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"pp-value-10-2": {
"value": "d) Use of estimates and judgementsThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Critical judgements and areas where the use of estimates is significant are disclosed in note 2v. ",
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"pp-value-4-1": {
"value": "Bloomsbury Publishing Plc (the \u201cCompany\u201d)1. Reporting entity",
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"language": "en",
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"pp-value-2-1": {
"value": "United Kingdom1. Reporting entity",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
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"pp-value-3-1": {
"value": "ended 28 February 2023 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group isprimarily involved in the publication of books and other related services.1. Reporting entity",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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"pp-value-6-1": {
"value": "2. Significant accounting policiesThe principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented unless otherwise stated.b) Basis of preparationThe consolidated financial statements have been prepared on a going concern basis and under the historical cost convention as modified by the revaluation of financial assets and liabilities at fair value.c) Going concernThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 15 to 111. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 44 to 49. In addition, note 25 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments, and its exposures to credit risk and liquidity risk.The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence at least 12 months from the date of approval of the financial statements, being the period of the detailed going concern assessment reviewed by the Board, and therefore continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.The Board has modelled a severe but plausible downside scenario. This assumes:\u2022 Print revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;\u2022 Digital revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;\u2022 Print costs are increased by 3% from 2023/2024 and staff costs are increased by 3% from 2023/2024;\u2022 Downside assumptions about extended debtor days during 2023/2024, with recovery during 2024/2025; and\u2022 Cash preservation measures implemented and variable costs reduced.At 28 February 2023, the Group had available liquidity of \u00a361.5 million, comprising central cash balances and its undrawn\u00a310 million Revolving Credit Facility (\u201cRCF\u201d). The RCF agreement is to October 2024. Under the severe but plausible downside scenario, the Group would maintain sufficient liquidity headroom even before modelling the mitigating effect of actions that management would take in the event that these downside risks were to crystallise. Details of the bank facility and its covenants are shown in note 25c.d) Use of estimates and judgementsThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Critical judgements and areas where the use of estimates is significant are disclosed in note 2v. f) Basis of consolidationi. Business combinationsBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on whichcontrol is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as toobtain benefits from its activities.The Group measures goodwill at the acquisition date as:\u2022 The fair value of consideration transferred; plus\u2022 The recognised amount of any non-controlling interest in the acquiree; less\u2022 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.Where the excess is negative, a bargain purchase gain is recognised immediately in the income statement.Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with the business combination are expensed as incurred.Any contingent consideration payable is measured and recognised at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration are recognised in the income statement. ii. SubsidiariesThe consolidated financial statements comprise the financial information of the Company and its subsidiaries.Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.Accounting policies of subsidiaries are aligned with accounting policies adopted by the Group to ensure consistency.All subsidiaries except Bloomsbury Publishing India Private Limited have a reporting period end of 28 February. Bloomsbury Publishing India Private Limited has a reporting period end of 31 March, which aligns with the Indian Government\u2019s financial year. The Group financial statements includes the results for Bloomsbury Publishing India Private Limited for the period to 28 February.2. Significant accounting policies continuediii. Loss of controlWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any non-controlling interests and the other components of equity. Any resulting gain or loss is recognised in profit or loss. Anyinterest retained in the former subsidiary is measured at fair value when control is lost.iv. Transactions eliminated on consolidationIntra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, areeliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investmentto the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains butonly to the extent that there is no evidence of impairment.v. Joint venturesJoint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets throughcontractually agreed sharing of control. Investments in joint ventures are accounted for by the equity method and are initiallyrecognised at the fair value of consideration transferred.The Group\u2019s share of its joint venture\u2019s post acquisition profit or losses is recognised in the income statement. The Group\u2019s share of its joint venture\u2019s results is recognised as a component of operating profit as these operations form part of the core publishing business of the Group and are an integral part of the existing wholly-owned business. The cumulative post-acquisition profit or loss is adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture. g) RevenueRevenue represents the fair value of consideration received from the provision of goods, services and rights falling within the Group\u2019s ordinary activities, after deduction of trade discounts, value added tax and anticipated returns. