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"value": "The financial statements on pages 117 to 160 were approved by the Board of directors on 15 May 2025 and signed on its behalf by:Alex Whitehouse Duncan LeggettChief Executive Officer Chief Financial OfficerRegistered Number: 051600501. 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 financial statements are available on our website: https://www.premierfoods.co.uk/results-centre/.These Group consolidated financial statements were authorised for issue by the Board of directors on 15 May 2025.2. Accounting policiesThe material 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 31 March 2024 to 29 March 2025 and comparative results are for the 52 weeks from 2 April 2023 to 30 March 2024. All references to the \u2018period\u2019, unless otherwise stated, are for the 52 weeks ended 29 March 2025 and the comparative period, 52 weeks ended 30 March 2024.The preparation of financial statements in conformity with UK-adopted international accounting standards requires the use of certain material 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 material to the consolidated financial statements are disclosed in note 3.The following standards and amendments to published standards, effective for periods on or after 1 January 2024, have been endorsed:International Financial Reporting StandardsAmendments to IAS 1 Presentation of Financial StatementsAmendments to IFRS 16 Lease AccountingAmendments to IAS 12 Income TaxesAmendments to IAS 7 Statement of Cash FlowsAmendments to IFRS 7 Financial Instruments: DisclosuresThe following standards and amendments to published standards, effective for periods on or after 1 January 2025, have been endorsed:International Financial Reporting StandardsAmendments to IAS 21 Lack of ExchangeabilityThe 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 19. 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 28 September 2024 and 29 March 2025. 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 29 March 2025 the Group had total assets less current liabilities of \u00a31,981.4m (2024: \u00a32,053.7m), net current assets of \u00a3137.8m (2024: \u00a338.6m) and net assets of \u00a31,442.0m (2024: \u00a31,326.9m). Liquidity as at that date was \u00a3436.0m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3227.5m expiring in July 2029. At the time of the approval of this report, the cash and liquidity position of the Group has not changed significantly. Further details of the financing arrangements are included in note 19. The directors have rigorously reviewed all key risk assumptions in their Going Concern assessment considering both internal and external factors. Applying judgement, the global political environment, increasing costs including inflation, climate change, risk of cyber-attack and the retail market are the assumptions modelled by the directors in the 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. Whilst the downside case 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 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, optimise cashflow and liquidity. Amongst these are the following actions: 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 assumptions modelled. None of the assumptions 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 this report. Accordingly, the directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on the Going Concern Basis of Accounting and Related Reporting\u2019 issued by the FRC) in preparing its consolidated financial information.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 material accounting estimates or judgements. The Group will continue to monitor the impact on valuations of assets and liabilities as government policy evolves and our modelling in this area moves forward.The impact of climate change has been considered in the projected cash flows used for impairment testing where the material risks identified in the \u2018TCFD\u2019 statement, see page 46, have been modelled in the severe but plausible scenario for going concern and viability. See note 11 for further details.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 (its subsidiaries). Control is achieved where the Company is exposed to, or has rights to, variable returns from involvement with an investee and has 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 branded and own label food products 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 performance obligations are satisfied and 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 promotion 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) Commercial incomeCommercial income received from suppliers through rebates and discounts is recognised within cost of sales over the period(s) to which the underlying contract or agreement relates. Accrued income is recognised for rebates on contracts covering the current period, for which no cash was received at the balance sheet date. Deferred income is recognised for rebates that were received from suppliers at the balance sheet date but relate to contracts covering future periods.(ii) Sale of goodsSales of goods are recognised as revenue when a customer gains control of the goods, which typically coincides with the time when the merchandise is delivered to customers and title passes.(iii) 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 are related 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 material reversal will not occur. As there is no right to enforce net settlement, the accruals are presented gross.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 with a maturity point of less than three months at inception. 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.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 ultimate control of the product with the ability to bring the product back on premise if required. In this situation the costs would not be prohibitive and there would be no significant loss of functionality. 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, 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. 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.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 finance costs 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 25.0%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. 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 8.2.15 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 pensions finance income 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 13 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 finance costs in the income statement. Due to timing differences, certain of these trade receivables have not yet been sold into the purchase arrangement, as a result these receivables are recognised at fair value through profit or loss. The carrying value of receivables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity.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. Material 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.Material 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 13.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 2024 are rolled forward for cash movements to the end of March 2025 to estimate the valuations for these assets. This approach is principally relevant for Private equity, Property assets, Illiquid credits and Global credits. Management have reviewed the individual investments, disclosed the value asset where a lagged valuation is reported with a sensitivity and making clear that these valuations are subject to estimation uncertainty.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 material 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 11 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 one to two 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 5.0% in either direction, this would have an impact of \u00a33.6m (2024: \u00a33.7m).3.4 Estimated values of acquired intangible assets on acquisitionsAcquired brands 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. On acquisition, an intangible asset relating to the brand is recognised as a fair value adjustment to the opening balance sheet. The brand asset is valued using a relief from royalty approach. The key assumptions underpinning the brand asset valuation are the revenue projections, discount rates and royalty rates. Applying different assumptions could result in a materially different brand intangible asset and a corresponding increase or decrease in the value of the residual goodwill recognised.JudgementsThe following are considered to be the key judgements within the financial statements:3.5 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 segment. The Grocery segment primarily sells savoury ambient food products, and the Sweet Treats segment sells primarily sweet ambient food products. Sales to Ireland were previously included in the International operating segment; following an internal reorganisation these sales are included as part of the Grocery operating segment from 1 April 2024. The International segment has been aggregated within the Grocery segment for reporting purposes as revenue is below 10.0% 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 reported segments during the year.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. Gross profit is used as part of the Group segment performance reviews, whilst this is material in the context of the financial statements, the gross profit split between segments is broadly proportionate to that of divisional contribution. As a result, Gross profit presented by segment would not influence the decisions of the financial statement users.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 pensions finance income 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.Revenues in the period ended 29 March 2025, from the Group\u2019s four principal customers, which individually represent over 10.0% of total Group revenue, are \u00a3308.3m, \u00a3155.7m, \u00a3133.3m and \u00a3113.5m (2024: \u00a3289.9m, \u00a3156.5m, \u00a3127.9m and \u00a3109.6m). These revenues relate to both the Grocery and Sweet Treats reportable segments.The segment results for the period ended 29 March 2025, for the period ended 30 March 2024 and the reconciliation of the segment measures to the respective statutory items included in the consolidated financial statements are as follows:52 weeks ended 29 March 2025 52 weeks ended 30 March 2024Sweet Sweet GroceryTreatsTotalGroceryTreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 850.2 298.8 1,149.0 850.4 287.1 1,137.5 Divisional contribution 229.4 35.4 264.8 219.8 33.7 253.5 Group and corporate costs (77.0) (74.0)Trading profit 187.8 179.5 Amortisation of brand assets (20.5) (20.9)Fair value movements on foreign exchange 1and other derivative contracts 0.3 (1.1)Net finance income on pensions and administrative expenses 19.8 31.6 Non-trading items:2\u2013 Impairment of fixed assets\u2013 (4.2)3\u2013 Restructuring costs (1.1) (5.3)4\u2013 Other non-trading items (5.2) (1.9)Operating profit 181.1 177.7 Finance cost (28.9) (30.4)Finance income 9.1 4.1 Profit before taxation 161.3 151.4 1 The gain of \u00a30.3m (2024: loss of \u00a31.1m) reflects changes in fair value rate during the current period and movement in nominal value of the instruments held at 29 March 2025 from the 30 March 2024 position.2 Impairment of fixed assets in the prior period related to the closure of the Knighton and Charnwood sites. 3 Restructuring costs in the current period relate primarily to organisational changes to support a new planning system implementation. Restructuring costs in the prior period includes \u00a33.7m, which relates to the closure of the Knighton site with the remainder relating to the closure of the Charnwood site.4 Other non-trading items in the current and prior period primarily relates to the closure of the Knighton and Charnwood sites.Inter-segment transfers or transactions are entered into under the same terms and conditions that would be available to unrelated third parties.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 endedended29 March 30 March 20252024\u00a3m\u00a3mUnited Kingdom 1,071.8 1,067.1Other Europe 32.9 34.9Rest of world 44.3 35.5Total 1,149.0 1,137.5Non-current assetsAs atAs at29 March 30 March 20252024\u00a3m\u00a3mUnited Kingdom 1,178.2 1,182.7Non-current assets exclude deferred tax assets and net retirement benefit assets.5. Operating profit5.1 Analysis of costs by nature52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mEmployee benefits expense (note 6) (225.0) (212.1)Depreciation of property, plant and equipment (note 10) (19.6) (19.5)Amortisation of intangible assets (note 12) (26.3) (25.8)Repairs and maintenance expenditure (35.9) (36.1)Research and development costs (9.5) (9.2)Non-trading items\u2013 Impairment of property, plant and equipment (note 10) \u2013 (4.2)\u2013 Restructuring costs (1.1) (5.3)\u2013 Other non-trading items (5.2) (1.9)Auditors\u2019 remuneration (note 5.2) (1.5) (1.5)5.2 Auditors\u2019 remuneration52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mFees payable to the Group\u2019s auditors for the audit of the Consolidated and parent Company financial statements of Premier Foods plc (1.0) (1.0)\u2013 The audit of the Group\u2019s subsidiaries, pursuant to legislation (0.2) (0.2)Fees payable to the Group\u2019s auditors and its associates for other services:\u2013 Audit-related assurance services\u00b9 (0.2) (0.2)\u2013 Other assurance services\u00b2 (0.1) (0.1)Total auditors remuneration (1.5) (1.5)1 Audit-related assurance services includes \u00a30.2m (2024: \u00a30.2m) for the review of the half-year report. 2 Other assurance services relates primarily to sustainability assurance work. 6. Employees 52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mEmployee benefits expenseWages, salaries and bonuses (186.4) (177.2)Social security costs (20.1) (18.0)1Termination benefits (3.1) (2.3)Share options granted to directors and employees (4.6) (4.4)Contributions to defined contribution schemes (note 13) (10.8) (10.2)Total (225.0) (212.1)1 Termination benefits in the current period relate primarily to organisational changes to support a new planning system implementation and within corporate functions. Termination benefits in the prior period relate primarily to the closure of the Charnwood site. Average monthly number of people employed (including executive directors):52 weeks 52 weeks endedended29 March 30 March 20252024NumberNumberAverage monthly number of people employedManagement 771 694 Administration 338 377 Production, distribution and other 3,081 3,161 Total 4,190 4,232 Directors\u2019 remuneration is disclosed in the audited section of the directors\u2019 remuneration report on pages 90 to 105, which forms part of these consolidated financial statements.7. Finance income and costs52 weeks 52 weeks endedended29 March 30 March20252024\u00a3m\u00a3mFinance costs payable on bank loans and overdrafts (11.0) (11.9)Finance costs payable on senior secured notes (11.6) (11.5)1Other finance costs payable (3.0) (5.2)Amortisation of debt issuance costs (1.9) (1.8)2 Write off of financing costs(1.4) \u2013Total finance cost (28.9) (30.4)Finance income receivable on bank deposits 6.0 3.6 3Other finance income 3.1 0.5 Total finance income 9.1 4.1 Net finance cost (19.8) (26.3)1 Included in other finance costs payable is \u00a30.7m charge (2024: \u00a30.8m charge) relating to non-cash finance costs on lease liabilities under IFRS 16 and \u00a32.3m (2024: \u00a34.4m) relating to the unwind of the Group\u2019s long-term provisions.2 Relates to the refinancing of the revolving credit facility in the current period.3 Other finance income includes both the unwind of the discount of the Group\u2019s long-term provisions and remeasurement of contingent consideration related to Group acquisitions.8. TaxationCurrent tax52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mCurrent tax \u2013 Current period (10.0) (14.6) \u2013 Prior periods 1.5 0.6 Deferred tax \u2013 Current period (29.5) (24.9) \u2013 Prior periods 1.6 \u2013Income tax charge (36.4) (38.9)Tax relating to items recorded in other comprehensive income / (expense) included:52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mCorporation tax credit on pension movements 0.4 8.4 Deferred tax (charge) / credit on pension movements (4.0) 50.6 (3.6) 59.0 The applicable rate of corporation tax for the period is 25.0%. The UK deferred taxes at 29 March 2025 and 30 March 2024 have been measured using this enacted rate.The tax charge for the period differs from the standard rate of corporation tax in the United Kingdom of 25.0% (2024: 25.0%). The reasons for this are explained below:52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mProfit before taxation 161.3 151.4 Tax charge at the domestic income tax rate of 25.0% (2024: 25.0%) (40.3) (37.9)Tax effect of:Non-taxable items (1.4) (2.6)Losses not previously recognised 2.2 \u2013Acquisitions \u2013 1.0 Adjustments to prior periods 3.1 0.6 Income tax charge (36.4) (38.9)Losses of \u00a32.2m has been recognised (movement between unrecognised and recognised) for the 52 weeks ended 29 March 2025. In the prior year \u00a3nil was recognised. Corporation tax losses are not recognised where future recoverability is uncertain.The adjustments to prior periods of \u00a33.1m (2024: \u00a30.6m) relates primarily to the changes in prior period capital allowances, utilisation of losses and RDEC (Research and Development expenditure credit) following verifications in submitted returns.The Group is in scope of the Pillar Two legislation and has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent country-by-country reporting prepared for the Group and based on this assessment, the Group will not have any material potential exposure to Pillar Two top-up taxes.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.20252024\u00a3m\u00a3mAt 31 March 2024 / 2 April 2023 (130.5) (155.5)Business combinations \u2013 (2.3)Charged to the statement of profit or loss (27.9) (24.9)(Charged)/credited to other comprehensive income (4.0) 50.6 Credited to equity 0.8 1.6 At 29 March 2025 / 30 March 2024 (161.6) (130.5)The Group has not recognised \u00a30.3m of deferred tax assets (2024: \u00a32.5m not recognised) relating to international corporation tax losses as future recoverability is considered uncertain. In addition, the Group has not recognised a tax asset of \u00a367.8m (2024: \u00a367.8m) relating to Advanced Corporation Tax (\u2018ACT\u2019) and \u00a375.8m (2024: \u00a375.8m) relating to capital losses. Under current legislation these can generally be carried forward indefinitely.Retirement benefit IntangiblesobligationLeasesOtherTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 2 April 2023 (68.3) (187.9) (0.8) (1.3) (258.3)Acquisition of FUEL10K Limited (3.6) \u2013 \u2013 \u2013 (3.6)Current period credit/(charge) 1.7 (10.0) 0.4 1.0 (6.9)Credited to other comprehensive income \u2013 50.6 \u2013 \u2013 50.6 At 30 March 2024 (70.2) (147.3) (0.4) (0.3) (218.2)At 31 March 2024 (70.2) (147.3) (0.4) (0.3) (218.2)Current period credit/(charge) 1.6 (8.0) \u2013 \u2013 (6.4)Charged to other comprehensive income \u2013 (4.0) \u2013 \u2013 (4.0)At 29 March 2025 (68.6) (159.3) (0.4) (0.3) (228.6)Accelerated tax Share-based depreciationpaymentsLossesOtherTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 2 April 2023 40.2 3.9 55.8 2.9 102.8 Acquisition of FUEL10K Limited \u2013 \u2013 1.3 \u2013 1.3 Current period (charge)/credit (11.3) 1.0 (7.4) (0.3) (18.0)Credited to equity \u2013 1.6 \u2013 \u2013 1.6 Prior period credit/(charge)\u2013 To statement of profit or loss 0.1 \u2013 0.7 (0.8) \u2013At 30 March 2024 29.0 6.5 50.4 1.8 87.7At 31 March 2024 29.0 6.5 50.4 1.8 87.7 Current period (charge)/credit (14.7) 0.3 (8.4) (0.3) (23.1)Credited to equity \u2013 \u2013 \u2013 \u2013 \u2013Prior period (charge)/credit \u2013\u2013 To statement of profit or loss (0.6) \u2013 2.2 \u2013 1.6 \u2013 To equity \u2013 0.8 \u2013 \u2013 0.8 At 29 March 2025 13.7 7.6 44.2 1.5 67.0 Deferred tax asset on losses and accelerated tax depreciation \u00a3mAs at 29 March 2025 16.7As at 30 March 2024 22.4Net deferred tax liability \u00a3mAs at 29 March 2025 (178.3)As at 30 March 2024 (152.9)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 \u00a316.7m (2024: \u00a322.4m). 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.9. Earnings per shareBasic earnings per share has been calculated by dividing the profit attributable to owners of the parent of \u00a3124.9m (2024: \u00a3112.5m profit) by the weighted average number of ordinary shares of the Company. Weighted average shares20252024 Number (m) Number (m)Weighted average number of ordinary shares for the purpose of basic earnings per share 874.4 862.4Effect of dilutive potential ordinary shares:\u2013 Share options 10.8 21.1 Weighted average number of ordinary shares for the purpose of diluted earnings per share 885.2 883.5Contingently issuable shares are included in the calculation for the weighted average number of ordinary shares used for basic earnings per share.Earnings per share calculation52 weeks ended 29 March 2025 52 weeks ended 30 March 2024Dilutive Dilutive effect effect of of share share Basicoptions Diluted Basicoptions Diluted Profit after tax (\u00a3m) 124.9 124.9 112.5 112.5 Weighted average number of shares (m) 874.4 10.8 885.2 862.4 21.1 883.5 Earnings per share (pence) 14.3 (0.2) 14.1 13.0 (0.3) 12.7 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 25.0% (2024: 25.0%) divided by the weighted average number of ordinary shares of the Company.Net regular interest is defined as net finance cost after excluding other finance cost and other finance income.Trading profit and Adjusted EPS have been reported as the directors believe these assist in providing additional useful information on the underlying trends, performance and position of the Group.52 weeks 52 weeks endedended29 March 30 March20252024\u00a3m\u00a3mTrading profit (note 4) 187.8 179.5Less net regular interest (18.5) (21.6)Adjusted profit before taxation 169.3 157.9Notional tax at 25.0% (2024: 25.0%) (42.3) (39.5)Adjusted profit after taxation 127.0 118.4Average shares in issue (m) 874.4 862.4Adjusted basic EPS (pence) 14.5 13.7Dilutive effect of share options (0.2) (0.3)Adjusted dilutive EPS (pence) 14.3 13.4Net regular interestNet finance cost (19.8) (26.3)Exclude other finance cost 3.0 5.2 Exclude write-off of financing costs 1.4 \u2013Exclude other finance income (3.1) (0.5)Net regular interest (18.5) (21.6)10. Property, plant and equipmentLand and Plant and Assets under Right of use buildingsequipmentconstructionAssetsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 2 April 2023 102.5 355.4 7.4 12.9 478.2Additions 3.5 9.2 14.0 3.6 30.3Disposals (1.9) (10.2) \u2013 (0.4) (12.5)Reclassified from intangibles \u2013 \u2013 0.4 \u2013 0.4 Transferred into use 0.1 3.6 (3.7) \u2013 \u2013 At 30 March 2024 104.2 358.0 18.1 16.1 496.4Additions 1.6 15.6 15.7 0.6 33.5 Disposals (2.6) (16.7) \u2013 (2.8) (22.1)Reclassified from intangibles \u2013 0.3 \u2013 \u2013 0.3 Transferred into use 1.2 12.1 (13.3) \u2013 \u2013At 29 March 2025 104.4 369.3 20.5 13.9 508.1Accumulated depreciation and impairmentAt 2 April 2023 (47.3) (239.7) \u2013 (5.3) (292.3)Depreciation charge (2.6) (15.0) \u2013 (1.9) (19.5)Disposals 1.8 9.8 \u2013 0.4 12.0 Impairment charge\u00b9 (2.2) (3.2) (0.8) \u2013 (6.2)At 30 March 2024 (50.3) (248.1) (0.8) (6.8) (306.0)Depreciation charge (2.6) (15.1) \u2013 (1.9) (19.6)Disposals 2.5 16.5 \u2013 2.8 21.8 At 29 March 2025 (50.4) (246.7) (0.8) (5.9) (303.8)Net book valueAt 30 March 2024 53.9 109.9 17.3 9.3 190.4At 29 March 2025 54.0 122.6 19.7 8.0 204.3 1 Impairment of fixed assets in the prior year includes \u00a34.2m in relation to non trading items, \u00a31.6m recognised in administration costs and \u00a30.4m which was previously recognised in 2023.Included in the right of use assets are the following:Plant, Land and equipment & buildingsotherTotal\u00a3m\u00a3m\u00a3mCostBalance at 2 April 2023 9.3 3.6 12.9 Additions 0.3 3.3 3.6 Disposals \u2013 (0.4) (0.4)At 30 March 2024 9.6 6.5 16.1Additions 0.3 0.3 0.6 Disposals (2.5) (0.3) (2.8)At 29 March 2025 7.4 6.5 13.9Accumulated depreciation and impairmentAt 2 April 2023 (3.5) (1.8) (5.3)Depreciation charge (0.8) (1.1) (1.9)Disposals \u2013 0.4 0.4 At 30 March 2024 (4.3) (2.5) (6.8)Depreciation charge (0.8) (1.1) (1.9)Disposals 2.5 0.3 2.8 At 29 March 2025 (2.6) (3.3) (5.9)Net book valueAt 30 March 2024 5.3 4.0 9.3 At 29 March 2025 4.8 3.2 8.0The Group\u2019s borrowings are secured on the assets of the Group including property, plant and equipment.11. Goodwill As atAs at29 March 30 March20252024\u00a3m\u00a3mCarrying valueAt 31 March 2024 / At 2 April 2023 702.7 680.3 Acquisition of subsidiary \u2013 22.4 At 29 March 2025 / At 30 March 2024 702.7 702.7 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 37, 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 4.0% (2024: 3.2% five-year compound revenue growth rate). Divisional contribution margin is forecast based on the projected mix of branded and non-branded sales, raw material input costs, purchasing initiatives, factory performance and efficiency plans and marketing and distribution costs. Management have modelled the going concern severe but plausible scenario which includes climate change, retailer action, cyber-attack and further inflation, and were within the range of the Group\u2019s existing sensitivities as disclosed within the table below. Please also see viability and going concern analysis on pages 68 and 69 for further detail. The climate scenarios modelled reflect the risks deemed material through the TCFD risk assessment see pages 49 to 53.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 1.53% (2024: 1.12%) is based on the ten-year average UK GDP growth rate (2024: Average medium-term GDP growth) as the directors expect food consumption to follow GDP growth. This is considered to be prudent versus 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 9.32% (2024: 8.26%). On a pre-tax basis a discount rate of 11.91% (2024: 10.64%) 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 \u00a3448.5m/\u00a3402.9mDivisional contribution margin Increase/decrease by 2.0% Increase/decrease by \u00a3241.0mLong-term growth rate Increase/decrease by 0.5% Increase/decrease by \u00a396.1m/\u00a384.5mDiscount rate Increase/decrease by 0.5% Decrease/increase by \u00a3108.9m/\u00a3123.9mUnder 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 2025 (2024: \u00a3nil). 12. Other intangible assetsCustomer Assets under SoftwareLicencesBrandsrelationshipsconstructionTotal \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 2 April 2023 140.2 28.0 685.7 134.8 2.5 991.2 Additions 3.3 \u2013 \u2013 \u2013 3.8 7.1 Acquisition of subsidiary \u2013 \u2013 14.4 \u2013 \u2013 14.4 Disposals (6.2) \u2013 \u2013 \u2013 \u2013 (6.2)Reclassified to property, plant and equipment \u2013 \u2013 \u2013 \u2013 (0.4) (0.4)Transferred into use 1.8 \u2013 \u2013 \u2013 (1.8) \u2013At 30 March 2024 139.1 28.0 700.1 134.8 4.1 1,006.1 Additions 5.2 \u2013 \u2013 \u2013 3.0 8.2 Reclassified to property, plant and equipment \u2013 \u2013 \u2013 \u2013 (0.3) (0.3)Transferred into use 3.9 \u2013 \u2013 \u2013 (3.9) \u2013At 29 March 2025 148.2 28.0 700.1 134.8 2.9 1,014.0 Accumulated amortisation and impairmentAt 2 April 2023 (127.2) (28.0) (406.8) (134.8) \u2013 (696.8)Disposals 6.1 \u2013 \u2013 \u2013 \u2013 6.1 Amortisation charge (4.9) \u2013 (20.9) \u2013 \u2013 (25.8)At 30 March 2024 (126.0) (28.0) (427.7) (134.8) \u2013 (716.5)Amortisation charge (5.8) \u2013 (20.5) \u2013 \u2013 (26.3)At 29 March 2025 (131.8) (28.0) (448.2) (134.8) \u2013 (742.8)Net book valueAt 30 March 2024 13.1 \u2013 272.4 \u2013 4.1 289.6 At 29 March 2025 16.4 \u2013 251.9 \u2013 2.9 271.2 All amortisation is recognised within administrative costs.Included in the assets under construction additions for the period are \u00a31.2m (2024: \u00a31.5m) 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 Estimated value at useful29 March life 2025remaining\u00a3mYearsBisto 71.5 12OXO 58.9 21Batchelors 36.8 11Mr Kipling 27.8 12The Spice Tailor 17.0 12Sharwood's 15.6 12FUEL10K 13.0 1413. 