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"value": "Notes to the consolidated financial statements1. General informationPremier Foods plc (the \u2018Company\u2019) is a public limited company incorporated in the United Kingdom and domiciled in England, registered number 05160050, with its registered address at Premier House, Centrium Business Park, Griffiths Way, St Albans, Hertfordshire AL1 2RE. The principal activity of the Company and its subsidiaries (the \u2018Group\u2019) is the manufacture and distribution of branded and own label food products. Copies of the annual report and accounts are available on our website: www.premierfoods.co.uk/investors/results-centre.These Group consolidated financial statements were authorised for issue by the Board of directors on 18 May 2023.2. Accounting policiesThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.2.1 Basis of preparation These Group financial statements were prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. All amounts are presented to the nearest \u00a30.1m, unless otherwise indicated. They are prepared on a going concern basis and under the historical cost basis, except for certain financial instruments and pension assets that have been measured at fair value.The statutory accounting period is the 52 weeks from 3 April 2022 to 1 April 2023 and comparative results are for the 52 weeks from 4 April 2021 to 2 April 2022. All references to the \u2018period\u2019, unless otherwise stated, are for the 52 weeks ended 1 April 2023 and the comparative period, 52 weeks ended 2 April 2022.The preparation of financial statements in conformity with UK-adopted IFRS requires the use of certain significant accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3.The following accounting standards and interpretations, issued by the International Accounting Standards Board (\u2018IASB\u2019), effective for periods on or after 1 January 2022, have been endorsed:International Financial Reporting Standards Amendments to IFRS 3 Business CombinationsAmendments to IAS 16 Property, Plant and EquipmentAmendments to IAS 37 Provisions, Contingent Liabilities and Contingent AssetsThe following standards and amendments to published standards, effective for periods on or after 1 January 2023, have been endorsed:International Financial Reporting StandardsAmendments to IAS 1 Presentation of Financial StatementsAmendments to IAS 8 Accounting policies, Changes in Accounting Estimates and ErrorsAmendments to IAS 12 Income TaxesIFRS 17 Insurance ContractsThe Group has considered the new or revised standards above and concluded that either they are not relevant to the Group or would not have a material impact on the financial statements of the Group.Basis for preparation of financial statements on a going concern basisThe Group\u2019s revolving credit facility includes net debt/EBITDA and EBITDA/interest covenants as detailed in note 20. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw funding to the Group. The Group was compliant with its covenant tests as at 1 October 2022 and 1 April 2023.Having undertaken a robust assessment of the Group\u2019s forecasts with specific consideration to the trading performance of the Group, cashflows and covenant compliance, the Directors have a reasonable expectation that the Group is able to operate within the level of its current facilities, meet the required covenant tests and has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its financial information for the reasons set out below: At 1 April 2023 the Group had total assets less current liabilities of \u00a32,133.6m, net current liabilities of \u00a39.5m and net assets of \u00a31,406.0m. Liquidity as at that date was \u00a3245.4m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3175m expiring between May 2025 and 2026. The covenants linked to the facilities are shown in note 20 of the financial statements. At the time of the approval of this report, the cash and liquidity position of the group has not changed significantly. The directors have rigorously reviewed the current global political and economic uncertainty driven by the conflict in Ukraine and the inflationary pressures across the industry, and have modelled a severe but plausible downside case impacting future financial performance, cash flows and covenant compliance, that cover a period of at least 12 months from the date of approval of the financial statements. The downside case represents severe but plausible assumptions related primarily to the impact of inflation during the review period. The directors have also considered the impact of the outbreak of an infectious disease, climate change, cyber-attacks and changes in consumer preferences in the downside cases modelled and have assumed all scenarios within the downside cases impact during the periods reviewed. Whilst the downside scenario is deemed severe but plausible, it is considered by the directors to be a robust stress test of going concern, having an adverse impact on revenue, margin, profit and cash flow. Should circumstances mean there is further downside, whilst not deemed plausible, the directors, in response have identified mitigating actions within their control, that would reduce costs, optimising cashflow and liquidity. This includes reducing capital expenditure, reducing marketing spend and delaying or cancelling discretionary spend. The directors have assumed no significant structural changes to the business will be needed in any of the scenarios modelled. None of the scenarios modelled are sufficiently material to prevent the Group from continuing as a going concern. The Directors, after reviewing financial forecasts and financing arrangements, have a reasonable expectation that the Group has adequate resources to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the Directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on Risk Management, Internal Control and Related Financial and Business Reporting\u2019 issued by the FRC) in preparing its consolidated financial statements. Climate changeThe Group has considered the impact of both physical and transitional climate change risks on the financial statements of the Group. The Group does not consider there to be a material impact on the valuation of the Group\u2019s assets or liabilities, including useful economic life of property, plant and equipment, or on any significant accounting estimates or judgements. See note 14 for further details on how the trustee of the Group\u2019s pension scheme plans to integrate climate change considerations into their investment strategy. The Group will continue to monitor the impact on valuations of assets and liabilities as government policy evolves.The impact of climate change has been considered in the projected cash flows used for impairment testing where the material risks identified in the TCFD statement, see page 38, have been modelled in the severe but plausible scenario for going concern and viability. 2.2 Basis of consolidation(i) Subsidiaries The consolidated financial statements include the financial statements of Premier Foods plc and entities controlled by the Company (itssubsidiaries). Control is achieved where the Company is exposed to or has rights to variable returns from involvement with an investee andhas the ability to affect those returns through its power over the investee.All intra-Group transactions, balances, income and expenses are eliminated on consolidation.2.3 RevenueRevenue comprises the invoiced value for the sale of goods net of sales rebates, discounts, value added tax and other taxes directly attributable to revenue and after eliminating sales within the Group. Revenue is recognised when the Group transfers control of products over to the customer. Transaction price per case is pre agreed per the price list with any discount related to an individual customer-run promotional agreed in advance. Long-term discounts and rebates are part of a commercial arrangement and the Group uses actual and forecast sales to estimate the level of discount or rebate. The Group uses the \u2018most likely amount\u2019 method to estimate the value of the variable consideration. Revenue is recognised on the following basis:(i) Sale of goodsSales of goods are recognised as revenue when a customer gains control of the goods, which typically coincides with the time when themerchandise is delivered to customers and title passes.(ii) Sales rebates and discountsSales related discounts comprise:\u2022 Long-term discounts and rebates, which are sales incentives to customers to encourage them to purchase increased volumes and arerelated to total volumes purchased and sales growth.\u2022 Short-term promotional discounts, which are directly related to promotions run by customers.Sales rebates and discount accruals are treated as a reduction in the transaction price and are established at the time of sale based on management\u2019s best estimate of the amounts necessary to meet claims by the Group\u2019s customers in respect of these rebates and discounts and are reviewed for appropriateness at each reporting date. Accruals are made for each individual promotion or rebate arrangement and are based on the type and length of promotion and nature of customer agreement. At the time an accrual is made the nature and timing of the promotion is typically known. Accumulated experience is used to estimate and provide for rebates and discounts and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.(iii) Commercial incomeCommercial income received from suppliers through rebates and discounts is recognised within cost of sales over the period(s) to whichthe underlying contract or agreement relates. Accrued income is recognised for rebates on contracts covering the current period, for whichno cash was received at the balance sheet date. Deferred income is recognised for rebates that were received from suppliers at the balancesheet date but relate to contracts covering future periods.2.4 Segmental reportingOperating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (\u2018CODM\u2019). The CODM is responsible for allocating resources and assessing performance of the operating segments. See note 4 for further details. 2.5 Foreign currency translationTransactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date.The results of overseas subsidiaries with functional currencies other than in sterling are translated into sterling at the closing rate of exchange ruling in the period. The balance sheets of overseas subsidiaries are translated into sterling at the closing rate. Exchange differences arising from retranslation at the period end exchange rates of the net investment in foreign subsidiaries are recorded as a separate component of equity in reserves. All other exchange gains or losses are recorded in the statement of profit or loss.2.6 DividendsDividend distributions to shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the shareholders, and for interim dividends in the period in which they are paid.2.7 Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. Cash and cash equivalents and bank overdrafts are offset where there is a legally enforceable right to offset the recognised amounts and the Group intends to settle on a net basis.Bank overdrafts which are not offset and that are repayable on demand and form an integral part of the Company\u2019s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.2.8 Property, plant and equipment (\u2018PPE\u2019)Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses.PPE is initially recorded at cost. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Subsequent expenditure is added to the carrying value of the asset when it is probable that incremental future economic benefits will transfer to the Group. All other subsequent expenditure is expensed in the period it is incurred.Differences between the cost of each item of PPE and its estimated residual value are written off over the estimated useful life of the asset using the straight-line method. Reviews of the estimated remaining useful lives and residual values of individual productive assets are performed annually, taking account of commercial and technological obsolescence as well as normal wear and tear. Freehold land is not depreciated. The useful economic lives of owned assets range from 15 to 50 years for buildings, 5 to 30 years for plant and equipment and 10 years for vehicles.All items of PPE are reviewed for impairment when there are indications that the carrying value may not be fully recoverable. Assets under construction represent the amount of expenditure recognised in the course of an asset\u2019s construction. Directly attributable costs that are capitalised as part of PPE include employee costs and an appropriate portion of relevant overheads. Depreciation of an asset is recognised from the time it is available for use. The difference between the carrying value of disposed assets and the net disposal proceeds is recognised in profit or loss.2.9 Intangible assetsGoodwillGoodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment. In addition to goodwill, the Group recognises the following intangible assets: Acquired intangible assetsAcquired brands and licences that are controlled through custody or legal rights and that could be sold separately from the rest of the business are capitalised, where fair value can be reliably measured. All these assets are considered to have finite lives and are amortised on a straight-line basis over their estimated useful economic lives that range from 15 to 40 years for brands and 10 years for licences.SoftwareDevelopment costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the project or process is technically and commercially feasible. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.Software development costs are amortised over their estimated useful lives on a straight-line basis over a range of 3 to 10 years. The useful economic lives of intangible assets are determined based on a review of a combination of factors including the asset ownership rights acquired and the nature of the overall product life cycle. Reviews of the estimated remaining useful lives and residual values of individual intangible assets are performed annually.Cloud computing arrangementsLicences to use cloud based software are only capitalised if the Group has both the contractual right to take possession of the software without significant penalty and the ability to run the software independently from the original supplier. All other cloud computing arrangements are treated as service contracts and charged to the statement of profit or loss over the term of the contract.Costs to configure or customise software under a cloud computing arrangement are charged to the statement of profit or loss alongside the related service contract, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised.ResearchExpenditure on research activities is charged to the statement of profit or loss in the period in which it is incurred.2.10 Impairment The carrying values of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at least annually to determine whether there is an indication of impairment. For goodwill and other intangible assets with indefinite useful lives, the recoverable amount is estimated each year at the same time. Assets that are subject to amortisation are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Non-financial assets, other than goodwill, that have suffered an impairment loss are reviewed for possible reversal of the impairment at each reporting date.Where an indication of impairment exists, the recoverable amount is estimated based on the greater of its value in use and its fair value less costs to sell. In assessing the fair value less costs to sell, the market approach is often used to derive market multiples from a set of comparative assets.The Group reviews its identified CGUs for the purposes of testing goodwill on an annual basis, taking into consideration whether assets generate independent cash inflows. The recoverable amounts of CGUs are determined based on the higher of fair value less costs of disposal and value in use calculations. These calculations require the use of estimates.Impairment losses are recognised in the statement of profit or loss in the period in which they occur.For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash flows of other assets or groups of assets. 2.11 Finance cost and incomeFinance costBorrowing costs are accounted for on an accruals basis in the statement of profit or loss using the effective interest method.Finance incomeFinance income is recognised on a time proportion basis, taking into account the principal amounts outstanding and the interest rates applicable, taking into consideration the interest element of derivatives.2.12 LeasesLease recognition At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For leases of properties in which the Group is a lessee, it has applied the practical expedient permitted by IFRS 16 and will account for each lease component and any associated non-lease components as a single lease component. Right of use assets The Group recognises right of use assets at the commencement date of the lease. Right of use assets are measured at cost, less accumulated depreciation and impairment losses and adjusted for any re-measurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, adjusted for any lease payments made at or before the commencement date, less any lease incentives received. Right of use assets are depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. Right of use assets are subject to and reviewed regularly for impairment. Depreciation on right of use assets is predominantly recognised in cost of sales and administration costs in the consolidated statement of profit and loss. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of the lease payments to be made over the lease term. Lease payments include fixed and variable lease payments that depend on an index or rate less any lease incentives receivable. Any variable lease payments that do not depend on an index or rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Generally, the Group uses its incremental borrowing rate as the discount rate. After the commencement date, the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term or a change in the fixed lease payments. Interest charges are included in finance costs in the consolidated statement of profit and loss and included in interest paid within cash flows from operating activities. Payments for the principal element of lease liabilities are presented within cash flows from financing activities.Short-term leases and leases of low-value items The Group has elected not to recognise right of use assets and lease liabilities for short-term leases of machinery and equipment that have a lease term of less than 12 months and leases of low-value assets. Lease payments relating to short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. 2.13 InventoriesInventories are stated at the lower of cost and net realisable value. Where appropriate, cost includes production and other attributable overhead expenses as described in IAS 2 Inventories. Cost is calculated on a first-in, first-out basis by reference to the invoiced value of supplies and attributable costs of bringing the inventory to its present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated costs necessary to make the sale.All inventories are reduced to net realisable value where this is lower than cost.A provision is made for slow moving, obsolete and defective inventory where appropriate.2.14 TaxationIncome tax on the profit or loss for the period comprises current and deferred tax.Current taxIncome tax is recognised in the statement of profit or loss except to the extent that it relates to items recognised directly in other comprehensive income (\u2018OCI\u2019) in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods.Deferred taxDeferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred taxation is not provided on the initial recognition of an asset or liability in a transaction, other than in a business combination, if at the time of the transaction there is no effect on either accounting or taxable profit or loss.Deferred tax is measured at the tax rates that are expected to apply in the periods in which the asset or liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted as at the balance sheet date.The measurement of deferred tax assets and liabilities reflect the directors\u2019 intention regarding the manner of recovery of an asset or settlement of a liability.For the purpose of recognising deferred tax on the pension scheme surplus, withholding tax (at 35%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. In the spring budget of 2021, the corporation tax rate increased from the current 19% to 25% starting April 2023. Corporation tax at 25% (19% until March 2023) would apply for any surplus expected to unwind over the life of the scheme. Therefore, deferred tax movements have been measured at 25%.The directors have concluded that the future corporation tax rate of 25% should apply to the recognition of deferred tax on the pension scheme surplus, reflecting the directors\u2019 intention regarding the manner of recovery of the deferred tax asset.Deferred tax is recognised in the statement of profit or loss except when it relates to items credited or charged directly to OCI, in which case the deferred tax is also recognised in equity.Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilised. Their carrying amount is reviewed at each balance sheet date on the same basis.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and when the Group intends to settle its current tax assets and liabilities on a net basis.When assessing whether the recognition of a deferred tax asset can be justified, and if so at what level, the directors take into account the following:\u2022 Historic business performance\u2022 Projected profits or losses and other relevant information that allow profits chargeable to corporation tax to be derived\u2022 The total level of recognised and unrecognised losses that can be used to reduce future forecast taxable profits\u2022 The period over which there is sufficient certainty that profits can be made that would support the recognition of an assetFurther disclosures of the amounts recognised (and unrecognised) are contained within note 9.2.15 Employee benefitsGroup companies provide a number of long-term employee benefit arrangements, primarily through pension schemes. The Group has both defined benefit and defined contribution schemes. Defined benefit planA defined benefit plan is a post-employment benefit plan that defines the amount of pension benefit that an employee will receive on retirement, usually dependent on factors such as age, years of service and compensation. The liability or surplus recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets, together with adjustments for remeasurement and past service costs. Defined benefit obligations are calculated using assumptions determined by the Group with the assistance of independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using yields of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.Remeasurement arising from experience adjustments and changes in actuarial assumptions are charged or credited to the statement of comprehensive income in the period in which they arise.Past service costs, administration costs, and the net interest on the net defined benefit liability or surplus are recognised immediately in the statement of profit or loss.Curtailments are recognised as a past service cost when the Group makes a significant reduction in the number of employees covered by a plan or amends the terms of a defined benefit plan so that a significant element of future service by current employees no longer qualifies for amended benefits.Plan assets of the defined benefit schemes include a number of assets for which quoted prices are not available. At each reporting date, the Group determines the fair value of these assets with reference to most recently available information. The trustees of the schemes have integrated climate change considerations into their long-term decision making and reporting processes. See note 14 for further details. To the extent a surplus arises under IAS 19, the Group ensures that it can recognise the associated asset in line with IFRIC 14 with no restrictions. There are no restrictions on the current realisability of the surplus.Defined contribution plansA defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the periods during which services are rendered by employees. Differences between contributions payable in the period and contributions actually paid are recognised as either accruals or prepayments in the balance sheet.2.16 Share-based paymentsThe Group operates a number of equity-settled share-based compensation plans. The fair value of employee share option plans is calculated using an option valuation model, taking into account the terms and conditions upon which the awards were granted. In accordance with International Financial Reporting Standard 2, Share-Based Payment (\u2018IFRS 2\u2019), the resulting expense is charged to the profit and loss account over the vesting period of the options. The value of the charge is adjusted to reflect expected and actual levels of options vesting. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards/options granted, adjusted where required for the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Market conditions are included in assumptions about the number of share awards/options that are expected to vest which is factored into the grant date fair value for awards with these conditions attached. At each balance sheet date, the Group revises its estimates of the number of share awards/options that are expected to vest (for those with non-market conditions) and recognises the impact of the revision to original estimates, if any, in profit and loss, with a corresponding adjustment to equity.2.17 ProvisionsProvisions (for example property exit costs) are recognised when the Group has present legal or constructive obligations as a result of past events, that can be reliably measured, and it is probable that an outflow of resources will be required to settle the obligation. Where material, the Group discounts its provisions using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance expense.2.18 Financial instrumentsFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.Trade and other receivablesTrade and other receivables are initially measured at the transaction price and at the point of recognition an expected credit loss is recognised to reflect the future risk of default. Trade receivables are subsequently measured at amortised cost less any additional, specific provisions for impairment. A specific provision is made for impairment when there is objective evidence that the Group will not be able to collect all amounts due according to the terms of the receivables. Trade and other receivables are written off when the Group has no reasonable expectation of recovering the amounts due.Trade and other receivables are discounted when the time value of money is considered material. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses adjusted to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle the receivables. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group has certain trade receivables which are subject to a trade receivable purchase arrangement under a non-recourse facility. Trade receivables that are sold without recourse are de-recognised when the risks and rewards of the receivables have been fully transferred to the facility provider. The risks and rewards of the receivables are considered to be fully transferred on receipt of proceeds from the facility provider to settle the debtor. The facility provider has no recourse to the Group in the event of non-payment by the debtor once the proceeds have been received from the facility provider. The associated interest is recognised as interest expense in the income statement. Bank borrowingsInterest-bearing bank loans and overdrafts are measured initially at fair value and subsequently at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs and inclusive of debt issuance costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group\u2019s accounting policy for borrowing costs.Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost. Trade payables and other liabilities are discounted when the time value of money is considered material.Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs.Deferred contingent consideration Liabilities for deferred contingent consideration arising on a business combination are measured at fair value and remeasured at each reporting date. Any changes in the fair value of deferred contingent consideration are recognised immediately in profit or loss.2.19 Business CombinationsThe Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are measured at their acquisition-date fair values.3. Significant estimates and judgementsThe following are areas of particular significance to the Group\u2019s financial statements and may include the use of estimates. Results may differ from actual amounts.Significant accounting estimatesThe following are considered to be the key estimates within the financial statements:3.1 Employee benefitsThe present value of the Group\u2019s defined benefit pension obligations depends on a number of actuarial assumptions. The primary assumptions used include the discount rate applicable to scheme liabilities, the long-term rate of inflation and estimates of the mortality applicable to scheme members. Each of the underlying assumptions is set out in more detail in note 14.At each reporting date, and on a continuous basis, the Group reviews the macro-economic, Company and scheme specific factors influencing each of these assumptions, using professional advice, in order to record the Group\u2019s ongoing commitment and obligation to defined benefit schemes in accordance with IAS 19 (Revised). Plan assets of the defined benefit schemes include a number of assets for which quoted prices are not available. At each reporting date, the Group determines the fair value of these assets with reference to most recently available asset statements from fund managers. Where pensions asset valuations were not available at the reporting date, as is usual practice, valuations at 31 December 2022 are rolled forward for cash movements to end of March 2023 to estimate the valuations for these assets. This approach is principally relevant for Infrastructure Funds, Private Equity, Absolute Return Products, Property Assets, Illiquid Credits and Global Credits. Management have reviewed the individual investments to establish where valuations are not expected to be available for inclusion in these financial statements, movements in the most comparable indexes have then been applied to these investments at a category level to establish any potential estimation uncertainty within the results.3.2 Goodwill Impairment reviews in respect of goodwill are performed at least annually and more regularly if there is an indicator of impairment. Impairment reviews in respect of intangible assets are performed when an event indicates that an impairment review is necessary. Examples of such triggering events include a significant planned restructuring, a major change in market conditions or technology, expectations of future operating losses, or a significant reduction in cash flows. In performing its impairment analysis, the Group takes into consideration these indicators including the difference between its market capitalisation and net assets.The Group has considered the impact of the assumptions used on the calculations and has conducted sensitivity analysis on the value in use calculations of the CGUs carrying values for the purposes of testing goodwill. See note 12 for further details.3.3 Commercial arrangementsSales rebates and discounts are accrued on each relevant promotion or customer agreement and are charged to the statement of profit or loss at the time of the relevant promotional buy-in as a deduction from revenue. Accruals for each individual promotion or rebate arrangement are based on the type and length of promotion and nature of customer agreement. At the time an accrual is made the nature, funding level and timing of the promotion is typically known. Areas of estimation are sales volume/activity, phasing and the amount of product sold on promotion.For short-term promotions, the Group performs a true up of estimates where necessary on a monthly basis, using real time customer sales information where possible and finally on receipt of a customer claim which typically follows 1-2 months after the end of a promotion. For longer-term discounts and rebates the Group uses actual and forecast sales to estimate the level of rebate. These accruals are updated monthly based on latest actual and forecast sales. If the Commercial accruals balance moved by 5% in either direction this would have an impact of \u00a33.4m.JudgementsThe following are considered to be the key judgements within the financial statements:3.4 Non-trading items Non-trading items have been presented separately throughout the financial statements. These are items that management believes require separate disclosure by virtue of their nature in order that the users of the financial statements obtain a clear and consistent view of the Group\u2019s underlying trading performance. In identifying non-trading items, management have applied judgement including whether i) the item is related to underlying trading of the Group; and/or ii) how often the item is expected to occur.4. Segmental analysisIFRS 8 requires operating segments to be determined based on the Group\u2019s internal reporting to the Chief Operating Decision Maker (\u2018CODM\u2019). The CODM has been determined to be the Executive Leadership Team as it is primarily responsible for the allocation of resources to segments and the assessment of performance of the segments. The Group\u2019s operating segments are defined as \u2018Grocery\u2019, \u2018Sweet Treats\u2019, and \u2018International\u2019. The CODM reviews the performance by operating segments. The Grocery segment primarily sells savoury ambient food products and the Sweet Treats segment sells primarily sweet ambient food products. The International segment has been aggregated within the Grocery segment for reporting purposes as revenue is below 10% of the Group\u2019s total revenue and the segment is considered to have similar characteristics to that of Grocery as identified in IFRS 8. There has been no change to the segments during the period.The CODM uses Divisional contribution as the key measure of the segments\u2019 results. Divisional contribution is defined as gross profit after selling, marketing and distribution costs. Divisional contribution is a consistent measure within the Group and reflects the segments\u2019 underlying trading performance for the period under evaluation.The Group uses trading profit to review overall Group profitability. Trading profit is defined as pre-tax profit/loss before net finance costs, amortisation of intangible assets, fair value movements on foreign exchange and other derivative contracts, net interest on pensions and administrative expenses, and any material items that require separate disclosure by virtue of their nature in order that users of the financial statements obtain a clear and consistent view of the Group\u2019s underlying trading performance.The segment results for the period ended 1 April 2023 and for the period ended 2 April 2022 and the reconciliation of the segment measures to the respective statutory items included in the consolidated financial statements are as follows:52 weeks ended 1 April 2023 52 weeks ended 2 April 2022GrocerySweet TreatsTotalGrocerySweet TreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 746.8 259.6 1,006.4 647.7 252.8 900.5 Divisional contribution 189.2 27.0 216.2 160.2 33.4 193.6 1Group and corporate costs (62.5) (52.4)Other income 3.8 \u2013 1Trading profit 157.5 141.2 Amortisation of brand assets (20.7) (19.9)Fair value movements on foreign exchange and 2other derivative contracts (1.8) 4.4 Net interest on pensions and administrative expenses 17.7 4.2 Non-trading items:\u2013 GMP equalisation charge \u2013 (0.3)3\u2013 Impairment of fixed assets (3.6) \u2013 4\u2013 Restructuring costs (11.1) \u2013 5\u2013 Other non-trading items (5.8) 1.5 Operating profit 132.2 131.1 Finance cost (21.7) (29.0)Finance income 1.9 0.5 Profit before taxation 112.4 102.6 6Depreciation (11.9) (8.0) (19.9) (11.2) (8.0) (19.2)1 The definition of Trading Profit has been changed from 2022/23, amortisation of software is included within \u2018Group and corporate costs\u2019 from the current year. 2021/22 Trading Profit has been re-presented in line with the revised definition.2 The loss of \u00a31.8m (2021/22: gain of \u00a34.4m) reflects changes in fair value rate during the 52-week period and movement in nominal value of the instruments held at 1 April 2023 from the 2 April 2022 position.3 Impairment of fixed assets relates to the closure of the Knighton site.4 Restructuring costs in the current period includes \u00a37.6m which relates to the closure of the Knighton site with the remainder primarily relating to some supply chain restructuring.5 Other non-trading items relate primarily to M&A transaction costs and other one-off supply chain charges. Other non-trading items in the prior period related primarily to the resolution of a legacy legal matter.6 Depreciation in the period ended 1 April 2023 includes \u00a31.6m (2021/22: \u00a32.0m) of depreciation of IFRS 16 right of use assets.Revenues in the period ended 1 April 2023, from the Group\u2019s four principal customers, which individually represent over 10% of total Group revenue, are \u00a3242.6m, \u00a3142.7m, \u00a3114.4m and \u00a396.2m (2021/22: \u00a3224.8m, \u00a3129.0m, \u00a397.6m and \u00a391.7m). These revenues relate to both the Grocery and Sweet Treats reportable segments.The Group primarily supplies the UK market, although it also supplies certain products to other countries in Europe and the rest of the world. The following table provides an analysis of the Group\u2019s revenue, which is allocated on the basis of geographical market destination, and an analysis of the Group\u2019s non-current assets by geographical location. Revenue52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3m United Kingdom 943.1 847.1 Other Europe 28.1 26.2 Rest of world 35.2 27.2 Total 1,006.4 900.5Non-current assets As atAs at1 April 20232 April 2022\u00a3m\u00a3m United Kingdom 1,160.6 1,130.4Non-current assets exclude deferred tax assets and net retirement benefit assets.5. Operating profit5.1 Analysis of costs by nature52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mEmployee benefits expense (note 7) (209.2) (183.0)Depreciation of property, plant and equipment (note 11) (19.9) (19.2)Amortisation of intangible assets (note 13) (25.6) (27.0)Repairs and maintenance expenditure (31.6) (28.4)Research and development costs (8.5) (7.8)Non-trading items\u2013 GMP equalisation charge \u2013 (0.3)\u2013 Impairment of property, plant and equipment (note 11) (3.6) \u2013 \u2013 Restructuring costs (11.1) \u2013 \u2013 Other non-trading items (5.8) 1.5Auditors' remuneration (note 5.2) (1.5) (1.2)5.2 Auditors\u2019 remuneration 52 weeks 52 weeks ended ended1 April 20232 April 2022 \u00a3m \u00a3mFees payable to the Group\u2019s auditors for the audit of the consolidated and parent company accounts of Premier Foods plc (1.0) (0.9)\u2013 The audit of the Group\u2019s subsidiaries, pursuant to legislation (0.2) (0.1)Fees payable to the Group\u2019s auditors and its associates for other services:\u2013 Audit related assurance services (0.2) (0.1)\u2013 Other assurance services (0.1) \u2013 \u2013 Services relating to corporate finance transactions \u2013 (0.1)Total auditors remuneration (1.5) (1.2)The total operating profit charge for auditor remuneration was \u00a31.5m (2021/22: \u00a31.2m).6. Other incomeOther income in 2022/23 of \u00a33.8m (2021/22: \u00a3nil) was a receipt following temporary interruption during the year at a manufacturing site.7. Employees52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mEmployee benefits expenseWages, salaries and bonuses (169.0) (155.5)GMP past service cost related to defined benefit pension schemes (note 14) - (0.3)Social security costs (17.1) (15.4)1Termination benefits (10.3) (0.4)Share options granted to directors and employees (4.6) (3.4)Contributions to defined contribution schemes (note 14) (8.2) (8.0)Total (209.2) (183.0)1 Termination benefits in the current period relate primarily to the closure of the Knighton site and some supply chain restructuring.Average monthly number of people employed (including executive and non-executive directors):52 weeks 52 weeks endedended1 April 20232 April 2022 Number Number Average monthly number of people employedManagement 624 578 Administration 380 414 Production, distribution and other 3,318 3,378 Total 4,322 4,370 Directors\u2019 remuneration is disclosed in the audited section of the Directors\u2019 Remuneration Report on pages 90 to 114, which forms part of these consolidated financial statements.8. Finance income and costs52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mInterest payable on bank loans and overdrafts (7.4) (4.3)Interest payable on senior secured notes (11.5) (13.4)Interest payable on revolving facility (0.3) (0.3)1Other interest (payable) / receivable (0.6) 0.1 Amortisation of debt issuance costs (1.9) (2.1) (21.7) (20.0)2Write off of financing costs \u2013 (4.3)3Early redemption fee\u2013 (4.7)Total finance cost (21.7) (29.0)Interest receivable on bank deposits 0.8 0.3 4Other finance income 1.1 0.2 Total finance income 1.9 0.5 Net finance cost (19.8) (28.5)1 Included in other interest (payable) / receivable is \u00a30.6m charge (2021/22: \u00a30.8m charge) relating to non-cash interest costs on lease liabilities under IFRS 16.2 Relates to the refinancing of the senior secured fixed rate notes due 2023 and revolving credit facility in the previous period.3 Relates to a non-recurring payment arising on the early redemption of the \u00a3300m senior secured fixed rate notes due to mature in October 2023 as part of the refinancing of the Group\u2019s debt in June 2021. 4 Other finance income primarily relates to the unwind of the discount on certain of the Group's long-term provisions.9. TaxationCurrent tax52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mCurrent tax\u2013 Current period (8.1) (6.4)Deferred tax\u2013 Current period (15.8) (16.5)\u2013 Prior periods 0.7 1.9 \u2013 Changes in tax rate on the opening balance 2.4 (4.1)Income tax charge (20.8) (25.1)Tax relating to items recorded in other comprehensive income included:1 April 20232 April 2022\u00a3m\u00a3mCorporation tax credit on pension movements 7.2 6.4 Deferred tax charge on increase of corporate tax rate \u2013 (17.9)Deferred tax credit on prior year \u2013 1.6 Deferred tax credit/(charge) on pension movements 52.7 (97.9) 59.9 (107.8)The applicable rate of corporation tax for the period is 19%. Per the Finance Act of 2021, the corporation tax rate will increase from the current 19% to 25% starting in April 2023 and the impact of the move to a blended rate on the deferred tax balances was reflected in the prior year. The current year deferred tax balances have been remeasured to reflect the year end rate of 25% resulting in a tax credit of \u00a32.4m which has been recorded in the consolidated statement of profit or loss.The tax charge for the period differs from the standard rate of corporation tax in the United Kingdom of 19.0% (2021/22: 19.0%). The reasons for this are explained below:1 April 20232 April 2022 \u00a3m \u00a3m Profit before taxation 112.4 102.6 Tax charge at the domestic income tax rate of 19.0% (2021/22: 19.0%) (21.4) (19.5)Tax effect of:Non-deductible items (0.1) (0.8)Recognition of previously unrecognised losses 0.2 \u2013 Adjustment due to change in tax rate on the opening balances 2.3 (4.1)Difference between current and deferred tax rate (3.5) (3.1)Tax incentives 1.0 0.5 Adjustments to prior periods 0.7 1.9 Income tax charge (20.8) (25.1)Corporation tax losses are not recognised where future recoverability is uncertain. The difference between current and deferred tax rate of \u00a33.5m relates to the impact of the current tax rate being 19% and the future year deferred tax movements being measured at 25%.The adjustments to prior periods of \u00a30.7m (2021/22: \u00a31.9m) relates primarily to the changes in prior period intangibles and capital allowances following verifications in submitted returns.Deferred taxDeferred tax is calculated in full on temporary differences using the tax rate appropriate to the jurisdiction in which the asset/(liability) arises and the tax rates that are expected to apply in the periods in which the asset or liability is settled. 2022/232021/22\u00a3m\u00a3mAt 3 April 2022/4 April 2021 (189.8) (57.4)Acquisition of The Spice Tailor (5.0) \u2013 Charged to the statement of profit or loss (12.7) (18.7)Credited/(charged) to other comprehensive income 52.7 (114.2)(Charged)/credited to equity (0.7) 0.5 At 1 April 2023/2 April 2022 (155.5) (189.8)The Group has not recognised \u00a32.2m of deferred tax assets (2021/22: \u00a32.2m not recognised) relating to UK corporation tax losses. In addition, the Group has not recognised a tax asset of \u00a367.8m (2021/22: \u00a383.9m) relating to Advanced Corporation Tax (ACT) and \u00a375.8m (2021/22: \u00a376.6m) relating to capital losses. Under current legislation these can generally be carried forward indefinitely.Deferred tax liabilitiesRetirement benefit IntangiblesobligationLeasesOtherTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 4 April 2021 (50.1) (101.9) (2.9) (1.0) (155.9)Charge due to change in corporate tax rate\u2013 To statement of profit or loss (15.4) (9.5) (0.9) (0.3) (26.1)\u2013 To other comprehensive income \u2013 (22.7) \u2013 \u2013 (22.7)Current period credit/(charge) 1.3 (3.5) \u2013 \u2013 (2.2)Charged to other comprehensive income \u2013 (97.9) \u2013 \u2013 (97.9)Prior period (charge)/credit\u2013 To statement of profit or loss (0.3) \u2013 \u2013 \u2013 (0.3)\u2013 To other comprehensive income \u2013 1.6 \u2013 \u2013 1.6 At 2 April 2022 (64.5) (233.9) (3.8) (1.3) (303.5)At 3 April 2022 (64.5) (233.9) (3.8) (1.3) (303.5)Acquisition of The Spice Tailor (5.0) \u2013 \u2013 \u2013 (5.0)Charge due to change in corporate tax rate- To statement of profit or loss (0.3) \u2013 \u2013 \u2013 (0.3)Current period credit/(charge) 1.5 (6.7) 3.0 \u2013 (2.2)Credited to other comprehensive income \u2013 52.7 \u2013 \u2013 52.7At 1 April 2023 (68.3) (187.9) (0.8) (1.3) (258.3)Deferred tax assetsAccelerated tax Share-based depreciationpaymentsLossesOtherTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 4 April 2021 49.5 2.7 45.0 1.3 98.5 Credit due to change in corporate tax rate\u2013 To statement of profit or loss 12.7 \u2013 9.1 0.2 22.0 \u2013To other comprehensive income \u2013 \u2013 4.8 \u2013 4.8 \u2013 To equity \u2013 0.1 \u2013 \u2013 0.1 Current period (charge)/credit (13.1) 0.7 (1.2) (0.7) (14.3)Credited to equity \u2013 0.4 \u2013 \u2013 0.4 Prior period credit\u2013 To statement of profit or loss 2.2 \u2013 \u2013 \u2013 2.2 At 2 April 2022 51.3 3.9 57.7 0.8 113.7At 3 April 2022 51.3 3.9 57.7 0.8 113.7 Credit due to change in corporate tax rate\u2013 To statement of profit or loss 2.3 \u2013 0.3 0.1 2.7Current period (charge)/credit (13.9) 0.5 (2.2) 2.0 (13.6)Charged to equity \u2013 (1.2) \u2013 \u2013 (1.2)Prior period credit\u2013 To statement of profit or loss 0.5 0.2 \u2013 \u2013 0.7 \u2013 To equity \u2013 0.5 \u2013 \u2013 0.5At 1 April 2023 40.2 3.9 55.8 2.9 102.8Deferred tax asset on losses and accelerated tax depreciation \u00a3mAs at 1 April 2023 22.4As at 2 April 2022 23.1Net deferred tax liability \u00a3mAs at 1 April 2023 (177.9)As at 2 April 2022 (212.9)Where there is a legal right of offset and an intention to settle as such, deferred tax assets and liabilities may be presented on a net basis. This is the case for most of the Group\u2019s deferred tax balances except non-trading losses of \u00a322.4m (2021/22: \u00a323.1m). The remainder of deferred tax assets have therefore been offset in the tables above. Substantial elements of the Group\u2019s deferred tax assets and liabilities, primarily relating to the defined benefit pension obligation, are greater than one year in nature.10. Earnings per shareBasic earnings per share has been calculated by dividing the profit attributable to owners of the parent of \u00a391.6m (2021/22: \u00a377.5m profit) by the weighted average number of ordinary shares of the Company. Weighted average shares2022/232021/22 Number (m) Number (m)Weighted average number of ordinary shares for the purpose of basic earnings per share 861.2 858.8Effect of dilutive potential ordinary shares:\u2013 Share options 19.5 17.0 Weighted average number of ordinary shares for the purpose of diluted earnings per share 880.7 875.8Earnings per share calculation52 weeks ended 1 April 2023 52 weeks ended 2 April 2022Dilutive effect Dilutive effect of share of share Basicoptions Diluted Basicoptions Diluted Profit after tax (\u00a3m) 91.6 91.6 77.5 77.5 Weighted average number of shares (m) 861.2 19.5 880.7 858.8 17.0 875.8 Earnings per share (pence) 10.6 (0.2) 10.4 9.0 (0.2) 8.8 Dilutive effect of share optionsThe dilutive effect of share options is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The only dilutive potential ordinary shares of the Company are share options and share awards. A calculation is performed to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company\u2019s shares) based on the monetary value of the share awards and the subscription rights attached to the outstanding share options. No adjustment is made to the profit or loss in calculating basic and diluted earnings per share.Adjusted earnings per share (\u2018Adjusted EPS\u2019)Adjusted earnings per share is defined as trading profit less net regular interest, less a notional tax charge at 19.0% (2021/22: 19.0%) divided by the weighted average number of ordinary shares of the Company.Net regular interest is defined as net finance cost after excluding write-off of financing costs, early redemption fees, other interest payable and other interest receivable.Trading profit and Adjusted EPS have been reported as the directors believe these assists in providing additional useful information on the underlying trends, performance and position of the Group.52 weeks 52 weeks ended ended 1 April 20232 April 2022\u00a3m\u00a3m1Trading profit (note 4) 157.5 141.2Less net regular interest (20.3) (19.8)Adjusted profit before taxation 137.2 121.4Notional tax at 19.0% (2021/22: 19%) (26.1) (23.1)Adjusted profit after taxation 111.1 98.3Average shares in issue (m) 861.2 858.8Adjusted basic EPS (pence) 12.9 11.5Dilutive effect of share options (0.3) (0.2)Adjusted dilutive EPS (pence) 12.6 11.3Net regular interestNet finance cost (19.8) (28.5)Exclude other finance income (1.1) (0.2)Exclude write-off of financing costs \u2013 4.3Exclude early redemption fee \u2013 4.7 Exclude other interest payable / (receivable) 0.6 (0.1)Net regular interest (20.3) (19.8)1 2021/22 Trading Profit has been re-presented in line with the revised definition.11. Property, plant and equipmentLand and Plant and Assets under Right of use buildingsequipmentconstructionAssetsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 3 April 2021 100.3 334.4 14.3 12.9 461.9Additions 1.7 9.2 7.6 0.5 19.0 Disposals (1.5) (8.2) \u2013 (0.9) (10.6)Remeasurement \u2013 \u2013 \u2013 (0.4) (0.4)Reclassified from intangibles \u2013 \u2013 0.2 \u2013 0.2 Transferred into use 0.9 12.6 (13.5) \u2013 \u2013 At 2 April 2022 101.4 348.0 8.6 12.1 470.1Additions 1.0 9.1 6.4 5.7 22.2 Acquisition of subsidiary \u2013 0.1 \u2013 \u2013 0.1 Disposals (0.6) (8.8) \u2013 (1.3) (10.7)Remeasurement \u2013 \u2013 \u2013 (3.6) (3.6)Reclassified from intangibles \u2013 \u2013 0.1 \u2013 0.1 Transferred into use 0.7 7.0 (7.7) \u2013 \u2013 At 1 April 2023 102.5 355.4 7.4 12.9 478.2Accumulated depreciation and impairmentAt 3 April 2021 (44.4) (221.5) \u2013 (3.9) (269.8)Depreciation charge (2.2) (15.0) \u2013 (2.0) (19.2)Disposals 1.4 7.5 \u2013 0.9 9.8 At 2 April 2022 (45.2) (229.0) \u2013 (5.0) (279.2)Depreciation charge (2.6) (15.7) \u2013 (1.6) (19.9)Disposals 0.5 8.6 \u2013 1.3 10.4 Impairment charge \u2013 (3.6) \u2013 \u2013 (3.6)At 1 April 2023 (47.3) (239.7) \u2013 (5.3) (292.3)Net book valueAt 2 April 2022 56.2 119.0 8.6 7.1 190.9At 1 April 2023 55.2 115.7 7.4 7.6 185.9Included in the right of use assets are the following:Plant, Land and equipment & 1buildingsotherTotal\u00a3m\u00a3m\u00a3mCostBalance at 3 April 2021 9.3 3.6 12.9 Additions \u2013 0.5 0.5 Disposals (0.3) (0.6) (0.9)Remeasurement (0.4) \u2013 (0.4)At 2 April 2022 8.6 3.5 12.1Additions 4.8 0.9 5.7 Disposals (0.5) (0.8) (1.3)Remeasurement (3.6) \u2013 (3.6)At 1 April 2023 9.3 3.6 12.9Accumulated depreciation and impairmentAt 3 April 2021 (2.5) (1.4) (3.9)Depreciation charge (1.1) (0.9) (2.0)Disposals 0.3 0.6 0.9 At 2 April 2022 (3.3) (1.7) (5.0)Depreciation charge (0.7) (0.9) (1.6)Disposals 0.5 0.8 1.3 At 1 April 2023 (3.5) (1.8) (5.3)Net book valueAt 2 April 2022 5.3 1.8 7.1 At 1 April 2023 5.8 1.8 7.61 Included in Plant, equipment & other are vehicles with a cost of \u00a3nil (2021/22: \u00a30.2m) and NBV of \u00a3nil (2021/22: \u00a30.0m)The Group\u2019s borrowings are secured on the assets of the Group including property, plant and equipment.12. GoodwillAs atAs at1 April 20232 April 2022\u00a3m\u00a3mCarrying valueOpening balance 646.0 646.0 Acquisition of subsidiary (note 28) 34.3 \u2013 Closing balance 680.3 646.0 Goodwill is allocated to the Group\u2019s Grocery CGU. Goodwill impairment testing is performed at the Grocery CGU level, which is the lowest level at which goodwill is allocated and monitored for internal reporting purposes.Key assumptionsThe key assumptions for calculating value in use are revenue growth, divisional contribution margin growth, long-term growth rate and discount rate. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units. It is not amortised but is tested annually for impairment. Cash flow assumptionsThe cash flows and capital expenditure to maintain these used in the value in use calculation are post-tax cash flows based on the latest Board-approved budget for the first year and the latest Board-approved forecasts in respect of the following four years which include consideration of the impact on the Group of climate change and actions the Group are taking to reduce carbon emissions. The costs and capital expenditure to meet the Group\u2019s ESG targets, on page 33, are included in cashflows.Two of the key assumptions when forecasting cash flows are revenue growth and divisional contribution margin. Revenue growth is forecast based on known or forecast customer sales initiatives, including, to the extent agreed, customer business plans or agreements for the next period, current and forecast new product development, promotional and marketing strategy, and specific category or geographical growth. External factors, including the consumer environment, are also taken into account in the more short-term forecasts. The compound revenue growth rate over the five-year forecast period is 4.9% (2021/22: 4.9% 3 year compound revenue growth rate). Note that in 2022/23 the forecast review period has been increased from a three year to a five year review period for the purpose of Impairment reviews to align with the five year review period now being used for the Group\u2019s Viability assessment (see page 67).Divisional contribution margin is forecast based on the projected mix of branded and non-branded sales, raw material input costs, purchasing initiatives and marketing and distribution costs. Management have modelled scenarios on volume elasticity due to inflationary pressures and the adverse impact on demand due to climate change and were within the range of Group\u2019s existing sensitivities as disclosed within the table below. Please also see viability analysis on pages 67 for further details on additional scenario analyses performed. The climate scenarios modelled reflect the risks deemed material through the TFCD risk assessment on pages 41 to 45. Long term growth rate assumptionsFor the purposes of impairment testing, the cash flows are extrapolated into perpetuity using growth assumptions relevant for the business sector. The growth rate applied of 1.16% (2021/22: 1.3%) is based on the average medium term GDP growth as the directors expect food consumption to follow GDP growth. This is not considered to be higher than the average long-term industry growth rate.Discount rate assumptionsThe discount rate applied to the cash flows is calculated using a post-tax rate based on the weighted average cost of capital (\u2018WACC\u2019) which would be anticipated for a market participant in the Group.The Group has considered the impact of the current economic climate in determining the appropriate discount rate to use in impairment testing. In the current period, the post-tax rate used to discount the forecast cash flows has been determined to be 9.06% (2021/22: 7.4%). On a pre-tax basis a discount rate of 12.08% (2021/22: 9.4%) would have been applied.Sensitivity analysisAn illustration of the sensitivity to reasonably possible changes in key assumptions in the impairment test for the Grocery CGU is as follows:Reasonably possible change in assumption Impact on value in useRevenue growth Increase/decrease by 3.0% Increase/decrease by \u00a3283.5m/\u00a3254.0mDivisional contribution margin Increase/decrease by 2.0% Increase/decrease by \u00a3150.5mLong-term growth rate Increase/decrease by 0.5% Increase/decrease by \u00a377.1m/\u00a367.9mDiscount rate Increase/decrease by 0.5% Decrease/increase by \u00a388.0m/\u00a399.9mUnder each of the above sensitivities no individual scenarios would trigger an impairment for the Grocery CGU. Under a combination of reasonably possible scenarios and taking into account mitigating actions, no impairment would be triggered.Goodwill impairment chargeThere has been no goodwill impairment charge recognised in 2022/23 (2021/22: \u00a3nil). 13. Other intangible assetsCustomer Assets under SoftwareLicencesBrandsrelationshipsconstructionTotal \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 3 April 2021 149.3 28.0 665.2 134.8 4.0 981.3 Additions 1.7 \u2013 \u2013 \u2013 1.8 3.5 Disposals (19.9) \u2013 \u2013 \u2013 \u2013 (19.9)Reclassified to property, plant & equipment \u2013 \u2013 \u2013 \u2013 (0.2) (0.2)Transferred into use 3.6 \u2013 \u2013 \u2013 (3.6) \u2013 At 2 April 2022 134.7 28.0 665.2 134.8 2.0 964.7 Additions 4.0 \u2013 \u2013 \u2013 2.1 6.1 Acquisition of subsidiary \u2013 \u2013 20.5 \u2013 \u2013 20.5 Reclassified to property, plant & equipment \u2013 \u2013 \u2013 \u2013 (0.1) (0.1)Transferred into use 1.5 \u2013 \u2013 \u2013 (1.5) \u2013 At 1 April 2023 140.2 28.0 685.7 134.8 2.5 991.2 Accumulated amortisation and impairmentAt 3 April 2021 (135.1) (28.0) (366.2) (134.8) \u2013 (664.1)Disposals 19.9 \u2013 \u2013 \u2013 \u2013 19.9 Amortisation charge (7.1) \u2013 (19.9) \u2013 \u2013 (27.0)At 2 April 2022 (122.3) (28.0) (386.1) (134.8) \u2013 (671.2)Amortisation charge (4.9) \u2013 (20.7) \u2013 \u2013 (25.6)At 1 April 2023 (127.2) (28.0) (406.8) (134.8) \u2013 (696.8)Net book valueAt 2 April 2022 12.4 \u2013 279.1 \u2013 2.0 293.5 At 1 April 2023 13.0 \u2013 278.9 \u2013 2.5 294.4 All amortisation is recognised within administrative costs.Included in the assets under construction additions for the period are \u00a32.8m (2021/22: \u00a31.3m) relating to internal software development costs.The Group\u2019s borrowings are secured on the assets of the Group including other intangible assets.The material brands held on the balance sheet are as follows:Carrying value Estimated atuseful1 April 2023 life remaining\u00a3mYearsBisto 83.5 14Oxo 64.4 23Batchelors 43.3 13Mr Kipling 32.5 14The Spice Tailor 19.7 14Sharwood's 18.2 1414. Retirement benefit schemesDefined benefit schemesThe Group operates a number of defined benefit schemes under which current and former employees have built up an entitlement to pension benefits on their retirement. Although the Premier Foods Section, Premier Grocery Products Section and RHM Section identified below are no longer separate schemes following the merger in 2020, historically, Premier Foods companies\u2019 pension liabilities and ex-RHM companies\u2019 liabilities have been shown separately. These are as follows:(a) The \u201cPremier\u201d Schemes, which comprise:Premier Foods Pension Section of RHM Pension SchemePremier Grocery Products Pension Section of RHM Pension SchemePremier Grocery Products Ireland Pension Scheme (\u2018PGPIPS\u2019) Chivers 1987 Pension Scheme Hillsdown Holdings Limited Pension Scheme (Scheme wound up 10 February 2023)(b) The \u201cRHM\u201d Pension Schemes, which comprise:RHM Section of the RHM Pension SchemePremier Foods Ireland Pension SchemeThe Premier Foods Pension Scheme (PFPS) and Premier Grocery Products Pension Scheme (PGPPS) were wound up following the merger of assets and liabilities on a segregated basis with the RHM Pension Scheme in June 2020. The RHM Pension Scheme operates as three sections, the RHM Section, Premier Foods Section and Premier Grocery Products Section. The triennial valuation at 31 March 2022 for all three Sections of the RHM Pension Scheme has been agreed. The results show that the combined actuarial deficits of the two Premier Sections have fallen by a further \u00a358m since the interim valuations carried out on 31 March 2021. This has allowed the deficit contributions to be reduced by \u00a35m per year for the current valuation period.The exchange rates used to translate the overseas euro based schemes are \u00a31.00 = \u20ac1.1582 (2021/22: \u00a31.00 = \u20ac1.1774) for the average rate during the period, and \u00a31.00 = \u20ac1.1377 (2021/22: \u00a31.00 = \u20ac1.1881) for the closing position at period end.All defined benefit schemes are held separately from the Company under Trusts. Trustees are appointed to operate the schemes in accordance with their respective governing documents and pensions law. The schemes meet the legal requirement for member nominated trustees\u2019 representation on the trustee boards. Trustee directors undertake regular training and development to ensure that they are equipped appropriately to carry out the role. In addition, each trustee board has appointed professional advisers to give them the specialist expertise they need to support them in the areas of investment, funding, legal, covenant and administration.The trustee boards generally meet at least four times a year to conduct their business. To support these meetings certain aspects of the schemes\u2019 operation are delegated to give specialist focus (e.g. investment, administration and compliance) to committees for which further meetings are held as appropriate throughout the year. These committees regularly report to the full trustee boards.The schemes invest through investment managers appointed by the trustees in a broad range of assets to support the security and funding of their pension obligations. Asset classes used include government bonds, private equity, absolute return products, swaps, infrastructure, illiquid credits and global credits. The scheme assets do not include any of the Group\u2019s own financial instruments, nor any property occupied by, or other assets used by, the Group. The RHM Pension Scheme holds a security over the assets of the Group which ranks pari passu with the banks and bondholders in the event of insolvency, up to a cap.The schemes incorporate a Liability Driven Investment (LDI) strategy to more closely match the assets with changes in value of liabilities. The RHM Pension Scheme uses assets including interest rate and inflation swaps, index linked bonds and infrastructure in its LDI strategy.In setting the investment strategy, the primary concern for the trustee of the RHM Pension Scheme is to act in the best financial interests of all beneficiaries, seeking the best return that is consistent with a prudent and appropriate level of risk. This includes the risk that environmental, social and governance factors, including climate change, negatively impact the value of investments held if not understood and evaluated properly. The trustee considers this risk by taking advice from its investment advisors when choosing asset classes, selecting managers, and monitoring performance.From 1 October 2022, the trustee is required by regulation to:\u2022 implement climate change governance measures and produce a Taskforce on Climate-related Financial Disclosures (TCFD) report containing associated disclosures; and\u2022 publish its TCFD report on a publicly available website, accessible free of charge.The trustee is on track to disclose the scheme\u2019s first TCFD report as part of the 2023 year-end reporting cycle. The main risks to which the Group is exposed in relation to the funded pension schemes are as follows:\u2022 Liquidity risk \u2013 the PF and PGP Sections of the RHM Pension Scheme have significant technical funding deficits which could increase.The RHM Section of the RHM Pension Scheme is currently in surplus, but subsequent valuations could reveal a deficit. As such this couldhave an adverse impact on the financial condition of the Group. The Group continues to monitor the pension risks closely working withthe trustees to ensure a collaborative approach.\u2022 Mortality risk \u2013 the assumptions adopted make allowance for future improvements in life expectancy. However, if life expectancyimproves at a faster rate than assumed, this would result in greater payments from the schemes and consequently increases in theschemes liabilities. The trustees review the mortality assumption on a regular basis to minimise the risk of using an inappropriateassumption.\u2022 Yield risk \u2013 a fall in government bond yields will increase the schemes liabilities and certain of the assets. However, the liabilities maygrow by more in monetary terms, thus increasing the deficit in the scheme.\u2022 Inflation risk \u2013 the majority of the schemes liabilities increase in line with inflation and so if inflation is greater than expected, theliabilities will increase.\u2022 Investment risk \u2013 the risk that investments do not perform in line with expectations.The exposure to the yield and inflation risks described above can be hedged by investing in assets that move in the same direction as the liabilities in the event of a fall in yields, or a rise in inflation. The RHM Pension Scheme has largely hedged its inflation and interest rate exposure to the extent of its funding level. The Premier Foods Section is currently hedged to around 60% for interest rates and inflation and the Premier Grocery Products Sections is currently hedged to around 75% for interest rates and inflation. The liabilities of the schemes are approximately 35% in respect of former active members who have yet to retire and approximately 65% in respect of pensioner members already in receipt of benefits. The average duration of the pension liabilities for the three Sections of the RHM Pension Scheme is 13.0 years (12.8 years for the RHM Section; 13.9 years for the PF Section and 13.4 years for the PGP Section).All pension schemes are closed to future accrual.At the balance sheet date, the combined principal accounting valuation assumptions were as follows:At 1 April 2023 At 2 April 2022Premier RHM Premier SchemesSchemesSchemes RHM SchemesDiscount rate 4.80% 4.80% 2.75% 2.75%Inflation \u2013 RPI 3.30% 3.30% 3.60% 3.60%Inflation \u2013 CPI 2.85% 2.85% 3.20% 3.20%Future pension increases\u2013 RPI (min 0% and max 5%) 3.05% 3.05% 3.35% 3.35%\u2013 CPI (min 3% and max 5%) 3.55% 3.55% 3.65% 3.65%For the smaller overseas schemes, the discount rate used was 3.65% (2021/22: 1.75%) and future pension increases were 2.45% (2021/22: 2.60%). At 1 April 2023 and 2 April 2022, the discount rate was derived based on a bond yield curve expanded to also include bonds rated AA by one credit agency (and which might for example be rated A or AAA by other agencies). The Group continued to set RPI inflation in line with the market break-even expectations less an inflation risk premium. The inflation risk premium of 0.3% (2021/22: 0.3%), reflects an allowance for additional market distortions caused by the RPI reform proposals.The Group has set the CPI assumption by assuming it is 1.0% p.a. lower than RPI pre 2030 (reflecting UKSA\u2019s stated intention to make no changes before 2030) and 0.1% lower than RPI post 2030 (2021/22: 0.1% lower post 2030), this being our expectation of the long-term average difference between CPI and CPI-H. Using this approach, the assumed difference between the RPI and CPI is an average of 0.45% (2021/22: 0.40%) per annum. The assumptions take into account the timing of the expected future cashflows from the pension schemes.The RHM scheme invests directly in interest rate and inflation swaps to protect from fluctuations in interest rates and inflation.The mortality assumptions are based on standard mortality tables. The directors have considered the impact of the current Covid-19 pandemic on the mortality assumptions and consider that use of the updated Continuous Mortality Improvement (CMI) 2021 projections released in March 2022 for the future improvement assumption a reasonable approach, these are the most recently published projections at the reporting date. Management considers the 2020 and 2021 mortality experience to be outliers and therefore have applied a 0% weight to the 2020 and 2021 mortality experience data. However, an addition to the mortality scaling factors of 5% (2021/22: 2%) has been applied, which reflects the expected long term negative outlook from the impact of Covid-19 on future life expectancy. The increase in scaling factor from the prior year reflects experience that has emerged over the past 12 months. The estimated impact of the 3% addition to the mortality scaling factors is approximately 0.8% decrease in defined benefit obligation in respect of the schemes. An adjustment to the base mortality tables has been made for the RHM scheme to reflect the latest scheme mortality studies which were commissioned by the trustee in 2022. The life expectancy assumptions are as follows:At 1 April 2023 At 2 April 2022Premier RHM Premier RHM SchemesSchemesSchemesSchemesMale pensioner, currently aged 65 86.5 84.7 86.6 85.2Female pensioner, currently aged 65 88.2 87.1 88.3 87.7Male non-pensioner, currently aged 45 87.4 86.0 87.5 86.5Female non-pensioner, currently aged 45 89.7 89.0 89.8 89.3A sensitivity analysis on the principal assumptions used to measure the scheme liabilities at the period end is as follows:Change in assumption Impact on scheme liabilitiesDiscount rate Increase/decrease by 0.1% Decrease/increase by \u00a339.2m/\u00a339.8mInflation Increase/decrease by 0.1% Increase/decrease by \u00a316.6m/\u00a311.9mAssumed life expectancy at age 60 (rate of mortality) Increase/decrease by 1 year Increase/decrease by \u00a3122.0m/\u00a3125.0mThe sensitivity information has been derived using projected cash flows for the Schemes valued using the relevant assumptions and membership profile as at 1 April 2023. Extrapolation of these results beyond the sensitivity figures shown may not be appropriate.Premier RHM Schemes% of totalSchemes% of totalTotal% of total\u00a3m%\u00a3m%\u00a3m%Assets with a quoted price in an active market at 1 April 2023:Government bonds 197.8 35.8 815.1 25.2 1,012.9 26.7Cash 8.2 1.5 59.1 1.8 67.3 1.8Assets without a quoted price in an active market at 1 April 2023:UK equities 0.1 0.0 \u2013 \u2013 0.1 0.0Global equities 2.3 0.4 4.6 0.1 6.9 0.2Government bonds 30.5 5.5 2.1 0.1 32.6 0.9Corporate bonds 7.4 1.4 4.9 0.2 12.3 0.3UK property 68.7 12.4 213.8 6.6 282.5 7.4European property 44.7 8.1 204.8 6.3 249.5 6.6Absolute return products 6.8 1.2 426.6 13.2 433.4 11.4Infrastructure funds 27.4 5.0 342.5 10.6 369.9 9.8Interest rate swaps \u2013 \u2013 286.6 8.8 286.6 7.6Inflation swaps \u2013 \u2013 43.4 1.3 43.4 1.1Private equity 48.8 8.8 310.8 9.6 359.6 9.5LDI \u2013 \u2013 7.1 0.2 7.1 0.2Global credit 4.3 0.8 205.9 6.4 210.2 5.5Illiquid credit 101.4 18.3 227.5 7.0 328.9 8.7Cash 0.5 0.1 0.1 0.0 0.6 0.01Other3.7 0.7 85.3 2.6 89.0 2.3Fair value of scheme assetsas at 1 April 2023 552.6 100% 3,240.2 100% 3,792.8 100%Premier RHM Schemes% of totalSchemes% of totalTotal% of total\u00a3m%\u00a3m%\u00a3m%Assets with a quoted price in an active market at 2 April 2022:Government bonds 337.1 40.8 842.3 19.7 1,179.4 23.1Cash 27.9 3.4 76.0 1.8 103.9 2.0Assets without a quoted price in an active market at 2 April 2022:UK equities 0.1 0.0 0.3 0.0 0.4 0.0Global equities 4.3 0.5 5.7 0.1 10.0 0.2Government bonds 31.8 3.9 2.5 0.1 34.3 0.7Corporate bonds 0.3 0.0 6.0 0.1 6.3 0.1UK property 84.9 10.3 285.4 6.7 370.3 7.3European property 38.3 4.6 168.3 3.9 206.6 4.0Absolute return products 62.5 7.6 872.2 20.4 934.7 18.3Infrastructure funds 26.7 3.2 338.0 7.9 364.7 7.2Interest rate swaps 0.1 0.0 397.4 9.3 397.5 7.8Inflation swaps \u2013 \u2013 93.4 2.2 93.4 1.8Private equity 39.9 4.8 280.1 6.5 320.0 6.3LDI \u2013 \u2013 7.7 0.2 7.7 0.2Global credit 74.3 9.0 554.3 13.0 628.6 12.3Illiquid credit 81.6 9.9 191.6 4.5 273.2 5.4Cash 9.8 1.2 0.1 0.0 9.9 0.21Other6.7 0.8 152.4 3.6 159.1 3.1Fair value of scheme assets as at 2 April 2022 826.3 100% 4,273.7 100% 5,100.0 100%1 Included in Other in the RHM Schemes is \u00a3nil (2021/22: \u00a3111.2m) of assets which have been sold during 2020/21 and were awaiting settlement at the year-end date.For assets without a quoted price in an active market fair value is determined with reference to net asset value statements provided by third parties.Pension assets have been reported using 31 March 2023 valuations where available. As is usual practice for pensions assets where valuations at this date were not available, the most recent valuations (predominantly at 31 December 2022) have been rolled forward for cash movements to 31 March 2023 and recognised as lagged valuations. This is considered by management the most appropriate estimate of valuations for these assets using the information available at the time. At 1 April 2023 the financial statements include \u00a3371m of assets using lagged valuations and were these lagged valuations to move by 1% there would be a \u00a33.7m impact on the fair value of scheme assets. This approach is principally relevant for Private Equity, Property Assets, Illiquid Credits and Global Credits asset categories. Pension assets valuations are subject to estimation uncertainty due to market volatility, which could result in a material movement in asset values over the next 12 months.The amounts recognised in the balance sheet arising from the Group\u2019s obligations in respect of its defined benefit schemes are as follows: At 1 April 2023 At 2 April 2022Premier RHM Premier RHM SchemesSchemesTotalSchemesSchemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mPresent value of funded obligations (735.4) (2,291.9) (3,027.3) (1,020.2) (3,134.9) (4,155.1)Fair value of scheme assets 552.6 3,240.2 3,792.8 826.3 4,273.7 5,100.0(Deficit)/surplus in schemes (182.8) 948.3 765.5 (193.9) 1,138.8 944.9The aggregate surplus of \u00a3944.9m has decreased to a surplus of \u00a3765.5m in the current period. This decrease of \u00a3179.4m (2021/22: \u00a3405.0m increase) is primarily due to a lower return on scheme assets partly offset by changes in financial assumptions, being higher discount rate offset to a lesser extent by higher inflation assumptions. Further details are provided later in this note.The disclosures in note 14 represent those schemes that are associated with Premier (\u2018Premier schemes\u2019) and those that are associated with ex-RHM companies (\u2018RHM Schemes\u2019). These differ to that disclosed on the balance sheet, in which the schemes have been split between those in an asset position and those in a liability position. The disclosures in note 14 reconcile to those disclosed on the balance sheet as shown below: At 1 April 2023 At 2 April 2022Premier RHM Premier RHM SchemesSchemesTotalSchemesSchemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mSchemes in net asset position 11.8 948.3 960.1 9.9 1,138.8 1,148.7Schemes in net liability position (194.6) \u2013 (194.6) (203.8) \u2013 (203.8)Net (Deficit)/surplus in schemes (182.8) 948.3 765.5 (193.9) 1,138.8 944.9Changes in the present value of the defined benefit obligation were as follows:Premier RHM SchemesSchemesTotal\u00a3m\u00a3m\u00a3mDefined benefit obligation at 3 April 2021 (1,175.1) (3,536.9) (4,712.0)Interest cost (22.7) (68.9) (91.6)Past service cost (0.1) (0.2) (0.3)Settlement 0.2 \u2013 0.2Remeasurement gain 139.7 333.5 473.2Exchange differences 0.5 0.2 0.7Benefits paid 37.3 137.4 174.7Defined benefit obligation at 2 April 2022 (1,020.2) (3,134.9) (4,155.1)Interest cost (27.0) (83.9) (110.9)Settlement 0.3 \u2013 0.3Remeasurement gain 271.9 787.3 1,059.2Exchange differences (1.6) (1.1) (2.7)Benefits paid 41.2 140.7 181.9Defined benefit obligation at 1 April 2023 (735.4) (2,291.9) (3,027.3)Changes in the fair value of scheme assets were as follows:Premier RHM SchemesSchemesTotal\u00a3m\u00a3m\u00a3mFair value of scheme assets at 3 April 2021 792.5 4,459.4 5,251.9Interest income on scheme assets 15.3 87.3 102.6Remeasurement gains/(losses) 17.5 (133.4) (115.9)Administrative costs (4.2) (2.5) (6.7)Settlement (0.3) \u2013 (0.3)Contributions by employer 40.9 0.5 41.41Additional employer contribution 2.5 \u2013 2.5Exchange differences (0.6) (0.2) (0.8)Benefits paid (37.3) (137.4) (174.7)Fair value of scheme assets at 2 April 2022 826.3 4,273.7 5,100.0Interest income on scheme assets 22.1 115.1 137.2Remeasurement losses (295.7) (1,009.1) (1,304.8)Administrative costs (4.2) (4.4) (8.6)Settlement (0.3) \u2013 (0.3)Contributions by employer 40.6 4.5 45.11Additional employer contribution 2.7 \u2013 2.7Exchange differences 2.3 1.1 3.4Benefits paid (41.2) (140.7) (181.9)Fair value of scheme assets at 1 April 2023 552.6 3,240.2 3,792.81 Contribution by the Group to the Premier Schemes due to the payment of dividends during the year.The reconciliation of the net defined benefit (deficit)/surplus over the period is as follows:Premier RHM SchemesSchemesTotal\u00a3m\u00a3m\u00a3m(Deficit)/surplus in schemes at 3 April 2021 (382.6) 922.5 539.9Amount recognised in profit or loss (11.8) 15.7 3.9Remeasurements recognised in other comprehensive income 157.2 200.1 357.3Contributions by employer 40.9 0.5 41.41Additional employer contribution2.5 \u2013 2.5Exchange differences recognised in other comprehensive income (0.1) \u2013 (0.1)(Deficit)/surplus in schemes at 2 April 2022 (193.9) 1,138.8 944.9Amount recognised in profit or loss (9.1) 26.8 17.7Remeasurements recognised in other comprehensive income (23.8) (221.8) (245.6)Contributions by employer 40.6 4.5 45.11Additional employer contribution2.7 \u2013 2.7Exchange differences recognised in other comprehensive income 0.7 \u2013 0.7(Deficit)/surplus in schemes at 1 April 2023 (182.8) 948.3 765.51 Contribution by the Group to the Premier Schemes due to the payment of dividends during the year.Remeasurements recognised in the consolidated statement of comprehensive income are as follows:52 weeks ended 1 April 2023 52 weeks ended 2 April 2022PremierRHMPremierRHMSchemesSchemesTotalSchemesSchemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mRemeasurement gain on scheme liabilities 271.9 787.3 1,059.2 139.7 333.5 473.2Remeasurement (loss)/gain on scheme assets (295.7) (1,009.1) (1,304.8) 17.5 (133.4) (115.9)Net remeasurement (loss)/gain for the period (23.8) (221.8) (245.6) 157.2 200.1 357.3The actual return on scheme assets was a \u00a31,167.6m loss (2021/22: \u00a313.3m loss), which is \u00a31,304.8m less (2021/22: \u00a3115.9m less) than the interest income on scheme assets of \u00a3137.2m (2021/22: \u00a3102.6m).The remeasurement gain on liabilities of \u00a31,059.2m (2021/22: \u00a3473.2m gain) comprises a gain due to changes in financial assumptions of \u00a31,089.8m (2021/22: \u00a3413.3m gain), a loss due to member experience of \u00a369.7m (2021/22: \u00a33.2m loss) and a gain due to demographic assumptions of \u00a339.1m (2021/22: \u00a363.1m gain).The Group expects to contribute \u00a36m annually to its defined benefit schemes in relation to expenses and government levies and \u00a333m of additional annual contributions to fund the scheme deficits up to 2 April 2024.The Group has concluded that it has an unconditional right to a refund of any surplus in the RHM Pension Scheme once the liabilities have been discharged and, that the trustees of the RHM Pension Scheme do not have the unilateral right to wind up the scheme, so the asset has not been restricted and no additional liability has been recognised.The total amounts recognised in the consolidated statement of profit or loss are as follows: 52 weeks ended 1 April 2023 52 weeks ended 2 April 2022Premier RHM Premier RHM SchemesSchemesTotalSchemesSchemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mOperating profitPast service cost \u2013 \u2013 \u2013 (0.1) (0.2) (0.3)Settlement costs \u2013 \u2013 \u2013 (0.1) \u2013 (0.1)Administrative costs (4.2) (4.4) (8.6) (4.2) (2.5) (6.7)Net interest (cost)/credit (4.9) 31.2 26.3 (7.4) 18.4 11.0Total (cost)/credit (9.1) 26.8 17.7 (11.8) 15.7 3.9Defined contribution schemesA number of companies in the Group operate defined contribution schemes, including provisions to comply with auto enrolment requirements laid down by law. In addition, a number of schemes providing life assurance benefits only are operated. The total expense recognised in the statement of profit or loss of \u00a38.2m (2021/22: \u00a38.0m) represents contributions payable to the schemes by the Group at rates specified in the rules of the schemes. 15. InventoriesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mRaw materials 20.6 18.5Work in progress 3.5 2.8Finished goods and goods for resale 69.6 56.8Total inventories 93.7 78.1Stock write-offs in the period amounted to \u00a37.6m (2021/22: \u00a33.7m). The increase in the current period is primarily related to one-off supply chain disruption and the closure of the Knighton site.The borrowings of the Group are secured on the assets of the Group including inventories.16. Trade and other receivablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade receivables 70.8 71.4Trade receivables provided for (2.9) (2.6)Net trade receivables 67.9 68.8Prepayments 19.0 16.3Corporation tax 0.6 \u2013Other tax and social security receivable 13.6 11.2Other receivables 2.8 0.2Total trade and other receivables 103.9 96.5The borrowings of the Group are secured on the assets of the Group including trade and other receivables. During the period, the Group continued to operate the trade receivable purchase arrangement. This is a non-recourse arrangement and therefore amounts are derecognised when sold. As at 1 April 2023, \u00a328.7 million was drawn (2021/22: \u00a328.5 million) under the non-recourse arrangement.17. Notes to the cash flow statementReconciliation of profit before taxation to cash flows from operations52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mProfit before taxation 112.4 102.6Net finance cost 19.8 28.5Operating profit 132.2 131.1Depreciation of property, plant and equipment 19.9 19.2Amortisation of intangible assets 25.6 27.0Loss on disposal of non-current assets 0.3 0.7Impairment of tangible assets 3.6 \u2013 Fair value movements on foreign exchange and other derivative contracts 1.8 (4.4)1Net interest on pensions and administrative expenses (17.7) (4.2) Equity settled employee incentive schemes 4.6 3.4GMP equalisation and past service cost related to defined benefit pension schemes \u2013 0.3 Increase in inventories (12.4) (9.3)Increase in trade and other receivables (1.9) (13.1)Increase in trade and other payables and provisions 0.1 4.12Additional employer contribution (2.7) (2.5)Contribution to defined benefit pension schemes (45.1) (41.4)Cash generated from operations 108.3 110.91 For 2021/22 \u00a34.2m has been re-classified from Contribution to defined benefit pension schemes to Net interest on pensions and administrative expenses to aid comparability. 2 Contribution by the Group to the Premier schemes due to the payment of dividends during the year.Notes to the consolidated financial statementsCONTINUED17. Notes to the cash flow statement\u2002CONTINUEDReconciliation of cash and cash equivalents to net borrowings52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mNet inflow of cash and cash equivalents 9.1 53.2 Movement in lease liabilities 2.8 2.5Increase in borrowings \u2013 (10.0)Debt issuance costs in the period 0.7 8.5Other non-cash movements (1.9) (6.5)Decrease in borrowings net of cash 10.7 47.7Total net borrowings at beginning of period (285.0) (332.7)Total net borrowings at end of period (274.3) (285.0)Analysis of movement in borrowings Non-cash Other As at interest non-cash As at 2 April 2022Cash flowsexpense movements1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mBank overdrafts \u2013 (1.0) \u2013 \u2013 (1.0)Cash and bank deposits 54.3 10.1 \u2013 \u2013 64.4 Net cash and cash equivalents 54.3 9.1 \u2013 \u2013 63.4 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)Lease liabilities (16.1) 2.9 (0.6) 0.5 (13.3)1Gross borrowings net of cash (291.8) 12.0 (0.6) 0.5 (279.9)2Debt issuance costs 6.8 0.7 (1.9) \u2013 5.6 1Total net borrowings (285.0) 12.7 (2.5) 0.5 (274.3)1Total net borrowings excluding lease liabilities (268.9) 9.8 (1.9) \u2013 (261.0)1 Borrowings exclude derivative financial instruments. 2 The non-cash movement in debt issuance costs relates to the amortisation of capitalised borrowing costs only. Cash outflows of \u00a32.9m (2021/22: \u00a33.3m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.6m included in interest paid within cash flows from operating activities.The Group has the following cash pooling arrangements in sterling, euros and US dollars, where both the Group and the bank have a legal right of offset. As at 1 April 2023 As at 2 April 2022Offset Offset Net offset Offset Offset Net offset assetliabilityliabilityassetliabilityassetCash, cash equivalents and bank overdrafts 12.6 (13.6) (1.0) 8.1 \u2013 8.118. Trade and other payablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade payables (141.1) (137.4)Commercial accruals (67.5) (75.1)Tax and social security payables (7.1) (6.6)Other payables and accruals (39.7) (34.9)Total trade and other payables (255.4) (254.0)19. Financial instrumentsThe Group\u2019s activities expose it to a variety of financial risks: market risk (arising from adverse movements in foreign currency, commodity prices and interest rates), credit risk and liquidity risk. The Group uses a variety of derivative financial instruments to manage certain of these risks. The management of these risks, along with the day-to-day management of treasury activities is performed by the Treasury function. The policy framework governing the management of these risks is defined by the Board. The framework for management of these risks is incorporated into a policies and procedures manual.The Group also enters into contracts with suppliers for its principal raw material requirements, some of which are considered commodities, diesel and energy. These commodity and energy contracts are part of the Group\u2019s normal purchasing activities. Some of the risk relating to diesel is mitigated with the use of derivative financial instruments. The Price Risk Management Committee monitors and reviews the Group\u2019s foreign currency exchange, commodity price and energy price exposures and recommends appropriate hedging strategies for each.19.1 Market risk(i) Foreign exchange riskThe Group\u2019s main operating entities\u2019 functional currency and the Group\u2019s presentational currency is sterling although some transactionsare executed in non-sterling currencies, principally the euro. The transactional amounts realised or settled are therefore subject to theeffect of movements in these currencies against sterling. Management of these exposures is centralised and managed by the Group Financefunction. It is the Group\u2019s policy to manage the exposures arising using forward foreign currency exchange contracts and currency options.Hedge accounting is not sought for these transactions.The Group generates some of its profits in non-sterling currencies and has assets in non-sterling jurisdictions, principally the euro. The principal foreign currency affecting the translation of subsidiary undertakings within the Group financial statements is the euro. The rates applicable are as follows:52 weeks 52 weeks ended ended Principal rate of exchange: euro/sterling 1 April 20232 April 2022Period ended 1.1377 1.1881Average 1.1582 1.1774The majority of the Group\u2019s assets and liabilities are denominated in the functional currency of the relevant subsidiary.The table below shows the Group\u2019s currency exposures as at 1 April 2023 and 2 April 2022 that gave rise to net currency gains and losses recognised in the consolidated statement of profit or loss as a result of monetary assets and liabilities that are not denominated in the functional currency of the subsidiaries involved.As atAs at1 April 20232 April 2022\u00a3m\u00a3mNet foreign currency monetary assets:\u2013 Euro (5.3) (4.9)\u2013 US dollar 1.3 1.6 \u2013 Other (0.2) (0.2)Total (4.2) (3.5)In addition, the Group also has forward foreign currency exchange contracts outstanding at the period end in order to manage the exposures above but also to hedge future transactions in foreign currencies. The sterling nominal amounts outstanding are as follows:As atAs at1 April 20232 April 2022\u00a3m\u00a3mEuro (38.7) (50.5)Australian dollar 1.6 \u2013 Indian rupee (7.0) \u2013 Total (44.1) (50.5)Sensitivities are disclosed below using the following reasonably possible scenarios:If the euro were to weaken against sterling by 10 euro cents, with all other variables held constant, profit after tax would decrease by \u00a32.6m (2021/22: \u00a33.5m decrease).If the euro were to strengthen against sterling by 10 euro cents, with all other variables held constant, profit after tax would increase by \u00a33.0m (2021/22: \u00a34.1m increase).(ii) Commodity price riskThe Group purchases a variety of commodities for use in production and distribution which can experience significant price volatility, whichinclude, inter-alia, dairy, wheat, cocoa, edible oils and energy. The price risk including inflation on these commodities is managed closely bythe Group through the Price Risk Management Committee. It is the Group\u2019s policy to minimise its exposure to this volatility by adopting anappropriate forward purchase strategy or by the use of derivative instruments where they are available.(iii) Interest rate riskThe Group\u2019s borrowing facilities comprise senior secured notes and a revolving facility, in sterling. Interest on the revolving facility ischarged at floating rates plus a margin on the amounts drawn down, and at 35% of the applicable margin for the non-utilised portion of thefacility, hence the borrowings are sensitive to changes in interest rates.Cash and deposits earn interest at floating rates based on banks\u2019 short-term treasury deposit rates. Short-term trade and other receivables are interest-free. The Group\u2019s other financial assets and liabilities are not exposed to material interest rate risk.19.2 Credit riskThe Group\u2019s principal financial assets are cash and cash equivalents and trade and other receivables.Cash and cash equivalents are deposited with high-credit quality financial institutions and although a significant amount of sales is to a relatively small number of customers these are generally the major grocery retailers whose credit risk is considered low.The ageing of trade and other receivables was as follows:Fully Past due performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 3.2% 1.8% 7.0% 15.2% 19.1% 57.8% 3.9%Gross carrying amount trade and other receivables 54.1 13.7 3.3 1.3 0.6 0.6 73.6Loss allowance (1.7) (0.2) (0.2) (0.2) (0.1) (0.4) (2.9)At 2 April 2022Trade and other receivablesExpected loss rate 3.0% 5.9% 0.0% 1.1% 14.8% 37.4% 3.7%Gross carrying amount trade and other receivables 63.9 4.1 0.0 2.2 0.4 1.0 71.6Loss allowance (1.9) (0.2) (0.0) (0.0) (0.1) (0.4) (2.6)The total loss allowance includes provisions in relation to receivables from customers which are considered at risk of experiencing difficult economic situations in the current environment.The Group does not hold any collateral as security against its financial assets.Movements in the provision for impairment of trade receivables are as follows:2022/232021/22\u00a3m\u00a3mAs at 3 April 2022/4 April 2021 2.6 3.5Receivables written off during the period as uncollectable (0.2) (0.5)Provision for receivables impairment raised/(released) 0.5 (0.4)As at 1 April 2023/2 April 2022 2.9 2.619.3 Liquidity riskThe Group manages liquidity risk through the Treasury function. Cash flow forecasts are prepared and reviewed on a weekly basis, normally covering a period of three months.In addition, cash flow forecasts are prepared as part of the Group\u2019s overall budgeting and forecasting processes and performance is monitored against this each month. This is intended to give the Board sufficient forward visibility of debt levels.The Group\u2019s Net debt level can vary from month to month and there is some volatility within months. This reflects seasonal trading patterns, timing of receipts from customers and payments to suppliers, patterns of inventory holdings and the timing of the spend on major capital and restructuring projects. For these reasons the debt levels at the period end date may not be indicative of debt levels at other points throughout the period.The following table analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the contractual undiscounted cash flows.Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023Trade and other payables (248.3) \u2013 \u2013 \u2013 \u2013 \u2013 (248.3)Senior secured notes - fixed (11.6) (11.6) (11.6) (336.7) \u2013 \u2013 (371.5)Lease liabilities (2.6) (2.6) (2.2) (1.5) (1.4) (6.2) (16.5)At 2 April 2022Trade and other payables (247.4) \u2013 \u2013 \u2013 \u2013 \u2013 (247.4)1Senior secured notes - fixed (11.6) (11.6) (11.6) (11.6) (336.7) \u2013 (383.1)Lease liabilities (2.9) (2.6) (2.5) (2.2) (1.5) (19.1) (30.8)1 Re-presented to reflect the timing of outflows to maturity at October 2026The secured senior credit facility (revolving) is priced to SONIA, other liabilities are not re-priced before the maturity date.At 1 April 2023, the Group had \u00a3182.0m (2021/22: \u00a3182.0m) of facilities not drawn, expiring between two to three years (2021/22: two to four years). The borrowings are secured by a fixed and floating charge over all the assets of the Group.The following table analyses the contractual undiscounted cash flows of interest on the fixed rate debt to maturity. Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023 11.6 11.6 11.6 6.7 \u2013 \u2013 41.5 1At 2 April 202211.6 11.6 11.6 11.6 6.7 \u2013 53.11 Re-presented to reflect the timing of outflows to maturity at October 2026The following table analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed are the undiscounted cash flows. Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023Forward foreign exchange contracts:\u2013 Outflow (79.9) \u2013 \u2013 \u2013 \u2013 \u2013 (79.9)\u2013 Inflow 80.0 \u2013 \u2013 \u2013 \u2013 \u2013 80.0 Commodities:\u2013 Inflow 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Total derivative financial instruments 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 At 2 April 2022Forward foreign exchange contracts:\u2013 Outflow (52.2) \u2013 \u2013 \u2013 \u2013 \u2013 (52.2)\u2013 Inflow 51.7 \u2013 \u2013 \u2013 \u2013 \u2013 51.7Commodities:\u2013 Outflow (2.5) (0.3) \u2013 \u2013 \u2013 \u2013 (2.8)Total derivative financial instruments (3.0) (0.3) \u2013 \u2013 \u2013 \u2013 (3.3)19.4 Fair valueThe following table shows the carrying amounts (which approximate to fair value except as noted below) of the Group\u2019s financial assets and financial liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Set out below is a summary of methods and assumptions used to value each category of financial instrument. As at 1 April 2023 As at 2 April 2022Carrying Carrying amountFair valueamountFair value\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets not measured at fair value:Cash and cash equivalents 64.4 64.4 54.3 54.3 Financial assets at amortised cost:Trade and other receivables 63.7 63.7 65.7 65.7 Financial assets at fair value through profit or loss:Trade and other receivables 4.2 4.2 3.3 3.3 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.7 0.7 0.1 0.1 \u2013 Commodity and energy derivatives 0.1 0.1 2.3 2.3 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.5) (0.5) (0.3) (0.3)\u2013 Commodity and energy derivatives \u2013 \u2013 \u2013 \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) (8.2) (8.2) \u2013 \u2013 Financial liabilities at amortised cost:Trade and other payables (248.3) (248.3) (247.4) (247.4)Senior secured notes (330.0) (297.8) (330.0) (305.8)Bank overdrafts (1.0) (1.0) \u2013 \u2013 The following table presents the Group\u2019s assets and liabilities that are measured at fair value using the following fair value measurement hierarchy:\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) orindirectly (that is, derived from prices) (level 2).\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).As at 1 April 2023 As at 2 April 2022Level 1Level 2Level 3Level 1Level 2Level 3\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or loss:Trade and other receivables \u2013 1.8 2.4 \u2013 \u2013 \u2013 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.7 \u2013 \u2013 0.1 \u2013 \u2013 Commodity and energy derivatives \u2013 0.1 \u2013 \u2013 2.3 \u2013 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.5) \u2013 \u2013 (0.3) \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) \u2013 \u2013 (8.2) \u2013 \u2013 \u2013 Financial liabilities at amortised cost:Senior secured notes (297.8) \u2013 \u2013 (305.8) \u2013 \u2013 Fair value estimationDerivativesForward exchange contracts are marked to market using prevailing market prices. Hedge accounting has not been applied to forward contracts and as a result the movement in the fair value of \u00a30.4m has been credited to the statement of profit or loss in the period (2021/22: \u00a32.2m credit). Commodity derivatives are marked to market using prevailing prices and are also not designated for hedge accounting. As a result, the fair value movement of \u00a32.2m has been debited to the statement of profit or loss (2021/22: \u00a32.2m credit). Short and long-term borrowings, loan notes and interest payableFair value is calculated based on discounted expected future principal and interest rate cash flows.Trade and other receivables/payablesThe carrying value of receivables/payables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity. The fair values of non-current receivables/payables are also considered to be the same as the carrying value due to the size and nature of the balances involved. Deferred contingent considerationDuring the period, the Group recognised other receivables with a fair value of \u00a32.4m and deferred contingent consideration with a fair value of \u00a38.2m as a result of the acquisition of The Spice Tailor. The fair values for both are based on unobservable inputs and are classified as a level 3 fair value estimate under the IFRS fair value hierarchy. 19.5 Capital risk managementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. The directors propose a final dividend of 1.44 pence per share for the period ended 2 April 2022 (2021/22: 1.2 pence).Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as equity plus net debt.The gearing ratios at the balance sheet date were as follows:As at 1 April As at 2 April 20232022\u00a3m\u00a3mTotal borrowings (338.7) (339.3)Less cash and bank deposits 64.4 54.3Net debt (274.3) (285.0)Total equity (1,406.0) (1,506.9)Total capital (1,680.3) (1,791.9)Gearing ratio 16% 16%Gearing is in line year-on-year.Under the Group\u2019s financing arrangement, the Group is required to meet two covenant tests which are calculated and tested on a 12-month rolling basis at the half year and full year, each year. The Group has complied with these tests at 1 October 2022 and 1 April 2023. 19.6 Financial compliance riskRiskThe Group operates with Net debt of \u00a3274.3m (2021/22: \u00a3285.0m) and is subject to operating within banking covenants set out in its refinancing agreement agreed with its banking syndicate, which include Net debt/EBITDA and EBITDA/interest covenant tests. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw their funding to the Group. The banking covenants relate to the Group\u2019s revolving credit facility, which was undrawn at 1 April 2023 (2021/22: undrawn). In addition to covenant compliance the Group must ensure that it manages its liquidity such that it has sufficient funds to meet its obligations as they fall due.It also supports one defined benefit pension scheme in the UK, which consists of three sections of the RHM Pension Scheme. One of the three sections has significant technical funding deficits, which could have an adverse impact on the financial condition of the Group.MitigationThe Group has financing arrangements which provide funding until 2026. The Group reviews its performance on an ongoing basis and formally tests and reports on covenant compliance to the Group\u2019s banking syndicate at each reporting date. In the event of a forecast covenant breach the Group would seek a covenant waiver or amendment from its banking syndicate.The Group manages liquidity risk through the Treasury function. Cash flow forecasts are prepared and reviewed on a weekly basis, normally covering a period of three months. In addition, cash flow forecasts are prepared as part of the Group\u2019s overall budgeting and forecasting processes and performance is monitored against this each month.The Group continues to monitor the pension risks closely, working with the trustee to ensure a collaborative approach.20. Bank and other borrowingsAs atAs at1 April 20232 April 2022\u00a3m\u00a3mCurrent:Bank overdrafts (1.0) \u2013 Lease liabilities (2.1) (2.1)Total borrowings due within one year (3.1) (2.1)Non-current:1Transaction costs 5.6 6.8 Senior secured notes (330.0) (330.0) (324.4) (323.2)Lease liabilities (11.2) (14.0)Total borrowings due after more than one year (335.6) (337.2)Total bank and other borrowings (338.7) (339.3)1 Included in transaction costs is \u00a31.7m (2021/22: \u00a31.9m) relating to the revolving credit facility.Secured senior credit facility \u2013 revolving The RCF of \u00a3175m attracts a leverage-based margin of between 2.0% and 4.0% above SONIA. Banking covenants of net debt/EBITDA and EBITDA/interest are in place and are tested biannually. The covenant package attached to the revolving credit facility is:Net debt/Net debt/11InterestEBITDA2022/23 FY 3.50x 3.00x2023/24 FY 3.50x 3.00x1 Net debt, EBITDA and Interest are as defined under the revolving credit facility.During the period, the Group announced that it had extended the period of its revolving credit facility (RCF) by one year to May 2025 with the same lending group.On 11 May 2023 the Group extended \u00a3148.5m of its revolving credit facility (RCF) by one year to May 2026. The covenant package attached to the RCF and tested bi-annually is unchanged. See note 30 for further details.Senior secured notes The senior secured notes are listed on the Irish GEM Stock Exchange. The notes totalling \u00a3330m mature in October 2026 and attract an interest rate of 3.5%. 