2019s Park (North Walsham) Residents Management
Company Limited
NGP Management Company (Cell E) Limited*
25
NGP Management Company (Cell F) Limited*
25
NGP Management Company (Commercial) Limited*
25
NGP Management Company (Town Centre) Limited*
25
NGP Management Company Residential (Cell G) Limited*
25
Norton Gardens Residents Management Company Limited
Norton Hall Meadow Management Limited
8
Oak Heights (Northiam) Residents Management Company Limited
11
Oak Tree Gardens (Audley) Management Company Limited
15
Oakcroft Chase (Stubbington) Management Company Limited
Oakhurst Village (Shirley) Management Company Limited
Oakland Gardens (Wilthorpe) Management Company Limited
Oakley Grange & Eden Villas (Cheltenham) Management
Company Limited
Oakwood Meadows (Colchester) Residents Management
Company Limited
Oakwood Meadows Phase 4 (Stanway) Residents Management
Company Limited
Oakwood Park (Wymondham) Residents Management
Company Limited
Oakwood View (Brackla) Management Company Limited
Oakwood View (Weston-Super-Mare) Management Company Limited
Oast Court Farm Management Company Limited
26
Old Road (Churwell) Management Company Limited
Open Space Management Limited
15
Orchard Croft (Diss) Residents Management Company Limited
Orchard Grove (Coxheath) Residents Management Company Ltd
Orchard Leaze Management Company Limited
20
Orchard Manor (Cheddington) Residents Management Company Limited
Orchard Meadows (Iwade) Residents Management Company Limited
Orchard Mews Pershore Management Company Limited
3
Otterham Park (Rainham) Residents Management Company Limited
Oxley Springs (Milton Keynes) Management Company Limited
Oxley Springs 8b (Milton Keynes) Management Company Limited
Paddocks 21 (Andover) Management Company Limited
Palmerston Heights Plymouth Management Company Limited
Paragon Park (Coventry) Management Company Limited
Parc Brynderi (Llanelli) Management Company Limited
Parc Yr Onnen (The Limes) Management Company Limited
Park Farm (South East) Management Company Limited
27
Parklands (Hessle) Residents Management Company Limited
Parrett Gardens (Langport) Management Company Limited
Pavilion Gardens (Monkton Heath\ufb01eld) Management Company Limited
Pedlars Meadow (Swaffham) Residents Management Company Limited
Pembridge Court (Clehonger) Residents Management Company Limited
Penny Pot Lane (Harrogate) Management Company Limited
Perry Park View (Perry Barr) Management Company Limited
3
Persimmon Gardens (Hindley) Management Company Limited
6
Persimmon Gardens (Martham) Residents Management
Company Limited
Persimmon Grange Framlingham Residents Management
Company Limited
Persimmon Homes The Oaks (Selly Oak) Management Company Limited
Phoenix Park (Dunstable) Residents Management Company Limited
Phoenix Wharf (West Bromwich) Management Company Limited
3
Picket 20 Management Company Limited
Picket Twenty Two (Andover) Management Company Limited
Port Marine Management Limited
28
Portland Park (Ashington) Management Company Limited
Pottery Gardens (Cheadle) Residents Management Company Limited
6
Priory Green (Chilton Polden) Management Company Limited
1
Priory Meadows (Bodmin) Management Company Limited
Quantock View Management Company Limited
Quinta Mews Management Company Limited
29
Rackheath Residents Management Company Limited
Radstone Road (Brackley) Management Company Limited
Rainton Gardens (Chilton Moor) Management Company Limited
Rainton Meadows (Chilton Moor) Management Company Limited
22
Ramsdell (Ashford Hill) Management Company Limited
Rectory Lane (Standish) Management Company Limited
Redhayes Management Company Limited
30
Redland Grange (Cottenham) Residents Management Company Limited
Regent Park (Calne) Management Company Limited
Regents Place (Chellaston) Management Company Limited
Repton Park 18 (Ashford) Residents Management Company Limited
Repton Park 19-23 (Ashford) Residents Management Company Limited
Repton Park 8 & 10 (Ashford) Residents Management Company Ltd
Rivendell (Gedling) Management Company Limited
Riverbourne Fields Management Company Limited
Roseberry Park (Pelton) Management Company Limited
Salterns (Terrington) Residents Management Company Limited
Saltram Meadow Plymouth Management Company Limited
Samford Gardens (Capel St Mary) Residents Management
Company Limited
Sand\ufb01eld Walk (Nottingham) Management Company Limited
Sandgate Drive (Kippax) Management Company Limited
Sandpipers (Minster) Residents Management Company Limited
Saxon Fields (Bridgwater) Management Company Limited
Saxon Gate (Chelmsford) Management Company Limited
Saxon Gate (Shaftesbury) Management Company Limited
Saxon Grove (Purton) Management Company Limited
Saxon Meadow (Sutton On Trent) Residents Management
Company Limited
Saxons Chase (Headcorn) Residents Management Company Limited
Scholar\u2019s Green (Northampton) Residents Management
Company Limited
Seaside Lane (Easington) Management Company Limited
Seaton Vale (Ashington) Residents Management Company Limited
Sharpes Meadow (Heybridge) Residents Management Company Limited
Sherborne Fields (Basingstoke) Management Limited
Sherborne Fields Apartments Ph6 (Basingstoke) Management
Company Limited
Shilton Place (Coventry) Management Company Ltd
31
Shirewood (Beighton Road) Management Company Limited
Silver Hill (Preston) Management Company Limited
Silverwood (Garforth) Management Company Limited
Solway View (Workington) Management Company Limited
Sovereign Quarter (Gillingham) Management Company Limited
Speckled Wood (Carlisle) Management Company Limited
Spring Meadows (Darwen) Management Company Limited
8
St Andrews (Uxbridge) Management Company Limited
3
St Andrews Park (Phase 3c Uxbridge) Management Company Limited
St Andrews Park (Vine Lane 1a) Management Company Limited
3
St Andrews Park (Vine Lane 2a) Management Company Limited
St Andrews Park 2b/3a (Churchill Road, Uxbridge) Management
Company Limited
St Andrews Park 3b (Uxbridge) Management Company Limited
3
St Andrews Ridge (Swindon) Management Company Limited
St Dunstans Place (Burbage) Management Company Limited
St Edeyrns Apartments (Cardiff ) RMC Limited
St Edeyrns Village (Cardiff) Residents Management Company Limited
St Edmunds (Frome) Management Company Limited
St George (Lancaster) Management Company Limited
St Georges Keep Management Company Limited
St James Park (Bramley) Residents Management Company Limited
St Johns (Lich\ufb01eld) Management Company Limited
St Michaels Place (Colchester) Residents Management Company Limited
St Michaels Way (South Ryhope) Residents Management
Company Limited
St Oswalds Park (Gloucester) Management Company Limited
St Peters Place (Salisbury) Management Company Limited
St Wilfrid View (Ripon) Management Company Limited
Stanbridge Meadows (Peters\ufb01eld) Management Company Limited
Stanford Meadows (Stanford-Le-Hope) Residents Management
Company Limited
Staynor Hall 4 (Selby) Residents Management Company Limited
Staynor Hall K (Selby) Management Company Limited
Stephenson Park (Wallsend) Residents Management Company Limited
Stortford Fields (Bishops Stortford) (Persimmon) Resident Management
Company Limited
Strawberry Fields Penryn Management Company Limited
Stream View Management Limited
29
Swan Park (Dawlish) Management Company Limited
Sycamore Gardens (Oakdale) RMC Ltd
12
Sycamore Rise (Thame) Residents Management Company Limited
Tanners Meadow (Brockham) Management Company Ltd
11
Tarraby View (Carlisle) Management Company Limited
Teasdale Place (Carlisle) Management Company Limited
The Acorns (Shirley) Management Company Limited
3
The Alders (Gilwern) Residents Management Company Limited
The Blossoms (Blackburn) Management Company Limited
8
The Boulevards (East Tilbury) Residents Management Company Limited
The Boulevards (Newport) Residents Management Company Limited
Company Name
Company Name
Notes to the \ufb01nancial statements continued
For the year ended 31 December 2022
33 Details of all subsidiary undertakings continued
Persimmon Plc | Annual Report | December 2022
196
The Bridge (Dartford) 29 And 31a Residents Management Company Limited The Bridles (Ffos Las) Management Company Limited 12 The Carriages (Burscough) Management Company Limited The Copse (Bridgwater) Management Company Limited 20 The Cottons (Holmes Chapel) Management Company Limited The Croft (Burgess Hill) Residents Management Company Limited The Edge (Hempstead) Management Limited The Gateway (Colchester) Residents Management Company Limited The Goldings Newquay Management Company Limited The Grange (Chalfont St Peter) Management Company Ltd The Grange (Chepstow) Limited The Grange (Wellesbourne) Management Company Limited The Hamptons (Newcastle) Resident Management Company Limited 6 The Haven (Swansea) Management Company Limited The Heath (Sandbach) Management Company Ltd 8 The Hedgerows (Alsager) Management Company Ltd 6 The Heights (Newark) Residents Management Company Limited The Lancasters (Cambridge) Residents Management Company Limited The Landings (Waddington) Residents Management Company Limited The Links (Machynys East) Management Company Limited 7 The Maples (NGP) Management Company Limited The Maples (Weston) Residents Management Company Limited The Middles (Stanley) Management Company Limited The Mile (Pocklington) Management Company Limited The Oaklands (NGP) Residents Management Company Limited The Oval (Selly Oak) Management Company Limited 6 The Paddocks (Aintree) Management Company Limited 6 The Paddocks (Farcet) Residents Management Company Limited The Paddocks (Highworth) Management Company Limited 6 The Pastures (Lowton) Management Company Limited 6 The Pinnacles Management Company (Thamesmead) Limited The Poppies (Harleston) Management Company Limited The Poppies Management Company Limited The Priory (Llandough) Residents Management Company Limited 32 The Quadrant (Whitney Crescent) Management Limited 20 The Reeds Lower Halstow Management Ltd 29 The Rosary (Emersons Green) Management Company Limited The Rydons Exeter Number Two Management Company Limited The Sands (Durham) Management Company Limited The Shires (Oswaldtwistle) Management Company Ltd 8 The Swallows Management Company Limited 20 The View (Redditch) Management Company Limited The Village, Aveley Phase Ii Residents Management Company Limited The Weald (Easingwold) Management Company Limited The Whinmoor (Leeds) Management Company Limited 23 The Wickets (Penenden Heath) Residents Management Company Limited The Willows Earlestown (Newton Le Willows) Management Company Limited 23 The Windmills (Kirton) Residents Management Company Limited Thornley Woods (Gateshead) Management Company Limited Tilbury Fields (Oxford) Management Company Limited 8 Tir Y Bont (Bridgend) Management Company Limited Towcester Grange (Towcester) Residents Management Company Limited 19 Trelawny Place (Felixstowe) Residents Management Company Limited Trevelyan Grange (Morpeth) Residents Management Company Limited Trevethan Meadows Liskeard Management Company Limited Trinity Pastures (Calvert Lane Hull) Residents Management Company Limited Tundra Point (Emersons Green) Management Company Limited Urban Central (Grays) Residents Management Company Limited Valley Heights (Frome) Management Company Limited 21 Village Mews (Southowram) Management Company Limited Walmsley Park (Leigh) Management Company Ltd 6 Watercress Way Management Company Limited 29 Water\ufb01eld Place (Market Harborough) Residential Management Company Limited Waters Edge (Buckshaw) Management Company Limited Waterside At The Bridge Management Company Limited Watling Place (Newington) Residents Management Company Ltd Weavers Meadow Estates Management Company Limited Weavers Meadow Phase 2 (Hadleigh) Residents Management Company Limited Weavers Place (Skelmanthorpe) Management Company Limited Weavers View (Pleasley Hill) Residents Management Company Limited Weavers Wharf Apartments (Coventry) Management Company Limited Wellington Gate (Grove) Management Company Limited Wellington Gate (Mares\ufb01eld) Management Company Limited Wellswood Park (Reading) Residents Management Company Limited Wentworth Green Management Company Limited West Gate House (Machynys East) Management Company Limited 7 Westhaven Apartments (Barry) Residents Management Company Limited Westhoughton (Lee Hall) Residents Management Company Limited 6 Weston Park Limited Westwood Park (Churwell) Management Company Limited White House Farm (Emersons Green) Management Company Limited 7 White Rose Park (Norwich) Residents Management Company Ltd Whiteford Mews Management Company Limited Whitewood Park (Bristol) Management Company Limited Whittington Walk (Worcester) Management Company Limited 3 Whitworth Dale Management Company Limited Willow Court (Abergavenny) RMC Limited Willow Park (Aylsham) Management Company Limited Windmill View (Stanground) Residents Management Company Limited Windrush Place Witney Management Company Limited Wombwell (Barnsley) Management Company Limited Woodbridge House Management Company Limited Woodhorn Meadows (Ashington) Residents Management Company Limited Woodland Gardens (Pyle) Management Company Limited Woodland Rise (Great Cornard) Residents Management Company Limited Woodlark Place (Newbury) Residents Management Company Limited Worcester Gate (Worcester) Management Company Limited 3 Yew Tree Farm (Droitwich) Management Company Limited Yew Tree Gardens (Tuffley) Management Company Limited 1. Pembroke House, Torquay Road, Paignton, Devon, TQ3 2EZ 2. Homer House, 8 Homer Road, Solihull, B91 3QQ 3. Whittington Hall, Whittington Road, Worcester, Worcestershire, WR5 2ZX 4. Fountain House, Southwell Road West, Mans\ufb01eld, Nottinghamshire, NG18 4LE 5. Persimmon House, Birmingham Road, Studley, Warwickshire, B80 7BG 6. Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire, CW6 9DL 7. Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY 8. RMG House, Essex Road, Hoddesdon, Hertfordshire, EN11 0DR 9. 2nd Floor, 154 Great Charles Street, Queensway, Birmingham, B3 3HN 10. Persimmon Homes, 3 Waterside Way, Northampton, NN4 7XD 11. 94 Park Lane, Croydon, Surrey, CR0 1JB 12. 46 Whitchurch Road, Cardiff, CF14 3LX 13. 250 Aztec West, Almondsbury, Bristol, BS32 4TR 14. Cheviot House, Beaminster Way East, Newcastle Upon Tyne, NE3 2ER 15. North Point, Stafford Drive, Battle\ufb01eld Enterprise Park, Shrewsbury, Shropshire, SY1 3BF 16. 1 Georges Square, Bath Street, Bristol, BS1 6BA 17. Unit 8, The Forum, Minerva Business Park, Peterborough, PE2 6FT 18. 1 Featherbank Court, Horsforth ,Leeds, West Yorkshire, LS18 4QF 19. 2 Hills Road, Cambridge, CB2 1JP 20. Unit 1,2 & 3 Beech Court, Wokingham Road, Hurst, Reading, RG10 0RU 21. Queensway House, 11 Queensway, New Milton, Hampshire, BH25 5NR 22. 4335 Park Approach, Thorpe Park, Leeds, LS15 8GB 23. Gateway House, 10 Coopers Way, Southend On Sea, Essex, SS2 5TE 24. 20 King Street, London, EC2V 8EG 25. 3rd Floor Citygate, St. James\u2019 Boulevard, Newcastle Upon Tyne, NE1 4JE 26. Acorn Estate Management, 9 St. Marks Road, Bromley, Kent, BR2 9HG 27. Foundation House, Coach & Horses Passage, Tunbridge Wells, TN2 5NP 28. Castlewood Business Park, Tickenham Road, Clevedon, BS21 6FW 29. Scholars House, 60 College Road, Maidstone, Kent, ME15 6SJ 30. Woodwater House, Pynes Hill, Exeter, Devon, EX2 5WR 31. 1st Floor Lancaster House, 67 Newhall Street, Birmingham, B3 1NQ 32. Avon House, Stanwell Road, Penarth, Wales, CF64 2EZ * Private Limited Company Company Name Company Name Persimmon Plc | Annual Report | December 2022",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-355": {
"value": "The following relevant UK endorsed new amendments to standards are mandatory for the \ufb01rst time for the \ufb01nancial year beginning 1 January 2022: \u2022 Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a First-time Adopter \u2022 Amendment to IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 Test for Derecognition of Financial Liabilities \u2022 Amendment to IAS 14 Agriculture \u2013 Taxation in Fair Value Measurements \u2022 Amendment to IAS 37 Onerous Contracts \u2013 Cost of Ful\ufb01lling a Contract \u2022 Amendment to IAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use \u2022 Amendment to IFRS 3 Reference to the Conceptual Framework The effects of the implementation of these amendments have been limited to disclosure amendments where applicable. ",
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"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-354": {
"value": "The Group has not applied the following new amendments to standards which are not yet effective: \u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IAS 8 De\ufb01nition of Accounting Estimates \u2022 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting policies The Group is currently considering the implication of these amendments with the expected impact upon the Group being limited to disclosures if applicable. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-291": {
"value": "2 Accounting policies Statement of compliance The consolidated Group \ufb01nancial statements are prepared in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019). Parent Company \ufb01nancial statements are prepared in accordance with UK adopted IAS in conformity with the requirements of the Companies Act 2006. Basis of preparation The \ufb01nancial statements have been prepared on the historical cost basis except for the revaluation of certain \ufb01nancial instruments. Historical cost is generally based on the fair value of the consideration given in exchange for assets. In preparing the Group \ufb01nancial statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate Related Disclosures. This included an assessment of Inventories and Goodwill and Intangible Assets and how they could be impacted by measures taken to address global warming. Recognising that the environmental impact on the Group\u2019s operations is relatively low, no issues were identi\ufb01ed that would impact the carrying values of such assets or have any other impact on the \ufb01nancial statements. Going concern The Group has performed well in the twelve months ended 31 December 2022. Persimmon\u2019s long-term strategy, which recognises the risks associated with the housing cycle by maintaining operational \ufb02exibility, investing in high quality land, minimising \ufb01nancial risk and deploying capital at the right time in the cycle, has equipped the business with strong liquidity and a robust balance sheet. The Group delivered a strong trading performance in the twelve months to 31 December 2022, completing the sale of 14,868 new homes (2021: 14,551) and generating an underlying pro\ufb01t before tax* of \u00a31,005.7m (2021: \u00a3966.8m). At 31 December 2022, the Group\u2019s strong \ufb01nancial position included \u00a3861.6m of cash (2021: \u00a31,246.6m), high quality land holdings and land creditors of \u00a3472.8m (2021: \u00a3407.6m). In addition, the Group has an undrawn Revolving Credit Facility of \u00a3300m, which extends out to 31 March 2026. Given the economic turmoil resulting from the \u201cmini budget\u201d in September 2022 and the adverse impact it has had on the UK housing market the Group\u2019s forward order book, including legal completions taken so far in 2023, is c.30% weaker year on year with new home forward sales of c.\u00a31.5bn. We have over 2,800 new homes sold forward into the private owner occupier market with an average selling price of over \u00a3288,600, which is 11% stronger than a year ago. The cumulative average private sales reservation rate for the \ufb01rst 8 weeks of the year is c.70% stronger than the rate achieved in Q4 2022. The Directors have carried out a robust assessment of the principal risks facing the Group, as described on page 57. The Group has considered the impact of these risks on the going concern of the business by performing a range of sensitivity analyses, covering the period to 30 June 2024, including severe but plausible scenarios based on experience gained by management during the Global Financial Crisis from 2007 to 2010, materialising together with the likely effectiveness of mitigating actions that would be executed by the Directors. For further detail regarding the approach and process the Directors follow in assessing the long-term viability of the business, please see the Viability Statement on page 75. The scenarios emphasise the potential impact of severe market disruption, including for example the ongoing effect of economic disruption from the cost of living crisis and the war in Ukraine, on short to medium-term demand for new homes. The scenarios\u2019 emphasis on the impact on the cash in\ufb02ows of the Group through reduced new home sales is designed to allow the examination of the extreme cash \ufb02ow consequences of such circumstances occurring. The Group\u2019s cash \ufb02ows are less sensitive to supply side disruption given the Group\u2019s sustainable business model, \ufb02exible operations, agile management team and off-site manufacturing facilities. In the \ufb01rst downside scenario modelled, the combined impact is assumed to cause, when compared to the 2022 outturn, a c.59% reduction in volumes and a c.15% reduction in average selling price in 2023. The combined impact results in a c.65% fall in the Group\u2019s 2023 housing revenues. From the lower 2023 position, the scenario then assumes a c.40% increase in housing revenue as a result of a c.34% increase in volume and a c.5% in average selling price. A second, even more extreme, scenario assumes a signi\ufb01cant and enduring depression of the UK economy and housing market in 2023, consistent with the above scenario, causing a reduction of c.59% in new home sales volumes, a c.15% fall in average selling prices and a c.65% fall in the Group\u2019s housing revenue in 2023. The scenario then assumes that neither volumes nor revenue recover into 2024. In each of these scenarios, cash \ufb02ows were assumed to be managed consistently, ensuring all relevant land, work in progress and operational investments were made in the business at the appropriate time to deliver the projected new home legal completions. Each scenario fully re\ufb02ects the current estimate of cash out\ufb02ows, value and timing, associated with the legacy buildings provision. 2 Accounting policies continued In addition the Group has been increasingly assessing climate related risk and opportunities that may present to the Group. During the period assessed for going concern no signi\ufb01cant risk has been identi\ufb01ed that would materially impact the Group\u2019s ability to generate sufficient cash and continue as a going concern. Having considered the inherent strength of the UK housing market, the resilience of the Group\u2019s average selling prices and the Group\u2019s scenario analysis as detailed above, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these \ufb01nancial statements. Basis of consolidation The consolidated \ufb01nancial statements include the \ufb01nancial statements of the Company and its subsidiaries up to 31 December each year. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect the returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences until the date that control ceases. Where necessary, adjustments are made to the \ufb01nancial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The subsidiary\u2019s identi\ufb01able assets, liabilities and contingent liabilities are recognised at their fair value at the acquisition date. Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired entity at the date of the acquisition. Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset. Goodwill is subsequently measured at cost less any accumulated impairment losses. Brand intangibles Internally generated brands are not held on the balance sheet. The Group carries assets on the balance sheet only for brands that have been acquired. Acquired brand values are calculated based on discounted cash \ufb02ows. No amortisation is charged on brand intangibles as the Group believes that the value of the brands is maintained inde\ufb01nitely. The factors that result in the durability of the brands capitalised are that there are no material legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of these intangibles. The acquired brands are tested annually for impairment by performing a value in use calculation, using a discount factor based on the Group\u2019s pre-tax weighted average cost of capital, on the branded income stream. Where a brand\u2019s life is not deemed to be inde\ufb01nite it is written off over its expected useful life on a straight-line basis. Revenue recognition Revenue is recognised as the fair value of the consideration received or receivable on legal completion of a newly built residential property sale. Revenue also includes the fair value of the consideration received or receivable on the sale of part exchange properties and amounts contractually due under a development agreement at the balance sheet date relating to the stage of completion of the agreement as veri\ufb01ed by surveys performed by the relevant customer as this re\ufb02ects the performance obligations delivered by the Group at the balance sheet date. Revenue relating to the provision of internet services is recognised as the service is provided. Government grants Grants are included within work in progress in the balance sheet and are credited to the statement of comprehensive income over the life of the developments to which they relate. Grants related to income are deducted from the related expense in the statement of comprehensive income. Other operating income Other operating income comprises pro\ufb01ts from the sale of land holdings, freehold reversions, rent receivable, and other incidental sundry income. Operating expenses Operating expenses represent the administration costs of the business, which are written off to the statement of comprehensive income as incurred. Borrowing costs Interest bearing bank loans, overdrafts and Partnership liabilities are initially measured at fair value (being proceeds received, net of direct issue costs) and are subsequently measured at amortised cost, using the effective interest rate method. Finance charges, including direct issue costs are accounted for and taken to the statement of comprehensive income using the effective interest rate method. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Where bank agreements include a legal right of offset for in hand and overdraft balances, and the Group intends to settle the net outstanding position, the offset arrangements are applied to record the net position in the balance sheet. Exceptional items Exceptional items are items of income and expenditure that, in the judgement of management, should be disclosed separately on the basis that they are material, either by their nature or their size, to an understanding of the \ufb01nancial performance and signi\ufb01cantly distort the comparability of \ufb01nancial performance between accounting periods. Items of income or expense that are considered by management for designation as exceptional include such items as major restructuring and signi\ufb01cant impairment of assets. During 2022 the charge of \u00a3275.0m (2021: \u00a3nil) relating to the increase of the Group\u2019s legacy buildings provision has been disclosed as an exceptional item due to the non-recurring nature and scale of the charge. Further details on this provision are found in notes 3 and 22. Share-based payments Charges for employee services received in exchange for share-based payment have been made for all options/awards in accordance with IFRS 2 Share-based Payment, to spread the fair value of the grant over the anticipated vesting period. The fair value of such options has been calculated using generally accepted option pricing models, based upon publicly available market data at the point of grant. Share options include both market and non-market conditions. Market conditions are considered in the establishment of the initial valuation of the options. In the event of failure to meet market conditions share-based payment charges are not reversed. In the event of failure to meet non-market conditions share-based payment charges are reversed. Where options are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to HMRC are accounted for as a deduction from equity for the shares withheld, except to the extent (if any) that the payment exceeds the fair value of shares withheld, in which case the excess will be charged to the statement of comprehensive income. Share-based payments are charged wholly in the ultimate Parent Company. Retirement benefit costs The Group operates two de\ufb01ned bene\ufb01t pension schemes. It also operates two de\ufb01ned contribution schemes for employees who are not members of a de\ufb01ned bene\ufb01t scheme. The asset/liability in respect of the de\ufb01ned bene\ufb01t schemes is the present value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date, less the fair value of the schemes\u2019 assets, together with adjustments for remeasurement gains and losses. Where a net asset results it is limited to the present value of economic bene\ufb01ts available in the form of future refunds from the scheme or reductions in future contributions, subject to any minimum funding requirements. Further details of the schemes and the valuation methods applied may be found in note 28. Interest cost on the scheme liabilities and \ufb01nance returns on scheme assets are recognised at the applicable discount rate as net \ufb01nance income/costs in the statement of comprehensive income and remeasurement gains and losses via the statement of other comprehensive income. Subsidiary entities bear a charge for current employees based upon their current pensionable salaries. Differences between this charge and the current service cost are borne by the Company as the legal sponsor, as are all experience gains and losses. There is no contractual arrangement or stated policy for recharging the other Group entities involved in the Scheme. Payments to the de\ufb01ned contribution schemes are accounted for on an accruals basis. Once the payments have been made, the Group has no further payment obligations. Taxation Income tax on the pro\ufb01t for the year comprises current and deferred tax. Income tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using enacted or substantially enacted tax rates, and adjusted for any tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill, the initial recognition of assets or liabilities that affect neither accounting or taxable pro\ufb01t, and differences relating to investment in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the carrying amount of assets and liabilities, using the tax rates applicable, or expected to be applicable at the date of settlement, based on enacted rates at the reporting date. Where the deferred tax asset recognised in respect of share-based payments would give rise to a credit in excess of the related accounting charge at the prevailing tax rate the excess is recognised directly in equity. A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset can be utilised. Deferred tax assets are reviewed at each balance sheet date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities when the Group intends to settle its current tax assets and liabilities on a net basis. Leases The Group recognises a single recognition and measurement approach for all leases, except for short-term leases and leases of low value assets. The Group recognises lease liabilities to make lease payments and right of use assets representing the right to use the underlying assets. Right of use assets are recognised at the commencement date of the lease and are measured at cost. The right of use assets are depreciated on a straight line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group recognises lease liabilities at the commencement date of the lease and are measured at the present value of lease payments to be made over the lease term. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to re\ufb02ect the accretion of interest and reduced for the lease payments made. The Group applies the short-term lease exemption and the low value asset recognition exemption to leases that have a lease term of 12 months or less from commencement date or are considered to be low value. Lease payments on short-term leases or leases of low value assets are charged to work in progress or operating expenses on a straight line basis over the lease term. Property, plant and equipment It is the Group\u2019s policy to hold property, plant and equipment at cost less accumulated depreciation, subject to the requirement to test assets for impairment. Depreciation on property, plant and equipment is provided using the straight line method to write off the cost less any estimated residual value, over the estimated useful lives on the following bases: Plant and equipment \u2013 3 to 5 years. Fixtures and \ufb01ttings \u2013 3 to 5 years. Owned utility infrastructure \u2013 15 to 40 years. Freehold buildings \u2013 50 years. No depreciation is provided on freehold land. 2 Accounting policies continued The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each \ufb01nancial year end. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Investments Interests in subsidiary undertakings are valued at cost less impairment. Other investments are stated at fair value. Joint ventures A joint venture is an entity in which the Group holds an interest with one or more other parties where a contractual arrangement has established joint control over the entity, and where the arrangements entitle the Group to a share of the net assets of the entity. Investments in joint ventures are accounted for under the equity method of accounting. Joint operations A joint operation is an arrangement or entity in which the Group holds an interest with one or more other parties where a contractual arrangement has established joint control over the operation and where the arrangements entitle the Group to rights over speci\ufb01c assets or obligations of the operation. The Group recognises its share of revenue, costs, assets and liabilities for its joint operations. Shared equity loan receivables Receivables on extended terms granted as part of a sales transaction are secured by way of a second legal charge on the respective property. The loans are classi\ufb01ed as \ufb01nancial assets held at fair value through pro\ufb01t or loss and are carried in the balance sheet at fair value with net changes in fair value recognised in the statement of comprehensive income as described in note 17. Inventories Inventories are stated at the lower of cost and net realisable value. Land with planning includes undeveloped land and land under development and is initially recorded at discounted cost. Where, through deferred purchase credit terms, the carrying value differs from the amount that will ultimately be paid in settling the liability, this difference is charged as a \ufb01nance cost in the statement of comprehensive income over the period of settlement. Work in progress comprises direct materials, labour costs, site overheads, associated professional charges and other attributable overheads. Net realisable value represents the estimated selling prices less all estimated costs of completion and overheads. Investments in land without the bene\ufb01t of a planning consent are initially included at cost. Regular reviews are carried out to identify any impairment in the value of the land considering the existing use value of the land and the likelihood of achieving a planning consent and the value thereof. Provision is made to re\ufb02ect any irrecoverable amounts. Expenditure relating to forward land, including options and fees, is held at cost. If the option expires or the Directors no longer consider it likely that the option will be exercised prior to the securing of planning permission, the amount is written off on that date. Impairment of financial assets The Group recognises an allowance for expected credit losses for all debt instruments not held at fair value through pro\ufb01t and loss. Expected credit losses are based on the difference between the contracted cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables and, in the Parent Company, intercompany receivables, the Group applies a simpli\ufb01ed approach in calculating expected credit losses. The Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. Inter-Group guarantees Where the Company enters into \ufb01nancial guarantee contracts to guarantee the indebtedness of other companies within the Group, the Company considers these to be insurance arrangements and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee. Trade and other payables Trade payables on normal terms are not interest bearing and are stated at amortised cost. Trade payables on extended terms, particularly in respect of land purchases, are initially recorded at their fair value and subsequently measured at amortised cost using the effective interest method. Provisions Provisions are recognised when the Group has a present commitment as a result of a past event, it is probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle that commitment. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the commitment at the balance sheet date and are discounted to present value where the effect is material. Deposits New property deposits and on account contract receipts are held within current trade and other payables until the legal completion of the related property or cancellation of the sale. Cash and cash equivalents Cash and cash equivalents include cash and balances in the bank accounts with no notice or less than three months\u2019 notice from inception, and are subject to insigni\ufb01cant risk of changes in value. Interest bearing borrowings Interest bearing borrowings and Partnership liabilities are carried at amortised cost. Dividends Dividends receivable by the Parent Company from subsidiaries are accounted for on a cash basis, or once formally approved by the shareholders of the subsidiary companies. Dividends payable are recorded in the period in which they are approved or paid, whichever is earliest. Own shares held The Group may acquire holdings in its own shares either directly or via employee bene\ufb01t trusts. The acquisition cost of such shares (including associated purchase costs) is treated as a deduction from retained earnings. Such shares may be used in satisfaction of employee options or rights, in which case the cost of such shares is reversed from the pro\ufb01t reserves on a \u2018\ufb01rst in \ufb01rst out\u2019 basis. Transactions of the Company sponsored EBT are treated as being those of the Company and are therefore re\ufb02ected in the Company \ufb01nancial statements. In particular, the trust\u2019s purchases and sales of shares in the Company are debited and credited directly to equity. 3 Critical accounting judgements and key sources of estimation uncertainty In applying the Group\u2019s accounting policies which are described in note 2, the Directors have made no individual judgements that have a signi\ufb01cant impact upon the \ufb01nancial statements, excepting those involving estimation which are dealt with below. The key sources of estimation uncertainty at the balance sheet date are: Goodwill The impairment testing of goodwill is substantially dependent upon the ability of the Group to successfully progress its strategic land holdings. The assumptions on which this estimate is based may be undermined by any signi\ufb01cant changes in the current planning regime, or adverse economic conditions in the UK. For further information on the estimates used, please refer to note 14. The carrying amount of goodwill at the balance sheet date was \u00a372.3m with an impairment of \u00a36.6m recognised during the year. Pensions The Directors have employed the services of a quali\ufb01ed, independent actuary in assessing pension assets/ liabilities. However, they recognise that \ufb01nal liabilities and asset returns may differ from actuarial estimates and therefore the ultimate pension asset/liability may differ from that included in the \ufb01nancial statements. For further information on the estimates used, please refer to note 28. Land and work in progress Given the high quality of the Group\u2019s inventory asset base, the sensitivity of the assumptions used in assessing the Net Realisable Value (\u2018NRV\u2019) of the Group\u2019s inventories is relatively low. As such no reasonably possible change in assumptions is likely to result in a material impact to the carrying value of the Group\u2019s land and work in progress balance within the next twelve months. The disclosure below provides additional insight into the carrying value of the Group\u2019s land and work in progress. Valuations of the Group\u2019s developments, which include an estimation of costs to complete and anticipated revenues, are carried out at regular intervals throughout the year. The valuations allocate total expected site development costs between units built in the current year and those to be built in future years. These valuations therefore include a degree of uncertainty when estimating the pro\ufb01tability of a site and in assessing any impairment provision which may be required. During the year ended 31 December 2022, the Group conducted reviews of the NRV of its development land and work in progress carrying values. The reviews were conducted on a site by site basis, using assumptions surrounding anticipated selling prices and the level of future development costs, based on local management and the Board\u2019s assessment of market conditions existing at the balance sheet date. As noted above, the sensitivity of these assumptions to inventory carrying value is relatively low. However, the most sensitive assumption relates to the consideration of the Group\u2019s average selling price prognosis \u2013 for example, the Directors have modelled a scenario involving an immediate and enduring reduction in Group average selling price of 20% across each plot in the Group\u2019s land holdings (it is important to note that the enduring nature of this assumption would present unusually unique circumstances when considered in the context of the UK housing market). Such a scenario would not result in a material adjustment to the carrying value of the Group\u2019s inventory. Given these factors, the Board does not believe that a reasonably possible change in the assumptions could result in a material impairment of land and work in progress carrying values in the next twelve months. If there are signi\ufb01cant movements in UK house prices or developments costs, beyond management\u2019s reasonably possible expectations, then further impairments of land and work in progress may be necessary. Provisions The Group holds a provision of \u00a3333.3m (2021: \u00a372.7m) based on management\u2019s best estimates of the costs of completing works to ensure \ufb01re safety on affected buildings under direct ownership, and to work with and support owners and other relevant stakeholders on buildings it has developed. Prior years provisions represented management\u2019s best estimate if of the liability based on the information available at that point. During 2022 we have signed the Building Safety Pledge (England) and worked constructively with the Government to agree the \u2018Long Form Contract\u2019 that turns the pledge into a legal agreement, which we anticipate signing imminently. As we have worked through this process we have identi\ufb01ed further eligible multi-storey developments requiring remediation for which we will be liable, and developed a more detailed understanding of remediation costs. The number of developments we are responsible for has increased and now stands at 73 (of which 33 have now either secured EWS1 certi\ufb01cates or concluded any necessary works). This, along with a broader scope, including reimbursement of any funds already outlaid by the Building Safety Fund, remediation of non- cladding \ufb01re related build defects and interim protection measures for residents, set against a background of signi\ufb01cant build cost in\ufb02ation has resulted in our total provision for \ufb01re related build remediation works increasing by \u00a3275.0m to \u00a3350.0m, before spend to date. These estimates may change over time as further information is assessed, remedial works progress the interpretation of \ufb01re safety regulations further evolves and further developments requiring remediation works are potentially identi\ufb01ed. This is a highly complex area with judgements and estimates in respect of the costs of remedial works to be incurred. Whilst management have exercised their best judgement in these matters, there remains the potential for variations to this estimate from multiple factors such as material, energy and labour cost in\ufb02ation, limited quali\ufb01ed contractor availability and abnormal works identi\ufb01ed on intrusive surveys. Should a 10% variation in the costs of untendered projects occur then the overall provision would vary by +/- \u00a314.3m. The following two areas of estimation uncertainty are not presented to comply with the requirements of paragraph 125 of IAS 1, \u2018Presentation of Financial Statements\u2019 as it is not expected there is a signi\ufb01cant risk of a material adjustment to the carrying amount of assets within the next \ufb01nancial year. They are presented as an additional disclosure of estimate used in these accounts. 3 Critical accounting judgements and key sources of estimation uncertainty continued Brand intangibles The intangible brand assets have been assessed against the discounted cash \ufb02ows arising. These are based upon estimated returns from the related businesses, which may be impacted by various factors, most notably government social housing policy and further deterioration in the economic conditions in the UK. The carrying amount of inde\ufb01nite life brands at the balance sheet date was \u00a397.0m, with no impairment recognised during the year ended 31 December 2022. Shared equity loan receivables Shared equity loan receivables comprise loans granted as part of sales transactions that are secured by way of a second legal charge on the respective property. The fair value of these receivables is determined by taking into account factors such as the length of time that the loan has been outstanding, market conditions, including those in respect of house price in\ufb02ation, forced sale discount and probability of borrower default. The variables used are kept under regular review to ensure that as far as possible they re\ufb02ect current economic circumstances; however changes in house prices, redemption dates, interest rates, unemployment levels and bankruptcy trends in the UK could result in actual returns differing from reported valuations. At 31 December 2022 the loan recognised on the balance sheet was \u00a336.0m (2021: \u00a345.6m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-293": {
"value": "Statement of compliance The consolidated Group \ufb01nancial statements are prepared in accordance with UK adopted International Accounting Standards (\u2018IAS\u2019). Parent Company \ufb01nancial statements are prepared in accordance with UK adopted IAS in conformity with the requirements of the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-294": {
"value": "Basis of preparation The \ufb01nancial statements have been prepared on the historical cost basis except for the revaluation of certain \ufb01nancial instruments. Historical cost is generally based on the fair value of the consideration given in exchange for assets. In preparing the Group \ufb01nancial statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate Related Disclosures. This included an assessment of Inventories and Goodwill and Intangible Assets and how they could be impacted by measures taken to address global warming. Recognising that the environmental impact on the Group\u2019s operations is relatively low, no issues were identi\ufb01ed that would impact the carrying values of such assets or have any other impact on the \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-295": {
"value": "Going concern The Group has performed well in the twelve months ended 31 December 2022. Persimmon\u2019s long-term strategy, which recognises the risks associated with the housing cycle by maintaining operational \ufb02exibility, investing in high quality land, minimising \ufb01nancial risk and deploying capital at the right time in the cycle, has equipped the business with strong liquidity and a robust balance sheet. The Group delivered a strong trading performance in the twelve months to 31 December 2022, completing the sale of 14,868 new homes (2021: 14,551) and generating an underlying pro\ufb01t before tax* of \u00a31,005.7m (2021: \u00a3966.8m). At 31 December 2022, the Group\u2019s strong \ufb01nancial position included \u00a3861.6m of cash (2021: \u00a31,246.6m), high quality land holdings and land creditors of \u00a3472.8m (2021: \u00a3407.6m). In addition, the Group has an undrawn Revolving Credit Facility of \u00a3300m, which extends out to 31 March 2026. Given the economic turmoil resulting from the \u201cmini budget\u201d in September 2022 and the adverse impact it has had on the UK housing market the Group\u2019s forward order book, including legal completions taken so far in 2023, is c.30% weaker year on year with new home forward sales of c.\u00a31.5bn. We have over 2,800 new homes sold forward into the private owner occupier market with an average selling price of over \u00a3288,600, which is 11% stronger than a year ago. The cumulative average private sales reservation rate for the \ufb01rst 8 weeks of the year is c.70% stronger than the rate achieved in Q4 2022. The Directors have carried out a robust assessment of the principal risks facing the Group, as described on page 57. The Group has considered the impact of these risks on the going concern of the business by performing a range of sensitivity analyses, covering the period to 30 June 2024, including severe but plausible scenarios based on experience gained by management during the Global Financial Crisis from 2007 to 2010, materialising together with the likely effectiveness of mitigating actions that would be executed by the Directors. For further detail regarding the approach and process the Directors follow in assessing the long-term viability of the business, please see the Viability Statement on page 75. The scenarios emphasise the potential impact of severe market disruption, including for example the ongoing effect of economic disruption from the cost of living crisis and the war in Ukraine, on short to medium-term demand for new homes. The scenarios\u2019 emphasis on the impact on the cash in\ufb02ows of the Group through reduced new home sales is designed to allow the examination of the extreme cash \ufb02ow consequences of such circumstances occurring. The Group\u2019s cash \ufb02ows are less sensitive to supply side disruption given the Group\u2019s sustainable business model, \ufb02exible operations, agile management team and off-site manufacturing facilities. In the \ufb01rst downside scenario modelled, the combined impact is assumed to cause, when compared to the 2022 outturn, a c.59% reduction in volumes and a c.15% reduction in average selling price in 2023. The combined impact results in a c.65% fall in the Group\u2019s 2023 housing revenues. From the lower 2023 position, the scenario then assumes a c.40% increase in housing revenue as a result of a c.34% increase in volume and a c.5% in average selling price. A second, even more extreme, scenario assumes a signi\ufb01cant and enduring depression of the UK economy and housing market in 2023, consistent with the above scenario, causing a reduction of c.59% in new home sales volumes, a c.15% fall in average selling prices and a c.65% fall in the Group\u2019s housing revenue in 2023. The scenario then assumes that neither volumes nor revenue recover into 2024. In each of these scenarios, cash \ufb02ows were assumed to be managed consistently, ensuring all relevant land, work in progress and operational investments were made in the business at the appropriate time to deliver the projected new home legal completions. Each scenario fully re\ufb02ects the current estimate of cash out\ufb02ows, value and timing, associated with the legacy buildings provision. * Stated before legacy buildings provision charge (2022: \u00a3275.0m, 2021: \u00a3nil). In addition the Group has been increasingly assessing climate related risk and opportunities that may present to the Group. During the period assessed for going concern no signi\ufb01cant risk has been identi\ufb01ed that would materially impact the Group\u2019s ability to generate sufficient cash and continue as a going concern. Having considered the inherent strength of the UK housing market, the resilience of the Group\u2019s average selling prices and the Group\u2019s scenario analysis as detailed above, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-296": {
"value": "Basis of consolidation The consolidated \ufb01nancial statements include the \ufb01nancial statements of the Company and its subsidiaries up to 31 December each year. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect the returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences until the date that control ceases. Where necessary, adjustments are made to the \ufb01nancial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The subsidiary\u2019s identi\ufb01able assets, liabilities and contingent liabilities are recognised at their fair value at the acquisition date. Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired entity at the date of the acquisition. Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset. Goodwill is subsequently measured at cost less any accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-297": {
"value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The subsidiary\u2019s identi\ufb01able assets, liabilities and contingent liabilities are recognised at their fair value at the acquisition date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired entity at the date of the acquisition. Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset. Goodwill is subsequently measured at cost less any accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-298": {
"value": "Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the acquired entity at the date of the acquisition. Goodwill arising on acquisition of subsidiaries and businesses is capitalised as an asset. Goodwill is subsequently measured at cost less any accumulated impairment losses. Brand intangibles Internally generated brands are not held on the balance sheet. The Group carries assets on the balance sheet only for brands that have been acquired. Acquired brand values are calculated based on discounted cash \ufb02ows. No amortisation is charged on brand intangibles as the Group believes that the value of the brands is maintained inde\ufb01nitely. The factors that result in the durability of the brands capitalised are that there are no material legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of these intangibles. The acquired brands are tested annually for impairment by performing a value in use calculation, using a discount factor based on the Group\u2019s pre-tax weighted average cost of capital, on the branded income stream. Where a brand\u2019s life is not deemed to be inde\ufb01nite it is written off over its expected useful life on a straight-line basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "Brand intangibles Internally generated brands are not held on the balance sheet. The Group carries assets on the balance sheet only for brands that have been acquired. Acquired brand values are calculated based on discounted cash \ufb02ows. No amortisation is charged on brand intangibles as the Group believes that the value of the brands is maintained inde\ufb01nitely. The factors that result in the durability of the brands capitalised are that there are no material legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of these intangibles. The acquired brands are tested annually for impairment by performing a value in use calculation, using a discount factor based on the Group\u2019s pre-tax weighted average cost of capital, on the branded income stream. Where a brand\u2019s life is not deemed to be inde\ufb01nite it is written off over its expected useful life on a straight-line basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-299": {
"value": "Revenue recognition Revenue is recognised as the fair value of the consideration received or receivable on legal completion of a newly built residential property sale. Revenue also includes the fair value of the consideration received or receivable on the sale of part exchange properties and amounts contractually due under a development agreement at the balance sheet date relating to the stage of completion of the agreement as veri\ufb01ed by surveys performed by the relevant customer as this re\ufb02ects the performance obligations delivered by the Group at the balance sheet date. Revenue relating to the provision of internet services is recognised as the service is provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-300": {
"value": "Government grants Grants are included within work in progress in the balance sheet and are credited to the statement of comprehensive income over the life of the developments to which they relate. Grants related to income are deducted from the related expense in the statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-301": {
"value": "Other operating income Other operating income comprises pro\ufb01ts from the sale of land holdings, freehold reversions, rent receivable, and other incidental sundry income. ",
"dimensions": {
"concept": "persimmonplc:DescriptionOfAccountingPolicyForOtherOperatingIncome",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-302": {
"value": "Operating expenses Operating expenses represent the administration costs of the business, which are written off to the statement of comprehensive income as incurred. ",
"dimensions": {
"concept": "persimmonplc:DescriptionOfAccountingPolicyForOperatingExpenses",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-303": {
"value": "Borrowing costs Interest bearing bank loans, overdrafts and Partnership liabilities are initially measured at fair value (being proceeds received, net of direct issue costs) and are subsequently measured at amortised cost, using the effective interest rate method. Finance charges, including direct issue costs are accounted for and taken to the statement of comprehensive income using the effective interest rate method. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Where bank agreements include a legal right of offset for in hand and overdraft balances, and the Group intends to settle the net outstanding position, the offset arrangements are applied to record the net position in the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-304": {