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. These are as follows:\u2022 The RHM Pension Scheme\u2022 Premier Grocery Products Ireland Pension Scheme (\u2018PGPIPS\u2019)\u2022 Premier Foods Ireland Pension Scheme\u2022 Chivers 1987 Pension SchemeThe Premier Foods Pension Scheme and the Premier Grocery Products Pension Scheme were merged with the RHM Pension Scheme in 2020 on a \u201csegregated\u201d basis as three sections in the RHM Pension Scheme \u2013 the RHM Section, the Premier Foods Section and the Premier Grocery Products Section \u2013 each with its own separate pool of assets and its own liabilities.With effect from 29 March 2025, the RHM Pension Scheme was \u201cdesegregated\u201d with the liabilities of all three sections now paid from a single pool of assets (the \u2018desegregation\u2019). As a result the following disclosures are presented on a combined basis.The exchange rates used to translate the overseas euro-based schemes are \u00a31.00 = \u20ac1.1903 (2024: \u00a31.00 = \u20ac1.1587 for the average rate during the period, and \u00a31.00 = \u20ac1.1956 (2024: \u00a31.00 = \u20ac1.1699) 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 advisors 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 currently 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 (\u2018LDI\u2019) 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.The main risks to which the Group is exposed in relation to the funded pension schemes are as follows:\u2022 Liquidity risk \u2013The RHM Pension Scheme is currently in surplus, but subsequent valuations could reveal a deficit. As such, this could have an adverse impact on the financial position of the Group. The Group continues to monitor the pension risks closely working with the trustees to ensure a collaborative approach. \u2022 Mortality risk \u2013 the assumptions adopted make allowance for future improvements in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the schemes and consequently, increases in the schemes liabilities. The trustees review the mortality assumption on a regular basis to minimise the risk of using an inappropriate assumption.\u2022 Yield risk \u2013 a fall in government bond yields will increase the schemes liabilities and certain of the assets. However, the liabilities may grow 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, the liabilities 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 as a whole invests directly in interest rate and inflation swaps to protect from fluctuations in interest rates and inflation and so has largely hedged inflation and interest rate exposure to the extent of its funding level. The liabilities of the schemes are approximately 35.0% in respect of former active members who have yet to retire and approximately 65.0% in respect of pensioner members already in receipt of benefits. The weighted average duration of the pension liabilities in the RHM Pension Scheme is 13.0 years.All pension schemes are closed to future accrual.At the balance sheet date, the combined principal accounting valuation assumptions were as follows:As atAs at29 March 30 March 20252024Discount rate 5.75% 4.80%Inflation \u2013 RPI 3.05% 3.15%Inflation \u2013 CPI 2.65% 2.75%Future pension increases\u2013 RPI (min 0.0% and max 5.0%) 2.80% 2.90%\u2013 CPI (min 3.0% and max 5.0%) 3.50% 3.55%For the smaller overseas schemes, the discount rate used was 3.7% (2024: 3.3%) and future pension increases were 1.8% (2024: 2.1%). At 29 March 2025 and 30 March 2024, 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% (2024: 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 0.9% p.a. lower than RPI pre 2030 (2024: 0.9% lower pre 2030), reflecting UKSA\u2019s stated intention to make no changes before 2030, and 0.1% lower than RPI post 2030 (2024: 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 0.4% (2024: 0.4%) p.a. The assumptions take into account the timing of the expected future cashflows from the pension schemes.The mortality assumptions are based on the latest standard mortality tables at the reporting date. The directors have considered the impact of the recent Covid-19 pandemic on the mortality assumptions and consider that use of the updated Continuous Mortality Improvement (\u2018CMI\u2019) 2023 projections for the future improvement assumption is a reasonable approach.The life expectancy assumptions are as follows:At 29 March At 30 March20252024Male pensioner, currently aged 65 85.0 84.6\u201386.3 Female pensioner, currently aged 65 87.3 87.0\u201388.1 Male non-pensioner, currently aged 45 86.1 85.8\u201387.2 Female non-pensioner, currently aged 45 89.0 88.8\u201389.5 A sensitivity analysis on the principal assumptions used to measure the scheme liabilities at the period is as follows:Change in assumption Impact on scheme liabilitiesDiscount rate Increase/decrease by 0.1% Decrease/increase by \u00a331.2m/\u00a331.8mInflation Increase/decrease by 0.1% Increase/decrease by \u00a314.0m/\u00a313.9mAssumed life expectancy at age 60 (rate of mortality) Increase/decrease by 1 year Increase/decrease by \u00a388.9m/\u00a391.8mThe sensitivity information has been derived using projected cash flows for the schemes valued using the relevant assumptions and membership profile as at 29 March 2025. Extrapolation of these results beyond the sensitivity figures shown may not be appropriate.Following the desegregation the disclosure of assets and liabilities are presented in total for the current and prior periods as outlined in the tables below.As at 29 March 2025 As at 30 March 2024Total% ofTotal% of\u00a3mtotal\u00a3mtotalAssets with a quoted price in an active market:Government bonds 951.0 29.6 1,235.4 34.6Cash 47.7 1.5 41.3 1.2Assets without a quoted price in an active market:Global equities 1.8 0.1 2.1 0.1Government bonds 31.7 1.0 34.1 1.0Corporate bonds 10.8 0.3 11.4 0.3Global property 382.5 11.9 448.6 12.5Absolute return products 227.8 7.1 244.6 6.9Infrastructure funds 383.9 11.9 378.5 10.5Interest rate swaps 224.5 7.0 241.6 6.8Inflation swaps 19.3 0.6 24.0 0.7Private equity 334.9 10.4 365.5 10.3LDI 7.1 0.2 7.2 0.2Global credit 304.0 9.5 181.2 5.1Illiquid credit 186.9 5.8 263.3 7.4Cash 4.0 0.1 4.2 0.1Other 94.9 3.0 82.0 2.3Fair value of scheme assets 3,212.8 100% 3,565.0 100For 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 either 28 March 2025 valuations where daily valuations are available or 31 March 2025 valuations for monthly valued funds. As is usual practice for pensions assets where valuations at these dates were not available, the most recent valuations (predominantly at 31 December 2024) have been rolled forward for cash movements to 29 March 2025 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 29 March 2025, the financial statements include \u00a3399.0m of assets (2024: \u00a3363.8m) using lagged valuations and were these lagged valuations to move by 1.0% there would be a \u00a34.0m (2024: \u00a33.6m) 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:As atAs at29 March 30 March 20252024\u00a3m\u00a3mPresent value of defined benefit obligation (2,564.1) (2,963.5)Fair value of plan assets 3,212.8 3,565.0Surplus in schemes 648.7 601.5The aggregate surplus of \u00a3601.5m has increased to a surplus of \u00a3648.7m in the current period. This increase of \u00a347.2m (2024: \u00a3164.0m decrease) is primarily due to higher net interest income on scheme assets and remeasurement gains on scheme liabilities more than offsetting remeasurement losses on scheme assets. Further details are provided later in this note.Changes in the present value of the defined benefit obligation were as follows:As atAs at 29 March 30 March 20252024\u00a3m\u00a3mDefined benefit obligation at 31 March 2024 / 2 April 2023 (2,963.5) (3,027.3)Finance cost (136.7) (139.7)Remeasurement gain 352.4 16.6Exchange differences 0.9 1.4Benefits paid 182.8 185.5Defined benefit obligation at 29 March 2025 / 30 March 2024 (2,564.1) (2,963.5)Changes in the fair value of plan assets were as follows:As atAs at 29 March 30 March 20252024\u00a3m\u00a3mFair value of scheme assets at 31 March 2024 / 2 April 2023 3,565.0 3,792.8Finance income on scheme assets 165.5 176.9Remeasurement losses (338.8) (254.3)Administrative costs (9.0) (5.6)Contributions by employer 9.2 38.71Additional employer contribution 5.0 3.8Exchange differences (1.3) (1.8)Benefits paid (182.8) (185.5)Fair value of scheme assets at 29 March 2025 / 30 March 2024 3,212.8 3,565.01 Contribution by the Group to the Premier Schemes prior to de-sectionalisation due to the payment of dividends during the year.The reconciliation of the net defined benefit surplus over the period is as follows:As atAs at 29 March 30 March 20252024\u00a3m\u00a3mSurplus in schemes at 31 March 2024 / 2 April 2023 601.5 765.5Amount recognised in profit or loss 19.8 31.6Remeasurements recognised in other comprehensive income 13.6 (237.7)Contributions by employer 9.2 38.71Additional employer contribution 5.0 3.8Exchange differences recognised in other comprehensive income (0.4) (0.4)Surplus in schemes at 29 March 2025 / 30 March 2024 648.7 601.51 Contribution by the Group to the Premier Schemes prior to de-sectionalisation due to the payment of dividends during the year.Remeasurements recognised in the consolidated statement of comprehensive income are as follows:52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mRemeasurement gain on scheme liabilities 352.4 16.6Remeasurement loss on scheme assets (338.8) (254.3)Net remeasurement gain/(loss) for the period 13.6 (237.7)The actual return on scheme assets was a \u00a3173.3m loss (2024: \u00a377.4m loss), which is \u00a3338.8m less (2024: \u00a3254.3m less) than the finance income on scheme assets of \u00a3165.5m (2024: \u00a3176.9m).The remeasurement gain on liabilities of \u00a3352.4m (2024: \u00a316.6m gain) comprises a gain due to changes in financial assumptions of \u00a3344.0m (2024: \u00a36.9m gain), a gain due to member experience of \u00a31.9m (2024: \u00a321.2m loss) and a gain due to demographic assumptions of \u00a36.5m (2024: \u00a330.9m gain).The Group expects to contribute \u00a37.0m annually to its defined benefit schemes in relation to expenses and government levies up in the 52 weeks to 28 March 2026. An agreement has been reached with the RHM Pension Scheme Trustee to suspend deficit contributions payments from 1 April 2024, as a result of this agreement, the Group has entered into a Letter of Credit in favour of the Scheme, equal to the suspended deficit contributions.Following the merger and subsequent de-sectionalisation, the Group has concluded that there is no change currently to the surplus recognition so the asset has not been restricted and no additional liability has been recognised. The Virgin Media Limited v NTL Pension Trustees II Limited decision, handed down by the High Court on 16 June 2023, considered the implications of Section 37 of the Pension Schemes Act 1993. Section 37 of the Pension Schemes Act 1993 only allowed the rules of contracted-out schemes in respect to benefits, to be altered where certain requirements were met. Following an appeal on 25 July 2024, the Court of Appeal upheld the High Court\u2019s decision, that the statutory actuarial confirmation was required, and without this, alterations to schemes were void. There is also potential for legislative intervention following industry lobbying efforts that may retrospectively validate certain rule amendments. The Trustee has begun the process of assessing amendments to identify any matters that might indicate a material risk of non-compliance with Section 37 of the Pension Schemes Act 1993. At the date of signing none had been identified. The total amounts recognised in the consolidated statement of profit or loss are as follows:52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mPeriod ended 29 March 2025 / 30 March 2024Operating profitAdministrative costs (9.0) (5.6)Net finance credit 28.8 37.2Total credit 19.8 31.6Defined 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 \u00a310.8m (2024: \u00a310.2m) represents contributions payable to the schemes by the Group at rates specified in the rules of the schemes. 14. InventoriesAs atAs at29 March 30 March20252024\u00a3m\u00a3mRaw materials 18.6 18.5Work in progress 2.9 3.5Finished goods and goods for resale 80.0 76.9Total inventories 101.5 98.9Stock write-offs in the period amounted to \u00a35.7m. In the prior period, \u00a35.2m was written off.The borrowings of the Group are secured on the assets of the Group including inventories.15. Trade and other receivablesAs atAs at29 March 30 March20252024\u00a3m\u00a3mTrade receivables 76.6 83.0Trade receivables provided for (1.3) (2.5)Net trade receivables 75.3 80.5Prepayments 17.9 17.6Corporation tax 1.4 \u2013Other tax and social security receivable 16.9 13.9Other receivables 3.5 3.7Total trade and other receivables 115.0 115.7The 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 its trade receivable purchase arrangement. This is a non-recourse arrangement and, therefore, amounts are de-recognised when sold. As at 29 March 2025, \u00a327.0m was drawn (2024: \u00a329.2m) under the non-recourse arrangement.16. Notes to the cash flow statementReconciliation of profit before taxation to cash flows from operations52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mProfit before taxation 161.3 151.4Net finance cost 19.8 26.3Operating profit 181.1 177.7Depreciation of property, plant and equipment 19.6 19.5Amortisation of intangible assets 26.3 25.8Impairment of non-current assets\u00b9 \u2013 6.2 Net gain on disposal of non-current assets (0.2) (0.2)Fair value movements on foreign exchange and other derivative contracts (0.3) 1.1Net finance income on pensions and administrative expenses (19.8) (31.6)Equity-settled employee incentive schemes 4.6 4.4Increase in inventories (2.6) (7.5)Decrease/(increase) in trade and other receivables 2.3 (16.9)(Decrease)/increase for other payables and provisions (8.2) 10.4Additional employer contribution\u00b2 (5.0) (3.8)Contribution to defined benefit pension schemes (9.2) (38.7)Cash generated from operations 188.6 146.41 Impairment of non-current assets in the prior year primarily relates to the closure of the Knighton and Charnwood sites.2 Contribution by the Group to the Premier sections (prior to the de-sectionalisation) due to the payment of dividends during the year.Reconciliation of cash and cash equivalents to net borrowings52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mNet inflow of cash and cash equivalents 89.2 38.9 Movement in lease liabilities 2.3 1.1Debt issuance costs in the period 3.8 0.5Other non-cash movements (3.3) (1.8)Decrease in borrowings net of cash 92.0 38.7Total net borrowings at beginning of period (235.6) (274.3)Total net borrowings at end of period (143.6) (235.6)Analysis of movement in borrowings As at Non-cash Other As at 31 March interest non-cash 29 March 2024Cash flowsexpense movements2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCash and bank deposits 102.3 89.2 \u2013 \u2013 191.5 Net cash and cash equivalents 102.3 89.2 \u2013 \u2013 191.5 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)3Lease liabilities (12.2) 3.4 (0.7) (0.4) (9.9)1Gross borrowings net of cash (239.9) 92.6 (0.7) (0.4) (148.4)2Debt issuance costs 4.3 3.8 (1.9) (1.4) 4.8 1Total net borrowings (235.6) 96.4 (2.6) (1.8) (143.6)1 Borrowings exclude derivative financial instruments. 2 The non-cash finance costs movement in debt issuance costs relates to the amortisation of capitalised borrowing costs and other non-cash movements relates to the write off of previously capitalised borrowing costs.3 The non-cash finance costs relate to IFRS16 interest.Cash outflows of \u00a33.4m (2024: \u00a32.6m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.7m included in finance costs 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 29 March 2025 As at 30 March 2024Offset Offset Net offset Offset Offset Net offset assetliabilityassetassetliabilityliabilityCash, cash equivalents and bank overdrafts 2.0 \u2013 2.0 16.0 (12.5) 3.517. Trade and other payables As atAs at29 March 30 March20252024\u00a3m\u00a3mTrade payables (140.5) (141.6)Commercial accruals (72.2) (74.3)Tax and social security payables (10.1) (8.8)Other payables and accruals (37.3) (39.9)Total trade and other payables (260.1) (264.6)18. 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. The Price Risk Management Committee monitors and reviews the Group\u2019s foreign currency exchange and energy price exposures and recommends appropriate hedging strategies for each.18.1 Market risk(i) Foreign exchange riskThe Group\u2019s main operating entities\u2019 functional currency and the Group\u2019s presentational currency is sterling, although some transactions are executed in non-sterling currencies, principally the euro. The transactional amounts realised or settled are, therefore, subject to the effect of movements in these currencies against sterling. Management of these exposures is centralised and managed by the Treasury function. It is the Group\u2019s policy to manage the exposures arising using forward foreign currency exchange contracts. 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 ended29 March 30 March Principal rate of exchange: euro/sterling 20252024Period ended 1.1956 1.1699Average 1.1903 1.1587The 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 29 March 2025 and 30 March 2024 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.Functional currency of subsidiaries \u2013 SterlingAs atAs at29 March 30 March20252024\u00a3m\u00a3mNet foreign currency monetary assets:\u2013 Euro (7.8) (4.4)\u2013 US dollar 0.1 1.7 \u2013 Other 2.7 7.5 Total (5.0) 4.8 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 at29 March 30 March20252024\u00a3m\u00a3mEuro (45.8) (54.9)Australian dollar (2.5) \u2013 Indian rupee (6.3) (4.7)Total (54.6) (59.6)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 \u00a34.4m (2024: \u00a33.4m 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 \u00a35.2m (2024: \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, which include, among other things, dairy, wheat, cocoa, edible oils and energy. The price risk including inflation on these commodities is managed closely by the Group through the Price Risk Management Committee. It is the Group\u2019s policy to minimise its exposure to this volatility by adopting an appropriate forward purchase strategy. (iii) Interest rate riskThe Group\u2019s borrowing facilities comprise senior secured notes and a revolving facility, in sterling. Interest on the revolving facility is charged at floating rates plus a margin on the amounts drawn down, and at 35.0% of the applicable margin for the non-utilised portion of the facility, 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.18.2 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: Past due Fully performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 29 March 2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 1.2% 3.0% 3.3% 14.6% 7.0% 19.2% 1.6%Gross carrying amount trade and other receivables 73.7 3.2 1.2 0.5 0.2 1.3 80.1 Loss allowance (0.9) (0.1) (0.0) (0.1) (0.0) (0.2) (1.3)At 30 March 2024Trade and other receivablesExpected loss rate 2.2% 3.6% 14.0% 16.0% 11.1% 13.6% 2.9%Gross carrying amount trade and other receivables 76.6 6.0 0.1 0.7 0.6 2.7 86.7Loss allowance (1.7) (0.2) (0.0) (0.1) (0.1) (0.4) (2.5)The total loss allowance includes provisions in relation to receivables from customers that 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:\u00a3m \u00a3mAs at 31 March 2024 / 2 April 2023 (2.5) (2.9)Provision for receivables impairment released 1.2 0.4As at 29 March 2025/ 30 March 2024 (1.3) (2.5)18.3 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. Where the Group has surplus short-term liquidity, these funds are placed on short-term deposit with reputable banks within the Group\u2019s banking providers to manage concentration risk.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, the timing of the dividend payment 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 29 March 2025Trade and other payables (250.0) \u2013 \u2013 \u2013 \u2013 \u2013 (250.0)Senior secured notes \u2013 fixed (11.6) (341.6) \u2013 \u2013 \u2013 \u2013 (353.2)Lease liabilities (2.4) (1.7) (1.6) (1.5) (1.3) (6.2) (14.7)At 30 March 2024Trade and other payables (255.8) \u2013 \u2013 \u2013 \u2013 \u2013 (255.8)Senior secured notes \u2013 fixed (11.6) (11.6) (341.6) \u2013 \u2013 \u2013 (364.8)Lease liabilities (2.9) (2.5) (1.9) (1.5) (1.5) (8.9) (19.2)At 29 March 2025, the Group had \u00a3244.5m (2024: \u00a3182.0m) of facilities (including revolving credit facility) not drawn, expiring in four years (2024: two to three years). The revolving credit facility is priced to SONIA, other liabilities are not re-priced before the maturity date.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 11 and 2 2 and 3 yearyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 29 March 2025 11.6 11.6 \u2013 23.2 At 30 March 2024 11.6 11.6 11.6 34.8The 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 yearTotal\u00a3m\u00a3mAt 29 March 2025Forward foreign exchange contracts:\u2013 Outflow (54.4) (54.4)\u2013 Inflow 53.6 53.6 Total derivative financial instruments (0.8) (0.8)At 30 March 2024Forward foreign exchange contracts:\u2013 Outflow (59.5) (59.5)\u2013 Inflow 58.5 58.5Total derivative financial instruments (1.0) (1.0)18.4 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 29 March 2025 As at 30 March 2024Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised cost:Trade and other receivables 61.2 61.2 72.7 72.7 Cash and cash equivalents 191.5 191.5 102.3 102.3 Financial assets at fair value through profit or loss:Trade and other receivables 14.1 14.1 7.8 7.8 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.1 0.1 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.6) (0.6) (0.8) (0.8)Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) (18.8) (18.8) (19.1) (19.1)Financial liabilities at amortised cost:Trade and other payables (250.0) (250.0) (255.8) (255.8)Senior secured notes (330.0) (325.0) (330.0) (315.0)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) or indirectly (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 29 March 2025 As at 30 March 2024Level 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 11.7 2.4 \u2013 4.9 2.9 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.1 \u2013 \u2013 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.6) \u2013 \u2013 (0.8) \u2013Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) \u2013 \u2013 (18.8) \u2013 \u2013 (19.1)Financial liabilities at amortised cost:Senior secured notes (325.0) \u2013 \u2013 (315.0) \u2013 \u2013Fair 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 \u00a30.3m has been credited to the statement of profit or loss in the period (2024: \u00a31.0m debit). Short and long-term borrowings, loan notes and finance costs 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 considerationThe deferred contingent consideration arose following previous acquisitions. The fair values are based on unobservable inputs and are classified as a level 3 fair value estimate under the IFRS fair value hierarchy. As a result of discount unwind and re-measurement, a credit of \u00a30.3m (2024: \u00a34.3m debit) was recognised in the statement of profit or loss under net finance cost.18.5 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 2.80 pence per share for the period ended 29 March 2025 (2024: 1.728 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 As at 29 March 30 March2025 2024\u00a3m\u00a3mTotal borrowings (335.1) (337.9)Less cash and bank deposits 191.5 102.3Net debt (143.6) (235.6)Total equity (1,442.0) (1,326.9)Total capital (1,585.6) (1,562.5)Gearing ratio 9.1% 15.0%Gearing has reduced due to strong cash generation.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 28 September 2024 and 29 March 2025. 18.6 Financial compliance riskRiskThe Group operates with net debt of \u00a3143.6m (2024: \u00a3235.6m) and is subject to operating within banking covenants set out in its financing 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 29 March 2025 (2024: 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. The Group also supports one defined benefit pension scheme in the UK, the RHM Pension Scheme and three in Ireland (see note 13).MitigationThe Group has financing arrangements, which provide funding with maturities ranging from 2026 to 2029. 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.19. Bank and other borrowingsAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mCurrent:Lease liabilities (1.9) (2.7)Total borrowings due within one year (1.9) (2.7)Non-current:1Transaction costs 4.8 4.3 Senior secured notes (330.0) (330.0) (325.2) (325.7)Lease liabilities (8.0) (9.5)Total borrowings due after more than one year (333.2) (335.2)Total bank and other borrowings (335.1) (337.9)1 Included in transaction costs is \u00a33.2m (2024: \u00a31.6m) relating to the revolving credit facility.Secured senior credit facility \u2013 revolving During the period, the Group signed a new five-year revolving credit facility (RCF) agreement with an increased facility limit of \u00a3227.5m (prior facility \u00a3175.0m). Transactions costs of \u00a33.8m were capitalised in relation to this extension. The RCF attracts a leverage-based margin of between 1.8% and 3.5% above SONIA.The covenant package attached to the revolving credit facility is:Net debt/Net debt/11Interest2025 FY 3.50x 3.00xEBITDA2026 FY 3.50x 3.00x1 Net debt, EBITDA and Interest are as defined under the revolving credit facility agreement.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%. 20. Provisions for liabilities and chargesPropertyOtherTotal\u00a3m\u00a3m\u00a3m2 April 2023 (6.2) (13.7) (19.9)Utilised during the period 0.8 6.3 7.1Additional charge in the period (1.6) (3.7) (5.3)Unwind of discount 0.2 0.3 0.5Released during the period 0.7 1.2 1.91Addition through business combination\u2013 (1.4) (1.4)30 March 2024 (6.1) (11.0) (17.1)Utilised during the period \u2013 4.7 4.7 Additional charge in the period (0.4) (3.1) (3.5)Unwind of discount 0.2 0.2 0.4 Released during the period 0.1 1.4 1.5 29 March 2025 (6.2) (7.8) (14.0)1 During the prior period, as a result of the acquisition of FUEL10k, the Group recognised provisions of \u00a31.4m in relation to the fair value of contingent liabilities acquired as part of the business combination.Property provisions primarily relate to provisions for dilapidations against leasehold properties and environmental liabilities. These provisions have been discounted at rates between 4.3% and 5.3% (2024: 3.9% and 4.1%) 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 at As at 29 March 30 March2025 2024Ageing of total provisions:\u00a3m\u00a3mWithin one year (6.7) (9.8)Between two and five years (6.3) (5.6)After five years (1.0) (1.7)Total (14.0) (17.1)From time to time, the Group is subject to claims and potential litigation. At the time of these financial statements, the Directors do not consider such claims and litigation to have anything other than a remote risk of resulting in any material liability to the Group.21. Other liabilities Other liabilities less than one yearAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mDeferred income (1.0) \u2013Other liabilities (1.0) \u2013Other liabilities more than one yearAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mDeferred income (1.8) (3.8)Deferred contingent consideration (18.8) (19.1)Other liabilities (20.6) (22.9)Deferred income relates to amounts received in relation to a previously disposed business. Deferred contingent consideration relates to the present value of estimated future payments in relation to previous acquisitions.22. 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. Of Premier Foods plc shares, 7,127,750 were held by the Employee Benefit Trust at 29 March 2025, with a market value of \u00a313.2m (2024: 6,721,393 shares with a market value of \u00a310.1m).Share capitalOrdinary shares at nominal value (\u00a30.10/Share Number of share)premiumTotalshares\u00a3m\u00a3m\u00a3mAt 2 April 2023 868,098,210 86.8 2.5 89.3Shares issued under share schemes 697,605 0.1 0.2 0.3At 30 March 2024 868,795,815 86.9 2.7 89.6Shares issued under share schemes \u2013 \u2013 \u2013 \u2013At 29 March 2025 868,795,815 86.9 2.7 89.6As at As at 29 March 30 March2025 2024\u00a3m\u00a3mAuthorised, issued and fully paid868,795,815 (2023/24: 868,795,815) ordinary shares of 10 pence each 86.9 86.9Share 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 2022, 2023 and 2024 Performance Share awards are conditional on achievement of a combination of absolute adjusted earnings per share targets and relative TSR targets. The targets for 2022, 2023 and 2024 were based half absolute adjusted earnings per share targets and half relative TSR targets. During the period, the EPS and TSR elements of the 2021 LTIP vested in full. The EPS and TSR targets for the 2021 LTIP award have been achieved, which will result in full vesting for both elements of the award. The June 2024 LTIP award TSR element was valued using a Monte Carlo pricing model, the weighted average fair value of the TSR awards was 103p. The key inputs into the monte carlo model were weighted average share price, weighted average exercise price, the expected volatility and the risk-free interest rate. The average fair value for the 2024 EPS element was 157p.