21. Provisions for liabilities and chargesPropertyOtherTotal\u00a3m\u00a3m\u00a3mAt 3 April 2021 (8.2) (6.4) (14.6)Utilised during the period 0.4 1.2 1.6Additional charge in the period (1.0) \u2013 (1.0)Unwind of discount 0.9 \u2013 0.9Released during the period \u2013 2.5 2.5At 2 April 2022 (7.9) (2.7) (10.6)Addition through business combination (note 28) \u2013 (2.5) (2.5)Utilised during the period 3.3 0.1 3.4 Additional charge in the period (2.9) (8.8) (11.7)Unwind of discount 1.1 \u2013 1.1 Released during the period 0.2 0.2 0.4 At 1 April 2023 (6.2) (13.7) (19.9)During the period, as a result of the acquisition of The Spice Tailor, the Group recognised provisions of \u00a32.5m, including \u00a32.4m in relation to the fair value of contingent liabilities acquired as part of the business combination. See note 28 for further details.Property provisions primarily relate to provisions for dilapidations against leasehold properties and environmental liabilities. These provisions have been discounted at rates between 3.43% and 3.84% (2021/22: 1.37% and 1.73%). The unwinding of the discount is charged or credited to the statement of profit or loss under net finance cost. Other provisions primarily relate to provisions for restructuring costs and legal matters.The ageing of the provisions is below:As atAs at1 April 20232 April 2022Ageing of total provisions:\u00a3m\u00a3mWithin one year (13.3) (2.3)Between 2 and 5 years (4.9) (2.9)After 5 years (1.7) (5.4)Total (19.9) (10.6)22. Other liabilitiesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mDeferred income (4.7) (5.7)Deferred contingent consideration (note 28) (8.2) \u2013 Other liabilities (12.9) (5.7)Deferred income relates to amounts received in relation to a previously disposed business. 23. Reserves and share capitalShare premiumThe share premium reserve comprises the premium paid over the nominal value of shares for shares issued. Merger reserveThe merger reserve comprises the non-statutory premium arising on shares issued as consideration for acquisition of subsidiaries where merger relief applies, less subsequent realised losses relating to those acquisitions. Other reservesOther reserves comprise the hedging reserve, which represents the effective portion of the gains or losses on derivative financial instruments that have historically been designated as hedges.Retained earningsRetained earnings represents the cumulative profit or loss and the own shares reserve which represents the cost of shares in Premier Foods plc, purchased in the market and held by the Employee Benefit Trust on behalf of the Company in order to satisfy options and awards under the Company\u2019s incentive schemes. 4,511,923 shares in Premier Foods plc were held by the Employee Benefit Trust at 1 April 2023, with a market value of \u00a35.5m (2021/22: 2,989,069 shares with a market value of \u00a33.5m).Share capitalOrdinary shares at nominal value Number of (\u00a30.10/share)Share premiumTotalshares\u00a3m\u00a3m\u00a3mAt 3 April 2021 855,126,805 85.5 0.6 86.1Shares issued under share schemes 7,658,472 0.8 0.9 1.7At 2 April 2022 862,785,277 86.3 1.5 87.8Shares issued under share schemes 5,312,933 0.5 1.0 1.5 At 1 April 2023 868,098,210 86.8 2.5 89.3 Share award schemesThe Company\u2019s share award schemes are summarised as follows:1. A Long-Term Incentive Plan (\u2018LTIP\u2019) for executive directors and senior managers, approved by shareholders in 2011 and a 10 year LTIP approved by shareholders in 2021. The LTIP is comprised of performance shares whereby participants have the right to subscribe for ordinary shares at nil cost. These awards are equity-settled and have a maximum term of three years. The vesting of the 2020, 2021 and 2022 Performance Share awards are conditional on achievement of a combination of absolute adjusted earnings per share targets and relative TSR targets. The targets for 2020 and 2021 were based 1/3 absolute adjusted earnings per share targets and 2/3 relative TSR targets. The targets for 2022 were based \u00bd absolute adjusted earnings per share targets and \u00bd relative TSR targets. During the period the EPS and TSR elements of the 2019 LTIP vested in full. The EPS and TSR targets for the 2020 LTIP award have been achieved which will result in full vesting for the adjusted earnings per share targets and 80% vesting for the relative TSR targets in August 2023.2. A Restricted Stock Plan (\u2018RSP\u2019) which provides specific ad hoc share awards to managers. Awards are normally subject only to continued employment and may be equity-settled or cash-settled and normally have a retention term of two to three years for senior management.3. A Share Incentive Plan (\u2018SIP\u2019) for all employees. An award of free shares was made to all employees in 2014 by the Company under this HMRC tax-advantaged plan. Free shares are held by a trustee for a minimum of three years. Subject to continuing employment, participants may elect to remove shares from the trust after this three-year holding period, however, there are tax and National Insurance advantages for the employee should the shares be left in the trust for over five years. No further awards under this plan are currently anticipated.4. A Deferred Bonus Plan (\u2018DBP\u2019). One third of any annual bonus payment awarded to executive directors is made in the form of shares. These shares are awarded under the terms of the DBP which was approved by shareholders in July 2017. Awards will normally be made within six weeks following the announcement of the Group\u2019s full year results in the form of nil cost options. The awards will normally vest on the third anniversary of grant and, if awarded in the form of nil cost options, will then be exercisable up until the tenth anniversary of grant. Details of the share awards during the period are as follows:At 1 April 2023, the maximum number of shares which could be awarded under the Group\u2019s Long-Term Incentive Plan schemes was 15,635,840 (2021/22: 16,995,294), of which 5,513,858 (2021/22: 4,309,124) had vested and were exercisable at the end of the period. During the period, conditional share awards were granted for 2,617,621 (2021/22: 2,389,841) shares and rights to 3,401,923 (2021/22: 3,862,637) shares lapsed or were forfeited. At 1 April 2023, the maximum number of shares which could be awarded under the Group\u2019s Restricted Stock Plan schemes was 238,594 (2021/22: 248,907), of which 1,500 (2021/22: 1,500) had vested and were exercisable at the end of the period. During the period, awards were granted for nil shares (2021/22: 247,407) and rights to 10,313 (2021/22: nil) shares lapsed or were forfeited. At 1 April 2023, the number of shares outstanding under the Group\u2019s Share Incentive Plan was 370,157 (2021/22: 426,157), of which 370,157 (2021/22: 426,157) were exercisable at the end of the period. During the period, no (2021/22: no awards) awards were granted and rights to 49,500 (2021/22: 80,456) shares were exercised. At 1 April 2023, the number of shares outstanding under the Group\u2019s Deferred Bonus Plan schemes was 722,858 (2021/22: 674,752), of which 172,543 (2021/22: nil) had vested and were exercisable at the end of the period. During the period, awards were granted for 269,831 (2021/22: 282,377) shares and rights to nil (2021/22: 423,856) shares were transferred or sold.Share option schemesThe Company\u2019s share option schemes are summarised as follows:A Savings Related Share Option Scheme (\u2018Sharesave Plan\u2019) for all employees. The employees involved in this HMRC tax-advantaged save as you earn scheme have the right to subscribe for up to 17.1 million ordinary shares. The number of shares subject to options, the periods in which they were granted and the periods in which they may be exercised are given below. These options are equity-settled, have a maximum term of 3.5 years and generally vest only if employees remain in employment to the vesting date.At 1 April 2023, the number of shares outstanding under the Group\u2019s Sharesave Plan was 10,971,128 with a weighted average exercise price at the date of exercise of 76p (2021/22: 13,779,775 shares, 56p), including 644,584 shares which had vested and were exercisable at the end of the period with a weighted average exercise price of 29p (2021/22: 574,680 shares, 31p). The options outstanding at the end of the period had a range of exercise prices from 29p to 85p (2021/22: 29p to 83p) and a weighted average life of 1.7 years (2021/22: 1.6 years).During the period, options were granted under the Sharesave Plan for 3,296,113 shares with a weighted average exercise price at the date of exercise of 85p (2021/22: 3,296,388 shares, 83p). During the period options were exercised for 5,312,933 shares with a weighted average exercise price of 30p (2021/22: 4,158,472 shares, 31p) and options for 791,807 shares with a weighted average exercise price of 67p lapsed or were forfeited (2021/22: 943,835 shares, 50p). The Group uses the Black-Scholes model to determine the fair value of share options at grant dates offered under the Sharesave plan. Fair values determined from the model use assumptions that are revised for each share-based payment arrangement.The expected Premier Foods plc share price volatility was determined using an average for food producers as at the date of grant. Current dividend yield and risk-free rate determined from market yield curves for government gilts with outstanding terms equal to the average expected term to exercise for each relevant grant. In 2022/23, the Group recognised an expense of \u00a34.6m (2021/22: \u00a33.4m), related to all equity-settled share-based payment transactions. 24. DividendsThe following dividends were declared and paid during the period:52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mOrdinary final of 1.2 pence per ordinary share (2021/22: 1.0 pence) 10.3 8.5 After the balance sheet date, a final dividend for 2022/23 of 1.44 pence per qualifying ordinary share (2021/22: 1.2 pence) was proposed for approval at the Annual General Meeting on 20 July 2023 and will be payable on 28 July 2023. Dividend distributions are recognised as a liability in the period in which the dividends are approved by Group\u2019s shareholders.25. Capital commitmentsThe Group has capital expenditure on property, plant and equipment contracted for at the end of the reporting period but not yet incurred at 1 April 2023 of \u00a38.9m (2021/22: \u00a35.7m).26. ContingenciesThere were no material contingent liabilities at 1 April 2023 (2021/22: none). 27. Related party transactionsThe following transactions were carried out with related parties:27.1 Key management compensationKey management personnel of the Group are considered to be the executive and non-executive directors and the Executive Leadership Team. Details of their remuneration are set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual directors is provided in the audited section of the Directors\u2019 Remuneration Report on pages 90 to 114.52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mShort-term employee benefits 5.8 5.5 Share-based payments 3.9 3.2 Total 9.7 8.7 27.2 Other related partiesAs at 2 April 2022 the following are also considered to be related parties under the Listing Rules and IAS 24 due to their shareholdings exceeding 10% of the Group\u2019s total issued share capital:\u2022 Nissin Foods Holding Co., Ltd. (\u2018Nissin\u2019) is considered to be a related party by virtue of its 24.86% (2021/22: 19.06%) equity shareholding in Premier Foods plc and its right to appoint a member to the Board of directors.Transactions with related parties53 weeks 53 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mSale of services:\u2013 Nissin 0.2 0.2 Total sales 0.2 0.2 Purchase of goods:\u2013 Nissin 26.1 18.7 Total purchases 26.1 18.7 27.3 Retirement benefit obligationsAs stated in note 14, the Group has entered into an arrangement with the Pension Scheme Trustees as part of the funding requirements for any actuarial deficit in the Scheme. Full details of this arrangement are set out in note 14 to these financial statements.28. Acquisition of subsidiaryOn 31 August 2022, the Group acquired 100% of the ordinary share capital of The Spice Tailor Limited (\u2018Spice Tailor\u2019) and its wholly owned subsidiaries, The Spice Tailor (Direct) Limited, The Spice Tailor (Canada) Limited and The Spice Tailor (Australia) Pty Ltd for initial consideration of \u00a343.8m (this comprises \u00a344.5m cash consideration less \u00a30.7m cash acquired). Additional consideration is dependent on future performance with an earn out structure over a three year period from FY2024, subject to further growth targets with a maximum cap of total consideration of \u00a372.5m. The acquisition is well aligned to the Group\u2019s growth strategy, being highly complementary to the Group\u2019s Sharwood's and Loyd Grossman brands and having a strong geographical fit, with a presence in the UK, Australian, Canadian and Irish markets, significantly expanding the Group\u2019s ethnic foods business in Australia.The following table summarises the Group\u2019s provisional assessment of the consideration for Spice Tailor, and the amounts of the assets acquired and liabilities assumed. IFRS book value at Fair value acquisitionadjustmentsFair valueRecognised amounts of identifiable assets acquired and liabilities assumed\u00a3m\u00a3m\u00a3mProperty, plant & equipment 0.1 \u2013 0.1Brands and other intangible assets \u2013 20.5 20.5Inventories 3.0 0.2 3.2Trade and other receivables1 2.4 2.4 4.8Trade and other payables (3.4) \u2013 (3.4)Provisions (0.1) (2.4) (2.5)Cash and cash equivalents 0.7 \u2013 0.7Deferred tax liability \u2013 (5.0) (5.0)Total identifiable net assets 2.7 15.7 18.4 Goodwill on acquisition 34.3 Initial consideration transferred in cash 44.5 Deferred contingent consideration 8.2 Total consideration 52.7 1 Fair value adjustment relates to the recognition of indemnification assets in relation to contingent liabilities acquiredIdentifiable net assetsThe fair values of the identifiable assets and liabilities acquired have been determined provisionally at the acquisition date. As permitted under IFRS 3 the Group may, within twelve months of the acquisition date, retrospectively adjust the provisional amounts recognised to reflect new information obtained about facts and circumstances that existed and, if known, would have affected the measurement of the amounts recognised as at the acquisition date.As a result of the business combination, the Group recognised provisions of \u00a32.5m, including \u00a32.4m in relation to the fair value of contingent liabilities acquired which relate primarily to future tax liabilities in line with IAS 37. The fair value of the trade and other receivables acquired as part of the business combination was \u00a34.8m. This includes an indemnification asset of \u00a32.4m in relation to the contingent liabilities assumed, and trade receivables amounting to \u00a32.4m which approximated to the contractual cash flows.Consideration transferredConsideration included cash of \u00a344.5m transferred on completion of the acquisition. An additional \u00a38.2m was recognised in relation to the fair value of deferred contingent consideration which is dependent on future performance with an earn out structure over a three year period from FY2024, subject to further growth targets. The deferred contingent consideration is included within non-current other liabilities.The fair value of deferred contingent consideration represents the present value of estimate payments measured at the time of acquisition based on the Group\u2019s estimate of future performance. The fair value is based on unobservable inputs and is a classified as a level 3 fair value estimate under the IFRS fair value hierarchy. See note 19 for further details.Acquisition-related costs amounting to \u00a32.7m are not included as part of consideration transferred and have been recognised as an expense in the consolidated statement of profit or loss, as part of administrative expenses.GoodwillGoodwill amounting to \u00a334.3m was recognised on acquisition and while The Spice Tailor brand forms much of the enterprise value of the business, there is a premium associated to the purchase of a pre-existing, well positioned business. This goodwill is not expected to be deductible for tax purposes and is allocated to the Group\u2019s Grocery CGU.Spice Tailor contribution to the Group resultsFrom the date of the acquisition to 1 April 2023, Spice Tailor contributed \u00a310.0m to the Group\u2019s Revenues and a profit before taxation of \u00a30.3m. Had the acquisition occurred on 3 April 2022, on a pro forma basis, the Group\u2019s Revenue for the period to 1 April 2023 would have been \u00a31,013.4m and profit before taxation for the same period would have been \u00a3111.5m.29. InvestmentsIn accordance with Section 409 of the Companies Act 2006 and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, as amended by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, a full list of subsidiary undertakings, associate undertakings and joint operations (showing the country of incorporation, registered address and effective percentage of equity shares held) as at 1 April 2023 is disclosed below. % Held % Held by Parent by Group Company of companies, if Companythe Group different Share Class Country Registered AddressPremier Foods Investments Limited 100% 100% \u00a31.00 Ordinary sharesPremier House PFI No.1 Old Co Limited 100% 100% \u00a31.00 Ordinary sharesEngland & Griffiths WayPremier Foods Finance plc 0% 100% \u00a31.00 Ordinary sharesWalesSt AlbansPremier Foods Group Services Limited 0% 100% \u00a30.01 Ordinary sharesHertfordshirePremier Foods Group Limited 0% 100% \u00a30.25 Ordinary sharesAL1 2RECentura Foods Limited 0% 100% \u00a31.00 Ordinary sharesPremier Foods (Holdings) Limited 0% 100% \u00a31.00 Ordinary sharesH.L. Foods Limited 0% 100% \u00a31.00 Ordinary sharesHillsdown Europe Limited 0% 100% \u00a31.00 Ordinary sharesCH Old Co Limited* 0% 100% \u00a31.00 Ordinary sharesHillsdown International Limited 0% 100% \u00a31.00 Ordinary sharesRHM Frozen Foods Limited 0% 100% \u00a31.00 Ordinary sharesKnighton Foods Limited 0% 100% \u00a31.00 Ordinary sharesKnighton Foods Properties Limited 0% 100% \u00a31.00 Ordinary shares% Held % Held by Parent by Group Company of companies, if Companythe Group different Share Class Country Registered AddressThe Spice Tailor Limited 0% 100% \u00a30.001 Ordinary sharesPremier House \u00a30.001 B sharesGriffiths Way\u00a30.001 C sharesSt Albans\u00a30.001 D sharesHertfordshireThe Spice Tailor (Direct) Limited 0% 100% \u00a30.01 Ordinary sharesAL1 2REW & J B Eastwood Limited** 0% 100% \u00a31.00 Ordinary A shares\u00a31.00 Ordinary B sharesVic Hallam Holdings Limited**0%100%\u00a30.25 Ordinary sharesEngland & DFL Oldco Limited**0%100%\u00a31.00 redeemable cumulative WalesF.M.C. (Meat) Limited**0%100%preference sharesHaywards Foods Limited**0%100%\u00a31.00 Ordinary sharesRLP Old Co Limited**0%100%\u00a30.25 Ordinary sharesHillsdown Holdings Pension Trustees Limited*0%100%\u00a31.00 Ordinary sharesPremier Foods Group Life Plan Trustees 0% 100%\u00a31.00 Ordinary sharesLimited*0%100%\u00a31.00 Ordinary sharesRHM Pension Trust Limited*0%100%\u00a31.00 Ordinary sharesThe Specialist Soup Company Limited** 0%100%\u00a31.00 Ordinary sharesJames Robertson & Sons Limited**0%100%\u00a31.00 Ordinary shares00241018 Limited (formerly British Bakeries)**0%100%\u00a31.00 Ordinary sharesDaltonmoor Limited**\u00a31.00 Ordinary sharesPFF Old Co Limited**\u00a31.00 Ordinary sharesRFB Old Co Limited**\u00a31.00 Ordinary sharesPIFUK Old Co Limited 0% 100% \u00a31.00 Ordinary sharesRH Oldco Limited* 0% 100% \u00a31.00 Ordinary sharesCitadel Insurance Company Limited 0% 100% \u00a31.00 Ordinary Shares Isle of Man Ioma HouseHope Street DouglasIsle of ManIM1 1AP% Held % Held by Parent by Group Company of companies, if Companythe Group different Share Class Country Registered AddressWoolgate Nitrovit Limited** 0% 100% \u00a30.25 Ordinary shares England & 2 Woolgate Court St WalesBenedicts StreetNorwichNorfolkNR2 4APDiamond Foods Lebensmittelhandel GmbH 0% 100% \u20ac0.5113 Ordinary shares Germany G\u00e4rtnerstra\u00dfe 3, 25485 Hemdingen, GermanyPremier Brands Limited*0%100%\u00a31.00 Ordinary sharesScotland Summit HouseBeatties Northern Limited (SC018898)**0%100%\u00a31.00 Ordinary shares4-5 Mitchell Street Edinburgh ScotlandEH6 7BDPremier Foods, Inc. 0% 100% US$0.01 Common Stock United States The Corporation Trust sharesCompanyCorporation Trust Centre1209 Orange Street, WilmingtonDE 19801, USAPremier Foods ROI Limited 0%100%\u20ac1.00 Ordinary sharesIreland 25-28 North Wall Quay Premier Foods Ireland Manufacturing Limited*0%100%\u20ac1.26 Ordinary sharesDublin 1 IrelandG P Woolgate Limited** 0% 100% \u00a31.00 Ordinary shares England & PWC LLP, Benson WalesHouse 33 Wellington Street, Leeds, LS1 4JP*Dormant entities**Restored companies30. Subsequent eventsOn 11 May 2023 the Group extended \u00a3148.5m of its revolving credit facility (RCF) by one year to May 2026. The covenant package attached to the RCF is to be tested bi-annually and they are unchanged (see note 20 for details). On 18 May 2023, the directors have proposed a final dividend for the period ended 1 April 2023 for approval at the Annual General Meeting. See note 24 for more details. Company balance sheetAs atAs at1 April 20232 April 2022Note\u00a3m\u00a3mNon-current assets Investments in Group undertakings 4 1,117.8 1,114.8 Trade and other receivables 5 49.5 17.0 1 Deferred tax assets6 1.5 1.3 1,168.8 1,133.1Current assets Trade and other receivables 5 12.5 10.7 Cash and cash equivalents 0.2 1.2 Total assets 1,181.5 1,145.0 Trade and other creditors 7 (3.1) (1.4)Net current assets 9.6 10.5Total assets less current liabilities 1,178.4 1,143.6 Net assets 1,178.4 1,143.6 Equity Called up share capital 8 86.8 86.3 Share premium account 2.5 1.5 2 Retained earnings 1,089.1 1,055.8 Total equity 1,178.4 1,143.6 1 The prior year deferred tax asset has been re-presented from Current to Non-current in line with IAS 1.2 The company has taken advantage of the exemption permitted by Section 408 of the Companies Act 2006 not to publish its individual profit and loss account and related notes. During the period, the company made a profit of \u00a341.6m (2021/22: \u00a31.0m loss).The notes on pages 174 to 177 form an integral part of the financial statements.The financial statements on pages 172 to 177 were approved by the Board of directors on 18 May 2023 and signed on its behalf by:Alex Whitehouse Duncan LeggettChief Executive Officer Chief Financial OfficerCompany statement of changes in equityShare Called up premium Retained share capitalaccountearningsTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 4 April 2021 85.5 0.6 1,062.1 1,148.2 Loss for the period \u2013 \u2013 (1.0) (1.0)Share-based payments \u2013 \u2013 3.4 3.4 Purchase of shares to satisfy share awards \u2013 \u2013 (0.4) (0.4)Shares issued 0.8 0.9 \u2013 1.7 Dividends \u2013 \u2013 (8.5) (8.5)Deferred tax movements on share-based payments \u2013 \u2013 0.2 0.2 At 2 April 2022 86.3 1.5 1,055.8 1,143.6 At 3 April 2022 86.3 1.5 1,055.8 1,143.6 Profit for the period \u2013 \u2013 41.6 41.6 Share-based payments \u2013 \u2013 4.6 4.6 Purchase of shares to satisfy share awards \u2013 \u2013 (2.5) (2.5)Shares issued 0.5 1.0 \u2013 1.5 Dividends \u2013 \u2013 (10.3) (10.3)Deferred tax movements on share-based payments \u2013 \u2013 (0.1) (0.1) At 1 April 2023 86.8 2.5 1,089.1 1,178.4 The Company has considered the profits available for distribution to shareholders. At 1 April 2023, the Company had retained earnings of \u00a31.1bn (2021/22: \u00a31.1bn) of which the unrealised profit element was \u00a30.5bn (2021/22: \u00a30.5bn). The Company had profits available for distribution of \u00a30.6bn (2021/22: \u00a30.6bn) for the payment of dividends or purchases of own shares. Determining the Company\u2019s reserves available for distribution is complex and requires, in some instances, the application of judgement. The Company has determined what is realised and unrealised in accordance with the Companies Act 2006 and the guidance included in ICAEW Technical Release TECH 02/17BL \u2018Guidance on realised and distributable profits under the Companies Act 2006\u2019. The Company\u2019s reserves available for distribution include adjustments to retained earnings in respect of the unrealised portion of dividends in specie received by the Company, profit on intercompany interest received from subsidiaries, post employment benefit surpluses and share-based payment charges capitalised to investments.The notes on pages 174 to 177 form an integral part of the financial statements.",
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"value": "1. General informationPremier Foods plc (the \u2018Company\u2019) is a public limited company incorporated in the United Kingdom and domiciled in England, registered number 05160050, with its registered address at Premier House, Centrium Business Park, Griffiths Way, St Albans, Hertfordshire AL1 2RE. The principal activity of the Company and its subsidiaries (the \u2018Group\u2019) is the manufacture and distribution of branded and own label food products. Copies of the annual report and accounts are available on our website: www.premierfoods.co.uk/investors/results-centre.These Group consolidated financial statements were authorised for issue by the Board of directors on 18 May 2023.",
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"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__8": {
"value": "Premier Foods",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__9": {
"value": "plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__10": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__11": {
"value": "England",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__12": {
"value": "Premier House, Centrium Business Park, Griffiths Way, St Albans, Hertfordshire AL1 2RE",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__13": {
"value": "The principal activity of the Company and its subsidiaries (the \u2018Group\u2019) is the manufacture and distribution of branded and own label food products.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__14": {
"value": "2. Accounting policiesThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.2.1 Basis of preparation These Group financial statements were prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. All amounts are presented to the nearest \u00a30.1m, unless otherwise indicated. They are prepared on a going concern basis and under the historical cost basis, except for certain financial instruments and pension assets that have been measured at fair value.The statutory accounting period is the 52 weeks from 3 April 2022 to 1 April 2023 and comparative results are for the 52 weeks from 4 April 2021 to 2 April 2022. All references to the \u2018period\u2019, unless otherwise stated, are for the 52 weeks ended 1 April 2023 and the comparative period, 52 weeks ended 2 April 2022.The preparation of financial statements in conformity with UK-adopted IFRS requires the use of certain significant accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3.The following accounting standards and interpretations, issued by the International Accounting Standards Board (\u2018IASB\u2019), effective for periods on or after 1 January 2022, have been endorsed:International Financial Reporting Standards Amendments to IFRS 3 Business CombinationsAmendments to IAS 16 Property, Plant and EquipmentAmendments to IAS 37 Provisions, Contingent Liabilities and Contingent AssetsThe following standards and amendments to published standards, effective for periods on or after 1 January 2023, have been endorsed:International Financial Reporting StandardsAmendments to IAS 1 Presentation of Financial StatementsAmendments to IAS 8 Accounting policies, Changes in Accounting Estimates and ErrorsAmendments to IAS 12 Income TaxesIFRS 17 Insurance ContractsThe Group has considered the new or revised standards above and concluded that either they are not relevant to the Group or would not have a material impact on the financial statements of the Group.Basis for preparation of financial statements on a going concern basisThe Group\u2019s revolving credit facility includes net debt/EBITDA and EBITDA/interest covenants as detailed in note 20. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw funding to the Group. The Group was compliant with its covenant tests as at 1 October 2022 and 1 April 2023.Having undertaken a robust assessment of the Group\u2019s forecasts with specific consideration to the trading performance of the Group, cashflows and covenant compliance, the Directors have a reasonable expectation that the Group is able to operate within the level of its current facilities, meet the required covenant tests and has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its financial information for the reasons set out below: At 1 April 2023 the Group had total assets less current liabilities of \u00a32,133.6m, net current liabilities of \u00a39.5m and net assets of \u00a31,406.0m. Liquidity as at that date was \u00a3245.4m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3175m expiring between May 2025 and 2026. The covenants linked to the facilities are shown in note 20 of the financial statements. At the time of the approval of this report, the cash and liquidity position of the group has not changed significantly. The directors have rigorously reviewed the current global political and economic uncertainty driven by the conflict in Ukraine and the inflationary pressures across the industry, and have modelled a severe but plausible downside case impacting future financial performance, cash flows and covenant compliance, that cover a period of at least 12 months from the date of approval of the financial statements. The downside case represents severe but plausible assumptions related primarily to the impact of inflation during the review period. The directors have also considered the impact of the outbreak of an infectious disease, climate change, cyber-attacks and changes in consumer preferences in the downside cases modelled and have assumed all scenarios within the downside cases impact during the periods reviewed. Whilst the downside scenario is deemed severe but plausible, it is considered by the directors to be a robust stress test of going concern, having an adverse impact on revenue, margin, profit and cash flow. Should circumstances mean there is further downside, whilst not deemed plausible, the directors, in response have identified mitigating actions within their control, that would reduce costs, optimising cashflow and liquidity. This includes reducing capital expenditure, reducing marketing spend and delaying or cancelling discretionary spend. The directors have assumed no significant structural changes to the business will be needed in any of the scenarios modelled. None of the scenarios modelled are sufficiently material to prevent the Group from continuing as a going concern. The Directors, after reviewing financial forecasts and financing arrangements, have a reasonable expectation that the Group has adequate resources to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the Directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on Risk Management, Internal Control and Related Financial and Business Reporting\u2019 issued by the FRC) in preparing its consolidated financial statements. Climate changeThe Group has considered the impact of both physical and transitional climate change risks on the financial statements of the Group. The Group does not consider there to be a material impact on the valuation of the Group\u2019s assets or liabilities, including useful economic life of property, plant and equipment, or on any significant accounting estimates or judgements. See note 14 for further details on how the trustee of the Group\u2019s pension scheme plans to integrate climate change considerations into their investment strategy. The Group will continue to monitor the impact on valuations of assets and liabilities as government policy evolves.The impact of climate change has been considered in the projected cash flows used for impairment testing where the material risks identified in the TCFD statement, see page 38, have been modelled in the severe but plausible scenario for going concern and viability. 2.2 Basis of consolidation(i) Subsidiaries The consolidated financial statements include the financial statements of Premier Foods plc and entities controlled by the Company (itssubsidiaries). Control is achieved where the Company is exposed to or has rights to variable returns from involvement with an investee andhas the ability to affect those returns through its power over the investee.All intra-Group transactions, balances, income and expenses are eliminated on consolidation.2.3 RevenueRevenue comprises the invoiced value for the sale of goods net of sales rebates, discounts, value added tax and other taxes directly attributable to revenue and after eliminating sales within the Group. Revenue is recognised when the Group transfers control of products over to the customer. Transaction price per case is pre agreed per the price list with any discount related to an individual customer-run promotional agreed in advance. Long-term discounts and rebates are part of a commercial arrangement and the Group uses actual and forecast sales to estimate the level of discount or rebate. The Group uses the \u2018most likely amount\u2019 method to estimate the value of the variable consideration. Revenue is recognised on the following basis:(i) Sale of goodsSales of goods are recognised as revenue when a customer gains control of the goods, which typically coincides with the time when themerchandise is delivered to customers and title passes.(ii) Sales rebates and discountsSales related discounts comprise:\u2022 Long-term discounts and rebates, which are sales incentives to customers to encourage them to purchase increased volumes and arerelated to total volumes purchased and sales growth.\u2022 Short-term promotional discounts, which are directly related to promotions run by customers.Sales rebates and discount accruals are treated as a reduction in the transaction price and are established at the time of sale based on management\u2019s best estimate of the amounts necessary to meet claims by the Group\u2019s customers in respect of these rebates and discounts and are reviewed for appropriateness at each reporting date. Accruals are made for each individual promotion or rebate arrangement and are based on the type and length of promotion and nature of customer agreement. At the time an accrual is made the nature and timing of the promotion is typically known. Accumulated experience is used to estimate and provide for rebates and discounts and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.(iii) Commercial incomeCommercial income received from suppliers through rebates and discounts is recognised within cost of sales over the period(s) to whichthe underlying contract or agreement relates. Accrued income is recognised for rebates on contracts covering the current period, for whichno cash was received at the balance sheet date. Deferred income is recognised for rebates that were received from suppliers at the balancesheet date but relate to contracts covering future periods.2.4 Segmental reportingOperating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (\u2018CODM\u2019). The CODM is responsible for allocating resources and assessing performance of the operating segments. See note 4 for further details. 2.5 Foreign currency translationTransactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date.The results of overseas subsidiaries with functional currencies other than in sterling are translated into sterling at the closing rate of exchange ruling in the period. The balance sheets of overseas subsidiaries are translated into sterling at the closing rate. Exchange differences arising from retranslation at the period end exchange rates of the net investment in foreign subsidiaries are recorded as a separate component of equity in reserves. All other exchange gains or losses are recorded in the statement of profit or loss.2.6 DividendsDividend distributions to shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the shareholders, and for interim dividends in the period in which they are paid.2.7 Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. Cash and cash equivalents and bank overdrafts are offset where there is a legally enforceable right to offset the recognised amounts and the Group intends to settle on a net basis.Bank overdrafts which are not offset and that are repayable on demand and form an integral part of the Company\u2019s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.2.8 Property, plant and equipment (\u2018PPE\u2019)Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses.PPE is initially recorded at cost. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Subsequent expenditure is added to the carrying value of the asset when it is probable that incremental future economic benefits will transfer to the Group. All other subsequent expenditure is expensed in the period it is incurred.Differences between the cost of each item of PPE and its estimated residual value are written off over the estimated useful life of the asset using the straight-line method. Reviews of the estimated remaining useful lives and residual values of individual productive assets are performed annually, taking account of commercial and technological obsolescence as well as normal wear and tear. Freehold land is not depreciated. The useful economic lives of owned assets range from 15 to 50 years for buildings, 5 to 30 years for plant and equipment and 10 years for vehicles.All items of PPE are reviewed for impairment when there are indications that the carrying value may not be fully recoverable. Assets under construction represent the amount of expenditure recognised in the course of an asset\u2019s construction. Directly attributable costs that are capitalised as part of PPE include employee costs and an appropriate portion of relevant overheads. Depreciation of an asset is recognised from the time it is available for use. The difference between the carrying value of disposed assets and the net disposal proceeds is recognised in profit or loss.2.9 Intangible assetsGoodwillGoodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment. In addition to goodwill, the Group recognises the following intangible assets: Acquired intangible assetsAcquired brands and licences that are controlled through custody or legal rights and that could be sold separately from the rest of the business are capitalised, where fair value can be reliably measured. All these assets are considered to have finite lives and are amortised on a straight-line basis over their estimated useful economic lives that range from 15 to 40 years for brands and 10 years for licences.SoftwareDevelopment costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the project or process is technically and commercially feasible. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.Software development costs are amortised over their estimated useful lives on a straight-line basis over a range of 3 to 10 years. The useful economic lives of intangible assets are determined based on a review of a combination of factors including the asset ownership rights acquired and the nature of the overall product life cycle. Reviews of the estimated remaining useful lives and residual values of individual intangible assets are performed annually.Cloud computing arrangementsLicences to use cloud based software are only capitalised if the Group has both the contractual right to take possession of the software without significant penalty and the ability to run the software independently from the original supplier. All other cloud computing arrangements are treated as service contracts and charged to the statement of profit or loss over the term of the contract.Costs to configure or customise software under a cloud computing arrangement are charged to the statement of profit or loss alongside the related service contract, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised.ResearchExpenditure on research activities is charged to the statement of profit or loss in the period in which it is incurred.2.10 Impairment The carrying values of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at least annually to determine whether there is an indication of impairment. For goodwill and other intangible assets with indefinite useful lives, the recoverable amount is estimated each year at the same time. Assets that are subject to amortisation are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Non-financial assets, other than goodwill, that have suffered an impairment loss are reviewed for possible reversal of the impairment at each reporting date.Where an indication of impairment exists, the recoverable amount is estimated based on the greater of its value in use and its fair value less costs to sell. In assessing the fair value less costs to sell, the market approach is often used to derive market multiples from a set of comparative assets.The Group reviews its identified CGUs for the purposes of testing goodwill on an annual basis, taking into consideration whether assets generate independent cash inflows. The recoverable amounts of CGUs are determined based on the higher of fair value less costs of disposal and value in use calculations. These calculations require the use of estimates.Impairment losses are recognised in the statement of profit or loss in the period in which they occur.For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash flows of other assets or groups of assets. 2.11 Finance cost and incomeFinance costBorrowing costs are accounted for on an accruals basis in the statement of profit or loss using the effective interest method.Finance incomeFinance income is recognised on a time proportion basis, taking into account the principal amounts outstanding and the interest rates applicable, taking into consideration the interest element of derivatives.2.12 LeasesLease recognition At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For leases of properties in which the Group is a lessee, it has applied the practical expedient permitted by IFRS 16 and will account for each lease component and any associated non-lease components as a single lease component. Right of use assets The Group recognises right of use assets at the commencement date of the lease. Right of use assets are measured at cost, less accumulated depreciation and impairment losses and adjusted for any re-measurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, adjusted for any lease payments made at or before the commencement date, less any lease incentives received. Right of use assets are depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. Right of use assets are subject to and reviewed regularly for impairment. Depreciation on right of use assets is predominantly recognised in cost of sales and administration costs in the consolidated statement of profit and loss. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of the lease payments to be made over the lease term. Lease payments include fixed and variable lease payments that depend on an index or rate less any lease incentives receivable. Any variable lease payments that do not depend on an index or rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Generally, the Group uses its incremental borrowing rate as the discount rate. After the commencement date, the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term or a change in the fixed lease payments. Interest charges are included in finance costs in the consolidated statement of profit and loss and included in interest paid within cash flows from operating activities. Payments for the principal element of lease liabilities are presented within cash flows from financing activities.Short-term leases and leases of low-value items The Group has elected not to recognise right of use assets and lease liabilities for short-term leases of machinery and equipment that have a lease term of less than 12 months and leases of low-value assets. Lease payments relating to short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. 2.13 InventoriesInventories are stated at the lower of cost and net realisable value. Where appropriate, cost includes production and other attributable overhead expenses as described in IAS 2 Inventories. Cost is calculated on a first-in, first-out basis by reference to the invoiced value of supplies and attributable costs of bringing the inventory to its present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated costs necessary to make the sale.All inventories are reduced to net realisable value where this is lower than cost.A provision is made for slow moving, obsolete and defective inventory where appropriate.2.14 TaxationIncome tax on the profit or loss for the period comprises current and deferred tax.Current taxIncome tax is recognised in the statement of profit or loss except to the extent that it relates to items recognised directly in other comprehensive income (\u2018OCI\u2019) in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods.Deferred taxDeferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred taxation is not provided on the initial recognition of an asset or liability in a transaction, other than in a business combination, if at the time of the transaction there is no effect on either accounting or taxable profit or loss.Deferred tax is measured at the tax rates that are expected to apply in the periods in which the asset or liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted as at the balance sheet date.The measurement of deferred tax assets and liabilities reflect the directors\u2019 intention regarding the manner of recovery of an asset or settlement of a liability.For the purpose of recognising deferred tax on the pension scheme surplus, withholding tax (at 35%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. In the spring budget of 2021, the corporation tax rate increased from the current 19% to 25% starting April 2023. Corporation tax at 25% (19% until March 2023) would apply for any surplus expected to unwind over the life of the scheme. Therefore, deferred tax movements have been measured at 25%.The directors have concluded that the future corporation tax rate of 25% should apply to the recognition of deferred tax on the pension scheme surplus, reflecting the directors\u2019 intention regarding the manner of recovery of the deferred tax asset.Deferred tax is recognised in the statement of profit or loss except when it relates to items credited or charged directly to OCI, in which case the deferred tax is also recognised in equity.Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilised. Their carrying amount is reviewed at each balance sheet date on the same basis.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and when the Group intends to settle its current tax assets and liabilities on a net basis.When assessing whether the recognition of a deferred tax asset can be justified, and if so at what level, the directors take into account the following:\u2022 Historic business performance\u2022 Projected profits or losses and other relevant information that allow profits chargeable to corporation tax to be derived\u2022 The total level of recognised and unrecognised losses that can be used to reduce future forecast taxable profits\u2022 The period over which there is sufficient certainty that profits can be made that would support the recognition of an assetFurther disclosures of the amounts recognised (and unrecognised) are contained within note 9.2.15 Employee benefitsGroup companies provide a number of long-term employee benefit arrangements, primarily through pension schemes. The Group has both defined benefit and defined contribution schemes. Defined benefit planA defined benefit plan is a post-employment benefit plan that defines the amount of pension benefit that an employee will receive on retirement, usually dependent on factors such as age, years of service and compensation. The liability or surplus recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets, together with adjustments for remeasurement and past service costs. Defined benefit obligations are calculated using assumptions determined by the Group with the assistance of independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using yields of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.Remeasurement arising from experience adjustments and changes in actuarial assumptions are charged or credited to the statement of comprehensive income in the period in which they arise.Past service costs, administration costs, and the net interest on the net defined benefit liability or surplus are recognised immediately in the statement of profit or loss.Curtailments are recognised as a past service cost when the Group makes a significant reduction in the number of employees covered by a plan or amends the terms of a defined benefit plan so that a significant element of future service by current employees no longer qualifies for amended benefits.Plan assets of the defined benefit schemes include a number of assets for which quoted prices are not available. At each reporting date, the Group determines the fair value of these assets with reference to most recently available information. The trustees of the schemes have integrated climate change considerations into their long-term decision making and reporting processes. See note 14 for further details. To the extent a surplus arises under IAS 19, the Group ensures that it can recognise the associated asset in line with IFRIC 14 with no restrictions. There are no restrictions on the current realisability of the surplus.Defined contribution plansA defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the periods during which services are rendered by employees. Differences between contributions payable in the period and contributions actually paid are recognised as either accruals or prepayments in the balance sheet.2.16 Share-based paymentsThe Group operates a number of equity-settled share-based compensation plans. The fair value of employee share option plans is calculated using an option valuation model, taking into account the terms and conditions upon which the awards were granted. In accordance with International Financial Reporting Standard 2, Share-Based Payment (\u2018IFRS 2\u2019), the resulting expense is charged to the profit and loss account over the vesting period of the options. The value of the charge is adjusted to reflect expected and actual levels of options vesting. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards/options granted, adjusted where required for the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Market conditions are included in assumptions about the number of share awards/options that are expected to vest which is factored into the grant date fair value for awards with these conditions attached. At each balance sheet date, the Group revises its estimates of the number of share awards/options that are expected to vest (for those with non-market conditions) and recognises the impact of the revision to original estimates, if any, in profit and loss, with a corresponding adjustment to equity.2.17 ProvisionsProvisions (for example property exit costs) are recognised when the Group has present legal or constructive obligations as a result of past events, that can be reliably measured, and it is probable that an outflow of resources will be required to settle the obligation. Where material, the Group discounts its provisions using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance expense.2.18 Financial instrumentsFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.Trade and other receivablesTrade and other receivables are initially measured at the transaction price and at the point of recognition an expected credit loss is recognised to reflect the future risk of default. Trade receivables are subsequently measured at amortised cost less any additional, specific provisions for impairment. A specific provision is made for impairment when there is objective evidence that the Group will not be able to collect all amounts due according to the terms of the receivables. Trade and other receivables are written off when the Group has no reasonable expectation of recovering the amounts due.Trade and other receivables are discounted when the time value of money is considered material. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses adjusted to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle the receivables. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group has certain trade receivables which are subject to a trade receivable purchase arrangement under a non-recourse facility. Trade receivables that are sold without recourse are de-recognised when the risks and rewards of the receivables have been fully transferred to the facility provider. The risks and rewards of the receivables are considered to be fully transferred on receipt of proceeds from the facility provider to settle the debtor. The facility provider has no recourse to the Group in the event of non-payment by the debtor once the proceeds have been received from the facility provider. The associated interest is recognised as interest expense in the income statement. Bank borrowingsInterest-bearing bank loans and overdrafts are measured initially at fair value and subsequently at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs and inclusive of debt issuance costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group\u2019s accounting policy for borrowing costs.Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost. Trade payables and other liabilities are discounted when the time value of money is considered material.Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs.Deferred contingent consideration Liabilities for deferred contingent consideration arising on a business combination are measured at fair value and remeasured at each reporting date. Any changes in the fair value of deferred contingent consideration are recognised immediately in profit or loss.2.19 Business CombinationsThe Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are measured at their acquisition-date fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__16": {