"value": "Exceptional items Exceptional items are items of income and expenditure that, in the judgement of management, should be disclosed separately on the basis that they are material, either by their nature or their size, to an understanding of the \ufb01nancial performance and signi\ufb01cantly distort the comparability of \ufb01nancial performance between accounting periods. Items of income or expense that are considered by management for designation as exceptional include such items as major restructuring and signi\ufb01cant impairment of assets. During 2022 the charge of \u00a3275.0m (2021: \u00a3nil) relating to the increase of the Group\u2019s legacy buildings provision has been disclosed as an exceptional item due to the non-recurring nature and scale of the charge. Further details on this provision are found in notes 3 and 22. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "Share-based payments Charges for employee services received in exchange for share-based payment have been made for all options/awards in accordance with IFRS 2 Share-based Payment, to spread the fair value of the grant over the anticipated vesting period. The fair value of such options has been calculated using generally accepted option pricing models, based upon publicly available market data at the point of grant. Share options include both market and non-market conditions. Market conditions are considered in the establishment of the initial valuation of the options. In the event of failure to meet market conditions share-based payment charges are not reversed. In the event of failure to meet non-market conditions share-based payment charges are reversed. Where options are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to HMRC are accounted for as a deduction from equity for the shares withheld, except to the extent (if any) that the payment exceeds the fair value of shares withheld, in which case the excess will be charged to the statement of comprehensive income. Share-based payments are charged wholly in the ultimate Parent Company. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-305": {
"value": "Share-based payments Charges for employee services received in exchange for share-based payment have been made for all options/awards in accordance with IFRS 2 Share-based Payment, to spread the fair value of the grant over the anticipated vesting period. The fair value of such options has been calculated using generally accepted option pricing models, based upon publicly available market data at the point of grant. Share options include both market and non-market conditions. Market conditions are considered in the establishment of the initial valuation of the options. In the event of failure to meet market conditions share-based payment charges are not reversed. In the event of failure to meet non-market conditions share-based payment charges are reversed. Where options are net settled in respect of withholding tax obligations, these are accounted for as equity settled transactions. Payments to HMRC are accounted for as a deduction from equity for the shares withheld, except to the extent (if any) that the payment exceeds the fair value of shares withheld, in which case the excess will be charged to the statement of comprehensive income. Share-based payments are charged wholly in the ultimate Parent Company. Retirement benefit costs The Group operates two de\ufb01ned bene\ufb01t pension schemes. It also operates two de\ufb01ned contribution schemes for employees who are not members of a de\ufb01ned bene\ufb01t scheme. The asset/liability in respect of the de\ufb01ned bene\ufb01t schemes is the present value of the de\ufb01ned bene\ufb01t obligation at the balance sheet date, less the fair value of the schemes\u2019 assets, together with adjustments for remeasurement gains and losses. Where a net asset results it is limited to the present value of economic bene\ufb01ts available in the form of future refunds from the scheme or reductions in future contributions, subject to any minimum funding requirements. Further details of the schemes and the valuation methods applied may be found in note 28. Interest cost on the scheme liabilities and \ufb01nance returns on scheme assets are recognised at the applicable discount rate as net \ufb01nance income/costs in the statement of comprehensive income and remeasurement gains and losses via the statement of other comprehensive income. Subsidiary entities bear a charge for current employees based upon their current pensionable salaries. Differences between this charge and the current service cost are borne by the Company as the legal sponsor, as are all experience gains and losses. There is no contractual arrangement or stated policy for recharging the other Group entities involved in the Scheme. Payments to the de\ufb01ned contribution schemes are accounted for on an accruals basis. Once the payments have been made, the Group has no further payment obligations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "Taxation Income tax on the pro\ufb01t for the year comprises current and deferred tax. Income tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using enacted or substantially enacted tax rates, and adjusted for any tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill, the initial recognition of assets or liabilities that affect neither accounting or taxable pro\ufb01t, and differences relating to investment in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the carrying amount of assets and liabilities, using the tax rates applicable, or expected to be applicable at the date of settlement, based on enacted rates at the reporting date. Where the deferred tax asset recognised in respect of share-based payments would give rise to a credit in excess of the related accounting charge at the prevailing tax rate the excess is recognised directly in equity. A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset can be utilised. Deferred tax assets are reviewed at each balance sheet date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities when the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-306": {
"value": "Taxation Income tax on the pro\ufb01t for the year comprises current and deferred tax. Income tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using enacted or substantially enacted tax rates, and adjusted for any tax payable in respect of previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill, the initial recognition of assets or liabilities that affect neither accounting or taxable pro\ufb01t, and differences relating to investment in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the carrying amount of assets and liabilities, using the tax rates applicable, or expected to be applicable at the date of settlement, based on enacted rates at the reporting date. Where the deferred tax asset recognised in respect of share-based payments would give rise to a credit in excess of the related accounting charge at the prevailing tax rate the excess is recognised directly in equity. A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset can be utilised. Deferred tax assets are reviewed at each balance sheet date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities when the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-307": {
"value": "Leases The Group recognises a single recognition and measurement approach for all leases, except for short-term leases and leases of low value assets. The Group recognises lease liabilities to make lease payments and right of use assets representing the right to use the underlying assets. Right of use assets are recognised at the commencement date of the lease and are measured at cost. The right of use assets are depreciated on a straight line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group recognises lease liabilities at the commencement date of the lease and are measured at the present value of lease payments to be made over the lease term. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to re\ufb02ect the accretion of interest and reduced for the lease payments made. The Group applies the short-term lease exemption and the low value asset recognition exemption to leases that have a lease term of 12 months or less from commencement date or are considered to be low value. Lease payments on short-term leases or leases of low value assets are charged to work in progress or operating expenses on a straight line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-308": {
"value": "Property, plant and equipment It is the Group\u2019s policy to hold property, plant and equipment at cost less accumulated depreciation, subject to the requirement to test assets for impairment. Depreciation on property, plant and equipment is provided using the straight line method to write off the cost less any estimated residual value, over the estimated useful lives on the following bases: Plant and equipment \u2013 3 to 5 years. Fixtures and \ufb01ttings \u2013 3 to 5 years. Owned utility infrastructure \u2013 15 to 40 years. Freehold buildings \u2013 50 years. No depreciation is provided on freehold land. The assets\u2019 useful economic lives and residual values are reviewed and adjusted, if appropriate, at each \ufb01nancial year end. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-309": {
"value": "Investments Interests in subsidiary undertakings are valued at cost less impairment. Other investments are stated at fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-310": {
"value": "Joint ventures A joint venture is an entity in which the Group holds an interest with one or more other parties where a contractual arrangement has established joint control over the entity, and where the arrangements entitle the Group to a share of the net assets of the entity. Investments in joint ventures are accounted for under the equity method of accounting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-311": {
"value": "Joint operations A joint operation is an arrangement or entity in which the Group holds an interest with one or more other parties where a contractual arrangement has established joint control over the operation and where the arrangements entitle the Group to rights over speci\ufb01c assets or obligations of the operation. The Group recognises its share of revenue, costs, assets and liabilities for its joint operations. ",
"dimensions": {
"concept": "persimmonplc:DescriptionOfAccountingPolicyForJointOperations",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-312": {
"value": "Shared equity loan receivables Receivables on extended terms granted as part of a sales transaction are secured by way of a second legal charge on the respective property. The loans are classi\ufb01ed as \ufb01nancial assets held at fair value through pro\ufb01t or loss and are carried in the balance sheet at fair value with net changes in fair value recognised in the statement of comprehensive income as described in note 17. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-313": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Land with planning includes undeveloped land and land under development and is initially recorded at discounted cost. Where, through deferred purchase credit terms, the carrying value differs from the amount that will ultimately be paid in settling the liability, this difference is charged as a \ufb01nance cost in the statement of comprehensive income over the period of settlement. Work in progress comprises direct materials, labour costs, site overheads, associated professional charges and other attributable overheads. Net realisable value represents the estimated selling prices less all estimated costs of completion and overheads. Investments in land without the bene\ufb01t of a planning consent are initially included at cost. Regular reviews are carried out to identify any impairment in the value of the land considering the existing use value of the land and the likelihood of achieving a planning consent and the value thereof. Provision is made to re\ufb02ect any irrecoverable amounts. Expenditure relating to forward land, including options and fees, is held at cost. If the option expires or the Directors no longer consider it likely that the option will be exercised prior to the securing of planning permission, the amount is written off on that date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-314": {
"value": "Impairment of financial assets The Group recognises an allowance for expected credit losses for all debt instruments not held at fair value through pro\ufb01t and loss. Expected credit losses are based on the difference between the contracted cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables and, in the Parent Company, intercompany receivables, the Group applies a simpli\ufb01ed approach in calculating expected credit losses. The Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-315": {
"value": "Inter-Group guarantees Where the Company enters into \ufb01nancial guarantee contracts to guarantee the indebtedness of other companies within the Group, the Company considers these to be insurance arrangements and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-316": {
"value": "Trade and other payables Trade payables on normal terms are not interest bearing and are stated at amortised cost. Trade payables on extended terms, particularly in respect of land purchases, are initially recorded at their fair value and subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-317": {
"value": "Provisions Provisions are recognised when the Group has a present commitment as a result of a past event, it is probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle that commitment. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the commitment at the balance sheet date and are discounted to present value where the effect is material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-318": {
"value": "Deposits New property deposits and on account contract receipts are held within current trade and other payables until the legal completion of the related property or cancellation of the sale. ",
"dimensions": {
"concept": "persimmonplc:DescriptionOfAccountingPolicyForDeposits",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-319": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash and balances in the bank accounts with no notice or less than three months\u2019 notice from inception, and are subject to insigni\ufb01cant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-320": {
"value": "Interest bearing borrowings Interest bearing borrowings and Partnership liabilities are carried at amortised cost",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-321": {
"value": "Dividends Dividends receivable by the Parent Company from subsidiaries are accounted for on a cash basis, or once formally approved by the shareholders of the subsidiary companies. Dividends payable are recorded in the period in which they are approved or paid, whichever is earliest. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-322": {
"value": "Own shares held The Group may acquire holdings in its own shares either directly or via employee bene\ufb01t trusts. The acquisition cost of such shares (including associated purchase costs) is treated as a deduction from retained earnings. Such shares may be used in satisfaction of employee options or rights, in which case the cost of such shares is reversed from the pro\ufb01t reserves on a \u2018\ufb01rst in \ufb01rst out\u2019 basis. Transactions of the Company sponsored EBT are treated as being those of the Company and are therefore re\ufb02ected in the Company \ufb01nancial statements. In particular, the trust\u2019s purchases and sales of shares in the Company are debited and credited directly to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-323": {
"value": "3 Critical accounting judgements and key sources of estimation uncertainty In applying the Group\u2019s accounting policies which are described in note 2, the Directors have made no individual judgements that have a signi\ufb01cant impact upon the \ufb01nancial statements, excepting those involving estimation which are dealt with below. The key sources of estimation uncertainty at the balance sheet date are: Goodwill The impairment testing of goodwill is substantially dependent upon the ability of the Group to successfully progress its strategic land holdings. The assumptions on which this estimate is based may be undermined by any signi\ufb01cant changes in the current planning regime, or adverse economic conditions in the UK. For further information on the estimates used, please refer to note 14. The carrying amount of goodwill at the balance sheet date was \u00a372.3m with an impairment of \u00a36.6m recognised during the year. Pensions The Directors have employed the services of a quali\ufb01ed, independent actuary in assessing pension assets/ liabilities. However, they recognise that \ufb01nal liabilities and asset returns may differ from actuarial estimates and therefore the ultimate pension asset/liability may differ from that included in the \ufb01nancial statements. For further information on the estimates used, please refer to note 28. Land and work in progress Given the high quality of the Group\u2019s inventory asset base, the sensitivity of the assumptions used in assessing the Net Realisable Value (\u2018NRV\u2019) of the Group\u2019s inventories is relatively low. As such no reasonably possible change in assumptions is likely to result in a material impact to the carrying value of the Group\u2019s land and work in progress balance within the next twelve months. The disclosure below provides additional insight into the carrying value of the Group\u2019s land and work in progress. Valuations of the Group\u2019s developments, which include an estimation of costs to complete and anticipated revenues, are carried out at regular intervals throughout the year. The valuations allocate total expected site development costs between units built in the current year and those to be built in future years. These valuations therefore include a degree of uncertainty when estimating the pro\ufb01tability of a site and in assessing any impairment provision which may be required. During the year ended 31 December 2022, the Group conducted reviews of the NRV of its development land and work in progress carrying values. The reviews were conducted on a site by site basis, using assumptions surrounding anticipated selling prices and the level of future development costs, based on local management and the Board\u2019s assessment of market conditions existing at the balance sheet date. As noted above, the sensitivity of these assumptions to inventory carrying value is relatively low. However, the most sensitive assumption relates to the consideration of the Group\u2019s average selling price prognosis \u2013 for example, the Directors have modelled a scenario involving an immediate and enduring reduction in Group average selling price of 20% across each plot in the Group\u2019s land holdings (it is important to note that the enduring nature of this assumption would present unusually unique circumstances when considered in the context of the UK housing market). Such a scenario would not result in a material adjustment to the carrying value of the Group\u2019s inventory. Given these factors, the Board does not believe that a reasonably possible change in the assumptions could result in a material impairment of land and work in progress carrying values in the next twelve months. If there are signi\ufb01cant movements in UK house prices or developments costs, beyond management\u2019s reasonably possible expectations, then further impairments of land and work in progress may be necessary. Provisions The Group holds a provision of \u00a3333.3m (2021: \u00a372.7m) based on management\u2019s best estimates of the costs of completing works to ensure \ufb01re safety on affected buildings under direct ownership, and to work with and support owners and other relevant stakeholders on buildings it has developed. Prior years provisions represented management\u2019s best estimate if of the liability based on the information available at that point. During 2022 we have signed the Building Safety Pledge (England) and worked constructively with the Government to agree the \u2018Long Form Contract\u2019 that turns the pledge into a legal agreement, which we anticipate signing imminently. As we have worked through this process we have identi\ufb01ed further eligible multi-storey developments requiring remediation for which we will be liable, and developed a more detailed understanding of remediation costs. The number of developments we are responsible for has increased and now stands at 73 (of which 33 have now either secured EWS1 certi\ufb01cates or concluded any necessary works). This, along with a broader scope, including reimbursement of any funds already outlaid by the Building Safety Fund, remediation of non- cladding \ufb01re related build defects and interim protection measures for residents, set against a background of signi\ufb01cant build cost in\ufb02ation has resulted in our total provision for \ufb01re related build remediation works increasing by \u00a3275.0m to \u00a3350.0m, before spend to date. These estimates may change over time as further information is assessed, remedial works progress the interpretation of \ufb01re safety regulations further evolves and further developments requiring remediation works are potentially identi\ufb01ed. This is a highly complex area with judgements and estimates in respect of the costs of remedial works to be incurred. Whilst management have exercised their best judgement in these matters, there remains the potential for variations to this estimate from multiple factors such as material, energy and labour cost in\ufb02ation, limited quali\ufb01ed contractor availability and abnormal works identi\ufb01ed on intrusive surveys. Should a 10% variation in the costs of untendered projects occur then the overall provision would vary by +/- \u00a314.3m. The following two areas of estimation uncertainty are not presented to comply with the requirements of paragraph 125 of IAS 1, \u2018Presentation of Financial Statements\u2019 as it is not expected there is a signi\ufb01cant risk of a material adjustment to the carrying amount of assets within the next \ufb01nancial year. They are presented as an additional disclosure of estimate used in these accounts. 3 Critical accounting judgements and key sources of estimation uncertainty continued Brand intangibles The intangible brand assets have been assessed against the discounted cash \ufb02ows arising. These are based upon estimated returns from the related businesses, which may be impacted by various factors, most notably government social housing policy and further deterioration in the economic conditions in the UK. The carrying amount of inde\ufb01nite life brands at the balance sheet date was \u00a397.0m, with no impairment recognised during the year ended 31 December 2022. Shared equity loan receivables Shared equity loan receivables comprise loans granted as part of sales transactions that are secured by way of a second legal charge on the respective property. The fair value of these receivables is determined by taking into account factors such as the length of time that the loan has been outstanding, market conditions, including those in respect of house price in\ufb02ation, forced sale discount and probability of borrower default. The variables used are kept under regular review to ensure that as far as possible they re\ufb02ect current economic circumstances; however changes in house prices, redemption dates, interest rates, unemployment levels and bankruptcy trends in the UK could result in actual returns differing from reported valuations. At 31 December 2022 the loan recognised on the balance sheet was \u00a336.0m (2021: \u00a345.6m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-324": {
"value": "4 Principal activities The Group has only one reportable operating segment, being housebuilding within the UK, under the control of the Executive Board. The Executive Board has been identi\ufb01ed as the Chief Operating Decision Maker as de\ufb01ned under IFRS 8 Operating Segments. ",
"dimensions": {
"concept": "persimmonplc:DisclosureOfPrincipalActivities",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-2": {
"value": "The Group has only one reportable operating segment, being housebuilding within the UK, under the control of the Executive Board. The Executive Board has been identi\ufb01ed as the Chief Operating Decision Maker as de\ufb01ned under IFRS 8 Operating Segments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-325": {
"value": "5 Revenue An analysis of the Group\u2019s revenue is as follows: 2022 \u00a3m 2021 \u00a3m Revenue from the sale of new housing 3,696.4 3,449.7 Revenue from the sale of part exchange properties 110.6 155.4 Revenue from the provision of internet services 8.8 5.4 Revenue from the sale of goods and services as reported in the statement of comprehensive income 3,815.8 3,610.5 Other operating income 10.3 6.4 Finance income 9.9 9.9 3,836.0 3,626.8 Sale of goods includes \u00a3142.2m (2021: \u00a3126.5m) in respect of the value of properties accepted in part exchange by the Group on the sale of new housing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-326": {
"value": "6 Exceptional items During 2022 the Group have recognised an exceptional charge of \u00a3275.0m (2021: \u00a3nil) in relation to the increase in the anticipated costs of the Group\u2019s commitments to support leaseholders in buildings we had developed with the costs of removal of combustible cladding and other \ufb01re related remediation works. This re\ufb02ects the extended commitment of the government long form contract, the identi\ufb01cation of further developments for which we are now responsible, and a greater understanding of remediation costs. Further detail on this matter is provided in notes 3 and 22. This has been disclosed as an exceptional item due to the non-recurring nature and scale of the charge, in order to aid understanding of the \ufb01nancial performance of the Group and to assist in the comparability of \ufb01nancial performance between accounting periods. ",
"dimensions": {
"concept": "persimmonplc:DisclosureOfExceptionalItems",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-327": {
"value": "7 Key management remuneration Key management personnel, as disclosed under IAS 24 Related Party Disclosures, have been identi\ufb01ed as the Board of Directors. Detailed disclosures of individual remuneration, pension entitlements and share options, for those Directors who served during the year, are given in the Annual Report on Remuneration on pages 126 to 153. A summary of key management remuneration is as follows: 2022 \u00a3m 2021 \u00a3m Short-term bene\ufb01ts 3.2 3.1 Termination bene\ufb01ts \u2013 \u2013 Share-based payments 4.2 2.4 7.4 5.5 Total gains on exercise of options by key management in the year amount to \u00a31.0m (2021: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-328": {
"value": "8 Employees Group The average monthly number of persons (including Executive Directors) employed by the Group during the year was 5,862 (2021: 5,121). 2022 \u00a3m 2021 \u00a3m Staff costs (for the above persons): Wages and salaries 249.7 217.1 Social security costs 29.2 23.0 Pensions charge 5.4 6.9 Share-based payments 7.5 6.0 291.8 253.0 The Group also uses the services of a substantial number of self-employed labour only site operatives. Company The average monthly number of persons (including Executive Directors) employed by the Company during the year was 497 (2021: 353). 2022 \u00a3m 2021 \u00a3m Staff costs (for the above persons): Wages and salaries 41.1 24.9 Social security costs 5.5 3.0 Pensions charge 0.4 2.3 Share-based payments 7.5 6.0 54.5 36.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "9 Net finance income 2022 \u00a3m 2021 \u00a3m Recognised in pro\ufb01t after tax Interest receivable on bank deposits 2.3 0.2 Gains on shared equity loan receivables 3.9 7.9 Net interest on pension asset 2.8 0.7 Other interest receivable 0.9 1.1 Finance income 9.9 9.9 Interest expense on bank overdrafts and loans 0.5 \u2013 Imputed interest on deferred land payables 1.8 1.8 Interest on Partnership liability 1.3 1.5 Other interest payable 0.5 0.3 Finance costs 4.1 3.6 Net \ufb01nance income 5.8 6.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "9 Net finance income 2022 \u00a3m 2021 \u00a3m Recognised in pro\ufb01t after tax Interest receivable on bank deposits 2.3 0.2 Gains on shared equity loan receivables 3.9 7.9 Net interest on pension asset 2.8 0.7 Other interest receivable 0.9 1.1 Finance income 9.9 9.9 Interest expense on bank overdrafts and loans 0.5 \u2013 Imputed interest on deferred land payables 1.8 1.8 Interest on Partnership liability 1.3 1.5 Other interest payable 0.5 0.3 Finance costs 4.1 3.6 Net \ufb01nance income 5.8 6.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-329": {
"value": "9 Net finance income 2022 \u00a3m 2021 \u00a3m Recognised in pro\ufb01t after tax Interest receivable on bank deposits 2.3 0.2 Gains on shared equity loan receivables 3.9 7.9 Net interest on pension asset 2.8 0.7 Other interest receivable 0.9 1.1 Finance income 9.9 9.9 Interest expense on bank overdrafts and loans 0.5 \u2013 Imputed interest on deferred land payables 1.8 1.8 Interest on Partnership liability 1.3 1.5 Other interest payable 0.5 0.3 Finance costs 4.1 3.6 Net \ufb01nance income 5.8 6.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-330": {