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. This scheme was wound up during the year and the deed of termination was executed on 12 February 2025 following all shares being sold or transferred out.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 29 March 2025, the number of shares outstanding under the Group\u2019s Long-Term Incentive Plan schemes was 16,899,097 (2024: 18,159,343), of which 8,728,050 (2024: 9,861,749) had vested and were exercisable at the end of the period. During the period, conditional share awards were granted for 2,787,578 (2024: 3,666,034) shares, 3,688,563 (2024: 4,081,474) awards were exercised and rights to 359,270 (2024: 334,524) shares lapsed or were forfeited. At 29 March 2025, the number of shares outstanding under the Group\u2019s Restricted Stock Plan schemes was 119,465 (2024: 195,307), of which 119,465 (2024: no awards) had vested and were exercisable at the end of the period. During the period, 4,742 awards were granted (2024: no awards), 71,200 awards were exercised (2024: \u00a3nil) and rights to 9,384 (2024: 43,287) shares lapsed or were forfeited. At 29 March 2025, the number of shares outstanding under the Group\u2019s Share Incentive Plan was nil (2024: 313,586). During the period, no awards (2024: no awards) were granted, rights to 224,359 (2024: 44,000) shares were exercised, rights to 55,497 were transferred out (2024: no awards) and rights to 34,000 awards were forfeited (2024: no awards). At 29 March 2025, the number of shares outstanding under the Group\u2019s Deferred Bonus Plan schemes was 1,262,912 (2024: 982,341), of which 475,005 (2024: 172,543) had vested and were exercisable at the end of the period. During the period, awards were granted for 280,571 (2024: 259,483). No awards (2024: no awards) were exercised during the period.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 29 March 2025, the number of shares outstanding under the Group\u2019s Sharesave Plan was 9,668,059 with a weighted average exercise price at the date of exercise of 113 pence (2024: 9,443,747 shares, 90 pence), including 510,002 shares which had vested and were exercisable at the end of the period with a weighted average exercise price of 83 pence (2024: 468,164 shares, 72 pence). The options outstanding at the end of the period had a range of exercise prices from 82 pence to 148 pence (2024: 72 pence to 104 pence) and a weighted average life of 1.8 years (2024: 1.8 years).During the period, options were granted under the Sharesave Plan for 3,481,812 shares with a weighted average exercise price at the date of exercise of 148 pence (2024: 3,294,340 shares, 104 pence). During the period, options were exercised for 2,594,092 shares with a weighted average exercise price of 82 pence (2024: 4,081,474 shares, 66 pence) and options for 663,408 shares with a weighted average exercise price of 96 pence lapsed or were forfeited (2024: 717,468 shares, 76 pence). 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 2025, the Group recognised an expense of \u00a34.6m (2024: \u00a34.4m), related to all equity-settled share-based payment transactions. 23. DividendsThe following dividends were declared and paid during the period:52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mOrdinary final of 1.728 pence per ordinary share (2024: 1.44 pence) 14.9 12.4 After the balance sheet date, a final dividend for the period ended 29 March 2025 of 2.80 pence per qualifying ordinary share (2024: 1.728 pence) was proposed for approval at the Annual General Meeting on 17 July 2025 and will be payable on 25 July 2025. Dividend distributions are recognised as a liability in the period in which the dividends are approved by Group\u2019s shareholders.24. 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 29 March 2025 of \u00a315.3m (2024: \u00a317.3m).25. ContingenciesThere were no material contingent liabilities at 29 March 2025 (2024: none). The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act.Name Company NumberFuel 10K Limited 09500462H.L Foods Limited 02560855Knighton Foods Limited 08954731Knighton Foods Property Limited 09073129Premier Foods (Holdings) Limited 00971448The Spice Tailor Limited 07203228The Spice Tailor (Direct) Limited 12852360Premier Foods plc will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year end 29 March 2025 in accordance with section 479C of the Act, as amended by the Companies and limited Liability Partnership (Accounts and Audit Exemptions and Change of Accounts Frames) Regulations 2012.26. Related party transactionsThe following transactions were carried out with related parties:26.1 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 105.52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mShort-term employee benefits 7.0 6.8 Termination benefits 0.2 \u2013Share-based payments 3.9 3.4 Total 11.1 10.226.2 Other related partiesAs at 29 March 2025, the following are also considered to be related parties under the Listing Rules and IAS 24 due to their shareholdings exceeding 10.0% 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 24.84% (2024: 24.84%) equity shareholding in Premier Foods plc and its right to appoint a member to the Board of directors.Transactions with related parties52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mSale of services:\u2013 Nissin 0.2 0.2 Total sales 0.2 0.2 Purchase of goods:\u2013 Nissin 37.6 29.1 Total purchases 37.6 29.1 As at 29 As atMarch 30 March 20252024\u00a3m\u00a3mTrade receivables:\u2013 Nissin 0.1 0.2 Total receivables 0.1 0.2 Trade payables: \u2013 Nissin (3.4) (3.6)Total payables (3.4) (3.6)26.3 Retirement benefit obligationsAs stated in note 13, 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 13 to these financial statements.27. Investments In accordance with Section 409 of the Companies Act 2006 and the Large and Medium-sized Companies and Groups (Ac 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 29 March 2025 is disclosed below. % Held % Held by Group by the companies, if Registered CompanyCompany different Share class CountryaddressPremier Foods Investments Limited 100% 100% \u00a31.00 Ordinary shares England Premier House Premier Foods Finance plc 0% 100% \u00a31.00 Ordinary sharesand WalesGriffiths WaySt 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 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 sharesThe Spice Tailor Limited 0% 100% \u00a30.001 Ordinary shares\u00a30.001 B shares\u00a30.001 C shares\u00a30.001 D shares\u00a30.001 E sharesThe Spice Tailor (Direct) Limited 0% 100% \u00a30.01 Ordinary sharesVic Hallam Holdings Limited** 0% 100% \u00a30.25 Ordinary shares\u00a31.00 redeemable cumulative preference sharesHillsdown Holdings Pension Trustees Limited* 0% 100% \u00a31.00 Ordinary sharesPremier Foods Group Life Plan Trustees Limited* 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 sharesPFF Old Co Limited** 0% 100% \u00a31.00 Ordinary sharesRH Old Co Limited* 0% 100% \u00a31.00 Ordinary sharesAlpha Cereals Unlimited** 0% 100% \u00a30.05 Ordinary sharesFuel10k Limited\u00a30.00001 A Ordinary \u00a30.00001 B Ordinary 0% 100%\u00a30.00001 C Ordinary \u00a30.00001 O Ordinary \u00a30.00001 V18 \u00a30.00001 V30Citadel Insurance Company Limited 0% 100% \u00a31.00 Ordinary Shares Isle of Man Ioma HouseHope Street DouglasIsle of ManIM1 1APWoolgate Nitrovit Limited** 0% 100% \u00a30.25 Ordinary shares England 2 Woolgate and WalesCourt St Benedicts StreetNorwichNorfolkNR2 4AP% Held % Held by Group by the companies, if Registered CompanyCompany different Share class CountryaddressDiamond Foods Lebensmittelhandel GmbH 0% 100% \u20ac0.5113 Ordinary shares Germany G\u00e4rtnerstra\u00dfe 3, 25485 Hemdingen, GermanyPremier Brands Limited* 0% 100% \u00a31.00 Ordinary shares Scotland Summit House4-5 Mitchell Street Edinburgh ScotlandEH6 7BDPremier Foods, Inc. 0% 100% US$0.01 Common United The Corporation Stock sharesStatesTrust CompanyCorporation Trust Centre1209 Orange Street, WilmingtonDE 19801, USAPremier Foods ROI Limited 0%100%\u20ac1.00 Ordinary sharesIreland 3 Dublin \u20ac1.26 Ordinary sharesLandings, North Premier Foods Ireland Manufacturing Limited*0%100%Wall Quay Dublin 1 IrelandG P Woolgate Limited** 0% 100% \u00a31.00 Ordinary shares England PWC LLP, and WalesBenson House 33 Wellington Street, Leeds, LS1 4JPThe Spice Tailor (Australia) PTY Limited 0% 100% AUD$1.00 NSW, Level 5, 461 Ordinary sharesAustraliaBourke Street, Melbourne 3000, Victoria, AustraliaThe Spice Tailor (Canada) Limited 0% 100% Common Stock @ no British 1800-1631 par valueColumbia Dickson Ave. Canada(Landmark 6)Kelowna BC V1Y 0B5, Canada* Dormant entities.** Restored companies.28. Subsequent eventsOn 15 May 2025, the directors have proposed a final dividend of 2.80 pence for the period ended 29 March 2025 for approval at the Annual General Meeting. See note 23 for more details.On 15 May 2025 the Group announced the Revolving Credit Facility had been increased to \u00a3282.5m, exercising an accordian option within the facility agreement.Company balance sheet Registered Number: 05160050As atAs at29 March 30 March20252024Note\u00a3m\u00a3mNon-current assets Investments in Group undertakings 4 1,123.7 1,120.6 Trade and other receivables 5 \u2013 28.5 1,123.7 1,149.1 Current assets Trade and other receivables 5 94.1 15.0 Cash and cash equivalents \u2013 0.2 Total assets 1,217.8 1,164.3 Trade and other payables 7 (6.6) (4.7)Net current assets 87.5 10.5 Total assets less current liabilities 1,211.2 1,159.6 Net assets 1,211.2 1,159.6 Equity Called up share capital 8 86.9 86.9 Share premium account 2.7 2.7 1Retained earnings 1,121.6 1,070.0 Total equity 1,211.2 1,159.6 1 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 \u00a371.8m (2024: \u00a34.1m Loss).The notes on pages 163 to 166 form an integral part of the financial statements.The financial statements on pages 161 to 166 were approved by the Board of directors on 15 May 2025 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 Note\u00a3m\u00a3m\u00a3m\u00a3mAt 2 April 2023 86.8 2.5 1,089.1 1,178.4 Loss for the period \u2013 \u2013 (4.1) (4.1)Share-based payments \u2013 \u2013 4.4 4.4 Purchase of shares to satisfy share awards \u2013 \u2013 (6.3) (6.3)Shares issued 0.1 0.2 \u2013 0.3 Dividends 9 \u2013 \u2013 (12.4) (12.4)Deferred tax movements on share-based payments \u2013 \u2013 (0.7) (0.7)At 30 March 2024 86.9 2.7 1,070.0 1,159.6 At 31 March 2024 86.9 2.7 1,070.0 1,159.6 Profit for the period \u2013 \u2013 71.8 71.8 Share-based payments \u2013 \u2013 4.6 4.6 Purchase of shares to satisfy share awards \u2013 \u2013 (9.9) (9.9)Dividends 9 \u2013 \u2013 (14.9) (14.9)At 29 March 2025 86.9 2.7 1,121.6 1,211.2 The Company has considered the profits available for distribution to shareholders. At 29 March 2025, the Company had retained earnings of \u00a31.1bn (2024: \u00a31.1bn) of which the unrealised profit element was \u00a30.5bn (2024: \u00a30.5bn). The Company had profits available for distribution of \u00a30.6bn (2024: \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 163 to 166 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 financial statements are available on our website: https://www.premierfoods.co.uk/results-centre/.These Group consolidated financial statements were authorised for issue by the Board of directors on 15 May 2025.",
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"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.",
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"value": "2. Accounting policiesThe material 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 31 March 2024 to 29 March 2025 and comparative results are for the 52 weeks from 2 April 2023 to 30 March 2024. All references to the \u2018period\u2019, unless otherwise stated, are for the 52 weeks ended 29 March 2025 and the comparative period, 52 weeks ended 30 March 2024.The preparation of financial statements in conformity with UK-adopted international accounting standards requires the use of certain material 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 material to the consolidated financial statements are disclosed in note 3.The following standards and amendments to published standards, effective for periods on or after 1 January 2024, have been endorsed:International Financial Reporting StandardsAmendments to IAS 1 Presentation of Financial StatementsAmendments to IFRS 16 Lease AccountingAmendments to IAS 12 Income TaxesAmendments to IAS 7 Statement of Cash FlowsAmendments to IFRS 7 Financial Instruments: DisclosuresThe following standards and amendments to published standards, effective for periods on or after 1 January 2025, have been endorsed:International Financial Reporting StandardsAmendments to IAS 21 Lack of ExchangeabilityThe 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 19. 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 28 September 2024 and 29 March 2025. 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 29 March 2025 the Group had total assets less current liabilities of \u00a31,981.4m (2024: \u00a32,053.7m), net current assets of \u00a3137.8m (2024: \u00a338.6m) and net assets of \u00a31,442.0m (2024: \u00a31,326.9m). Liquidity as at that date was \u00a3436.0m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3227.5m expiring in July 2029. At the time of the approval of this report, the cash and liquidity position of the Group has not changed significantly. Further details of the financing arrangements are included in note 19. The directors have rigorously reviewed all key risk assumptions in their Going Concern assessment considering both internal and external factors. Applying judgement, the global political environment, increasing costs including inflation, climate change, risk of cyber-attack and the retail market are the assumptions modelled by the directors in the 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. Whilst the downside case 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 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, optimise cashflow and liquidity. Amongst these are the following actions: 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 assumptions modelled. None of the assumptions 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 this report. Accordingly, the directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on the Going Concern Basis of Accounting and Related Reporting\u2019 issued by the FRC) in preparing its consolidated financial information.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 material accounting estimates or judgements. The Group will continue to monitor the impact on valuations of assets and liabilities as government policy evolves and our modelling in this area moves forward.The impact of climate change has been considered in the projected cash flows used for impairment testing where the material risks identified in the \u2018TCFD\u2019 statement, see page 46, have been modelled in the severe but plausible scenario for going concern and viability. See note 11 for further details.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 (its subsidiaries). Control is achieved where the Company is exposed to, or has rights to, variable returns from involvement with an investee and has 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 branded and own label food products 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 performance obligations are satisfied and 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 promotion 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) Commercial incomeCommercial income received from suppliers through rebates and discounts is recognised within cost of sales over the period(s) to which the underlying contract or agreement relates. Accrued income is recognised for rebates on contracts covering the current period, for which no cash was received at the balance sheet date. Deferred income is recognised for rebates that were received from suppliers at the balance sheet date but relate to contracts covering future periods.(ii) Sale of goodsSales of goods are recognised as revenue when a customer gains control of the goods, which typically coincides with the time when the merchandise is delivered to customers and title passes.(iii) 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 are related 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 material reversal will not occur. As there is no right to enforce net settlement, the accruals are presented gross.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 with a maturity point of less than three months at inception. 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.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 ultimate control of the product with the ability to bring the product back on premise if required. In this situation the costs would not be prohibitive and there would be no significant loss of functionality. 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, 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. 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.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 finance costs 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 25.0%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. 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 8.2.15 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 pensions finance income 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 13 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 finance costs in the income statement. Due to timing differences, certain of these trade receivables have not yet been sold into the purchase arrangement, as a result these receivables are recognised at fair value through profit or loss. The carrying value of receivables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity.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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__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 31 March 2024 to 29 March 2025 and comparative results are for the 52 weeks from 2 April 2023 to 30 March 2024. All references to the \u2018period\u2019, unless otherwise stated, are for the 52 weeks ended 29 March 2025 and the comparative period, 52 weeks ended 30 March 2024.The preparation of financial statements in conformity with UK-adopted international accounting standards requires the use of certain material 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 material to the consolidated financial statements are disclosed in note 3.The following standards and amendments to published standards, effective for periods on or after 1 January 2024, have been endorsed:International Financial Reporting StandardsAmendments to IAS 1 Presentation of Financial StatementsAmendments to IFRS 16 Lease AccountingAmendments to IAS 12 Income TaxesAmendments to IAS 7 Statement of Cash FlowsAmendments to IFRS 7 Financial Instruments: DisclosuresThe following standards and amendments to published standards, effective for periods on or after 1 January 2025, have been endorsed:International Financial Reporting StandardsAmendments to IAS 21 Lack of ExchangeabilityThe 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 19. 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 28 September 2024 and 29 March 2025. 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 29 March 2025 the Group had total assets less current liabilities of \u00a31,981.4m (2024: \u00a32,053.7m), net current assets of \u00a3137.8m (2024: \u00a338.6m) and net assets of \u00a31,442.0m (2024: \u00a31,326.9m). Liquidity as at that date was \u00a3436.0m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3227.5m expiring in July 2029. At the time of the approval of this report, the cash and liquidity position of the Group has not changed significantly. Further details of the financing arrangements are included in note 19. The directors have rigorously reviewed all key risk assumptions in their Going Concern assessment considering both internal and external factors. Applying judgement, the global political environment, increasing costs including inflation, climate change, risk of cyber-attack and the retail market are the assumptions modelled by the directors in the 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. Whilst the downside case 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 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, optimise cashflow and liquidity. Amongst these are the following actions: 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 assumptions modelled. None of the assumptions 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 this report. Accordingly, the directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on the Going Concern Basis of Accounting and Related Reporting\u2019 issued by the FRC) in preparing its consolidated financial information.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 material accounting estimates or judgements. The Group will continue to monitor the impact on valuations of assets and liabilities as government policy evolves and our modelling in this area moves forward.The impact of climate change has been considered in the projected cash flows used for impairment testing where the material risks identified in the \u2018TCFD\u2019 statement, see page 46, have been modelled in the severe but plausible scenario for going concern and viability. See note 11 for further details.",
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"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__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 31 March 2024 to 29 March 2025 and comparative results are for the 52 weeks from 2 April 2023 to 30 March 2024. All references to the \u2018period\u2019, unless otherwise stated, are for the 52 weeks ended 29 March 2025 and the comparative period, 52 weeks ended 30 March 2024.The preparation of financial statements in conformity with UK-adopted international accounting standards requires the use of certain material 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 material to the consolidated financial statements are disclosed in note 3.The following standards and amendments to published standards, effective for periods on or after 1 January 2024, have been endorsed:International Financial Reporting StandardsAmendments to IAS 1 Presentation of Financial StatementsAmendments to IFRS 16 Lease AccountingAmendments to IAS 12 Income TaxesAmendments to IAS 7 Statement of Cash FlowsAmendments to IFRS 7 Financial Instruments: DisclosuresThe following standards and amendments to published standards, effective for periods on or after 1 January 2025, have been endorsed:International Financial Reporting StandardsAmendments to IAS 21 Lack of ExchangeabilityThe 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 19. 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 28 September 2024 and 29 March 2025. 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 29 March 2025 the Group had total assets less current liabilities of \u00a31,981.4m (2024: \u00a32,053.7m), net current assets of \u00a3137.8m (2024: \u00a338.6m) and net assets of \u00a31,442.0m (2024: \u00a31,326.9m). Liquidity as at that date was \u00a3436.0m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3227.5m expiring in July 2029. At the time of the approval of this report, the cash and liquidity position of the Group has not changed significantly. Further details of the financing arrangements are included in note 19. The directors have rigorously reviewed all key risk assumptions in their Going Concern assessment considering both internal and external factors. Applying judgement, the global political environment, increasing costs including inflation, climate change, risk of cyber-attack and the retail market are the assumptions modelled by the directors in the 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. Whilst the downside case 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 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, optimise cashflow and liquidity. Amongst these are the following actions: 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 assumptions modelled. None of the assumptions 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 this report. Accordingly, the directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on the Going Concern Basis of Accounting and Related Reporting\u2019 issued by the FRC) in preparing its consolidated financial information.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 material accounting estimates or judgements. The Group will continue to monitor the impact on valuations of assets and liabilities as government policy evolves and our modelling in this area moves forward.The impact of climate change has been considered in the projected cash flows used for impairment testing where the material risks identified in the \u2018TCFD\u2019 statement, see page 46, have been modelled in the severe but plausible scenario for going concern and viability. See note 11 for further details.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 (its subsidiaries). Control is achieved where the Company is exposed to, or has rights to, variable returns from involvement with an investee and has 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 branded and own label food products 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 performance obligations are satisfied and 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 promotion 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) Commercial incomeCommercial income received from suppliers through rebates and discounts is recognised within cost of sales over the period(s) to which the underlying contract or agreement relates. Accrued income is recognised for rebates on contracts covering the current period, for which no cash was received at the balance sheet date. Deferred income is recognised for rebates that were received from suppliers at the balance sheet date but relate to contracts covering future periods.(ii) Sale of goodsSales of goods are recognised as revenue when a customer gains control of the goods, which typically coincides with the time when the merchandise is delivered to customers and title passes.(iii) 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 are related 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 material reversal will not occur. As there is no right to enforce net settlement, the accruals are presented gross.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 ",
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"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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},
"f1__s9__6__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 19. 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 28 September 2024 and 29 March 2025. 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 29 March 2025 the Group had total assets less current liabilities of \u00a31,981.4m (2024: \u00a32,053.7m), net current assets of \u00a3137.8m (2024: \u00a338.6m) and net assets of \u00a31,442.0m (2024: \u00a31,326.9m). Liquidity as at that date was \u00a3436.0m, made up of cash and cash equivalents, and undrawn committed credit facilities of \u00a3227.5m expiring in July 2029. At the time of the approval of this report, the cash and liquidity position of the Group has not changed significantly. Further details of the financing arrangements are included in note 19. The directors have rigorously reviewed all key risk assumptions in their Going Concern assessment considering both internal and external factors. Applying judgement, the global political environment, increasing costs including inflation, climate change, risk of cyber-attack and the retail market are the assumptions modelled by the directors in the 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. Whilst the downside case 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 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, optimise cashflow and liquidity. Amongst these are the following actions: 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 assumptions modelled. None of the assumptions 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 this report. Accordingly, the directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance \u2018Guidance on the Going Concern Basis of Accounting and Related Reporting\u2019 issued by the FRC) in preparing its consolidated financial information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