"value": "2.1 Basis of preparation These Group financial statements were prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. All amounts are presented to the nearest \u00a30.1m, unless otherwise indicated. They are prepared on a going concern basis and under the historical cost basis, except for certain financial instruments and pension assets that have been measured at fair value.The statutory accounting period is the 52 weeks from 3 April 2022 to 1 April 2023 and comparative results are for the 52 weeks from 4 April 2021 to 2 April 2022. All references to the \u2018period\u2019, unless otherwise stated, are for the 52 weeks ended 1 April 2023 and the comparative period, 52 weeks ended 2 April 2022.The preparation of financial statements in conformity with UK-adopted IFRS requires the use of certain significant accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3.The following accounting standards and interpretations, issued by the International Accounting Standards Board (\u2018IASB\u2019), effective for periods on or after 1 January 2022, have been endorsed:International Financial Reporting Standards Amendments to IFRS 3 Business CombinationsAmendments to IAS 16 Property, Plant and EquipmentAmendments to IAS 37 Provisions, Contingent Liabilities and Contingent AssetsThe following standards and amendments to published standards, effective for periods on or after 1 January 2023, have been endorsed:International Financial Reporting StandardsAmendments to IAS 1 Presentation of Financial StatementsAmendments to IAS 8 Accounting policies, Changes in Accounting Estimates and ErrorsAmendments to IAS 12 Income TaxesIFRS 17 Insurance ContractsThe Group has considered the new or revised standards above and concluded that either they are not relevant to the Group or would not have a material impact on the financial statements of the Group.Basis for preparation of financial statements on a going concern basisThe Group\u2019s revolving credit facility includes net debt/EBITDA and EBITDA/interest covenants as detailed in note 20. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw funding to the Group. The Group was compliant with its covenant tests as at 1 October 2022 and 1 April 2023.Having undertaken a robust assessment of the Group\u2019s forecasts with specific consideration to the trading performance of the Group, cashflows and covenant compliance, the Directors have a reasonable expectation that the Group is able to operate within the level of its current facilities, meet the required covenant tests and has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its financial information for the reasons set out below: At 1 April 2023 the Group had total assets less current liabilities of \u00a32,133.6m, net current liabilities of \u00a39.5m and net assets of \u00a31,406.0m. Liquidity as at that date was \u00a3245.4m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3175m expiring between May 2025 and 2026. The covenants linked to the facilities are shown in note 20 of the financial statements. At the time of the approval of this report, the cash and liquidity position of the group has not changed significantly. The directors have rigorously reviewed the current global political and economic uncertainty driven by the conflict in Ukraine and the inflationary pressures across the industry, and have modelled a severe but plausible downside case impacting future financial performance, cash flows and covenant compliance, that cover a period of at least 12 months from the date of approval of the financial statements. The downside case represents severe but plausible assumptions related primarily to the impact of inflation during the review period. The directors have also considered the impact of the outbreak of an infectious disease, climate change, cyber-attacks and changes in consumer preferences in the downside cases modelled and have assumed all scenarios within the downside cases impact during the periods reviewed. Whilst the downside scenario is deemed severe but plausible, it is considered by the directors to be a robust stress test of going concern, having an adverse impact on revenue, margin, profit and cash flow. Should circumstances mean there is further downside, whilst not deemed plausible, the directors, in response have identified mitigating actions within their control, that would reduce costs, optimising cashflow and liquidity. This includes reducing capital expenditure, reducing marketing spend and delaying or cancelling discretionary spend. The directors have assumed no significant structural changes to the business will be needed in any of the scenarios modelled. None of the scenarios modelled are sufficiently material to prevent the Group from continuing as a going concern. The Directors, after reviewing financial forecasts and financing arrangements, have a reasonable expectation that the Group has adequate resources to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the Directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on Risk Management, Internal Control and Related Financial and Business Reporting\u2019 issued by the FRC) in preparing its consolidated financial statements. Climate changeThe Group has considered the impact of both physical and transitional climate change risks on the financial statements of the Group. The Group does not consider there to be a material impact on the valuation of the Group\u2019s assets or liabilities, including useful economic life of property, plant and equipment, or on any significant accounting estimates or judgements. See note 14 for further details on how the trustee of the Group\u2019s pension scheme plans to integrate climate change considerations into their investment strategy. The Group will continue to monitor the impact on valuations of assets and liabilities as government policy evolves.The impact of climate change has been considered in the projected cash flows used for impairment testing where the material risks identified in the TCFD statement, see page 38, have been modelled in the severe but plausible scenario for going concern and viability.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__15-1": {
"value": "Basis of preparation These Group financial statements were prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. All amounts are presented to the nearest \u00a30.1m, unless otherwise indicated. They are prepared on a going concern basis and under the historical cost basis, except for certain financial instruments and pension assets that have been measured at fair value.The statutory accounting period is the 52 weeks from 3 April 2022 to 1 April 2023 and comparative results are for the 52 weeks from 4 April 2021 to 2 April 2022. All references to the \u2018period\u2019, unless otherwise stated, are for the 52 weeks ended 1 April 2023 and the comparative period, 52 weeks ended 2 April 2022.The preparation of financial statements in conformity with UK-adopted IFRS requires the use of certain significant accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3.The following accounting standards and interpretations, issued by the International Accounting Standards Board (\u2018IASB\u2019), effective for periods on or after 1 January 2022, have been endorsed:International Financial Reporting Standards Amendments to IFRS 3 Business CombinationsAmendments to IAS 16 Property, Plant and EquipmentAmendments to IAS 37 Provisions, Contingent Liabilities and Contingent AssetsThe following standards and amendments to published standards, effective for periods on or after 1 January 2023, have been endorsed:International Financial Reporting StandardsAmendments to IAS 1 Presentation of Financial StatementsAmendments to IAS 8 Accounting policies, Changes in Accounting Estimates and ErrorsAmendments to IAS 12 Income TaxesIFRS 17 Insurance ContractsThe Group has considered the new or revised standards above and concluded that either they are not relevant to the Group or would not have a material impact on the financial statements of the Group.Basis for preparation of financial statements on a going concern basisThe Group\u2019s revolving credit facility includes net debt/EBITDA and EBITDA/interest covenants as detailed in note 20. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw funding to the Group. The Group was compliant with its covenant tests as at 1 October 2022 and 1 April 2023.Having undertaken a robust assessment of the Group\u2019s forecasts with specific consideration to the trading performance of the Group, cashflows and covenant compliance, the Directors have a reasonable expectation that the Group is able to operate within the level of its current facilities, meet the required covenant tests and has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its financial information for the reasons set out below: At 1 April 2023 the Group had total assets less current liabilities of \u00a32,133.6m, net current liabilities of \u00a39.5m and net assets of \u00a31,406.0m. Liquidity as at that date was \u00a3245.4m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3175m expiring between May 2025 and 2026. The covenants linked to the facilities are shown in note 20 of the financial statements. At the time of the approval of this report, the cash and liquidity position of the group has not changed significantly. The directors have rigorously reviewed the current global political and economic uncertainty driven by the conflict in Ukraine and the inflationary pressures across the industry, and have modelled a severe but plausible downside case impacting future financial performance, cash flows and covenant compliance, that cover a period of at least 12 months from the date of approval of the financial statements. The downside case represents severe but plausible assumptions related primarily to the impact of inflation during the review period. The directors have also considered the impact of the outbreak of an infectious disease, climate change, cyber-attacks and changes in consumer preferences in the downside cases modelled and have assumed all scenarios within the downside cases impact during the periods reviewed. Whilst the downside scenario is deemed severe but plausible, it is considered by the directors to be a robust stress test of going concern, having an adverse impact on revenue, margin, profit and cash flow. Should circumstances mean there is further downside, whilst not deemed plausible, the directors, in response have identified mitigating actions within their control, that would reduce costs, optimising cashflow and liquidity. This includes reducing capital expenditure, reducing marketing spend and delaying or cancelling discretionary spend. The directors have assumed no significant structural changes to the business will be needed in any of the scenarios modelled. None of the scenarios modelled are sufficiently material to prevent the Group from continuing as a going concern. The Directors, after reviewing financial forecasts and financing arrangements, have a reasonable expectation that the Group has adequate resources to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the Directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on Risk Management, Internal Control and Related Financial and Business Reporting\u2019 issued by the FRC) in preparing its consolidated financial statements. Climate changeThe Group has considered the impact of both physical and transitional climate change risks on the financial statements of the Group. The Group does not consider there to be a material impact on the valuation of the Group\u2019s assets or liabilities, including useful economic life of property, plant and equipment, or on any significant accounting estimates or judgements. See note 14 for further details on how the trustee of the Group\u2019s pension scheme plans to integrate climate change considerations into their investment strategy. The Group will continue to monitor the impact on valuations of assets and liabilities as government policy evolves.The impact of climate change has been considered in the projected cash flows used for impairment testing where the material risks identified in the TCFD statement, see page 38, have been modelled in the severe but plausible scenario for going concern and viability. 2.2 Basis of consolidation(i) Subsidiaries The consolidated financial statements include the financial statements of Premier Foods plc and entities controlled by the Company (itssubsidiaries). Control is achieved where the Company is exposed to or has rights to variable returns from involvement with an investee andhas the ability to affect those returns through its power over the investee.All intra-Group transactions, balances, income and expenses are eliminated on consolidation.2.3 RevenueRevenue comprises the invoiced value for the sale of goods net of sales rebates, discounts, value added tax and other taxes directly attributable to revenue and after eliminating sales within the Group. Revenue is recognised when the Group transfers control of products over to the customer. Transaction price per case is pre agreed per the price list with any discount related to an individual customer-run promotional agreed in advance. Long-term discounts and rebates are part of a commercial arrangement and the Group uses actual and forecast sales to estimate the level of discount or rebate. The Group uses the \u2018most likely amount\u2019 method to estimate the value of the variable consideration. Revenue is recognised on the following basis:(i) Sale of goodsSales of goods are recognised as revenue when a customer gains control of the goods, which typically coincides with the time when themerchandise is delivered to customers and title passes.(ii) Sales rebates and discountsSales related discounts comprise:\u2022 Long-term discounts and rebates, which are sales incentives to customers to encourage them to purchase increased volumes and arerelated to total volumes purchased and sales growth.\u2022 Short-term promotional discounts, which are directly related to promotions run by customers.Sales rebates and discount accruals are treated as a reduction in the transaction price and are established at the time of sale based on management\u2019s best estimate of the amounts necessary to meet claims by the Group\u2019s customers in respect of these rebates and discounts and are reviewed for appropriateness at each reporting date. Accruals are made for each individual promotion or rebate arrangement and are based on the type and length of promotion and nature of customer agreement. At the time an accrual is made the nature and timing of the promotion is typically known. Accumulated experience is used to estimate and provide for rebates and discounts and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.(iii) Commercial incomeCommercial income received from suppliers through rebates and discounts is recognised within cost of sales over the period(s) to whichthe underlying contract or agreement relates. Accrued income is recognised for rebates on contracts covering the current period, for whichno cash was received at the balance sheet date. Deferred income is recognised for rebates that were received from suppliers at the balancesheet date but relate to contracts covering future periods.2.4 Segmental reportingOperating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (\u2018CODM\u2019). The CODM is responsible for allocating resources and assessing performance of the operating segments. See note 4 for further details.2.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__17": {
"value": "Basis for preparation of financial statements on a going concern basisThe Group\u2019s revolving credit facility includes net debt/EBITDA and EBITDA/interest covenants as detailed in note 20. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw funding to the Group. The Group was compliant with its covenant tests as at 1 October 2022 and 1 April 2023.Having undertaken a robust assessment of the Group\u2019s forecasts with specific consideration to the trading performance of the Group, cashflows and covenant compliance, the Directors have a reasonable expectation that the Group is able to operate within the level of its current facilities, meet the required covenant tests and has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its financial information for the reasons set out below: At 1 April 2023 the Group had total assets less current liabilities of \u00a32,133.6m, net current liabilities of \u00a39.5m and net assets of \u00a31,406.0m. Liquidity as at that date was \u00a3245.4m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3175m expiring between May 2025 and 2026. The covenants linked to the facilities are shown in note 20 of the financial statements. At the time of the approval of this report, the cash and liquidity position of the group has not changed significantly. The directors have rigorously reviewed the current global political and economic uncertainty driven by the conflict in Ukraine and the inflationary pressures across the industry, and have modelled a severe but plausible downside case impacting future financial performance, cash flows and covenant compliance, that cover a period of at least 12 months from the date of approval of the financial statements. The downside case represents severe but plausible assumptions related primarily to the impact of inflation during the review period. The directors have also considered the impact of the outbreak of an infectious disease, climate change, cyber-attacks and changes in consumer preferences in the downside cases modelled and have assumed all scenarios within the downside cases impact during the periods reviewed. Whilst the downside scenario is deemed severe but plausible, it is considered by the directors to be a robust stress test of going concern, having an adverse impact on revenue, margin, profit and cash flow. Should circumstances mean there is further downside, whilst not deemed plausible, the directors, in response have identified mitigating actions within their control, that would reduce costs, optimising cashflow and liquidity. This includes reducing capital expenditure, reducing marketing spend and delaying or cancelling discretionary spend. The directors have assumed no significant structural changes to the business will be needed in any of the scenarios modelled. None of the scenarios modelled are sufficiently material to prevent the Group from continuing as a going concern. The Directors, after reviewing financial forecasts and financing arrangements, have a reasonable expectation that the Group has adequate resources to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the Directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on Risk Management, Internal Control and Related Financial and Business Reporting\u2019 issued by the FRC) in preparing its consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__19": {
"value": "2.2 Basis of consolidation(i) Subsidiaries The consolidated financial statements include the financial statements of Premier Foods plc and entities controlled by the Company (itssubsidiaries). Control is achieved where the Company is exposed to or has rights to variable returns from involvement with an investee andhas the ability to affect those returns through its power over the investee.All intra-Group transactions, balances, income and expenses are eliminated on consolidation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__20": {
"value": "2.3 RevenueRevenue comprises the invoiced value for the sale of goods net of sales rebates, discounts, value added tax and other taxes directly attributable to revenue and after eliminating sales within the Group. Revenue is recognised when the Group transfers control of products over to the customer. Transaction price per case is pre agreed per the price list with any discount related to an individual customer-run promotional agreed in advance. Long-term discounts and rebates are part of a commercial arrangement and the Group uses actual and forecast sales to estimate the level of discount or rebate. The Group uses the \u2018most likely amount\u2019 method to estimate the value of the variable consideration. Revenue is recognised on the following basis:(i) Sale of goodsSales of goods are recognised as revenue when a customer gains control of the goods, which typically coincides with the time when themerchandise is delivered to customers and title passes.(ii) Sales rebates and discountsSales related discounts comprise:\u2022 Long-term discounts and rebates, which are sales incentives to customers to encourage them to purchase increased volumes and arerelated to total volumes purchased and sales growth.\u2022 Short-term promotional discounts, which are directly related to promotions run by customers.Sales rebates and discount accruals are treated as a reduction in the transaction price and are established at the time of sale based on management\u2019s best estimate of the amounts necessary to meet claims by the Group\u2019s customers in respect of these rebates and discounts and are reviewed for appropriateness at each reporting date. Accruals are made for each individual promotion or rebate arrangement and are based on the type and length of promotion and nature of customer agreement. At the time an accrual is made the nature and timing of the promotion is typically known. Accumulated experience is used to estimate and provide for rebates and discounts and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.(iii) Commercial incomeCommercial income received from suppliers through rebates and discounts is recognised within cost of sales over the period(s) to whichthe underlying contract or agreement relates. Accrued income is recognised for rebates on contracts covering the current period, for whichno cash was received at the balance sheet date. Deferred income is recognised for rebates that were received from suppliers at the balancesheet date but relate to contracts covering future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__21": {
"value": "2.4 Segmental reportingOperating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (\u2018CODM\u2019). The CODM is responsible for allocating resources and assessing performance of the operating segments. See note 4 for further details.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__22": {
"value": "2.5 Foreign currency translationTransactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date.The results of overseas subsidiaries with functional currencies other than in sterling are translated into sterling at the closing rate of exchange ruling in the period. The balance sheets of overseas subsidiaries are translated into sterling at the closing rate. Exchange differences arising from retranslation at the period end exchange rates of the net investment in foreign subsidiaries are recorded as a separate component of equity in reserves. All other exchange gains or losses are recorded in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__23": {
"value": "2.6 DividendsDividend distributions to shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the shareholders, and for interim dividends in the period in which they are paid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__24": {
"value": "2.7 Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. Cash and cash equivalents and bank overdrafts are offset where there is a legally enforceable right to offset the recognised amounts and the Group intends to settle on a net basis.Bank overdrafts which are not offset and that are repayable on demand and form an integral part of the Company\u2019s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__25": {
"value": "2.8 Property, plant and equipment (\u2018PPE\u2019)Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses.PPE is initially recorded at cost. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Subsequent expenditure is added to the carrying value of the asset when it is probable that incremental future economic benefits will transfer to the Group. All other subsequent expenditure is expensed in the period it is incurred.Differences between the cost of each item of PPE and its estimated residual value are written off over the estimated useful life of the asset using the straight-line method. Reviews of the estimated remaining useful lives and residual values of individual productive assets are performed annually, taking account of commercial and technological obsolescence as well as normal wear and tear. Freehold land is not depreciated. The useful economic lives of owned assets range from 15 to 50 years for buildings, 5 to 30 years for plant and equipment and 10 years for vehicles.All items of PPE are reviewed for impairment when there are indications that the carrying value may not be fully recoverable. Assets under construction represent the amount of expenditure recognised in the course of an asset\u2019s construction. Directly attributable costs that are capitalised as part of PPE include employee costs and an appropriate portion of relevant overheads. Depreciation of an asset is recognised from the time it is available for use. The difference between the carrying value of disposed assets and the net disposal proceeds is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__26-1": {
"value": "Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses.Depreciation of an asset is recognised from the time it is available for use. The difference between the carrying value of disposed assets and the net disposal proceeds is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__28": {
"value": "2.9 Intangible assetsGoodwillGoodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment. In addition to goodwill, the Group recognises the following intangible assets: Acquired intangible assetsAcquired brands and licences that are controlled through custody or legal rights and that could be sold separately from the rest of the business are capitalised, where fair value can be reliably measured. All these assets are considered to have finite lives and are amortised on a straight-line basis over their estimated useful economic lives that range from 15 to 40 years for brands and 10 years for licences.SoftwareDevelopment costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the project or process is technically and commercially feasible. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.Software development costs are amortised over their estimated useful lives on a straight-line basis over a range of 3 to 10 years. The useful economic lives of intangible assets are determined based on a review of a combination of factors including the asset ownership rights acquired and the nature of the overall product life cycle. Reviews of the estimated remaining useful lives and residual values of individual intangible assets are performed annually.Cloud computing arrangementsLicences to use cloud based software are only capitalised if the Group has both the contractual right to take possession of the software without significant penalty and the ability to run the software independently from the original supplier. All other cloud computing arrangements are treated as service contracts and charged to the statement of profit or loss over the term of the contract.Costs to configure or customise software under a cloud computing arrangement are charged to the statement of profit or loss alongside the related service contract, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised.ResearchExpenditure on research activities is charged to the statement of profit or loss in the period in which it is incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__29": {
"value": "Acquired intangible assetsAcquired brands and licences that are controlled through custody or legal rights and that could be sold separately from the rest of the business are capitalised, where fair value can be reliably measured. All these assets are considered to have finite lives and are amortised on a straight-line basis over their estimated useful economic lives that range from 15 to 40 years for brands and 10 years for licences.SoftwareDevelopment costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the project or process is technically and commercially feasible. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.Software development costs are amortised over their estimated useful lives on a straight-line basis over a range of 3 to 10 years. The useful economic lives of intangible assets are determined based on a review of a combination of factors including the asset ownership rights acquired and the nature of the overall product life cycle. Reviews of the estimated remaining useful lives and residual values of individual intangible assets are performed annually.Cloud computing arrangementsLicences to use cloud based software are only capitalised if the Group has both the contractual right to take possession of the software without significant penalty and the ability to run the software independently from the original supplier. All other cloud computing arrangements are treated as service contracts and charged to the statement of profit or loss over the term of the contract.Costs to configure or customise software under a cloud computing arrangement are charged to the statement of profit or loss alongside the related service contract, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised.ResearchExpenditure on research activities is charged to the statement of profit or loss in the period in which it is incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__30": {
"value": "ResearchExpenditure on research activities is charged to the statement of profit or loss in the period in which it is incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__32": {
"value": "2.10 Impairment The carrying values of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at least annually to determine whether there is an indication of impairment. For goodwill and other intangible assets with indefinite useful lives, the recoverable amount is estimated each year at the same time. Assets that are subject to amortisation are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Non-financial assets, other than goodwill, that have suffered an impairment loss are reviewed for possible reversal of the impairment at each reporting date.Where an indication of impairment exists, the recoverable amount is estimated based on the greater of its value in use and its fair value less costs to sell. In assessing the fair value less costs to sell, the market approach is often used to derive market multiples from a set of comparative assets.The Group reviews its identified CGUs for the purposes of testing goodwill on an annual basis, taking into consideration whether assets generate independent cash inflows. The recoverable amounts of CGUs are determined based on the higher of fair value less costs of disposal and value in use calculations. These calculations require the use of estimates.Impairment losses are recognised in the statement of profit or loss in the period in which they occur.For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash flows of other assets or groups of assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__31": {
"value": "2.10 Impairment The carrying values of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at least annually to determine whether there is an indication of impairment. For goodwill and other intangible assets with indefinite useful lives, the recoverable amount is estimated each year at the same time. Assets that are subject to amortisation are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Non-financial assets, other than goodwill, that have suffered an impairment loss are reviewed for possible reversal of the impairment at each reporting date.Where an indication of impairment exists, the recoverable amount is estimated based on the greater of its value in use and its fair value less costs to sell. In assessing the fair value less costs to sell, the market approach is often used to derive market multiples from a set of comparative assets.The Group reviews its identified CGUs for the purposes of testing goodwill on an annual basis, taking into consideration whether assets generate independent cash inflows. The recoverable amounts of CGUs are determined based on the higher of fair value less costs of disposal and value in use calculations. These calculations require the use of estimates.Impairment losses are recognised in the statement of profit or loss in the period in which they occur.For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash flows of other assets or groups of assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__33": {
"value": "2.11 Finance cost and incomeFinance costBorrowing costs are accounted for on an accruals basis in the statement of profit or loss using the effective interest method.Finance incomeFinance income is recognised on a time proportion basis, taking into account the principal amounts outstanding and the interest rates applicable, taking into consideration the interest element of derivatives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__34": {
"value": "2.12 LeasesLease recognition At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For leases of properties in which the Group is a lessee, it has applied the practical expedient permitted by IFRS 16 and will account for each lease component and any associated non-lease components as a single lease component. Right of use assets The Group recognises right of use assets at the commencement date of the lease. Right of use assets are measured at cost, less accumulated depreciation and impairment losses and adjusted for any re-measurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, adjusted for any lease payments made at or before the commencement date, less any lease incentives received. Right of use assets are depreciated over the shorter of the asset\u2019s useful life or the lease term on a straight-line basis. Right of use assets are subject to and reviewed regularly for impairment. Depreciation on right of use assets is predominantly recognised in cost of sales and administration costs in the consolidated statement of profit and loss. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of the lease payments to be made over the lease term. Lease payments include fixed and variable lease payments that depend on an index or rate less any lease incentives receivable. Any variable lease payments that do not depend on an index or rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. Generally, the Group uses its incremental borrowing rate as the discount rate. After the commencement date, the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term or a change in the fixed lease payments. Interest charges are included in finance costs in the consolidated statement of profit and loss and included in interest paid within cash flows from operating activities. Payments for the principal element of lease liabilities are presented within cash flows from financing activities.Short-term leases and leases of low-value items The Group has elected not to recognise right of use assets and lease liabilities for short-term leases of machinery and equipment that have a lease term of less than 12 months and leases of low-value assets. Lease payments relating to short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__35": {
"value": "2.13 InventoriesInventories are stated at the lower of cost and net realisable value. Where appropriate, cost includes production and other attributable overhead expenses as described in IAS 2 Inventories. Cost is calculated on a first-in, first-out basis by reference to the invoiced value of supplies and attributable costs of bringing the inventory to its present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated costs necessary to make the sale.All inventories are reduced to net realisable value where this is lower than cost.A provision is made for slow moving, obsolete and defective inventory where appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__37": {
"value": "2.14 TaxationIncome tax on the profit or loss for the period comprises current and deferred tax.Current taxIncome tax is recognised in the statement of profit or loss except to the extent that it relates to items recognised directly in other comprehensive income (\u2018OCI\u2019) in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods.Deferred taxDeferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred taxation is not provided on the initial recognition of an asset or liability in a transaction, other than in a business combination, if at the time of the transaction there is no effect on either accounting or taxable profit or loss.Deferred tax is measured at the tax rates that are expected to apply in the periods in which the asset or liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted as at the balance sheet date.The measurement of deferred tax assets and liabilities reflect the directors\u2019 intention regarding the manner of recovery of an asset or settlement of a liability.For the purpose of recognising deferred tax on the pension scheme surplus, withholding tax (at 35%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. In the spring budget of 2021, the corporation tax rate increased from the current 19% to 25% starting April 2023. Corporation tax at 25% (19% until March 2023) would apply for any surplus expected to unwind over the life of the scheme. Therefore, deferred tax movements have been measured at 25%.The directors have concluded that the future corporation tax rate of 25% should apply to the recognition of deferred tax on the pension scheme surplus, reflecting the directors\u2019 intention regarding the manner of recovery of the deferred tax asset.Deferred tax is recognised in the statement of profit or loss except when it relates to items credited or charged directly to OCI, in which case the deferred tax is also recognised in equity.Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilised. Their carrying amount is reviewed at each balance sheet date on the same basis.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and when the Group intends to settle its current tax assets and liabilities on a net basis.When assessing whether the recognition of a deferred tax asset can be justified, and if so at what level, the directors take into account the following:\u2022 Historic business performance\u2022 Projected profits or losses and other relevant information that allow profits chargeable to corporation tax to be derived\u2022 The total level of recognised and unrecognised losses that can be used to reduce future forecast taxable profits\u2022 The period over which there is sufficient certainty that profits can be made that would support the recognition of an assetFurther disclosures of the amounts recognised (and unrecognised) are contained within note 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__36": {
"value": "2.14 TaxationIncome tax on the profit or loss for the period comprises current and deferred tax.Current taxIncome tax is recognised in the statement of profit or loss except to the extent that it relates to items recognised directly in other comprehensive income (\u2018OCI\u2019) in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods.Deferred taxDeferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred taxation is not provided on the initial recognition of an asset or liability in a transaction, other than in a business combination, if at the time of the transaction there is no effect on either accounting or taxable profit or loss.Deferred tax is measured at the tax rates that are expected to apply in the periods in which the asset or liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted as at the balance sheet date.The measurement of deferred tax assets and liabilities reflect the directors\u2019 intention regarding the manner of recovery of an asset or settlement of a liability.For the purpose of recognising deferred tax on the pension scheme surplus, withholding tax (at 35%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. In the spring budget of 2021, the corporation tax rate increased from the current 19% to 25% starting April 2023. Corporation tax at 25% (19% until March 2023) would apply for any surplus expected to unwind over the life of the scheme. Therefore, deferred tax movements have been measured at 25%.The directors have concluded that the future corporation tax rate of 25% should apply to the recognition of deferred tax on the pension scheme surplus, reflecting the directors\u2019 intention regarding the manner of recovery of the deferred tax asset.Deferred tax is recognised in the statement of profit or loss except when it relates to items credited or charged directly to OCI, in which case the deferred tax is also recognised in equity.Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilised. Their carrying amount is reviewed at each balance sheet date on the same basis.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and when the Group intends to settle its current tax assets and liabilities on a net basis.When assessing whether the recognition of a deferred tax asset can be justified, and if so at what level, the directors take into account the following:\u2022 Historic business performance\u2022 Projected profits or losses and other relevant information that allow profits chargeable to corporation tax to be derived\u2022 The total level of recognised and unrecognised losses that can be used to reduce future forecast taxable profits\u2022 The period over which there is sufficient certainty that profits can be made that would support the recognition of an assetFurther disclosures of the amounts recognised (and unrecognised) are contained within note 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__38-1": {
"value": "2.15 Employee benefitsGroup companies provide a number of long-term employee benefit arrangements, primarily through pension schemes. The Group has both defined benefit and defined contribution schemes. Defined benefit planA defined benefit plan is a post-employment benefit plan that defines the amount of pension benefit that an employee will receive on retirement, usually dependent on factors such as age, years of service and compensation. The liability or surplus recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets, together with adjustments for remeasurement and past service costs. Defined benefit obligations are calculated using assumptions determined by the Group with the assistance of independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using yields of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.Remeasurement arising from experience adjustments and changes in actuarial assumptions are charged or credited to the statement of comprehensive income in the period in which they arise.Past service costs, administration costs, and the net interest on the net defined benefit liability or surplus are recognised immediately in the statement of profit or loss.Curtailments are recognised as a past service cost when the Group makes a significant reduction in the number of employees covered by a plan or amends the terms of a defined benefit plan so that a significant element of future service by current employees no longer qualifies for amended benefits.Plan assets of the defined benefit schemes include a number of assets for which quoted prices are not available. At each reporting date, the Group determines the fair value of these assets with reference to most recently available information. The trustees of the schemes have integrated climate change considerations into their long-term decision making and reporting processes. See note 14 for further details. To the extent a surplus arises under IAS 19, the Group ensures that it can recognise the associated asset in line with IFRIC 14 with no restrictions. There are no restrictions on the current realisability of the surplus.Defined contribution plansA defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the periods during which services are rendered by employees. Differences between contributions payable in the period and contributions actually paid are recognised as either accruals or prepayments in the balance sheet.3.1 Employee benefitsThe present value of the Group\u2019s defined benefit pension obligations depends on a number of actuarial assumptions. The primary assumptions used include the discount rate applicable to scheme liabilities, the long-term rate of inflation and estimates of the mortality applicable to scheme members. Each of the underlying assumptions is set out in more detail in note 14.At each reporting date, and on a continuous basis, the Group reviews the macro-economic, Company and scheme specific factors influencing each of these assumptions, using professional advice, in order to record the Group\u2019s ongoing commitment and obligation to defined benefit schemes in accordance with IAS 19 (Revised). Plan assets of the defined benefit schemes include a number of assets for which quoted prices are not available. At each reporting date, the Group determines the fair value of these assets with reference to most recently available asset statements from fund managers. Where pensions asset valuations were not available at the reporting date, as is usual practice, valuations at 31 December 2022 are rolled forward for cash movements to end of March 2023 to estimate the valuations for these assets. This approach is principally relevant for Infrastructure Funds, Private Equity, Absolute Return Products, Property Assets, Illiquid Credits and Global Credits. Management have reviewed the individual investments to establish where valuations are not expected to be available for inclusion in these financial statements, movements in the most comparable indexes have then been applied to these investments at a category level to establish any potential estimation uncertainty within the results.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__39": {
"value": "2.16 Share-based paymentsThe Group operates a number of equity-settled share-based compensation plans. The fair value of employee share option plans is calculated using an option valuation model, taking into account the terms and conditions upon which the awards were granted. In accordance with International Financial Reporting Standard 2, Share-Based Payment (\u2018IFRS 2\u2019), the resulting expense is charged to the profit and loss account over the vesting period of the options. The value of the charge is adjusted to reflect expected and actual levels of options vesting. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards/options granted, adjusted where required for the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Market conditions are included in assumptions about the number of share awards/options that are expected to vest which is factored into the grant date fair value for awards with these conditions attached. At each balance sheet date, the Group revises its estimates of the number of share awards/options that are expected to vest (for those with non-market conditions) and recognises the impact of the revision to original estimates, if any, in profit and loss, with a corresponding adjustment to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__40": {