"value": "10 Profit from operations 2022 \u00a3m 2021 \u00a3m Pro\ufb01t from operations is stated after charging/(crediting): Staff costs (note 8) 291.8 253.0 Pro\ufb01t on sale of land holdings (5.3) (2.2) Government grants (0.5) (0.3) Rent receivable (3.4) (2.9) Pro\ufb01t on sale of property, plant and equipment (0.8) (0.9) Depreciation of owned assets 15.8 14.5 Impairment of intangible assets 6.6 6.2 The Group did not receive any new government grants in either year, however the Group\u2019s customers have bene\ufb01ted from the availability of \ufb01nance through the Government\u2019s \u2018Help to Buy\u2019 scheme which has provided indirect assistance to the Group. Amounts receivable by the auditor, Ernst & Young LLP, and their associates in respect of: 2022 \u00a3\u2018000 2021 \u00a3\u2018000 Audit fees Audit of the Parent Company and consolidated \ufb01nancial statements 427 335 The audit of the Company\u2019s subsidiaries pursuant to legislation 25 25 Total fees for the audit of the Company and its subsidiaries 452 360 Non-audit fees Audit related assurance services 70 65 Total non-audit fees 70 65 522 425 The extent of non-audit fees and non-audit related service fees payable to Ernst & Young LLP and its affiliated entities are reviewed by the Audit & Risk Committee in the context of fees paid by the Group to its other advisors during the year. The Committee also reviews the nature and extent of non-audit services to ensure that independence is maintained. Fees to major \ufb01rms of accountants other than Ernst & Young LLP and its affiliated entities for non-audit services amounted to \u00a3656,285 (2021: \u00a3206,176). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "Amounts receivable by the auditor, Ernst & Young LLP, and their associates in respect of: 2022 \u00a3\u2018000 2021 \u00a3\u2018000 Audit fees Audit of the Parent Company and consolidated \ufb01nancial statements 427 335 The audit of the Company\u2019s subsidiaries pursuant to legislation 25 25 Total fees for the audit of the Company and its subsidiaries 452 360 Non-audit fees Audit related assurance services 70 65 Total non-audit fees 70 65 522 425 The extent of non-audit fees and non-audit related service fees payable to Ernst & Young LLP and its affiliated entities are reviewed by the Audit & Risk Committee in the context of fees paid by the Group to its other advisors during the year. The Committee also reviews the nature and extent of non-audit services to ensure that independence is maintained. Fees to major \ufb01rms of accountants other than Ernst & Young LLP and its affiliated entities for non-audit services amounted to \u00a3656,285 (2021: \u00a3206,176). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-331": {
"value": "11 Ta x 11.1 Analysis of the tax charge for the year 2022 \u00a3m 2021 \u00a3m Tax charge comprises: UK corporation tax in respect of the current year 138.8 181.2 Residential Property Developer Tax (RPDT) in respect of the current year 28.7 \u2013 Adjustments in respect of prior years (2.8) (8.3) 164.7 172.9 Deferred tax relating to origination and reversal of temporary differences \u2013 5.4 Impact of introduction of RPDT on deferred tax 3.9 \u2013 Adjustments recognised in the current year in respect of prior years deferred tax 1.1 1.3 5.0 6.7 Tax charge for the year recognised in Statement of Comprehensive Income 169.7 179.6 The tax charge for the year can be reconciled to the accounting pro\ufb01t as follows: 2022 \u00a3m 2021 \u00a3m Pro\ufb01t from continuing operations 730.7 966.8 Tax calculated at UK corporation tax rate of 22% (inclusive of RPDT) (2021: 19%) 160.8 183.7 Accounting base cost not deductible for tax purposes \u2013 0.2 Goodwill impairment losses that are not deductible 1.2 1.2 Expenditure not allowable for tax purposes 0.8 0.2 Impact of change in rate of corporation tax \u2013 2.7 Impact of RPDT on deferred tax introduction 3.9 \u2013 Items not deductible for RPDT 6.8 \u2013 Enhanced tax reliefs (2.1) (1.3) Adjustments in respect of prior years (1.7) (7.1) Tax charge for the year recognised in Statement of Comprehensive Income 169.7 179.6 The UK corporation tax rate will increase from 19% to 25% with effect from 1 April 2023. Legislation to increase the corporation tax rate was enacted during the 31 December 2021 accounting period and the impact on deferred tax was taken into account at the previous balance sheet date. The Finance Act 2022 received Royal Ascent on 24 February 2022 introducing a new residential property tax (\u2018RPDT\u2019) which was effective from 1 April 2022 and is chargeable at 4% of pro\ufb01ts generated from residential property development in excess of an annual threshold. RPDT was introduced by HM Treasury to obtain contributions from the UK\u2019s largest residential developers towards the cost of remediating defective cladding in the UK\u2019s high-rise housing stock. 11.2 Deferred tax recognised in other comprehensive income (note 24) 2022 \u00a3m 2021 \u00a3m Recognised on remeasurement gain on pension schemes 7.6 24.8 11.3 Tax recognised directly in equity 2022 \u00a3m 2021 \u00a3m Arising on transactions with equity participants Current tax related to equity settled transactions (0.8) 0.1 Deferred tax related to equity settled transactions (note 24) 4.2 (1.8) 3.4 (1.7) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-332": {
"value": "12 Dividends/Return of capital 2022 \u00a3m 2021 \u00a3m Amounts recognised as distributions to capital holders in the period: 2020 dividend to all shareholders of 125p per share paid 2021 \u2013 398.7 2020 dividend to all shareholders of 110p per share paid 2021 \u2013 350.9 2021 dividend to all shareholders of 125p per share paid 2022 399.0 \u2013 2021 dividend to all shareholders of 110p per share paid 2022 351.1 \u2013 Total capital return 750.1 749.6 The Directors propose to return 60 pence of surplus capital to shareholders for each ordinary share held on the register on 14 April 2023 with payment made on 5 May 2023 as a \ufb01nal dividend in respect of the \ufb01nancial year ended 31 December 2022. The Directors do not intend to return any further surplus capital in respect of the \ufb01nancial year 31 December 2022. The total anticipated distributions to shareholders is 60 pence per share (2021: 235 pence per share) in respect of the \ufb01nancial year ended 31 December 2022. The Parent Company received \u00a3600.0m dividends from wholly owned subsidiary undertakings during 2022 (2021: \u00a3700.0m) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-333": {
"value": "13 Earnings per share Basic earnings per share is calculated by dividing the pro\ufb01t for the year attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year, excluding those held in the employee bene\ufb01t trusts (see note 25) and any treasury shares, all of which are treated as cancelled, which were 319.2m (2021: 319.0m). Diluted earnings per share is calculated by dividing the pro\ufb01t for the year attributable to ordinary shareholders by the weighted average number of ordinary shares in issue adjusted to assume conversion of all potentially dilutive ordinary shares from the start of the year, giving a \ufb01gure of 321.8m (2021: 320.2m). Underlying earnings per share excludes the legacy buildings provision charge and goodwill impairment. The earnings per share from continuing operations were as follows: 2022 2021 Basic earnings per share 175.8p 246.8p Underlying basic earnings per share 247.3p 248.7p Diluted earnings per share 174.3p 245.6p Underlying diluted earnings per share 245.3p 247.6p The calculation of the basic and diluted earnings per share is based upon the following data: 2022 \u00a3m 2021 \u00a3m Underlying earnings attributable to shareholders 789.5 793.4 Legacy buildings provision (net of tax) (221.9) \u2013 Goodwill impairment (6.6) (6.2) Earnings attributable to shareholders 561.0 787.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "14 Intangible assets Group Goodwill \u00a3m Brand \u00a3m Know-how \u00a3m Total \u00a3m Cost At 1 January 2021, 1 January 2022 408.8 60.0 1.9 470.7 Arising in the year 4.0 \u2013 \u2013 4.0 At 31 December 2022 412.8 60.0 1.9 474.7 Accumulated impairment losses/amortisation At 1 January 2021 287.0 \u2013 1.9 288.9 Impairment losses for the year \u2013 utilisation of strategic land holdings 6.2 \u2013 \u2013 6.2 At 1 January 2022 293.2 \u2013 1.9 295.1 Impairment losses for the year \u2013 utilisation of strategic land holdings 6.6 \u2013 \u2013 6.6 At 31 December 2022 299.8 \u2013 1.9 301.7 Carrying amount At 31 December 2022 113.0 60.0 \u2013 173.0 At 31 December 2021 115.6 60.0 \u2013 175.6 Goodwill brought forward at the start of the year of \u00a3115.6m includes \u00a395.6m (2021: \u00a3100.5m) which arose on acquisitions before the date of transition to IFRSs and is retained at the previous UK GAAP amounts, subject to being tested for impairment. \u00a337.0m (2021: \u00a337.0m) of this amount represented the brand value of Charles Church, acquired with Beazer Group plc in 2001. On the 6 May 2022 the Group acquired the entire share capital of Horsebridge Network Systems Limited for a consideration of \u00a31. The fair value of the balance sheet on date of acquisition was a \u00a34.0m net liability. As a result goodwill of \u00a34.0m has arisen on acquisition and recognised in the Group\u2019s balance sheet at 31 December 2022. Acquired brand values, including the brand value of Charles Church which is classi\ufb01ed as goodwill as this was acquired before the date of transition to IFRSs, are calculated based on discounted cash \ufb02ows and are tested annually for impairment. The remainder of goodwill is allocated to acquired strategic land holdings and is tested annually for impairment. The recoverable amounts of the intangibles are determined from value in use calculations. Goodwill is allocated for impairment testing purposes down to a lower level than the Group\u2019s single operating segment, being to Charles Church and to the portfolios of strategic land holdings throughout the UK acquired with Beazer and Westbury. The key assumptions for value in use calculations are those regarding discount and growth rates. Growth rates incorporate volume, selling price and direct cost changes. The Group prepares cash \ufb02ow forecasts derived from the most recent \ufb01nancial forecasts approved by management to form the basis of the Group\u2019s \ufb01ve-year business plan. 14 Intangible assets continued When performing the impairment review of the brands, the relevant retraction/growth rates included therein vary between 0% to 17% (2021: 0% to 3%), re\ufb02ecting the economic uncertainties associated with the ongoing war in Ukraine and the cost of living crisis which is affecting the UK economy and the UK housing industry. The retraction/growth rates in relation to the impairment review of goodwill allocated to strategic land holdings vary between 0% to 3% (2021: 0% to +3%). After this period the growth rates applied to calculate the cash \ufb02ow forecasts vary between 1 and 2% (2021: 1 and 2%) re\ufb02ecting management\u2019s estimate of the forecast recovery in the UK housing market, which do not exceed the long-term average growth rates for the industry. Management used pre-tax discount factors between 5% and 9% (2021: 2% and 8%) over the forecast periods. The goodwill allocated to acquired strategic land holdings is further tested by reference to the proportion of legally completed plots in the period compared to the total plots which are expected to receive satisfactory planning permission in the remaining strategic land holdings, taking account of historic experience and market conditions. This review resulted in an underlying impairment of \u00a36.6m (2021: \u00a36.2m). This charge re\ufb02ects ongoing consumption of the acquired strategic land holdings. The effect of testing goodwill for impairment in the manner set out is that the goodwill will be completely impaired once the \ufb01nal plot for which management expects to receive a satisfactory planning permission is sold. The timescale for full impairment to occur is difficult to calculate however based on current estimates, it is believed this will take over 20 years. On concluding the annual impairment testing, there remains \u00a353.1m (2021: \u00a358.5m) and \u00a318.9m (2021: \u00a320.1m) of Beazer and Westbury goodwill allocated to strategic land holdings and \u00a337.0m (2021: \u00a337.0m) allocated to the Charles Church brand. In addition, there is \u00a360.0m (2021: \u00a360.0m) of carrying value in relation to the Westbury brand. No reasonable possible change in any of the assumptions noted above would lead to an impairment charge being required. However, in the event of deterioration in the UK housing market conditions, operating margins reducing, or appropriate discount rates increasing the possibility of impairment losses in the future remains. Company Trademarks \u00a3m Cost At 1 January 2021, 1 January 2022 and 31 December 2022 5.0 Amortisation At 1 January 2021 4.3 Charge for the year 0.2 At 1 January 2022 4.5 Charge for the year 0.2 At 31 December 2022 4.7 Carrying amount At 31 December 2022 0.3 At 31 December 2021 0.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "14 Intangible assets Group Goodwill \u00a3m Brand \u00a3m Know-how \u00a3m Total \u00a3m Cost At 1 January 2021, 1 January 2022 408.8 60.0 1.9 470.7 Arising in the year 4.0 \u2013 \u2013 4.0 At 31 December 2022 412.8 60.0 1.9 474.7 Accumulated impairment losses/amortisation At 1 January 2021 287.0 \u2013 1.9 288.9 Impairment losses for the year \u2013 utilisation of strategic land holdings 6.2 \u2013 \u2013 6.2 At 1 January 2022 293.2 \u2013 1.9 295.1 Impairment losses for the year \u2013 utilisation of strategic land holdings 6.6 \u2013 \u2013 6.6 At 31 December 2022 299.8 \u2013 1.9 301.7 Carrying amount At 31 December 2022 113.0 60.0 \u2013 173.0 At 31 December 2021 115.6 60.0 \u2013 175.6 Goodwill brought forward at the start of the year of \u00a3115.6m includes \u00a395.6m (2021: \u00a3100.5m) which arose on acquisitions before the date of transition to IFRSs and is retained at the previous UK GAAP amounts, subject to being tested for impairment. \u00a337.0m (2021: \u00a337.0m) of this amount represented the brand value of Charles Church, acquired with Beazer Group plc in 2001. On the 6 May 2022 the Group acquired the entire share capital of Horsebridge Network Systems Limited for a consideration of \u00a31. The fair value of the balance sheet on date of acquisition was a \u00a34.0m net liability. As a result goodwill of \u00a34.0m has arisen on acquisition and recognised in the Group\u2019s balance sheet at 31 December 2022. Acquired brand values, including the brand value of Charles Church which is classi\ufb01ed as goodwill as this was acquired before the date of transition to IFRSs, are calculated based on discounted cash \ufb02ows and are tested annually for impairment. The remainder of goodwill is allocated to acquired strategic land holdings and is tested annually for impairment. The recoverable amounts of the intangibles are determined from value in use calculations. Goodwill is allocated for impairment testing purposes down to a lower level than the Group\u2019s single operating segment, being to Charles Church and to the portfolios of strategic land holdings throughout the UK acquired with Beazer and Westbury. The key assumptions for value in use calculations are those regarding discount and growth rates. Growth rates incorporate volume, selling price and direct cost changes. The Group prepares cash \ufb02ow forecasts derived from the most recent \ufb01nancial forecasts approved by management to form the basis of the Group\u2019s \ufb01ve-year business plan. 14 Intangible assets continued When performing the impairment review of the brands, the relevant retraction/growth rates included therein vary between 0% to 17% (2021: 0% to 3%), re\ufb02ecting the economic uncertainties associated with the ongoing war in Ukraine and the cost of living crisis which is affecting the UK economy and the UK housing industry. The retraction/growth rates in relation to the impairment review of goodwill allocated to strategic land holdings vary between 0% to 3% (2021: 0% to +3%). After this period the growth rates applied to calculate the cash \ufb02ow forecasts vary between 1 and 2% (2021: 1 and 2%) re\ufb02ecting management\u2019s estimate of the forecast recovery in the UK housing market, which do not exceed the long-term average growth rates for the industry. Management used pre-tax discount factors between 5% and 9% (2021: 2% and 8%) over the forecast periods. The goodwill allocated to acquired strategic land holdings is further tested by reference to the proportion of legally completed plots in the period compared to the total plots which are expected to receive satisfactory planning permission in the remaining strategic land holdings, taking account of historic experience and market conditions. This review resulted in an underlying impairment of \u00a36.6m (2021: \u00a36.2m). This charge re\ufb02ects ongoing consumption of the acquired strategic land holdings. The effect of testing goodwill for impairment in the manner set out is that the goodwill will be completely impaired once the \ufb01nal plot for which management expects to receive a satisfactory planning permission is sold. The timescale for full impairment to occur is difficult to calculate however based on current estimates, it is believed this will take over 20 years. On concluding the annual impairment testing, there remains \u00a353.1m (2021: \u00a358.5m) and \u00a318.9m (2021: \u00a320.1m) of Beazer and Westbury goodwill allocated to strategic land holdings and \u00a337.0m (2021: \u00a337.0m) allocated to the Charles Church brand. In addition, there is \u00a360.0m (2021: \u00a360.0m) of carrying value in relation to the Westbury brand. No reasonable possible change in any of the assumptions noted above would lead to an impairment charge being required. However, in the event of deterioration in the UK housing market conditions, operating margins reducing, or appropriate discount rates increasing the possibility of impairment losses in the future remains. Company Trademarks \u00a3m Cost At 1 January 2021, 1 January 2022 and 31 December 2022 5.0 Amortisation At 1 January 2021 4.3 Charge for the year 0.2 At 1 January 2022 4.5 Charge for the year 0.2 At 31 December 2022 4.7 Carrying amount At 31 December 2022 0.3 At 31 December 2021 0.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-334": {
"value": "14 Intangible assets Group Goodwill \u00a3m Brand \u00a3m Know-how \u00a3m Total \u00a3m Cost At 1 January 2021, 1 January 2022 408.8 60.0 1.9 470.7 Arising in the year 4.0 \u2013 \u2013 4.0 At 31 December 2022 412.8 60.0 1.9 474.7 Accumulated impairment losses/amortisation At 1 January 2021 287.0 \u2013 1.9 288.9 Impairment losses for the year \u2013 utilisation of strategic land holdings 6.2 \u2013 \u2013 6.2 At 1 January 2022 293.2 \u2013 1.9 295.1 Impairment losses for the year \u2013 utilisation of strategic land holdings 6.6 \u2013 \u2013 6.6 At 31 December 2022 299.8 \u2013 1.9 301.7 Carrying amount At 31 December 2022 113.0 60.0 \u2013 173.0 At 31 December 2021 115.6 60.0 \u2013 175.6 Goodwill brought forward at the start of the year of \u00a3115.6m includes \u00a395.6m (2021: \u00a3100.5m) which arose on acquisitions before the date of transition to IFRSs and is retained at the previous UK GAAP amounts, subject to being tested for impairment. \u00a337.0m (2021: \u00a337.0m) of this amount represented the brand value of Charles Church, acquired with Beazer Group plc in 2001. On the 6 May 2022 the Group acquired the entire share capital of Horsebridge Network Systems Limited for a consideration of \u00a31. The fair value of the balance sheet on date of acquisition was a \u00a34.0m net liability. As a result goodwill of \u00a34.0m has arisen on acquisition and recognised in the Group\u2019s balance sheet at 31 December 2022. Acquired brand values, including the brand value of Charles Church which is classi\ufb01ed as goodwill as this was acquired before the date of transition to IFRSs, are calculated based on discounted cash \ufb02ows and are tested annually for impairment. The remainder of goodwill is allocated to acquired strategic land holdings and is tested annually for impairment. The recoverable amounts of the intangibles are determined from value in use calculations. Goodwill is allocated for impairment testing purposes down to a lower level than the Group\u2019s single operating segment, being to Charles Church and to the portfolios of strategic land holdings throughout the UK acquired with Beazer and Westbury. The key assumptions for value in use calculations are those regarding discount and growth rates. Growth rates incorporate volume, selling price and direct cost changes. The Group prepares cash \ufb02ow forecasts derived from the most recent \ufb01nancial forecasts approved by management to form the basis of the Group\u2019s \ufb01ve-year business plan. 14 Intangible assets continued When performing the impairment review of the brands, the relevant retraction/growth rates included therein vary between 0% to 17% (2021: 0% to 3%), re\ufb02ecting the economic uncertainties associated with the ongoing war in Ukraine and the cost of living crisis which is affecting the UK economy and the UK housing industry. The retraction/growth rates in relation to the impairment review of goodwill allocated to strategic land holdings vary between 0% to 3% (2021: 0% to +3%). After this period the growth rates applied to calculate the cash \ufb02ow forecasts vary between 1 and 2% (2021: 1 and 2%) re\ufb02ecting management\u2019s estimate of the forecast recovery in the UK housing market, which do not exceed the long-term average growth rates for the industry. Management used pre-tax discount factors between 5% and 9% (2021: 2% and 8%) over the forecast periods. The goodwill allocated to acquired strategic land holdings is further tested by reference to the proportion of legally completed plots in the period compared to the total plots which are expected to receive satisfactory planning permission in the remaining strategic land holdings, taking account of historic experience and market conditions. This review resulted in an underlying impairment of \u00a36.6m (2021: \u00a36.2m). This charge re\ufb02ects ongoing consumption of the acquired strategic land holdings. The effect of testing goodwill for impairment in the manner set out is that the goodwill will be completely impaired once the \ufb01nal plot for which management expects to receive a satisfactory planning permission is sold. The timescale for full impairment to occur is difficult to calculate however based on current estimates, it is believed this will take over 20 years. On concluding the annual impairment testing, there remains \u00a353.1m (2021: \u00a358.5m) and \u00a318.9m (2021: \u00a320.1m) of Beazer and Westbury goodwill allocated to strategic land holdings and \u00a337.0m (2021: \u00a337.0m) allocated to the Charles Church brand. In addition, there is \u00a360.0m (2021: \u00a360.0m) of carrying value in relation to the Westbury brand. No reasonable possible change in any of the assumptions noted above would lead to an impairment charge being required. However, in the event of deterioration in the UK housing market conditions, operating margins reducing, or appropriate discount rates increasing the possibility of impairment losses in the future remains. Company Trademarks \u00a3m Cost At 1 January 2021, 1 January 2022 and 31 December 2022 5.0 Amortisation At 1 January 2021 4.3 Charge for the year 0.2 At 1 January 2022 4.5 Charge for the year 0.2 At 31 December 2022 4.7 Carrying amount At 31 December 2022 0.3 At 31 December 2021 0.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-335": {
"value": "15 Property, plant and equipment Group Land and buildings \u00a3m Plant \u00a3m Fixtures and \ufb01ttings \u00a3m Total \u00a3m Cost At 1 January 2021 49.2 116.9 29.7 195.8 Additions 1.1 20.0 2.1 23.2 Disposals (0.2) (10.9) (2.2) (13.3) At 1 January 2022 50.1 126.0 29.6 205.7 Additions 5.1 27.1 3.3 35.5 Disposals (0.6) (4.5) (1.0) (6.1) At 31 December 2022 54.6 148.6 31.9 235.1 Accumulated depreciation At 1 January 2021 8.1 79.7 17.6 105.4 Charge for the year 1.5 9.9 3.1 14.5 Disposals (0.1) (10.9) (2.2) (13.2) At 1 January 2022 9.5 78.7 18.5 106.7 Charge for the year 1.7 12.0 2.1 15.8 Disposals (0.4) (4.6) (1.0) (6.0) At 31 December 2022 10.8 86.1 19.6 116.5 Carrying amount At 31 December 2022 43.8 62.5 12.3 118.6 At 31 December 2021 40.6 47. 3 11.1 99.0 At 31 December 2022, the Group had \u00a320.1m contractual commitments for the acquisition of property, plant and equipment (2021: \u00a32.8m). At 31 December 2022, the Group had \u00a3nil held for sale (2021: \u00a3nil). Within additions for the year are \u00a35.4m of \u2018Right of Use\u2019 assets (2021: \u00a32.2m). At 31 December 2022 a \u2018Right of Use\u2019 asset of \u00a310.7m is reported within Property, plant and equipment (2021: \u00a38.6m) Company Land and buildings \u00a3m Plant \u00a3m Computer equipment, \ufb01xtures and \ufb01ttings \u00a3m Total \u00a3m Cost At 1 January 2021 2.1 0.9 5.2 8.2 Additions \u2013 0.3 0.5 0.8 Disposals \u2013 (0.1) \u2013 (0.1) At 1 January 2022 2.1 1.1 5.7 8.9 Additions 0.7 0.4 1.4 2.5 Disposals \u2013 \u2013 \u2013 \u2013 At 31 December 2022 2.8 1.5 7.1 11.4 Accumulated depreciation At 1 January 2021 0.7 0.5 3.8 5.0 Charge for the year \u2013 0.2 0.9 1.1 Disposals \u2013 \u2013 \u2013 \u2013 At 1 January 2022 0.7 0.7 4.7 6.1 Charge for the year 0.1 0.3 0.6 1.0 Disposals \u2013 \u2013 \u2013 \u2013 At 31 December 2022 0.8 1.0 5.3 7.1 Carrying amount At 31 December 2022 2.0 0.5 1.8 4.3 At 31 December 2021 1.4 0.4 1.0 2.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-336": {
"value": "16 Investments 16.1 Investments accounted for using the equity method Group Investments in joint ventures \u00a3m Cost At 1 January 2021 and 1 January 2022 0.3 Distributions \u2014 At 31 December 2022 0.3 Investments in joint ventures are accounted for under the equity method of accounting. All principal joint ventures have a single external partner holding a 50% interest giving an equal interest in the trade and net assets of the joint ventures. There are no signi\ufb01cant restrictions on these entities. During the year the Group disposed of all its signi\ufb01cant joint venture investments. The Group\u2019s share of assets and liabilities of joint ventures is shown below: 2022 \u00a3m 2021 \u00a3m Non-current assets 0.1 0.1 Current assets 0.2 0.2 Current liabilities \u2013 \u2013 Net assets of joint ventures 0.3 0.3 16.2 Investments in subsidiaries Company 2022 \u00a3m 2021 \u00a3m Cost At 1 January 2021, 31 December 2021 and 31 December 2022 3,540.7 3,540.7 Impairment At 1 January 2021, 31 December 2021 and 31 December 2022 335.0 335.0 Net book value At 31 December 3,205.7 3,205.7 The annual review of the carrying value of the investment in subsidiaries identi\ufb01ed \u00a3nil impairment issues (2021: \u00a3nil impairment). Details of Group undertakings are set out in notes 32 and 33. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-337": {
"value": "17 Shared equity loan receivables Group 2022 \u00a3m 2021 \u00a3m At 1 January 45.6 56.2 Settlements (13.3) (18.9) Gains 3.7 8.3 At 31 December 36.0 45.6 All gains/losses have been recognised in the Consolidated Statement of Comprehensive Income. Of the gains recognised in \ufb01nance income for the period \u00a30.3m (2021: \u00a34.2m) was unrealised. Shared equity loan receivables, comprise loans, largely with a ten year term and variable repayment amounts, provided as part of sales transactions that are secured by way of a second legal charge on the related property. Loans are repayable at the borrower\u2019s option, on sale or transfer of the related property or other redemption of the \ufb01rst legal charge or at the end of the \ufb01xed term. The loans are recorded at fair value, being the estimated future amount receivable by the Group, discounted to present day values. 17 Shared equity loan receivables continued The fair value of future anticipated cash receipts takes into account the Directors\u2019 view of future house price movements, the expected timing of receipts and the likelihood that a purchaser defaults on a repayment. The Directors revisit the future anticipated cash receipts from the loans at the end of each \ufb01nancial reporting period. The difference between the anticipated future receipt and the initial fair value is credited over the estimated deferred term to \ufb01nance income, with the loan increasing to its full expected cash settlement value on the anticipated receipt date. Credit risk, which the Directors currently consider to be largely mitigated through holding a second legal charge over the assets, is accounted for in determining fair values and appropriate discount factors are applied. The Directors expect an average maturity pro\ufb01le of between \ufb01ve and ten years from the balance sheet date. Further disclosures relating to loans are set out in note 23. ",
"dimensions": {
"concept": "persimmonplc:DisclosureOfSharedEquityLoanReceivables",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "18 Inventories 2022 \u00a3m 2021 \u00a3m Land 2,091.7 1,798.2 Work in progress 1,263.9 1,054.1 Part exchange properties 61.0 24.8 Showhouses 46.3 43.6 3,462.9 2,920.7 The Directors consider all inventories to be essentially current in nature although the Group\u2019s operational cycle is such that a proportion of inventories will not be realised within 12 months. It is not possible to determine with accuracy when speci\ufb01c inventory will be realised as this is subject to a number of issues, including consumer demand and planning permission delays. The Group conducted a further review of the net realisable value of its land and work in progress portfolio during 2022. Our approach to this review has been consistent with that conducted at 31 December 2021. This review gave rise to a reversal of \u00a3nil (2021: \u00a3nil) of provision on inventories that were written down in a previous accounting period and an impairment of land and work in progress of \u00a3nil (2021: \u00a3nil). Net realisable provisions held against inventories at 31 December 2022 were \u00a35.5m (2021: \u00a318.6m). The key judgements in estimating the future net realisable value of a site were the estimation of likely sales prices, house types and costs to complete the developments. Sales prices and costs to complete were estimated on a site by site basis based upon existing market conditions. If the UK housing market were to improve or deteriorate in the future then further adjustments to the carrying value of land and work in progress may be required. Following the 2022 review, \u00a32.9m (2021: \u00a34.1m) of inventories are valued at net realisable value rather than at historical cost. Land with a carrying value of \u00a3860.8m (2021: \u00a3811.4m) was used as security for land payables (note 21). The value of inventories expensed in 2022 and included in cost of sales was \u00a32,556.7m (2021: \u00a32,443.6m) ",