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},
"f1__s9__6__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 (its subsidiaries). Control is achieved where the Company is exposed to, or has rights to, variable returns from involvement with an investee and has the ability to affect those returns through its power over the investee.All intra-Group transactions, balances, income and expenses are eliminated on consolidation.",
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"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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},
"f1__s9__6__20": {
"value": "2.3 RevenueRevenue comprises the invoiced value for the sale of branded and own label food products 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 performance obligations are satisfied and 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 promotion 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) Commercial incomeCommercial income received from suppliers through rebates and discounts is recognised within cost of sales over the period(s) to which the underlying contract or agreement relates. Accrued income is recognised for rebates on contracts covering the current period, for which no cash was received at the balance sheet date. Deferred income is recognised for rebates that were received from suppliers at the balance sheet date but relate to contracts covering future periods.(ii) Sale of goodsSales of goods are recognised as revenue when a customer gains control of the goods, which typically coincides with the time when the merchandise is delivered to customers and title passes.(iii) 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 are related 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 material reversal will not occur. As there is no right to enforce net settlement, the accruals are presented gross.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__24": {
"value": "2.7 Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits with a maturity point of less than three months at inception. 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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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.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 ultimate control of the product with the ability to bring the product back on premise if required. In this situation the costs would not be prohibitive and there would be no significant loss of functionality. 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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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.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 ultimate control of the product with the ability to bring the product back on premise if required. In this situation the costs would not be prohibitive and there would be no significant loss of functionality. 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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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, 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. 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.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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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, 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. 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.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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 finance costs 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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 25.0%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. 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 8.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 25.0%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. 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 8.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 pensions finance income 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 13 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 13.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 2024 are rolled forward for cash movements to the end of March 2025 to estimate the valuations for these assets. This approach is principally relevant for Private equity, Property assets, Illiquid credits and Global credits. Management have reviewed the individual investments, disclosed the value asset where a lagged valuation is reported with a sensitivity and making clear that these valuations are subject to estimation uncertainty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 finance costs in the income statement. Due to timing differences, certain of these trade receivables have not yet been sold into the purchase arrangement, as a result these receivables are recognised at fair value through profit or loss. The carrying value of receivables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity.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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 finance costs in the income statement. Due to timing differences, certain of these trade receivables have not yet been sold into the purchase arrangement, as a result these receivables are recognised at fair value through profit or loss. The carrying value of receivables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity.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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 finance costs in the income statement. Due to timing differences, certain of these trade receivables have not yet been sold into the purchase arrangement, as a result these receivables are recognised at fair value through profit or loss. The carrying value of receivables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity.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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 finance costs in the income statement. Due to timing differences, certain of these trade receivables have not yet been sold into the purchase arrangement, as a result these receivables are recognised at fair value through profit or loss. The carrying value of receivables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity.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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 finance costs in the income statement. Due to timing differences, certain of these trade receivables have not yet been sold into the purchase arrangement, as a result these receivables are recognised at fair value through profit or loss. The carrying value of receivables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 finance costs in the income statement. Due to timing differences, certain of these trade receivables have not yet been sold into the purchase arrangement, as a result these receivables are recognised at fair value through profit or loss. The carrying value of receivables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 finance costs in the income statement. Due to timing differences, certain of these trade receivables have not yet been sold into the purchase arrangement, as a result these receivables are recognised at fair value through profit or loss. The carrying value of receivables with a remaining life of less than one year is deemed to reflect the fair value given their short maturity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__52-1": {
"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.3.4 Estimated values of acquired intangible assets on acquisitionsAcquired brands 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. On acquisition, an intangible asset relating to the brand is recognised as a fair value adjustment to the opening balance sheet. The brand asset is valued using a relief from royalty approach. The key assumptions underpinning the brand asset valuation are the revenue projections, discount rates and royalty rates. Applying different assumptions could result in a materially different brand intangible asset and a corresponding increase or decrease in the value of the residual goodwill recognised.JudgementsThe following are considered to be the key judgements within the financial statements:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__53": {
"value": "3. Material 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.Material 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 13.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 2024 are rolled forward for cash movements to the end of March 2025 to estimate the valuations for these assets. This approach is principally relevant for Private equity, Property assets, Illiquid credits and Global credits. Management have reviewed the individual investments, disclosed the value asset where a lagged valuation is reported with a sensitivity and making clear that these valuations are subject to estimation uncertainty.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 material 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 11 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 one to two 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 5.0% in either direction, this would have an impact of \u00a33.6m (2024: \u00a33.7m).3.4 Estimated values of acquired intangible assets on acquisitionsAcquired brands 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. On acquisition, an intangible asset relating to the brand is recognised as a fair value adjustment to the opening balance sheet. The brand asset is valued using a relief from royalty approach. The key assumptions underpinning the brand asset valuation are the revenue projections, discount rates and royalty rates. Applying different assumptions could result in a materially different brand intangible asset and a corresponding increase or decrease in the value of the residual goodwill recognised.JudgementsThe following are considered to be the key judgements within the financial statements:3.5 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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__55": {
"value": "Material 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 13.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 2024 are rolled forward for cash movements to the end of March 2025 to estimate the valuations for these assets. This approach is principally relevant for Private equity, Property assets, Illiquid credits and Global credits. Management have reviewed the individual investments, disclosed the value asset where a lagged valuation is reported with a sensitivity and making clear that these valuations are subject to estimation uncertainty.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 material 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 11 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 one to two 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 5.0% in either direction, this would have an impact of \u00a33.6m (2024: \u00a33.7m).3.4 Estimated values of acquired intangible assets on acquisitionsAcquired brands 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. On acquisition, an intangible asset relating to the brand is recognised as a fair value adjustment to the opening balance sheet. The brand asset is valued using a relief from royalty approach. The key assumptions underpinning the brand asset valuation are the revenue projections, discount rates and royalty rates. Applying different assumptions could result in a materially different brand intangible asset and a corresponding increase or decrease in the value of the residual goodwill recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__54": {
"value": "Material 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 13.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 2024 are rolled forward for cash movements to the end of March 2025 to estimate the valuations for these assets. This approach is principally relevant for Private equity, Property assets, Illiquid credits and Global credits. Management have reviewed the individual investments, disclosed the value asset where a lagged valuation is reported with a sensitivity and making clear that these valuations are subject to estimation uncertainty.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 material 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 11 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 one to two 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 5.0% in either direction, this would have an impact of \u00a33.6m (2024: \u00a33.7m).3.4 Estimated values of acquired intangible assets on acquisitionsAcquired brands 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. On acquisition, an intangible asset relating to the brand is recognised as a fair value adjustment to the opening balance sheet. The brand asset is valued using a relief from royalty approach. The key assumptions underpinning the brand asset valuation are the revenue projections, discount rates and royalty rates. Applying different assumptions could result in a materially different brand intangible asset and a corresponding increase or decrease in the value of the residual goodwill recognised.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 material 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 11 for further details.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 one to two 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 5.0% in either direction, this would have an impact of \u00a33.6m (2024: \u00a33.7m).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 segment. The Grocery segment primarily sells savoury ambient food products, and the Sweet Treats segment sells primarily sweet ambient food products. Sales to Ireland were previously included in the International operating segment; following an internal reorganisation these sales are included as part of the Grocery operating segment from 1 April 2024. The International segment has been aggregated within the Grocery segment for reporting purposes as revenue is below 10.0% 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 reported segments during the year.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. Gross profit is used as part of the Group segment performance reviews, whilst this is material in the context of the financial statements, the gross profit split between segments is broadly proportionate to that of divisional contribution. As a result, Gross profit presented by segment would not influence the decisions of the financial statement users.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 pensions finance income 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.Revenues in the period ended 29 March 2025, from the Group\u2019s four principal customers, which individually represent over 10.0% of total Group revenue, are \u00a3308.3m, \u00a3155.7m, \u00a3133.3m and \u00a3113.5m (2024: \u00a3289.9m, \u00a3156.5m, \u00a3127.9m and \u00a3109.6m). These revenues relate to both the Grocery and Sweet Treats reportable segments.The segment results for the period ended 29 March 2025, for the period ended 30 March 2024 and the reconciliation of the segment measures to the respective statutory items included in the consolidated financial statements are as follows:52 weeks ended 29 March 2025 52 weeks ended 30 March 2024Sweet Sweet GroceryTreatsTotalGroceryTreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 850.2 298.8 1,149.0 850.4 287.1 1,137.5 Divisional contribution 229.4 35.4 264.8 219.8 33.7 253.5 Group and corporate costs (77.0) (74.0)Trading profit 187.8 179.5 Amortisation of brand assets (20.5) (20.9)Fair value movements on foreign exchange 1and other derivative contracts 0.3 (1.1)Net finance income on pensions and administrative expenses 19.8 31.6 Non-trading items:2\u2013 Impairment of fixed assets\u2013 (4.2)3\u2013 Restructuring costs (1.1) (5.3)4\u2013 Other non-trading items (5.2) (1.9)Operating profit 181.1 177.7 Finance cost (28.9) (30.4)Finance income 9.1 4.1 Profit before taxation 161.3 151.4 1 The gain of \u00a30.3m (2024: loss of \u00a31.1m) reflects changes in fair value rate during the current period and movement in nominal value of the instruments held at 29 March 2025 from the 30 March 2024 position.2 Impairment of fixed assets in the prior period related to the closure of the Knighton and Charnwood sites. 3 Restructuring costs in the current period relate primarily to organisational changes to support a new planning system implementation. Restructuring costs in the prior period includes \u00a33.7m, which relates to the closure of the Knighton site with the remainder relating to the closure of the Charnwood site.4 Other non-trading items in the current and prior period primarily relates to the closure of the Knighton and Charnwood sites.Inter-segment transfers or transactions are entered into under the same terms and conditions that would be available to unrelated third parties.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 endedended29 March 30 March 20252024\u00a3m\u00a3mUnited Kingdom 1,071.8 1,067.1Other Europe 32.9 34.9Rest of world 44.3 35.5Total 1,149.0 1,137.5Non-current assetsAs atAs at29 March 30 March 20252024\u00a3m\u00a3mUnited Kingdom 1,178.2 1,182.7Non-current assets exclude deferred tax assets and net retirement benefit assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 segment. The Grocery segment primarily sells savoury ambient food products, and the Sweet Treats segment sells primarily sweet ambient food products. Sales to Ireland were previously included in the International operating segment; following an internal reorganisation these sales are included as part of the Grocery operating segment from 1 April 2024. The International segment has been aggregated within the Grocery segment for reporting purposes as revenue is below 10.0% 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 reported segments during the year.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. Gross profit is used as part of the Group segment performance reviews, whilst this is material in the context of the financial statements, the gross profit split between segments is broadly proportionate to that of divisional contribution. As a result, Gross profit presented by segment would not influence the decisions of the financial statement users.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 pensions finance income 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.Revenues in the period ended 29 March 2025, from the Group\u2019s four principal customers, which individually represent over 10.0% of total Group revenue, are \u00a3308.3m, \u00a3155.7m, \u00a3133.3m and \u00a3113.5m (2024: \u00a3289.9m, \u00a3156.5m, \u00a3127.9m and \u00a3109.6m). These revenues relate to both the Grocery and Sweet Treats reportable segments.The segment results for the period ended 29 March 2025, for the period ended 30 March 2024 and the reconciliation of the segment measures to the respective statutory items included in the consolidated financial statements are as follows:52 weeks ended 29 March 2025 52 weeks ended 30 March 2024Sweet Sweet GroceryTreatsTotalGroceryTreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 850.2 298.8 1,149.0 850.4 287.1 1,137.5 Divisional contribution 229.4 35.4 264.8 219.8 33.7 253.5 Group and corporate costs (77.0) (74.0)Trading profit 187.8 179.5 Amortisation of brand assets (20.5) (20.9)Fair value movements on foreign exchange 1and other derivative contracts 0.3 (1.1)Net finance income on pensions and administrative expenses 19.8 31.6 Non-trading items:2\u2013 Impairment of fixed assets\u2013 (4.2)3\u2013 Restructuring costs (1.1) (5.3)4\u2013 Other non-trading items (5.2) (1.9)Operating profit 181.1 177.7 Finance cost (28.9) (30.4)Finance income 9.1 4.1 Profit before taxation 161.3 151.4 1 The gain of \u00a30.3m (2024: loss of \u00a31.1m) reflects changes in fair value rate during the current period and movement in nominal value of the instruments held at 29 March 2025 from the 30 March 2024 position.2 Impairment of fixed assets in the prior period related to the closure of the Knighton and Charnwood sites. 3 Restructuring costs in the current period relate primarily to organisational changes to support a new planning system implementation. Restructuring costs in the prior period includes \u00a33.7m, which relates to the closure of the Knighton site with the remainder relating to the closure of the Charnwood site.4 Other non-trading items in the current and prior period primarily relates to the closure of the Knighton and Charnwood sites.Inter-segment transfers or transactions are entered into under the same terms and conditions that would be available to unrelated third parties.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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__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 segment. The Grocery segment primarily sells savoury ambient food products, and the Sweet Treats segment sells primarily sweet ambient food products. Sales to Ireland were previously included in the International operating segment; following an internal reorganisation these sales are included as part of the Grocery operating segment from 1 April 2024. The International segment has been aggregated within the Grocery segment for reporting purposes as revenue is below 10.0% 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 reported segments during the year.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. Gross profit is used as part of the Group segment performance reviews, whilst this is material in the context of the financial statements, the gross profit split between segments is broadly proportionate to that of divisional contribution. As a result, Gross profit presented by segment would not influence the decisions of the financial statement users.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 pensions finance income 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.Revenues in the period ended 29 March 2025, from the Group\u2019s four principal customers, which individually represent over 10.0% of total Group revenue, are \u00a3308.3m, \u00a3155.7m, \u00a3133.3m and \u00a3113.5m (2024: \u00a3289.9m, \u00a3156.5m, \u00a3127.9m and \u00a3109.6m). These revenues relate to both the Grocery and Sweet Treats reportable segments.The segment results for the period ended 29 March 2025, for the period ended 30 March 2024 and the reconciliation of the segment measures to the respective statutory items included in the consolidated financial statements are as follows:52 weeks ended 29 March 2025 52 weeks ended 30 March 2024Sweet Sweet GroceryTreatsTotalGroceryTreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 850.2 298.8 1,149.0 850.4 287.1 1,137.5 Divisional contribution 229.4 35.4 264.8 219.8 33.7 253.5 Group and corporate costs (77.0) (74.0)Trading profit 187.8 179.5 Amortisation of brand assets (20.5) (20.9)Fair value movements on foreign exchange 1and other derivative contracts 0.3 (1.1)Net finance income on pensions and administrative expenses 19.8 31.6 Non-trading items:2\u2013 Impairment of fixed assets\u2013 (4.2)3\u2013 Restructuring costs (1.1) (5.3)4\u2013 Other non-trading items (5.2) (1.9)Operating profit 181.1 177.7 Finance cost (28.9) (30.4)Finance income 9.1 4.1 Profit before taxation 161.3 151.4 1 The gain of \u00a30.3m (2024: loss of \u00a31.1m) reflects changes in fair value rate during the current period and movement in nominal value of the instruments held at 29 March 2025 from the 30 March 2024 position.2 Impairment of fixed assets in the prior period related to the closure of the Knighton and Charnwood sites. 3 Restructuring costs in the current period relate primarily to organisational changes to support a new planning system implementation. Restructuring costs in the prior period includes \u00a33.7m, which relates to the closure of the Knighton site with the remainder relating to the closure of the Charnwood site.4 Other non-trading items in the current and prior period primarily relates to the closure of the Knighton and Charnwood sites.Inter-segment transfers or transactions are entered into under the same terms and conditions that would be available to unrelated third parties.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 endedended29 March 30 March 20252024\u00a3m\u00a3mUnited Kingdom 1,071.8 1,067.1Other Europe 32.9 34.9Rest of world 44.3 35.5Total 1,149.0 1,137.5Non-current assetsAs atAs at29 March 30 March 20252024\u00a3m\u00a3mUnited Kingdom 1,178.2 1,182.7Non-current assets exclude deferred tax assets and net retirement benefit assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__62": {
"value": "52 weeks ended 29 March 2025 52 weeks ended 30 March 2024Sweet Sweet GroceryTreatsTotalGroceryTreatsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExternal revenues 850.2 298.8 1,149.0 850.4 287.1 1,137.5 Divisional contribution 229.4 35.4 264.8 219.8 33.7 253.5 Group and corporate costs (77.0) (74.0)Trading profit 187.8 179.5 Amortisation of brand assets (20.5) (20.9)Fair value movements on foreign exchange 1and other derivative contracts 0.3 (1.1)Net finance income on pensions and administrative expenses 19.8 31.6 Non-trading items:2\u2013 Impairment of fixed assets\u2013 (4.2)3\u2013 Restructuring costs (1.1) (5.3)4\u2013 Other non-trading items (5.2) (1.9)Operating profit 181.1 177.7 Finance cost (28.9) (30.4)Finance income 9.1 4.1 Profit before taxation 161.3 151.4 1 The gain of \u00a30.3m (2024: loss of \u00a31.1m) reflects changes in fair value rate during the current period and movement in nominal value of the instruments held at 29 March 2025 from the 30 March 2024 position.2 Impairment of fixed assets in the prior period related to the closure of the Knighton and Charnwood sites. 3 Restructuring costs in the current period relate primarily to organisational changes to support a new planning system implementation. Restructuring costs in the prior period includes \u00a33.7m, which relates to the closure of the Knighton site with the remainder relating to the closure of the Charnwood site.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__66": {
"value": "5.1 Analysis of costs by nature52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mEmployee benefits expense (note 6) (225.0) (212.1)Depreciation of property, plant and equipment (note 10) (19.6) (19.5)Amortisation of intangible assets (note 12) (26.3) (25.8)Repairs and maintenance expenditure (35.9) (36.1)Research and development costs (9.5) (9.2)Non-trading items\u2013 Impairment of property, plant and equipment (note 10) \u2013 (4.2)\u2013 Restructuring costs (1.1) (5.3)\u2013 Other non-trading items (5.2) (1.9)Auditors\u2019 remuneration (note 5.2) (1.5) (1.5)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__65": {
"value": "5.1 Analysis of costs by nature52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mEmployee benefits expense (note 6) (225.0) (212.1)Depreciation of property, plant and equipment (note 10) (19.6) (19.5)Amortisation of intangible assets (note 12) (26.3) (25.8)Repairs and maintenance expenditure (35.9) (36.1)Research and development costs (9.5) (9.2)Non-trading items\u2013 Impairment of property, plant and equipment (note 10) \u2013 (4.2)\u2013 Restructuring costs (1.1) (5.3)\u2013 Other non-trading items (5.2) (1.9)Auditors\u2019 remuneration (note 5.2) (1.5) (1.5)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__64": {
"value": "5.1 Analysis of costs by nature52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mEmployee benefits expense (note 6) (225.0) (212.1)Depreciation of property, plant and equipment (note 10) (19.6) (19.5)Amortisation of intangible assets (note 12) (26.3) (25.8)Repairs and maintenance expenditure (35.9) (36.1)Research and development costs (9.5) (9.2)Non-trading items\u2013 Impairment of property, plant and equipment (note 10) \u2013 (4.2)\u2013 Restructuring costs (1.1) (5.3)\u2013 Other non-trading items (5.2) (1.9)Auditors\u2019 remuneration (note 5.2) (1.5) (1.5)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__67": {