"value": "2.17 ProvisionsProvisions (for example property exit costs) are recognised when the Group has present legal or constructive obligations as a result of past events, that can be reliably measured, and it is probable that an outflow of resources will be required to settle the obligation. Where material, the Group discounts its provisions using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__44": {
"value": "2.18 Financial instrumentsFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.Trade and other receivablesTrade and other receivables are initially measured at the transaction price and at the point of recognition an expected credit loss is recognised to reflect the future risk of default. Trade receivables are subsequently measured at amortised cost less any additional, specific provisions for impairment. A specific provision is made for impairment when there is objective evidence that the Group will not be able to collect all amounts due according to the terms of the receivables. Trade and other receivables are written off when the Group has no reasonable expectation of recovering the amounts due.Trade and other receivables are discounted when the time value of money is considered material. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses adjusted to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle the receivables. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group has certain trade receivables which are subject to a trade receivable purchase arrangement under a non-recourse facility. Trade receivables that are sold without recourse are de-recognised when the risks and rewards of the receivables have been fully transferred to the facility provider. The risks and rewards of the receivables are considered to be fully transferred on receipt of proceeds from the facility provider to settle the debtor. The facility provider has no recourse to the Group in the event of non-payment by the debtor once the proceeds have been received from the facility provider. The associated interest is recognised as interest expense in the income statement. Bank borrowingsInterest-bearing bank loans and overdrafts are measured initially at fair value and subsequently at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs and inclusive of debt issuance costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group\u2019s accounting policy for borrowing costs.Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost. Trade payables and other liabilities are discounted when the time value of money is considered material.Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs.Deferred contingent consideration Liabilities for deferred contingent consideration arising on a business combination are measured at fair value and remeasured at each reporting date. Any changes in the fair value of deferred contingent consideration are recognised immediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__43": {
"value": "2.18 Financial instrumentsFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.Trade and other receivablesTrade and other receivables are initially measured at the transaction price and at the point of recognition an expected credit loss is recognised to reflect the future risk of default. Trade receivables are subsequently measured at amortised cost less any additional, specific provisions for impairment. A specific provision is made for impairment when there is objective evidence that the Group will not be able to collect all amounts due according to the terms of the receivables. Trade and other receivables are written off when the Group has no reasonable expectation of recovering the amounts due.Trade and other receivables are discounted when the time value of money is considered material. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses adjusted to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle the receivables. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group has certain trade receivables which are subject to a trade receivable purchase arrangement under a non-recourse facility. Trade receivables that are sold without recourse are de-recognised when the risks and rewards of the receivables have been fully transferred to the facility provider. The risks and rewards of the receivables are considered to be fully transferred on receipt of proceeds from the facility provider to settle the debtor. The facility provider has no recourse to the Group in the event of non-payment by the debtor once the proceeds have been received from the facility provider. The associated interest is recognised as interest expense in the income statement. Bank borrowingsInterest-bearing bank loans and overdrafts are measured initially at fair value and subsequently at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs and inclusive of debt issuance costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group\u2019s accounting policy for borrowing costs.Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost. Trade payables and other liabilities are discounted when the time value of money is considered material.Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs.Deferred contingent consideration Liabilities for deferred contingent consideration arising on a business combination are measured at fair value and remeasured at each reporting date. Any changes in the fair value of deferred contingent consideration are recognised immediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__42": {
"value": "2.18 Financial instrumentsFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.Trade and other receivablesTrade and other receivables are initially measured at the transaction price and at the point of recognition an expected credit loss is recognised to reflect the future risk of default. Trade receivables are subsequently measured at amortised cost less any additional, specific provisions for impairment. A specific provision is made for impairment when there is objective evidence that the Group will not be able to collect all amounts due according to the terms of the receivables. Trade and other receivables are written off when the Group has no reasonable expectation of recovering the amounts due.Trade and other receivables are discounted when the time value of money is considered material. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses adjusted to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle the receivables. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group has certain trade receivables which are subject to a trade receivable purchase arrangement under a non-recourse facility. Trade receivables that are sold without recourse are de-recognised when the risks and rewards of the receivables have been fully transferred to the facility provider. The risks and rewards of the receivables are considered to be fully transferred on receipt of proceeds from the facility provider to settle the debtor. The facility provider has no recourse to the Group in the event of non-payment by the debtor once the proceeds have been received from the facility provider. The associated interest is recognised as interest expense in the income statement. Bank borrowingsInterest-bearing bank loans and overdrafts are measured initially at fair value and subsequently at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs and inclusive of debt issuance costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group\u2019s accounting policy for borrowing costs.Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost. Trade payables and other liabilities are discounted when the time value of money is considered material.Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs.Deferred contingent consideration Liabilities for deferred contingent consideration arising on a business combination are measured at fair value and remeasured at each reporting date. Any changes in the fair value of deferred contingent consideration are recognised immediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__41": {
"value": "2.18 Financial instrumentsFinancial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument.Trade and other receivablesTrade and other receivables are initially measured at the transaction price and at the point of recognition an expected credit loss is recognised to reflect the future risk of default. Trade receivables are subsequently measured at amortised cost less any additional, specific provisions for impairment. A specific provision is made for impairment when there is objective evidence that the Group will not be able to collect all amounts due according to the terms of the receivables. Trade and other receivables are written off when the Group has no reasonable expectation of recovering the amounts due.Trade and other receivables are discounted when the time value of money is considered material. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses adjusted to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle the receivables. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group has certain trade receivables which are subject to a trade receivable purchase arrangement under a non-recourse facility. Trade receivables that are sold without recourse are de-recognised when the risks and rewards of the receivables have been fully transferred to the facility provider. The risks and rewards of the receivables are considered to be fully transferred on receipt of proceeds from the facility provider to settle the debtor. The facility provider has no recourse to the Group in the event of non-payment by the debtor once the proceeds have been received from the facility provider. The associated interest is recognised as interest expense in the income statement. Bank borrowingsInterest-bearing bank loans and overdrafts are measured initially at fair value and subsequently at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs and inclusive of debt issuance costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group\u2019s accounting policy for borrowing costs.Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost. Trade payables and other liabilities are discounted when the time value of money is considered material.Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs.Deferred contingent consideration Liabilities for deferred contingent consideration arising on a business combination are measured at fair value and remeasured at each reporting date. Any changes in the fair value of deferred contingent consideration are recognised immediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__47": {
"value": "Trade and other receivablesTrade and other receivables are initially measured at the transaction price and at the point of recognition an expected credit loss is recognised to reflect the future risk of default. Trade receivables are subsequently measured at amortised cost less any additional, specific provisions for impairment. A specific provision is made for impairment when there is objective evidence that the Group will not be able to collect all amounts due according to the terms of the receivables. Trade and other receivables are written off when the Group has no reasonable expectation of recovering the amounts due.Trade and other receivables are discounted when the time value of money is considered material. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses adjusted to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle the receivables. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group has certain trade receivables which are subject to a trade receivable purchase arrangement under a non-recourse facility. Trade receivables that are sold without recourse are de-recognised when the risks and rewards of the receivables have been fully transferred to the facility provider. The risks and rewards of the receivables are considered to be fully transferred on receipt of proceeds from the facility provider to settle the debtor. The facility provider has no recourse to the Group in the event of non-payment by the debtor once the proceeds have been received from the facility provider. The associated interest is recognised as interest expense in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__46": {
"value": "Trade and other receivablesTrade and other receivables are initially measured at the transaction price and at the point of recognition an expected credit loss is recognised to reflect the future risk of default. Trade receivables are subsequently measured at amortised cost less any additional, specific provisions for impairment. A specific provision is made for impairment when there is objective evidence that the Group will not be able to collect all amounts due according to the terms of the receivables. Trade and other receivables are written off when the Group has no reasonable expectation of recovering the amounts due.Trade and other receivables are discounted when the time value of money is considered material. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses adjusted to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle the receivables. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group has certain trade receivables which are subject to a trade receivable purchase arrangement under a non-recourse facility. Trade receivables that are sold without recourse are de-recognised when the risks and rewards of the receivables have been fully transferred to the facility provider. The risks and rewards of the receivables are considered to be fully transferred on receipt of proceeds from the facility provider to settle the debtor. The facility provider has no recourse to the Group in the event of non-payment by the debtor once the proceeds have been received from the facility provider. The associated interest is recognised as interest expense in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__45": {
"value": "Trade and other receivablesTrade and other receivables are initially measured at the transaction price and at the point of recognition an expected credit loss is recognised to reflect the future risk of default. Trade receivables are subsequently measured at amortised cost less any additional, specific provisions for impairment. A specific provision is made for impairment when there is objective evidence that the Group will not be able to collect all amounts due according to the terms of the receivables. Trade and other receivables are written off when the Group has no reasonable expectation of recovering the amounts due.Trade and other receivables are discounted when the time value of money is considered material. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.To measure the expected credit losses, trade receivables and contract assets are grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses adjusted to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle the receivables. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets. The Group has certain trade receivables which are subject to a trade receivable purchase arrangement under a non-recourse facility. Trade receivables that are sold without recourse are de-recognised when the risks and rewards of the receivables have been fully transferred to the facility provider. The risks and rewards of the receivables are considered to be fully transferred on receipt of proceeds from the facility provider to settle the debtor. The facility provider has no recourse to the Group in the event of non-payment by the debtor once the proceeds have been received from the facility provider. The associated interest is recognised as interest expense in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__49": {
"value": "Bank borrowingsInterest-bearing bank loans and overdrafts are measured initially at fair value and subsequently at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs and inclusive of debt issuance costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group\u2019s accounting policy for borrowing costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__48": {
"value": "Bank borrowingsInterest-bearing bank loans and overdrafts are measured initially at fair value and subsequently at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs and inclusive of debt issuance costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group\u2019s accounting policy for borrowing costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__50": {
"value": "Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost. Trade payables and other liabilities are discounted when the time value of money is considered material.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__51": {
"value": "Equity instrumentsEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of directly attributable issue costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__52": {
"value": "2.19 Business CombinationsThe Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are measured at their acquisition-date fair values.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__53": {
"value": "3. Significant estimates and judgementsThe following are areas of particular significance to the Group\u2019s financial statements and may include the use of estimates. Results may differ from actual amounts.Significant accounting estimatesThe following are considered to be the key estimates within the financial statements:3.1 Employee benefitsThe present value of the Group\u2019s defined benefit pension obligations depends on a number of actuarial assumptions. The primary assumptions used include the discount rate applicable to scheme liabilities, the long-term rate of inflation and estimates of the mortality applicable to scheme members. Each of the underlying assumptions is set out in more detail in note 14.At each reporting date, and on a continuous basis, the Group reviews the macro-economic, Company and scheme specific factors influencing each of these assumptions, using professional advice, in order to record the Group\u2019s ongoing commitment and obligation to defined benefit schemes in accordance with IAS 19 (Revised). Plan assets of the defined benefit schemes include a number of assets for which quoted prices are not available. At each reporting date, the Group determines the fair value of these assets with reference to most recently available asset statements from fund managers. Where pensions asset valuations were not available at the reporting date, as is usual practice, valuations at 31 December 2022 are rolled forward for cash movements to end of March 2023 to estimate the valuations for these assets. This approach is principally relevant for Infrastructure Funds, Private Equity, Absolute Return Products, Property Assets, Illiquid Credits and Global Credits. Management have reviewed the individual investments to establish where valuations are not expected to be available for inclusion in these financial statements, movements in the most comparable indexes have then been applied to these investments at a category level to establish any potential estimation uncertainty within the results.3.2 Goodwill Impairment reviews in respect of goodwill are performed at least annually and more regularly if there is an indicator of impairment. Impairment reviews in respect of intangible assets are performed when an event indicates that an impairment review is necessary. Examples of such triggering events include a significant planned restructuring, a major change in market conditions or technology, expectations of future operating losses, or a significant reduction in cash flows. In performing its impairment analysis, the Group takes into consideration these indicators including the difference between its market capitalisation and net assets.The Group has considered the impact of the assumptions used on the calculations and has conducted sensitivity analysis on the value in use calculations of the CGUs carrying values for the purposes of testing goodwill. See note 12 for further details.3.3 Commercial arrangementsSales rebates and discounts are accrued on each relevant promotion or customer agreement and are charged to the statement of profit or loss at the time of the relevant promotional buy-in as a deduction from revenue. Accruals for each individual promotion or rebate arrangement are based on the type and length of promotion and nature of customer agreement. At the time an accrual is made the nature, funding level and timing of the promotion is typically known. Areas of estimation are sales volume/activity, phasing and the amount of product sold on promotion.For short-term promotions, the Group performs a true up of estimates where necessary on a monthly basis, using real time customer sales information where possible and finally on receipt of a customer claim which typically follows 1-2 months after the end of a promotion. For longer-term discounts and rebates the Group uses actual and forecast sales to estimate the level of rebate. These accruals are updated monthly based on latest actual and forecast sales. If the Commercial accruals balance moved by 5% in either direction this would have an impact of \u00a33.4m.JudgementsThe following are considered to be the key judgements within the financial statements:3.4 Non-trading items Non-trading items have been presented separately throughout the financial statements. These are items that management believes require separate disclosure by virtue of their nature in order that the users of the financial statements obtain a clear and consistent view of the Group\u2019s underlying trading performance. In identifying non-trading items, management have applied judgement including whether i) the item is related to underlying trading of the Group; and/or ii) how often the item is expected to occur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__55": {
"value": "Significant accounting estimatesThe following are considered to be the key estimates within the financial statements:3.1 Employee benefitsThe present value of the Group\u2019s defined benefit pension obligations depends on a number of actuarial assumptions. The primary assumptions used include the discount rate applicable to scheme liabilities, the long-term rate of inflation and estimates of the mortality applicable to scheme members. Each of the underlying assumptions is set out in more detail in note 14.At each reporting date, and on a continuous basis, the Group reviews the macro-economic, Company and scheme specific factors influencing each of these assumptions, using professional advice, in order to record the Group\u2019s ongoing commitment and obligation to defined benefit schemes in accordance with IAS 19 (Revised). Plan assets of the defined benefit schemes include a number of assets for which quoted prices are not available. At each reporting date, the Group determines the fair value of these assets with reference to most recently available asset statements from fund managers. Where pensions asset valuations were not available at the reporting date, as is usual practice, valuations at 31 December 2022 are rolled forward for cash movements to end of March 2023 to estimate the valuations for these assets. This approach is principally relevant for Infrastructure Funds, Private Equity, Absolute Return Products, Property Assets, Illiquid Credits and Global Credits. Management have reviewed the individual investments to establish where valuations are not expected to be available for inclusion in these financial statements, movements in the most comparable indexes have then been applied to these investments at a category level to establish any potential estimation uncertainty within the results.3.2 Goodwill Impairment reviews in respect of goodwill are performed at least annually and more regularly if there is an indicator of impairment. Impairment reviews in respect of intangible assets are performed when an event indicates that an impairment review is necessary. Examples of such triggering events include a significant planned restructuring, a major change in market conditions or technology, expectations of future operating losses, or a significant reduction in cash flows. In performing its impairment analysis, the Group takes into consideration these indicators including the difference between its market capitalisation and net assets.The Group has considered the impact of the assumptions used on the calculations and has conducted sensitivity analysis on the value in use calculations of the CGUs carrying values for the purposes of testing goodwill. See note 12 for further details.3.3 Commercial arrangementsSales rebates and discounts are accrued on each relevant promotion or customer agreement and are charged to the statement of profit or loss at the time of the relevant promotional buy-in as a deduction from revenue. Accruals for each individual promotion or rebate arrangement are based on the type and length of promotion and nature of customer agreement. At the time an accrual is made the nature, funding level and timing of the promotion is typically known. Areas of estimation are sales volume/activity, phasing and the amount of product sold on promotion.For short-term promotions, the Group performs a true up of estimates where necessary on a monthly basis, using real time customer sales information where possible and finally on receipt of a customer claim which typically follows 1-2 months after the end of a promotion. For longer-term discounts and rebates the Group uses actual and forecast sales to estimate the level of rebate. These accruals are updated monthly based on latest actual and forecast sales. If the Commercial accruals balance moved by 5% in either direction this would have an impact of \u00a33.4m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__54": {
"value": "Significant accounting estimatesThe following are considered to be the key estimates within the financial statements:3.1 Employee benefitsThe present value of the Group\u2019s defined benefit pension obligations depends on a number of actuarial assumptions. The primary assumptions used include the discount rate applicable to scheme liabilities, the long-term rate of inflation and estimates of the mortality applicable to scheme members. Each of the underlying assumptions is set out in more detail in note 14.At each reporting date, and on a continuous basis, the Group reviews the macro-economic, Company and scheme specific factors influencing each of these assumptions, using professional advice, in order to record the Group\u2019s ongoing commitment and obligation to defined benefit schemes in accordance with IAS 19 (Revised). Plan assets of the defined benefit schemes include a number of assets for which quoted prices are not available. At each reporting date, the Group determines the fair value of these assets with reference to most recently available asset statements from fund managers. Where pensions asset valuations were not available at the reporting date, as is usual practice, valuations at 31 December 2022 are rolled forward for cash movements to end of March 2023 to estimate the valuations for these assets. This approach is principally relevant for Infrastructure Funds, Private Equity, Absolute Return Products, Property Assets, Illiquid Credits and Global Credits. Management have reviewed the individual investments to establish where valuations are not expected to be available for inclusion in these financial statements, movements in the most comparable indexes have then been applied to these investments at a category level to establish any potential estimation uncertainty within the results.3.2 Goodwill Impairment reviews in respect of goodwill are performed at least annually and more regularly if there is an indicator of impairment. Impairment reviews in respect of intangible assets are performed when an event indicates that an impairment review is necessary. Examples of such triggering events include a significant planned restructuring, a major change in market conditions or technology, expectations of future operating losses, or a significant reduction in cash flows. In performing its impairment analysis, the Group takes into consideration these indicators including the difference between its market capitalisation and net assets.The Group has considered the impact of the assumptions used on the calculations and has conducted sensitivity analysis on the value in use calculations of the CGUs carrying values for the purposes of testing goodwill. See note 12 for further details.3.3 Commercial arrangementsSales rebates and discounts are accrued on each relevant promotion or customer agreement and are charged to the statement of profit or loss at the time of the relevant promotional buy-in as a deduction from revenue. Accruals for each individual promotion or rebate arrangement are based on the type and length of promotion and nature of customer agreement. At the time an accrual is made the nature, funding level and timing of the promotion is typically known. Areas of estimation are sales volume/activity, phasing and the amount of product sold on promotion.For short-term promotions, the Group performs a true up of estimates where necessary on a monthly basis, using real time customer sales information where possible and finally on receipt of a customer claim which typically follows 1-2 months after the end of a promotion. For longer-term discounts and rebates the Group uses actual and forecast sales to estimate the level of rebate. These accruals are updated monthly based on latest actual and forecast sales. If the Commercial accruals balance moved by 5% in either direction this would have an impact of \u00a33.4m.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__57": {
"value": "3.2 Goodwill Impairment reviews in respect of goodwill are performed at least annually and more regularly if there is an indicator of impairment. Impairment reviews in respect of intangible assets are performed when an event indicates that an impairment review is necessary. Examples of such triggering events include a significant planned restructuring, a major change in market conditions or technology, expectations of future operating losses, or a significant reduction in cash flows. In performing its impairment analysis, the Group takes into consideration these indicators including the difference between its market capitalisation and net assets.The Group has considered the impact of the assumptions used on the calculations and has conducted sensitivity analysis on the value in use calculations of the CGUs carrying values for the purposes of testing goodwill. See note 12 for further details.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__58": {
"value": "3.3 Commercial arrangementsSales rebates and discounts are accrued on each relevant promotion or customer agreement and are charged to the statement of profit or loss at the time of the relevant promotional buy-in as a deduction from revenue. Accruals for each individual promotion or rebate arrangement are based on the type and length of promotion and nature of customer agreement. At the time an accrual is made the nature, funding level and timing of the promotion is typically known. Areas of estimation are sales volume/activity, phasing and the amount of product sold on promotion.For short-term promotions, the Group performs a true up of estimates where necessary on a monthly basis, using real time customer sales information where possible and finally on receipt of a customer claim which typically follows 1-2 months after the end of a promotion. For longer-term discounts and rebates the Group uses actual and forecast sales to estimate the level of rebate. These accruals are updated monthly based on latest actual and forecast sales. If the Commercial accruals balance moved by 5% in either direction this would have an impact of \u00a33.4m.JudgementsThe following are considered to be the key judgements within the financial statements:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__59": {
"value": "3.4 Non-trading items Non-trading items have been presented separately throughout the financial statements. These are items that management believes require separate disclosure by virtue of their nature in order that the users of the financial statements obtain a clear and consistent view of the Group\u2019s underlying trading performance. In identifying non-trading items, management have applied judgement including whether i) the item is related to underlying trading of the Group; and/or ii) how often the item is expected to occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__63": {
"value": "4. Segmental analysisIFRS 8 requires operating segments to be determined based on the Group\u2019s internal reporting to the Chief Operating Decision Maker (\u2018CODM\u2019). The CODM has been determined to be the Executive Leadership Team as it is primarily responsible for the allocation of resources to segments and the assessment of performance of the segments. The Group\u2019s operating segments are defined as \u2018Grocery\u2019, \u2018Sweet Treats\u2019, and \u2018International\u2019. The CODM reviews the performance by operating segments. The Grocery segment primarily sells savoury ambient food products and the Sweet Treats segment sells primarily sweet ambient food products. The International segment has been aggregated within the Grocery segment for reporting purposes as revenue is below 10% of the Group\u2019s total revenue and the segment is considered to have similar characteristics to that of Grocery as identified in IFRS 8. There has been no change to the segments during the period.The CODM uses Divisional contribution as the key measure of the segments\u2019 results. Divisional contribution is defined as gross profit after selling, marketing and distribution costs. Divisional contribution is a consistent measure within the Group and reflects the segments\u2019 underlying trading performance for the period under evaluation.The Group uses trading profit to review overall Group profitability. Trading profit is defined as pre-tax profit/loss before net finance costs, amortisation of intangible assets, fair value movements on foreign exchange and other derivative contracts, net interest on pensions and administrative expenses, and any material items that require separate disclosure by virtue of their nature in order that users of the financial statements obtain a clear and consistent view of the Group\u2019s underlying trading performance.The segment results for the period ended 1 April 2023 and for the period ended 2 April 2022 and the reconciliation of the segment measures to the respective statutory items included in the consolidated financial statements are as follows:52 weeks ended 1 April 2023 52 weeks ended 2 April 2022GrocerySweet TreatsTotalGrocerySweet TreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 746.8 259.6 1,006.4 647.7 252.8 900.5 Divisional contribution 189.2 27.0 216.2 160.2 33.4 193.6 1Group and corporate costs (62.5) (52.4)Other income 3.8 \u2013 1Trading profit 157.5 141.2 Amortisation of brand assets (20.7) (19.9)Fair value movements on foreign exchange and 2other derivative contracts (1.8) 4.4 Net interest on pensions and administrative expenses 17.7 4.2 Non-trading items:\u2013 GMP equalisation charge \u2013 (0.3)3\u2013 Impairment of fixed assets (3.6) \u2013 4\u2013 Restructuring costs (11.1) \u2013 5\u2013 Other non-trading items (5.8) 1.5 Operating profit 132.2 131.1 Finance cost (21.7) (29.0)Finance income 1.9 0.5 Profit before taxation 112.4 102.6 6Depreciation (11.9) (8.0) (19.9) (11.2) (8.0) (19.2)1 The definition of Trading Profit has been changed from 2022/23, amortisation of software is included within \u2018Group and corporate costs\u2019 from the current year. 2021/22 Trading Profit has been re-presented in line with the revised definition.2 The loss of \u00a31.8m (2021/22: gain of \u00a34.4m) reflects changes in fair value rate during the 52-week period and movement in nominal value of the instruments held at 1 April 2023 from the 2 April 2022 position.3 Impairment of fixed assets relates to the closure of the Knighton site.4 Restructuring costs in the current period includes \u00a37.6m which relates to the closure of the Knighton site with the remainder primarily relating to some supply chain restructuring.5 Other non-trading items relate primarily to M&A transaction costs and other one-off supply chain charges. Other non-trading items in the prior period related primarily to the resolution of a legacy legal matter.6 Depreciation in the period ended 1 April 2023 includes \u00a31.6m (2021/22: \u00a32.0m) of depreciation of IFRS 16 right of use assets.Revenues in the period ended 1 April 2023, from the Group\u2019s four principal customers, which individually represent over 10% of total Group revenue, are \u00a3242.6m, \u00a3142.7m, \u00a3114.4m and \u00a396.2m (2021/22: \u00a3224.8m, \u00a3129.0m, \u00a397.6m and \u00a391.7m). These revenues relate to both the Grocery and Sweet Treats reportable segments.The Group primarily supplies the UK market, although it also supplies certain products to other countries in Europe and the rest of the world. The following table provides an analysis of the Group\u2019s revenue, which is allocated on the basis of geographical market destination, and an analysis of the Group\u2019s non-current assets by geographical location. Revenue52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3m United Kingdom 943.1 847.1 Other Europe 28.1 26.2 Rest of world 35.2 27.2 Total 1,006.4 900.5Non-current assets As atAs at1 April 20232 April 2022\u00a3m\u00a3m United Kingdom 1,160.6 1,130.4Non-current assets exclude deferred tax assets and net retirement benefit assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__61": {
"value": "4. Segmental analysisIFRS 8 requires operating segments to be determined based on the Group\u2019s internal reporting to the Chief Operating Decision Maker (\u2018CODM\u2019). The CODM has been determined to be the Executive Leadership Team as it is primarily responsible for the allocation of resources to segments and the assessment of performance of the segments. The Group\u2019s operating segments are defined as \u2018Grocery\u2019, \u2018Sweet Treats\u2019, and \u2018International\u2019. The CODM reviews the performance by operating segments. The Grocery segment primarily sells savoury ambient food products and the Sweet Treats segment sells primarily sweet ambient food products. The International segment has been aggregated within the Grocery segment for reporting purposes as revenue is below 10% of the Group\u2019s total revenue and the segment is considered to have similar characteristics to that of Grocery as identified in IFRS 8. There has been no change to the segments during the period.The CODM uses Divisional contribution as the key measure of the segments\u2019 results. Divisional contribution is defined as gross profit after selling, marketing and distribution costs. Divisional contribution is a consistent measure within the Group and reflects the segments\u2019 underlying trading performance for the period under evaluation.The Group uses trading profit to review overall Group profitability. Trading profit is defined as pre-tax profit/loss before net finance costs, amortisation of intangible assets, fair value movements on foreign exchange and other derivative contracts, net interest on pensions and administrative expenses, and any material items that require separate disclosure by virtue of their nature in order that users of the financial statements obtain a clear and consistent view of the Group\u2019s underlying trading performance.The segment results for the period ended 1 April 2023 and for the period ended 2 April 2022 and the reconciliation of the segment measures to the respective statutory items included in the consolidated financial statements are as follows:52 weeks ended 1 April 2023 52 weeks ended 2 April 2022GrocerySweet TreatsTotalGrocerySweet TreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 746.8 259.6 1,006.4 647.7 252.8 900.5 Divisional contribution 189.2 27.0 216.2 160.2 33.4 193.6 1Group and corporate costs (62.5) (52.4)Other income 3.8 \u2013 1Trading profit 157.5 141.2 Amortisation of brand assets (20.7) (19.9)Fair value movements on foreign exchange and 2other derivative contracts (1.8) 4.4 Net interest on pensions and administrative expenses 17.7 4.2 Non-trading items:\u2013 GMP equalisation charge \u2013 (0.3)3\u2013 Impairment of fixed assets (3.6) \u2013 4\u2013 Restructuring costs (11.1) \u2013 5\u2013 Other non-trading items (5.8) 1.5 Operating profit 132.2 131.1 Finance cost (21.7) (29.0)Finance income 1.9 0.5 Profit before taxation 112.4 102.6 6Depreciation (11.9) (8.0) (19.9) (11.2) (8.0) (19.2)1 The definition of Trading Profit has been changed from 2022/23, amortisation of software is included within \u2018Group and corporate costs\u2019 from the current year. 2021/22 Trading Profit has been re-presented in line with the revised definition.2 The loss of \u00a31.8m (2021/22: gain of \u00a34.4m) reflects changes in fair value rate during the 52-week period and movement in nominal value of the instruments held at 1 April 2023 from the 2 April 2022 position.3 Impairment of fixed assets relates to the closure of the Knighton site.4 Restructuring costs in the current period includes \u00a37.6m which relates to the closure of the Knighton site with the remainder primarily relating to some supply chain restructuring.5 Other non-trading items relate primarily to M&A transaction costs and other one-off supply chain charges. Other non-trading items in the prior period related primarily to the resolution of a legacy legal matter.6 Depreciation in the period ended 1 April 2023 includes \u00a31.6m (2021/22: \u00a32.0m) of depreciation of IFRS 16 right of use assets.Revenues in the period ended 1 April 2023, from the Group\u2019s four principal customers, which individually represent over 10% of total Group revenue, are \u00a3242.6m, \u00a3142.7m, \u00a3114.4m and \u00a396.2m (2021/22: \u00a3224.8m, \u00a3129.0m, \u00a397.6m and \u00a391.7m). These revenues relate to both the Grocery and Sweet Treats reportable segments.The Group primarily supplies the UK market, although it also supplies certain products to other countries in Europe and the rest of the world. The following table provides an analysis of the Group\u2019s revenue, which is allocated on the basis of geographical market destination, and an analysis of the Group\u2019s non-current assets by geographical location.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__60": {
"value": "4. Segmental analysisIFRS 8 requires operating segments to be determined based on the Group\u2019s internal reporting to the Chief Operating Decision Maker (\u2018CODM\u2019). The CODM has been determined to be the Executive Leadership Team as it is primarily responsible for the allocation of resources to segments and the assessment of performance of the segments. The Group\u2019s operating segments are defined as \u2018Grocery\u2019, \u2018Sweet Treats\u2019, and \u2018International\u2019. The CODM reviews the performance by operating segments. The Grocery segment primarily sells savoury ambient food products and the Sweet Treats segment sells primarily sweet ambient food products. The International segment has been aggregated within the Grocery segment for reporting purposes as revenue is below 10% of the Group\u2019s total revenue and the segment is considered to have similar characteristics to that of Grocery as identified in IFRS 8. There has been no change to the segments during the period.The CODM uses Divisional contribution as the key measure of the segments\u2019 results. Divisional contribution is defined as gross profit after selling, marketing and distribution costs. Divisional contribution is a consistent measure within the Group and reflects the segments\u2019 underlying trading performance for the period under evaluation.The Group uses trading profit to review overall Group profitability. Trading profit is defined as pre-tax profit/loss before net finance costs, amortisation of intangible assets, fair value movements on foreign exchange and other derivative contracts, net interest on pensions and administrative expenses, and any material items that require separate disclosure by virtue of their nature in order that users of the financial statements obtain a clear and consistent view of the Group\u2019s underlying trading performance.The segment results for the period ended 1 April 2023 and for the period ended 2 April 2022 and the reconciliation of the segment measures to the respective statutory items included in the consolidated financial statements are as follows:52 weeks ended 1 April 2023 52 weeks ended 2 April 2022GrocerySweet TreatsTotalGrocerySweet TreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 746.8 259.6 1,006.4 647.7 252.8 900.5 Divisional contribution 189.2 27.0 216.2 160.2 33.4 193.6 1Group and corporate costs (62.5) (52.4)Other income 3.8 \u2013 1Trading profit 157.5 141.2 Amortisation of brand assets (20.7) (19.9)Fair value movements on foreign exchange and 2other derivative contracts (1.8) 4.4 Net interest on pensions and administrative expenses 17.7 4.2 Non-trading items:\u2013 GMP equalisation charge \u2013 (0.3)3\u2013 Impairment of fixed assets (3.6) \u2013 4\u2013 Restructuring costs (11.1) \u2013 5\u2013 Other non-trading items (5.8) 1.5 Operating profit 132.2 131.1 Finance cost (21.7) (29.0)Finance income 1.9 0.5 Profit before taxation 112.4 102.6 6Depreciation (11.9) (8.0) (19.9) (11.2) (8.0) (19.2)1 The definition of Trading Profit has been changed from 2022/23, amortisation of software is included within \u2018Group and corporate costs\u2019 from the current year. 2021/22 Trading Profit has been re-presented in line with the revised definition.2 The loss of \u00a31.8m (2021/22: gain of \u00a34.4m) reflects changes in fair value rate during the 52-week period and movement in nominal value of the instruments held at 1 April 2023 from the 2 April 2022 position.3 Impairment of fixed assets relates to the closure of the Knighton site.4 Restructuring costs in the current period includes \u00a37.6m which relates to the closure of the Knighton site with the remainder primarily relating to some supply chain restructuring.5 Other non-trading items relate primarily to M&A transaction costs and other one-off supply chain charges. Other non-trading items in the prior period related primarily to the resolution of a legacy legal matter.6 Depreciation in the period ended 1 April 2023 includes \u00a31.6m (2021/22: \u00a32.0m) of depreciation of IFRS 16 right of use assets.Revenues in the period ended 1 April 2023, from the Group\u2019s four principal customers, which individually represent over 10% of total Group revenue, are \u00a3242.6m, \u00a3142.7m, \u00a3114.4m and \u00a396.2m (2021/22: \u00a3224.8m, \u00a3129.0m, \u00a397.6m and \u00a391.7m). These revenues relate to both the Grocery and Sweet Treats reportable segments.The Group primarily supplies the UK market, although it also supplies certain products to other countries in Europe and the rest of the world. The following table provides an analysis of the Group\u2019s revenue, which is allocated on the basis of geographical market destination, and an analysis of the Group\u2019s non-current assets by geographical location. Revenue52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3m United Kingdom 943.1 847.1 Other Europe 28.1 26.2 Rest of world 35.2 27.2 Total 1,006.4 900.5Non-current assets As atAs at1 April 20232 April 2022\u00a3m\u00a3m United Kingdom 1,160.6 1,130.4Non-current assets exclude deferred tax assets and net retirement benefit assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__62": {
"value": "52 weeks ended 1 April 2023 52 weeks ended 2 April 2022GrocerySweet TreatsTotalGrocerySweet TreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 746.8 259.6 1,006.4 647.7 252.8 900.5 Divisional contribution 189.2 27.0 216.2 160.2 33.4 193.6 1Group and corporate costs (62.5) (52.4)Other income 3.8 \u2013 1Trading profit 157.5 141.2 Amortisation of brand assets (20.7) (19.9)Fair value movements on foreign exchange and 2other derivative contracts (1.8) 4.4 Net interest on pensions and administrative expenses 17.7 4.2 Non-trading items:\u2013 GMP equalisation charge \u2013 (0.3)3\u2013 Impairment of fixed assets (3.6) \u2013 4\u2013 Restructuring costs (11.1) \u2013 5\u2013 Other non-trading items (5.8) 1.5 Operating profit 132.2 131.1 Finance cost (21.7) (29.0)Finance income 1.9 0.5 Profit before taxation 112.4 102.6 6Depreciation (11.9) (8.0) (19.9) (11.2) (8.0) (19.2)1 The definition of Trading Profit has been changed from 2022/23, amortisation of software is included within \u2018Group and corporate costs\u2019 from the current year. 2021/22 Trading Profit has been re-presented in line with the revised definition.2 The loss of \u00a31.8m (2021/22: gain of \u00a34.4m) reflects changes in fair value rate during the 52-week period and movement in nominal value of the instruments held at 1 April 2023 from the 2 April 2022 position.3 Impairment of fixed assets relates to the closure of the Knighton site.4 Restructuring costs in the current period includes \u00a37.6m which relates to the closure of the Knighton site with the remainder primarily relating to some supply chain restructuring.5 Other non-trading items relate primarily to M&A transaction costs and other one-off supply chain charges. Other non-trading items in the prior period related primarily to the resolution of a legacy legal matter.6 Depreciation in the period ended 1 April 2023 includes \u00a31.6m (2021/22: \u00a32.0m) of depreciation of IFRS 16 right of use assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__66": {
"value": "5.1 Analysis of costs by nature52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mEmployee benefits expense (note 7) (209.2) (183.0)Depreciation of property, plant and equipment (note 11) (19.9) (19.2)Amortisation of intangible assets (note 13) (25.6) (27.0)Repairs and maintenance expenditure (31.6) (28.4)Research and development costs (8.5) (7.8)Non-trading items\u2013 GMP equalisation charge \u2013 (0.3)\u2013 Impairment of property, plant and equipment (note 11) (3.6) \u2013 \u2013 Restructuring costs (11.1) \u2013 \u2013 Other non-trading items (5.8) 1.5Auditors' remuneration (note 5.2) (1.5) (1.2)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__65": {
"value": "5.1 Analysis of costs by nature52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mEmployee benefits expense (note 7) (209.2) (183.0)Depreciation of property, plant and equipment (note 11) (19.9) (19.2)Amortisation of intangible assets (note 13) (25.6) (27.0)Repairs and maintenance expenditure (31.6) (28.4)Research and development costs (8.5) (7.8)Non-trading items\u2013 GMP equalisation charge \u2013 (0.3)\u2013 Impairment of property, plant and equipment (note 11) (3.6) \u2013 \u2013 Restructuring costs (11.1) \u2013 \u2013 Other non-trading items (5.8) 1.5Auditors' remuneration (note 5.2) (1.5) (1.2)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__64": {