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"fact-339": {
"value": "19 Trade and other receivables Group 2022 \u00a3m Group 2021 \u00a3m Company 2022 \u00a3m Company 2021 (restated) \u00a3m Non-current assets Other receivables 0.3 0.6 \u2013 \u2013 Amounts owed by Group undertakings \u2013 \u2013 2,015.4 1,940.4 0.3 0.6 2,015.4 1,940.4 Group 2022 \u00a3m Group 2021 \u00a3m Company 2022 \u00a3m Company 2021 (restated) \u00a3m Current assets Trade receivables 153.7 87.9 1.3 0.7 Other receivables 17.9 26.0 8.2 27.0 Prepayments and accrued income 21.6 10.0 3.8 1.7 193.2 123.9 13.3 29.4 Following a review of the Company\u2019s historic practice and future plans not to call on all intercompany receivables in the short-term, \u00a31,940.4m of current intercompany receivables at 31 December 2021 have been reclassi\ufb01ed to non-current in line with IAS 1. These balances remain repayable on demand, and can be called upon at the sole discretion of the Company if required. This reclassi\ufb01cation has no impact on net assets, result for the year or cash \ufb02ows. The impact on the 31 December 2020 balance sheet would be to reclassify \u00a31,840.5m of current intercompany receivables to non-current intercompany receivables. Trade and other receivables are non-interest bearing, and the Group applies a simpli\ufb01ed approach in calculating expected credit losses. The Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The Directors consider that the carrying value of trade receivables approximates to their fair value. No allowance for expected credit losses is deemed necessary in respect of amounts owed by Group undertakings. 2022 \u00a3m 2021 \u00a3m Ageing of overdue but not impaired receivables Less than 3 months 29.8 13.7 Over 3 months 7.4 6.3 37.2 20.0 The carrying value of trade and other receivables are stated after the following allowance for expected credit losses: 2022 \u00a3m 2021 \u00a3m Group At 1 January 2.0 2.0 Allowance for expected credit losses charged 0.2 0.1 Amounts written off during the year as uncollectable (0.2) (0.1) Allowance for expected credit losses reversed \u2013 \u2013 At 31 December 2.0 2.0 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-340": {
"value": "20 Borrowings Detailed disclosure of the Group\u2019s usage of \ufb01nancial instruments is included in note 23. There are \u00a3nil borrowings at 31 December 2022 (2021: \u00a3nil). The contractual repayment terms of facilities are as noted below. Currency Nominal interest rate Year of maturity 2022 \u00a3m 2021 \u00a3m Bank overdrafts GBP Base +1%-3.25% 2023 26.0 31.0 Syndicated loan GBP SONIA +0.90%- 0.93% 2026 300.0 300.0 Available facilities 326.0 331.0 The interest rate applicable to the syndicated loan may increase dependent upon the Group\u2019s gearing level. The discount rate applies to current and forecast gearing levels. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-341": {
"value": "21 Trade and other payables Group 2022 \u00a3m Group 2021 \u00a3m Company 2022 \u00a3m Company 2021 \u00a3m Non-current liabilities Land payables 202.8 190.2 \u2013 \u2013 Other payables 12.0 13.2 2.0 1.8 214.8 203.4 2.0 1.8 Group 2022 \u00a3m Group 2021 \u00a3m Company 2022 \u00a3m Company 2021 \u00a3m Current liabilities Trade payables 368.6 227.2 3.3 0.7 Land payables 270.0 217.4 \u2013 \u2013 Deposits and on account contract receipts \u2013 25.8 \u2013 \u2013 Other payables 54.8 48.6 16.1 9.2 Accrued expenses 256.0 288.0 6.2 9.9 Amounts owed to Group undertakings \u2013 \u2013 3,857.4 4,114.1 949.4 807.0 3,883.0 4,133.9 Trade payables subject to payment terms were 35 days (2021: 14 days), based on the ratio of year end trade payables (excluding retentions and unagreed claims) to amounts invoiced during the year by trade creditors. The Group has \ufb01nancial risk management policies in place to ensure that all payables are paid within the pre-agreed terms. The Directors consider that the carrying amount of trade payables approximates to their fair value. Land payables are reduced for imputed interest, which is charged to the statement of comprehensive income over the credit period of the purchase contract. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-342": {
"value": "22 Legacy buildings provision Group 2022 \u00a3m Group 2021 \u00a3m At 1 January 72.7 75.0 Additions to provision in the year 275.0 \u2013 Provisions utilised in the year (14.4) (2.3) At 31 December 333.3 72.7 In 2020 the Group made an initial commitment that no leaseholder living in a building we had developed should have to cover the cost of removal of combustible cladding. During 2022 we have signed the Building Safety Pledge (England) and worked constructively with the government to agree the \u2018Long Form Contract\u2019 that turns the pledge into a legal agreement, which we anticipate signing imminently. As we have worked through this process we have identi\ufb01ed further eligible multi-storey developments requiring remediation for which we will be liable, and developed a more detailed understanding of remediation costs. The number of developments we are responsible for has increased and now stands at 73 (of which 33 have now either secured EWS1 certi\ufb01cates or concluded any necessary works). This, along with a broader scope, including reimbursement of any funds already outlaid by the Building Safety Fund, remediation of non-cladding \ufb01re related build defects and interim protection measures for residents, set against a background of signi\ufb01cant build cost in\ufb02ation has resulted in our total provision for \ufb01re related build remediation works increasing by \u00a3275.0m to \u00a3350.0m, before spend to date. 22 Legacy buildings provision continued It is assumed the majority of the work will be completed over the next 3 years and the amount provided for has been discounted accordingly. The charge of \u00a3275.0m in the year has been separately disclosed on the face of the Consolidated Statement of Comprehensive Income. This is a highly complex area with judgments and estimates in respect of the cost of the remedial works, with investigative surveys ongoing to determine the full extent of those required works. Where remediation works have not yet been fully tendered we have estimated the likely scope and costs of such works based on experience of other similar sites. Whilst management have exercised their best judgement of these matters, there remains the potential for variations to this estimate from multiple factors such as material, energy and labour cost in\ufb02ation, limited quali\ufb01ed contractor availability and abnormal works identi\ufb01ed on intrusive surveys. Should a 10% variation in the costs of untendered projects occur then the overall provision would vary by +/- \u00a314.3m. The \ufb01nancial statements have been prepared on the latest available information, however there remains the possibility that despite managements endeavours to identify all such properties, including those constructed by acquired entities well before acquisition, further developments requiring remediation may emerge. The Company has no provisions. ",
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"fact-343": {
"value": "23 Financial risk management The Group has exposure to the following risks from its use of \ufb01nancial instruments: \u2022 Market risk \u2022 Liquidity risk \u2022 Capital risk \u2022 Credit risk This note presents basic information regarding the Group\u2019s exposure to these risks and the Group\u2019s objectives, strategy and processes for measuring and managing exposure to them. Unless otherwise stated references to Group should be considered to apply to the Company as well. The Board has overall responsibility for the assessment and effective management of the Group\u2019s risks. Comprehensive processes are in place to identify, monitor, mitigate and control risks, through the work of the Audit & Risk Committee, Group Internal Audit department and operational management teams. This includes a wide-ranging annual survey of Board and senior management in order to assess key risk issues and emerging risks. Collectively, these processes provide the Board with visibility of the Group\u2019s full risk landscape, while remaining focused on the most signi\ufb01cant threats and trends, and allow for the effective deployment of supporting controls. Market risk Market risk represents the potential for changes in foreign exchange prices and interest rates to affect the Group\u2019s pro\ufb01t and the value of its \ufb01nancial instruments. It also incorporates the effect of the overall UK housing market on the Group. The Group\u2019s objective in market risk management is to minimise its exposures to \ufb02uctuations within such variables whilst optimising returns. The Group has no signi\ufb01cant direct currency exposures. Interest rate risk The Group currently holds no \ufb01xed interest borrowings. This re\ufb02ects both the low borrowing requirements of the Group and the current low interest rates applicable to \ufb02oating borrowings. The Group has no formal target for a ratio of \ufb01xed to \ufb02oating funding. The responsibility for setting the level of \ufb01xed rate debt lies with the Board and is continually reviewed in the light of economic data provided by a variety of sources. Sensitivity analysis If in the year ended 31 December 2022 UK interest rates had been 1.0% higher/lower than the Group\u2019s pre- tax pro\ufb01t would have increased/decreased by \u00a35.1m (2021: increased/decreased by \u00a310.6m). The Group\u2019s post-tax pro\ufb01t would have increased/decreased by \u00a34.0m (2021: increased/decreased by \u00a38.6m). These sensitivities have been prepared in respect of the direct impact of such an interest rate change on the net \ufb01nancing expense of \ufb01nancial instruments only, and do not attempt to estimate the indirect effect such a change may have on the wider economic environment such as house pricing, mortgage availability and exchange rates. Housing market risk The Group is fundamentally affected by the level of UK house prices. These in turn are affected by factors such as credit availability, employment levels, interest rates, consumer con\ufb01dence and supply of land with planning. The UK\u2019s withdrawal from the EU may have a signi\ufb01cant impact on these factors. Whilst it is not possible for the Group to fully mitigate such risks on a national macroeconomic basis the Group does continually monitor its geographical spread within the UK, seeking to balance its investment in areas offering the best immediate returns with a long-term spread of its operations throughout the UK to minimise the risk of local microeconomic \ufb02uctuations. The Group has taken steps to control its speculative build, land acquisition activities and work in progress levels so as to manage the exposure of the Group to any further market disruption. Sensitivity analysis At 31 December 2022, if UK house prices had been 10% higher/lower, and all other variables were held constant, the Group\u2019s house price linked \ufb01nancial instruments, which are solely shared equity loan receivables, would increase/decrease in value, excluding any effects of current or deferred tax, by \u00a33.6m (2021: \u00a34.6m). Liquidity risk Liquidity risk re\ufb02ects the risk that the Group will have insufficient resources to meet its \ufb01nancial obligations as they fall due. The Group\u2019s strategy in relation to managing liquidity risk is to ensure that the Group has sufficient liquid funds to meet all its potential liabilities as they fall due. This is true not only of normal market conditions but also of negative projections against expected outcomes, so as to avoid any risk of incurring contractual penalties or damaging the Group\u2019s reputation, which would in turn reduce the Group\u2019s ability to borrow at optimal rates. Therefore the Group remains con\ufb01dent of its continued compliance with \ufb01nancial covenants under the syndicated loan even in the event of deterioration in market conditions. Further information on the Group\u2019s liquidity forecast process is included in the Viability Statement on pages 75 to 77. The Group has entered into a number of deferred payment guarantees and performance bonds in the normal course of operations. The liabilities to which these guarantees relate are recognised and accounted for in accordance with our standard accounting policies. Liquidity forecasts are produced on (i) a daily basis to ensure that utilisation of current facilities is optimised; (ii) a monthly basis to ensure that covenant compliance targets and medium-term liquidity is maintained; and (iii) a long-term projection basis for the purpose of identifying long-term strategic funding requirements. The Directors also continually assess the balance of capital and debt funding of the Group. They consider the security of capital funding against the potentially higher rates of return offered by debt \ufb01nancing in order to set an efficient but stable balance appropriate to the size of the Group. The Group operates short-term uncommitted overdraft facilities to meet day-to-day liquidity requirements. These facilities are cancellable on request from the bank; however the Group generally maintains low levels of borrowing on these in favour of more cost efficient facilities. These overdraft facilities are provided by \ufb01ve leading clearing banks to minimise exposure to any one lender. The Group maintains a \u00a3300m revolving credit facility committed to March 2026. These committed facilities are sufficient to meet projected liquidity requirements to this date. Undrawn committed facilities at the reporting date amount to \u00a3300m (2021: \u00a3300m). Cash deposits The Group has a policy of ensuring cash deposits are made with the primary objective of security of principal. Accordingly deposits are made only with approved, respected, high credit rating \ufb01nancial institutions. Deposits are spread across such institutions to minimise exposure to any single entity and are made on a short-term basis only to preserve liquidity. Capital risk The capital structure of the Group consists of net cash/debt (borrowings as detailed in note 20 offset by cash and bank balances) and equity of the Group (comprising issued capital, reserves and retained earnings as detailed in the statement of changes in shareholders\u2019 equity). The Group\u2019s objective in managing capital is primarily to ensure the continued ability of the Group to meet its liabilities as they fall due whilst also maintaining an appropriate balance of equity and borrowings and minimising costs of capital. Close control of deployment of capital is maintained by detailed management review procedures for authorisation of signi\ufb01cant capital commitments, such as land acquisition, capital targets for local management and a system of internal interest recharges, ensuring capital cost impact is understood and considered by all management tiers. Decisions regarding the balance of equity and borrowings, dividend policy and all major borrowing facilities are reserved for the Board. The Group is currently pursuing a strategy of capital return to shareholders, whilst at the same time building a stronger, larger business. Full details are available in the Strategic Report on pages 53 to 55. The following are the contractual maturities of \ufb01nancial liabilities, including interest payments (not discounted): Group 2022 Carrying amount \u00a3m Contractual cash \ufb02ows \u00a3m Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Trade and other payables 691.2 694.4 683.8 2.7 2.8 5.1 Land payables 477.3 481.7 269.2 142.3 62.2 8.0 Partnership liability 25.1 28.2 5.6 5.6 17.0 \u2013 Financial liabilities 1,193.6 1,204.3 958.6 150.6 82.0 13.1 Group 2021 Carrying amount \u00a3m Contractual cash \ufb02ows \u00a3m Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Trade and other payables 577.0 580.0 565.4 7.7 2.7 4.2 Land payables 407.6 409.6 218.7 105.3 81.8 3.8 Partnership liability 29.3 33.7 5.5 5.6 16.9 5.7 Financial liabilities 1,013.9 1,023.3 789.6 118.6 101.4 13.7 Company 2022 Carrying amount \u00a3m Contractual cash \ufb02ows \u00a3m Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Trade and other payables (including intercompany balances) 3,885.1 3,885.1 3,884.3 0.3 0.5 \u2013 Financial liabilities 3,885.1 3,885.1 3,884.3 0.3 0.5 \u2013 It is noted that \u00a33,857.1m (2021: \u00a34,114.1m) of other payables refer to amounts owed to subsidiary undertakings. Whilst generally repayable upon demand, in practice it is unlikely there will be any required repayment in the short-term. Company 2021 Carrying amount \u00a3m Contractual cash \ufb02ows \u00a3m Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Trade and other payables (including intercompany balances) 4,135.7 4,135.7 4,133.9 0.3 1.5 \u2013 Financial liabilities 4,135.7 4,135.7 4,133.9 0.3 1.5 \u2013 23 Financial risk management continued Credit risk The nature of the UK housing industry and the legal framework surrounding it results in the Group having a low exposure to credit risk. In all but a minority of cases the full cash receipt for each sale occurs on legal completion, which is also the point of revenue recognition under the Group\u2019s accounting policies. In certain speci\ufb01c circumstances the Group has entered into shared equity arrangements (not applicable to the Company). The pressures of market conditions during recessionary periods necessitated an increase in this form of sales structure from 2008. In such cases the long-term debt is secured upon the property concerned. The Group does not recognise collateral rights as a separate asset, nor does it have rights to trade such collateral. Reductions in property values leads to an increase in the credit risk of the Group in respect of such sales. There was \u00a30.3m requirement for a charge in relation to credit impairment in the year (2021: \u00a30.3m). The maximum total credit risk is as follows: Group 2022 \u00a3m 2021 \u00a3m Trade and other receivables 164.9 114.5 Shared equity loan receivables 36.1 45.6 Cash and cash equivalents 861.6 1,246.6 1,062.6 1,406.7 Company Loans and receivables (including intercompany balances) 2,024.9 1,968.1 Cash and cash equivalents 603.3 1,054.9 2,628.2 3,023.0 The maximum credit exposure of the Group to overseas parties is \u00a3nil (2021: \u00a3nil) (Company: \u00a3nil (2021: \u00a3nil)). The Group\u2019s credit risk is widely distributed. The maximum credit risk should any single party (excepting \ufb01nancial institutions) fail to perform is \u00a356.6m (2021: \u00a320.4m) and is not yet due (Company: \u00a31,414.5m (2021: \u00a31,339.5m) being a subsidiary debtor). The Directors consider these \ufb01nancial assets to be of high quality and the credit risk is assessed as low. The maximum credit risk associated with a \ufb01nancial institution in respect of short-term cash deposits is \u00a3188.7m (2021: \u00a3216.1m) . Fair value The fair value of \ufb01nancial assets and liabilities is as follows: Group 2022 2021 Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Trade and other receivables 164.9 164.9 114.5 114.5 Shared equity loan receivables 36.1 36.1 45.6 45.6 Cash and cash equivalents 861.6 861.6 1,246.6 1,246.6 Trade and other payables (691.7) (691.7) (577.0) (577.0) Land payables (472.8) (472.8) (407.6) (407.6) Partnership liability (24.1) (25.2) (30.1) (29.3) (126.0) (127.1) (392.0) (392.8) In aggregate, the fair value of \ufb01nancial assets and liabilities are not materially different from their carrying value. Company 2022 2021 Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Trade and other receivables (including intercompany balances) 2,024.9 2024.9 1,968.1 1,968.1 Cash and cash equivalents 603.3 603.3 1,054.9 1,054.9 Trade and other payables (including intercompany balances) (3,885.1) (3,885.1) (4,135.7) (4,135.7) (1,256.9) (1,256.9) (1,112.7) (1,112.7) Income and expense in relation to \ufb01nancial instruments is disclosed in note 9. Financial assets and liabilities by category: Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Financial assets designated fair value through statement of comprehensive income 36.1 45.6 \u2013 \u2013 Trade and other receivables 164.9 114.5 2,024.9 1,968.1 Cash and cash equivalents 861.6 1,246.6 603.3 1,054.9 Financial liabilities at amortised cost (1,189.7) (1,013.9) (3,883.0) (4,135.7) (127.1) 392.8 (1,254.8) (1,112.7) Financial assets and liabilities carried at fair value are categorised within the hierarchical classi\ufb01cation of IFRS 13 Revised (as de\ufb01ned within the standard) as follows: Group 2022 Level 3 \u00a3m 2021 Level 3 \u00a3m Shared equity loan receivables 36.0 45.6 Shared equity loan receivables Shared equity loan receivables represent loans advanced to customers and secured by way of a second charge on their new home. They are carried at fair value. The fair value is determined by reference to the rates at which they could be exchanged by knowledgeable and willing parties. Fair value is determined by discounting forecast cash \ufb02ows for the residual period of the contract by a risk adjusted rate. There exists an element of uncertainty over the precise \ufb01nal valuation and timing of cash \ufb02ows arising from these loans. As a result the Group has applied inputs based on current market conditions and the Group\u2019s historic experience of actual cash \ufb02ows resulting from such arrangements. These inputs are by nature estimates and as such the fair value has been classi\ufb01ed as level 3 under the fair value hierarchy laid out in IFRS 13 Fair Value Measurement. Signi\ufb01cant unobservable inputs into the fair value measurement calculation include regional house price movements based on the Group\u2019s actual experience of regional house pricing and management forecasts of future movements, weighted average duration of the loans from inception to settlement of ten years (2021: ten years) and discount rate 7% (2021: 5%) based on current observed market interest rates offered to private individuals on secured second loans. The discounted forecast cash \ufb02ow calculation is dependent upon the estimated future value of the properties on which the shared equity loans are secured. Adjustments to this input, which might result from a change in the wider property market, would have a proportional impact upon the fair value of the loan. Furthermore, whilst not easily assessable in advance, the resulting change in security value may affect the credit risk associated with the counterparty, in\ufb02uencing fair value further. Detail of the movements in shared equity loan receivables in the period are disclosed in note 17. ",
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"fact-363": {
"value": "Market risk Market risk represents the potential for changes in foreign exchange prices and interest rates to affect the Group\u2019s pro\ufb01t and the value of its \ufb01nancial instruments. It also incorporates the effect of the overall UK housing market on the Group. The Group\u2019s objective in market risk management is to minimise its exposures to \ufb02uctuations within such variables whilst optimising returns. The Group has no signi\ufb01cant direct currency exposures. Interest rate risk The Group currently holds no \ufb01xed interest borrowings. This re\ufb02ects both the low borrowing requirements of the Group and the current low interest rates applicable to \ufb02oating borrowings. The Group has no formal target for a ratio of \ufb01xed to \ufb02oating funding. The responsibility for setting the level of \ufb01xed rate debt lies with the Board and is continually reviewed in the light of economic data provided by a variety of sources. Sensitivity analysis If in the year ended 31 December 2022 UK interest rates had been 1.0% higher/lower than the Group\u2019s pre- tax pro\ufb01t would have increased/decreased by \u00a35.1m (2021: increased/decreased by \u00a310.6m). The Group\u2019s post-tax pro\ufb01t would have increased/decreased by \u00a34.0m (2021: increased/decreased by \u00a38.6m). These sensitivities have been prepared in respect of the direct impact of such an interest rate change on the net \ufb01nancing expense of \ufb01nancial instruments only, and do not attempt to estimate the indirect effect such a change may have on the wider economic environment such as house pricing, mortgage availability and exchange rates. Housing market risk The Group is fundamentally affected by the level of UK house prices. These in turn are affected by factors such as credit availability, employment levels, interest rates, consumer con\ufb01dence and supply of land with planning. The UK\u2019s withdrawal from the EU may have a signi\ufb01cant impact on these factors. Whilst it is not possible for the Group to fully mitigate such risks on a national macroeconomic basis the Group does continually monitor its geographical spread within the UK, seeking to balance its investment in areas offering the best immediate returns with a long-term spread of its operations throughout the UK to minimise the risk of local microeconomic \ufb02uctuations. The Group has taken steps to control its speculative build, land acquisition activities and work in progress levels so as to manage the exposure of the Group to any further market disruption. Sensitivity analysis At 31 December 2022, if UK house prices had been 10% higher/lower, and all other variables were held constant, the Group\u2019s house price linked \ufb01nancial instruments, which are solely shared equity loan receivables, would increase/decrease in value, excluding any effects of current or deferred tax, by \u00a33.6m (2021: \u00a34.6m). ",
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"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-364": {