"value": "5.2 Auditors\u2019 remuneration52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mFees payable to the Group\u2019s auditors for the audit of the Consolidated and parent Company financial statements of Premier Foods plc (1.0) (1.0)\u2013 The audit of the Group\u2019s subsidiaries, pursuant to legislation (0.2) (0.2)Fees payable to the Group\u2019s auditors and its associates for other services:\u2013 Audit-related assurance services\u00b9 (0.2) (0.2)\u2013 Other assurance services\u00b2 (0.1) (0.1)Total auditors remuneration (1.5) (1.5)1 Audit-related assurance services includes \u00a30.2m (2024: \u00a30.2m) for the review of the half-year report. 2 Other assurance services relates primarily to sustainability assurance work.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__68": {
"value": "6. Employees 52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mEmployee benefits expenseWages, salaries and bonuses (186.4) (177.2)Social security costs (20.1) (18.0)1Termination benefits (3.1) (2.3)Share options granted to directors and employees (4.6) (4.4)Contributions to defined contribution schemes (note 13) (10.8) (10.2)Total (225.0) (212.1)1 Termination benefits in the current period relate primarily to organisational changes to support a new planning system implementation and within corporate functions. Termination benefits in the prior period relate primarily to the closure of the Charnwood site. Average monthly number of people employed (including executive directors):52 weeks 52 weeks endedended29 March 30 March 20252024NumberNumberAverage monthly number of people employedManagement 771 694 Administration 338 377 Production, distribution and other 3,081 3,161 Total 4,190 4,232 Directors\u2019 remuneration is disclosed in the audited section of the directors\u2019 remuneration report on pages 90 to 105, which forms part of these consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__73": {
"value": "7. Finance income and costs52 weeks 52 weeks endedended29 March 30 March20252024\u00a3m\u00a3mFinance costs payable on bank loans and overdrafts (11.0) (11.9)Finance costs payable on senior secured notes (11.6) (11.5)1Other finance costs payable (3.0) (5.2)Amortisation of debt issuance costs (1.9) (1.8)2 Write off of financing costs(1.4) \u2013Total finance cost (28.9) (30.4)Finance income receivable on bank deposits 6.0 3.6 3Other finance income 3.1 0.5 Total finance income 9.1 4.1 Net finance cost (19.8) (26.3)1 Included in other finance costs payable is \u00a30.7m charge (2024: \u00a30.8m charge) relating to non-cash finance costs on lease liabilities under IFRS 16 and \u00a32.3m (2024: \u00a34.4m) relating to the unwind of the Group\u2019s long-term provisions.2 Relates to the refinancing of the revolving credit facility in the current period.3 Other finance income includes both the unwind of the discount of the Group\u2019s long-term provisions and remeasurement of contingent consideration related to Group acquisitions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__72": {
"value": "7. Finance income and costs52 weeks 52 weeks endedended29 March 30 March20252024\u00a3m\u00a3mFinance costs payable on bank loans and overdrafts (11.0) (11.9)Finance costs payable on senior secured notes (11.6) (11.5)1Other finance costs payable (3.0) (5.2)Amortisation of debt issuance costs (1.9) (1.8)2 Write off of financing costs(1.4) \u2013Total finance cost (28.9) (30.4)Finance income receivable on bank deposits 6.0 3.6 3Other finance income 3.1 0.5 Total finance income 9.1 4.1 Net finance cost (19.8) (26.3)1 Included in other finance costs payable is \u00a30.7m charge (2024: \u00a30.8m charge) relating to non-cash finance costs on lease liabilities under IFRS 16 and \u00a32.3m (2024: \u00a34.4m) relating to the unwind of the Group\u2019s long-term provisions.2 Relates to the refinancing of the revolving credit facility in the current period.3 Other finance income includes both the unwind of the discount of the Group\u2019s long-term provisions and remeasurement of contingent consideration related to Group acquisitions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__71": {
"value": "7. Finance income and costs52 weeks 52 weeks endedended29 March 30 March20252024\u00a3m\u00a3mFinance costs payable on bank loans and overdrafts (11.0) (11.9)Finance costs payable on senior secured notes (11.6) (11.5)1Other finance costs payable (3.0) (5.2)Amortisation of debt issuance costs (1.9) (1.8)2 Write off of financing costs(1.4) \u2013Total finance cost (28.9) (30.4)Finance income receivable on bank deposits 6.0 3.6 3Other finance income 3.1 0.5 Total finance income 9.1 4.1 Net finance cost (19.8) (26.3)1 Included in other finance costs payable is \u00a30.7m charge (2024: \u00a30.8m charge) relating to non-cash finance costs on lease liabilities under IFRS 16 and \u00a32.3m (2024: \u00a34.4m) relating to the unwind of the Group\u2019s long-term provisions.2 Relates to the refinancing of the revolving credit facility in the current period.3 Other finance income includes both the unwind of the discount of the Group\u2019s long-term provisions and remeasurement of contingent consideration related to Group acquisitions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__70": {
"value": "7. Finance income and costs52 weeks 52 weeks endedended29 March 30 March20252024\u00a3m\u00a3mFinance costs payable on bank loans and overdrafts (11.0) (11.9)Finance costs payable on senior secured notes (11.6) (11.5)1Other finance costs payable (3.0) (5.2)Amortisation of debt issuance costs (1.9) (1.8)2 Write off of financing costs(1.4) \u2013Total finance cost (28.9) (30.4)Finance income receivable on bank deposits 6.0 3.6 3Other finance income 3.1 0.5 Total finance income 9.1 4.1 Net finance cost (19.8) (26.3)1 Included in other finance costs payable is \u00a30.7m charge (2024: \u00a30.8m charge) relating to non-cash finance costs on lease liabilities under IFRS 16 and \u00a32.3m (2024: \u00a34.4m) relating to the unwind of the Group\u2019s long-term provisions.2 Relates to the refinancing of the revolving credit facility in the current period.3 Other finance income includes both the unwind of the discount of the Group\u2019s long-term provisions and remeasurement of contingent consideration related to Group acquisitions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__69": {
"value": "7. Finance income and costs52 weeks 52 weeks endedended29 March 30 March20252024\u00a3m\u00a3mFinance costs payable on bank loans and overdrafts (11.0) (11.9)Finance costs payable on senior secured notes (11.6) (11.5)1Other finance costs payable (3.0) (5.2)Amortisation of debt issuance costs (1.9) (1.8)2 Write off of financing costs(1.4) \u2013Total finance cost (28.9) (30.4)Finance income receivable on bank deposits 6.0 3.6 3Other finance income 3.1 0.5 Total finance income 9.1 4.1 Net finance cost (19.8) (26.3)1 Included in other finance costs payable is \u00a30.7m charge (2024: \u00a30.8m charge) relating to non-cash finance costs on lease liabilities under IFRS 16 and \u00a32.3m (2024: \u00a34.4m) relating to the unwind of the Group\u2019s long-term provisions.2 Relates to the refinancing of the revolving credit facility in the current period.3 Other finance income includes both the unwind of the discount of the Group\u2019s long-term provisions and remeasurement of contingent consideration related to Group acquisitions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__74": {
"value": "8. TaxationCurrent tax52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mCurrent tax \u2013 Current period (10.0) (14.6) \u2013 Prior periods 1.5 0.6 Deferred tax \u2013 Current period (29.5) (24.9) \u2013 Prior periods 1.6 \u2013Income tax charge (36.4) (38.9)Tax relating to items recorded in other comprehensive income / (expense) included:52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mCorporation tax credit on pension movements 0.4 8.4 Deferred tax (charge) / credit on pension movements (4.0) 50.6 (3.6) 59.0 The applicable rate of corporation tax for the period is 25.0%. The UK deferred taxes at 29 March 2025 and 30 March 2024 have been measured using this enacted rate.The tax charge for the period differs from the standard rate of corporation tax in the United Kingdom of 25.0% (2024: 25.0%). The reasons for this are explained below:52 weeks 52 weeks endedended29 March 30 March 20252024\u00a3m\u00a3mProfit before taxation 161.3 151.4 Tax charge at the domestic income tax rate of 25.0% (2024: 25.0%) (40.3) (37.9)Tax effect of:Non-taxable items (1.4) (2.6)Losses not previously recognised 2.2 \u2013Acquisitions \u2013 1.0 Adjustments to prior periods 3.1 0.6 Income tax charge (36.4) (38.9)Losses of \u00a32.2m has been recognised (movement between unrecognised and recognised) for the 52 weeks ended 29 March 2025. In the prior year \u00a3nil was recognised. Corporation tax losses are not recognised where future recoverability is uncertain.The adjustments to prior periods of \u00a33.1m (2024: \u00a30.6m) relates primarily to the changes in prior period capital allowances, utilisation of losses and RDEC (Research and Development expenditure credit) following verifications in submitted returns.The Group is in scope of the Pillar Two legislation and has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent country-by-country reporting prepared for the Group and based on this assessment, the Group will not have any material potential exposure to Pillar Two top-up taxes.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.20252024\u00a3m\u00a3mAt 31 March 2024 / 2 April 2023 (130.5) (155.5)Business combinations \u2013 (2.3)Charged to the statement of profit or loss (27.9) (24.9)(Charged)/credited to other comprehensive income (4.0) 50.6 Credited to equity 0.8 1.6 At 29 March 2025 / 30 March 2024 (161.6) (130.5)The Group has not recognised \u00a30.3m of deferred tax assets (2024: \u00a32.5m not recognised) relating to international corporation tax losses as future recoverability is considered uncertain. In addition, the Group has not recognised a tax asset of \u00a367.8m (2024: \u00a367.8m) relating to Advanced Corporation Tax (\u2018ACT\u2019) and \u00a375.8m (2024: \u00a375.8m) relating to capital losses. Under current legislation these can generally be carried forward indefinitely.Retirement benefit IntangiblesobligationLeasesOtherTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 2 April 2023 (68.3) (187.9) (0.8) (1.3) (258.3)Acquisition of FUEL10K Limited (3.6) \u2013 \u2013 \u2013 (3.6)Current period credit/(charge) 1.7 (10.0) 0.4 1.0 (6.9)Credited to other comprehensive income \u2013 50.6 \u2013 \u2013 50.6 At 30 March 2024 (70.2) (147.3) (0.4) (0.3) (218.2)At 31 March 2024 (70.2) (147.3) (0.4) (0.3) (218.2)Current period credit/(charge) 1.6 (8.0) \u2013 \u2013 (6.4)Charged to other comprehensive income \u2013 (4.0) \u2013 \u2013 (4.0)At 29 March 2025 (68.6) (159.3) (0.4) (0.3) (228.6)Accelerated tax Share-based depreciationpaymentsLossesOtherTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 2 April 2023 40.2 3.9 55.8 2.9 102.8 Acquisition of FUEL10K Limited \u2013 \u2013 1.3 \u2013 1.3 Current period (charge)/credit (11.3) 1.0 (7.4) (0.3) (18.0)Credited to equity \u2013 1.6 \u2013 \u2013 1.6 Prior period credit/(charge)\u2013 To statement of profit or loss 0.1 \u2013 0.7 (0.8) \u2013At 30 March 2024 29.0 6.5 50.4 1.8 87.7At 31 March 2024 29.0 6.5 50.4 1.8 87.7 Current period (charge)/credit (14.7) 0.3 (8.4) (0.3) (23.1)Credited to equity \u2013 \u2013 \u2013 \u2013 \u2013Prior period (charge)/credit \u2013\u2013 To statement of profit or loss (0.6) \u2013 2.2 \u2013 1.6 \u2013 To equity \u2013 0.8 \u2013 \u2013 0.8 At 29 March 2025 13.7 7.6 44.2 1.5 67.0 Deferred tax asset on losses and accelerated tax depreciation \u00a3mAs at 29 March 2025 16.7As at 30 March 2024 22.4Net deferred tax liability \u00a3mAs at 29 March 2025 (178.3)As at 30 March 2024 (152.9)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 \u00a316.7m (2024: \u00a322.4m). 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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__75": {
"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.20252024\u00a3m\u00a3mAt 31 March 2024 / 2 April 2023 (130.5) (155.5)Business combinations \u2013 (2.3)Charged to the statement of profit or loss (27.9) (24.9)(Charged)/credited to other comprehensive income (4.0) 50.6 Credited to equity 0.8 1.6 At 29 March 2025 / 30 March 2024 (161.6) (130.5)The Group has not recognised \u00a30.3m of deferred tax assets (2024: \u00a32.5m not recognised) relating to international corporation tax losses as future recoverability is considered uncertain. In addition, the Group has not recognised a tax asset of \u00a367.8m (2024: \u00a367.8m) relating to Advanced Corporation Tax (\u2018ACT\u2019) and \u00a375.8m (2024: \u00a375.8m) relating to capital losses. Under current legislation these can generally be carried forward indefinitely.Retirement benefit IntangiblesobligationLeasesOtherTotalDeferred tax liabilities\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 2 April 2023 (68.3) (187.9) (0.8) (1.3) (258.3)Acquisition of FUEL10K Limited (3.6) \u2013 \u2013 \u2013 (3.6)Current period credit/(charge) 1.7 (10.0) 0.4 1.0 (6.9)Credited to other comprehensive income \u2013 50.6 \u2013 \u2013 50.6 At 30 March 2024 (70.2) (147.3) (0.4) (0.3) (218.2)At 31 March 2024 (70.2) (147.3) (0.4) (0.3) (218.2)Current period credit/(charge) 1.6 (8.0) \u2013 \u2013 (6.4)Charged to other comprehensive income \u2013 (4.0) \u2013 \u2013 (4.0)At 29 March 2025 (68.6) (159.3) (0.4) (0.3) (228.6)Accelerated tax Share-based depreciationpaymentsLossesOtherTotalDeferred tax assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 2 April 2023 40.2 3.9 55.8 2.9 102.8 Acquisition of FUEL10K Limited \u2013 \u2013 1.3 \u2013 1.3 Current period (charge)/credit (11.3) 1.0 (7.4) (0.3) (18.0)Credited to equity \u2013 1.6 \u2013 \u2013 1.6 Prior period credit/(charge)\u2013 To statement of profit or loss 0.1 \u2013 0.7 (0.8) \u2013At 30 March 2024 29.0 6.5 50.4 1.8 87.7At 31 March 2024 29.0 6.5 50.4 1.8 87.7 Current period (charge)/credit (14.7) 0.3 (8.4) (0.3) (23.1)Credited to equity \u2013 \u2013 \u2013 \u2013 \u2013Prior period (charge)/credit \u2013\u2013 To statement of profit or loss (0.6) \u2013 2.2 \u2013 1.6 \u2013 To equity \u2013 0.8 \u2013 \u2013 0.8 At 29 March 2025 13.7 7.6 44.2 1.5 67.0 Deferred tax asset on losses and accelerated tax depreciation \u00a3mAs at 29 March 2025 16.7As at 30 March 2024 22.4Net deferred tax liability \u00a3mAs at 29 March 2025 (178.3)As at 30 March 2024 (152.9)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 \u00a316.7m (2024: \u00a322.4m). 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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__76": {
"value": "9. Earnings per shareBasic earnings per share has been calculated by dividing the profit attributable to owners of the parent of \u00a3124.9m (2024: \u00a3112.5m profit) by the weighted average number of ordinary shares of the Company. Weighted average shares20252024 Number (m) Number (m)Weighted average number of ordinary shares for the purpose of basic earnings per share 874.4 862.4Effect of dilutive potential ordinary shares:\u2013 Share options 10.8 21.1 Weighted average number of ordinary shares for the purpose of diluted earnings per share 885.2 883.5Contingently issuable shares are included in the calculation for the weighted average number of ordinary shares used for basic earnings per share.Earnings per share calculation52 weeks ended 29 March 2025 52 weeks ended 30 March 2024Dilutive Dilutive effect effect of of share share Basicoptions Diluted Basicoptions Diluted Profit after tax (\u00a3m) 124.9 124.9 112.5 112.5 Weighted average number of shares (m) 874.4 10.8 885.2 862.4 21.1 883.5 Earnings per share (pence) 14.3 (0.2) 14.1 13.0 (0.3) 12.7 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 25.0% (2024: 25.0%) divided by the weighted average number of ordinary shares of the Company.Net regular interest is defined as net finance cost after excluding other finance cost and other finance income.Trading profit and Adjusted EPS have been reported as the directors believe these assist in providing additional useful information on the underlying trends, performance and position of the Group.52 weeks 52 weeks endedended29 March 30 March20252024\u00a3m\u00a3mTrading profit (note 4) 187.8 179.5Less net regular interest (18.5) (21.6)Adjusted profit before taxation 169.3 157.9Notional tax at 25.0% (2024: 25.0%) (42.3) (39.5)Adjusted profit after taxation 127.0 118.4Average shares in issue (m) 874.4 862.4Adjusted basic EPS (pence) 14.5 13.7Dilutive effect of share options (0.2) (0.3)Adjusted dilutive EPS (pence) 14.3 13.4Net regular interestNet finance cost (19.8) (26.3)Exclude other finance cost 3.0 5.2 Exclude write-off of financing costs 1.4 \u2013Exclude other finance income (3.1) (0.5)Net regular interest (18.5) (21.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__77": {
"value": "10. Property, plant and equipmentLand and Plant and Assets under Right of use buildingsequipmentconstructionAssetsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 2 April 2023 102.5 355.4 7.4 12.9 478.2Additions 3.5 9.2 14.0 3.6 30.3Disposals (1.9) (10.2) \u2013 (0.4) (12.5)Reclassified from intangibles \u2013 \u2013 0.4 \u2013 0.4 Transferred into use 0.1 3.6 (3.7) \u2013 \u2013 At 30 March 2024 104.2 358.0 18.1 16.1 496.4Additions 1.6 15.6 15.7 0.6 33.5 Disposals (2.6) (16.7) \u2013 (2.8) (22.1)Reclassified from intangibles \u2013 0.3 \u2013 \u2013 0.3 Transferred into use 1.2 12.1 (13.3) \u2013 \u2013At 29 March 2025 104.4 369.3 20.5 13.9 508.1Accumulated depreciation and impairmentAt 2 April 2023 (47.3) (239.7) \u2013 (5.3) (292.3)Depreciation charge (2.6) (15.0) \u2013 (1.9) (19.5)Disposals 1.8 9.8 \u2013 0.4 12.0 Impairment charge\u00b9 (2.2) (3.2) (0.8) \u2013 (6.2)At 30 March 2024 (50.3) (248.1) (0.8) (6.8) (306.0)Depreciation charge (2.6) (15.1) \u2013 (1.9) (19.6)Disposals 2.5 16.5 \u2013 2.8 21.8 At 29 March 2025 (50.4) (246.7) (0.8) (5.9) (303.8)Net book valueAt 30 March 2024 53.9 109.9 17.3 9.3 190.4At 29 March 2025 54.0 122.6 19.7 8.0 204.3 1 Impairment of fixed assets in the prior year includes \u00a34.2m in relation to non trading items, \u00a31.6m recognised in administration costs and \u00a30.4m which was previously recognised in 2023.Included in the right of use assets are the following:Plant, Land and equipment & buildingsotherTotal\u00a3m\u00a3m\u00a3mCostBalance at 2 April 2023 9.3 3.6 12.9 Additions 0.3 3.3 3.6 Disposals \u2013 (0.4) (0.4)At 30 March 2024 9.6 6.5 16.1Additions 0.3 0.3 0.6 Disposals (2.5) (0.3) (2.8)At 29 March 2025 7.4 6.5 13.9Accumulated depreciation and impairmentAt 2 April 2023 (3.5) (1.8) (5.3)Depreciation charge (0.8) (1.1) (1.9)Disposals \u2013 0.4 0.4 At 30 March 2024 (4.3) (2.5) (6.8)Depreciation charge (0.8) (1.1) (1.9)Disposals 2.5 0.3 2.8 At 29 March 2025 (2.6) (3.3) (5.9)Net book valueAt 30 March 2024 5.3 4.0 9.3 At 29 March 2025 4.8 3.2 8.0The 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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__78": {
"value": "11. Goodwill As atAs at29 March 30 March20252024\u00a3m\u00a3mCarrying valueAt 31 March 2024 / At 2 April 2023 702.7 680.3 Acquisition of subsidiary \u2013 22.4 At 29 March 2025 / At 30 March 2024 702.7 702.7 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 37, 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 4.0% (2024: 3.2% five-year compound revenue growth rate). Divisional contribution margin is forecast based on the projected mix of branded and non-branded sales, raw material input costs, purchasing initiatives, factory performance and efficiency plans and marketing and distribution costs. Management have modelled the going concern severe but plausible scenario which includes climate change, retailer action, cyber-attack and further inflation, and were within the range of the Group\u2019s existing sensitivities as disclosed within the table below. Please also see viability and going concern analysis on pages 68 and 69 for further detail. The climate scenarios modelled reflect the risks deemed material through the TCFD risk assessment see pages 49 to 53.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 1.53% (2024: 1.12%) is based on the ten-year average UK GDP growth rate (2024: Average medium-term GDP growth) as the directors expect food consumption to follow GDP growth. This is considered to be prudent versus 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 9.32% (2024: 8.26%). On a pre-tax basis a discount rate of 11.91% (2024: 10.64%) 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 \u00a3448.5m/\u00a3402.9mDivisional contribution margin Increase/decrease by 2.0% Increase/decrease by \u00a3241.0mLong-term growth rate Increase/decrease by 0.5% Increase/decrease by \u00a396.1m/\u00a384.5mDiscount rate Increase/decrease by 0.5% Decrease/increase by \u00a3108.9m/\u00a3123.9mUnder 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 2025 (2024: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
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"f1__s9__6__79": {
"value": "Goodwill impairment chargeThere has been no goodwill impairment charge recognised in 2025 (2024: \u00a3nil).",
"dimensions": {
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"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__80": {
"value": "12. Other intangible assetsCustomer Assets under SoftwareLicencesBrandsrelationshipsconstructionTotal \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 2 April 2023 140.2 28.0 685.7 134.8 2.5 991.2 Additions 3.3 \u2013 \u2013 \u2013 3.8 7.1 Acquisition of subsidiary \u2013 \u2013 14.4 \u2013 \u2013 14.4 Disposals (6.2) \u2013 \u2013 \u2013 \u2013 (6.2)Reclassified to property, plant and equipment \u2013 \u2013 \u2013 \u2013 (0.4) (0.4)Transferred into use 1.8 \u2013 \u2013 \u2013 (1.8) \u2013At 30 March 2024 139.1 28.0 700.1 134.8 4.1 1,006.1 Additions 5.2 \u2013 \u2013 \u2013 3.0 8.2 Reclassified to property, plant and equipment \u2013 \u2013 \u2013 \u2013 (0.3) (0.3)Transferred into use 3.9 \u2013 \u2013 \u2013 (3.9) \u2013At 29 March 2025 148.2 28.0 700.1 134.8 2.9 1,014.0 Accumulated amortisation and impairmentAt 2 April 2023 (127.2) (28.0) (406.8) (134.8) \u2013 (696.8)Disposals 6.1 \u2013 \u2013 \u2013 \u2013 6.1 Amortisation charge (4.9) \u2013 (20.9) \u2013 \u2013 (25.8)At 30 March 2024 (126.0) (28.0) (427.7) (134.8) \u2013 (716.5)Amortisation charge (5.8) \u2013 (20.5) \u2013 \u2013 (26.3)At 29 March 2025 (131.8) (28.0) (448.2) (134.8) \u2013 (742.8)Net book valueAt 30 March 2024 13.1 \u2013 272.4 \u2013 4.1 289.6 At 29 March 2025 16.4 \u2013 251.9 \u2013 2.9 271.2 All amortisation is recognised within administrative costs.Included in the assets under construction additions for the period are \u00a31.2m (2024: \u00a31.5m) 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 Estimated value at useful29 March life 2025remaining\u00a3mYearsBisto 71.5 12OXO 58.9 21Batchelors 36.8 11Mr Kipling 27.8 12The Spice Tailor 17.0 12Sharwood's 15.6 12FUEL10K 13.0 14",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
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"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__81": {
"value": "13. 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. These are as follows:\u2022 The RHM Pension Scheme\u2022 Premier Grocery Products Ireland Pension Scheme (\u2018PGPIPS\u2019)\u2022 Premier Foods Ireland Pension Scheme\u2022 Chivers 1987 Pension SchemeThe Premier Foods Pension Scheme and the Premier Grocery Products Pension Scheme were merged with the RHM Pension Scheme in 2020 on a \u201csegregated\u201d basis as three sections in the RHM Pension Scheme \u2013 the RHM Section, the Premier Foods Section and the Premier Grocery Products Section \u2013 each with its own separate pool of assets and its own liabilities.With effect from 29 March 2025, the RHM Pension Scheme was \u201cdesegregated\u201d with the liabilities of all three sections now paid from a single pool of assets (the \u2018desegregation\u2019). As a result the following disclosures are presented on a combined basis.The exchange rates used to translate the overseas euro-based schemes are \u00a31.00 = \u20ac1.1903 (2024: \u00a31.00 = \u20ac1.1587 for the average rate during the period, and \u00a31.00 = \u20ac1.1956 (2024: \u00a31.00 = \u20ac1.1699) 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 advisors 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 currently 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 (\u2018LDI\u2019) 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.The main risks to which the Group is exposed in relation to the funded pension schemes are as follows:\u2022 Liquidity risk \u2013The RHM Pension Scheme is currently in surplus, but subsequent valuations could reveal a deficit. As such, this could have an adverse impact on the financial position of the Group. The Group continues to monitor the pension risks closely working with the trustees to ensure a collaborative approach. \u2022 Mortality risk \u2013 the assumptions adopted make allowance for future improvements in life expectancy. However, if life expectancy improves at a faster rate than assumed, this would result in greater payments from the schemes and consequently, increases in the schemes liabilities. The trustees review the mortality assumption on a regular basis to minimise the risk of using an inappropriate assumption.