"value": "5.1 Analysis of costs by nature52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mEmployee benefits expense (note 7) (209.2) (183.0)Depreciation of property, plant and equipment (note 11) (19.9) (19.2)Amortisation of intangible assets (note 13) (25.6) (27.0)Repairs and maintenance expenditure (31.6) (28.4)Research and development costs (8.5) (7.8)Non-trading items\u2013 GMP equalisation charge \u2013 (0.3)\u2013 Impairment of property, plant and equipment (note 11) (3.6) \u2013 \u2013 Restructuring costs (11.1) \u2013 \u2013 Other non-trading items (5.8) 1.5Auditors' remuneration (note 5.2) (1.5) (1.2)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__67": {
"value": "5.2 Auditors\u2019 remuneration 52 weeks 52 weeks ended ended1 April 20232 April 2022 \u00a3m \u00a3mFees payable to the Group\u2019s auditors for the audit of the consolidated and parent company accounts of Premier Foods plc (1.0) (0.9)\u2013 The audit of the Group\u2019s subsidiaries, pursuant to legislation (0.2) (0.1)Fees payable to the Group\u2019s auditors and its associates for other services:\u2013 Audit related assurance services (0.2) (0.1)\u2013 Other assurance services (0.1) \u2013 \u2013 Services relating to corporate finance transactions \u2013 (0.1)Total auditors remuneration (1.5) (1.2)The total operating profit charge for auditor remuneration was \u00a31.5m (2021/22: \u00a31.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__68": {
"value": "6. Other incomeOther income in 2022/23 of \u00a33.8m (2021/22: \u00a3nil) was a receipt following temporary interruption during the year at a manufacturing site.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__69": {
"value": "7. Employees52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mEmployee benefits expenseWages, salaries and bonuses (169.0) (155.5)GMP past service cost related to defined benefit pension schemes (note 14) - (0.3)Social security costs (17.1) (15.4)1Termination benefits (10.3) (0.4)Share options granted to directors and employees (4.6) (3.4)Contributions to defined contribution schemes (note 14) (8.2) (8.0)Total (209.2) (183.0)1 Termination benefits in the current period relate primarily to the closure of the Knighton site and some supply chain restructuring.Average monthly number of people employed (including executive and non-executive directors):52 weeks 52 weeks endedended1 April 20232 April 2022 Number Number Average monthly number of people employedManagement 624 578 Administration 380 414 Production, distribution and other 3,318 3,378 Total 4,322 4,370 Directors\u2019 remuneration is disclosed in the audited section of the Directors\u2019 Remuneration Report on pages 90 to 114, which forms part of these consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__74": {
"value": "8. Finance income and costs52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mInterest payable on bank loans and overdrafts (7.4) (4.3)Interest payable on senior secured notes (11.5) (13.4)Interest payable on revolving facility (0.3) (0.3)1Other interest (payable) / receivable (0.6) 0.1 Amortisation of debt issuance costs (1.9) (2.1) (21.7) (20.0)2Write off of financing costs \u2013 (4.3)3Early redemption fee\u2013 (4.7)Total finance cost (21.7) (29.0)Interest receivable on bank deposits 0.8 0.3 4Other finance income 1.1 0.2 Total finance income 1.9 0.5 Net finance cost (19.8) (28.5)1 Included in other interest (payable) / receivable is \u00a30.6m charge (2021/22: \u00a30.8m charge) relating to non-cash interest costs on lease liabilities under IFRS 16.2 Relates to the refinancing of the senior secured fixed rate notes due 2023 and revolving credit facility in the previous period.3 Relates to a non-recurring payment arising on the early redemption of the \u00a3300m senior secured fixed rate notes due to mature in October 2023 as part of the refinancing of the Group\u2019s debt in June 2021. 4 Other finance income primarily relates to the unwind of the discount on certain of the Group's long-term provisions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__73": {
"value": "8. Finance income and costs52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mInterest payable on bank loans and overdrafts (7.4) (4.3)Interest payable on senior secured notes (11.5) (13.4)Interest payable on revolving facility (0.3) (0.3)1Other interest (payable) / receivable (0.6) 0.1 Amortisation of debt issuance costs (1.9) (2.1) (21.7) (20.0)2Write off of financing costs \u2013 (4.3)3Early redemption fee\u2013 (4.7)Total finance cost (21.7) (29.0)Interest receivable on bank deposits 0.8 0.3 4Other finance income 1.1 0.2 Total finance income 1.9 0.5 Net finance cost (19.8) (28.5)1 Included in other interest (payable) / receivable is \u00a30.6m charge (2021/22: \u00a30.8m charge) relating to non-cash interest costs on lease liabilities under IFRS 16.2 Relates to the refinancing of the senior secured fixed rate notes due 2023 and revolving credit facility in the previous period.3 Relates to a non-recurring payment arising on the early redemption of the \u00a3300m senior secured fixed rate notes due to mature in October 2023 as part of the refinancing of the Group\u2019s debt in June 2021. 4 Other finance income primarily relates to the unwind of the discount on certain of the Group's long-term provisions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__72": {
"value": "8. Finance income and costs52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mInterest payable on bank loans and overdrafts (7.4) (4.3)Interest payable on senior secured notes (11.5) (13.4)Interest payable on revolving facility (0.3) (0.3)1Other interest (payable) / receivable (0.6) 0.1 Amortisation of debt issuance costs (1.9) (2.1) (21.7) (20.0)2Write off of financing costs \u2013 (4.3)3Early redemption fee\u2013 (4.7)Total finance cost (21.7) (29.0)Interest receivable on bank deposits 0.8 0.3 4Other finance income 1.1 0.2 Total finance income 1.9 0.5 Net finance cost (19.8) (28.5)1 Included in other interest (payable) / receivable is \u00a30.6m charge (2021/22: \u00a30.8m charge) relating to non-cash interest costs on lease liabilities under IFRS 16.2 Relates to the refinancing of the senior secured fixed rate notes due 2023 and revolving credit facility in the previous period.3 Relates to a non-recurring payment arising on the early redemption of the \u00a3300m senior secured fixed rate notes due to mature in October 2023 as part of the refinancing of the Group\u2019s debt in June 2021. 4 Other finance income primarily relates to the unwind of the discount on certain of the Group's long-term provisions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__71": {
"value": "8. Finance income and costs52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mInterest payable on bank loans and overdrafts (7.4) (4.3)Interest payable on senior secured notes (11.5) (13.4)Interest payable on revolving facility (0.3) (0.3)1Other interest (payable) / receivable (0.6) 0.1 Amortisation of debt issuance costs (1.9) (2.1) (21.7) (20.0)2Write off of financing costs \u2013 (4.3)3Early redemption fee\u2013 (4.7)Total finance cost (21.7) (29.0)Interest receivable on bank deposits 0.8 0.3 4Other finance income 1.1 0.2 Total finance income 1.9 0.5 Net finance cost (19.8) (28.5)1 Included in other interest (payable) / receivable is \u00a30.6m charge (2021/22: \u00a30.8m charge) relating to non-cash interest costs on lease liabilities under IFRS 16.2 Relates to the refinancing of the senior secured fixed rate notes due 2023 and revolving credit facility in the previous period.3 Relates to a non-recurring payment arising on the early redemption of the \u00a3300m senior secured fixed rate notes due to mature in October 2023 as part of the refinancing of the Group\u2019s debt in June 2021. 4 Other finance income primarily relates to the unwind of the discount on certain of the Group's long-term provisions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__70": {
"value": "8. Finance income and costs52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mInterest payable on bank loans and overdrafts (7.4) (4.3)Interest payable on senior secured notes (11.5) (13.4)Interest payable on revolving facility (0.3) (0.3)1Other interest (payable) / receivable (0.6) 0.1 Amortisation of debt issuance costs (1.9) (2.1) (21.7) (20.0)2Write off of financing costs \u2013 (4.3)3Early redemption fee\u2013 (4.7)Total finance cost (21.7) (29.0)Interest receivable on bank deposits 0.8 0.3 4Other finance income 1.1 0.2 Total finance income 1.9 0.5 Net finance cost (19.8) (28.5)1 Included in other interest (payable) / receivable is \u00a30.6m charge (2021/22: \u00a30.8m charge) relating to non-cash interest costs on lease liabilities under IFRS 16.2 Relates to the refinancing of the senior secured fixed rate notes due 2023 and revolving credit facility in the previous period.3 Relates to a non-recurring payment arising on the early redemption of the \u00a3300m senior secured fixed rate notes due to mature in October 2023 as part of the refinancing of the Group\u2019s debt in June 2021. 4 Other finance income primarily relates to the unwind of the discount on certain of the Group's long-term provisions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__75": {
"value": "9. TaxationCurrent tax52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mCurrent tax\u2013 Current period (8.1) (6.4)Deferred tax\u2013 Current period (15.8) (16.5)\u2013 Prior periods 0.7 1.9 \u2013 Changes in tax rate on the opening balance 2.4 (4.1)Income tax charge (20.8) (25.1)Tax relating to items recorded in other comprehensive income included:1 April 20232 April 2022\u00a3m\u00a3mCorporation tax credit on pension movements 7.2 6.4 Deferred tax charge on increase of corporate tax rate \u2013 (17.9)Deferred tax credit on prior year \u2013 1.6 Deferred tax credit/(charge) on pension movements 52.7 (97.9) 59.9 (107.8)The applicable rate of corporation tax for the period is 19%. Per the Finance Act of 2021, the corporation tax rate will increase from the current 19% to 25% starting in April 2023 and the impact of the move to a blended rate on the deferred tax balances was reflected in the prior year. The current year deferred tax balances have been remeasured to reflect the year end rate of 25% resulting in a tax credit of \u00a32.4m which has been recorded in the consolidated statement of profit or loss.The tax charge for the period differs from the standard rate of corporation tax in the United Kingdom of 19.0% (2021/22: 19.0%). The reasons for this are explained below:1 April 20232 April 2022 \u00a3m \u00a3m Profit before taxation 112.4 102.6 Tax charge at the domestic income tax rate of 19.0% (2021/22: 19.0%) (21.4) (19.5)Tax effect of:Non-deductible items (0.1) (0.8)Recognition of previously unrecognised losses 0.2 \u2013 Adjustment due to change in tax rate on the opening balances 2.3 (4.1)Difference between current and deferred tax rate (3.5) (3.1)Tax incentives 1.0 0.5 Adjustments to prior periods 0.7 1.9 Income tax charge (20.8) (25.1)Corporation tax losses are not recognised where future recoverability is uncertain. The difference between current and deferred tax rate of \u00a33.5m relates to the impact of the current tax rate being 19% and the future year deferred tax movements being measured at 25%.The adjustments to prior periods of \u00a30.7m (2021/22: \u00a31.9m) relates primarily to the changes in prior period intangibles and capital allowances following verifications in submitted returns.Deferred taxDeferred tax is calculated in full on temporary differences using the tax rate appropriate to the jurisdiction in which the asset/(liability) arises and the tax rates that are expected to apply in the periods in which the asset or liability is settled. 2022/232021/22\u00a3m\u00a3mAt 3 April 2022/4 April 2021 (189.8) (57.4)Acquisition of The Spice Tailor (5.0) \u2013 Charged to the statement of profit or loss (12.7) (18.7)Credited/(charged) to other comprehensive income 52.7 (114.2)(Charged)/credited to equity (0.7) 0.5 At 1 April 2023/2 April 2022 (155.5) (189.8)The Group has not recognised \u00a32.2m of deferred tax assets (2021/22: \u00a32.2m not recognised) relating to UK corporation tax losses. In addition, the Group has not recognised a tax asset of \u00a367.8m (2021/22: \u00a383.9m) relating to Advanced Corporation Tax (ACT) and \u00a375.8m (2021/22: \u00a376.6m) relating to capital losses. Under current legislation these can generally be carried forward indefinitely.Deferred tax liabilitiesRetirement benefit IntangiblesobligationLeasesOtherTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 4 April 2021 (50.1) (101.9) (2.9) (1.0) (155.9)Charge due to change in corporate tax rate\u2013 To statement of profit or loss (15.4) (9.5) (0.9) (0.3) (26.1)\u2013 To other comprehensive income \u2013 (22.7) \u2013 \u2013 (22.7)Current period credit/(charge) 1.3 (3.5) \u2013 \u2013 (2.2)Charged to other comprehensive income \u2013 (97.9) \u2013 \u2013 (97.9)Prior period (charge)/credit\u2013 To statement of profit or loss (0.3) \u2013 \u2013 \u2013 (0.3)\u2013 To other comprehensive income \u2013 1.6 \u2013 \u2013 1.6 At 2 April 2022 (64.5) (233.9) (3.8) (1.3) (303.5)At 3 April 2022 (64.5) (233.9) (3.8) (1.3) (303.5)Acquisition of The Spice Tailor (5.0) \u2013 \u2013 \u2013 (5.0)Charge due to change in corporate tax rate- To statement of profit or loss (0.3) \u2013 \u2013 \u2013 (0.3)Current period credit/(charge) 1.5 (6.7) 3.0 \u2013 (2.2)Credited to other comprehensive income \u2013 52.7 \u2013 \u2013 52.7At 1 April 2023 (68.3) (187.9) (0.8) (1.3) (258.3)Deferred tax assetsAccelerated tax Share-based depreciationpaymentsLossesOtherTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 4 April 2021 49.5 2.7 45.0 1.3 98.5 Credit due to change in corporate tax rate\u2013 To statement of profit or loss 12.7 \u2013 9.1 0.2 22.0 \u2013To other comprehensive income \u2013 \u2013 4.8 \u2013 4.8 \u2013 To equity \u2013 0.1 \u2013 \u2013 0.1 Current period (charge)/credit (13.1) 0.7 (1.2) (0.7) (14.3)Credited to equity \u2013 0.4 \u2013 \u2013 0.4 Prior period credit\u2013 To statement of profit or loss 2.2 \u2013 \u2013 \u2013 2.2 At 2 April 2022 51.3 3.9 57.7 0.8 113.7At 3 April 2022 51.3 3.9 57.7 0.8 113.7 Credit due to change in corporate tax rate\u2013 To statement of profit or loss 2.3 \u2013 0.3 0.1 2.7Current period (charge)/credit (13.9) 0.5 (2.2) 2.0 (13.6)Charged to equity \u2013 (1.2) \u2013 \u2013 (1.2)Prior period credit\u2013 To statement of profit or loss 0.5 0.2 \u2013 \u2013 0.7 \u2013 To equity \u2013 0.5 \u2013 \u2013 0.5At 1 April 2023 40.2 3.9 55.8 2.9 102.8Deferred tax asset on losses and accelerated tax depreciation \u00a3mAs at 1 April 2023 22.4As at 2 April 2022 23.1Net deferred tax liability \u00a3mAs at 1 April 2023 (177.9)As at 2 April 2022 (212.9)Where there is a legal right of offset and an intention to settle as such, deferred tax assets and liabilities may be presented on a net basis. This is the case for most of the Group\u2019s deferred tax balances except non-trading losses of \u00a322.4m (2021/22: \u00a323.1m). The remainder of deferred tax assets have therefore been offset in the tables above. Substantial elements of the Group\u2019s deferred tax assets and liabilities, primarily relating to the defined benefit pension obligation, are greater than one year in nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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},
"s8_notes__8__76": {
"value": "Deferred taxDeferred tax is calculated in full on temporary differences using the tax rate appropriate to the jurisdiction in which the asset/(liability) arises and the tax rates that are expected to apply in the periods in which the asset or liability is settled. 2022/232021/22\u00a3m\u00a3mAt 3 April 2022/4 April 2021 (189.8) (57.4)Acquisition of The Spice Tailor (5.0) \u2013 Charged to the statement of profit or loss (12.7) (18.7)Credited/(charged) to other comprehensive income 52.7 (114.2)(Charged)/credited to equity (0.7) 0.5 At 1 April 2023/2 April 2022 (155.5) (189.8)The Group has not recognised \u00a32.2m of deferred tax assets (2021/22: \u00a32.2m not recognised) relating to UK corporation tax losses. In addition, the Group has not recognised a tax asset of \u00a367.8m (2021/22: \u00a383.9m) relating to Advanced Corporation Tax (ACT) and \u00a375.8m (2021/22: \u00a376.6m) relating to capital losses. Under current legislation these can generally be carried forward indefinitely.Deferred tax liabilitiesRetirement benefit IntangiblesobligationLeasesOtherTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 4 April 2021 (50.1) (101.9) (2.9) (1.0) (155.9)Charge due to change in corporate tax rate\u2013 To statement of profit or loss (15.4) (9.5) (0.9) (0.3) (26.1)\u2013 To other comprehensive income \u2013 (22.7) \u2013 \u2013 (22.7)Current period credit/(charge) 1.3 (3.5) \u2013 \u2013 (2.2)Charged to other comprehensive income \u2013 (97.9) \u2013 \u2013 (97.9)Prior period (charge)/credit\u2013 To statement of profit or loss (0.3) \u2013 \u2013 \u2013 (0.3)\u2013 To other comprehensive income \u2013 1.6 \u2013 \u2013 1.6 At 2 April 2022 (64.5) (233.9) (3.8) (1.3) (303.5)At 3 April 2022 (64.5) (233.9) (3.8) (1.3) (303.5)Acquisition of The Spice Tailor (5.0) \u2013 \u2013 \u2013 (5.0)Charge due to change in corporate tax rate- To statement of profit or loss (0.3) \u2013 \u2013 \u2013 (0.3)Current period credit/(charge) 1.5 (6.7) 3.0 \u2013 (2.2)Credited to other comprehensive income \u2013 52.7 \u2013 \u2013 52.7At 1 April 2023 (68.3) (187.9) (0.8) (1.3) (258.3)Deferred tax assetsAccelerated tax Share-based depreciationpaymentsLossesOtherTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 4 April 2021 49.5 2.7 45.0 1.3 98.5 Credit due to change in corporate tax rate\u2013 To statement of profit or loss 12.7 \u2013 9.1 0.2 22.0 \u2013To other comprehensive income \u2013 \u2013 4.8 \u2013 4.8 \u2013 To equity \u2013 0.1 \u2013 \u2013 0.1 Current period (charge)/credit (13.1) 0.7 (1.2) (0.7) (14.3)Credited to equity \u2013 0.4 \u2013 \u2013 0.4 Prior period credit\u2013 To statement of profit or loss 2.2 \u2013 \u2013 \u2013 2.2 At 2 April 2022 51.3 3.9 57.7 0.8 113.7At 3 April 2022 51.3 3.9 57.7 0.8 113.7 Credit due to change in corporate tax rate\u2013 To statement of profit or loss 2.3 \u2013 0.3 0.1 2.7Current period (charge)/credit (13.9) 0.5 (2.2) 2.0 (13.6)Charged to equity \u2013 (1.2) \u2013 \u2013 (1.2)Prior period credit\u2013 To statement of profit or loss 0.5 0.2 \u2013 \u2013 0.7 \u2013 To equity \u2013 0.5 \u2013 \u2013 0.5At 1 April 2023 40.2 3.9 55.8 2.9 102.8Deferred tax asset on losses and accelerated tax depreciation \u00a3mAs at 1 April 2023 22.4As at 2 April 2022 23.1Net deferred tax liability \u00a3mAs at 1 April 2023 (177.9)As at 2 April 2022 (212.9)Where there is a legal right of offset and an intention to settle as such, deferred tax assets and liabilities may be presented on a net basis. This is the case for most of the Group\u2019s deferred tax balances except non-trading losses of \u00a322.4m (2021/22: \u00a323.1m). The remainder of deferred tax assets have therefore been offset in the tables above. Substantial elements of the Group\u2019s deferred tax assets and liabilities, primarily relating to the defined benefit pension obligation, are greater than one year in nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
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},
"s8_notes__8__77": {
"value": "10. Earnings per shareBasic earnings per share has been calculated by dividing the profit attributable to owners of the parent of \u00a391.6m (2021/22: \u00a377.5m profit) by the weighted average number of ordinary shares of the Company. Weighted average shares2022/232021/22 Number (m) Number (m)Weighted average number of ordinary shares for the purpose of basic earnings per share 861.2 858.8Effect of dilutive potential ordinary shares:\u2013 Share options 19.5 17.0 Weighted average number of ordinary shares for the purpose of diluted earnings per share 880.7 875.8Earnings per share calculation52 weeks ended 1 April 2023 52 weeks ended 2 April 2022Dilutive effect Dilutive effect of share of share Basicoptions Diluted Basicoptions Diluted Profit after tax (\u00a3m) 91.6 91.6 77.5 77.5 Weighted average number of shares (m) 861.2 19.5 880.7 858.8 17.0 875.8 Earnings per share (pence) 10.6 (0.2) 10.4 9.0 (0.2) 8.8 Dilutive effect of share optionsThe dilutive effect of share options is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The only dilutive potential ordinary shares of the Company are share options and share awards. A calculation is performed to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company\u2019s shares) based on the monetary value of the share awards and the subscription rights attached to the outstanding share options. No adjustment is made to the profit or loss in calculating basic and diluted earnings per share.Adjusted earnings per share (\u2018Adjusted EPS\u2019)Adjusted earnings per share is defined as trading profit less net regular interest, less a notional tax charge at 19.0% (2021/22: 19.0%) divided by the weighted average number of ordinary shares of the Company.Net regular interest is defined as net finance cost after excluding write-off of financing costs, early redemption fees, other interest payable and other interest receivable.Trading profit and Adjusted EPS have been reported as the directors believe these assists in providing additional useful information on the underlying trends, performance and position of the Group.52 weeks 52 weeks ended ended 1 April 20232 April 2022\u00a3m\u00a3m1Trading profit (note 4) 157.5 141.2Less net regular interest (20.3) (19.8)Adjusted profit before taxation 137.2 121.4Notional tax at 19.0% (2021/22: 19%) (26.1) (23.1)Adjusted profit after taxation 111.1 98.3Average shares in issue (m) 861.2 858.8Adjusted basic EPS (pence) 12.9 11.5Dilutive effect of share options (0.3) (0.2)Adjusted dilutive EPS (pence) 12.6 11.3Net regular interestNet finance cost (19.8) (28.5)Exclude other finance income (1.1) (0.2)Exclude write-off of financing costs \u2013 4.3Exclude early redemption fee \u2013 4.7 Exclude other interest payable / (receivable) 0.6 (0.1)Net regular interest (20.3) (19.8)1 2021/22 Trading Profit has been re-presented in line with the revised definition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
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"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__78": {
"value": "11. Property, plant and equipmentLand and Plant and Assets under Right of use buildingsequipmentconstructionAssetsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 3 April 2021 100.3 334.4 14.3 12.9 461.9Additions 1.7 9.2 7.6 0.5 19.0 Disposals (1.5) (8.2) \u2013 (0.9) (10.6)Remeasurement \u2013 \u2013 \u2013 (0.4) (0.4)Reclassified from intangibles \u2013 \u2013 0.2 \u2013 0.2 Transferred into use 0.9 12.6 (13.5) \u2013 \u2013 At 2 April 2022 101.4 348.0 8.6 12.1 470.1Additions 1.0 9.1 6.4 5.7 22.2 Acquisition of subsidiary \u2013 0.1 \u2013 \u2013 0.1 Disposals (0.6) (8.8) \u2013 (1.3) (10.7)Remeasurement \u2013 \u2013 \u2013 (3.6) (3.6)Reclassified from intangibles \u2013 \u2013 0.1 \u2013 0.1 Transferred into use 0.7 7.0 (7.7) \u2013 \u2013 At 1 April 2023 102.5 355.4 7.4 12.9 478.2Accumulated depreciation and impairmentAt 3 April 2021 (44.4) (221.5) \u2013 (3.9) (269.8)Depreciation charge (2.2) (15.0) \u2013 (2.0) (19.2)Disposals 1.4 7.5 \u2013 0.9 9.8 At 2 April 2022 (45.2) (229.0) \u2013 (5.0) (279.2)Depreciation charge (2.6) (15.7) \u2013 (1.6) (19.9)Disposals 0.5 8.6 \u2013 1.3 10.4 Impairment charge \u2013 (3.6) \u2013 \u2013 (3.6)At 1 April 2023 (47.3) (239.7) \u2013 (5.3) (292.3)Net book valueAt 2 April 2022 56.2 119.0 8.6 7.1 190.9At 1 April 2023 55.2 115.7 7.4 7.6 185.9Included in the right of use assets are the following:Plant, Land and equipment & 1buildingsotherTotal\u00a3m\u00a3m\u00a3mCostBalance at 3 April 2021 9.3 3.6 12.9 Additions \u2013 0.5 0.5 Disposals (0.3) (0.6) (0.9)Remeasurement (0.4) \u2013 (0.4)At 2 April 2022 8.6 3.5 12.1Additions 4.8 0.9 5.7 Disposals (0.5) (0.8) (1.3)Remeasurement (3.6) \u2013 (3.6)At 1 April 2023 9.3 3.6 12.9Accumulated depreciation and impairmentAt 3 April 2021 (2.5) (1.4) (3.9)Depreciation charge (1.1) (0.9) (2.0)Disposals 0.3 0.6 0.9 At 2 April 2022 (3.3) (1.7) (5.0)Depreciation charge (0.7) (0.9) (1.6)Disposals 0.5 0.8 1.3 At 1 April 2023 (3.5) (1.8) (5.3)Net book valueAt 2 April 2022 5.3 1.8 7.1 At 1 April 2023 5.8 1.8 7.61 Included in Plant, equipment & other are vehicles with a cost of \u00a3nil (2021/22: \u00a30.2m) and NBV of \u00a3nil (2021/22: \u00a30.0m)The Group\u2019s borrowings are secured on the assets of the Group including property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__79": {
"value": "12. GoodwillAs atAs at1 April 20232 April 2022\u00a3m\u00a3mCarrying valueOpening balance 646.0 646.0 Acquisition of subsidiary (note 28) 34.3 \u2013 Closing balance 680.3 646.0 Goodwill is allocated to the Group\u2019s Grocery CGU. Goodwill impairment testing is performed at the Grocery CGU level, which is the lowest level at which goodwill is allocated and monitored for internal reporting purposes.Key assumptionsThe key assumptions for calculating value in use are revenue growth, divisional contribution margin growth, long-term growth rate and discount rate. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units. It is not amortised but is tested annually for impairment. Cash flow assumptionsThe cash flows and capital expenditure to maintain these used in the value in use calculation are post-tax cash flows based on the latest Board-approved budget for the first year and the latest Board-approved forecasts in respect of the following four years which include consideration of the impact on the Group of climate change and actions the Group are taking to reduce carbon emissions. The costs and capital expenditure to meet the Group\u2019s ESG targets, on page 33, are included in cashflows.Two of the key assumptions when forecasting cash flows are revenue growth and divisional contribution margin. Revenue growth is forecast based on known or forecast customer sales initiatives, including, to the extent agreed, customer business plans or agreements for the next period, current and forecast new product development, promotional and marketing strategy, and specific category or geographical growth. External factors, including the consumer environment, are also taken into account in the more short-term forecasts. The compound revenue growth rate over the five-year forecast period is 4.9% (2021/22: 4.9% 3 year compound revenue growth rate). Note that in 2022/23 the forecast review period has been increased from a three year to a five year review period for the purpose of Impairment reviews to align with the five year review period now being used for the Group\u2019s Viability assessment (see page 67).Divisional contribution margin is forecast based on the projected mix of branded and non-branded sales, raw material input costs, purchasing initiatives and marketing and distribution costs. Management have modelled scenarios on volume elasticity due to inflationary pressures and the adverse impact on demand due to climate change and were within the range of Group\u2019s existing sensitivities as disclosed within the table below. Please also see viability analysis on pages 67 for further details on additional scenario analyses performed. The climate scenarios modelled reflect the risks deemed material through the TFCD risk assessment on pages 41 to 45. Long term growth rate assumptionsFor the purposes of impairment testing, the cash flows are extrapolated into perpetuity using growth assumptions relevant for the business sector. The growth rate applied of 1.16% (2021/22: 1.3%) is based on the average medium term GDP growth as the directors expect food consumption to follow GDP growth. This is not considered to be higher than the average long-term industry growth rate.Discount rate assumptionsThe discount rate applied to the cash flows is calculated using a post-tax rate based on the weighted average cost of capital (\u2018WACC\u2019) which would be anticipated for a market participant in the Group.The Group has considered the impact of the current economic climate in determining the appropriate discount rate to use in impairment testing. In the current period, the post-tax rate used to discount the forecast cash flows has been determined to be 9.06% (2021/22: 7.4%). On a pre-tax basis a discount rate of 12.08% (2021/22: 9.4%) would have been applied.Sensitivity analysisAn illustration of the sensitivity to reasonably possible changes in key assumptions in the impairment test for the Grocery CGU is as follows:Reasonably possible change in assumption Impact on value in useRevenue growth Increase/decrease by 3.0% Increase/decrease by \u00a3283.5m/\u00a3254.0mDivisional contribution margin Increase/decrease by 2.0% Increase/decrease by \u00a3150.5mLong-term growth rate Increase/decrease by 0.5% Increase/decrease by \u00a377.1m/\u00a367.9mDiscount rate Increase/decrease by 0.5% Decrease/increase by \u00a388.0m/\u00a399.9mUnder each of the above sensitivities no individual scenarios would trigger an impairment for the Grocery CGU. Under a combination of reasonably possible scenarios and taking into account mitigating actions, no impairment would be triggered.Goodwill impairment chargeThere has been no goodwill impairment charge recognised in 2022/23 (2021/22: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__80": {
"value": "Goodwill impairment chargeThere has been no goodwill impairment charge recognised in 2022/23 (2021/22: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__81": {
"value": "13. Other intangible assetsCustomer Assets under SoftwareLicencesBrandsrelationshipsconstructionTotal \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 3 April 2021 149.3 28.0 665.2 134.8 4.0 981.3 Additions 1.7 \u2013 \u2013 \u2013 1.8 3.5 Disposals (19.9) \u2013 \u2013 \u2013 \u2013 (19.9)Reclassified to property, plant & equipment \u2013 \u2013 \u2013 \u2013 (0.2) (0.2)Transferred into use 3.6 \u2013 \u2013 \u2013 (3.6) \u2013 At 2 April 2022 134.7 28.0 665.2 134.8 2.0 964.7 Additions 4.0 \u2013 \u2013 \u2013 2.1 6.1 Acquisition of subsidiary \u2013 \u2013 20.5 \u2013 \u2013 20.5 Reclassified to property, plant & equipment \u2013 \u2013 \u2013 \u2013 (0.1) (0.1)Transferred into use 1.5 \u2013 \u2013 \u2013 (1.5) \u2013 At 1 April 2023 140.2 28.0 685.7 134.8 2.5 991.2 Accumulated amortisation and impairmentAt 3 April 2021 (135.1) (28.0) (366.2) (134.8) \u2013 (664.1)Disposals 19.9 \u2013 \u2013 \u2013 \u2013 19.9 Amortisation charge (7.1) \u2013 (19.9) \u2013 \u2013 (27.0)At 2 April 2022 (122.3) (28.0) (386.1) (134.8) \u2013 (671.2)Amortisation charge (4.9) \u2013 (20.7) \u2013 \u2013 (25.6)At 1 April 2023 (127.2) (28.0) (406.8) (134.8) \u2013 (696.8)Net book valueAt 2 April 2022 12.4 \u2013 279.1 \u2013 2.0 293.5 At 1 April 2023 13.0 \u2013 278.9 \u2013 2.5 294.4 All amortisation is recognised within administrative costs.Included in the assets under construction additions for the period are \u00a32.8m (2021/22: \u00a31.3m) relating to internal software development costs.The Group\u2019s borrowings are secured on the assets of the Group including other intangible assets.The material brands held on the balance sheet are as follows:Carrying value Estimated atuseful1 April 2023 life remaining\u00a3mYearsBisto 83.5 14Oxo 64.4 23Batchelors 43.3 13Mr Kipling 32.5 14The Spice Tailor 19.7 14Sharwood's 18.2 14",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__82": {
"value": "14. Retirement benefit schemesDefined benefit schemesThe Group operates a number of defined benefit schemes under which current and former employees have built up an entitlement to pension benefits on their retirement. Although the Premier Foods Section, Premier Grocery Products Section and RHM Section identified below are no longer separate schemes following the merger in 2020, historically, Premier Foods companies\u2019 pension liabilities and ex-RHM companies\u2019 liabilities have been shown separately. These are as follows:(a) The \u201cPremier\u201d Schemes, which comprise:Premier Foods Pension Section of RHM Pension SchemePremier Grocery Products Pension Section of RHM Pension SchemePremier Grocery Products Ireland Pension Scheme (\u2018PGPIPS\u2019) Chivers 1987 Pension Scheme Hillsdown Holdings Limited Pension Scheme (Scheme wound up 10 February 2023)(b) The \u201cRHM\u201d Pension Schemes, which comprise:RHM Section of the RHM Pension SchemePremier Foods Ireland Pension SchemeThe Premier Foods Pension Scheme (PFPS) and Premier Grocery Products Pension Scheme (PGPPS) were wound up following the merger of assets and liabilities on a segregated basis with the RHM Pension Scheme in June 2020. The RHM Pension Scheme operates as three sections, the RHM Section, Premier Foods Section and Premier Grocery Products Section. The triennial valuation at 31 March 2022 for all three Sections of the RHM Pension Scheme has been agreed. The results show that the combined actuarial deficits of the two Premier Sections have fallen by a further \u00a358m since the interim valuations carried out on 31 March 2021. This has allowed the deficit contributions to be reduced by \u00a35m per year for the current valuation period.The exchange rates used to translate the overseas euro based schemes are \u00a31.00 = \u20ac1.1582 (2021/22: \u00a31.00 = \u20ac1.1774) for the average rate during the period, and \u00a31.00 = \u20ac1.1377 (2021/22: \u00a31.00 = \u20ac1.1881) for the closing position at period end.All defined benefit schemes are held separately from the Company under Trusts. Trustees are appointed to operate the schemes in accordance with their respective governing documents and pensions law. The schemes meet the legal requirement for member nominated trustees\u2019 representation on the trustee boards. Trustee directors undertake regular training and development to ensure that they are equipped appropriately to carry out the role. In addition, each trustee board has appointed professional advisers to give them the specialist expertise they need to support them in the areas of investment, funding, legal, covenant and administration.The trustee boards generally meet at least four times a year to conduct their business. To support these meetings certain aspects of the schemes\u2019 operation are delegated to give specialist focus (e.g. investment, administration and compliance) to committees for which further meetings are held as appropriate throughout the year. These committees regularly report to the full trustee boards.The schemes invest through investment managers appointed by the trustees in a broad range of assets to support the security and funding of their pension obligations. Asset classes used include government bonds, private equity, absolute return products, swaps, infrastructure, illiquid credits and global credits. The scheme assets do not include any of the Group\u2019s own financial instruments, nor any property occupied by, or other assets used by, the Group. The RHM Pension Scheme holds a security over the assets of the Group which ranks pari passu with the banks and bondholders in the event of insolvency, up to a cap.The schemes incorporate a Liability Driven Investment (LDI) strategy to more closely match the assets with changes in value of liabilities. The RHM Pension Scheme uses assets including interest rate and inflation swaps, index linked bonds and infrastructure in its LDI strategy.In setting the investment strategy, the primary concern for the trustee of the RHM Pension Scheme is to act in the best financial interests of all beneficiaries, seeking the best return that is consistent with a prudent and appropriate level of risk. This includes the risk that environmental, social and governance factors, including climate change, negatively impact the value of investments held if not understood and evaluated properly. The trustee considers this risk by taking advice from its investment advisors when choosing asset classes, selecting managers, and monitoring performance.From 1 October 2022, the trustee is required by regulation to:\u2022 implement climate change governance measures and produce a Taskforce on Climate-related Financial Disclosures (TCFD) report containing associated disclosures; and\u2022 publish its TCFD report on a publicly available website, accessible free of charge.The trustee is on track to disclose the scheme\u2019s first TCFD report as part of the 2023 year-end reporting cycle. The main risks to which the Group is exposed in relation to the funded pension schemes are as follows:\u2022 Liquidity risk \u2013 the PF and PGP Sections of the RHM Pension Scheme have significant technical funding deficits which could increase.The RHM Section of the RHM Pension Scheme is currently in surplus, but subsequent valuations could reveal a deficit. As such this couldhave an adverse impact on the financial condition of the Group. The Group continues to monitor the pension risks closely working withthe trustees to ensure a collaborative approach.\u2022 Mortality risk \u2013 the assumptions adopted make allowance for future improvements in life expectancy. However, if life expectancyimproves at a faster rate than assumed, this would result in greater payments from the schemes and consequently increases in theschemes liabilities. The trustees review the mortality assumption on a regular basis to minimise the risk of using an inappropriateassumption.\u2022 Yield risk \u2013 a fall in government bond yields will increase the schemes liabilities and certain of the assets. However, the liabilities maygrow by more in monetary terms, thus increasing the deficit in the scheme.\u2022 Inflation risk \u2013 the majority of the schemes liabilities increase in line with inflation and so if inflation is greater than expected, theliabilities will increase.\u2022 Investment risk \u2013 the risk that investments do not perform in line with expectations.The exposure to the yield and inflation risks described above can be hedged by investing in assets that move in the same direction as the liabilities in the event of a fall in yields, or a rise in inflation. The RHM Pension Scheme has largely hedged its inflation and interest rate exposure to the extent of its funding level. The Premier Foods Section is currently hedged to around 60% for interest rates and inflation and the Premier Grocery Products Sections is currently hedged to around 75% for interest rates and inflation. The liabilities of the schemes are approximately 35% in respect of former active members who have yet to retire and approximately 65% in respect of pensioner members already in receipt of benefits. The average duration of the pension liabilities for the three Sections of the RHM Pension Scheme is 13.0 years (12.8 years for the RHM Section; 13.9 years for the PF Section and 13.4 years for the PGP Section).All pension schemes are closed to future accrual.At the balance sheet date, the combined principal accounting valuation assumptions were as follows:At 1 April 2023 At 2 April 2022Premier RHM Premier SchemesSchemesSchemes RHM SchemesDiscount rate 4.80% 4.80% 2.75% 2.75%Inflation \u2013 RPI 3.30% 3.30% 3.60% 3.60%Inflation \u2013 CPI 2.85% 2.85% 3.20% 3.20%Future pension increases\u2013 RPI (min 0% and max 5%) 3.05% 3.05% 3.35% 3.35%\u2013 CPI (min 3% and max 5%) 3.55% 3.55% 3.65% 3.65%For the smaller overseas schemes, the discount rate used was 3.65% (2021/22: 1.75%) and future pension increases were 2.45% (2021/22: 2.60%). At 1 April 2023 and 2 April 2022, the discount rate was derived based on a bond yield curve expanded to also include bonds rated AA by one credit agency (and which might for example be rated A or AAA by other agencies). The Group continued to set RPI inflation in line with the market break-even expectations less an inflation risk premium. The inflation risk premium of 0.3% (2021/22: 0.3%), reflects an allowance for additional market distortions caused by the RPI reform proposals.The Group has set the CPI assumption by assuming it is 1.0% p.a. lower than RPI pre 2030 (reflecting UKSA\u2019s stated intention to make no changes before 2030) and 0.1% lower than RPI post 2030 (2021/22: 0.1% lower post 2030), this being our expectation of the long-term average difference between CPI and CPI-H. Using this approach, the assumed difference between the RPI and CPI is an average of 0.45% (2021/22: 0.40%) per annum. The assumptions take into account the timing of the expected future cashflows from the pension schemes.The RHM scheme invests directly in interest rate and inflation swaps to protect from fluctuations in interest rates and inflation.The mortality assumptions are based on standard mortality tables. The directors have considered the impact of the current Covid-19 pandemic on the mortality assumptions and consider that use of the updated Continuous Mortality Improvement (CMI) 2021 projections released in March 2022 for the future improvement assumption a reasonable approach, these are the most recently published projections at the reporting date. Management considers the 2020 and 2021 mortality experience to be outliers and therefore have applied a 0% weight to the 2020 and 2021 mortality experience data. However, an addition to the mortality scaling factors of 5% (2021/22: 2%) has been applied, which reflects the expected long term negative outlook from the impact of Covid-19 on future life expectancy. The increase in scaling factor from the prior year reflects experience that has emerged over the past 12 months. The estimated impact of the 3% addition to the mortality scaling factors is approximately 0.8% decrease in defined benefit obligation in respect of the schemes. An adjustment to the base mortality tables has been made for the RHM scheme to reflect the latest scheme mortality studies which were commissioned by the trustee in 2022. The life expectancy assumptions are as follows:At 1 April 2023 At 2 April 2022Premier RHM Premier RHM SchemesSchemesSchemesSchemesMale pensioner, currently aged 65 86.5 84.7 86.6 85.2Female pensioner, currently aged 65 88.2 87.1 88.3 87.7Male non-pensioner, currently aged 45 87.4 86.0 87.5 86.5Female non-pensioner, currently aged 45 89.7 89.0 89.8 89.3A sensitivity analysis on the principal assumptions used to measure the scheme liabilities at the period end is as follows:Change in assumption Impact on scheme liabilitiesDiscount rate Increase/decrease by 0.1% Decrease/increase by \u00a339.2m/\u00a339.8mInflation Increase/decrease by 0.1% Increase/decrease by \u00a316.6m/\u00a311.9mAssumed life expectancy at age 60 (rate of mortality) Increase/decrease by 1 year Increase/decrease by \u00a3122.0m/\u00a3125.0mThe sensitivity information has been derived using projected cash flows for the Schemes valued using the relevant assumptions and membership profile as at 1 April 2023. Extrapolation of these results beyond the sensitivity figures shown may not be appropriate.Premier RHM Schemes% of totalSchemes% of totalTotal% of total\u00a3m%\u00a3m%\u00a3m%Assets with a quoted price in an active market at 1 April 2023:Government bonds 197.8 35.8 815.1 25.2 1,012.9 26.7Cash 8.2 1.5 59.1 1.8 67.3 1.8Assets without a quoted price in an active market at 1 April 2023:UK equities 0.1 0.0 \u2013 \u2013 0.1 0.0Global equities 2.3 0.4 4.6 0.1 6.9 0.2Government bonds 30.5 5.5 2.1 0.1 32.6 0.9Corporate bonds 7.4 1.4 4.9 0.2 12.3 0.3UK property 68.7 12.4 213.8 6.6 282.5 7.4European property 44.7 8.1 204.8 6.3 249.5 6.6Absolute return products 6.8 1.2 426.6 13.2 433.4 11.4Infrastructure funds 27.4 5.0 342.5 10.6 369.9 9.8Interest rate swaps \u2013 \u2013 286.6 8.8 286.6 7.6Inflation swaps \u2013 \u2013 43.4 1.3 43.4 1.1Private equity 48.8 8.8 310.8 9.6 359.6 9.5LDI \u2013 \u2013 7.1 0.2 7.1 0.2Global credit 4.3 0.8 205.9 6.4 210.2 5.5Illiquid credit 101.4 18.3 227.5 7.0 328.9 8.7Cash 0.5 0.1 0.1 0.0 0.6 0.01Other3.7 0.7 85.3 2.6 89.0 2.3Fair value of scheme assetsas at 1 April 2023 552.6 100% 3,240.2 100% 3,792.8 100%Premier RHM Schemes% of totalSchemes% of totalTotal% of total\u00a3m%\u00a3m%\u00a3m%Assets with a quoted price in an active market at 2 April 2022:Government bonds 337.1 40.8 842.3 19.7 1,179.4 23.1Cash 27.9 3.4 76.0 1.8 103.9 2.0Assets without a quoted price in an active market at 2 April 2022:UK equities 0.1 0.0 0.3 0.0 0.4 0.0Global equities 4.3 0.5 5.7 0.1 10.0 0.2Government bonds 31.8 3.9 2.5 0.1 34.3 0.7Corporate bonds 0.3 0.0 6.0 0.1 6.3 0.1UK property 84.9 10.3 285.4 6.7 370.3 7.3European property 38.3 4.6 168.3 3.9 206.6 4.0Absolute return products 62.5 7.6 872.2 20.4 934.7 18.3Infrastructure funds 26.7 3.2 338.0 7.9 364.7 7.2Interest rate swaps 0.1 0.0 397.4 9.3 397.5 7.8Inflation swaps \u2013 \u2013 93.4 2.2 93.4 1.8Private equity 39.9 4.8 280.1 6.5 320.0 6.3LDI \u2013 \u2013 7.7 0.2 7.7 0.2Global credit 74.3 9.0 554.3 13.0 628.6 12.3Illiquid credit 81.6 9.9 191.6 4.5 273.2 5.4Cash 9.8 1.2 0.1 0.0 9.9 0.21Other6.7 0.8 152.4 3.6 159.1 3.1Fair value of scheme assets as at 2 April 2022 826.3 100% 4,273.7 100% 5,100.0 100%1 Included in Other in the RHM Schemes is \u00a3nil (2021/22: \u00a3111.2m) of assets which have been sold during 2020/21 and were awaiting settlement at the year-end date.For assets without a quoted price in an active market fair value is determined with reference to net asset value statements provided by third parties.Pension assets have been reported using 31 March 2023 valuations where available. As is usual practice for pensions assets where valuations at this date were not available, the most recent valuations (predominantly at 31 December 2022) have been rolled forward for cash movements to 31 March 2023 and recognised as lagged valuations. This is considered by management the most appropriate estimate of valuations for these assets using the information available at the time. At 1 April 2023 the financial statements include \u00a3371m of assets using lagged valuations and were these lagged valuations to move by 1% there would be a \u00a33.7m impact on the fair value of scheme assets. This approach is principally relevant for Private Equity, Property Assets, Illiquid Credits and Global Credits asset categories. Pension assets valuations are subject to estimation uncertainty due to market volatility, which could result in a material movement in asset values over the next 12 months.The amounts recognised in the balance sheet arising from the Group\u2019s obligations in respect of its defined benefit schemes are as follows: At 1 April 2023 At 2 April 2022Premier RHM Premier RHM SchemesSchemesTotalSchemesSchemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mPresent value of funded obligations (735.4) (2,291.9) (3,027.3) (1,020.2) (3,134.9) (4,155.1)Fair value of scheme assets 552.6 3,240.2 3,792.8 826.3 4,273.7 5,100.0(Deficit)/surplus in schemes (182.8) 948.3 765.5 (193.9) 1,138.8 944.9The aggregate surplus of \u00a3944.9m has decreased to a surplus of \u00a3765.5m in the current period. This decrease of \u00a3179.4m (2021/22: \u00a3405.0m increase) is primarily due to a lower return on scheme assets partly offset by changes in financial assumptions, being higher discount rate offset to a lesser extent by higher inflation assumptions. Further details are provided later in this note.The disclosures in note 14 represent those schemes that are associated with Premier (\u2018Premier schemes\u2019) and those that are associated with ex-RHM companies (\u2018RHM Schemes\u2019). These differ to that disclosed on the balance sheet, in which the schemes have been split between those in an asset position and those in a liability position. The disclosures in note 14 reconcile to those disclosed on the balance sheet as shown below: At 1 April 2023 At 2 April 2022Premier RHM Premier RHM SchemesSchemesTotalSchemesSchemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mSchemes in net asset position 11.8 948.3 960.1 9.9 1,138.8 1,148.7Schemes in net liability position (194.6) \u2013 (194.6) (203.8) \u2013 (203.8)Net (Deficit)/surplus in schemes (182.8) 948.3 765.5 (193.9) 1,138.8 944.9Changes in the present value of the defined benefit obligation were as follows:Premier RHM SchemesSchemesTotal\u00a3m\u00a3m\u00a3mDefined benefit obligation at 3 April 2021 (1,175.1) (3,536.9) (4,712.0)Interest cost (22.7) (68.9) (91.6)Past service cost (0.1) (0.2) (0.3)Settlement 0.2 \u2013 0.2Remeasurement gain 139.7 333.5 473.2Exchange differences 0.5 0.2 0.7Benefits paid 37.3 137.4 174.7Defined benefit obligation at 2 April 2022 (1,020.2) (3,134.9) (4,155.1)Interest cost (27.0) (83.9) (110.9)Settlement 0.3 \u2013 0.3Remeasurement gain 271.9 787.3 1,059.2Exchange differences (1.6) (1.1) (2.7)Benefits paid 41.2 140.7 181.9Defined benefit obligation at 1 April 2023 (735.4) (2,291.9) (3,027.3)Changes in the fair value of scheme assets were as follows:Premier RHM SchemesSchemesTotal\u00a3m\u00a3m\u00a3mFair value of scheme assets at 3 April 2021 792.5 4,459.4 5,251.9Interest income on scheme assets 15.3 87.3 102.6Remeasurement gains/(losses) 17.5 (133.4) (115.9)Administrative costs (4.2) (2.5) (6.7)Settlement (0.3) \u2013 (0.3)Contributions by employer 40.9 0.5 41.41Additional employer contribution 2.5 \u2013 2.5Exchange differences (0.6) (0.2) (0.8)Benefits paid (37.3) (137.4) (174.7)Fair value of scheme assets at 2 April 2022 826.3 4,273.7 5,100.0Interest income on scheme assets 22.1 115.1 137.2Remeasurement losses (295.7) (1,009.1) (1,304.8)Administrative costs (4.2) (4.4) (8.6)Settlement (0.3) \u2013 (0.3)Contributions by employer 40.6 4.5 45.11Additional employer contribution 2.7 \u2013 2.7Exchange differences 2.3 1.1 3.4Benefits paid (41.2) (140.7) (181.9)Fair value of scheme assets at 1 April 2023 552.6 3,240.2 3,792.81 Contribution by the Group to the Premier Schemes due to the payment of dividends during the year.The reconciliation of the net defined benefit (deficit)/surplus over the period is as follows:Premier RHM SchemesSchemesTotal\u00a3m\u00a3m\u00a3m(Deficit)/surplus in schemes at 3 April 2021 (382.6) 922.5 539.9Amount recognised in profit or loss (11.8) 15.7 3.9Remeasurements recognised in other comprehensive income 157.2 200.1 357.3Contributions by employer 40.9 0.5 41.41Additional employer contribution2.5 \u2013 2.5Exchange differences recognised in other comprehensive income (0.1) \u2013 (0.1)(Deficit)/surplus in schemes at 2 April 2022 (193.9) 1,138.8 944.9Amount recognised in profit or loss (9.1) 26.8 17.7Remeasurements recognised in other comprehensive income (23.8) (221.8) (245.6)Contributions by employer 40.6 4.5 45.11Additional employer contribution2.7 \u2013 2.7Exchange differences recognised in other comprehensive income 0.7 \u2013 0.7(Deficit)/surplus in schemes at 1 April 2023 (182.8) 948.3 765.51 Contribution by the Group to the Premier Schemes due to the payment of dividends during the year.Remeasurements recognised in the consolidated statement of comprehensive income are as follows:52 weeks ended 1 April 2023 52 weeks ended 2 April 2022PremierRHMPremierRHMSchemesSchemesTotalSchemesSchemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mRemeasurement gain on scheme liabilities 271.9 787.3 1,059.2 139.7 333.5 473.2Remeasurement (loss)/gain on scheme assets (295.7) (1,009.1) (1,304.8) 17.5 (133.4) (115.9)Net remeasurement (loss)/gain for the period (23.8) (221.8) (245.6) 157.2 200.1 357.3The actual return on scheme assets was a \u00a31,167.6m loss (2021/22: \u00a313.3m loss), which is \u00a31,304.8m less (2021/22: \u00a3115.9m less) than the interest income on scheme assets of \u00a3137.2m (2021/22: \u00a3102.6m).The remeasurement gain on liabilities of \u00a31,059.2m (2021/22: \u00a3473.2m gain) comprises a gain due to changes in financial assumptions of \u00a31,089.8m (2021/22: \u00a3413.3m gain), a loss due to member experience of \u00a369.7m (2021/22: \u00a33.2m loss) and a gain due to demographic assumptions of \u00a339.1m (2021/22: \u00a363.1m gain).The Group expects to contribute \u00a36m annually to its defined benefit schemes in relation to expenses and government levies and \u00a333m of additional annual contributions to fund the scheme deficits up to 2 April 2024.The Group has concluded that it has an unconditional right to a refund of any surplus in the RHM Pension Scheme once the liabilities have been discharged and, that the trustees of the RHM Pension Scheme do not have the unilateral right to wind up the scheme, so the asset has not been restricted and no additional liability has been recognised.The total amounts recognised in the consolidated statement of profit or loss are as follows: 52 weeks ended 1 April 2023 52 weeks ended 2 April 2022Premier RHM Premier RHM SchemesSchemesTotalSchemesSchemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mOperating profitPast service cost \u2013 \u2013 \u2013 (0.1) (0.2) (0.3)Settlement costs \u2013 \u2013 \u2013 (0.1) \u2013 (0.1)Administrative costs (4.2) (4.4) (8.6) (4.2) (2.5) (6.7)Net interest (cost)/credit (4.9) 31.2 26.3 (7.4) 18.4 11.0Total (cost)/credit (9.1) 26.8 17.7 (11.8) 15.7 3.9Defined contribution schemesA number of companies in the Group operate defined contribution schemes, including provisions to comply with auto enrolment requirements laid down by law. In addition, a number of schemes providing life assurance benefits only are operated. The total expense recognised in the statement of profit or loss of \u00a38.2m (2021/22: \u00a38.0m) represents contributions payable to the schemes by the Group at rates specified in the rules of the schemes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__83": {