"value": "Liquidity risk Liquidity risk re\ufb02ects the risk that the Group will have insufficient resources to meet its \ufb01nancial obligations as they fall due. The Group\u2019s strategy in relation to managing liquidity risk is to ensure that the Group has sufficient liquid funds to meet all its potential liabilities as they fall due. This is true not only of normal market conditions but also of negative projections against expected outcomes, so as to avoid any risk of incurring contractual penalties or damaging the Group\u2019s reputation, which would in turn reduce the Group\u2019s ability to borrow at optimal rates. Therefore the Group remains con\ufb01dent of its continued compliance with \ufb01nancial covenants under the syndicated loan even in the event of deterioration in market conditions. Further information on the Group\u2019s liquidity forecast process is included in the Viability Statement on pages 75 to 77. The Group has entered into a number of deferred payment guarantees and performance bonds in the normal course of operations. The liabilities to which these guarantees relate are recognised and accounted for in accordance with our standard accounting policies. Liquidity forecasts are produced on (i) a daily basis to ensure that utilisation of current facilities is optimised; (ii) a monthly basis to ensure that covenant compliance targets and medium-term liquidity is maintained; and (iii) a long-term projection basis for the purpose of identifying long-term strategic funding requirements. The Directors also continually assess the balance of capital and debt funding of the Group. They consider the security of capital funding against the potentially higher rates of return offered by debt \ufb01nancing in order to set an efficient but stable balance appropriate to the size of the Group. The Group operates short-term uncommitted overdraft facilities to meet day-to-day liquidity requirements. These facilities are cancellable on request from the bank; however the Group generally maintains low levels of borrowing on these in favour of more cost efficient facilities. These overdraft facilities are provided by \ufb01ve leading clearing banks to minimise exposure to any one lender. The Group maintains a \u00a3300m revolving credit facility committed to March 2026. These committed facilities are sufficient to meet projected liquidity requirements to this date. Undrawn committed facilities at the reporting date amount to \u00a3300m (2021: \u00a3300m). Cash deposits The Group has a policy of ensuring cash deposits are made with the primary objective of security of principal. Accordingly deposits are made only with approved, respected, high credit rating \ufb01nancial institutions. Deposits are spread across such institutions to minimise exposure to any single entity and are made on a short-term basis only to preserve liquidity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "Capital risk The capital structure of the Group consists of net cash/debt (borrowings as detailed in note 20 offset by cash and bank balances) and equity of the Group (comprising issued capital, reserves and retained earnings as detailed in the statement of changes in shareholders\u2019 equity). The Group\u2019s objective in managing capital is primarily to ensure the continued ability of the Group to meet its liabilities as they fall due whilst also maintaining an appropriate balance of equity and borrowings and minimising costs of capital. Close control of deployment of capital is maintained by detailed management review procedures for authorisation of signi\ufb01cant capital commitments, such as land acquisition, capital targets for local management and a system of internal interest recharges, ensuring capital cost impact is understood and considered by all management tiers. Decisions regarding the balance of equity and borrowings, dividend policy and all major borrowing facilities are reserved for the Board. The Group is currently pursuing a strategy of capital return to shareholders, whilst at the same time building a stronger, larger business. Full details are available in the Strategic Report on pages 53 to 55. The following are the contractual maturities of \ufb01nancial liabilities, including interest payments (not discounted): Group 2022 Carrying amount \u00a3m Contractual cash \ufb02ows \u00a3m Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Trade and other payables 691.2 694.4 683.8 2.7 2.8 5.1 Land payables 477.3 481.7 269.2 142.3 62.2 8.0 Partnership liability 25.1 28.2 5.6 5.6 17.0 \u2013 Financial liabilities 1,193.6 1,204.3 958.6 150.6 82.0 13.1 Group 2021 Carrying amount \u00a3m Contractual cash \ufb02ows \u00a3m Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Trade and other payables 577.0 580.0 565.4 7.7 2.7 4.2 Land payables 407.6 409.6 218.7 105.3 81.8 3.8 Partnership liability 29.3 33.7 5.5 5.6 16.9 5.7 Financial liabilities 1,013.9 1,023.3 789.6 118.6 101.4 13.7 Company 2022 Carrying amount \u00a3m Contractual cash \ufb02ows \u00a3m Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Trade and other payables (including intercompany balances) 3,885.1 3,885.1 3,884.3 0.3 0.5 \u2013 Financial liabilities 3,885.1 3,885.1 3,884.3 0.3 0.5 \u2013 It is noted that \u00a33,857.1m (2021: \u00a34,114.1m) of other payables refer to amounts owed to subsidiary undertakings. Whilst generally repayable upon demand, in practice it is unlikely there will be any required repayment in the short-term. Company 2021 Carrying amount \u00a3m Contractual cash \ufb02ows \u00a3m Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Trade and other payables (including intercompany balances) 4,135.7 4,135.7 4,133.9 0.3 1.5 \u2013 Financial liabilities 4,135.7 4,135.7 4,133.9 0.3 1.5 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "Credit risk The nature of the UK housing industry and the legal framework surrounding it results in the Group having a low exposure to credit risk. In all but a minority of cases the full cash receipt for each sale occurs on legal completion, which is also the point of revenue recognition under the Group\u2019s accounting policies. In certain speci\ufb01c circumstances the Group has entered into shared equity arrangements (not applicable to the Company). The pressures of market conditions during recessionary periods necessitated an increase in this form of sales structure from 2008. In such cases the long-term debt is secured upon the property concerned. The Group does not recognise collateral rights as a separate asset, nor does it have rights to trade such collateral. Reductions in property values leads to an increase in the credit risk of the Group in respect of such sales. There was \u00a30.3m requirement for a charge in relation to credit impairment in the year (2021: \u00a30.3m). The maximum total credit risk is as follows: Group 2022 \u00a3m 2021 \u00a3m Trade and other receivables 164.9 114.5 Shared equity loan receivables 36.1 45.6 Cash and cash equivalents 861.6 1,246.6 1,062.6 1,406.7 Company Loans and receivables (including intercompany balances) 2,024.9 1,968.1 Cash and cash equivalents 603.3 1,054.9 2,628.2 3,023.0 The maximum credit exposure of the Group to overseas parties is \u00a3nil (2021: \u00a3nil) (Company: \u00a3nil (2021: \u00a3nil)). The Group\u2019s credit risk is widely distributed. The maximum credit risk should any single party (excepting \ufb01nancial institutions) fail to perform is \u00a356.6m (2021: \u00a320.4m) and is not yet due (Company: \u00a31,414.5m (2021: \u00a31,339.5m) being a subsidiary debtor). The Directors consider these \ufb01nancial assets to be of high quality and the credit risk is assessed as low. The maximum credit risk associated with a \ufb01nancial institution in respect of short-term cash deposits is \u00a3188.7m (2021: \u00a3216.1m) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "Fair value The fair value of \ufb01nancial assets and liabilities is as follows: Group 2022 2021 Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Trade and other receivables 164.9 164.9 114.5 114.5 Shared equity loan receivables 36.1 36.1 45.6 45.6 Cash and cash equivalents 861.6 861.6 1,246.6 1,246.6 Trade and other payables (691.7) (691.7) (577.0) (577.0) Land payables (472.8) (472.8) (407.6) (407.6) Partnership liability (24.1) (25.2) (30.1) (29.3) (126.0) (127.1) (392.0) (392.8) In aggregate, the fair value of \ufb01nancial assets and liabilities are not materially different from their carrying value. Company 2022 2021 Fair value \u00a3m Carrying value \u00a3m Fair value \u00a3m Carrying value \u00a3m Trade and other receivables (including intercompany balances) 2,024.9 2024.9 1,968.1 1,968.1 Cash and cash equivalents 603.3 603.3 1,054.9 1,054.9 Trade and other payables (including intercompany balances) (3,885.1) (3,885.1) (4,135.7) (4,135.7) (1,256.9) (1,256.9) (1,112.7) (1,112.7) Income and expense in relation to \ufb01nancial instruments is disclosed in note 9. Financial assets and liabilities by category: Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Financial assets designated fair value through statement of comprehensive income 36.1 45.6 \u2013 \u2013 Trade and other receivables 164.9 114.5 2,024.9 1,968.1 Cash and cash equivalents 861.6 1,246.6 603.3 1,054.9 Financial liabilities at amortised cost (1,189.7) (1,013.9) (3,883.0) (4,135.7) (127.1) 392.8 (1,254.8) (1,112.7) Financial assets and liabilities carried at fair value are categorised within the hierarchical classi\ufb01cation of IFRS 13 Revised (as de\ufb01ned within the standard) as follows: Group 2022 Level 3 \u00a3m 2021 Level 3 \u00a3m Shared equity loan receivables 36.0 45.6 Shared equity loan receivables Shared equity loan receivables represent loans advanced to customers and secured by way of a second charge on their new home. They are carried at fair value. The fair value is determined by reference to the rates at which they could be exchanged by knowledgeable and willing parties. Fair value is determined by discounting forecast cash \ufb02ows for the residual period of the contract by a risk adjusted rate. There exists an element of uncertainty over the precise \ufb01nal valuation and timing of cash \ufb02ows arising from these loans. As a result the Group has applied inputs based on current market conditions and the Group\u2019s historic experience of actual cash \ufb02ows resulting from such arrangements. These inputs are by nature estimates and as such the fair value has been classi\ufb01ed as level 3 under the fair value hierarchy laid out in IFRS 13 Fair Value Measurement. Signi\ufb01cant unobservable inputs into the fair value measurement calculation include regional house price movements based on the Group\u2019s actual experience of regional house pricing and management forecasts of future movements, weighted average duration of the loans from inception to settlement of ten years (2021: ten years) and discount rate 7% (2021: 5%) based on current observed market interest rates offered to private individuals on secured second loans. The discounted forecast cash \ufb02ow calculation is dependent upon the estimated future value of the properties on which the shared equity loans are secured. Adjustments to this input, which might result from a change in the wider property market, would have a proportional impact upon the fair value of the loan. Furthermore, whilst not easily assessable in advance, the resulting change in security value may affect the credit risk associated with the counterparty, in\ufb02uencing fair value further. Detail of the movements in shared equity loan receivables in the period are disclosed in note 17. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-344": {
"value": "24 Deferred tax The following are the deferred tax assets and liabilities recognised by the Group and the movements thereon during the current and prior year: Note Accelerated tax depreciation \u00a3m Retirement bene\ufb01t obligation \u00a3m Share-based payment \u00a3m Intangible assets \u00a3m Other temporary differences \u00a3m Total \u00a3m At 1 January 2021 2.0 (9.6) 3.7 (11.4) 0.1 (15.2) (Charge)/credit to income statement 11.1 (1.7) (2.8) 2.1 (3.6) (0.7) (6.7) Credit to other comprehensive income 11.2 \u2013 (24.8) \u2013 \u2013 \u2013 (24.8) Amounts taken directly to equity 11.3 \u2013 \u2013 1.8 \u2013 \u2013 1.8 At 1 January 2022 0.3 (37.2) 7.6 (15.0) (0.6) (44.9) (Charge)/credit to income statement 11.1 ( 7.2) (0.4) 1.5 (2.4) 3.7 (4.8) Charge to other comprehensive income 11.2 \u2013 ( 7.7 ) \u2013 \u2013 \u2013 (7.7) Amounts taken directly to equity 11.3 \u2013 \u2013 (4.2) \u2013 \u2013 (4.2) At 31 December 2022 (6.9) (45.3) 4.9 (17.4) 3.1 (61.6) As permitted by IAS 12 Income Taxes, certain deferred tax assets and liabilities have been offset. The following is an analysis of the deferred tax balances (after offset) for \ufb01nancial reporting purposes: 2022 \u00a3m 2021 \u00a3m Share-based payments 4.9 7.6 Other items, including accelerated capital allowances 5.6 2.1 Deferred tax assets 10.5 9.7 Brands (17.4) (15.0) Other items, including accelerated capital allowances (54.7) (39.6) Deferred tax liabilities (72.1) (54.6) Net deferred tax liability (61.6) (44.9) The Group has recognised deferred tax liabilities of \u00a345.3m (2021: liabilities of \u00a337.2m) on retirement bene\ufb01t assets of \u00a3155.9m (2021: assets of \u00a3148.8m). 24 Deferred tax continued The following are the deferred tax assets and liabilities recognised by the Company and the movements thereon during the current and prior year: Accelerated tax depreciation \u00a3m Retirement bene\ufb01t obligation \u00a3m Share-based payment \u00a3m Other temporary differences \u00a3m Total \u00a3m At 1 January 2021 0.3 (9.6) 1.7 0.9 (6.7) Credit/(charge) to income statement (0.5) (2.8) 1.2 \u2013 (2.1) Credit to other comprehensive income \u2013 (24.8) \u2013 \u2013 (24.8) Amounts taken directly to equity \u2013 \u2013 0.9 \u2013 0.9 At 1 January 2022 (0.2) (37.2) 3.8 0.9 (32.7) (Charge)/credit to income statement 0.2 (0.4) 2.3 0.3 2.4 Charge to other comprehensive income \u2013 ( 7.7) \u2013 \u2013 ( 7.7) Amounts taken directly to equity \u2013 \u2013 (3.4) \u2013 (3.4) At 31 December 2022 \u2013 (45.3) 2.7 1.2 (41.4) No deferred tax assets and liabilities have been offset (2021: \u00a3nil) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-345": {
"value": "25 Share capital 2022 \u00a3m 2021 \u00a3m Allotted, called up and fully paid 319,323,432 (2021: 319,206,474) ordinary shares of 10p each 31.9 31.9 The Company has one class of ordinary shares which carry no right to \ufb01xed income. All issued shares are fully paid. During the year 116,958 ordinary shares (2021: 135,213) were issued in satisfaction of share option exercises. The Company has established an Employee Bene\ufb01t Trust to hold shares for participants of the Company\u2019s various share schemes. The Trustee is Persimmon (Share Scheme Trustees) Limited, a subsidiary company. During 2022, the Trustee transferred 53,988 (2021: 0) to employees. At 31 December 2022 the trust held 88,635 shares (2021: 105,523) on which dividends have been waived. The market value of these shares at 31 December 2022 was \u00a31,078,688 (2021: \u00a33,013,737). Own shares Own shares held at cost are reconciled as follows: Group \u00a3m Balance at 31 December 2021 0.4 Disposed of on exercise/vesting to employees (0.3) Balance at 31 December 2022 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "Own shares Own shares held at cost are reconciled as follows: Group \u00a3m Balance at 31 December 2021 0.4 Disposed of on exercise/vesting to employees (0.3) Balance at 31 December 2022 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-346": {
"value": "26 Reconciliation of net cash flow to net cash and analysis of net cash Group 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents at 1 January 1,246.6 1,234.1 (Decrease)/increase in net cash and cash equivalents in cash \ufb02ow (385.0) 12.5 Cash and cash equivalents at 31 December 861.6 1,246.6 IFRS 16 lease liability (10.9) (8.8) Net cash at 31 December 850.7 1,237.8 Net cash is de\ufb01ned as cash and cash equivalents, bank overdrafts, \ufb01nance lease obligations and interest bearing borrowings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-347": {
"value": "27 Contingent liabilities As disclosed in note 22 the Group has undertaken a review of all of its legacy buildings that used cladding on their facades. The \ufb01nancial statements have been prepared on the latest available information, however there remains the possibility that despite managements endeavours to identify all such properties, including those constructed by acquired entities well before acquisition, further developments requiring remediation may emerge. There is also the possibility that estimates based on preliminary assessments regarding the scale of remediation works relating to buildings yet to be fully surveyed may prove incorrect. Cost of remedial works will remain under review and be updated as works progress. In the normal course of business the Group has given counter indemnities in respect of performance bonds and \ufb01nancial guarantees. Management estimate that the bonds and guarantees amount to \u00a3386m (2021: \u00a3372m), and con\ufb01rm that the possibility of cash out\ufb02ow is considered minimal and no provision is required. Provision is made for the Directors\u2019 best estimate of all known legal claims and all legal actions in progress. The Group takes legal advice as to the likelihood of success of claims and actions and no provision is made where the Directors consider, based on that advice, that the action is unlikely to succeed, or a sufficiently reliable estimate of the potential obligation cannot be made. The Company has entered into guarantees of certain \ufb01nancial liabilities of related undertakings as detailed in note 32. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XI72Y57UWN6F31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-348": {
"value": "28 Retirement benefit assets As at 31 December 2022 the Group operated four employee pension schemes, being two Group personal pension schemes and two de\ufb01ned bene\ufb01t pension schemes. Remeasurement gains and losses in the de\ufb01ned bene\ufb01t schemes are recognised in full as other comprehensive income within the Consolidated Statement of Comprehensive Income. All other pension scheme costs are reported in pro\ufb01t or loss. Group personal pension schemes The Group makes contributions to the Group personal pension schemes which are open to employees who are not members of the de\ufb01ned bene\ufb01t schemes. Dependent upon an employee\u2019s role and length of service the Group may make contributions to the schemes of up to a maximum of 9% of basic salary. The Group has no liability beyond these contributions. Group contributions to these schemes of \u00a35.7m (2021: \u00a34.9m) are expensed through the statement of comprehensive income as incurred. Persimmon Plc Pension & Life Assurance Scheme The Persimmon Plc Pension & Life Assurance Scheme (the \u2018Persimmon Scheme\u2019) is a de\ufb01ned bene\ufb01t scheme which was closed to new members in 2001. Active members of the Persimmon Scheme accrue bene\ufb01ts on a career average revalued earnings basis. The assets of the Persimmon Scheme are held separately from those of the Group. On 12 December 2012 Persimmon Plc made a one-off cash contribution of \u00a357.8m to the Persimmon Scheme. The Persimmon Scheme used these funds to invest in Persimmon Scottish Limited Partnership, which has undertaken to provide \ufb01xed cash payments to the Persimmon Scheme to meet its liabilities over a 15 year period. See note 29 for further details. Prowting Pension Scheme The Group also operates the Prowting Pension Scheme (the \u2018Prowting Scheme\u2019), a de\ufb01ned bene\ufb01t scheme. Bene\ufb01ts accrue on a career average revalued earnings basis. The assets of the Prowting Scheme are held separately from those of the Group. Role of Trustees Both the Persimmon Scheme and the Prowting Scheme (jointly \u2018the Pension Schemes\u2019) are managed by Trustees who are legally separate from the Company. The Trustees are composed of representatives appointed by both the employer and employees. The Trustees are required by law to act in the interest of all relevant bene\ufb01ciaries and are responsible in particular for the asset investment policy plus the day-to-day administration of the bene\ufb01ts. They are also responsible for jointly agreeing with the employer the level of contributions due to the Pension Schemes (see below). Funding requirements UK legislation requires that pension schemes are funded prudently i.e. to a level in excess of the current expected cost of providing bene\ufb01ts. The last funding valuation of the Persimmon Scheme was carried out by a quali\ufb01ed actuary as at 1 January 2020 and as at 31 March 2021 for the Prowting Scheme. The next funding valuation will be as at 1 January 2023 for the Persimmon Scheme and as at 31 March 2024 for the Prowting Scheme. Subsequent valuations will be at intervals of no more than three years thereafter. Following each valuation, the Trustees and the Company must agree the contributions required (if any) to ensure the Pension Schemes are fully funded over time on a suitable prudent measure. Contributions agreed in this manner constitute a minimum funding requirement. Given the current strength of the Persimmon and Prowting Scheme\u2019s funding (due to recent cash contributions made to the Schemes) no de\ufb01cit contributions are required for either scheme. Salary related contributions for active members are payable for the Persimmon Scheme. Under the governing documentation of the Pension Schemes, any future surplus in either scheme would be returnable to the Group by refund, assuming gradual settlement of the liabilities over the lifetime of the Pension Schemes. As a result the Group does not consider there to be an asset ceiling in respect of the Pension Schemes. Both Pension Schemes are in a strong funding position. The Group remains committed to the continuity of this position and will review future contribution levels in the event of any signi\ufb01cant de\ufb01cit arising. The Pension Schemes investment strategy is to maintain a portfolio of suitable assets of appropriate liquidity which will generate investment returns to meet, together with future contributions, the bene\ufb01ts of the members as they fall due.* The Pension Schemes do not invest directly in complex \ufb01nancial instruments, though there may be limited indirect investment through investment funds. Regulation The UK pensions market is regulated by The Pensions Regulator whose key statutory objectives in relation to UK de\ufb01ned bene\ufb01t plans are: \u2022 to protect the bene\ufb01ts of members; \u2022 to promote, and to improve understanding of good administration; and \u2022 to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund (PPF). The Pensions Regulator has sweeping powers including the powers: \u2022 to wind up a scheme where winding up is necessary to protect members\u2019 interests; \u2022 to appoint or remove a trustee; \u2022 to impose a schedule of company contributions or the calculation of the technical provisions where a trustee and company fail to agree on appropriate contributions; and \u2022 to impose a contribution where there has been a detrimental action against a scheme. * Given the current \ufb01nancial strength of the pension schemes net asset position a low risk investment strategy is applied. 28 Retirement benefit assets continued Risks associated with the Pension Schemes The Pension Schemes expose the Group to a number of risks, the most signi\ufb01cant of which are: Risk Description Volatile asset returns The de\ufb01ned bene\ufb01t obligation (DBO) is calculated using a discount rate set with reference to corporate bond yields. If assets underperform this discount rate, this will create an element of de\ufb01cit. The Persimmon Scheme holds a signi\ufb01cant proportion (c.20%) of assets in growth assets (such as equities) which, although expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. The allocation to growth assets is monitored to ensure it remains appropriate given the Pension Schemes\u2019 long-term objectives. Changes in bond yields A decrease in corporate bond yields will increase the value placed on the DBO for accounting purposes, although this will be partially offset by an increase in the value of the Pension Schemes\u2019 bond holdings. In\ufb02ation risk A signi\ufb01cant proportion of the DBO is indexed in line with price in\ufb02ation and higher in\ufb02ation will lead to higher liabilities (although, in most cases, this is capped at an annual increase of 5%). Life expectancy The majority of the Pension Schemes\u2019 obligations are to provide bene\ufb01ts for the life of the member, so increases in life expectancy will result in an increase in the liabilities. There are a number of other risks of running the Pension Schemes including operational risks (such as paying out the wrong bene\ufb01ts), legislative risks (such as the Government increasing the burden on pension through new legislation) and other demographic risks, such as a higher proportion of members having a dependant eligible to receive a survivor\u2019s pension. Net Pension Asset The amounts included in the Balance Sheet arising from the Group\u2019s obligations in respect of the Pension Schemes are as follows: 2022 \u00a3m 2021 \u00a3m Fair value of Pension Scheme assets 555.6 751.9 Present value of funded obligations (399.7) (603.1) Net pension asset 155.9 148.8 A deferred tax liability totalling \u00a345.2m (2021: \u00a337.2m) has been recognised on the balance sheet in relation to the net pension asset. Movements in the net pension asset on the balance sheet were as follows: 2022 \u00a3m 2021 \u00a3m As at 1 January 148.8 50.6 Total gain recognised in the period 5.5 81.4 Company contributions paid in the period 1.6 16.8 Net pension asset 155.9 148.8 The Group has recognised a Net Pension Asset on the basis that under the rules of the scheme any future surplus would be returnable to the Group by refund, assuming gradual settlement over the lifetime of the schemes. The Company does not present valuations of its own separate assets and liabilities under the Pension Schemes as the entire net assets of the Pension Schemes are included in the Company balance sheet, as ultimate scheme sponsor. The amounts recognised in the Consolidated Statement of Comprehensive Income are as follows: 2022 \u00a3m 2021 \u00a3m Current service cost 1.9 2.0 Administrative expense 0.6 0.6 Pension cost recognised as operating expense 2.5 2.6 Interest cost 11.3 8.9 Return on assets recorded as interest (14.1) (9.6) Pension cost recognised as net \ufb01nance credit (2.8) (0.7) Total de\ufb01ned bene\ufb01t pension (credit)/cost recognised in pro\ufb01t or loss (0.3) 1.9 Remeasurement gain recognised in other comprehensive income (5.2) (83.3) Total de\ufb01ned bene\ufb01t scheme gain recognised (5.5) (81.4) The net remeasurement gain in the year of \u00a35.2m (2021: \u00a383.3m) re\ufb02ects the net effect of a loss in asset values of \u00a3189.5m, offset by a reduction in liability obligations of \u00a3194.7m, largely arising from an increase in discount rates. Assets The assets of the Pension Schemes have been calculated at fair value and are invested in the following asset classes: 2022 \u00a3m 2021 \u00a3m Equity \u2013 UK 4.5 31.3 \u2013 US 26.5 124.0 \u2013 Eurozone 19.3 40.3 \u2013 Other 14.1 21.8 Bonds \u2013 Government 397.4 174.3 \u2013 sub-investment grade 4.9 105.7 Asset backed funding 24.1 30.1 Diversi\ufb01ed Growth Fund 49.0 155.6 Cash 15.8 68.8 Total 555.6 751.9 All assets have a quoted market value in an active market, with the exception of Asset backed funding of \u00a324.1m (2021: \u00a330.1m), which related to secured cash \ufb02ows. The Persimmon Scheme holds 94% (2021: 93%) of the gross assets of the Pension Schemes and 94% (2021: 95%) of the gross liabilities. The remainder relates to the Prowting Scheme. The Pension Schemes do not engage in investments in complex \ufb01nancial assets such as Insurance Contracts or Longevity Derivatives. Changes in the fair value of scheme assets were as follows: 2022 \u00a3m 2021 \u00a3m As at 1 January 751.9 694.4 Return on assets recorded as interest 14.1 9.6 Remeasurement (losses)/gain on assets (189.5) 53.6 Contributions 1.6 16.8 Bene\ufb01ts and expenses paid (22.5) (22.5) As at 31 December 555.6 751.9 Defined Benefit Obligation The liabilities of the Pension Schemes, at each balance sheet date, have been calculated on the following \ufb01nancial assumptions: 2022 % p.a. 2021 % p.a. Discount rate 4.8 1.9 General pay increases 3.0 3.1 RPI In\ufb02ation assumption 3.0 3.1 CPI In\ufb02ation assumption 2.5 2.6 Post retirement life expectancy for retirement aged members are as follows: 2022 Years 2021 Years Male current pensioner 22.6 22.6 Male future pensioner 23.3 23.2 The de\ufb01ned bene\ufb01t obligation includes bene\ufb01ts for current employees, former employees and current pensioners. The following table provides an analysis of the de\ufb01ned bene\ufb01t obligation by membership category. 2022 \u00a3m 2021 \u00a3m Total value of current employees\u2019 bene\ufb01ts 21.5 39.8 Deferred members\u2019 bene\ufb01ts 139.6 244.0 Pensioner members\u2019 bene\ufb01ts 238.6 319.3 Total de\ufb01ned bene\ufb01t obligation 399.7 603.1 The Pension Schemes\u2019 duration is an indicator of the weighted average time until bene\ufb01t payments are made. For the Pension Schemes as a whole, the duration is around 17 years 28 Retirement benefit assets continued Changes in the de\ufb01ned bene\ufb01t obligation were as follows: 2022 \u00a3m 2021 \u00a3m As at 1 January (603.1) (643.8) Current service cost (1.9) (2.0) Interest cost (11.3) (8.9) Remeasurement gain on liabilities 194.7 29.7 Bene\ufb01ts paid 21.9 21.9 As at 31 December (399.7) (603.1) Sensitivities The key assumptions used for IAS 19 are: discount rate, in\ufb02ation and mortality. If different assumptions were used, this could have a material effect on the results disclosed. The sensitivity of the results to these assumptions is as follows. 2022 \u00a3m 2021 \u00a3m Present value of de\ufb01ned bene\ufb01t obligation (DBO) 399.7 603.1 \u2013 DBO following a 0.25% decrease in the discount rate 413.0 628.7 \u2013 DBO following a 0.25% increase in the discount rate 387.0 579.2 \u2013 DBO following a 0.25% decrease in the in\ufb02ation assumption 392.9 591.1 \u2013 DBO following a 0.25% increase in the in\ufb02ation assumption 406.4 617.4 \u2013 DBO following a 1 year decrease to life expectancy 386.5 575.6 \u2013 DBO following a 1 year increase to life expectancy 413.0 630.8 The sensitivity information shown above has been prepared using the same methodology as the calculation for the current DBO. ",
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"fact-349": {
"value": "29 Partnership Liability to the Persimmon Plc Pension & Life Assurance Scheme Persimmon Scottish Pension Trustees Limited, a wholly owned Group subsidiary, is general partner in Persimmon Scottish Limited Partnership (\u2018the Partnership\u2019). Persimmon Pension Trustees Limited, the Trustee of the Persimmon Plc Pension & Life Assurance Scheme (\u2018the Persimmon Scheme\u2019) is a limited partner. The Partnership is included in the consolidated results of the Group. The Partnership has taken advantage of the exemptions in the Partnerships (Accounts) regulations 2008 not to \ufb01le separate accounts on this basis. The terms of the Persimmon Scheme\u2019s interest in the Partnership give the pension scheme obligatory rights to cash returns but insigni\ufb01cant operational control over the Partnership. The interest has been classi\ufb01ed as a \ufb01nancial liability and is accounted for on an amortised cost basis. During the year the Group has made payments in relation to the Partnership liability (including interest) totalling \u00a35.6m (2021: \u00a35.5m). Under IAS 19 the partnership interest of the Persimmon Scheme is included within the UK pension scheme assets. For further details see note 28. The Partnership is the bene\ufb01cial owner of a bond secured on a proportion of the Group\u2019s shared equity loan receivables and guaranteed by Persimmon Plc, which will support the Partnership investment return to the Persimmon Scheme. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-350": {