\u2022 Yield risk \u2013 a fall in government bond yields will increase the schemes liabilities and certain of the assets. However, the liabilities may grow 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, the liabilities 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 as a whole invests directly in interest rate and inflation swaps to protect from fluctuations in interest rates and inflation and so has largely hedged inflation and interest rate exposure to the extent of its funding level. The liabilities of the schemes are approximately 35.0% in respect of former active members who have yet to retire and approximately 65.0% in respect of pensioner members already in receipt of benefits. The weighted average duration of the pension liabilities in the RHM Pension Scheme is 13.0 years.All pension schemes are closed to future accrual.At the balance sheet date, the combined principal accounting valuation assumptions were as follows:As atAs at29 March 30 March 20252024Discount rate 5.75% 4.80%Inflation \u2013 RPI 3.05% 3.15%Inflation \u2013 CPI 2.65% 2.75%Future pension increases\u2013 RPI (min 0.0% and max 5.0%) 2.80% 2.90%\u2013 CPI (min 3.0% and max 5.0%) 3.50% 3.55%For the smaller overseas schemes, the discount rate used was 3.7% (2024: 3.3%) and future pension increases were 1.8% (2024: 2.1%). At 29 March 2025 and 30 March 2024, 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% (2024: 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 0.9% p.a. lower than RPI pre 2030 (2024: 0.9% lower pre 2030), reflecting UKSA\u2019s stated intention to make no changes before 2030, and 0.1% lower than RPI post 2030 (2024: 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 0.4% (2024: 0.4%) p.a. The assumptions take into account the timing of the expected future cashflows from the pension schemes.The mortality assumptions are based on the latest standard mortality tables at the reporting date. The directors have considered the impact of the recent Covid-19 pandemic on the mortality assumptions and consider that use of the updated Continuous Mortality Improvement (\u2018CMI\u2019) 2023 projections for the future improvement assumption is a reasonable approach.The life expectancy assumptions are as follows:At 29 March At 30 March20252024Male pensioner, currently aged 65 85.0 84.6\u201386.3 Female pensioner, currently aged 65 87.3 87.0\u201388.1 Male non-pensioner, currently aged 45 86.1 85.8\u201387.2 Female non-pensioner, currently aged 45 89.0 88.8\u201389.5 A sensitivity analysis on the principal assumptions used to measure the scheme liabilities at the period is as follows:Change in assumption Impact on scheme liabilitiesDiscount rate Increase/decrease by 0.1% Decrease/increase by \u00a331.2m/\u00a331.8mInflation Increase/decrease by 0.1% Increase/decrease by \u00a314.0m/\u00a313.9mAssumed life expectancy at age 60 (rate of mortality) Increase/decrease by 1 year Increase/decrease by \u00a388.9m/\u00a391.8mThe sensitivity information has been derived using projected cash flows for the schemes valued using the relevant assumptions and membership profile as at 29 March 2025. Extrapolation of these results beyond the sensitivity figures shown may not be appropriate.Following the desegregation the disclosure of assets and liabilities are presented in total for the current and prior periods as outlined in the tables below.As at 29 March 2025 As at 30 March 2024Total% ofTotal% of\u00a3mtotal\u00a3mtotalAssets with a quoted price in an active market:Government bonds 951.0 29.6 1,235.4 34.6Cash 47.7 1.5 41.3 1.2Assets without a quoted price in an active market:Global equities 1.8 0.1 2.1 0.1Government bonds 31.7 1.0 34.1 1.0Corporate bonds 10.8 0.3 11.4 0.3Global property 382.5 11.9 448.6 12.5Absolute return products 227.8 7.1 244.6 6.9Infrastructure funds 383.9 11.9 378.5 10.5Interest rate swaps 224.5 7.0 241.6 6.8Inflation swaps 19.3 0.6 24.0 0.7Private equity 334.9 10.4 365.5 10.3LDI 7.1 0.2 7.2 0.2Global credit 304.0 9.5 181.2 5.1Illiquid credit 186.9 5.8 263.3 7.4Cash 4.0 0.1 4.2 0.1Other 94.9 3.0 82.0 2.3Fair value of scheme assets 3,212.8 100% 3,565.0 100For 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 either 28 March 2025 valuations where daily valuations are available or 31 March 2025 valuations for monthly valued funds. As is usual practice for pensions assets where valuations at these dates were not available, the most recent valuations (predominantly at 31 December 2024) have been rolled forward for cash movements to 29 March 2025 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 29 March 2025, the financial statements include \u00a3399.0m of assets (2024: \u00a3363.8m) using lagged valuations and were these lagged valuations to move by 1.0% there would be a \u00a34.0m (2024: \u00a33.6m) 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:As atAs at29 March 30 March 20252024\u00a3m\u00a3mPresent value of defined benefit obligation (2,564.1) (2,963.5)Fair value of plan assets 3,212.8 3,565.0Surplus in schemes 648.7 601.5The aggregate surplus of \u00a3601.5m has increased to a surplus of \u00a3648.7m in the current period. This increase of \u00a347.2m (2024: \u00a3164.0m decrease) is primarily due to higher net interest income on scheme assets and remeasurement gains on scheme liabilities more than offsetting remeasurement losses on scheme assets. Further details are provided later in this note.Changes in the present value of the defined benefit obligation were as follows:As atAs at 29 March 30 March 20252024\u00a3m\u00a3mDefined benefit obligation at 31 March 2024 / 2 April 2023 (2,963.5) (3,027.3)Finance cost (136.7) (139.7)Remeasurement gain 352.4 16.6Exchange differences 0.9 1.4Benefits paid 182.8 185.5Defined benefit obligation at 29 March 2025 / 30 March 2024 (2,564.1) (2,963.5)Changes in the fair value of plan assets were as follows:As atAs at 29 March 30 March 20252024\u00a3m\u00a3mFair value of scheme assets at 31 March 2024 / 2 April 2023 3,565.0 3,792.8Finance income on scheme assets 165.5 176.9Remeasurement losses (338.8) (254.3)Administrative costs (9.0) (5.6)Contributions by employer 9.2 38.71Additional employer contribution 5.0 3.8Exchange differences (1.3) (1.8)Benefits paid (182.8) (185.5)Fair value of scheme assets at 29 March 2025 / 30 March 2024 3,212.8 3,565.01 Contribution by the Group to the Premier Schemes prior to de-sectionalisation due to the payment of dividends during the year.The reconciliation of the net defined benefit surplus over the period is as follows:As atAs at 29 March 30 March 20252024\u00a3m\u00a3mSurplus in schemes at 31 March 2024 / 2 April 2023 601.5 765.5Amount recognised in profit or loss 19.8 31.6Remeasurements recognised in other comprehensive income 13.6 (237.7)Contributions by employer 9.2 38.71Additional employer contribution 5.0 3.8Exchange differences recognised in other comprehensive income (0.4) (0.4)Surplus in schemes at 29 March 2025 / 30 March 2024 648.7 601.51 Contribution by the Group to the Premier Schemes prior to de-sectionalisation due to the payment of dividends during the year.Remeasurements recognised in the consolidated statement of comprehensive income are as follows:52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mRemeasurement gain on scheme liabilities 352.4 16.6Remeasurement loss on scheme assets (338.8) (254.3)Net remeasurement gain/(loss) for the period 13.6 (237.7)The actual return on scheme assets was a \u00a3173.3m loss (2024: \u00a377.4m loss), which is \u00a3338.8m less (2024: \u00a3254.3m less) than the finance income on scheme assets of \u00a3165.5m (2024: \u00a3176.9m).The remeasurement gain on liabilities of \u00a3352.4m (2024: \u00a316.6m gain) comprises a gain due to changes in financial assumptions of \u00a3344.0m (2024: \u00a36.9m gain), a gain due to member experience of \u00a31.9m (2024: \u00a321.2m loss) and a gain due to demographic assumptions of \u00a36.5m (2024: \u00a330.9m gain).The Group expects to contribute \u00a37.0m annually to its defined benefit schemes in relation to expenses and government levies up in the 52 weeks to 28 March 2026. An agreement has been reached with the RHM Pension Scheme Trustee to suspend deficit contributions payments from 1 April 2024, as a result of this agreement, the Group has entered into a Letter of Credit in favour of the Scheme, equal to the suspended deficit contributions.Following the merger and subsequent de-sectionalisation, the Group has concluded that there is no change currently to the surplus recognition so the asset has not been restricted and no additional liability has been recognised. The Virgin Media Limited v NTL Pension Trustees II Limited decision, handed down by the High Court on 16 June 2023, considered the implications of Section 37 of the Pension Schemes Act 1993. Section 37 of the Pension Schemes Act 1993 only allowed the rules of contracted-out schemes in respect to benefits, to be altered where certain requirements were met. Following an appeal on 25 July 2024, the Court of Appeal upheld the High Court\u2019s decision, that the statutory actuarial confirmation was required, and without this, alterations to schemes were void. There is also potential for legislative intervention following industry lobbying efforts that may retrospectively validate certain rule amendments. The Trustee has begun the process of assessing amendments to identify any matters that might indicate a material risk of non-compliance with Section 37 of the Pension Schemes Act 1993. At the date of signing none had been identified. The total amounts recognised in the consolidated statement of profit or loss are as follows:52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mPeriod ended 29 March 2025 / 30 March 2024Operating profitAdministrative costs (9.0) (5.6)Net finance credit 28.8 37.2Total credit 19.8 31.6Defined 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 \u00a310.8m (2024: \u00a310.2m) represents contributions payable to the schemes by the Group at rates specified in the rules of the schemes.",
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"entity": "scheme:213800ZD5I8XHNMCJA67",
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"f1__s9__6__82": {
"value": "14. InventoriesAs atAs at29 March 30 March20252024\u00a3m\u00a3mRaw materials 18.6 18.5Work in progress 2.9 3.5Finished goods and goods for resale 80.0 76.9Total inventories 101.5 98.9Stock write-offs in the period amounted to \u00a35.7m. In the prior period, \u00a35.2m was written off.The borrowings of the Group are secured on the assets of the Group including inventories.",
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"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__86-1": {
"value": "15. Trade and other receivablesAs atAs at29 March 30 March20252024\u00a3m\u00a3mTrade receivables 76.6 83.0Trade receivables provided for (1.3) (2.5)Net trade receivables 75.3 80.5Prepayments 17.9 17.6Corporation tax 1.4 \u2013Other tax and social security receivable 16.9 13.9Other receivables 3.5 3.7Total trade and other receivables 115.0 115.718.2 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: Past due Fully performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 29 March 2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 1.2% 3.0% 3.3% 14.6% 7.0% 19.2% 1.6%Gross carrying amount trade and other receivables 73.7 3.2 1.2 0.5 0.2 1.3 80.1 Loss allowance (0.9) (0.1) (0.0) (0.1) (0.0) (0.2) (1.3)At 30 March 2024Trade and other receivablesExpected loss rate 2.2% 3.6% 14.0% 16.0% 11.1% 13.6% 2.9%Gross carrying amount trade and other receivables 76.6 6.0 0.1 0.7 0.6 2.7 86.7Loss allowance (1.7) (0.2) (0.0) (0.1) (0.1) (0.4) (2.5)The total loss allowance includes provisions in relation to receivables from customers that 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:\u00a3m \u00a3mAs at 31 March 2024 / 2 April 2023 (2.5) (2.9)Provision for receivables impairment released 1.2 0.4As at 29 March 2025/ 30 March 2024 (1.3) (2.5)",
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"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__85-1": {
"value": "15. Trade and other receivablesAs atAs at29 March 30 March20252024\u00a3m\u00a3mTrade receivables 76.6 83.0Trade receivables provided for (1.3) (2.5)Net trade receivables 75.3 80.5Prepayments 17.9 17.6Corporation tax 1.4 \u2013Other tax and social security receivable 16.9 13.9Other receivables 3.5 3.7Total trade and other receivables 115.0 115.717. Trade and other payables As atAs at29 March 30 March20252024\u00a3m\u00a3mTrade payables (140.5) (141.6)Commercial accruals (72.2) (74.3)Tax and social security payables (10.1) (8.8)Other payables and accruals (37.3) (39.9)Total trade and other payables (260.1) (264.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__84": {
"value": "15. Trade and other receivablesAs atAs at29 March 30 March20252024\u00a3m\u00a3mTrade receivables 76.6 83.0Trade receivables provided for (1.3) (2.5)Net trade receivables 75.3 80.5Prepayments 17.9 17.6Corporation tax 1.4 \u2013Other tax and social security receivable 16.9 13.9Other receivables 3.5 3.7Total trade and other receivables 115.0 115.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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},
"f1__s9__6__83": {
"value": "15. Trade and other receivablesAs atAs at29 March 30 March20252024\u00a3m\u00a3mTrade receivables 76.6 83.0Trade receivables provided for (1.3) (2.5)Net trade receivables 75.3 80.5Prepayments 17.9 17.6Corporation tax 1.4 \u2013Other tax and social security receivable 16.9 13.9Other receivables 3.5 3.7Total trade and other receivables 115.0 115.7The 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 its trade receivable purchase arrangement. This is a non-recourse arrangement and, therefore, amounts are de-recognised when sold. As at 29 March 2025, \u00a327.0m was drawn (2024: \u00a329.2m) under the non-recourse arrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__91": {
"value": "16. Notes to the cash flow statementReconciliation of profit before taxation to cash flows from operations52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mProfit before taxation 161.3 151.4Net finance cost 19.8 26.3Operating profit 181.1 177.7Depreciation of property, plant and equipment 19.6 19.5Amortisation of intangible assets 26.3 25.8Impairment of non-current assets\u00b9 \u2013 6.2 Net gain on disposal of non-current assets (0.2) (0.2)Fair value movements on foreign exchange and other derivative contracts (0.3) 1.1Net finance income on pensions and administrative expenses (19.8) (31.6)Equity-settled employee incentive schemes 4.6 4.4Increase in inventories (2.6) (7.5)Decrease/(increase) in trade and other receivables 2.3 (16.9)(Decrease)/increase for other payables and provisions (8.2) 10.4Additional employer contribution\u00b2 (5.0) (3.8)Contribution to defined benefit pension schemes (9.2) (38.7)Cash generated from operations 188.6 146.41 Impairment of non-current assets in the prior year primarily relates to the closure of the Knighton and Charnwood sites.2 Contribution by the Group to the Premier sections (prior to the de-sectionalisation) due to the payment of dividends during the year.Reconciliation of cash and cash equivalents to net borrowings52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mNet inflow of cash and cash equivalents 89.2 38.9 Movement in lease liabilities 2.3 1.1Debt issuance costs in the period 3.8 0.5Other non-cash movements (3.3) (1.8)Decrease in borrowings net of cash 92.0 38.7Total net borrowings at beginning of period (235.6) (274.3)Total net borrowings at end of period (143.6) (235.6)Analysis of movement in borrowings As at Non-cash Other As at 31 March interest non-cash 29 March 2024Cash flowsexpense movements2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCash and bank deposits 102.3 89.2 \u2013 \u2013 191.5 Net cash and cash equivalents 102.3 89.2 \u2013 \u2013 191.5 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)3Lease liabilities (12.2) 3.4 (0.7) (0.4) (9.9)1Gross borrowings net of cash (239.9) 92.6 (0.7) (0.4) (148.4)2Debt issuance costs 4.3 3.8 (1.9) (1.4) 4.8 1Total net borrowings (235.6) 96.4 (2.6) (1.8) (143.6)1 Borrowings exclude derivative financial instruments. 2 The non-cash finance costs movement in debt issuance costs relates to the amortisation of capitalised borrowing costs and other non-cash movements relates to the write off of previously capitalised borrowing costs.3 The non-cash finance costs relate to IFRS16 interest.Cash outflows of \u00a33.4m (2024: \u00a32.6m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.7m included in finance costs 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 29 March 2025 As at 30 March 2024Offset Offset Net offset Offset Offset Net offset assetliabilityassetassetliabilityliabilityCash, cash equivalents and bank overdrafts 2.0 \u2013 2.0 16.0 (12.5) 3.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__87": {
"value": "16. Notes to the cash flow statementReconciliation of profit before taxation to cash flows from operations52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mProfit before taxation 161.3 151.4Net finance cost 19.8 26.3Operating profit 181.1 177.7Depreciation of property, plant and equipment 19.6 19.5Amortisation of intangible assets 26.3 25.8Impairment of non-current assets\u00b9 \u2013 6.2 Net gain on disposal of non-current assets (0.2) (0.2)Fair value movements on foreign exchange and other derivative contracts (0.3) 1.1Net finance income on pensions and administrative expenses (19.8) (31.6)Equity-settled employee incentive schemes 4.6 4.4Increase in inventories (2.6) (7.5)Decrease/(increase) in trade and other receivables 2.3 (16.9)(Decrease)/increase for other payables and provisions (8.2) 10.4Additional employer contribution\u00b2 (5.0) (3.8)Contribution to defined benefit pension schemes (9.2) (38.7)Cash generated from operations 188.6 146.41 Impairment of non-current assets in the prior year primarily relates to the closure of the Knighton and Charnwood sites.2 Contribution by the Group to the Premier sections (prior to the de-sectionalisation) due to the payment of dividends during the year.Reconciliation of cash and cash equivalents to net borrowings52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mNet inflow of cash and cash equivalents 89.2 38.9 Movement in lease liabilities 2.3 1.1Debt issuance costs in the period 3.8 0.5Other non-cash movements (3.3) (1.8)Decrease in borrowings net of cash 92.0 38.7Total net borrowings at beginning of period (235.6) (274.3)Total net borrowings at end of period (143.6) (235.6)Analysis of movement in borrowings As at Non-cash Other As at 31 March interest non-cash 29 March 2024Cash flowsexpense movements2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCash and bank deposits 102.3 89.2 \u2013 \u2013 191.5 Net cash and cash equivalents 102.3 89.2 \u2013 \u2013 191.5 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)3Lease liabilities (12.2) 3.4 (0.7) (0.4) (9.9)1Gross borrowings net of cash (239.9) 92.6 (0.7) (0.4) (148.4)2Debt issuance costs 4.3 3.8 (1.9) (1.4) 4.8 1Total net borrowings (235.6) 96.4 (2.6) (1.8) (143.6)1 Borrowings exclude derivative financial instruments. 2 The non-cash finance costs movement in debt issuance costs relates to the amortisation of capitalised borrowing costs and other non-cash movements relates to the write off of previously capitalised borrowing costs.3 The non-cash finance costs relate to IFRS16 interest.Cash outflows of \u00a33.4m (2024: \u00a32.6m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.7m included in finance costs 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 29 March 2025 As at 30 March 2024Offset Offset Net offset Offset Offset Net offset assetliabilityassetassetliabilityliabilityCash, cash equivalents and bank overdrafts 2.0 \u2013 2.0 16.0 (12.5) 3.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__90": {
"value": "Analysis of movement in borrowings As at Non-cash Other As at 31 March interest non-cash 29 March 2024Cash flowsexpense movements2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCash and bank deposits 102.3 89.2 \u2013 \u2013 191.5 Net cash and cash equivalents 102.3 89.2 \u2013 \u2013 191.5 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)3Lease liabilities (12.2) 3.4 (0.7) (0.4) (9.9)1Gross borrowings net of cash (239.9) 92.6 (0.7) (0.4) (148.4)2Debt issuance costs 4.3 3.8 (1.9) (1.4) 4.8 1Total net borrowings (235.6) 96.4 (2.6) (1.8) (143.6)1 Borrowings exclude derivative financial instruments. 2 The non-cash finance costs movement in debt issuance costs relates to the amortisation of capitalised borrowing costs and other non-cash movements relates to the write off of previously capitalised borrowing costs.3 The non-cash finance costs relate to IFRS16 interest.Cash outflows of \u00a33.4m (2024: \u00a32.6m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.7m included in finance costs 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 29 March 2025 As at 30 March 2024Offset Offset Net offset Offset Offset Net offset assetliabilityassetassetliabilityliabilityCash, cash equivalents and bank overdrafts 2.0 \u2013 2.0 16.0 (12.5) 3.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__89-1": {
"value": "Analysis of movement in borrowings As at Non-cash Other As at 31 March interest non-cash 29 March 2024Cash flowsexpense movements2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCash and bank deposits 102.3 89.2 \u2013 \u2013 191.5 Net cash and cash equivalents 102.3 89.2 \u2013 \u2013 191.5 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)3Lease liabilities (12.2) 3.4 (0.7) (0.4) (9.9)1Gross borrowings net of cash (239.9) 92.6 (0.7) (0.4) (148.4)2Debt issuance costs 4.3 3.8 (1.9) (1.4) 4.8 1Total net borrowings (235.6) 96.4 (2.6) (1.8) (143.6)1 Borrowings exclude derivative financial instruments. 2 The non-cash finance costs movement in debt issuance costs relates to the amortisation of capitalised borrowing costs and other non-cash movements relates to the write off of previously capitalised borrowing costs.3 The non-cash finance costs relate to IFRS16 interest.Cash outflows of \u00a33.4m (2024: \u00a32.6m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.7m included in finance costs 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 29 March 2025 As at 30 March 2024Offset Offset Net offset Offset Offset Net offset assetliabilityassetassetliabilityliabilityCash, cash equivalents and bank overdrafts 2.0 \u2013 2.0 16.0 (12.5) 3.519. Bank and other borrowingsAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mCurrent:Lease liabilities (1.9) (2.7)Total borrowings due within one year (1.9) (2.7)Non-current:1Transaction costs 4.8 4.3 Senior secured notes (330.0) (330.0) (325.2) (325.7)Lease liabilities (8.0) (9.5)Total borrowings due after more than one year (333.2) (335.2)Total bank and other borrowings (335.1) (337.9)1 Included in transaction costs is \u00a33.2m (2024: \u00a31.6m) relating to the revolving credit facility.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__88": {
"value": "Analysis of movement in borrowings As at Non-cash Other As at 31 March interest non-cash 29 March 2024Cash flowsexpense movements2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCash and bank deposits 102.3 89.2 \u2013 \u2013 191.5 Net cash and cash equivalents 102.3 89.2 \u2013 \u2013 191.5 Borrowings \u2013 Senior Secured Fixed Rate Notes maturing October 2026 (330.0) \u2013 \u2013 \u2013 (330.0)3Lease liabilities (12.2) 3.4 (0.7) (0.4) (9.9)1Gross borrowings net of cash (239.9) 92.6 (0.7) (0.4) (148.4)2Debt issuance costs 4.3 3.8 (1.9) (1.4) 4.8 1Total net borrowings (235.6) 96.4 (2.6) (1.8) (143.6)1 Borrowings exclude derivative financial instruments. 2 The non-cash finance costs movement in debt issuance costs relates to the amortisation of capitalised borrowing costs and other non-cash movements relates to the write off of previously capitalised borrowing costs.3 The non-cash finance costs relate to IFRS16 interest.Cash outflows of \u00a33.4m (2024: \u00a32.6m) in relation to repayments of lease liabilities have been included in the consolidated statement of cash flows, including \u00a30.7m included in finance costs 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 29 March 2025 As at 30 March 2024Offset Offset Net offset Offset Offset Net offset assetliabilityassetassetliabilityliabilityCash, cash equivalents and bank overdrafts 2.0 \u2013 2.0 16.0 (12.5) 3.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__95": {
"value": "17. Trade and other payables As atAs at29 March 30 March20252024\u00a3m\u00a3mTrade payables (140.5) (141.6)Commercial accruals (72.2) (74.3)Tax and social security payables (10.1) (8.8)Other payables and accruals (37.3) (39.9)Total trade and other payables (260.1) (264.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__93-1": {
"value": "17. Trade and other payables As atAs at29 March 30 March20252024\u00a3m\u00a3mTrade payables (140.5) (141.6)Commercial accruals (72.2) (74.3)Tax and social security payables (10.1) (8.8)Other payables and accruals (37.3) (39.9)Total trade and other payables (260.1) (264.6)18. 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. The Price Risk Management Committee monitors and reviews the Group\u2019s foreign currency exchange and energy price exposures and recommends appropriate hedging strategies for each.18.1 Market risk(i) Foreign exchange riskThe Group\u2019s main operating entities\u2019 functional currency and the Group\u2019s presentational currency is sterling, although some transactions are executed in non-sterling currencies, principally the euro. The transactional amounts realised or settled are, therefore, subject to the effect of movements in these currencies against sterling. Management of these exposures is centralised and managed by the Treasury function. It is the Group\u2019s policy to manage the exposures arising using forward foreign currency exchange contracts. 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 ended29 March 30 March Principal rate of exchange: euro/sterling 20252024Period ended 1.1956 1.1699Average 1.1903 1.1587The 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 29 March 2025 and 30 March 2024 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.Functional currency of subsidiaries \u2013 SterlingAs atAs at29 March 30 March20252024\u00a3m\u00a3mNet foreign currency monetary assets:\u2013 Euro (7.8) (4.4)\u2013 US dollar 0.1 1.7 \u2013 Other 2.7 7.5 Total (5.0) 4.8 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 at29 March 30 March20252024\u00a3m\u00a3mEuro (45.8) (54.9)Australian dollar (2.5) \u2013 Indian rupee (6.3) (4.7)Total (54.6) (59.6)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 \u00a34.4m (2024: \u00a33.4m 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 \u00a35.2m (2024: \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, which include, among other things, dairy, wheat, cocoa, edible oils and energy. The price risk including inflation on these commodities is managed closely by the Group through the Price Risk Management Committee. It is the Group\u2019s policy to minimise its exposure to this volatility by adopting an appropriate forward purchase strategy. (iii) Interest rate riskThe Group\u2019s borrowing facilities comprise senior secured notes and a revolving facility, in sterling. Interest on the revolving facility is charged at floating rates plus a margin on the amounts drawn down, and at 35.0% of the applicable margin for the non-utilised portion of the facility, 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.18.2 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: Past due Fully performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 29 March 2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 1.2% 3.0% 3.3% 14.6% 7.0% 19.2% 1.6%Gross carrying amount trade and other receivables 73.7 3.2 1.2 0.5 0.2 1.3 80.1 Loss allowance (0.9) (0.1) (0.0) (0.1) (0.0) (0.2) (1.3)At 30 March 2024Trade and other receivablesExpected loss rate 2.2% 3.6% 14.0% 16.0% 11.1% 13.6% 2.9%Gross carrying amount trade and other receivables 76.6 6.0 0.1 0.7 0.6 2.7 86.7Loss allowance (1.7) (0.2) (0.0) (0.1) (0.1) (0.4) (2.5)The total loss allowance includes provisions in relation to receivables from customers that 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:\u00a3m \u00a3mAs at 31 March 2024 / 2 April 2023 (2.5) (2.9)Provision for receivables impairment released 1.2 0.4As at 29 March 2025/ 30 March 2024 (1.3) (2.5)18.3 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. Where the Group has surplus short-term liquidity, these funds are placed on short-term deposit with reputable banks within the Group\u2019s banking providers to manage concentration risk.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, the timing of the dividend payment 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 29 March 2025Trade and other payables (250.0) \u2013 \u2013 \u2013 \u2013 \u2013 (250.0)Senior secured notes \u2013 fixed (11.6) (341.6) \u2013 \u2013 \u2013 \u2013 (353.2)Lease liabilities (2.4) (1.7) (1.6) (1.5) (1.3) (6.2) (14.7)At 30 March 2024Trade and other payables (255.8) \u2013 \u2013 \u2013 \u2013 \u2013 (255.8)Senior secured notes \u2013 fixed (11.6) (11.6) (341.6) \u2013 \u2013 \u2013 (364.8)Lease liabilities (2.9) (2.5) (1.9) (1.5) (1.5) (8.9) (19.2)At 29 March 2025, the Group had \u00a3244.5m (2024: \u00a3182.0m) of facilities (including revolving credit facility) not drawn, expiring in four years (2024: two to three years). The revolving credit facility is priced to SONIA, other liabilities are not re-priced before the maturity date.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 11 and 2 2 and 3 yearyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 29 March 2025 11.6 11.6 \u2013 23.2 At 30 March 2024 11.6 11.6 11.6 34.8The 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 yearTotal\u00a3m\u00a3mAt 29 March 2025Forward foreign exchange contracts:\u2013 Outflow (54.4) (54.4)\u2013 Inflow 53.6 53.6 Total derivative financial instruments (0.8) (0.8)At 30 March 2024Forward foreign exchange contracts:\u2013 Outflow (59.5) (59.5)\u2013 Inflow 58.5 58.5Total derivative financial instruments (1.0) (1.0)18.4 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 29 March 2025 As at 30 March 2024Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised cost:Trade and other receivables 61.2 61.2 72.7 72.7 Cash and cash equivalents 191.5 191.5 102.3 102.3 Financial assets at fair value through profit or loss:Trade and other receivables 14.1 14.1 7.8 7.8 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.1 0.1 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.6) (0.6) (0.8) (0.8)Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) (18.8) (18.8) (19.1) (19.1)Financial liabilities at amortised cost:Trade and other payables (250.0) (250.0) (255.8) (255.8)Senior secured notes (330.0) (325.0) (330.0) (315.0)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) or indirectly (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 29 March 2025 As at 30 March 2024Level 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 11.7 2.4 \u2013 4.9 2.9 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.1 \u2013 \u2013 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.6) \u2013 \u2013 (0.8) \u2013Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) \u2013 \u2013 (18.8) \u2013 \u2013 (19.1)Financial liabilities at amortised cost:Senior secured notes (325.0) \u2013 \u2013 (315.0) \u2013 \u2013Fair 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 \u00a30.3m has been credited to the statement of profit or loss in the period (2024: \u00a31.0m debit). Short and long-term borrowings, loan notes and finance costs 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 considerationThe deferred contingent consideration arose following previous acquisitions. The fair values are based on unobservable inputs and are classified as a level 3 fair value estimate under the IFRS fair value hierarchy. As a result of discount unwind and re-measurement, a credit of \u00a30.3m (2024: \u00a34.3m debit) was recognised in the statement of profit or loss under net finance cost.18.5 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 2.80 pence per share for the period ended 29 March 2025 (2024: 1.728 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 As at 29 March 30 March2025 2024\u00a3m\u00a3mTotal borrowings (335.1) (337.9)Less cash and bank deposits 191.5 102.3Net debt (143.6) (235.6)Total equity (1,442.0) (1,326.9)Total capital (1,585.6) (1,562.5)Gearing ratio 9.1% 15.0%Gearing has reduced due to strong cash generation.