"value": "15. InventoriesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mRaw materials 20.6 18.5Work in progress 3.5 2.8Finished goods and goods for resale 69.6 56.8Total inventories 93.7 78.1Stock write-offs in the period amounted to \u00a37.6m (2021/22: \u00a33.7m). The increase in the current period is primarily related to one-off supply chain disruption and the closure of the Knighton site.The borrowings of the Group are secured on the assets of the Group including inventories.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__87-1": {
"value": "16. Trade and other receivablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade receivables 70.8 71.4Trade receivables provided for (2.9) (2.6)Net trade receivables 67.9 68.8Prepayments 19.0 16.3Corporation tax 0.6 \u2013Other tax and social security receivable 13.6 11.2Other receivables 2.8 0.2Total trade and other receivables 103.9 96.519.2 Credit riskThe Group\u2019s principal financial assets are cash and cash equivalents and trade and other receivables.Cash and cash equivalents are deposited with high-credit quality financial institutions and although a significant amount of sales is to a relatively small number of customers these are generally the major grocery retailers whose credit risk is considered low.The ageing of trade and other receivables was as follows:Fully Past due performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 3.2% 1.8% 7.0% 15.2% 19.1% 57.8% 3.9%Gross carrying amount trade and other receivables 54.1 13.7 3.3 1.3 0.6 0.6 73.6Loss allowance (1.7) (0.2) (0.2) (0.2) (0.1) (0.4) (2.9)At 2 April 2022Trade and other receivablesExpected loss rate 3.0% 5.9% 0.0% 1.1% 14.8% 37.4% 3.7%Gross carrying amount trade and other receivables 63.9 4.1 0.0 2.2 0.4 1.0 71.6Loss allowance (1.9) (0.2) (0.0) (0.0) (0.1) (0.4) (2.6)The total loss allowance includes provisions in relation to receivables from customers which are considered at risk of experiencing difficult economic situations in the current environment.The Group does not hold any collateral as security against its financial assets.Movements in the provision for impairment of trade receivables are as follows:2022/232021/22\u00a3m\u00a3mAs at 3 April 2022/4 April 2021 2.6 3.5Receivables written off during the period as uncollectable (0.2) (0.5)Provision for receivables impairment raised/(released) 0.5 (0.4)As at 1 April 2023/2 April 2022 2.9 2.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__86-1": {
"value": "16. Trade and other receivablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade receivables 70.8 71.4Trade receivables provided for (2.9) (2.6)Net trade receivables 67.9 68.8Prepayments 19.0 16.3Corporation tax 0.6 \u2013Other tax and social security receivable 13.6 11.2Other receivables 2.8 0.2Total trade and other receivables 103.9 96.518. Trade and other payablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade payables (141.1) (137.4)Commercial accruals (67.5) (75.1)Tax and social security payables (7.1) (6.6)Other payables and accruals (39.7) (34.9)Total trade and other payables (255.4) (254.0)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__85": {
"value": "16. Trade and other receivablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade receivables 70.8 71.4Trade receivables provided for (2.9) (2.6)Net trade receivables 67.9 68.8Prepayments 19.0 16.3Corporation tax 0.6 \u2013Other tax and social security receivable 13.6 11.2Other receivables 2.8 0.2Total trade and other receivables 103.9 96.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__84": {
"value": "16. Trade and other receivablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade receivables 70.8 71.4Trade receivables provided for (2.9) (2.6)Net trade receivables 67.9 68.8Prepayments 19.0 16.3Corporation tax 0.6 \u2013Other tax and social security receivable 13.6 11.2Other receivables 2.8 0.2Total trade and other receivables 103.9 96.5The borrowings of the Group are secured on the assets of the Group including trade and other receivables. During the period, the Group continued to operate the trade receivable purchase arrangement. This is a non-recourse arrangement and therefore amounts are derecognised when sold. As at 1 April 2023, \u00a328.7 million was drawn (2021/22: \u00a328.5 million) under the non-recourse arrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__88": {
"value": "17. Notes to the cash flow statementReconciliation of profit before taxation to cash flows from operations52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mProfit before taxation 112.4 102.6Net finance cost 19.8 28.5Operating profit 132.2 131.1Depreciation of property, plant and equipment 19.9 19.2Amortisation of intangible assets 25.6 27.0Loss on disposal of non-current assets 0.3 0.7Impairment of tangible assets 3.6 \u2013 Fair value movements on foreign exchange and other derivative contracts 1.8 (4.4)1Net interest on pensions and administrative expenses (17.7) (4.2) Equity settled employee incentive schemes 4.6 3.4GMP equalisation and past service cost related to defined benefit pension schemes \u2013 0.3 Increase in inventories (12.4) (9.3)Increase in trade and other receivables (1.9) (13.1)Increase in trade and other payables and provisions 0.1 4.12Additional employer contribution (2.7) (2.5)Contribution to defined benefit pension schemes (45.1) (41.4)Cash generated from operations 108.3 110.91 For 2021/22 \u00a34.2m has been re-classified from Contribution to defined benefit pension schemes to Net interest on pensions and administrative expenses to aid comparability. 2 Contribution by the Group to the Premier schemes due to the payment of dividends during the year.Notes to the consolidated financial statementsCONTINUED17. Notes to the cash flow statement\u2002CONTINUEDReconciliation of cash and cash equivalents to net borrowings52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mNet inflow of cash and cash equivalents 9.1 53.2 Movement in lease liabilities 2.8 2.5Increase in borrowings \u2013 (10.0)Debt issuance costs in the period 0.7 8.5Other non-cash movements (1.9) (6.5)Decrease in borrowings net of cash 10.7 47.7Total net borrowings at beginning of period (285.0) (332.7)Total net borrowings at end of period (274.3) (285.0)Analysis of movement in borrowings Non-cash Other As at interest non-cash As at 2 April 2022Cash flowsexpense movements1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mBank overdrafts \u2013 (1.0) \u2013 \u2013 (1.0)Cash and bank deposits 54.3 10.1 \u2013 \u2013 64.4 Net cash and cash equivalents 54.3 9.1 \u2013 \u2013 63.4 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)Lease liabilities (16.1) 2.9 (0.6) 0.5 (13.3)1Gross borrowings net of cash (291.8) 12.0 (0.6) 0.5 (279.9)2Debt issuance costs 6.8 0.7 (1.9) \u2013 5.6 1Total net borrowings (285.0) 12.7 (2.5) 0.5 (274.3)1Total net borrowings excluding lease liabilities (268.9) 9.8 (1.9) \u2013 (261.0)1 Borrowings exclude derivative financial instruments. 2 The non-cash movement in debt issuance costs relates to the amortisation of capitalised borrowing costs only. Cash outflows of \u00a32.9m (2021/22: \u00a33.3m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.6m included in interest paid within cash flows from operating activities.The Group has the following cash pooling arrangements in sterling, euros and US dollars, where both the Group and the bank have a legal right of offset. As at 1 April 2023 As at 2 April 2022Offset Offset Net offset Offset Offset Net offset assetliabilityliabilityassetliabilityassetCash, cash equivalents and bank overdrafts 12.6 (13.6) (1.0) 8.1 \u2013 8.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__91": {
"value": "Analysis of movement in borrowings Non-cash Other As at interest non-cash As at 2 April 2022Cash flowsexpense movements1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mBank overdrafts \u2013 (1.0) \u2013 \u2013 (1.0)Cash and bank deposits 54.3 10.1 \u2013 \u2013 64.4 Net cash and cash equivalents 54.3 9.1 \u2013 \u2013 63.4 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)Lease liabilities (16.1) 2.9 (0.6) 0.5 (13.3)1Gross borrowings net of cash (291.8) 12.0 (0.6) 0.5 (279.9)2Debt issuance costs 6.8 0.7 (1.9) \u2013 5.6 1Total net borrowings (285.0) 12.7 (2.5) 0.5 (274.3)1Total net borrowings excluding lease liabilities (268.9) 9.8 (1.9) \u2013 (261.0)1 Borrowings exclude derivative financial instruments. 2 The non-cash movement in debt issuance costs relates to the amortisation of capitalised borrowing costs only. Cash outflows of \u00a32.9m (2021/22: \u00a33.3m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.6m included in interest paid within cash flows from operating activities.The Group has the following cash pooling arrangements in sterling, euros and US dollars, where both the Group and the bank have a legal right of offset. As at 1 April 2023 As at 2 April 2022Offset Offset Net offset Offset Offset Net offset assetliabilityliabilityassetliabilityassetCash, cash equivalents and bank overdrafts 12.6 (13.6) (1.0) 8.1 \u2013 8.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__90-1": {
"value": "Analysis of movement in borrowings Non-cash Other As at interest non-cash As at 2 April 2022Cash flowsexpense movements1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mBank overdrafts \u2013 (1.0) \u2013 \u2013 (1.0)Cash and bank deposits 54.3 10.1 \u2013 \u2013 64.4 Net cash and cash equivalents 54.3 9.1 \u2013 \u2013 63.4 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)Lease liabilities (16.1) 2.9 (0.6) 0.5 (13.3)1Gross borrowings net of cash (291.8) 12.0 (0.6) 0.5 (279.9)2Debt issuance costs 6.8 0.7 (1.9) \u2013 5.6 1Total net borrowings (285.0) 12.7 (2.5) 0.5 (274.3)1Total net borrowings excluding lease liabilities (268.9) 9.8 (1.9) \u2013 (261.0)1 Borrowings exclude derivative financial instruments. 2 The non-cash movement in debt issuance costs relates to the amortisation of capitalised borrowing costs only. Cash outflows of \u00a32.9m (2021/22: \u00a33.3m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.6m included in interest paid within cash flows from operating activities.The Group has the following cash pooling arrangements in sterling, euros and US dollars, where both the Group and the bank have a legal right of offset. As at 1 April 2023 As at 2 April 2022Offset Offset Net offset Offset Offset Net offset assetliabilityliabilityassetliabilityassetCash, cash equivalents and bank overdrafts 12.6 (13.6) (1.0) 8.1 \u2013 8.120. Bank and other borrowingsAs atAs at1 April 20232 April 2022\u00a3m\u00a3mCurrent:Bank overdrafts (1.0) \u2013 Lease liabilities (2.1) (2.1)Total borrowings due within one year (3.1) (2.1)Non-current:1Transaction costs 5.6 6.8 Senior secured notes (330.0) (330.0) (324.4) (323.2)Lease liabilities (11.2) (14.0)Total borrowings due after more than one year (335.6) (337.2)Total bank and other borrowings (338.7) (339.3)1 Included in transaction costs is \u00a31.7m (2021/22: \u00a31.9m) relating to the revolving credit facility.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__89": {
"value": "Analysis of movement in borrowings Non-cash Other As at interest non-cash As at 2 April 2022Cash flowsexpense movements1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mBank overdrafts \u2013 (1.0) \u2013 \u2013 (1.0)Cash and bank deposits 54.3 10.1 \u2013 \u2013 64.4 Net cash and cash equivalents 54.3 9.1 \u2013 \u2013 63.4 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)Lease liabilities (16.1) 2.9 (0.6) 0.5 (13.3)1Gross borrowings net of cash (291.8) 12.0 (0.6) 0.5 (279.9)2Debt issuance costs 6.8 0.7 (1.9) \u2013 5.6 1Total net borrowings (285.0) 12.7 (2.5) 0.5 (274.3)1Total net borrowings excluding lease liabilities (268.9) 9.8 (1.9) \u2013 (261.0)1 Borrowings exclude derivative financial instruments. 2 The non-cash movement in debt issuance costs relates to the amortisation of capitalised borrowing costs only. Cash outflows of \u00a32.9m (2021/22: \u00a33.3m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.6m included in interest paid within cash flows from operating activities.The Group has the following cash pooling arrangements in sterling, euros and US dollars, where both the Group and the bank have a legal right of offset. As at 1 April 2023 As at 2 April 2022Offset Offset Net offset Offset Offset Net offset assetliabilityliabilityassetliabilityassetCash, cash equivalents and bank overdrafts 12.6 (13.6) (1.0) 8.1 \u2013 8.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__96": {
"value": "18. Trade and other payablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade payables (141.1) (137.4)Commercial accruals (67.5) (75.1)Tax and social security payables (7.1) (6.6)Other payables and accruals (39.7) (34.9)Total trade and other payables (255.4) (254.0)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__94": {
"value": "18. Trade and other payablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade payables (141.1) (137.4)Commercial accruals (67.5) (75.1)Tax and social security payables (7.1) (6.6)Other payables and accruals (39.7) (34.9)Total trade and other payables (255.4) (254.0)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__93": {
"value": "18. Trade and other payablesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mTrade payables (141.1) (137.4)Commercial accruals (67.5) (75.1)Tax and social security payables (7.1) (6.6)Other payables and accruals (39.7) (34.9)Total trade and other payables (255.4) (254.0)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__98": {
"value": "19. Financial instrumentsThe Group\u2019s activities expose it to a variety of financial risks: market risk (arising from adverse movements in foreign currency, commodity prices and interest rates), credit risk and liquidity risk. The Group uses a variety of derivative financial instruments to manage certain of these risks. The management of these risks, along with the day-to-day management of treasury activities is performed by the Treasury function. The policy framework governing the management of these risks is defined by the Board. The framework for management of these risks is incorporated into a policies and procedures manual.The Group also enters into contracts with suppliers for its principal raw material requirements, some of which are considered commodities, diesel and energy. These commodity and energy contracts are part of the Group\u2019s normal purchasing activities. Some of the risk relating to diesel is mitigated with the use of derivative financial instruments. The Price Risk Management Committee monitors and reviews the Group\u2019s foreign currency exchange, commodity price and energy price exposures and recommends appropriate hedging strategies for each.19.1 Market risk(i) Foreign exchange riskThe Group\u2019s main operating entities\u2019 functional currency and the Group\u2019s presentational currency is sterling although some transactionsare executed in non-sterling currencies, principally the euro. The transactional amounts realised or settled are therefore subject to theeffect of movements in these currencies against sterling. Management of these exposures is centralised and managed by the Group Financefunction. It is the Group\u2019s policy to manage the exposures arising using forward foreign currency exchange contracts and currency options.Hedge accounting is not sought for these transactions.The Group generates some of its profits in non-sterling currencies and has assets in non-sterling jurisdictions, principally the euro. The principal foreign currency affecting the translation of subsidiary undertakings within the Group financial statements is the euro. The rates applicable are as follows:52 weeks 52 weeks ended ended Principal rate of exchange: euro/sterling 1 April 20232 April 2022Period ended 1.1377 1.1881Average 1.1582 1.1774The majority of the Group\u2019s assets and liabilities are denominated in the functional currency of the relevant subsidiary.The table below shows the Group\u2019s currency exposures as at 1 April 2023 and 2 April 2022 that gave rise to net currency gains and losses recognised in the consolidated statement of profit or loss as a result of monetary assets and liabilities that are not denominated in the functional currency of the subsidiaries involved.As atAs at1 April 20232 April 2022\u00a3m\u00a3mNet foreign currency monetary assets:\u2013 Euro (5.3) (4.9)\u2013 US dollar 1.3 1.6 \u2013 Other (0.2) (0.2)Total (4.2) (3.5)In addition, the Group also has forward foreign currency exchange contracts outstanding at the period end in order to manage the exposures above but also to hedge future transactions in foreign currencies. The sterling nominal amounts outstanding are as follows:As atAs at1 April 20232 April 2022\u00a3m\u00a3mEuro (38.7) (50.5)Australian dollar 1.6 \u2013 Indian rupee (7.0) \u2013 Total (44.1) (50.5)Sensitivities are disclosed below using the following reasonably possible scenarios:If the euro were to weaken against sterling by 10 euro cents, with all other variables held constant, profit after tax would decrease by \u00a32.6m (2021/22: \u00a33.5m decrease).If the euro were to strengthen against sterling by 10 euro cents, with all other variables held constant, profit after tax would increase by \u00a33.0m (2021/22: \u00a34.1m increase).(ii) Commodity price riskThe Group purchases a variety of commodities for use in production and distribution which can experience significant price volatility, whichinclude, inter-alia, dairy, wheat, cocoa, edible oils and energy. The price risk including inflation on these commodities is managed closely bythe Group through the Price Risk Management Committee. It is the Group\u2019s policy to minimise its exposure to this volatility by adopting anappropriate forward purchase strategy or by the use of derivative instruments where they are available.(iii) Interest rate riskThe Group\u2019s borrowing facilities comprise senior secured notes and a revolving facility, in sterling. Interest on the revolving facility ischarged at floating rates plus a margin on the amounts drawn down, and at 35% of the applicable margin for the non-utilised portion of thefacility, hence the borrowings are sensitive to changes in interest rates.Cash and deposits earn interest at floating rates based on banks\u2019 short-term treasury deposit rates. Short-term trade and other receivables are interest-free. The Group\u2019s other financial assets and liabilities are not exposed to material interest rate risk.19.2 Credit riskThe Group\u2019s principal financial assets are cash and cash equivalents and trade and other receivables.Cash and cash equivalents are deposited with high-credit quality financial institutions and although a significant amount of sales is to a relatively small number of customers these are generally the major grocery retailers whose credit risk is considered low.The ageing of trade and other receivables was as follows:Fully Past due performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 3.2% 1.8% 7.0% 15.2% 19.1% 57.8% 3.9%Gross carrying amount trade and other receivables 54.1 13.7 3.3 1.3 0.6 0.6 73.6Loss allowance (1.7) (0.2) (0.2) (0.2) (0.1) (0.4) (2.9)At 2 April 2022Trade and other receivablesExpected loss rate 3.0% 5.9% 0.0% 1.1% 14.8% 37.4% 3.7%Gross carrying amount trade and other receivables 63.9 4.1 0.0 2.2 0.4 1.0 71.6Loss allowance (1.9) (0.2) (0.0) (0.0) (0.1) (0.4) (2.6)The total loss allowance includes provisions in relation to receivables from customers which are considered at risk of experiencing difficult economic situations in the current environment.The Group does not hold any collateral as security against its financial assets.Movements in the provision for impairment of trade receivables are as follows:2022/232021/22\u00a3m\u00a3mAs at 3 April 2022/4 April 2021 2.6 3.5Receivables written off during the period as uncollectable (0.2) (0.5)Provision for receivables impairment raised/(released) 0.5 (0.4)As at 1 April 2023/2 April 2022 2.9 2.619.3 Liquidity riskThe Group manages liquidity risk through the Treasury function. Cash flow forecasts are prepared and reviewed on a weekly basis, normally covering a period of three months.In addition, cash flow forecasts are prepared as part of the Group\u2019s overall budgeting and forecasting processes and performance is monitored against this each month. This is intended to give the Board sufficient forward visibility of debt levels.The Group\u2019s Net debt level can vary from month to month and there is some volatility within months. This reflects seasonal trading patterns, timing of receipts from customers and payments to suppliers, patterns of inventory holdings and the timing of the spend on major capital and restructuring projects. For these reasons the debt levels at the period end date may not be indicative of debt levels at other points throughout the period.The following table analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the contractual undiscounted cash flows.Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023Trade and other payables (248.3) \u2013 \u2013 \u2013 \u2013 \u2013 (248.3)Senior secured notes - fixed (11.6) (11.6) (11.6) (336.7) \u2013 \u2013 (371.5)Lease liabilities (2.6) (2.6) (2.2) (1.5) (1.4) (6.2) (16.5)At 2 April 2022Trade and other payables (247.4) \u2013 \u2013 \u2013 \u2013 \u2013 (247.4)1Senior secured notes - fixed (11.6) (11.6) (11.6) (11.6) (336.7) \u2013 (383.1)Lease liabilities (2.9) (2.6) (2.5) (2.2) (1.5) (19.1) (30.8)1 Re-presented to reflect the timing of outflows to maturity at October 2026The secured senior credit facility (revolving) is priced to SONIA, other liabilities are not re-priced before the maturity date.At 1 April 2023, the Group had \u00a3182.0m (2021/22: \u00a3182.0m) of facilities not drawn, expiring between two to three years (2021/22: two to four years). The borrowings are secured by a fixed and floating charge over all the assets of the Group.The following table analyses the contractual undiscounted cash flows of interest on the fixed rate debt to maturity. Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023 11.6 11.6 11.6 6.7 \u2013 \u2013 41.5 1At 2 April 202211.6 11.6 11.6 11.6 6.7 \u2013 53.11 Re-presented to reflect the timing of outflows to maturity at October 2026The following table analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed are the undiscounted cash flows. Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023Forward foreign exchange contracts:\u2013 Outflow (79.9) \u2013 \u2013 \u2013 \u2013 \u2013 (79.9)\u2013 Inflow 80.0 \u2013 \u2013 \u2013 \u2013 \u2013 80.0 Commodities:\u2013 Inflow 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Total derivative financial instruments 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 At 2 April 2022Forward foreign exchange contracts:\u2013 Outflow (52.2) \u2013 \u2013 \u2013 \u2013 \u2013 (52.2)\u2013 Inflow 51.7 \u2013 \u2013 \u2013 \u2013 \u2013 51.7Commodities:\u2013 Outflow (2.5) (0.3) \u2013 \u2013 \u2013 \u2013 (2.8)Total derivative financial instruments (3.0) (0.3) \u2013 \u2013 \u2013 \u2013 (3.3)19.4 Fair valueThe following table shows the carrying amounts (which approximate to fair value except as noted below) of the Group\u2019s financial assets and financial liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Set out below is a summary of methods and assumptions used to value each category of financial instrument. As at 1 April 2023 As at 2 April 2022Carrying Carrying amountFair valueamountFair value\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets not measured at fair value:Cash and cash equivalents 64.4 64.4 54.3 54.3 Financial assets at amortised cost:Trade and other receivables 63.7 63.7 65.7 65.7 Financial assets at fair value through profit or loss:Trade and other receivables 4.2 4.2 3.3 3.3 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.7 0.7 0.1 0.1 \u2013 Commodity and energy derivatives 0.1 0.1 2.3 2.3 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.5) (0.5) (0.3) (0.3)\u2013 Commodity and energy derivatives \u2013 \u2013 \u2013 \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) (8.2) (8.2) \u2013 \u2013 Financial liabilities at amortised cost:Trade and other payables (248.3) (248.3) (247.4) (247.4)Senior secured notes (330.0) (297.8) (330.0) (305.8)Bank overdrafts (1.0) (1.0) \u2013 \u2013 The following table presents the Group\u2019s assets and liabilities that are measured at fair value using the following fair value measurement hierarchy:\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) orindirectly (that is, derived from prices) (level 2).\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).As at 1 April 2023 As at 2 April 2022Level 1Level 2Level 3Level 1Level 2Level 3\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or loss:Trade and other receivables \u2013 1.8 2.4 \u2013 \u2013 \u2013 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.7 \u2013 \u2013 0.1 \u2013 \u2013 Commodity and energy derivatives \u2013 0.1 \u2013 \u2013 2.3 \u2013 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.5) \u2013 \u2013 (0.3) \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) \u2013 \u2013 (8.2) \u2013 \u2013 \u2013 Financial liabilities at amortised cost:Senior secured notes (297.8) \u2013 \u2013 (305.8) \u2013 \u2013 Fair value estimationDerivativesForward exchange contracts are marked to market using prevailing market prices. Hedge accounting has not been applied to forward contracts and as a result the movement in the fair value of \u00a30.4m has been credited to the statement of profit or loss in the period (2021/22: \u00a32.2m credit). Commodity derivatives are marked to market using prevailing prices and are also not designated for hedge accounting. As a result, the fair value movement of \u00a32.2m has been debited to the statement of profit or loss (2021/22: \u00a32.2m credit). Short and long-term borrowings, loan notes and interest payableFair value is calculated based on discounted expected future principal and interest rate cash flows.Trade and other receivables/payablesThe carrying value of receivables/payables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity. The fair values of non-current receivables/payables are also considered to be the same as the carrying value due to the size and nature of the balances involved. Deferred contingent considerationDuring the period, the Group recognised other receivables with a fair value of \u00a32.4m and deferred contingent consideration with a fair value of \u00a38.2m as a result of the acquisition of The Spice Tailor. The fair values for both are based on unobservable inputs and are classified as a level 3 fair value estimate under the IFRS fair value hierarchy. 19.5 Capital risk managementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. The directors propose a final dividend of 1.44 pence per share for the period ended 2 April 2022 (2021/22: 1.2 pence).Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as equity plus net debt.The gearing ratios at the balance sheet date were as follows:As at 1 April As at 2 April 20232022\u00a3m\u00a3mTotal borrowings (338.7) (339.3)Less cash and bank deposits 64.4 54.3Net debt (274.3) (285.0)Total equity (1,406.0) (1,506.9)Total capital (1,680.3) (1,791.9)Gearing ratio 16% 16%Gearing is in line year-on-year.Under the Group\u2019s financing arrangement, the Group is required to meet two covenant tests which are calculated and tested on a 12-month rolling basis at the half year and full year, each year. The Group has complied with these tests at 1 October 2022 and 1 April 2023. 19.6 Financial compliance riskRiskThe Group operates with Net debt of \u00a3274.3m (2021/22: \u00a3285.0m) and is subject to operating within banking covenants set out in its refinancing agreement agreed with its banking syndicate, which include Net debt/EBITDA and EBITDA/interest covenant tests. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw their funding to the Group. The banking covenants relate to the Group\u2019s revolving credit facility, which was undrawn at 1 April 2023 (2021/22: undrawn). In addition to covenant compliance the Group must ensure that it manages its liquidity such that it has sufficient funds to meet its obligations as they fall due.It also supports one defined benefit pension scheme in the UK, which consists of three sections of the RHM Pension Scheme. One of the three sections has significant technical funding deficits, which could have an adverse impact on the financial condition of the Group.MitigationThe Group has financing arrangements which provide funding until 2026. The Group reviews its performance on an ongoing basis and formally tests and reports on covenant compliance to the Group\u2019s banking syndicate at each reporting date. In the event of a forecast covenant breach the Group would seek a covenant waiver or amendment from its banking syndicate.The Group manages liquidity risk through the Treasury function. Cash flow forecasts are prepared and reviewed on a weekly basis, normally covering a period of three months. In addition, cash flow forecasts are prepared as part of the Group\u2019s overall budgeting and forecasting processes and performance is monitored against this each month.The Group continues to monitor the pension risks closely, working with the trustee to ensure a collaborative approach.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__97": {
"value": "19. Financial instrumentsThe Group\u2019s activities expose it to a variety of financial risks: market risk (arising from adverse movements in foreign currency, commodity prices and interest rates), credit risk and liquidity risk. The Group uses a variety of derivative financial instruments to manage certain of these risks. The management of these risks, along with the day-to-day management of treasury activities is performed by the Treasury function. The policy framework governing the management of these risks is defined by the Board. The framework for management of these risks is incorporated into a policies and procedures manual.The Group also enters into contracts with suppliers for its principal raw material requirements, some of which are considered commodities, diesel and energy. These commodity and energy contracts are part of the Group\u2019s normal purchasing activities. Some of the risk relating to diesel is mitigated with the use of derivative financial instruments. The Price Risk Management Committee monitors and reviews the Group\u2019s foreign currency exchange, commodity price and energy price exposures and recommends appropriate hedging strategies for each.19.1 Market risk(i) Foreign exchange riskThe Group\u2019s main operating entities\u2019 functional currency and the Group\u2019s presentational currency is sterling although some transactionsare executed in non-sterling currencies, principally the euro. The transactional amounts realised or settled are therefore subject to theeffect of movements in these currencies against sterling. Management of these exposures is centralised and managed by the Group Financefunction. It is the Group\u2019s policy to manage the exposures arising using forward foreign currency exchange contracts and currency options.Hedge accounting is not sought for these transactions.The Group generates some of its profits in non-sterling currencies and has assets in non-sterling jurisdictions, principally the euro. The principal foreign currency affecting the translation of subsidiary undertakings within the Group financial statements is the euro. The rates applicable are as follows:52 weeks 52 weeks ended ended Principal rate of exchange: euro/sterling 1 April 20232 April 2022Period ended 1.1377 1.1881Average 1.1582 1.1774The majority of the Group\u2019s assets and liabilities are denominated in the functional currency of the relevant subsidiary.The table below shows the Group\u2019s currency exposures as at 1 April 2023 and 2 April 2022 that gave rise to net currency gains and losses recognised in the consolidated statement of profit or loss as a result of monetary assets and liabilities that are not denominated in the functional currency of the subsidiaries involved.As atAs at1 April 20232 April 2022\u00a3m\u00a3mNet foreign currency monetary assets:\u2013 Euro (5.3) (4.9)\u2013 US dollar 1.3 1.6 \u2013 Other (0.2) (0.2)Total (4.2) (3.5)In addition, the Group also has forward foreign currency exchange contracts outstanding at the period end in order to manage the exposures above but also to hedge future transactions in foreign currencies. The sterling nominal amounts outstanding are as follows:As atAs at1 April 20232 April 2022\u00a3m\u00a3mEuro (38.7) (50.5)Australian dollar 1.6 \u2013 Indian rupee (7.0) \u2013 Total (44.1) (50.5)Sensitivities are disclosed below using the following reasonably possible scenarios:If the euro were to weaken against sterling by 10 euro cents, with all other variables held constant, profit after tax would decrease by \u00a32.6m (2021/22: \u00a33.5m decrease).If the euro were to strengthen against sterling by 10 euro cents, with all other variables held constant, profit after tax would increase by \u00a33.0m (2021/22: \u00a34.1m increase).(ii) Commodity price riskThe Group purchases a variety of commodities for use in production and distribution which can experience significant price volatility, whichinclude, inter-alia, dairy, wheat, cocoa, edible oils and energy. The price risk including inflation on these commodities is managed closely bythe Group through the Price Risk Management Committee. It is the Group\u2019s policy to minimise its exposure to this volatility by adopting anappropriate forward purchase strategy or by the use of derivative instruments where they are available.(iii) Interest rate riskThe Group\u2019s borrowing facilities comprise senior secured notes and a revolving facility, in sterling. Interest on the revolving facility ischarged at floating rates plus a margin on the amounts drawn down, and at 35% of the applicable margin for the non-utilised portion of thefacility, hence the borrowings are sensitive to changes in interest rates.Cash and deposits earn interest at floating rates based on banks\u2019 short-term treasury deposit rates. Short-term trade and other receivables are interest-free. The Group\u2019s other financial assets and liabilities are not exposed to material interest rate risk.19.2 Credit riskThe Group\u2019s principal financial assets are cash and cash equivalents and trade and other receivables.Cash and cash equivalents are deposited with high-credit quality financial institutions and although a significant amount of sales is to a relatively small number of customers these are generally the major grocery retailers whose credit risk is considered low.The ageing of trade and other receivables was as follows:Fully Past due performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 3.2% 1.8% 7.0% 15.2% 19.1% 57.8% 3.9%Gross carrying amount trade and other receivables 54.1 13.7 3.3 1.3 0.6 0.6 73.6Loss allowance (1.7) (0.2) (0.2) (0.2) (0.1) (0.4) (2.9)At 2 April 2022Trade and other receivablesExpected loss rate 3.0% 5.9% 0.0% 1.1% 14.8% 37.4% 3.7%Gross carrying amount trade and other receivables 63.9 4.1 0.0 2.2 0.4 1.0 71.6Loss allowance (1.9) (0.2) (0.0) (0.0) (0.1) (0.4) (2.6)The total loss allowance includes provisions in relation to receivables from customers which are considered at risk of experiencing difficult economic situations in the current environment.The Group does not hold any collateral as security against its financial assets.Movements in the provision for impairment of trade receivables are as follows:2022/232021/22\u00a3m\u00a3mAs at 3 April 2022/4 April 2021 2.6 3.5Receivables written off during the period as uncollectable (0.2) (0.5)Provision for receivables impairment raised/(released) 0.5 (0.4)As at 1 April 2023/2 April 2022 2.9 2.619.3 Liquidity riskThe Group manages liquidity risk through the Treasury function. Cash flow forecasts are prepared and reviewed on a weekly basis, normally covering a period of three months.In addition, cash flow forecasts are prepared as part of the Group\u2019s overall budgeting and forecasting processes and performance is monitored against this each month. This is intended to give the Board sufficient forward visibility of debt levels.The Group\u2019s Net debt level can vary from month to month and there is some volatility within months. This reflects seasonal trading patterns, timing of receipts from customers and payments to suppliers, patterns of inventory holdings and the timing of the spend on major capital and restructuring projects. For these reasons the debt levels at the period end date may not be indicative of debt levels at other points throughout the period.The following table analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the contractual undiscounted cash flows.Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023Trade and other payables (248.3) \u2013 \u2013 \u2013 \u2013 \u2013 (248.3)Senior secured notes - fixed (11.6) (11.6) (11.6) (336.7) \u2013 \u2013 (371.5)Lease liabilities (2.6) (2.6) (2.2) (1.5) (1.4) (6.2) (16.5)At 2 April 2022Trade and other payables (247.4) \u2013 \u2013 \u2013 \u2013 \u2013 (247.4)1Senior secured notes - fixed (11.6) (11.6) (11.6) (11.6) (336.7) \u2013 (383.1)Lease liabilities (2.9) (2.6) (2.5) (2.2) (1.5) (19.1) (30.8)1 Re-presented to reflect the timing of outflows to maturity at October 2026The secured senior credit facility (revolving) is priced to SONIA, other liabilities are not re-priced before the maturity date.At 1 April 2023, the Group had \u00a3182.0m (2021/22: \u00a3182.0m) of facilities not drawn, expiring between two to three years (2021/22: two to four years). The borrowings are secured by a fixed and floating charge over all the assets of the Group.The following table analyses the contractual undiscounted cash flows of interest on the fixed rate debt to maturity. Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023 11.6 11.6 11.6 6.7 \u2013 \u2013 41.5 1At 2 April 202211.6 11.6 11.6 11.6 6.7 \u2013 53.11 Re-presented to reflect the timing of outflows to maturity at October 2026The following table analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed are the undiscounted cash flows. Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023Forward foreign exchange contracts:\u2013 Outflow (79.9) \u2013 \u2013 \u2013 \u2013 \u2013 (79.9)\u2013 Inflow 80.0 \u2013 \u2013 \u2013 \u2013 \u2013 80.0 Commodities:\u2013 Inflow 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Total derivative financial instruments 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 At 2 April 2022Forward foreign exchange contracts:\u2013 Outflow (52.2) \u2013 \u2013 \u2013 \u2013 \u2013 (52.2)\u2013 Inflow 51.7 \u2013 \u2013 \u2013 \u2013 \u2013 51.7Commodities:\u2013 Outflow (2.5) (0.3) \u2013 \u2013 \u2013 \u2013 (2.8)Total derivative financial instruments (3.0) (0.3) \u2013 \u2013 \u2013 \u2013 (3.3)19.4 Fair valueThe following table shows the carrying amounts (which approximate to fair value except as noted below) of the Group\u2019s financial assets and financial liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Set out below is a summary of methods and assumptions used to value each category of financial instrument. As at 1 April 2023 As at 2 April 2022Carrying Carrying amountFair valueamountFair value\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets not measured at fair value:Cash and cash equivalents 64.4 64.4 54.3 54.3 Financial assets at amortised cost:Trade and other receivables 63.7 63.7 65.7 65.7 Financial assets at fair value through profit or loss:Trade and other receivables 4.2 4.2 3.3 3.3 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.7 0.7 0.1 0.1 \u2013 Commodity and energy derivatives 0.1 0.1 2.3 2.3 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.5) (0.5) (0.3) (0.3)\u2013 Commodity and energy derivatives \u2013 \u2013 \u2013 \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) (8.2) (8.2) \u2013 \u2013 Financial liabilities at amortised cost:Trade and other payables (248.3) (248.3) (247.4) (247.4)Senior secured notes (330.0) (297.8) (330.0) (305.8)Bank overdrafts (1.0) (1.0) \u2013 \u2013 The following table presents the Group\u2019s assets and liabilities that are measured at fair value using the following fair value measurement hierarchy:\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) orindirectly (that is, derived from prices) (level 2).\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).As at 1 April 2023 As at 2 April 2022Level 1Level 2Level 3Level 1Level 2Level 3\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or loss:Trade and other receivables \u2013 1.8 2.4 \u2013 \u2013 \u2013 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.7 \u2013 \u2013 0.1 \u2013 \u2013 Commodity and energy derivatives \u2013 0.1 \u2013 \u2013 2.3 \u2013 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.5) \u2013 \u2013 (0.3) \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) \u2013 \u2013 (8.2) \u2013 \u2013 \u2013 Financial liabilities at amortised cost:Senior secured notes (297.8) \u2013 \u2013 (305.8) \u2013 \u2013 Fair value estimationDerivativesForward exchange contracts are marked to market using prevailing market prices. Hedge accounting has not been applied to forward contracts and as a result the movement in the fair value of \u00a30.4m has been credited to the statement of profit or loss in the period (2021/22: \u00a32.2m credit). Commodity derivatives are marked to market using prevailing prices and are also not designated for hedge accounting. As a result, the fair value movement of \u00a32.2m has been debited to the statement of profit or loss (2021/22: \u00a32.2m credit). Short and long-term borrowings, loan notes and interest payableFair value is calculated based on discounted expected future principal and interest rate cash flows.Trade and other receivables/payablesThe carrying value of receivables/payables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity. The fair values of non-current receivables/payables are also considered to be the same as the carrying value due to the size and nature of the balances involved. Deferred contingent considerationDuring the period, the Group recognised other receivables with a fair value of \u00a32.4m and deferred contingent consideration with a fair value of \u00a38.2m as a result of the acquisition of The Spice Tailor. The fair values for both are based on unobservable inputs and are classified as a level 3 fair value estimate under the IFRS fair value hierarchy. 19.5 Capital risk managementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. The directors propose a final dividend of 1.44 pence per share for the period ended 2 April 2022 (2021/22: 1.2 pence).Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as equity plus net debt.The gearing ratios at the balance sheet date were as follows:As at 1 April As at 2 April 20232022\u00a3m\u00a3mTotal borrowings (338.7) (339.3)Less cash and bank deposits 64.4 54.3Net debt (274.3) (285.0)Total equity (1,406.0) (1,506.9)Total capital (1,680.3) (1,791.9)Gearing ratio 16% 16%Gearing is in line year-on-year.Under the Group\u2019s financing arrangement, the Group is required to meet two covenant tests which are calculated and tested on a 12-month rolling basis at the half year and full year, each year. The Group has complied with these tests at 1 October 2022 and 1 April 2023. 19.6 Financial compliance riskRiskThe Group operates with Net debt of \u00a3274.3m (2021/22: \u00a3285.0m) and is subject to operating within banking covenants set out in its refinancing agreement agreed with its banking syndicate, which include Net debt/EBITDA and EBITDA/interest covenant tests. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw their funding to the Group. The banking covenants relate to the Group\u2019s revolving credit facility, which was undrawn at 1 April 2023 (2021/22: undrawn). In addition to covenant compliance the Group must ensure that it manages its liquidity such that it has sufficient funds to meet its obligations as they fall due.It also supports one defined benefit pension scheme in the UK, which consists of three sections of the RHM Pension Scheme. One of the three sections has significant technical funding deficits, which could have an adverse impact on the financial condition of the Group.MitigationThe Group has financing arrangements which provide funding until 2026. The Group reviews its performance on an ongoing basis and formally tests and reports on covenant compliance to the Group\u2019s banking syndicate at each reporting date. In the event of a forecast covenant breach the Group would seek a covenant waiver or amendment from its banking syndicate.The Group manages liquidity risk through the Treasury function. Cash flow forecasts are prepared and reviewed on a weekly basis, normally covering a period of three months. In addition, cash flow forecasts are prepared as part of the Group\u2019s overall budgeting and forecasting processes and performance is monitored against this each month.The Group continues to monitor the pension risks closely, working with the trustee to ensure a collaborative approach.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__100": {
"value": "19.2 Credit riskThe Group\u2019s principal financial assets are cash and cash equivalents and trade and other receivables.Cash and cash equivalents are deposited with high-credit quality financial institutions and although a significant amount of sales is to a relatively small number of customers these are generally the major grocery retailers whose credit risk is considered low.The ageing of trade and other receivables was as follows:Fully Past due performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 1 April 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 3.2% 1.8% 7.0% 15.2% 19.1% 57.8% 3.9%Gross carrying amount trade and other receivables 54.1 13.7 3.3 1.3 0.6 0.6 73.6Loss allowance (1.7) (0.2) (0.2) (0.2) (0.1) (0.4) (2.9)At 2 April 2022Trade and other receivablesExpected loss rate 3.0% 5.9% 0.0% 1.1% 14.8% 37.4% 3.7%Gross carrying amount trade and other receivables 63.9 4.1 0.0 2.2 0.4 1.0 71.6Loss allowance (1.9) (0.2) (0.0) (0.0) (0.1) (0.4) (2.6)The total loss allowance includes provisions in relation to receivables from customers which are considered at risk of experiencing difficult economic situations in the current environment.The Group does not hold any collateral as security against its financial assets.Movements in the provision for impairment of trade receivables are as follows:2022/232021/22\u00a3m\u00a3mAs at 3 April 2022/4 April 2021 2.6 3.5Receivables written off during the period as uncollectable (0.2) (0.5)Provision for receivables impairment raised/(released) 0.5 (0.4)As at 1 April 2023/2 April 2022 2.9 2.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__101": {
"value": "19.3 Liquidity riskThe Group manages liquidity risk through the Treasury function. Cash flow forecasts are prepared and reviewed on a weekly basis, normally covering a period of three months.In addition, cash flow forecasts are prepared as part of the Group\u2019s overall budgeting and forecasting processes and performance is monitored against this each month. This is intended to give the Board sufficient forward visibility of debt levels.The Group\u2019s Net debt level can vary from month to month and there is some volatility within months. This reflects seasonal trading patterns, timing of receipts from customers and payments to suppliers, patterns of inventory holdings and the timing of the spend on major capital and restructuring projects. For these reasons the debt levels at the period end date may not be indicative of debt levels at other points throughout the period.The following table analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the contractual undiscounted cash flows.Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023Trade and other payables (248.3) \u2013 \u2013 \u2013 \u2013 \u2013 (248.3)Senior secured notes - fixed (11.6) (11.6) (11.6) (336.7) \u2013 \u2013 (371.5)Lease liabilities (2.6) (2.6) (2.2) (1.5) (1.4) (6.2) (16.5)At 2 April 2022Trade and other payables (247.4) \u2013 \u2013 \u2013 \u2013 \u2013 (247.4)1Senior secured notes - fixed (11.6) (11.6) (11.6) (11.6) (336.7) \u2013 (383.1)Lease liabilities (2.9) (2.6) (2.5) (2.2) (1.5) (19.1) (30.8)1 Re-presented to reflect the timing of outflows to maturity at October 2026The secured senior credit facility (revolving) is priced to SONIA, other liabilities are not re-priced before the maturity date.At 1 April 2023, the Group had \u00a3182.0m (2021/22: \u00a3182.0m) of facilities not drawn, expiring between two to three years (2021/22: two to four years). The borrowings are secured by a fixed and floating charge over all the assets of the Group.The following table analyses the contractual undiscounted cash flows of interest on the fixed rate debt to maturity. Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023 11.6 11.6 11.6 6.7 \u2013 \u2013 41.5 1At 2 April 202211.6 11.6 11.6 11.6 6.7 \u2013 53.11 Re-presented to reflect the timing of outflows to maturity at October 2026The following table analyses the Group\u2019s derivative financial instruments into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed are the undiscounted cash flows. Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023Forward foreign exchange contracts:\u2013 Outflow (79.9) \u2013 \u2013 \u2013 \u2013 \u2013 (79.9)\u2013 Inflow 80.0 \u2013 \u2013 \u2013 \u2013 \u2013 80.0 Commodities:\u2013 Inflow 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Total derivative financial instruments 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 At 2 April 2022Forward foreign exchange contracts:\u2013 Outflow (52.2) \u2013 \u2013 \u2013 \u2013 \u2013 (52.2)\u2013 Inflow 51.7 \u2013 \u2013 \u2013 \u2013 \u2013 51.7Commodities:\u2013 Outflow (2.5) (0.3) \u2013 \u2013 \u2013 \u2013 (2.8)Total derivative financial instruments (3.0) (0.3) \u2013 \u2013 \u2013 \u2013 (3.3)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__102-1": {