"value": "30 Share-based payments The Group operates a number of share option schemes, the details of which are provided below. All schemes were equity settled, however the Board have decided to net settle the withholding tax in relation to the Persimmon Plc 2012 Long Term Incentive Plan. Payments made or due in association with the withholding tax have been accounted for as a deduction from equity. These amounts totalled \u00a3nil (2021: \u00a3nil). There are currently no plans to net settle other option schemes. The Savings-Related Share Option Scheme is an HMRC approved scheme open to all permanent employees. Options can normally be exercised three years after the date of grant. Options have been issued to senior management (including the Executive Directors) under the Group\u2019s various executive share option schemes, which include awards under the Group\u2019s long-term incentive plans. Future vesting of options is dependent upon the return of cash to shareholders between 2017 and 2019 for options granted in 2017 under the Persimmon Plc 2017 Performance Share Plan, and upon TSR relative to a peer group, customer care performance and return of cash to shareholders between 2018 and 2020 for options granted in 2018 under the Persimmon Plc 2017 Performance Share Plan and on customer care, cash generation and TSR performance between 2019 and 2021 for options granted between 2019 and 2021 under the Persimmon Plc 2017 Performance Share Plan. Options granted under the Persimmon Long Term Incentive Plan 2007 (\u20182007 LTIP\u2019) between September 2010 and September 2011 consisted of unapproved awards and HMRC approved awards where appropriate, with an exercise price equivalent to market value on the date of the award, plus a linked award. In the event that the market price of a share at the date of exercise of an approved option exceeds the option price, then the value of the linked award that vests is restricted to an amount capped at the cost of exercise of the approved option. Reconciliations of share options outstanding during each period, under each type of share scheme, are as follows: 2022 Savings-Related Share Option Scheme 2021 Savings-Related Share Option Scheme Group and Company Number of shares under option Weighted average exercise price (p) Number of shares under option Weighted average exercise price (p) Outstanding at the beginning of the year 935,105 1,908.5p 946,876 1,804.6p Granted during the year 1,266,190 1,080.0p 284,985 2,197.0p Forfeited during the year (448,958) 1,935.4p (161,543) 1,808.9p Exercised during the year (37,559) 1,877.4p (135,213) 1,908.2p Outstanding at the end of the year 1,714,778 1,290.4p 935,105 1,908.5p Exercisable at the end of the year 181,484 1,692.1p 38,212 1,888.0p Group and Company 2022 Bonus Share Scheme 2021 Bonus Share Scheme Number of shares under option Number of shares under option Outstanding at the beginning of the year 13,694 \u2013 Granted during the year 69,798 13,694 Exercised during the year (15,109) \u2013 Outstanding at the end of the year 68,383 13,694 Exercisable at the end of the year \u2013 \u2013 Group and Company 2022 Buy Out Award 2021 Buy Out Award Number of shares under option Number of shares under option Outstanding at the beginning of the year \u2013 \u2013 Granted during the year 209,381 \u2013 Exercised during the year (37,054) \u2013 Outstanding at the end of the year 172,327 \u2013 Exercisable at the end of the year \u2013 \u2013 Group and Company 2022 Long Term Incentive Plan 2007 HMRC Approved 2021 Long Term Incentive Plan 2007 HMRC Approved Number of shares under option Weighted average exercise price (p) Number of shares under option Weighted average exercise price (p) Outstanding at the beginning of the year \u2013 \u2013 \u2013 \u2013 Exercised during the year \u2013 \u2013 \u2013 \u2013 Outstanding at the end of the year \u2013 \u2013 \u2013 \u2013 Exercisable at the end of the year \u2013 \u2013 \u2013 \u2013 Group and Company 2022 Long Term Incentive Plan 2012* 2021 Long Term Incentive Plan 2012* Number of shares under option Number of shares under option Outstanding at the beginning of the year 12,000 12,000 Forfeited/waived during the year (8,491) \u2013 Exercised during the year (3,509) \u2013 Outstanding at the end of the year \u2013 12,000 Exercisable at the end of the year \u2013 12,000 * Under 2012 LTIP grants the option exercise price is variable dependent on share price at the date of award and the performance condition being return of cash to shareholders post grant date. Group and Company 2022 2017 Performance Share Plan 2021 2017 Performance Share Plan Number of shares under option Number of shares under option Outstanding at the beginning of the year 1,770,343 1,261,754 Granted during the year 1,113,250 680,515 Forfeited during the year (316,758) (171,926) Exercised during the year (85,613) \u2013 Outstanding at the end of the year 2,481,222 1,770,343 Exercisable at the end of the year 386,479 126,544 The weighted average share price at the date of exercise for share options exercised during the period was 2,344.9p (2021: 2,835.0p). The options outstanding at 31 December 2022 had a range of exercise prices from nil to 2,197.0p and a weighted average remaining contractual life of 1.6 years (2021: 1.3 years). 30 Share-based payments continued The inputs into the Black Scholes option pricing model for options that were granted in the year were as follows: Option Valuation Assumptions PSP 2022 Tranche 1 PSP 2023 Tranche 2 SAYE 2022 Grant date 8 March 2022 20 September 2022 21 October 2022 Risk free interest rate 1.34% 3.31% 3.82% Exercise price \u2013 \u2013 \u00a310.80 Share price at date of grant \u00a322.28 \u00a313.37 \u00a312.19 Expected dividend yield* 0% 0% 6% Expected life 3.0 years 2.4 years 3.1 years Holding period 2.0 years 2.0 years n/a Date of vesting 28 February 2025 28 February 2025 1 December 2025 Expected volatility 27.8% 28.1% 28.5% Fair value of option \u00a318.02 \u00a39.85 \u00a30.65 * At the discretion of the Remuneration Committee a cash bonus may be paid to holders of 2021 PSP grants equivalent to the value of any dividend which might have been paid on the shares held under option had those instead been issued. For purposes of valuation it has been assessed that such a payout will be made and the foregone dividend yield assumption set to nil. Expected volatility was determined by calculating the historic volatility of the Group\u2019s share price over various timescales. The expected life used in the model has been adjusted, based on best estimates, to re\ufb02ect exercise restrictions and behavioural considerations. In 2022, the Group recognised total expenses before tax of \u00a39.0m (2021: \u00a36.4m) in relation to equity settled share-based payment transactions in the consolidated statement of comprehensive income. These option charges have been credited against the retained earnings reserve. As at 31 December 2022 the total credit recognised in relation to equity settled share-based payments was \u00a323.4m (2021: \u00a316.9m) of which \u00a36.4m (2021: \u00a30.1m) related to options currently vested awaiting exercise. All share-based payments are expensed by the Company. ",
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"value": "31 Related party transactions The Board and certain members of senior management are related parties within the de\ufb01nition of IAS 24 Related Party Disclosures. Summary information of the transactions with key management personnel is provided in note 7. Detailed disclosure of the individual remuneration of Board members is included in the Remuneration Report on pages 128 to 153. There is no difference between transactions with key management personnel of the Company and the Group. The Company has entered into transactions with its subsidiary undertakings in respect of the following: internal funding loans and provision of Group services (including senior management, IT, accounting, marketing, purchasing, legal and conveyancing services). Recharges are made to subsidiary undertakings for Group loans, based on funding provided, at an interest rate linked to average Group borrowing costs. No recharges are made in respect of balances due to or from otherwise dormant subsidiaries. Recharges are made for Group services based on utilisation of those services. During the year these recharges amounted to: 2022 \u00a3m 2021 \u00a3m Interest charges on intra-group funding (47. 2) (52.8) Group services recharges 113.1 54.5 65.9 1.7 In addition to these services the Company acts as a buying agent for certain Group purchases, such as insurance. These are recharged at cost based on utilisation by the subsidiary undertaking. The amount outstanding from subsidiary undertakings to the Company at 31 December 2022 totalled \u00a32,015.4m (2021: \u00a31,969.8m). Amounts owed to subsidiary undertakings by the Company at 31 December 2022 totalled \u00a33,857.4m (2021: \u00a34,114.1m). The Company provides the Group\u2019s de\ufb01ned bene\ufb01t pension schemes. Current employer contributions are charged to the operating businesses at cost. There is no contractual arrangement or stated policy relating to the net de\ufb01ned bene\ufb01t cost. Experience and remeasurement gains and losses are recognised in the Company. The Company guarantees a bond issued from Persimmon Shared Equity Limited to Persimmon Scottish Limited Partnership (both subsidiary undertakings). The fair value of the bond at 31 December 2022 is \u00a324.1m (2021: \u00a330.1m). Certain subsidiary undertakings have entered into guarantees of external bank loans and overdrafts of the Company. The total value of such borrowings at 31 December 2022 was \u00a3nil (2021: \u00a3nil). The Company has entered into guarantees over bank loans and borrowings of the subsidiary undertakings. The total value of such borrowings at 31 December 2022 was \u00a3nil (2021: \u00a3nil). The Company has suffered \u00a3nil expense in respect of bad or doubtful debts of subsidiary undertakings in the year (2021: \u00a3nil). ",
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"value": "32 Details of major Group undertakings The Directors set out below information relating to the major subsidiary undertakings (those that principally affect the pro\ufb01ts and assets of the Group) of Persimmon Plc at 31 December 2022. All of these companies are registered in England. All voting rights are held by companies within the Group. A full list of subsidiary undertakings and jointly controlled entities can be found in note 33. Major subsidiary undertakings Persimmon Homes Limited\u00b0 Charles Church Developments Limited \u2206 Persimmon Holdings Limited* Persimmon Shared Equity Limited** Persimmon Scottish Limited Partnership*** \u00b0 The shares of this company are held by Persimmon Holdings Limited and Persimmon Plc. \u2206 The shares of this company are held by Persimmon Holdings Limited. * The shares of this company are held by Persimmon Finance Limited and Persimmon Plc. ** The shares of this company are held by Persimmon Plc. *** This entity is controlled by Persimmon Scottish Pension Trustees Limited (see note 28). ",
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"value": "33 Details of all subsidiary undertakings Persimmon Group subsidiary companies The following companies, included in these consolidated accounts, are wholly owned by the Persimmon Group and are incorporated in the UK unless otherwise stated. Persimmon Plc or its subsidiary companies also hold all of the voting rights unless otherwise stated. The Registered Office for each company is Persimmon House, Fulford, York, YO19 4FE unless otherwise stated. Name of undertaking Description of shares held @Home Limited Ordinary* and 3.5% Preference* A.E.A Prowting Limited Ordinary* A Monk & Company Developments (S.W.) Limited Ordinary* and Deferred* Alford Brothers Limited Ordinary* Anjok 157 Limited Ordinary* Anjok 171 Limited1 Ordinary* Anjok 172 Limited Ordinary* Anjok 173 Limited Ordinary* Anjok 269 Limited1 Ordinary* and Deferred* Anjok 28 Limited Ordinary* and 8% Preference* Anjok 31 Limited Ordinary* Anjok Five (1996) Limited Ordinary* Anjok Holdings Limited Ordinary* and Deferred* Anjok Investments Limited Ordinary* Anjok Twenty Limited1 A Ordinary* and B Ordinary* Anjok Two Limited Ordinary* Aria Homes Limited A Ordinary* and B Ordinary* Name of undertaking Description of shares held Arthur S Nixon and Company 1% Non-Cumulative Preference* and Ordinary* Aspect Homes Limited Ordinary* Atlantis One Limited Ordinary* and Preference* Beazer Group Limited Ordinary* Beazer Homes (Anglia) Limited Deferred* and A Ordinary* Beazer Homes (Barry) Limited Ordinary* Beazer Homes (FLE) Limited A Ordinary* and B Ordinary* Beazer Homes (FNLHS) Limited Ordinary* Beazer Homes (South Wales) Limited Ordinary* Beazer Homes (Wessex) Limited Ordinary* Beazer Homes and Property Limited Ordinary* Beazer Homes Bedford Limited Deferred* and A Ordinary* Beazer Homes Birmingham Central Limited Deferred* and A Ordinary* Beazer Homes Bridgwater Limited Deferred* and A Ordinary* Beazer Homes Bristol Limited Deferred* and A Ordinary* Beazer Homes Cardiff Limited Deferred* and A Ordinary* Beazer Homes Doncaster Limited Deferred* and A Ordinary* Beazer Homes Edinburgh Limited1 Deferred* and A Ordinary* Beazer Homes Glasgow Limited1 Deferred* and A Ordinary* Beazer Homes Limited Ordinary*, Deferred* and A Ordinary* Beazer Homes Nottingham Limited Ordinary* Beazer Homes Reigate Limited Ordinary* Beazer Homes Stockport Limited Deferred* and A Ordinary* Beazer Homes Yateley Limited Deferred* and A Ordinary* Beazer London Limited Ordinary* Beazer Partnership Homes (Scotland) Limited1 Ordinary* Beazer Partnership Homes Midlands Limited Ordinary* Beazer Swaffham Limited Ordinary* Beazer Urban Developments (Anglia) Limited Deferred* and A Ordinary* Beazer Urban Developments (Bedford) Limited Ordinary* Beazer Urban Developments (East Midlands) Limited Ordinary* Beazer Urban Developments (South West) Limited Ordinary* Beazer Western Engineering Services Limited Ordinary* Belsco 1020 Limited1 Ordinary* Breakblock Limited Ordinary* Broomco (3385) Limited Ordinary* Bruce Fletcher (Leicester) Limited Ordinary* Charles Church Civil Engineering Limited Ordinary Name of undertaking Description of shares held Charles Church Developments Limited Ordinary* Charles Church Essex Limited Ordinary* Charles Church Estates Limited Ordinary* Charles Church Holdings plc A Convertible Ordinary*, B Ordinary*, B Redeemable Preference*, C Preference*, D Ordinary*, D Preference*, Deferred*, E Deferred*, E Ordinary* and Preference*. Charles Church Housing Limited Ordinary* Charles Church Investment Properties Limited Ordinary* Charles Church Kent Limited Ordinary* Charles Church Limited Ordinary* Charles Church London Limited Ordinary* Charles Church Management Limited Ordinary* Charles Church Partnership Homes Limited Ordinary* Charles Church Residential Developments Limited Ordinary* Charles Church South East Limited Ordinary* Charles Church Southern Limited Ordinary* Charles Church Thames Valley Limited Ordinary* Charles Church Trading Limited Ordinary* Charles Church Village Heritage plc Ordinary* Coatglade Limited Ordinary* Comben Group Limited A Deferred Ordinary, B Deferred Ordinary and Ordinary Cresswellshawe Properties Limited Ordinary* and 3.5% Preference* Crowther Homes (Darlington) Limited Ordinary* Crowther Homes (Midland) Limited Ordinary* Crowther Homes (Nat W) Limited Ordinary* Crowther Homes (Yarm) Limited Ordinary* Crowther Homes Limited Ordinary* D Dunk (Builders) Limited Ordinary* D R Dunthorn & Son Limited Deferred*, Deferred* and Ordinary* Datblygwyr Dorothea Limited (94% of nominal value owned) Ordinary* Delany Brothers (Housebuilders) Limited Ordinary* and Preference* Domus Group Limited Deferred*, Deferred* and A Ordinary* E.E. Reed & Co. (Builders) Limited Ordinary* E F G H Limited Ordinary* E F G H Nominees Limited Ordinary* Emerson Park Limited Ordinary* F C Spear Limited Ordinary* Name of undertaking Description of shares held Ferry Quay Developments Limited A Ordinary*, B Ordinary* and C Ordinary* Flex Fibre Limited Ordinary* FibreNest Limited Ordinary* FibreScale Limited Ordinary* Frays Property Management (No.1) Limited Ordinary* Frays Property Management (No.2) Limited Ordinary* Frays Property Management (No.6) Limited Ordinary* Friary Homes Limited Ordinary* Galliford Developments Limited Ordinary* Galliford Homes (London) Limited A Ordinary* and B Ordinary* Galliford Homes Holdings Limited A Ordinary*, B Ordinary* and Preference* Galliford Homes Limited Ordinary* Galliford Properties Southern Limited Ordinary* Galliford Southern Limited Ordinary* Geo. Wright & Co. (Contractors Wolverhampton) Limited Deferred*, A Deferred* and A Ordinary* Glamford Building Company Limited Ordinary* Gomersal Mills Limited Deferred* and Ordinary* Gosforth Business Park Management Company (No.2) Limited Ordinary* Haven Retirement Homes Limited Ordinary* Hazels Development Company Limited A Ordinary* and B Ordinary* Hillreed Developments Limited Ordinary* Hillreed Holdings Limited Ordinary*, Management Shares* and Cumulative Preference* Hillreed Homes Limited Ordinary* Hillreed Properties Limited Ordinary* Horsebridge Network Systems Limited A Ordinary* Ideal Developments Limited Ordinary* Ideal Homes (UK) Limited Ordinary* Ideal Homes Anglia Limited Ordinary* Ideal Homes Central Limited A Non Voting Ordinary* and B Ordinary* Ideal Homes Holdings Limited Deferred and Ordinary Ideal Homes Limited Ordinary* Ideal Homes Midlands Limited Ordinary* Ideal Homes North West Limited Ordinary* Ideal Homes Northern Limited Ordinary* Ideal Homes Scotland Limited Ordinary* Ideal Homes Services Limited Ordinary* Ideal Homes Southern Limited Ordinary* J.W. Liptrot & Company Limited Ordinary* 33 Details of all subsidiary undertakings continued Name of undertaking Description of shares held Jaboulet Limited Ordinary* John Maunders Group Limited Ordinary* Kenton Contracting (Yorkshire) Limited Ordinary* Kenton Contractors (Yorkshire) Limited Ordinary* Kenton Homes (Builders) Limited Ordinary* Kenton Homes (Developments) Limited Ordinary* Kenton Homes (Estates) Limited Ordinary* Knightsmoor Homes Limited Ordinary* Lady\u2019s Lane Property Co. Limited Ordinary* Lansdown Homes Limited Ordinary* Lazy Acre Investments Limited Ordinary* Leech Homes (Showhouses) Limited Ordinary*, 0.1% Non-Cumulative Preference A* and 1% Non- Cumulative Preference B* Leech Homes (Wales) Limited Ordinary* Leech Homes (Yorkshire) Limited Ordinary* Leech Homes Limited Deferred* and A Ordinary* Leech Northumbria Limited Ordinary* Leech Partnership Homes Limited Ordinary* Leisurama Homes Limited Ordinary* Linkway Properties Limited Ordinary* Locking Castle Limited A Ordinary*, B Ordinary* and C Ordinary* Magnus Design Build Limited Ordinary* Magnus Holdings Limited A Ordinary*, B Ordinary*, C Ordinary*, Enduring Ordinary* and Cumulative Redeemable Preference* Mapleleigh Limited Ordinary* Marriott Homes Limited Ordinary* Maunders Homes (East Anglia) Limited Ordinary* Maunders Homes (Midlands) Limited Ordinary* Maunders Homes (North West) Limited Ordinary* Maunders Homes (South) Limited Ordinary* Maunders Inner City Limited Ordinary* Maunders Urban Renewal Limited Ordinary* Mayclose Research Limited Ordinary* Melville Homes Limited A Ordinary*, B Ordinary*, C Ordinary*, Deferred* and Cumulative Redeemable Preference* Merewood (Kendal) Limited Ordinary* Merewood Group Limited Ordinary* Merewood Homes Limited Ordinary* Name of undertaking Description of shares held Merewood Investments Limited Ordinary* Mightover Limited Ordinary Milton Keynes Housing Group Limited Ordinary* Mitrebuild Limited Ordinary* and Deferred Ordinary* Monk Homes Limited Ordinary* Monsell Youell Construction Limited Ordinary* Monsell Youell Limited Deferred* and A Ordinary* Montague Developments Limited Ordinary* Mount Row Finance Limited Ordinary* Mount Row Securities Limited Ordinary* NGP Management Company Residential (Cell C) Limited2 Ordinary* Pacemaker Developments Limited Ordinary* Park House Developments (Peters\ufb01eld) Limited Ordinary* Partnership Homes Limited Ordinary* Pennant Developments Limited Ordinary* and 5% Non-Cumulative Preference* Pentra Limited Ordinary* Perlease Limited Ordinary* Persimmon (City Developments) Limited Ordinary* Persimmon (Eccleshall) Limited Ordinary* Persimmon (Share Scheme Trustees) Limited Ordinary Persimmon (SHL) Limited Ordinary* Persimmon (Strensall) Limited Ordinary* Persimmon Brickworks Limited Ordinary* Persimmon Developments (No 1) Limited Ordinary* Persimmon Developments (No 2) Limited Ordinary* Persimmon Developments (Didcot) Limited Ordinary* Persimmon Developments (No 5) Limited Ordinary* Persimmon Developments (No 6) Limited Ordinary* Persimmon Developments (No 7) Limited Ordinary* Persimmon DN Limited (Incorporated in Ireland)3 Ordinary* Persimmon Finance (Jersey) Limited (Incorporated in Jersey)4 Ordinary Persimmon Finance (No 2) Limited Ordinary Persimmon Finance Limited Ordinary Persimmon Harts Limited Ordinary Persimmon GR (No 4) Limited Ordinary* Persimmon GR (No 11) Limited Ordinary* Persimmon GR (No 12) Limited Ordinary* Persimmon GR (No 13) Limited Ordinary* Name of undertaking Description of shares held Persimmon GR (No 14) Limited Ordinary* Persimmon GR (No 15) Limited Ordinary* Persimmon GR (No 16) Limited Ordinary* Persimmon GR (No 17) Limited Ordinary* Persimmon Holdings Limited Ordinary and A Ordinary* Persimmon Homes (Anglia) Limited Ordinary* Persimmon Homes (Doncaster) Limited Ordinary* Persimmon Homes (East Midlands) Limited Ordinary* Persimmon Homes (East Scotland) Limited Ordinary* Persimmon Homes (East Yorkshire) Limited Ordinary* Persimmon Homes (Edmonstone) Limited Ordinary Persimmon Homes (Essex) Limited Deferred* and A Ordinary* Persimmon Homes (Lancashire) Limited Ordinary* Persimmon Homes (Mercia) Limited Ordinary* Persimmon Homes (Midlands) Limited Ordinary* Persimmon Homes (North East) Limited Ordinary* Persimmon Homes (North Midlands) Limited Ordinary* Persimmon Homes (North West) Limited Ordinary* Persimmon Homes (Partnerships) Limited Ordinary Persimmon Homes (South Coast) Limited Ordinary* Persimmon Homes (South East) Limited Ordinary* Persimmon Homes (South Midlands) Limited Deferred* and A Ordinary* Persimmon Homes (South West) Limited Ordinary* Persimmon Homes (South Yorkshire) Limited Ordinary* Persimmon Homes (Teesside) Limited Ordinary* Persimmon Homes (Thames Valley) Limited Ordinary* Persimmon Homes (Wales) Limited Ordinary* Persimmon Homes (Wessex) Limited Ordinary* Persimmon Homes (West Midlands) Limited Deferred* and A Ordinary* Persimmon Homes (West Scotland) Limited Ordinary* Persimmon Homes (West Yorkshire) Limited Ordinary* Persimmon Homes (Woodley) Limited Ordinary Persimmon Homes (York) Limited Ordinary Persimmon Homes (Yorkshire) Limited Deferred* and Ordinary* Persimmon Homes Developments Limited Ordinary Persimmon Homes Limited Ordinary* Name of undertaking Description of shares held Persimmon Partnerships (Scotland) Limited Ordinary* Persimmon Pension Trustees Limited Ordinary Persimmon Residential Limited Ordinary* Persimmon Scottish Limited Partnership**1 n/a Persimmon Scottish Pension Trustees Limited1 Ordinary Persimmon Shared Equity Limited Ordinary Persimmon Tileworks Limited Ordinary* Persimmon Trustees Limited Ordinary Pinnacle Developments (Scotland) Limited1 Ordinary* Practical Finance Co. Limited Ordinary* Prowting Homes Anglia Limited B Ordinary*, C Ordinary* and D Ordinary* Prowting Homes Central Limited Ordinary* Prowting Homes Chatsworth Limited Ordinary* Prowting Homes Limited Ordinary* Prowting Homes Ludlow Limited Ordinary* Prowting Homes Midlands Limited Ordinary* Prowting Homes South East Limited Ordinary* Prowting Homes South West Limited Ordinary* Prowting Homes West Limited Ordinary* Prowting Homes Wolds Limited Ordinary* Prowting Limited Ordinary* Prowting Projects Limited Ordinary* Prowting Properties Limited Ordinary* Repac Homes Limited Ordinary* SLB Construction Management Limited Ordinary* Second City Homes Limited Deferred* and A Ordinary* Senator Homes Limited Ordinary* Sequoia Developments Limited Ordinary* Severnbrook Homes Limited Ordinary* Sherbourne Properties (Warwick) Limited Ordinary* Space4 Limited Ordinary* Spring\ufb01r Estates Limited Ordinary* Spring\ufb01r Holdings Limited Ordinary* Steelhaven (7) Limited Ordinary* and 1% Non-Cumulative Redeemable Participating Preference* Tamborough Developments Limited Ordinary* Tela Properties Limited Ordinary* The Charles Church Group Limited A Ordinary* The Charles Church Group Share Trustees Limited Ordinary* 33 Details of all subsidiary undertakings continued Name of undertaking Description of shares held Townedge (Holdings) Limited Ordinary* Townedge Estates Limited Ordinary* Trent Park Regeneration Limited A Ordinary* and B Ordinary* Tryall Developments Limited Ordinary* Tudor Jenkins & Company Limited Ordinary* Walker Homes (Scotland) Limited1 Ordinary* Wardour Limited (Incorporated in Gibraltar)5 Ordinary* Wenshaw Limited Ordinary* Wescott Holdings Limited Ordinary* Wescott Homes Limited Ordinary* Wescott Land Limited Ordinary* Westbury Direct Limited Ordinary* Westbury Homes (Holdings) Limited Irredeemable Preference*, Ordinary*, Deferred* and 9.25% Preference* Westbury Homes (Midlands) Limited Ordinary* Westbury Homes (Oval) Limited Ordinary* Westbury Homes (Severnside) Limited Ordinary* Westbury Homes (Somerset) Limited Ordinary* Westbury Homes (South West) Limited Ordinary* Westbury Homes (Stadium) Limited Ordinary* Westbury Homes (Venymore) Limited A Ordinary* and B Ordinary* Westbury Homes (Wales) Limited Ordinary* Westbury Homes (West Midlands) Limited Ordinary* Westbury Homes Limited Ordinary* Westbury Housing Investments Limited Ordinary* Westbury Limited Ordinary William Leech Builders (North West) Limited Ordinary* William Leech Limited Ordinary* and 6.5% Cumulative Preference* Joint Arrangements Name of undertaking Description of shares held Proportion of nominal value of share class held Proportion of all share classes Beechpath Limited Ordinary 50% 50% Bentwaters Housing Limited Ordinary 50% 50% Bentwaters Nominees Limited Ordinary 50% 50% Coton Park Consortium Limited6 WD 50% 25% Cramlington Developments Limited A Ordinary 100% 50% Genesis Estates (Manchester) Limited7 Ordinary 50% 50% Gosforth Business Park Management Company Limited A Ordinary 100% 33.3% Haydon Development Company Limited 8 Ordinary 20.5% 20.5% Leebell Developments Limited A Ordinary 100% 50% Newcastle Great Park (Estates) Limited 2 A Ordinary 100% 50% North Haven Developments (Sunderland) Limited B Ordinary 100% 50% North Swindon Development Company Limited8 Ordinary 15% 15% Oxfordshire Land Limited Ordinary 33.3% 33.3% Quedgeley Urban Village Limited 9 C Ordinary 100% 25% Rothley Temple Estates Limited10 Ordinary 28.5% 28.5% Sociedade Torre de Marinha Realizacoes Turisticas SA (Incorporated in Portugal) 11 Ordinary 50% 50% Trafalgar Metropolitan Homes Limited A Ordinary 100% 50% Triumphdeal Limited12 Ordinary 50% 50% Wick 3 Nominees Limited B Ordinary 100% 33.3% * Share class held by another Group company, but ultimately held by Persimmon Plc. ** A Scottish Limited Partnership. 1. 180 Findochty Street, Garthamlock, Glasgow, G33 5EP 2. 3rd Floor Citygate, St. James\u2019 Boulevard, Newcastle upon Tyne, Tyne & Wear, NE1 4JE 3. 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland 4. 44 Esplanade, St Helier, JE4 9WG, Jersey 5. 3 Bell Lane, Gibraltar 6. The Office, 12 West\ufb01eld Close, Gravesend, Kent, DA12 5EH 7. 6 Europa Court, Sheffield Business Park, Sheffield, S9 1XE 8. 6 Drakes Meadow, Penny Lane, Swindon, Wiltshire, SN3 3LL 9. 250 Aztec West, Almondsbury, Bristol, BS32 4TR 10. 