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 28 September 2024 and 29 March 2025. 18.6 Financial compliance riskRiskThe Group operates with net debt of \u00a3143.6m (2024: \u00a3235.6m) and is subject to operating within banking covenants set out in its financing 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 29 March 2025 (2024: 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. The Group also supports one defined benefit pension scheme in the UK, the RHM Pension Scheme and three in Ireland (see note 13).MitigationThe Group has financing arrangements, which provide funding with maturities ranging from 2026 to 2029. 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.19. Bank and other borrowingsAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mCurrent:Lease liabilities (1.9) (2.7)Total borrowings due within one year (1.9) (2.7)Non-current:1Transaction costs 4.8 4.3 Senior secured notes (330.0) (330.0) (325.2) (325.7)Lease liabilities (8.0) (9.5)Total borrowings due after more than one year (333.2) (335.2)Total bank and other borrowings (335.1) (337.9)1 Included in transaction costs is \u00a33.2m (2024: \u00a31.6m) relating to the revolving credit facility.Secured senior credit facility \u2013 revolving During the period, the Group signed a new five-year revolving credit facility (RCF) agreement with an increased facility limit of \u00a3227.5m (prior facility \u00a3175.0m). Transactions costs of \u00a33.8m were capitalised in relation to this extension. The RCF attracts a leverage-based margin of between 1.8% and 3.5% above SONIA.The covenant package attached to the revolving credit facility is:Net debt/Net debt/11Interest2025 FY 3.50x 3.00xEBITDA2026 FY 3.50x 3.00x1 Net debt, EBITDA and Interest are as defined under the revolving credit facility agreement.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%.20. Provisions for liabilities and chargesPropertyOtherTotal\u00a3m\u00a3m\u00a3m2 April 2023 (6.2) (13.7) (19.9)Utilised during the period 0.8 6.3 7.1Additional charge in the period (1.6) (3.7) (5.3)Unwind of discount 0.2 0.3 0.5Released during the period 0.7 1.2 1.91Addition through business combination\u2013 (1.4) (1.4)30 March 2024 (6.1) (11.0) (17.1)Utilised during the period \u2013 4.7 4.7 Additional charge in the period (0.4) (3.1) (3.5)Unwind of discount 0.2 0.2 0.4 Released during the period 0.1 1.4 1.5 29 March 2025 (6.2) (7.8) (14.0)1 During the prior period, as a result of the acquisition of FUEL10k, the Group recognised provisions of \u00a31.4m in relation to the fair value of contingent liabilities acquired as part of the business combination.Property provisions primarily relate to provisions for dilapidations against leasehold properties and environmental liabilities. These provisions have been discounted at rates between 4.3% and 5.3% (2024: 3.9% and 4.1%) 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 at As at 29 March 30 March2025 2024Ageing of total provisions:\u00a3m\u00a3mWithin one year (6.7) (9.8)Between two and five years (6.3) (5.6)After five years (1.0) (1.7)Total (14.0) (17.1)From time to time, the Group is subject to claims and potential litigation. At the time of these financial statements, the Directors do not consider such claims and litigation to have anything other than a remote risk of resulting in any material liability to the Group.21. Other liabilities Other liabilities less than one yearAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mDeferred income (1.0) \u2013Other liabilities (1.0) \u2013Other liabilities more than one yearAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mDeferred income (1.8) (3.8)Deferred contingent consideration (18.8) (19.1)Other liabilities (20.6) (22.9)Deferred income relates to amounts received in relation to a previously disposed business. Deferred contingent consideration relates to the present value of estimated future payments in relation to previous acquisitions.",
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"value": "17. Trade and other payables As atAs at29 March 30 March20252024\u00a3m\u00a3mTrade payables (140.5) (141.6)Commercial accruals (72.2) (74.3)Tax and social security payables (10.1) (8.8)Other payables and accruals (37.3) (39.9)Total trade and other payables (260.1) (264.6)",
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"f1__s9__6__97": {
"value": "18. 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. The Price Risk Management Committee monitors and reviews the Group\u2019s foreign currency exchange and energy price exposures and recommends appropriate hedging strategies for each.18.1 Market risk(i) Foreign exchange riskThe Group\u2019s main operating entities\u2019 functional currency and the Group\u2019s presentational currency is sterling, although some transactions are executed in non-sterling currencies, principally the euro. The transactional amounts realised or settled are, therefore, subject to the effect of movements in these currencies against sterling. Management of these exposures is centralised and managed by the Treasury function. It is the Group\u2019s policy to manage the exposures arising using forward foreign currency exchange contracts. 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 ended29 March 30 March Principal rate of exchange: euro/sterling 20252024Period ended 1.1956 1.1699Average 1.1903 1.1587The 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 29 March 2025 and 30 March 2024 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.Functional currency of subsidiaries \u2013 SterlingAs atAs at29 March 30 March20252024\u00a3m\u00a3mNet foreign currency monetary assets:\u2013 Euro (7.8) (4.4)\u2013 US dollar 0.1 1.7 \u2013 Other 2.7 7.5 Total (5.0) 4.8 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 at29 March 30 March20252024\u00a3m\u00a3mEuro (45.8) (54.9)Australian dollar (2.5) \u2013 Indian rupee (6.3) (4.7)Total (54.6) (59.6)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 \u00a34.4m (2024: \u00a33.4m 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 \u00a35.2m (2024: \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, which include, among other things, dairy, wheat, cocoa, edible oils and energy. The price risk including inflation on these commodities is managed closely by the Group through the Price Risk Management Committee. It is the Group\u2019s policy to minimise its exposure to this volatility by adopting an appropriate forward purchase strategy. (iii) Interest rate riskThe Group\u2019s borrowing facilities comprise senior secured notes and a revolving facility, in sterling. Interest on the revolving facility is charged at floating rates plus a margin on the amounts drawn down, and at 35.0% of the applicable margin for the non-utilised portion of the facility, 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.18.2 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: Past due Fully performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 29 March 2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 1.2% 3.0% 3.3% 14.6% 7.0% 19.2% 1.6%Gross carrying amount trade and other receivables 73.7 3.2 1.2 0.5 0.2 1.3 80.1 Loss allowance (0.9) (0.1) (0.0) (0.1) (0.0) (0.2) (1.3)At 30 March 2024Trade and other receivablesExpected loss rate 2.2% 3.6% 14.0% 16.0% 11.1% 13.6% 2.9%Gross carrying amount trade and other receivables 76.6 6.0 0.1 0.7 0.6 2.7 86.7Loss allowance (1.7) (0.2) (0.0) (0.1) (0.1) (0.4) (2.5)The total loss allowance includes provisions in relation to receivables from customers that 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:\u00a3m \u00a3mAs at 31 March 2024 / 2 April 2023 (2.5) (2.9)Provision for receivables impairment released 1.2 0.4As at 29 March 2025/ 30 March 2024 (1.3) (2.5)18.3 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. Where the Group has surplus short-term liquidity, these funds are placed on short-term deposit with reputable banks within the Group\u2019s banking providers to manage concentration risk.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, the timing of the dividend payment 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 29 March 2025Trade and other payables (250.0) \u2013 \u2013 \u2013 \u2013 \u2013 (250.0)Senior secured notes \u2013 fixed (11.6) (341.6) \u2013 \u2013 \u2013 \u2013 (353.2)Lease liabilities (2.4) (1.7) (1.6) (1.5) (1.3) (6.2) (14.7)At 30 March 2024Trade and other payables (255.8) \u2013 \u2013 \u2013 \u2013 \u2013 (255.8)Senior secured notes \u2013 fixed (11.6) (11.6) (341.6) \u2013 \u2013 \u2013 (364.8)Lease liabilities (2.9) (2.5) (1.9) (1.5) (1.5) (8.9) (19.2)At 29 March 2025, the Group had \u00a3244.5m (2024: \u00a3182.0m) of facilities (including revolving credit facility) not drawn, expiring in four years (2024: two to three years). The revolving credit facility is priced to SONIA, other liabilities are not re-priced before the maturity date.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 11 and 2 2 and 3 yearyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 29 March 2025 11.6 11.6 \u2013 23.2 At 30 March 2024 11.6 11.6 11.6 34.8The 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 yearTotal\u00a3m\u00a3mAt 29 March 2025Forward foreign exchange contracts:\u2013 Outflow (54.4) (54.4)\u2013 Inflow 53.6 53.6 Total derivative financial instruments (0.8) (0.8)At 30 March 2024Forward foreign exchange contracts:\u2013 Outflow (59.5) (59.5)\u2013 Inflow 58.5 58.5Total derivative financial instruments (1.0) (1.0)18.4 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 29 March 2025 As at 30 March 2024Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised cost:Trade and other receivables 61.2 61.2 72.7 72.7 Cash and cash equivalents 191.5 191.5 102.3 102.3 Financial assets at fair value through profit or loss:Trade and other receivables 14.1 14.1 7.8 7.8 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.1 0.1 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.6) (0.6) (0.8) (0.8)Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) (18.8) (18.8) (19.1) (19.1)Financial liabilities at amortised cost:Trade and other payables (250.0) (250.0) (255.8) (255.8)Senior secured notes (330.0) (325.0) (330.0) (315.0)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) or indirectly (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 29 March 2025 As at 30 March 2024Level 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 11.7 2.4 \u2013 4.9 2.9 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.1 \u2013 \u2013 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.6) \u2013 \u2013 (0.8) \u2013Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) \u2013 \u2013 (18.8) \u2013 \u2013 (19.1)Financial liabilities at amortised cost:Senior secured notes (325.0) \u2013 \u2013 (315.0) \u2013 \u2013Fair 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 \u00a30.3m has been credited to the statement of profit or loss in the period (2024: \u00a31.0m debit). Short and long-term borrowings, loan notes and finance costs 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 considerationThe deferred contingent consideration arose following previous acquisitions. The fair values are based on unobservable inputs and are classified as a level 3 fair value estimate under the IFRS fair value hierarchy. As a result of discount unwind and re-measurement, a credit of \u00a30.3m (2024: \u00a34.3m debit) was recognised in the statement of profit or loss under net finance cost.18.5 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 2.80 pence per share for the period ended 29 March 2025 (2024: 1.728 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 As at 29 March 30 March2025 2024\u00a3m\u00a3mTotal borrowings (335.1) (337.9)Less cash and bank deposits 191.5 102.3Net debt (143.6) (235.6)Total equity (1,442.0) (1,326.9)Total capital (1,585.6) (1,562.5)Gearing ratio 9.1% 15.0%Gearing has reduced due to strong cash generation.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 28 September 2024 and 29 March 2025. 18.6 Financial compliance riskRiskThe Group operates with net debt of \u00a3143.6m (2024: \u00a3235.6m) and is subject to operating within banking covenants set out in its financing 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 29 March 2025 (2024: 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. The Group also supports one defined benefit pension scheme in the UK, the RHM Pension Scheme and three in Ireland (see note 13).MitigationThe Group has financing arrangements, which provide funding with maturities ranging from 2026 to 2029. 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.",
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"value": "18. 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. The Price Risk Management Committee monitors and reviews the Group\u2019s foreign currency exchange and energy price exposures and recommends appropriate hedging strategies for each.18.1 Market risk(i) Foreign exchange riskThe Group\u2019s main operating entities\u2019 functional currency and the Group\u2019s presentational currency is sterling, although some transactions are executed in non-sterling currencies, principally the euro. The transactional amounts realised or settled are, therefore, subject to the effect of movements in these currencies against sterling. Management of these exposures is centralised and managed by the Treasury function. It is the Group\u2019s policy to manage the exposures arising using forward foreign currency exchange contracts. 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 ended29 March 30 March Principal rate of exchange: euro/sterling 20252024Period ended 1.1956 1.1699Average 1.1903 1.1587The 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 29 March 2025 and 30 March 2024 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.Functional currency of subsidiaries \u2013 SterlingAs atAs at29 March 30 March20252024\u00a3m\u00a3mNet foreign currency monetary assets:\u2013 Euro (7.8) (4.4)\u2013 US dollar 0.1 1.7 \u2013 Other 2.7 7.5 Total (5.0) 4.8 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 at29 March 30 March20252024\u00a3m\u00a3mEuro (45.8) (54.9)Australian dollar (2.5) \u2013 Indian rupee (6.3) (4.7)Total (54.6) (59.6)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 \u00a34.4m (2024: \u00a33.4m 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 \u00a35.2m (2024: \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, which include, among other things, dairy, wheat, cocoa, edible oils and energy. The price risk including inflation on these commodities is managed closely by the Group through the Price Risk Management Committee. It is the Group\u2019s policy to minimise its exposure to this volatility by adopting an appropriate forward purchase strategy. (iii) Interest rate riskThe Group\u2019s borrowing facilities comprise senior secured notes and a revolving facility, in sterling. Interest on the revolving facility is charged at floating rates plus a margin on the amounts drawn down, and at 35.0% of the applicable margin for the non-utilised portion of the facility, 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.18.2 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: Past due Fully performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 29 March 2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 1.2% 3.0% 3.3% 14.6% 7.0% 19.2% 1.6%Gross carrying amount trade and other receivables 73.7 3.2 1.2 0.5 0.2 1.3 80.1 Loss allowance (0.9) (0.1) (0.0) (0.1) (0.0) (0.2) (1.3)At 30 March 2024Trade and other receivablesExpected loss rate 2.2% 3.6% 14.0% 16.0% 11.1% 13.6% 2.9%Gross carrying amount trade and other receivables 76.6 6.0 0.1 0.7 0.6 2.7 86.7Loss allowance (1.7) (0.2) (0.0) (0.1) (0.1) (0.4) (2.5)The total loss allowance includes provisions in relation to receivables from customers that 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:\u00a3m \u00a3mAs at 31 March 2024 / 2 April 2023 (2.5) (2.9)Provision for receivables impairment released 1.2 0.4As at 29 March 2025/ 30 March 2024 (1.3) (2.5)18.3 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. Where the Group has surplus short-term liquidity, these funds are placed on short-term deposit with reputable banks within the Group\u2019s banking providers to manage concentration risk.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, the timing of the dividend payment 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 29 March 2025Trade and other payables (250.0) \u2013 \u2013 \u2013 \u2013 \u2013 (250.0)Senior secured notes \u2013 fixed (11.6) (341.6) \u2013 \u2013 \u2013 \u2013 (353.2)Lease liabilities (2.4) (1.7) (1.6) (1.5) (1.3) (6.2) (14.7)At 30 March 2024Trade and other payables (255.8) \u2013 \u2013 \u2013 \u2013 \u2013 (255.8)Senior secured notes \u2013 fixed (11.6) (11.6) (341.6) \u2013 \u2013 \u2013 (364.8)Lease liabilities (2.9) (2.5) (1.9) (1.5) (1.5) (8.9) (19.2)At 29 March 2025, the Group had \u00a3244.5m (2024: \u00a3182.0m) of facilities (including revolving credit facility) not drawn, expiring in four years (2024: two to three years). The revolving credit facility is priced to SONIA, other liabilities are not re-priced before the maturity date.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 11 and 2 2 and 3 yearyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 29 March 2025 11.6 11.6 \u2013 23.2 At 30 March 2024 11.6 11.6 11.6 34.8The 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 yearTotal\u00a3m\u00a3mAt 29 March 2025Forward foreign exchange contracts:\u2013 Outflow (54.4) (54.4)\u2013 Inflow 53.6 53.6 Total derivative financial instruments (0.8) (0.8)At 30 March 2024Forward foreign exchange contracts:\u2013 Outflow (59.5) (59.5)\u2013 Inflow 58.5 58.5Total derivative financial instruments (1.0) (1.0)18.4 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 29 March 2025 As at 30 March 2024Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised cost:Trade and other receivables 61.2 61.2 72.7 72.7 Cash and cash equivalents 191.5 191.5 102.3 102.3 Financial assets at fair value through profit or loss:Trade and other receivables 14.1 14.1 7.8 7.8 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.1 0.1 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.6) (0.6) (0.8) (0.8)Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) (18.8) (18.8) (19.1) (19.1)Financial liabilities at amortised cost:Trade and other payables (250.0) (250.0) (255.8) (255.8)Senior secured notes (330.0) (325.0) (330.0) (315.0)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) or indirectly (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 29 March 2025 As at 30 March 2024Level 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 11.7 2.4 \u2013 4.9 2.9 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.1 \u2013 \u2013 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.6) \u2013 \u2013 (0.8) \u2013Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) \u2013 \u2013 (18.8) \u2013 \u2013 (19.1)Financial liabilities at amortised cost:Senior secured notes (325.0) \u2013 \u2013 (315.0) \u2013 \u2013Fair 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 \u00a30.3m has been credited to the statement of profit or loss in the period (2024: \u00a31.0m debit). Short and long-term borrowings, loan notes and finance costs 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 considerationThe deferred contingent consideration arose following previous acquisitions. The fair values are based on unobservable inputs and are classified as a level 3 fair value estimate under the IFRS fair value hierarchy. As a result of discount unwind and re-measurement, a credit of \u00a30.3m (2024: \u00a34.3m debit) was recognised in the statement of profit or loss under net finance cost.18.5 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 2.80 pence per share for the period ended 29 March 2025 (2024: 1.728 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 As at 29 March 30 March2025 2024\u00a3m\u00a3mTotal borrowings (335.1) (337.9)Less cash and bank deposits 191.5 102.3Net debt (143.6) (235.6)Total equity (1,442.0) (1,326.9)Total capital (1,585.6) (1,562.5)Gearing ratio 9.1% 15.0%Gearing has reduced due to strong cash generation.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 28 September 2024 and 29 March 2025. 18.6 Financial compliance riskRiskThe Group operates with net debt of \u00a3143.6m (2024: \u00a3235.6m) and is subject to operating within banking covenants set out in its financing 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 29 March 2025 (2024: 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. The Group also supports one defined benefit pension scheme in the UK, the RHM Pension Scheme and three in Ireland (see note 13).MitigationThe Group has financing arrangements, which provide funding with maturities ranging from 2026 to 2029. 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.",
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"value": "18.2 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: Past due Fully performing1-30 days31-60 days61-90 days91-120 days120+ daysTotalAt 29 March 2025\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTrade and other receivablesExpected loss rate 1.2% 3.0% 3.3% 14.6% 7.0% 19.2% 1.6%Gross carrying amount trade and other receivables 73.7 3.2 1.2 0.5 0.2 1.3 80.1 Loss allowance (0.9) (0.1) (0.0) (0.1) (0.0) (0.2) (1.3)At 30 March 2024Trade and other receivablesExpected loss rate 2.2% 3.6% 14.0% 16.0% 11.1% 13.6% 2.9%Gross carrying amount trade and other receivables 76.6 6.0 0.1 0.7 0.6 2.7 86.7Loss allowance (1.7) (0.2) (0.0) (0.1) (0.1) (0.4) (2.5)The total loss allowance includes provisions in relation to receivables from customers that 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:\u00a3m \u00a3mAs at 31 March 2024 / 2 April 2023 (2.5) (2.9)Provision for receivables impairment released 1.2 0.4As at 29 March 2025/ 30 March 2024 (1.3) (2.5)",
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"f1__s9__6__101": {
"value": "18.3 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. Where the Group has surplus short-term liquidity, these funds are placed on short-term deposit with reputable banks within the Group\u2019s banking providers to manage concentration risk.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, the timing of the dividend payment 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 29 March 2025Trade and other payables (250.0) \u2013 \u2013 \u2013 \u2013 \u2013 (250.0)Senior secured notes \u2013 fixed (11.6) (341.6) \u2013 \u2013 \u2013 \u2013 (353.2)Lease liabilities (2.4) (1.7) (1.6) (1.5) (1.3) (6.2) (14.7)At 30 March 2024Trade and other payables (255.8) \u2013 \u2013 \u2013 \u2013 \u2013 (255.8)Senior secured notes \u2013 fixed (11.6) (11.6) (341.6) \u2013 \u2013 \u2013 (364.8)Lease liabilities (2.9) (2.5) (1.9) (1.5) (1.5) (8.9) (19.2)At 29 March 2025, the Group had \u00a3244.5m (2024: \u00a3182.0m) of facilities (including revolving credit facility) not drawn, expiring in four years (2024: two to three years). The revolving credit facility is priced to SONIA, other liabilities are not re-priced before the maturity date.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 11 and 2 2 and 3 yearyearsyearsTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 29 March 2025 11.6 11.6 \u2013 23.2 At 30 March 2024 11.6 11.6 11.6 34.8The 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 yearTotal\u00a3m\u00a3mAt 29 March 2025Forward foreign exchange contracts:\u2013 Outflow (54.4) (54.4)\u2013 Inflow 53.6 53.6 Total derivative financial instruments (0.8) (0.8)At 30 March 2024Forward foreign exchange contracts:\u2013 Outflow (59.5) (59.5)\u2013 Inflow 58.5 58.5Total derivative financial instruments (1.0) (1.0)",
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"f1__s9__6__102-1": {
"value": "The amounts disclosed are the undiscounted cash flows. Within 1 yearTotal\u00a3m\u00a3mAt 29 March 2025Forward foreign exchange contracts:\u2013 Outflow (54.4) (54.4)\u2013 Inflow 53.6 53.6 Total derivative financial instruments (0.8) (0.8)At 30 March 2024Forward foreign exchange contracts:\u2013 Outflow (59.5) (59.5)\u2013 Inflow 58.5 58.5Total derivative financial instruments (1.0) (1.0)As at 29 March 2025 As at 30 March 2024Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised cost:Trade and other receivables 61.2 61.2 72.7 72.7 Cash and cash equivalents 191.5 191.5 102.3 102.3 Financial assets at fair value through profit or loss:Trade and other receivables 14.1 14.1 7.8 7.8 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.1 0.1 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.6) (0.6) (0.8) (0.8)Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) (18.8) (18.8) (19.1) (19.1)Financial liabilities at amortised cost:Trade and other payables (250.0) (250.0) (255.8) (255.8)Senior secured notes (330.0) (325.0) (330.0) (315.0)As at 29 March 2025 As at 30 March 2024Level 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 11.7 2.4 \u2013 4.9 2.9 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.1 \u2013 \u2013 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.6) \u2013 \u2013 (0.8) \u2013Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) \u2013 \u2013 (18.8) \u2013 \u2013 (19.1)Financial liabilities at amortised cost:Senior secured notes (325.0) \u2013 \u2013 (315.0) \u2013 \u2013",
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"value": "18.4 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.",
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"f1__s9__6__105": {
"value": "18.4 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 29 March 2025 As at 30 March 2024Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised cost:Trade and other receivables 61.2 61.2 72.7 72.7 Cash and cash equivalents 191.5 191.5 102.3 102.3 Financial assets at fair value through profit or loss:Trade and other receivables 14.1 14.1 7.8 7.8 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.1 0.1 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.6) (0.6) (0.8) (0.8)Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) (18.8) (18.8) (19.1) (19.1)Financial liabilities at amortised cost:Trade and other payables (250.0) (250.0) (255.8) (255.8)Senior secured notes (330.0) (325.0) (330.0) (315.0)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) or indirectly (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 29 March 2025 As at 30 March 2024Level 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 11.7 2.4 \u2013 4.9 2.9 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.1 \u2013 \u2013 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.6) \u2013 \u2013 (0.8) \u2013Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) \u2013 \u2013 (18.8) \u2013 \u2013 (19.1)Financial liabilities at amortised cost:Senior secured notes (325.0) \u2013 \u2013 (315.0) \u2013 \u2013Fair 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 \u00a30.3m has been credited to the statement of profit or loss in the period (2024: \u00a31.0m debit). Short and long-term borrowings, loan notes and finance costs 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 considerationThe deferred contingent consideration arose following previous acquisitions. The fair values are based on unobservable inputs and are classified as a level 3 fair value estimate under the IFRS fair value hierarchy. As a result of discount unwind and re-measurement, a credit of \u00a30.3m (2024: \u00a34.3m debit) was recognised in the statement of profit or loss under net finance cost.",
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},
"f1__s9__6__109-1": {