"value": "The amounts disclosed are the undiscounted cash flows. Within 1 1 and 2 2 and 3 3 and 4 4 and 5 Over 5 yearyearsyearsyearsyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2023Forward foreign exchange contracts:\u2013 Outflow (79.9) \u2013 \u2013 \u2013 \u2013 \u2013 (79.9)\u2013 Inflow 80.0 \u2013 \u2013 \u2013 \u2013 \u2013 80.0 Commodities:\u2013 Inflow 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 Total derivative financial instruments 0.2 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 At 2 April 2022Forward foreign exchange contracts:\u2013 Outflow (52.2) \u2013 \u2013 \u2013 \u2013 \u2013 (52.2)\u2013 Inflow 51.7 \u2013 \u2013 \u2013 \u2013 \u2013 51.7Commodities:\u2013 Outflow (2.5) (0.3) \u2013 \u2013 \u2013 \u2013 (2.8)Total derivative financial instruments (3.0) (0.3) \u2013 \u2013 \u2013 \u2013 (3.3)As at 1 April 2023 As at 2 April 2022Carrying Carrying amountFair valueamountFair value\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets not measured at fair value:Cash and cash equivalents 64.4 64.4 54.3 54.3 Financial assets at amortised cost:Trade and other receivables 63.7 63.7 65.7 65.7 Financial assets at fair value through profit or loss:Trade and other receivables 4.2 4.2 3.3 3.3 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.7 0.7 0.1 0.1 \u2013 Commodity and energy derivatives 0.1 0.1 2.3 2.3 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.5) (0.5) (0.3) (0.3)\u2013 Commodity and energy derivatives \u2013 \u2013 \u2013 \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) (8.2) (8.2) \u2013 \u2013 Financial liabilities at amortised cost:Trade and other payables (248.3) (248.3) (247.4) (247.4)Senior secured notes (330.0) (297.8) (330.0) (305.8)Bank overdrafts (1.0) (1.0) \u2013 \u2013As at 1 April 2023 As at 2 April 2022Level 1Level 2Level 3Level 1Level 2Level 3\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or loss:Trade and other receivables \u2013 1.8 2.4 \u2013 \u2013 \u2013 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.7 \u2013 \u2013 0.1 \u2013 \u2013 Commodity and energy derivatives \u2013 0.1 \u2013 \u2013 2.3 \u2013 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.5) \u2013 \u2013 (0.3) \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) \u2013 \u2013 (8.2) \u2013 \u2013 \u2013 Financial liabilities at amortised cost:Senior secured notes (297.8) \u2013 \u2013 (305.8) \u2013 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__106": {
"value": "19.4 Fair valueThe following table shows the carrying amounts (which approximate to fair value except as noted below) of the Group\u2019s financial assets and financial liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Set out below is a summary of methods and assumptions used to value each category of financial instrument.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__105": {
"value": "19.4 Fair valueThe following table shows the carrying amounts (which approximate to fair value except as noted below) of the Group\u2019s financial assets and financial liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Set out below is a summary of methods and assumptions used to value each category of financial instrument. As at 1 April 2023 As at 2 April 2022Carrying Carrying amountFair valueamountFair value\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets not measured at fair value:Cash and cash equivalents 64.4 64.4 54.3 54.3 Financial assets at amortised cost:Trade and other receivables 63.7 63.7 65.7 65.7 Financial assets at fair value through profit or loss:Trade and other receivables 4.2 4.2 3.3 3.3 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.7 0.7 0.1 0.1 \u2013 Commodity and energy derivatives 0.1 0.1 2.3 2.3 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.5) (0.5) (0.3) (0.3)\u2013 Commodity and energy derivatives \u2013 \u2013 \u2013 \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) (8.2) (8.2) \u2013 \u2013 Financial liabilities at amortised cost:Trade and other payables (248.3) (248.3) (247.4) (247.4)Senior secured notes (330.0) (297.8) (330.0) (305.8)Bank overdrafts (1.0) (1.0) \u2013 \u2013 The following table presents the Group\u2019s assets and liabilities that are measured at fair value using the following fair value measurement hierarchy:\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) orindirectly (that is, derived from prices) (level 2).\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).As at 1 April 2023 As at 2 April 2022Level 1Level 2Level 3Level 1Level 2Level 3\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or loss:Trade and other receivables \u2013 1.8 2.4 \u2013 \u2013 \u2013 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.7 \u2013 \u2013 0.1 \u2013 \u2013 Commodity and energy derivatives \u2013 0.1 \u2013 \u2013 2.3 \u2013 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.5) \u2013 \u2013 (0.3) \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) \u2013 \u2013 (8.2) \u2013 \u2013 \u2013 Financial liabilities at amortised cost:Senior secured notes (297.8) \u2013 \u2013 (305.8) \u2013 \u2013 Fair value estimationDerivativesForward exchange contracts are marked to market using prevailing market prices. Hedge accounting has not been applied to forward contracts and as a result the movement in the fair value of \u00a30.4m has been credited to the statement of profit or loss in the period (2021/22: \u00a32.2m credit). Commodity derivatives are marked to market using prevailing prices and are also not designated for hedge accounting. As a result, the fair value movement of \u00a32.2m has been debited to the statement of profit or loss (2021/22: \u00a32.2m credit). Short and long-term borrowings, loan notes and interest payableFair value is calculated based on discounted expected future principal and interest rate cash flows.Trade and other receivables/payablesThe carrying value of receivables/payables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity. The fair values of non-current receivables/payables are also considered to be the same as the carrying value due to the size and nature of the balances involved. Deferred contingent considerationDuring the period, the Group recognised other receivables with a fair value of \u00a32.4m and deferred contingent consideration with a fair value of \u00a38.2m as a result of the acquisition of The Spice Tailor. The fair values for both are based on unobservable inputs and are classified as a level 3 fair value estimate under the IFRS fair value hierarchy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__109-1": {
"value": "As at 1 April 2023 As at 2 April 2022Carrying Carrying amountFair valueamountFair value\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets not measured at fair value:Cash and cash equivalents 64.4 64.4 54.3 54.3 Financial assets at amortised cost:Trade and other receivables 63.7 63.7 65.7 65.7 Financial assets at fair value through profit or loss:Trade and other receivables 4.2 4.2 3.3 3.3 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.7 0.7 0.1 0.1 \u2013 Commodity and energy derivatives 0.1 0.1 2.3 2.3 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.5) (0.5) (0.3) (0.3)\u2013 Commodity and energy derivatives \u2013 \u2013 \u2013 \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) (8.2) (8.2) \u2013 \u2013 Financial liabilities at amortised cost:Trade and other payables (248.3) (248.3) (247.4) (247.4)Senior secured notes (330.0) (297.8) (330.0) (305.8)Bank overdrafts (1.0) (1.0) \u2013 \u2013As at 1 April 2023 As at 2 April 2022Level 1Level 2Level 3Level 1Level 2Level 3\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or loss:Trade and other receivables \u2013 1.8 2.4 \u2013 \u2013 \u2013 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.7 \u2013 \u2013 0.1 \u2013 \u2013 Commodity and energy derivatives \u2013 0.1 \u2013 \u2013 2.3 \u2013 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.5) \u2013 \u2013 (0.3) \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) \u2013 \u2013 (8.2) \u2013 \u2013 \u2013 Financial liabilities at amortised cost:Senior secured notes (297.8) \u2013 \u2013 (305.8) \u2013 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__107-1": {
"value": "As at 1 April 2023 As at 2 April 2022Carrying Carrying amountFair valueamountFair value\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets not measured at fair value:Cash and cash equivalents 64.4 64.4 54.3 54.3 Financial assets at amortised cost:Trade and other receivables 63.7 63.7 65.7 65.7 Financial assets at fair value through profit or loss:Trade and other receivables 4.2 4.2 3.3 3.3 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.7 0.7 0.1 0.1 \u2013 Commodity and energy derivatives 0.1 0.1 2.3 2.3 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.5) (0.5) (0.3) (0.3)\u2013 Commodity and energy derivatives \u2013 \u2013 \u2013 \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) (8.2) (8.2) \u2013 \u2013 Financial liabilities at amortised cost:Trade and other payables (248.3) (248.3) (247.4) (247.4)Senior secured notes (330.0) (297.8) (330.0) (305.8)Bank overdrafts (1.0) (1.0) \u2013 \u2013As at 1 April 2023 As at 2 April 2022Level 1Level 2Level 3Level 1Level 2Level 3\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or loss:Trade and other receivables \u2013 1.8 2.4 \u2013 \u2013 \u2013 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.7 \u2013 \u2013 0.1 \u2013 \u2013 Commodity and energy derivatives \u2013 0.1 \u2013 \u2013 2.3 \u2013 Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.5) \u2013 \u2013 (0.3) \u2013 Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 22) \u2013 \u2013 (8.2) \u2013 \u2013 \u2013 Financial liabilities at amortised cost:Senior secured notes (297.8) \u2013 \u2013 (305.8) \u2013 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__112-1": {
"value": "19.5 Capital risk managementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. The directors propose a final dividend of 1.44 pence per share for the period ended 2 April 2022 (2021/22: 1.2 pence).Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as equity plus net debt.The gearing ratios at the balance sheet date were as follows:As at 1 April As at 2 April 20232022\u00a3m\u00a3mTotal borrowings (338.7) (339.3)Less cash and bank deposits 64.4 54.3Net debt (274.3) (285.0)Total equity (1,406.0) (1,506.9)Total capital (1,680.3) (1,791.9)Gearing ratio 16% 16%Gearing is in line year-on-year.Under the Group\u2019s financing arrangement, the Group is required to meet two covenant tests which are calculated and tested on a 12-month rolling basis at the half year and full year, each year. The Group has complied with these tests at 1 October 2022 and 1 April 2023.19.6 Financial compliance riskRiskThe Group operates with Net debt of \u00a3274.3m (2021/22: \u00a3285.0m) and is subject to operating within banking covenants set out in its refinancing agreement agreed with its banking syndicate, which include Net debt/EBITDA and EBITDA/interest covenant tests. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw their funding to the Group. The banking covenants relate to the Group\u2019s revolving credit facility, which was undrawn at 1 April 2023 (2021/22: undrawn). In addition to covenant compliance the Group must ensure that it manages its liquidity such that it has sufficient funds to meet its obligations as they fall due.It also supports one defined benefit pension scheme in the UK, which consists of three sections of the RHM Pension Scheme. One of the three sections has significant technical funding deficits, which could have an adverse impact on the financial condition of the Group.MitigationThe Group has financing arrangements which provide funding until 2026. The Group reviews its performance on an ongoing basis and formally tests and reports on covenant compliance to the Group\u2019s banking syndicate at each reporting date. In the event of a forecast covenant breach the Group would seek a covenant waiver or amendment from its banking syndicate.The Group manages liquidity risk through the Treasury function. Cash flow forecasts are prepared and reviewed on a weekly basis, normally covering a period of three months. In addition, cash flow forecasts are prepared as part of the Group\u2019s overall budgeting and forecasting processes and performance is monitored against this each month.The Group continues to monitor the pension risks closely, working with the trustee to ensure a collaborative approach.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__111": {
"value": "19.5 Capital risk managementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, or sell assets to reduce debt. The directors propose a final dividend of 1.44 pence per share for the period ended 2 April 2022 (2021/22: 1.2 pence).Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as equity plus net debt.The gearing ratios at the balance sheet date were as follows:As at 1 April As at 2 April 20232022\u00a3m\u00a3mTotal borrowings (338.7) (339.3)Less cash and bank deposits 64.4 54.3Net debt (274.3) (285.0)Total equity (1,406.0) (1,506.9)Total capital (1,680.3) (1,791.9)Gearing ratio 16% 16%Gearing is in line year-on-year.Under the Group\u2019s financing arrangement, the Group is required to meet two covenant tests which are calculated and tested on a 12-month rolling basis at the half year and full year, each year. The Group has complied with these tests at 1 October 2022 and 1 April 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__114": {
"value": "20. Bank and other borrowingsAs atAs at1 April 20232 April 2022\u00a3m\u00a3mCurrent:Bank overdrafts (1.0) \u2013 Lease liabilities (2.1) (2.1)Total borrowings due within one year (3.1) (2.1)Non-current:1Transaction costs 5.6 6.8 Senior secured notes (330.0) (330.0) (324.4) (323.2)Lease liabilities (11.2) (14.0)Total borrowings due after more than one year (335.6) (337.2)Total bank and other borrowings (338.7) (339.3)1 Included in transaction costs is \u00a31.7m (2021/22: \u00a31.9m) relating to the revolving credit facility.Secured senior credit facility \u2013 revolving The RCF of \u00a3175m attracts a leverage-based margin of between 2.0% and 4.0% above SONIA. Banking covenants of net debt/EBITDA and EBITDA/interest are in place and are tested biannually. The covenant package attached to the revolving credit facility is:Net debt/Net debt/1InterestEBITDA2022/23 FY 3.50x 3.00x2023/24 FY 3.50x 3.00x1 Net debt, EBITDA and Interest are as defined under the revolving credit facility.During the period, the Group announced that it had extended the period of its revolving credit facility (RCF) by one year to May 2025 with the same lending group.On 11 May 2023 the Group extended \u00a3148.5m of its revolving credit facility (RCF) by one year to May 2026. The covenant package attached to the RCF and tested bi-annually is unchanged. See note 30 for further details.Senior secured notes The senior secured notes are listed on the Irish GEM Stock Exchange. The notes totalling \u00a3330m mature in October 2026 and attract an interest rate of 3.5%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__116": {
"value": "21. Provisions for liabilities and chargesPropertyOtherTotal\u00a3m\u00a3m\u00a3mAt 3 April 2021 (8.2) (6.4) (14.6)Utilised during the period 0.4 1.2 1.6Additional charge in the period (1.0) \u2013 (1.0)Unwind of discount 0.9 \u2013 0.9Released during the period \u2013 2.5 2.5At 2 April 2022 (7.9) (2.7) (10.6)Addition through business combination (note 28) \u2013 (2.5) (2.5)Utilised during the period 3.3 0.1 3.4 Additional charge in the period (2.9) (8.8) (11.7)Unwind of discount 1.1 \u2013 1.1 Released during the period 0.2 0.2 0.4 At 1 April 2023 (6.2) (13.7) (19.9)During the period, as a result of the acquisition of The Spice Tailor, the Group recognised provisions of \u00a32.5m, including \u00a32.4m in relation to the fair value of contingent liabilities acquired as part of the business combination. See note 28 for further details.Property provisions primarily relate to provisions for dilapidations against leasehold properties and environmental liabilities. These provisions have been discounted at rates between 3.43% and 3.84% (2021/22: 1.37% and 1.73%). The unwinding of the discount is charged or credited to the statement of profit or loss under net finance cost. Other provisions primarily relate to provisions for restructuring costs and legal matters.The ageing of the provisions is below:As atAs at1 April 20232 April 2022Ageing of total provisions:\u00a3m\u00a3mWithin one year (13.3) (2.3)Between 2 and 5 years (4.9) (2.9)After 5 years (1.7) (5.4)Total (19.9) (10.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__117": {
"value": "22. Other liabilitiesAs atAs at1 April 20232 April 2022\u00a3m\u00a3mDeferred income (4.7) (5.7)Deferred contingent consideration (note 28) (8.2) \u2013 Other liabilities (12.9) (5.7)Deferred income relates to amounts received in relation to a previously disposed business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__119": {
"value": "23. Reserves and share capitalShare premiumThe share premium reserve comprises the premium paid over the nominal value of shares for shares issued. Merger reserveThe merger reserve comprises the non-statutory premium arising on shares issued as consideration for acquisition of subsidiaries where merger relief applies, less subsequent realised losses relating to those acquisitions. Other reservesOther reserves comprise the hedging reserve, which represents the effective portion of the gains or losses on derivative financial instruments that have historically been designated as hedges.Retained earningsRetained earnings represents the cumulative profit or loss and the own shares reserve which represents the cost of shares in Premier Foods plc, purchased in the market and held by the Employee Benefit Trust on behalf of the Company in order to satisfy options and awards under the Company\u2019s incentive schemes. 4,511,923 shares in Premier Foods plc were held by the Employee Benefit Trust at 1 April 2023, with a market value of \u00a35.5m (2021/22: 2,989,069 shares with a market value of \u00a33.5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__118": {
"value": "23. Reserves and share capitalShare premiumThe share premium reserve comprises the premium paid over the nominal value of shares for shares issued. Merger reserveThe merger reserve comprises the non-statutory premium arising on shares issued as consideration for acquisition of subsidiaries where merger relief applies, less subsequent realised losses relating to those acquisitions. Other reservesOther reserves comprise the hedging reserve, which represents the effective portion of the gains or losses on derivative financial instruments that have historically been designated as hedges.Retained earningsRetained earnings represents the cumulative profit or loss and the own shares reserve which represents the cost of shares in Premier Foods plc, purchased in the market and held by the Employee Benefit Trust on behalf of the Company in order to satisfy options and awards under the Company\u2019s incentive schemes. 4,511,923 shares in Premier Foods plc were held by the Employee Benefit Trust at 1 April 2023, with a market value of \u00a35.5m (2021/22: 2,989,069 shares with a market value of \u00a33.5m).Share capitalOrdinary shares at nominal value Number of (\u00a30.10/share)Share premiumTotalshares\u00a3m\u00a3m\u00a3mAt 3 April 2021 855,126,805 85.5 0.6 86.1Shares issued under share schemes 7,658,472 0.8 0.9 1.7At 2 April 2022 862,785,277 86.3 1.5 87.8Shares issued under share schemes 5,312,933 0.5 1.0 1.5 At 1 April 2023 868,098,210 86.8 2.5 89.3 Share award schemesThe Company\u2019s share award schemes are summarised as follows:1. A Long-Term Incentive Plan (\u2018LTIP\u2019) for executive directors and senior managers, approved by shareholders in 2011 and a 10 year LTIP approved by shareholders in 2021. The LTIP is comprised of performance shares whereby participants have the right to subscribe for ordinary shares at nil cost. These awards are equity-settled and have a maximum term of three years. The vesting of the 2020, 2021 and 2022 Performance Share awards are conditional on achievement of a combination of absolute adjusted earnings per share targets and relative TSR targets. The targets for 2020 and 2021 were based 1/3 absolute adjusted earnings per share targets and 2/3 relative TSR targets. The targets for 2022 were based \u00bd absolute adjusted earnings per share targets and \u00bd relative TSR targets. During the period the EPS and TSR elements of the 2019 LTIP vested in full. The EPS and TSR targets for the 2020 LTIP award have been achieved which will result in full vesting for the adjusted earnings per share targets and 80% vesting for the relative TSR targets in August 2023.2. A Restricted Stock Plan (\u2018RSP\u2019) which provides specific ad hoc share awards to managers. Awards are normally subject only to continued employment and may be equity-settled or cash-settled and normally have a retention term of two to three years for senior management.3. A Share Incentive Plan (\u2018SIP\u2019) for all employees. An award of free shares was made to all employees in 2014 by the Company under this HMRC tax-advantaged plan. Free shares are held by a trustee for a minimum of three years. Subject to continuing employment, participants may elect to remove shares from the trust after this three-year holding period, however, there are tax and National Insurance advantages for the employee should the shares be left in the trust for over five years. No further awards under this plan are currently anticipated.4. A Deferred Bonus Plan (\u2018DBP\u2019). One third of any annual bonus payment awarded to executive directors is made in the form of shares. These shares are awarded under the terms of the DBP which was approved by shareholders in July 2017. Awards will normally be made within six weeks following the announcement of the Group\u2019s full year results in the form of nil cost options. The awards will normally vest on the third anniversary of grant and, if awarded in the form of nil cost options, will then be exercisable up until the tenth anniversary of grant. Details of the share awards during the period are as follows:At 1 April 2023, the maximum number of shares which could be awarded under the Group\u2019s Long-Term Incentive Plan schemes was 15,635,840 (2021/22: 16,995,294), of which 5,513,858 (2021/22: 4,309,124) had vested and were exercisable at the end of the period. During the period, conditional share awards were granted for 2,617,621 (2021/22: 2,389,841) shares and rights to 3,401,923 (2021/22: 3,862,637) shares lapsed or were forfeited. At 1 April 2023, the maximum number of shares which could be awarded under the Group\u2019s Restricted Stock Plan schemes was 238,594 (2021/22: 248,907), of which 1,500 (2021/22: 1,500) had vested and were exercisable at the end of the period. During the period, awards were granted for nil shares (2021/22: 247,407) and rights to 10,313 (2021/22: nil) shares lapsed or were forfeited. At 1 April 2023, the number of shares outstanding under the Group\u2019s Share Incentive Plan was 370,157 (2021/22: 426,157), of which 370,157 (2021/22: 426,157) were exercisable at the end of the period. During the period, no (2021/22: no awards) awards were granted and rights to 49,500 (2021/22: 80,456) shares were exercised. At 1 April 2023, the number of shares outstanding under the Group\u2019s Deferred Bonus Plan schemes was 722,858 (2021/22: 674,752), of which 172,543 (2021/22: nil) had vested and were exercisable at the end of the period. During the period, awards were granted for 269,831 (2021/22: 282,377) shares and rights to nil (2021/22: 423,856) shares were transferred or sold.Share option schemesThe Company\u2019s share option schemes are summarised as follows:A Savings Related Share Option Scheme (\u2018Sharesave Plan\u2019) for all employees. The employees involved in this HMRC tax-advantaged save as you earn scheme have the right to subscribe for up to 17.1 million ordinary shares. The number of shares subject to options, the periods in which they were granted and the periods in which they may be exercised are given below. These options are equity-settled, have a maximum term of 3.5 years and generally vest only if employees remain in employment to the vesting date.At 1 April 2023, the number of shares outstanding under the Group\u2019s Sharesave Plan was 10,971,128 with a weighted average exercise price at the date of exercise of 76p (2021/22: 13,779,775 shares, 56p), including 644,584 shares which had vested and were exercisable at the end of the period with a weighted average exercise price of 29p (2021/22: 574,680 shares, 31p). The options outstanding at the end of the period had a range of exercise prices from 29p to 85p (2021/22: 29p to 83p) and a weighted average life of 1.7 years (2021/22: 1.6 years).During the period, options were granted under the Sharesave Plan for 3,296,113 shares with a weighted average exercise price at the date of exercise of 85p (2021/22: 3,296,388 shares, 83p). During the period options were exercised for 5,312,933 shares with a weighted average exercise price of 30p (2021/22: 4,158,472 shares, 31p) and options for 791,807 shares with a weighted average exercise price of 67p lapsed or were forfeited (2021/22: 943,835 shares, 50p). The Group uses the Black-Scholes model to determine the fair value of share options at grant dates offered under the Sharesave plan. Fair values determined from the model use assumptions that are revised for each share-based payment arrangement.The expected Premier Foods plc share price volatility was determined using an average for food producers as at the date of grant. Current dividend yield and risk-free rate determined from market yield curves for government gilts with outstanding terms equal to the average expected term to exercise for each relevant grant. In 2022/23, the Group recognised an expense of \u00a34.6m (2021/22: \u00a33.4m), related to all equity-settled share-based payment transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__120": {
"value": "Share capitalOrdinary shares at nominal value Number of (\u00a30.10/share)Share premiumTotalshares\u00a3m\u00a3m\u00a3mAt 3 April 2021 855,126,805 85.5 0.6 86.1Shares issued under share schemes 7,658,472 0.8 0.9 1.7At 2 April 2022 862,785,277 86.3 1.5 87.8Shares issued under share schemes 5,312,933 0.5 1.0 1.5 At 1 April 2023 868,098,210 86.8 2.5 89.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__121": {
"value": "Share award schemesThe Company\u2019s share award schemes are summarised as follows:1. A Long-Term Incentive Plan (\u2018LTIP\u2019) for executive directors and senior managers, approved by shareholders in 2011 and a 10 year LTIP approved by shareholders in 2021. The LTIP is comprised of performance shares whereby participants have the right to subscribe for ordinary shares at nil cost. These awards are equity-settled and have a maximum term of three years. The vesting of the 2020, 2021 and 2022 Performance Share awards are conditional on achievement of a combination of absolute adjusted earnings per share targets and relative TSR targets. The targets for 2020 and 2021 were based 1/3 absolute adjusted earnings per share targets and 2/3 relative TSR targets. The targets for 2022 were based \u00bd absolute adjusted earnings per share targets and \u00bd relative TSR targets. During the period the EPS and TSR elements of the 2019 LTIP vested in full. The EPS and TSR targets for the 2020 LTIP award have been achieved which will result in full vesting for the adjusted earnings per share targets and 80% vesting for the relative TSR targets in August 2023.2. A Restricted Stock Plan (\u2018RSP\u2019) which provides specific ad hoc share awards to managers. Awards are normally subject only to continued employment and may be equity-settled or cash-settled and normally have a retention term of two to three years for senior management.3. A Share Incentive Plan (\u2018SIP\u2019) for all employees. An award of free shares was made to all employees in 2014 by the Company under this HMRC tax-advantaged plan. Free shares are held by a trustee for a minimum of three years. Subject to continuing employment, participants may elect to remove shares from the trust after this three-year holding period, however, there are tax and National Insurance advantages for the employee should the shares be left in the trust for over five years. No further awards under this plan are currently anticipated.4. A Deferred Bonus Plan (\u2018DBP\u2019). One third of any annual bonus payment awarded to executive directors is made in the form of shares. These shares are awarded under the terms of the DBP which was approved by shareholders in July 2017. Awards will normally be made within six weeks following the announcement of the Group\u2019s full year results in the form of nil cost options. The awards will normally vest on the third anniversary of grant and, if awarded in the form of nil cost options, will then be exercisable up until the tenth anniversary of grant. Details of the share awards during the period are as follows:At 1 April 2023, the maximum number of shares which could be awarded under the Group\u2019s Long-Term Incentive Plan schemes was 15,635,840 (2021/22: 16,995,294), of which 5,513,858 (2021/22: 4,309,124) had vested and were exercisable at the end of the period. During the period, conditional share awards were granted for 2,617,621 (2021/22: 2,389,841) shares and rights to 3,401,923 (2021/22: 3,862,637) shares lapsed or were forfeited. At 1 April 2023, the maximum number of shares which could be awarded under the Group\u2019s Restricted Stock Plan schemes was 238,594 (2021/22: 248,907), of which 1,500 (2021/22: 1,500) had vested and were exercisable at the end of the period. During the period, awards were granted for nil shares (2021/22: 247,407) and rights to 10,313 (2021/22: nil) shares lapsed or were forfeited. At 1 April 2023, the number of shares outstanding under the Group\u2019s Share Incentive Plan was 370,157 (2021/22: 426,157), of which 370,157 (2021/22: 426,157) were exercisable at the end of the period. During the period, no (2021/22: no awards) awards were granted and rights to 49,500 (2021/22: 80,456) shares were exercised. At 1 April 2023, the number of shares outstanding under the Group\u2019s Deferred Bonus Plan schemes was 722,858 (2021/22: 674,752), of which 172,543 (2021/22: nil) had vested and were exercisable at the end of the period. During the period, awards were granted for 269,831 (2021/22: 282,377) shares and rights to nil (2021/22: 423,856) shares were transferred or sold.Share option schemesThe Company\u2019s share option schemes are summarised as follows:A Savings Related Share Option Scheme (\u2018Sharesave Plan\u2019) for all employees. The employees involved in this HMRC tax-advantaged save as you earn scheme have the right to subscribe for up to 17.1 million ordinary shares. The number of shares subject to options, the periods in which they were granted and the periods in which they may be exercised are given below. These options are equity-settled, have a maximum term of 3.5 years and generally vest only if employees remain in employment to the vesting date.At 1 April 2023, the number of shares outstanding under the Group\u2019s Sharesave Plan was 10,971,128 with a weighted average exercise price at the date of exercise of 76p (2021/22: 13,779,775 shares, 56p), including 644,584 shares which had vested and were exercisable at the end of the period with a weighted average exercise price of 29p (2021/22: 574,680 shares, 31p). The options outstanding at the end of the period had a range of exercise prices from 29p to 85p (2021/22: 29p to 83p) and a weighted average life of 1.7 years (2021/22: 1.6 years).During the period, options were granted under the Sharesave Plan for 3,296,113 shares with a weighted average exercise price at the date of exercise of 85p (2021/22: 3,296,388 shares, 83p). During the period options were exercised for 5,312,933 shares with a weighted average exercise price of 30p (2021/22: 4,158,472 shares, 31p) and options for 791,807 shares with a weighted average exercise price of 67p lapsed or were forfeited (2021/22: 943,835 shares, 50p). The Group uses the Black-Scholes model to determine the fair value of share options at grant dates offered under the Sharesave plan. Fair values determined from the model use assumptions that are revised for each share-based payment arrangement.The expected Premier Foods plc share price volatility was determined using an average for food producers as at the date of grant. Current dividend yield and risk-free rate determined from market yield curves for government gilts with outstanding terms equal to the average expected term to exercise for each relevant grant. In 2022/23, the Group recognised an expense of \u00a34.6m (2021/22: \u00a33.4m), related to all equity-settled share-based payment transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__122": {
"value": "24. DividendsThe following dividends were declared and paid during the period:52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mOrdinary final of 1.2 pence per ordinary share (2021/22: 1.0 pence) 10.3 8.5 After the balance sheet date, a final dividend for 2022/23 of 1.44 pence per qualifying ordinary share (2021/22: 1.2 pence) was proposed for approval at the Annual General Meeting on 20 July 2023 and will be payable on 28 July 2023. Dividend distributions are recognised as a liability in the period in which the dividends are approved by Group\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__123": {
"value": "1.2",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"s8_notes__9__123": {
"value": "1",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2021-04-04T00:00:00/2022-04-03T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"s8_notes__8__124": {
"value": "1.44",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"s8_notes__9__125": {
"value": "1.2",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2021-04-04T00:00:00/2022-04-03T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"s8_notes__8__126": {
"value": "25. Capital commitmentsThe Group has capital expenditure on property, plant and equipment contracted for at the end of the reporting period but not yet incurred at 1 April 2023 of \u00a38.9m (2021/22: \u00a35.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__127": {
"value": "26. ContingenciesThere were no material contingent liabilities at 1 April 2023 (2021/22: none).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__128": {
"value": "27. Related party transactionsThe following transactions were carried out with related parties:27.1 Key management compensationKey management personnel of the Group are considered to be the executive and non-executive directors and the Executive Leadership Team. Details of their remuneration are set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual directors is provided in the audited section of the Directors\u2019 Remuneration Report on pages 90 to 114.52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mShort-term employee benefits 5.8 5.5 Share-based payments 3.9 3.2 Total 9.7 8.7 27.2 Other related partiesAs at 2 April 2022 the following are also considered to be related parties under the Listing Rules and IAS 24 due to their shareholdings exceeding 10% of the Group\u2019s total issued share capital:\u2022 Nissin Foods Holding Co., Ltd. (\u2018Nissin\u2019) is considered to be a related party by virtue of its 24.86% (2021/22: 19.06%) equity shareholding in Premier Foods plc and its right to appoint a member to the Board of directors.Transactions with related parties53 weeks 53 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mSale of services:\u2013 Nissin 0.2 0.2 Total sales 0.2 0.2 Purchase of goods:\u2013 Nissin 26.1 18.7 Total purchases 26.1 18.7 27.3 Retirement benefit obligationsAs stated in note 14, the Group has entered into an arrangement with the Pension Scheme Trustees as part of the funding requirements for any actuarial deficit in the Scheme. Full details of this arrangement are set out in note 14 to these financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__129": {
"value": "27.1 Key management compensationKey management personnel of the Group are considered to be the executive and non-executive directors and the Executive Leadership Team. Details of their remuneration are set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019. Further information about the remuneration of individual directors is provided in the audited section of the Directors\u2019 Remuneration Report on pages 90 to 114.52 weeks 52 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mShort-term employee benefits 5.8 5.5 Share-based payments 3.9 3.2 Total 9.7 8.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__130-1": {
"value": "27.2 Other related partiesAs at 2 April 2022 the following are also considered to be related parties under the Listing Rules and IAS 24 due to their shareholdings exceeding 10% of the Group\u2019s total issued share capital:\u2022 Nissin Foods Holding Co., Ltd. (\u2018Nissin\u2019) is considered to be a related party by virtue of its 24.86% (2021/22: 19.06%) equity shareholding in Premier Foods plc and its right to appoint a member to the Board of directors.Transactions with related parties53 weeks 53 weeks endedended1 April 20232 April 2022\u00a3m\u00a3mSale of services:\u2013 Nissin 0.2 0.2 Total sales 0.2 0.2 Purchase of goods:\u2013 Nissin 26.1 18.7 Total purchases 26.1 18.727.3 Retirement benefit obligationsAs stated in note 14, the Group has entered into an arrangement with the Pension Scheme Trustees as part of the funding requirements for any actuarial deficit in the Scheme. Full details of this arrangement are set out in note 14 to these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__132": {
"value": "28. Acquisition of subsidiaryOn 31 August 2022, the Group acquired 100% of the ordinary share capital of The Spice Tailor Limited (\u2018Spice Tailor\u2019) and its wholly owned subsidiaries, The Spice Tailor (Direct) Limited, The Spice Tailor (Canada) Limited and The Spice Tailor (Australia) Pty Ltd for initial consideration of \u00a343.8m (this comprises \u00a344.5m cash consideration less \u00a30.7m cash acquired). Additional consideration is dependent on future performance with an earn out structure over a three year period from FY2024, subject to further growth targets with a maximum cap of total consideration of \u00a372.5m. The acquisition is well aligned to the Group\u2019s growth strategy, being highly complementary to the Group\u2019s Sharwood's and Loyd Grossman brands and having a strong geographical fit, with a presence in the UK, Australian, Canadian and Irish markets, significantly expanding the Group\u2019s ethnic foods business in Australia.The following table summarises the Group\u2019s provisional assessment of the consideration for Spice Tailor, and the amounts of the assets acquired and liabilities assumed. IFRS book value at Fair value acquisitionadjustmentsFair valueRecognised amounts of identifiable assets acquired and liabilities assumed\u00a3m\u00a3m\u00a3mProperty, plant & equipment 0.1 \u2013 0.1Brands and other intangible assets \u2013 20.5 20.5Inventories 3.0 0.2 3.2Trade and other receivables1 2.4 2.4 4.8Trade and other payables (3.4) \u2013 (3.4)Provisions (0.1) (2.4) (2.5)Cash and cash equivalents 0.7 \u2013 0.7Deferred tax liability \u2013 (5.0) (5.0)Total identifiable net assets 2.7 15.7 18.4 Goodwill on acquisition 34.3 Initial consideration transferred in cash 44.5 Deferred contingent consideration 8.2 Total consideration 52.7 1 Fair value adjustment relates to the recognition of indemnification assets in relation to contingent liabilities acquiredIdentifiable net assetsThe fair values of the identifiable assets and liabilities acquired have been determined provisionally at the acquisition date. As permitted under IFRS 3 the Group may, within twelve months of the acquisition date, retrospectively adjust the provisional amounts recognised to reflect new information obtained about facts and circumstances that existed and, if known, would have affected the measurement of the amounts recognised as at the acquisition date.As a result of the business combination, the Group recognised provisions of \u00a32.5m, including \u00a32.4m in relation to the fair value of contingent liabilities acquired which relate primarily to future tax liabilities in line with IAS 37. The fair value of the trade and other receivables acquired as part of the business combination was \u00a34.8m. This includes an indemnification asset of \u00a32.4m in relation to the contingent liabilities assumed, and trade receivables amounting to \u00a32.4m which approximated to the contractual cash flows.Consideration transferredConsideration included cash of \u00a344.5m transferred on completion of the acquisition. An additional \u00a38.2m was recognised in relation to the fair value of deferred contingent consideration which is dependent on future performance with an earn out structure over a three year period from FY2024, subject to further growth targets. The deferred contingent consideration is included within non-current other liabilities.The fair value of deferred contingent consideration represents the present value of estimate payments measured at the time of acquisition based on the Group\u2019s estimate of future performance. The fair value is based on unobservable inputs and is a classified as a level 3 fair value estimate under the IFRS fair value hierarchy. See note 19 for further details.Acquisition-related costs amounting to \u00a32.7m are not included as part of consideration transferred and have been recognised as an expense in the consolidated statement of profit or loss, as part of administrative expenses.GoodwillGoodwill amounting to \u00a334.3m was recognised on acquisition and while The Spice Tailor brand forms much of the enterprise value of the business, there is a premium associated to the purchase of a pre-existing, well positioned business. This goodwill is not expected to be deductible for tax purposes and is allocated to the Group\u2019s Grocery CGU.Spice Tailor contribution to the Group resultsFrom the date of the acquisition to 1 April 2023, Spice Tailor contributed \u00a310.0m to the Group\u2019s Revenues and a profit before taxation of \u00a30.3m. Had the acquisition occurred on 3 April 2022, on a pro forma basis, the Group\u2019s Revenue for the period to 1 April 2023 would have been \u00a31,013.4m and profit before taxation for the same period would have been \u00a3111.5m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__133": {
"value": "29. InvestmentsIn accordance with Section 409 of the Companies Act 2006 and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, as amended by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, a full list of subsidiary undertakings, associate undertakings and joint operations (showing the country of incorporation, registered address and effective percentage of equity shares held) as at 1 April 2023 is disclosed below. % Held % Held by Parent by Group Company of companies, if Companythe Group different Share Class Country Registered AddressPremier Foods Investments Limited 100% 100% \u00a31.00 Ordinary sharesPremier House PFI No.1 Old Co Limited 100% 100% \u00a31.00 Ordinary sharesEngland & Griffiths WayPremier Foods Finance plc 0% 100% \u00a31.00 Ordinary sharesWalesSt AlbansPremier Foods Group Services Limited 0% 100% \u00a30.01 Ordinary sharesHertfordshirePremier Foods Group Limited 0% 100% \u00a30.25 Ordinary sharesAL1 2RECentura Foods Limited 0% 100% \u00a31.00 Ordinary sharesPremier Foods (Holdings) Limited 0% 100% \u00a31.00 Ordinary sharesH.L. Foods Limited 0% 100% \u00a31.00 Ordinary sharesHillsdown Europe Limited 0% 100% \u00a31.00 Ordinary sharesCH Old Co Limited* 0% 100% \u00a31.00 Ordinary sharesHillsdown International Limited 0% 100% \u00a31.00 Ordinary sharesRHM Frozen Foods Limited 0% 100% \u00a31.00 Ordinary sharesKnighton Foods Limited 0% 100% \u00a31.00 Ordinary sharesKnighton Foods Properties Limited 0% 100% \u00a31.00 Ordinary shares% Held % Held by Parent by Group Company of companies, if Companythe Group different Share Class Country Registered AddressThe Spice Tailor Limited 0% 100% \u00a30.001 Ordinary sharesPremier House \u00a30.001 B sharesGriffiths Way\u00a30.001 C sharesSt Albans\u00a30.001 D sharesHertfordshireThe Spice Tailor (Direct) Limited 0% 100% \u00a30.01 Ordinary sharesAL1 2REW & J B Eastwood Limited** 0% 100% \u00a31.00 Ordinary A shares\u00a31.00 Ordinary B sharesVic Hallam Holdings Limited**0%100%\u00a30.25 Ordinary sharesEngland & DFL Oldco Limited**0%100%\u00a31.00 redeemable cumulative WalesF.M.C. (Meat) Limited**0%100%preference sharesHaywards Foods Limited**0%100%\u00a31.00 Ordinary sharesRLP Old Co Limited**0%100%\u00a30.25 Ordinary sharesHillsdown Holdings Pension Trustees Limited*0%100%\u00a31.00 Ordinary sharesPremier Foods Group Life Plan Trustees 0% 100%\u00a31.00 Ordinary sharesLimited*0%100%\u00a31.00 Ordinary sharesRHM Pension Trust Limited*0%100%\u00a31.00 Ordinary sharesThe Specialist Soup Company Limited** 0%100%\u00a31.00 Ordinary sharesJames Robertson & Sons Limited**0%100%\u00a31.00 Ordinary shares00241018 Limited (formerly British Bakeries)**0%100%\u00a31.00 Ordinary sharesDaltonmoor Limited**\u00a31.00 Ordinary sharesPFF Old Co Limited**\u00a31.00 Ordinary sharesRFB Old Co Limited**\u00a31.00 Ordinary sharesPIFUK Old Co Limited 0% 100% \u00a31.00 Ordinary sharesRH Oldco Limited* 0% 100% \u00a31.00 Ordinary sharesCitadel Insurance Company Limited 0% 100% \u00a31.00 Ordinary Shares Isle of Man Ioma HouseHope Street DouglasIsle of ManIM1 1AP% Held % Held by Parent by Group Company of companies, if Companythe Group different Share Class Country Registered AddressWoolgate Nitrovit Limited** 0% 100% \u00a30.25 Ordinary shares England & 2 Woolgate Court St WalesBenedicts StreetNorwichNorfolkNR2 4APDiamond Foods Lebensmittelhandel GmbH 0% 100% \u20ac0.5113 Ordinary shares Germany G\u00e4rtnerstra\u00dfe 3, 25485 Hemdingen, GermanyPremier Brands Limited*0%100%\u00a31.00 Ordinary sharesScotland Summit HouseBeatties Northern Limited (SC018898)**0%100%\u00a31.00 Ordinary shares4-5 Mitchell Street Edinburgh ScotlandEH6 7BDPremier Foods, Inc. 0% 100% US$0.01 Common Stock United States The Corporation Trust sharesCompanyCorporation Trust Centre1209 Orange Street, WilmingtonDE 19801, USAPremier Foods ROI Limited 0%100%\u20ac1.00 Ordinary sharesIreland 25-28 North Wall Quay Premier Foods Ireland Manufacturing Limited*0%100%\u20ac1.26 Ordinary sharesDublin 1 IrelandG P Woolgate Limited** 0% 100% \u00a31.00 Ordinary shares England & PWC LLP, Benson WalesHouse 33 Wellington Street, Leeds, LS1 4JP*Dormant entities**Restored companies",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__134": {
"value": "30. Subsequent eventsOn 11 May 2023 the Group extended \u00a3148.5m of its revolving credit facility (RCF) by one year to May 2026. The covenant package attached to the RCF is to be tested bi-annually and they are unchanged (see note 20 for details). On 18 May 2023, the directors have proposed a final dividend for the period ended 1 April 2023 for approval at the Annual General Meeting. See note 24 for more details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
},
"s8_notes__8__135": {
"value": "Company balance sheetAs atAs at1 April 20232 April 2022Note\u00a3m\u00a3mNon-current assets Investments in Group undertakings 4 1,117.8 1,114.8 Trade and other receivables 5 49.5 17.0 1 Deferred tax assets6 1.5 1.3 1,168.8 1,133.1Current assets Trade and other receivables 5 12.5 10.7 Cash and cash equivalents 0.2 1.2 Total assets 1,181.5 1,145.0 Trade and other creditors 7 (3.1) (1.4)Net current assets 9.6 10.5Total assets less current liabilities 1,178.4 1,143.6 Net assets 1,178.4 1,143.6 Equity Called up share capital 8 86.8 86.3 Share premium account 2.5 1.5 2 Retained earnings 1,089.1 1,055.8 Total equity 1,178.4 1,143.6 1 The prior year deferred tax asset has been re-presented from Current to Non-current in line with IAS 1.2 The company has taken advantage of the exemption permitted by Section 408 of the Companies Act 2006 not to publish its individual profit and loss account and related notes. During the period, the company made a profit of \u00a341.6m (2021/22: \u00a31.0m loss).The notes on pages 174 to 177 form an integral part of the financial statements.The financial statements on pages 172 to 177 were approved by the Board of directors on 18 May 2023 and signed on its behalf by:Alex Whitehouse Duncan LeggettChief Executive Officer Chief Financial OfficerCompany statement of changes in equityShare Called up premium Retained share capitalaccountearningsTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 4 April 2021 85.5 0.6 1,062.1 1,148.2 Loss for the period \u2013 \u2013 (1.0) (1.0)Share-based payments \u2013 \u2013 3.4 3.4 Purchase of shares to satisfy share awards \u2013 \u2013 (0.4) (0.4)Shares issued 0.8 0.9 \u2013 1.7 Dividends \u2013 \u2013 (8.5) (8.5)Deferred tax movements on share-based payments \u2013 \u2013 0.2 0.2 At 2 April 2022 86.3 1.5 1,055.8 1,143.6 At 3 April 2022 86.3 1.5 1,055.8 1,143.6 Profit for the period \u2013 \u2013 41.6 41.6 Share-based payments \u2013 \u2013 4.6 4.6 Purchase of shares to satisfy share awards \u2013 \u2013 (2.5) (2.5)Shares issued 0.5 1.0 \u2013 1.5 Dividends \u2013 \u2013 (10.3) (10.3)Deferred tax movements on share-based payments \u2013 \u2013 (0.1) (0.1) At 1 April 2023 86.8 2.5 1,089.1 1,178.4 The Company has considered the profits available for distribution to shareholders. At 1 April 2023, the Company had retained earnings of \u00a31.1bn (2021/22: \u00a31.1bn) of which the unrealised profit element was \u00a30.5bn (2021/22: \u00a30.5bn). The Company had profits available for distribution of \u00a30.6bn (2021/22: \u00a30.6bn) for the payment of dividends or purchases of own shares. Determining the Company\u2019s reserves available for distribution is complex and requires, in some instances, the application of judgement. The Company has determined what is realised and unrealised in accordance with the Companies Act 2006 and the guidance included in ICAEW Technical Release TECH 02/17BL \u2018Guidance on realised and distributable profits under the Companies Act 2006\u2019. The Company\u2019s reserves available for distribution include adjustments to retained earnings in respect of the unrealised portion of dividends in specie received by the Company, profit on intercompany interest received from subsidiaries, post employment benefit surpluses and share-based payment charges capitalised to investments.The notes on pages 174 to 177 form an integral part of the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2022-04-03T00:00:00/2023-04-02T00:00:00"
}
}
}
}