137 Scalby Road, Scarborough, North Yorkshire, YO12 6TB 11. Av. Duque de Loul\u00e9 47-2, 1050-086, Lisbon, Portugal 12. Gate House, Turnpike Road, High Wycombe, Buckinghamshire, HP12 3NR Residents Management Companies The companies listed below are Residents Management Companies (RMCs) currently controlled by the Group. Control is exercised by the Group\u2019s power to appoint Directors and the Group\u2019s voting rights in these companies. All RMCs are companies limited by guarantee without share capital (unless otherwise stated) and incorporated in the UK. The capital, reserves and pro\ufb01t or loss for the year has not been stated for these RMCs as bene\ufb01cial interest in any assets or liabilities of these companies is held by the residents. These companies have not been included in the consolidated accounts, are temporary members of the Group and will be handed over to residents in due course. The Registered Office of each RMC is Persimmon House, Fulford, York, YO19 4FE (unless otherwise stated). Company Name Abbey Green (Amesbury) Management Company Limited Abbeyvale Taunton Management Company Limited 1 Abbot Walk (Chatteris) Residents Management Company Limited Ackton Pastures (Castleford) Management Company Limited Agusta Park Flats Yeovil Management Company Limited Agusta Park Yeovil Management Company Limited Aldenham Road (Bushey) Management Company Limited Alderman Park (Hasland) Management Company Limited Allt Y Celyn (Rhos) Management Company Limited Amberwood (Carlisle) Management Company Limited Amblehurst Green (Billingshurst) Management Company Limited Amherst Hill (Brompton) Management Company Limited2 Appledore Grove Management Company Limited Arisdale (Phase 2) Residents Management Company Limited3 Arnold Way (Grove) Management Company Limited Arnold Way No. 2 (Grove) Management Company Limited Arnold Way No. 3 (Grove) Management Company Limited Ashworth Place (Phase 2) Management Limited Augusta Park (Dinnington) Management Company Limited Avalon (Mans\ufb01eld) Management Company Limited4 Aveley Village (Aveley) Residents Management Company Limited Aveley Village (Thurrock) Management Company Limited Avon Fields (Durrington) Management Company Limited Awel Afan (Port Talbot) Management Company Limited Aykley Woods (Durham) Management Company Limited Aylesham Village Phase 1b (Aylesham) Residents Management Company Limited Aylesham Village Phase 2 (Aylesham) Residents Management Co Ltd Backbridge (Malmesbury) Management Company Limited Badbury Park (Swindon) Management Company Limited Badbury Park (Swindon) No 2 Management Company Limited Badbury Park (Swindon) No 3 Management Company Limited Bannerbrook Management Company Limited5 Bannerbrook Park Phase II (Coventry) Management Company Limited Barber Court (Birmingham) Management Company Limited Barrington Park Management Company Limited 6 Barry Waterfront Residents Management Company Limited7 Beauchamp Grange (Caister) Residents Management Company Limited Beckets Grove Management Company Limited Beckets Grove Phase 2 (Wymondham) Residents Management Company Limited Beckford Road (Alderton) Management Company Limited Belgrave Court (Cheltenham) Management Company Limited7 Bell Lane (Little Chalfont) Management Company Limited Bells Hill Management Company Limited 8 Berrow Court Management Company Limited7 Bishops Green (Coundon) Management Company Limited Bishops Mead (Lydney) Management Company Limited Bishops Meade (Downton) Management Company Limited Blossom Meadows (Buttershaw) Management Company Limited Bluebell Meadow (Bradwell) Management Company Limited Bluebell Wood (Willenhall) Management Company Limited9 Bootham Crescent (York) Residents Management Company Limited Boulton Moor (Derby) Properties Limited Boyton Place (Haverhill) Residents Management Company Limited Brackenleigh (Carlisle) Management Company Limited Bradley Barton View Management Company Limited Bramble Rise (Hetton) Management Company Limited Bramblewood (Old Basing) Residents Management Company Limited Branshaw Park (Keighley) Management Company Ltd Company Name Bridge\ufb01eld (Ashford) Management Company Limited Bridge\ufb01eld Nine Management Company Limited Brindle Park (Bamber Bridge) Management Company Limited 8 Broadway (Rainham) Residents Management Company Limited Brockeridge Road (Twyning) Resident Management Company Limited3 Brook\ufb01eld (Golborne) Management Company Limited6 Buckton Place (Leiston) Residents Management Company Limited Bugbrooke Road (Kislingbury) Management Company Limited10 Bur\ufb01eld Valley Estate Management Limited11 Buttercup Leys (Boulton Moor) Residential Management Company Limited Buzzard Meadows (Leighton Buzzard) Residents Management Company Limited10 Calder Grange (Dewsbury) Management Company Limited Canalside (Burton Upon Trent) Residential Management Company Limited Canonbury Rise (Berkeley) Management Company Limited Carleton Meadows Management Company Limited Carn Y Cefn RMC Ltd 12 Carpenters Field (Denmead) Management Company Limited Castellum Grange (Colchester) Residents Management Company Limited Castle Hill (Cottingham) Management Company Limited Castle Park (West Durrington) Management Company Limited13 Castle View (Netherton) Management Company Limited Castlemead (953) Trowbridge Management Company Limited Castlemead (Persimmon 950) Town Trowbridge Limited Castlemead (Persimmon 964) Town Trowbridge Limited Castleton Court (Haverfordwest) Management Company Limited Cathedral Court (Salisbury) Management Company Limited Cathedral Gate (Salisbury) No.2 Management Company Limited7 Cathedral View (Durham) Management Company Limited Cayton Meadows (Scarborough) Management Company Limited Central Square (Stroud) Management Company Limited7 Century Rise (Emersons Green) Management Company Limited Chancery Park (Exning) Residents Management Company Limited Charlton Place (Keynsham) Management Company Limited Chaucers Meadow (North Petherton) Management Company Limited Chilmark Glade Management Company Limited Chorley G 1 Management Company Limited 8 Chosen View (No. 2) Management Company Limited7 Church Lane (Deal) Residents Management Company Limited Clarence Place (Bracknell) Residents Management Company Limited Cloatley Cresent Management Company Limited Clock Tower (Wolverhampton) Management Company Limited8 Clos Ty Gwyn (Hendy) Management Company Limited Clover Chase (Lingwood) Residents Management Company Limited Coastal Dunes (Lytham St Annes) Management Company Limited Coatham Vale And Berrymead Gardens Residents Management Company Limited14 Coed Darcy (Llandarcy) Management Company Limited College Park (Thurston) Residents Management Company Limited Colliers Walk (Nottingham) Management Company Limited8 Colonial Wharf (Chatham) Residents Management Company Limited Copper\ufb01eld Place (Chelmsford) Residents Management Company Limited Copper\ufb01eld Truro Management Company Limited Coquet Grange (Amble) Management Company Limited Corelli Sherborne Management Company Limited Cote Farm (Thackley) Management Company Limited Coton Park (Rugby) Management Company Limited Cotswold Vale (Long Marston) Management Company Limited 3 Coverdale Paignton Management Company Limited1 Crofton Walk (Fair Oak) Management Company Limited Cromwell Gardens (Huntingdon) Residents Management Company Limited Cromwell Place (Little Dunmow) Residents Management Company Limited Crosland Road (Lindley) Management Limited15 Cross Quays (Westwood) Management Company Limited Cross Quays Phase 2 (Thanet) Residents Management Company Limited Cumnor Hill Management Company Limited Cwrt Y Llwyfen (Johnstown) Management Company Limited Daisy Hill (Morley) Management Company Limited Dan Y Bryn Management Company Limited Dartford Bow Arrow (Management Company) Limited16 De Vere Grove (Colchester) Residents Management Company Limited Deerwood Park (Colne) Management Company Limited Dol Yr Ysgol (Bridgend) Management Company Limited Douglas Gardens (Hesketh) Management Company Ltd8 Downs View (Swanley) Residents Management Company Limited Dukes Meadow (Tangmere) Management Company Limited D\u2019urton Heights (Preston) Management Company Limited Dyffryn Management Limited12 Earlesmead (Framingham Earl) Residents Management Company Limited East Benton Rise (Benton) Management Company Limited Eclipse House (Andover) Management Company Limited Edinburgh Park (Liverpool) Management Company Limited8 Eldon Whins (Middridge) Management Company Limited Elkas Rise (Ilkeston) Management Company Limited 33 Details of all subsidiary undertakings continued Ellesmere Park (The Oaks) Management Company Limited 6 Ellis Mews (Micheldever) Management Company Limited 11 Elm Farm (Wymondham) Residents Management Company Limited Emily Fields (Swansea) Management Company Limited Eton Place (Bracknell) Management Company Limited Eve Parc (Falmouth) Management Company Limited Fair Mile Rise (Blandford St Mary) Management Company Limited Fairfax Mews Crediton Management Company Limited1 Fairmoor (Morpeth) Management Company Limited Fairways (Retford) Management Company Limited Fallow (Benton) Residents Management Company Limited Farley Fields South Petherton Management Company Limited1 Fatherford View (Okehampton) Management Company Limited Festival Park (Easton) Residents Management Company Limited Field Place (Faversham) Management Company Limited16 Fleckney Road Management Company Limited Flint Grange (Clacton) Residents Management Company Limited Foley Gardens (Newent) Residential Management Company Limited3 Folly Grove (Hockley) Residents Management Company Limited Forest View (Calverton) Management Company Limited Forge Wood (Crawley) Management Company Limited17 Foundry Meadows (Bexhill) Residents Management Company Limited Foxes Chase (Anlaby) Residents Management Company Limited Fox\ufb01elds (Stoke-On-Trent) Management Company Limited7 Foxley Park (Dereham) Residents Management Company Limited Friarwood Park (Pontefract) Management Company Limited Garden Valley (Aylesham) Residents Management Company Limited 11 Garendon Park Residents Management Company Ltd George Ward Gardens (Melksham) Management Company Limited Germany Beck (Fulford) Management Company Limited Gilden Park (Old Harlow) Resident Management Company Limited 8 Gipping Mill (Great Blakenham) Residents Management Company Limited Glan Yr Afon (Swansea) Management Company Limited Golwg Y Glyn (Fforest) Management Company Limited 7 Golwg Y Mynydd (Mountain Ash) RMC Ltd 12 Gotherington Grange Resident Management Company Limited Grangewood Park (Burnham On Crouch) Residents Management Company Limited Grays Court (Orpington) Residents Management Company Limited11 Great Western Park (Didcot) No 1 Management Company Limited Great Western Park (Didcot) No 2 Management Company Limited Great Western Park (Didcot) No 3 Management Company Limited Great Woodcote Park Exeter Management Company Limited Greenacres (Easington) Management Company Limited Green\ufb01elds (Narberth) Management Company Limited Greetwell Fields (Lincoln) Residents Management Company Limited Griffin Wharf (Ipswich) Residents Management Company Limited Grove Street (Raunds) Residents Management Company Limited Hailes Wood (Elsenham) Residents Management Company Limited Hamilton Gate (Frinton) Residents Management Company Limited Hampton Gardens Phase 3 (Peterborough) Residents Management Company Ltd Hampton Park (Littlehampton) Residents Management Company Limited Hansons Reach (Stewartby) Residents Management Company Limited Hanwell Chase (Banbury) Residents Management Company Limited Harbourside View (Portchester) Management Company Limited Harbury Lane (Warwick) Management Company Limited Hardings Wood (Kidsgrove) Residents Management Company Limited 6 Harebell Meadows And Hartburn Grange Residents Management Company Limited 6 Harford Mews Ivybridge Management Company Limited1 Harlands Park (Uck\ufb01eld) Residents Management Company Limited Harlow Fields (Mackworth) Residential Management Company Limited Harlow Hill Grange (Harrogate) Management Company Limited Harpur Hill (Buxton) Residents Management Company Limited 6 Harrow View West (Harrow) Residents Management Company Limited Hartley Grange (Whittlesey) Residents Management Company Limited Hartnells Farm Management Company Limited Hastings Place (Bentley) Management Company Limited Hatchwood Mill (Winnersh) Management Company Limited Hat\ufb01eld Lane Armthorpe Management Company Limited 18 Hathern Road (Shepshed) Management Company Limited3 Hauxley Grange (Amble) Residents Management Company Limited Hawthorn Chase (Aston Clinton) Residents Management Company Limited Haybridge (Wells) Management Company Limited7 Haywards Gardens (Kegworth) Man Co. Limited19 Haywood Heights (Writhlington) Management Company Limited Hazel Brook Management Company Limited20 Hazelmere (Flockton) Management Company Limited Heath\ufb01eld Gardens (Phase 7) Management Company Limited Heathpark Wood (Windlesham) Management Company Limited Hellingly 415 Residents Management Company Limited Hellingly 416 Management Company Limited Hellingly 418 Management Company Limited Hepburn Chase Management Company Limited 21 Heritage Gate (Llantwit Major) Residents Management Company Limited Heritage Green (Newbottle) Management Company Limited22 Heritage Park (Shin\ufb01eld) Residents Management Company Limited Heritage Park (Sutton Courtenay) Residents Management Company Limited Herne Vale Ilminster Management Company Limited Herons Park (Angmering) Management Co Ltd 11 Herrington Grange (Philadelphia) Management Company Limited Hethersett Residents Management Company Limited 8 Heugh Hall (Coxhoe) Residents Management Company Limited Higham Lane Management Company Limited High\ufb01eld Farm (West Melton) Residents Management Company Limited Hill Barton Vale Exeter Management Company Limited Hill Barton Vale Flats Exeter Management Company Limited Hill\ufb01eld Meadows (Sunderland) Management Company Limited Hillies View (Wombwell) Management Company Limited Holdingham Grange (Sleaford) Residents Management Company Limited Homington Avenue (Swindon) Local Centre Management Company Limited Horsbere Mews (Longford) Management Company Limited Horseshoe Meadows (Westbury) Management Company Limited HRC (Ware) Residents Management Company Limited Hunters Edge (Eaglescliffe) Residents Management Company Limited Hurdle Court (Andover) Management Company Limited Hydro (St Neots) Number One Management Company Limited Imperial Park (Bristol) Management Company Limited Ingleby (Barwick) Management Company Limited Iwade Meadows (Iwade) Management Company Limited Iwade Meadows (Yalding Apartments Plots 74-79) Management Company Limited James Avenue (Calne) Management Company Ltd Jasmine Gardens Management Company Limited Jubilee Gardens (Warminster) Management Company Ltd Kennedy Place (Ulverston) Management Company Limited Kings Grove Cranbrook Management Company Limited Kingsbridge Court (Gorseinon) Management Company Limited Kingsbridge Fields Management Company Limited Kingsbury Gardens (St Albans) Residents Management Company Limited Kingsbury Meadows (Wake\ufb01eld) Management Company Limited Kingsmead (Gloucester) Management Company Limited Knights Court (Old Sarum) Management Company Limited Knightswood Place (Rainham) Residents Management Company Limited Kyngshouton (Houghton Regis) Residents Management Company Limited Ladgate Woods (Middlesbrough) Management Company Limited Lakedale Whiteley Meadows (North Whiteley) Management Company Limited Lakeside Edge (Peterborough) Residents Management Company Limited Lambourn Meadow (Thatcham) Management Company Limited13 Larkbear Management Company Limited 7 Lauder Mews Crediton Management Company Limited Launds Field (Galgate) Management Company Limited Laureate Heights Sidmouth Management Company Limited Lavender Fields (South Wootton) Residents Management Company Ltd Lime Tree Court Derby Management Company Limited Limes Place (Upper Harbledown) Residents Management Company Limited Lindale Park (Alverthorpe) Management Company Limited Lindley Moor Meadows (Hudders\ufb01eld) Management Company Limited Ling\ufb01eld Meadows (Houghton) Management Company Limited Llanilid Management Company Limited Llanilltern Apartments RMC Ltd12 Llanilltern Village RMC Ltd 12 Llys Ystrad (Bridgend) Management Company Limited Lodmoor Sands (Weymouth) Management Company Limited 7 Longbridge Place (Longbridge) Management Company Limited Longleaze Management Company Limited Low Moor Meadows (Morley) Management Company Limited Low Street (Sherburn In Elmet) Management Company Limited 22 Lowen Bre Truro Management Company Limited Lucknam Crescent (Swindon) Management Company Limited Lythalls Lane (Coventry) Management Company Limited Maes Dyfed Management Company Limited Maes Y Parc (Cross Hands) Management Company Limited Maiden Vale (Ryhope) Management Company Limited Malvern Rise (Malvern) Management Company Limited Malvern Vale (Malvern) Management Company Limited3 Manor Farm (Doncaster) Management Company Limited Manor Farm (Mickle\ufb01eld) Management Company Limited Manor Gardens (Selsey) Management Company Limited 7 Manor Park Residents Company Ltd20 Manor Park Sprowston Residents Management Company Limited8 Manor Place (Maidenhead) Residents Management Company Limited Maple (221) Limited7 Maple Oak (Alton) Management Company Limited7 Mariners Walk (Swansea) Apartment Management Company Limited* Mariners Walk (Swansea) Management Company Limited* Marshfoot Lane (Hailsham) Residents Management Company Limited Martello Park (Pembroke) Management Company Limited Martineau Gardens Harborne Management Company Limited9 Mascalls Grange (Paddock Wood) Residents Management Company Limited Meadow View (Oundle) Management Company Limited Meadow View (Redditch) Resident Management Company Limited Mendip Chase Management Company Limited7 Meon Way Gardens Management Company Limited3 Merchants Walk Cullompton No 2 Management Company Limited Mercians Place Management Company Limited Meridian Place (Hertford) Residents Management Company Ltd Merlins Lane (Scarrowscant) Management Company Limited Mersey View (Bromborough Pool) Management Company Limited23 Mill Gardens (Cullompton) Management Company Limited Mill Valley (Pevensey) Residents Management Company Limited Mill View (Willingdon) Management Company Limited Millbeck Grange (Bowburn) Management Company Limited Millennium Farm (New Waltham) Management Company Limited Monkswood (Sacriston) Management Company Limited Montague Park Residents Management Company Limited24 Montfort Place (Odiham) Management Company Limited8 Moor\ufb01eld (Easington) Management Company Limited Moor\ufb01eld Park Management Company Limited8 Moorlands Walk (Sherburn) Management Company Limited Mulberry Grange (Castleford) Management Company Limited Mulberry Grove (St Fagans Cardiff) Management Company Limited Nelson\u2019s Park (North Walsham) Residents Management Company Limited NGP Management Company (Cell E) Limited* 25 NGP Management Company (Cell F) Limited*25 NGP Management Company (Commercial) Limited*25 NGP Management Company (Town Centre) Limited*25 NGP Management Company Residential (Cell G) Limited*25 Norton Gardens Residents Management Company Limited Norton Hall Meadow Management Limited8 Oak Heights (Northiam) Residents Management Company Limited11 Oak Tree Gardens (Audley) Management Company Limited 15 Oakcroft Chase (Stubbington) Management Company Limited Oakhurst Village (Shirley) Management Company Limited Oakland Gardens (Wilthorpe) Management Company Limited Oakley Grange & Eden Villas (Cheltenham) Management Company Limited Oakwood Meadows (Colchester) Residents Management Company Limited Oakwood Meadows Phase 4 (Stanway) Residents Management Company Limited Oakwood Park (Wymondham) Residents Management Company Limited Oakwood View (Brackla) Management Company Limited Oakwood View (Weston-Super-Mare) Management Company Limited Oast Court Farm Management Company Limited26 Old Road (Churwell) Management Company Limited Open Space Management Limited 15 Orchard Croft (Diss) Residents Management Company Limited Orchard Grove (Coxheath) Residents Management Company Ltd Orchard Leaze Management Company Limited20 Orchard Manor (Cheddington) Residents Management Company Limited Orchard Meadows (Iwade) Residents Management Company Limited Orchard Mews Pershore Management Company Limited3 Otterham Park (Rainham) Residents Management Company Limited Oxley Springs (Milton Keynes) Management Company Limited Oxley Springs 8b (Milton Keynes) Management Company Limited Paddocks 21 (Andover) Management Company Limited Palmerston Heights Plymouth Management Company Limited Paragon Park (Coventry) Management Company Limited Parc Brynderi (Llanelli) Management Company Limited Parc Yr Onnen (The Limes) Management Company Limited Park Farm (South East) Management Company Limited27 Parklands (Hessle) Residents Management Company Limited Parrett Gardens (Langport) Management Company Limited Pavilion Gardens (Monkton Heath\ufb01eld) Management Company Limited Pedlars Meadow (Swaffham) Residents Management Company Limited Pembridge Court (Clehonger) Residents Management Company Limited Penny Pot Lane (Harrogate) Management Company Limited Perry Park View (Perry Barr) Management Company Limited3 Persimmon Gardens (Hindley) Management Company Limited 6 Persimmon Gardens (Martham) Residents Management Company Limited Persimmon Grange Framlingham Residents Management Company Limited Persimmon Homes The Oaks (Selly Oak) Management Company Limited Phoenix Park (Dunstable) Residents Management Company Limited Phoenix Wharf (West Bromwich) Management Company Limited3 Picket 20 Management Company Limited Picket Twenty Two (Andover) Management Company Limited Port Marine Management Limited 28 Portland Park (Ashington) Management Company Limited Pottery Gardens (Cheadle) Residents Management Company Limited 6 Priory Green (Chilton Polden) Management Company Limited1 Priory Meadows (Bodmin) Management Company Limited Quantock View Management Company Limited Quinta Mews Management Company Limited29 Rackheath Residents Management Company Limited Radstone Road (Brackley) Management Company Limited Rainton Gardens (Chilton Moor) Management Company Limited Rainton Meadows (Chilton Moor) Management Company Limited 22 Ramsdell (Ashford Hill) Management Company Limited Rectory Lane (Standish) Management Company Limited Redhayes Management Company Limited 30 Redland Grange (Cottenham) Residents Management Company Limited Regent Park (Calne) Management Company Limited Regents Place (Chellaston) Management Company Limited Repton Park 18 (Ashford) Residents Management Company Limited Repton Park 19-23 (Ashford) Residents Management Company Limited Repton Park 8 & 10 (Ashford) Residents Management Company Ltd Rivendell (Gedling) Management Company Limited Riverbourne Fields Management Company Limited Roseberry Park (Pelton) Management Company Limited Salterns (Terrington) Residents Management Company Limited Saltram Meadow Plymouth Management Company Limited Samford Gardens (Capel St Mary) Residents Management Company Limited Sand\ufb01eld Walk (Nottingham) Management Company Limited Sandgate Drive (Kippax) Management Company Limited Sandpipers (Minster) Residents Management Company Limited Saxon Fields (Bridgwater) Management Company Limited Saxon Gate (Chelmsford) Management Company Limited Saxon Gate (Shaftesbury) Management Company Limited Saxon Grove (Purton) Management Company Limited Saxon Meadow (Sutton On Trent) Residents Management Company Limited Saxons Chase (Headcorn) Residents Management Company Limited Scholar\u2019s Green (Northampton) Residents Management Company Limited Seaside Lane (Easington) Management Company Limited Seaton Vale (Ashington) Residents Management Company Limited Sharpes Meadow (Heybridge) Residents Management Company Limited Sherborne Fields (Basingstoke) Management Limited Sherborne Fields Apartments Ph6 (Basingstoke) Management Company Limited Shilton Place (Coventry) Management Company Ltd 31 Shirewood (Beighton Road) Management Company Limited Silver Hill (Preston) Management Company Limited Silverwood (Garforth) Management Company Limited Solway View (Workington) Management Company Limited Sovereign Quarter (Gillingham) Management Company Limited Speckled Wood (Carlisle) Management Company Limited Spring Meadows (Darwen) Management Company Limited 8 St Andrews (Uxbridge) Management Company Limited3 St Andrews Park (Phase 3c Uxbridge) Management Company Limited St Andrews Park (Vine Lane 1a) Management Company Limited3 St Andrews Park (Vine Lane 2a) Management Company Limited St Andrews Park 2b/3a (Churchill Road, Uxbridge) Management Company Limited St Andrews Park 3b (Uxbridge) Management Company Limited3 St Andrews Ridge (Swindon) Management Company Limited St Dunstans Place (Burbage) Management Company Limited St Edeyrns Apartments (Cardiff ) RMC Limited St Edeyrns Village (Cardiff) Residents Management Company Limited St Edmunds (Frome) Management Company Limited St George (Lancaster) Management Company Limited St Georges Keep Management Company Limited St James Park (Bramley) Residents Management Company Limited St Johns (Lich\ufb01eld) Management Company Limited St Michaels Place (Colchester) Residents Management Company Limited St Michaels Way (South Ryhope) Residents Management Company Limited St Oswalds Park (Gloucester) Management Company Limited St Peters Place (Salisbury) Management Company Limited St Wilfrid View (Ripon) Management Company Limited Stanbridge Meadows (Peters\ufb01eld) Management Company Limited Stanford Meadows (Stanford-Le-Hope) Residents Management Company Limited Staynor Hall 4 (Selby) Residents Management Company Limited Staynor Hall K (Selby) Management Company Limited Stephenson Park (Wallsend) Residents Management Company Limited Stortford Fields (Bishops Stortford) (Persimmon) Resident Management Company Limited Strawberry Fields Penryn Management Company Limited Stream View Management Limited 29 Swan Park (Dawlish) Management Company Limited Sycamore Gardens (Oakdale) RMC Ltd12 Sycamore Rise (Thame) Residents Management Company Limited Tanners Meadow (Brockham) Management Company Ltd11 Tarraby View (Carlisle) Management Company Limited Teasdale Place (Carlisle) Management Company Limited The Acorns (Shirley) Management Company Limited 3 The Alders (Gilwern) Residents Management Company Limited The Blossoms (Blackburn) Management Company Limited 8 The Boulevards (East Tilbury) Residents Management Company Limited The Boulevards (Newport) Residents Management Company Limited Company Name Company Name 33 Details of all subsidiary undertakings continued The Bridge (Dartford) 29 And 31a Residents Management
Company Limited
The Bridles (Ffos Las) Management Company Limited
12
The Carriages (Burscough) Management Company Limited
The Copse (Bridgwater) Management Company Limited
20
The Cottons (Holmes Chapel) Management Company Limited
The Croft (Burgess Hill) Residents Management Company Limited
The Edge (Hempstead) Management Limited
The Gateway (Colchester) Residents Management Company Limited
The Goldings Newquay Management Company Limited
The Grange (Chalfont St Peter) Management Company Ltd
The Grange (Chepstow) Limited
The Grange (Wellesbourne) Management Company Limited
The Hamptons (Newcastle) Resident Management Company Limited
6
The Haven (Swansea) Management Company Limited
The Heath (Sandbach) Management Company Ltd
8
The Hedgerows (Alsager) Management Company Ltd
6
The Heights (Newark) Residents Management Company Limited
The Lancasters (Cambridge) Residents Management Company Limited
The Landings (Waddington) Residents Management Company Limited
The Links (Machynys East) Management Company Limited
7
The Maples (NGP) Management Company Limited
The Maples (Weston) Residents Management Company Limited
The Middles (Stanley) Management Company Limited
The Mile (Pocklington) Management Company Limited
The Oaklands (NGP) Residents Management Company Limited
The Oval (Selly Oak) Management Company Limited
6
The Paddocks (Aintree) Management Company Limited
6
The Paddocks (Farcet) Residents Management Company Limited
The Paddocks (Highworth) Management Company Limited
6
The Pastures (Lowton) Management Company Limited
6
The Pinnacles Management Company (Thamesmead) Limited
The Poppies (Harleston) Management Company Limited
The Poppies Management Company Limited
The Priory (Llandough) Residents Management Company Limited
32
The Quadrant (Whitney Crescent) Management Limited
20
The Reeds Lower Halstow Management Ltd
29
The Rosary (Emersons Green) Management Company Limited
The Rydons Exeter Number Two Management Company Limited
The Sands (Durham) Management Company Limited
The Shires (Oswaldtwistle) Management Company Ltd
8
The Swallows Management Company Limited
20
The View (Redditch) Management Company Limited
The Village, Aveley Phase Ii Residents Management Company Limited
The Weald (Easingwold) Management Company Limited
The Whinmoor (Leeds) Management Company Limited
23
The Wickets (Penenden Heath) Residents Management
Company Limited
The Willows Earlestown (Newton Le Willows) Management
Company Limited
23
The Windmills (Kirton) Residents Management Company Limited
Thornley Woods (Gateshead) Management Company Limited
Tilbury Fields (Oxford) Management Company Limited
8
Tir Y Bont (Bridgend) Management Company Limited
Towcester Grange (Towcester) Residents Management
Company Limited
19
Trelawny Place (Felixstowe) Residents Management Company Limited
Trevelyan Grange (Morpeth) Residents Management Company Limited
Trevethan Meadows Liskeard Management Company Limited
Trinity Pastures (Calvert Lane Hull) Residents Management
Company Limited
Tundra Point (Emersons Green) Management Company Limited
Urban Central (Grays) Residents Management Company Limited
Valley Heights (Frome) Management Company Limited
21
Village Mews (Southowram) Management Company Limited
Walmsley Park (Leigh) Management Company Ltd
6
Watercress Way Management Company Limited
29
Water\ufb01eld Place (Market Harborough) Residential Management
Company Limited
Waters Edge (Buckshaw) Management Company Limited
Waterside At The Bridge Management Company Limited
Watling Place (Newington) Residents Management Company Ltd
Weavers Meadow Estates Management Company Limited
Weavers Meadow Phase 2 (Hadleigh) Residents Management
Company Limited
Weavers Place (Skelmanthorpe) Management Company Limited
Weavers View (Pleasley Hill) Residents Management Company Limited
Weavers Wharf Apartments (Coventry) Management Company Limited
Wellington Gate (Grove) Management Company Limited
Wellington Gate (Mares\ufb01eld) Management Company Limited
Wellswood Park (Reading) Residents Management Company Limited
Wentworth Green Management Company Limited
West Gate House (Machynys East) Management Company Limited
7
Westhaven Apartments (Barry) Residents Management
Company Limited
Westhoughton (Lee Hall) Residents Management Company Limited
6
Weston Park Limited
Westwood Park (Churwell) Management Company Limited
White House Farm (Emersons Green) Management Company Limited
7
White Rose Park (Norwich) Residents Management Company Ltd
Whiteford Mews Management Company Limited
Whitewood Park (Bristol) Management Company Limited
Whittington Walk (Worcester) Management Company Limited
3
Whitworth Dale Management Company Limited
Willow Court (Abergavenny) RMC Limited
Willow Park (Aylsham) Management Company Limited
Windmill View (Stanground) Residents Management Company Limited
Windrush Place Witney Management Company Limited
Wombwell (Barnsley) Management Company Limited
Woodbridge House Management Company Limited
Woodhorn Meadows (Ashington) Residents Management
Company Limited
Woodland Gardens (Pyle) Management Company Limited
Woodland Rise (Great Cornard) Residents Management
Company Limited
Woodlark Place (Newbury) Residents Management Company Limited
Worcester Gate (Worcester) Management Company Limited
3
Yew Tree Farm (Droitwich) Management Company Limited
Yew Tree Gardens (Tuffley) Management Company Limited
1. Pembroke House, Torquay Road, Paignton, Devon, TQ3 2EZ
2. Homer House, 8 Homer Road, Solihull, B91 3QQ
3. Whittington Hall, Whittington Road, Worcester,
Worcestershire, WR5 2ZX
4. Fountain House, Southwell Road West, Mans\ufb01eld,
Nottinghamshire, NG18 4LE
5. Persimmon House, Birmingham Road, Studley,
Warwickshire, B80 7BG
6. Unit 7, Portal Business Park, Eaton Lane, Tarporley,
Cheshire, CW6 9DL
7. Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
8. RMG House, Essex Road, Hoddesdon, Hertfordshire, EN11 0DR
9. 2nd Floor, 154 Great Charles Street, Queensway,
Birmingham, B3 3HN
10. Persimmon Homes, 3 Waterside Way, Northampton, NN4 7XD
11. 94 Park Lane, Croydon, Surrey, CR0 1JB
12. 46 Whitchurch Road, Cardiff, CF14 3LX
13. 250 Aztec West, Almondsbury, Bristol, BS32 4TR
14. Cheviot House, Beaminster Way East, Newcastle Upon
Tyne, NE3 2ER
15. North Point, Stafford Drive, Battle\ufb01eld Enterprise Park, Shrewsbury,
Shropshire, SY1 3BF
16. 1 Georges Square, Bath Street, Bristol, BS1 6BA
17. Unit 8, The Forum, Minerva Business Park, Peterborough, PE2 6FT
18. 1 Featherbank Court, Horsforth ,Leeds, West Yorkshire, LS18 4QF
19. 2 Hills Road, Cambridge, CB2 1JP
20. Unit 1,2 & 3 Beech Court, Wokingham Road, Hurst,
Reading, RG10 0RU
21. Queensway House, 11 Queensway, New Milton,
Hampshire, BH25 5NR
22. 4335 Park Approach, Thorpe Park, Leeds, LS15 8GB
23. Gateway House, 10 Coopers Way, Southend On Sea,
Essex, SS2 5TE
24. 20 King Street, London, EC2V 8EG
25. 3rd Floor Citygate, St. James\u2019 Boulevard, Newcastle Upon
Tyne, NE1 4JE
26. Acorn Estate Management, 9 St. Marks Road, Bromley,
Kent, BR2 9HG
27. Foundation House, Coach & Horses Passage, Tunbridge
Wells, TN2 5NP
28. Castlewood Business Park, Tickenham Road, Clevedon, BS21 6FW
29. Scholars House, 60 College Road, Maidstone, Kent, ME15 6SJ
30. Woodwater House, Pynes Hill, Exeter, Devon, EX2 5WR
31. 1st Floor Lancaster House, 67 Newhall Street, Birmingham, B3 1NQ
32. Avon House, Stanwell Road, Penarth, Wales, CF64 2EZ
* Private Limited Company
Company Name Company Name
",
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