"value": "As at 29 March 2025 As at 30 March 2024Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised cost:Trade and other receivables 61.2 61.2 72.7 72.7 Cash and cash equivalents 191.5 191.5 102.3 102.3 Financial assets at fair value through profit or loss:Trade and other receivables 14.1 14.1 7.8 7.8 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.1 0.1 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.6) (0.6) (0.8) (0.8)Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) (18.8) (18.8) (19.1) (19.1)Financial liabilities at amortised cost:Trade and other payables (250.0) (250.0) (255.8) (255.8)Senior secured notes (330.0) (325.0) (330.0) (315.0)As at 29 March 2025 As at 30 March 2024Level 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 11.7 2.4 \u2013 4.9 2.9 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.1 \u2013 \u2013 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.6) \u2013 \u2013 (0.8) \u2013Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) \u2013 \u2013 (18.8) \u2013 \u2013 (19.1)Financial liabilities at amortised cost:Senior secured notes (325.0) \u2013 \u2013 (315.0) \u2013 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__107-1": {
"value": "As at 29 March 2025 As at 30 March 2024Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at amortised cost:Trade and other receivables 61.2 61.2 72.7 72.7 Cash and cash equivalents 191.5 191.5 102.3 102.3 Financial assets at fair value through profit or loss:Trade and other receivables 14.1 14.1 7.8 7.8 Derivative financial instruments\u2013 Forward foreign currency exchange contracts 0.1 0.1 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts (0.6) (0.6) (0.8) (0.8)Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) (18.8) (18.8) (19.1) (19.1)Financial liabilities at amortised cost:Trade and other payables (250.0) (250.0) (255.8) (255.8)Senior secured notes (330.0) (325.0) (330.0) (315.0)As at 29 March 2025 As at 30 March 2024Level 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 11.7 2.4 \u2013 4.9 2.9 Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 0.1 \u2013 \u2013 \u2013 \u2013Financial liabilities at fair value through profit or loss:Derivative financial instruments\u2013 Forward foreign currency exchange contracts \u2013 (0.6) \u2013 \u2013 (0.8) \u2013Other financial liabilities at fair value through profit or loss:\u2013 Deferred contingent consideration (note 21) \u2013 \u2013 (18.8) \u2013 \u2013 (19.1)Financial liabilities at amortised cost:Senior secured notes (325.0) \u2013 \u2013 (315.0) \u2013 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__112-1": {
"value": "18.5 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 2.80 pence per share for the period ended 29 March 2025 (2024: 1.728 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 As at 29 March 30 March2025 2024\u00a3m\u00a3mTotal borrowings (335.1) (337.9)Less cash and bank deposits 191.5 102.3Net debt (143.6) (235.6)Total equity (1,442.0) (1,326.9)Total capital (1,585.6) (1,562.5)Gearing ratio 9.1% 15.0%Gearing has reduced due to strong cash generation.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 28 September 2024 and 29 March 2025.18.6 Financial compliance riskRiskThe Group operates with net debt of \u00a3143.6m (2024: \u00a3235.6m) and is subject to operating within banking covenants set out in its financing 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 29 March 2025 (2024: 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. The Group also supports one defined benefit pension scheme in the UK, the RHM Pension Scheme and three in Ireland (see note 13).MitigationThe Group has financing arrangements, which provide funding with maturities ranging from 2026 to 2029. 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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__111": {
"value": "18.5 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 2.80 pence per share for the period ended 29 March 2025 (2024: 1.728 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 As at 29 March 30 March2025 2024\u00a3m\u00a3mTotal borrowings (335.1) (337.9)Less cash and bank deposits 191.5 102.3Net debt (143.6) (235.6)Total equity (1,442.0) (1,326.9)Total capital (1,585.6) (1,562.5)Gearing ratio 9.1% 15.0%Gearing has reduced due to strong cash generation.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 28 September 2024 and 29 March 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__114": {
"value": "19. Bank and other borrowingsAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mCurrent:Lease liabilities (1.9) (2.7)Total borrowings due within one year (1.9) (2.7)Non-current:1Transaction costs 4.8 4.3 Senior secured notes (330.0) (330.0) (325.2) (325.7)Lease liabilities (8.0) (9.5)Total borrowings due after more than one year (333.2) (335.2)Total bank and other borrowings (335.1) (337.9)1 Included in transaction costs is \u00a33.2m (2024: \u00a31.6m) relating to the revolving credit facility.Secured senior credit facility \u2013 revolving During the period, the Group signed a new five-year revolving credit facility (RCF) agreement with an increased facility limit of \u00a3227.5m (prior facility \u00a3175.0m). Transactions costs of \u00a33.8m were capitalised in relation to this extension. The RCF attracts a leverage-based margin of between 1.8% and 3.5% above SONIA.The covenant package attached to the revolving credit facility is:Net debt/Net debt/11Interest2025 FY 3.50x 3.00xEBITDA2026 FY 3.50x 3.00x1 Net debt, EBITDA and Interest are as defined under the revolving credit facility agreement.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": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__117": {
"value": "20. Provisions for liabilities and chargesPropertyOtherTotal\u00a3m\u00a3m\u00a3m2 April 2023 (6.2) (13.7) (19.9)Utilised during the period 0.8 6.3 7.1Additional charge in the period (1.6) (3.7) (5.3)Unwind of discount 0.2 0.3 0.5Released during the period 0.7 1.2 1.91Addition through business combination\u2013 (1.4) (1.4)30 March 2024 (6.1) (11.0) (17.1)Utilised during the period \u2013 4.7 4.7 Additional charge in the period (0.4) (3.1) (3.5)Unwind of discount 0.2 0.2 0.4 Released during the period 0.1 1.4 1.5 29 March 2025 (6.2) (7.8) (14.0)1 During the prior period, as a result of the acquisition of FUEL10k, the Group recognised provisions of \u00a31.4m in relation to the fair value of contingent liabilities acquired as part of the business combination.Property provisions primarily relate to provisions for dilapidations against leasehold properties and environmental liabilities. These provisions have been discounted at rates between 4.3% and 5.3% (2024: 3.9% and 4.1%) 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 at As at 29 March 30 March2025 2024Ageing of total provisions:\u00a3m\u00a3mWithin one year (6.7) (9.8)Between two and five years (6.3) (5.6)After five years (1.0) (1.7)Total (14.0) (17.1)From time to time, the Group is subject to claims and potential litigation. At the time of these financial statements, the Directors do not consider such claims and litigation to have anything other than a remote risk of resulting in any material liability to the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__119": {
"value": "21. Other liabilities Other liabilities less than one yearAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mDeferred income (1.0) \u2013Other liabilities (1.0) \u2013Other liabilities more than one yearAs at As at 29 March 30 March2025 2024\u00a3m\u00a3mDeferred income (1.8) (3.8)Deferred contingent consideration (18.8) (19.1)Other liabilities (20.6) (22.9)Deferred income relates to amounts received in relation to a previously disposed business. Deferred contingent consideration relates to the present value of estimated future payments in relation to previous acquisitions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__122": {
"value": "22. 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. Of Premier Foods plc shares, 7,127,750 were held by the Employee Benefit Trust at 29 March 2025, with a market value of \u00a313.2m (2024: 6,721,393 shares with a market value of \u00a310.1m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__121": {
"value": "22. 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. Of Premier Foods plc shares, 7,127,750 were held by the Employee Benefit Trust at 29 March 2025, with a market value of \u00a313.2m (2024: 6,721,393 shares with a market value of \u00a310.1m).Share capitalOrdinary shares at nominal value (\u00a30.10/Share Number of share)premiumTotalshares\u00a3m\u00a3m\u00a3mAt 2 April 2023 868,098,210 86.8 2.5 89.3Shares issued under share schemes 697,605 0.1 0.2 0.3At 30 March 2024 868,795,815 86.9 2.7 89.6Shares issued under share schemes \u2013 \u2013 \u2013 \u2013At 29 March 2025 868,795,815 86.9 2.7 89.6As at As at 29 March 30 March2025 2024\u00a3m\u00a3mAuthorised, issued and fully paid868,795,815 (2023/24: 868,795,815) ordinary shares of 10 pence each 86.9 86.9Share 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 2022, 2023 and 2024 Performance Share awards are conditional on achievement of a combination of absolute adjusted earnings per share targets and relative TSR targets. The targets for 2022, 2023 and 2024 were based half absolute adjusted earnings per share targets and half relative TSR targets. During the period, the EPS and TSR elements of the 2021 LTIP vested in full. The EPS and TSR targets for the 2021 LTIP award have been achieved, which will result in full vesting for both elements of the award. The June 2024 LTIP award TSR element was valued using a Monte Carlo pricing model, the weighted average fair value of the TSR awards was 103p. The key inputs into the monte carlo model were weighted average share price, weighted average exercise price, the expected volatility and the risk-free interest rate. The average fair value for the 2024 EPS element was 157p.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. This scheme was wound up during the year and the deed of termination was executed on 12 February 2025 following all shares being sold or transferred out.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 29 March 2025, the number of shares outstanding under the Group\u2019s Long-Term Incentive Plan schemes was 16,899,097 (2024: 18,159,343), of which 8,728,050 (2024: 9,861,749) had vested and were exercisable at the end of the period. During the period, conditional share awards were granted for 2,787,578 (2024: 3,666,034) shares, 3,688,563 (2024: 4,081,474) awards were exercised and rights to 359,270 (2024: 334,524) shares lapsed or were forfeited. At 29 March 2025, the number of shares outstanding under the Group\u2019s Restricted Stock Plan schemes was 119,465 (2024: 195,307), of which 119,465 (2024: no awards) had vested and were exercisable at the end of the period. During the period, 4,742 awards were granted (2024: no awards), 71,200 awards were exercised (2024: \u00a3nil) and rights to 9,384 (2024: 43,287) shares lapsed or were forfeited. At 29 March 2025, the number of shares outstanding under the Group\u2019s Share Incentive Plan was nil (2024: 313,586). During the period, no awards (2024: no awards) were granted, rights to 224,359 (2024: 44,000) shares were exercised, rights to 55,497 were transferred out (2024: no awards) and rights to 34,000 awards were forfeited (2024: no awards). At 29 March 2025, the number of shares outstanding under the Group\u2019s Deferred Bonus Plan schemes was 1,262,912 (2024: 982,341), of which 475,005 (2024: 172,543) had vested and were exercisable at the end of the period. During the period, awards were granted for 280,571 (2024: 259,483). No awards (2024: no awards) were exercised during the period.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 29 March 2025, the number of shares outstanding under the Group\u2019s Sharesave Plan was 9,668,059 with a weighted average exercise price at the date of exercise of 113 pence (2024: 9,443,747 shares, 90 pence), including 510,002 shares which had vested and were exercisable at the end of the period with a weighted average exercise price of 83 pence (2024: 468,164 shares, 72 pence). The options outstanding at the end of the period had a range of exercise prices from 82 pence to 148 pence (2024: 72 pence to 104 pence) and a weighted average life of 1.8 years (2024: 1.8 years).During the period, options were granted under the Sharesave Plan for 3,481,812 shares with a weighted average exercise price at the date of exercise of 148 pence (2024: 3,294,340 shares, 104 pence). During the period, options were exercised for 2,594,092 shares with a weighted average exercise price of 82 pence (2024: 4,081,474 shares, 66 pence) and options for 663,408 shares with a weighted average exercise price of 96 pence lapsed or were forfeited (2024: 717,468 shares, 76 pence). 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 2025, the Group recognised an expense of \u00a34.6m (2024: \u00a34.4m), related to all equity-settled share-based payment transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__123": {
"value": "Share capitalOrdinary shares at nominal value (\u00a30.10/Share Number of share)premiumTotalshares\u00a3m\u00a3m\u00a3mAt 2 April 2023 868,098,210 86.8 2.5 89.3Shares issued under share schemes 697,605 0.1 0.2 0.3At 30 March 2024 868,795,815 86.9 2.7 89.6Shares issued under share schemes \u2013 \u2013 \u2013 \u2013At 29 March 2025 868,795,815 86.9 2.7 89.6As at As at 29 March 30 March2025 2024\u00a3m\u00a3mAuthorised, issued and fully paid868,795,815 (2023/24: 868,795,815) ordinary shares of 10 pence each 86.9 86.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__124": {
"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 2022, 2023 and 2024 Performance Share awards are conditional on achievement of a combination of absolute adjusted earnings per share targets and relative TSR targets. The targets for 2022, 2023 and 2024 were based half absolute adjusted earnings per share targets and half relative TSR targets. During the period, the EPS and TSR elements of the 2021 LTIP vested in full. The EPS and TSR targets for the 2021 LTIP award have been achieved, which will result in full vesting for both elements of the award. The June 2024 LTIP award TSR element was valued using a Monte Carlo pricing model, the weighted average fair value of the TSR awards was 103p. The key inputs into the monte carlo model were weighted average share price, weighted average exercise price, the expected volatility and the risk-free interest rate. The average fair value for the 2024 EPS element was 157p.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. This scheme was wound up during the year and the deed of termination was executed on 12 February 2025 following all shares being sold or transferred out.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 29 March 2025, the number of shares outstanding under the Group\u2019s Long-Term Incentive Plan schemes was 16,899,097 (2024: 18,159,343), of which 8,728,050 (2024: 9,861,749) had vested and were exercisable at the end of the period. During the period, conditional share awards were granted for 2,787,578 (2024: 3,666,034) shares, 3,688,563 (2024: 4,081,474) awards were exercised and rights to 359,270 (2024: 334,524) shares lapsed or were forfeited. At 29 March 2025, the number of shares outstanding under the Group\u2019s Restricted Stock Plan schemes was 119,465 (2024: 195,307), of which 119,465 (2024: no awards) had vested and were exercisable at the end of the period. During the period, 4,742 awards were granted (2024: no awards), 71,200 awards were exercised (2024: \u00a3nil) and rights to 9,384 (2024: 43,287) shares lapsed or were forfeited. At 29 March 2025, the number of shares outstanding under the Group\u2019s Share Incentive Plan was nil (2024: 313,586). During the period, no awards (2024: no awards) were granted, rights to 224,359 (2024: 44,000) shares were exercised, rights to 55,497 were transferred out (2024: no awards) and rights to 34,000 awards were forfeited (2024: no awards). At 29 March 2025, the number of shares outstanding under the Group\u2019s Deferred Bonus Plan schemes was 1,262,912 (2024: 982,341), of which 475,005 (2024: 172,543) had vested and were exercisable at the end of the period. During the period, awards were granted for 280,571 (2024: 259,483). No awards (2024: no awards) were exercised during the period.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 29 March 2025, the number of shares outstanding under the Group\u2019s Sharesave Plan was 9,668,059 with a weighted average exercise price at the date of exercise of 113 pence (2024: 9,443,747 shares, 90 pence), including 510,002 shares which had vested and were exercisable at the end of the period with a weighted average exercise price of 83 pence (2024: 468,164 shares, 72 pence). The options outstanding at the end of the period had a range of exercise prices from 82 pence to 148 pence (2024: 72 pence to 104 pence) and a weighted average life of 1.8 years (2024: 1.8 years).During the period, options were granted under the Sharesave Plan for 3,481,812 shares with a weighted average exercise price at the date of exercise of 148 pence (2024: 3,294,340 shares, 104 pence). During the period, options were exercised for 2,594,092 shares with a weighted average exercise price of 82 pence (2024: 4,081,474 shares, 66 pence) and options for 663,408 shares with a weighted average exercise price of 96 pence lapsed or were forfeited (2024: 717,468 shares, 76 pence). 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 2025, the Group recognised an expense of \u00a34.6m (2024: \u00a34.4m), related to all equity-settled share-based payment transactions.",
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"f1__s9__6__125": {
"value": "23. DividendsThe following dividends were declared and paid during the period:52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mOrdinary final of 1.728 pence per ordinary share (2024: 1.44 pence) 14.9 12.4 After the balance sheet date, a final dividend for the period ended 29 March 2025 of 2.80 pence per qualifying ordinary share (2024: 1.728 pence) was proposed for approval at the Annual General Meeting on 17 July 2025 and will be payable on 25 July 2025. Dividend distributions are recognised as a liability in the period in which the dividends are approved by Group\u2019s shareholders.",
"dimensions": {
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"value": "1.728",
"decimals": 3,
"dimensions": {
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"period": "2023-04-02T00:00:00/2024-03-31T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
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"value": "1.728",
"decimals": 3,
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"f1__s9__7__126": {
"value": "1.44",
"decimals": 2,
"dimensions": {
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"unit": "iso4217:GBP/xbrli:shares"
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"f1__s9__6__127": {
"value": "2.8",
"decimals": 2,
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"f1__s9__6__129": {
"value": "24. 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 29 March 2025 of \u00a315.3m (2024: \u00a317.3m).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__130": {
"value": "25. ContingenciesThere were no material contingent liabilities at 29 March 2025 (2024: none). The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act.Name Company NumberFuel 10K Limited 09500462H.L Foods Limited 02560855Knighton Foods Limited 08954731Knighton Foods Property Limited 09073129Premier Foods (Holdings) Limited 00971448The Spice Tailor Limited 07203228The Spice Tailor (Direct) Limited 12852360Premier Foods plc will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year end 29 March 2025 in accordance with section 479C of the Act, as amended by the Companies and limited Liability Partnership (Accounts and Audit Exemptions and Change of Accounts Frames) Regulations 2012.",
"dimensions": {
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"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__131": {
"value": "26. Related party transactionsThe following transactions were carried out with related parties:26.1 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 105.52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mShort-term employee benefits 7.0 6.8 Termination benefits 0.2 \u2013Share-based payments 3.9 3.4 Total 11.1 10.226.2 Other related partiesAs at 29 March 2025, the following are also considered to be related parties under the Listing Rules and IAS 24 due to their shareholdings exceeding 10.0% 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 24.84% (2024: 24.84%) equity shareholding in Premier Foods plc and its right to appoint a member to the Board of directors.Transactions with related parties52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mSale of services:\u2013 Nissin 0.2 0.2 Total sales 0.2 0.2 Purchase of goods:\u2013 Nissin 37.6 29.1 Total purchases 37.6 29.1 As at 29 As atMarch 30 March 20252024\u00a3m\u00a3mTrade receivables:\u2013 Nissin 0.1 0.2 Total receivables 0.1 0.2 Trade payables: \u2013 Nissin (3.4) (3.6)Total payables (3.4) (3.6)26.3 Retirement benefit obligationsAs stated in note 13, 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 13 to these financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
}
},
"f1__s9__6__132": {
"value": "26.1 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 105.52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mShort-term employee benefits 7.0 6.8 Termination benefits 0.2 \u2013Share-based payments 3.9 3.4 Total 11.1 10.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800ZD5I8XHNMCJA67",
"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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},
"f1__s9__6__133-1": {
"value": "26.2 Other related partiesAs at 29 March 2025, the following are also considered to be related parties under the Listing Rules and IAS 24 due to their shareholdings exceeding 10.0% 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 24.84% (2024: 24.84%) equity shareholding in Premier Foods plc and its right to appoint a member to the Board of directors.Transactions with related parties52 weeks 52 weeks ended ended29 March 30 March 20252024\u00a3m\u00a3mSale of services:\u2013 Nissin 0.2 0.2 Total sales 0.2 0.2 Purchase of goods:\u2013 Nissin 37.6 29.1 Total purchases 37.6 29.1 As at 29 As atMarch 30 March 20252024\u00a3m\u00a3mTrade receivables:\u2013 Nissin 0.1 0.2 Total receivables 0.1 0.2 Trade payables: \u2013 Nissin (3.4) (3.6)Total payables (3.4) (3.6)26.3 Retirement benefit obligationsAs stated in note 13, 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 13 to these financial statements.",
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"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"f1__s9__6__135": {
"value": "27. Investments In accordance with Section 409 of the Companies Act 2006 and the Large and Medium-sized Companies and Groups (Ac 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 29 March 2025 is disclosed below. % Held % Held by Group by the companies, if Registered CompanyCompany different Share class CountryaddressPremier Foods Investments Limited 100% 100% \u00a31.00 Ordinary shares England Premier House Premier Foods Finance plc 0% 100% \u00a31.00 Ordinary sharesand WalesGriffiths WaySt 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 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 sharesThe Spice Tailor Limited 0% 100% \u00a30.001 Ordinary shares\u00a30.001 B shares\u00a30.001 C shares\u00a30.001 D shares\u00a30.001 E sharesThe Spice Tailor (Direct) Limited 0% 100% \u00a30.01 Ordinary sharesVic Hallam Holdings Limited** 0% 100% \u00a30.25 Ordinary shares\u00a31.00 redeemable cumulative preference sharesHillsdown Holdings Pension Trustees Limited* 0% 100% \u00a31.00 Ordinary sharesPremier Foods Group Life Plan Trustees Limited* 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 sharesPFF Old Co Limited** 0% 100% \u00a31.00 Ordinary sharesRH Old Co Limited* 0% 100% \u00a31.00 Ordinary sharesAlpha Cereals Unlimited** 0% 100% \u00a30.05 Ordinary sharesFuel10k Limited\u00a30.00001 A Ordinary \u00a30.00001 B Ordinary 0% 100%\u00a30.00001 C Ordinary \u00a30.00001 O Ordinary \u00a30.00001 V18 \u00a30.00001 V30Citadel Insurance Company Limited 0% 100% \u00a31.00 Ordinary Shares Isle of Man Ioma HouseHope Street DouglasIsle of ManIM1 1APWoolgate Nitrovit Limited** 0% 100% \u00a30.25 Ordinary shares England 2 Woolgate and WalesCourt St Benedicts StreetNorwichNorfolkNR2 4AP% Held % Held by Group by the companies, if Registered CompanyCompany different Share class CountryaddressDiamond Foods Lebensmittelhandel GmbH 0% 100% \u20ac0.5113 Ordinary shares Germany G\u00e4rtnerstra\u00dfe 3, 25485 Hemdingen, GermanyPremier Brands Limited* 0% 100% \u00a31.00 Ordinary shares Scotland Summit House4-5 Mitchell Street Edinburgh ScotlandEH6 7BDPremier Foods, Inc. 0% 100% US$0.01 Common United The Corporation Stock sharesStatesTrust CompanyCorporation Trust Centre1209 Orange Street, WilmingtonDE 19801, USAPremier Foods ROI Limited 0%100%\u20ac1.00 Ordinary sharesIreland 3 Dublin \u20ac1.26 Ordinary sharesLandings, North Premier Foods Ireland Manufacturing Limited*0%100%Wall Quay Dublin 1 IrelandG P Woolgate Limited** 0% 100% \u00a31.00 Ordinary shares England PWC LLP, and WalesBenson House 33 Wellington Street, Leeds, LS1 4JPThe Spice Tailor (Australia) PTY Limited 0% 100% AUD$1.00 NSW, Level 5, 461 Ordinary sharesAustraliaBourke Street, Melbourne 3000, Victoria, AustraliaThe Spice Tailor (Canada) Limited 0% 100% Common Stock @ no British 1800-1631 par valueColumbia Dickson Ave. Canada(Landmark 6)Kelowna BC V1Y 0B5, Canada* Dormant entities.** Restored companies.",
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"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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"value": "28. Subsequent eventsOn 15 May 2025, the directors have proposed a final dividend of 2.80 pence for the period ended 29 March 2025 for approval at the Annual General Meeting. See note 23 for more details.On 15 May 2025 the Group announced the Revolving Credit Facility had been increased to \u00a3282.5m, exercising an accordian option within the facility agreement.",
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"f1__s9__6__137": {
"value": "Company balance sheet Registered Number: 05160050As atAs at29 March 30 March20252024Note\u00a3m\u00a3mNon-current assets Investments in Group undertakings 4 1,123.7 1,120.6 Trade and other receivables 5 \u2013 28.5 1,123.7 1,149.1 Current assets Trade and other receivables 5 94.1 15.0 Cash and cash equivalents \u2013 0.2 Total assets 1,217.8 1,164.3 Trade and other payables 7 (6.6) (4.7)Net current assets 87.5 10.5 Total assets less current liabilities 1,211.2 1,159.6 Net assets 1,211.2 1,159.6 Equity Called up share capital 8 86.9 86.9 Share premium account 2.7 2.7 1Retained earnings 1,121.6 1,070.0 Total equity 1,211.2 1,159.6 1 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 \u00a371.8m (2024: \u00a34.1m Loss).The notes on pages 163 to 166 form an integral part of the financial statements.The financial statements on pages 161 to 166 were approved by the Board of directors on 15 May 2025 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 Note\u00a3m\u00a3m\u00a3m\u00a3mAt 2 April 2023 86.8 2.5 1,089.1 1,178.4 Loss for the period \u2013 \u2013 (4.1) (4.1)Share-based payments \u2013 \u2013 4.4 4.4 Purchase of shares to satisfy share awards \u2013 \u2013 (6.3) (6.3)Shares issued 0.1 0.2 \u2013 0.3 Dividends 9 \u2013 \u2013 (12.4) (12.4)Deferred tax movements on share-based payments \u2013 \u2013 (0.7) (0.7)At 30 March 2024 86.9 2.7 1,070.0 1,159.6 At 31 March 2024 86.9 2.7 1,070.0 1,159.6 Profit for the period \u2013 \u2013 71.8 71.8 Share-based payments \u2013 \u2013 4.6 4.6 Purchase of shares to satisfy share awards \u2013 \u2013 (9.9) (9.9)Dividends 9 \u2013 \u2013 (14.9) (14.9)At 29 March 2025 86.9 2.7 1,121.6 1,211.2 The Company has considered the profits available for distribution to shareholders. At 29 March 2025, the Company had retained earnings of \u00a31.1bn (2024: \u00a31.1bn) of which the unrealised profit element was \u00a30.5bn (2024: \u00a30.5bn). The Company had profits available for distribution of \u00a30.6bn (2024: \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 163 to 166 form an integral part of the financial statements. ",
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"period": "2024-03-31T00:00:00/2025-03-30T00:00:00"
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}