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where contractual arrangements consist of two or more performance obligations, such as access to multiple titles, the transaction price is allocated between the distinct performance obligations on the basis of their relative stand-alone selling prices. i. Print:\u2022 Print sales: Revenue from the sale of printed books is recognised at the point in time when control passes. This isgenerally at the point of shipment when title passes to the customer, when the Group has a present right to payment andhas satisfied the relevant performance obligations under the contract.A provision for anticipated returns is made based primarily on historical return rates and customer trends in each territory. If these do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. The provision for anticipated future sales returns is recognised in trade and other liabilities in the statement of financial position. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling the returns liability.ii. Digital:\u2022 Ebook sales: Revenue from ebook sales is recognised when content is delivered i.e. access has been given to thecustomer.\u2022 Subscription income: Revenue is generated from customers through the sale of digital materials to educationalestablishments, libraries and professionals. Revenue for digital subscriptions is derived from the periodic subscriptionor update of the product. Revenue is recognised on a straight-line basis over the period of subscription or if less theexpected useful economic life of the product, unless the product is downloadable or the goods or services are notdelivered in a consistent manner over time, in which case revenue is recognised based on the value received by thecustomer.iii. Rights and services\u2022 Revenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, and sponsorship, is recognised when the Group has provided the associated material and collectability is probable.\u2022 Management services contracts: Revenue is primarily generated from multi-year contractual arrangements related to the delivery of online platform build, editorial and management services. Revenue is recognised over time based on contractual milestones as the customer gains benefit from the assets created or services provided. h) Foreign currenciesi. Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). These consolidated financial statements are presented in sterling as this is the most representative currency of the Group\u2019s operations. All financial information presented in sterling has been rounded to the nearest thousand except where otherwise stated.ii. Transactions and balancesTransactions in currencies other than the functional currency are recorded in the functional currency at the rates of exchange prevailing on the dates of the transactions. Assets and liabilities in foreign currencies are translated into sterling at closing rates of exchange at the date of the statement of financial position. Exchange differences are charged or credited to the income statement within administrative expenses.iii. Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;\u2022 Income and expenses are translated at the average exchange rates over the period; and\u2022 All resulting exchange differences are recognised in other comprehensive income and presented in the translation reserve in equity. On disposal of a foreign entity these exchange differences are recycled to the income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.i) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors\u2019 interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in theconsolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred taxliabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for alldeductible temporary differences to the extent that it is probable that taxable profit will be available against which thosedeductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporarydifference arises from goodwill or from the initial recognition (other than in a business combination) of other assets andliabilities in a transaction that affects neither the taxable profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or chargeddirectly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensiveincome or equity respectively.j) Goodwill and other intangible assetsi. GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business(see note 2f)i) less accumulated impairment losses, if any.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently where there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss in the consolidated income statement. An impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ii. Other intangible assetsOther intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulatedamortisation and accumulated impairment losses.Except for goodwill and assets under construction, intangible assets are amortised on a straight-line basis in the income statement over their expected useful lives by equal annual instalments at the following rates:Publishing relationships \u2013 5% to 21% per annumImprints \u2013 3% to 14% per annumSubscriber and customer relationships \u2013 7% to 9% per annumTrademarks \u2013 over the life of the trademarkProduct and systems development \u2013 10% to 50% per annumAssets under construction relate to the costs of developing a product, typically an online platform, which is yet to go live.Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate.iii. Product and systems developmentCosts that are directly associated with the purchase and implementation of systems, such as software products, arerecognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform, arerecognised as intangible assets.Expenditure is only capitalised if costs can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable and the Group has sufficient resources to complete development and use the asset.k) Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment loss.Property, plant and equipment are depreciated in order to write down their cost less residual value using the straight-line method over their expected useful lives at the following rates: Short leasehold improvements \u2013 over the remaining life of the leaseFurniture and fittings \u2013 10% per annumComputers and other office equipment \u2013 20% per annumMotor vehicles \u2013 25% per annumDepreciation is prorated in the years of acquisition and disposal of an asset. The estimated useful lives, residual value and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.l) LeasesThe Group assesses whether a contract contains a lease at the inception of the contract. 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. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements except for short-term leases (leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the lease payments are recognised as an operating expense on a straight-line basis over the term of the lease.The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate or a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the right-of-use asset.Management uses judgement to determine the lease term where extension and termination options are available within the lease. m) Impairment of tangible and intangible assets excluding goodwillAt the end of each reporting period the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement. n) InventoriesThe cost of work in progress and finished goods represents the amounts invoiced to the Group for origination, paper, printing and binding. Inventories are valued at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling a returns liability.p) ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).q) Financial instrumentsFinancial assets and financial liabilities are recognised when the Group has become a party to the contractual provisions of the instrument. The Group\u2019s financial assets and liabilities are as below:Trade receivablesTrade receivables and other receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method, less any impairment. Provisions for bad and doubtful debts are based on the expected credit loss model. The \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. Cash and cash equivalentsCash and cash equivalents in the statement of cash flows comprise cash in hand and at bank, other short-term deposits held by the Group and overdrafts. Bank overdrafts are included in current liabilities in the statement of financial position.Financial liabilities and equityFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.Trade payablesTrade payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost using the effective interest method.r) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period forwhich related services are rendered by the employee.ii. Defined benefit plansUntil 1997, a subsidiary company operated a defined benefit pension scheme. The retirement obligation recognised in thestatement of financial position represents the net of the present value of the defined benefit obligation and the fair value ofplan assets at the statement of financial position date. The defined benefit obligation is calculated annually by independentactuaries using the projected unit credit method.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Net interest is calculated by applying the discount rate to the net defined benefit obligation and is presented as finance costs or finance income.iii. Termination benefitsTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibilityof withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to providetermination benefits as a result of an offer made to encourage voluntary redundancy.iv. Share-based payment transactionsThe Group issues equity-settled share-based payment instruments to certain employees. Equity-settled share-basedpayment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is charged to the income statement on a straight-line basis over the vesting period, based onthe Group\u2019s estimate of the shares that will eventually vest.Options granted under the Sharesave Plan are equity-settled. The fair values of such options have been calculated using the Black-Scholes model based on publicly available market data. Awards granted under the Group\u2019s Performance Share Plan are equity-settled. For awards granted in 2019, 50% of any award under the Plan is subject to a Return on Capital Employed performance condition and 50% Earnings Per Share. Awards granted in 2020, 2021 and 2022 are subject to the following performance conditions; Earnings Per Share (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). The fair value of this element of the awards is calculated using the Black-Scholes model. Where the awards are subject to a holding period, we have used the Chaffe or Ghaidarov model to determine a discount for lack of marketability. t) Segmental reportingOperating segments, which have not been aggregated, are reported in a manner that is consistent with the internal reporting provided to the Chief Executive Officer (\u201cCEO\u201d), regarded as the Chief Operating Decision Maker.The CEO views the Group primarily from a nature of business basis, reflecting the divisional performance of Consumer, made up of Children\u2019s Trade and Adult Trade, and Non-Consumer, made up of Academic & Professional and Special Interest. Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Performance is evaluated based on operating profit contributions using the same accounting policies as adopted for the Group\u2019s financial statements.u) DividendsFinal dividends are recognised as liabilities once they are appropriately authorised by the Company\u2019s shareholders. Interim dividends are recorded when paid.3. Revenue and segmental analysisThe Group is comprised of two worldwide publishing divisions: Consumer and Non-Consumer, reflecting the core customers for our different operations. The Consumer Division is further split out into two operating segments: Children\u2019s Trade and Adult Trade. Non-Consumer is split between two operating segments: Academic & Professional, and Special Interest.Each reportable segment represents a cash-generating unit for the purpose of impairment testing. We have allocated goodwill between reportable segments. These divisions are the basis on which the Group primarily reports its segment information. Segments derive their revenue from book publishing, sale of publishing and distribution rights, management and other publishing services.The analysis by segment is shown below:Children\u2019s AdultAcademic & Special Non-Trade TradeConsumer Professional Interest Consumer Unallocated Total Year ended 28 February 2023\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000External revenue 108,897 57,796 166,693 75,749 21,660 97,409 \u2013 264,102Cost of sales (56,205) (30,473) (86,678) (22,578) (9,935) (32,513) \u2013 (119,191)Gross profit 52,692 27,323 80,015 53,171 11,725 64,896 \u2013 144,911Marketing and distribution costs (14,882) (9,455) (24,337) (5,364) (2,828) (8,192) \u2013 (32,529)Contribution before administrative expenses 37,810 17,868 55,678 47,807 8,897 56,704 \u2013 112,382Administrative expenses excluding highlighted items (20,497) (16,835) (37,332) (35,296) (8,240) (43,536) \u2013 (80,868)Share of result of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (228) (228)Operating profit/(loss) before highlighted items/segment results 17,313 1,033 18,346 12,511 657 13,168 (228) 31,286Amortisation of acquired intangible assets \u2013 (352) (352) (4,660) (214) (4,874) \u2013 (5,226)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (457) (457)Operating profit/(loss) 17,313 681 17,994 7,851 443 8,294 (685) 25,603Finance income \u2013 \u2013 \u2013 50 \u2013 50 220 270Finance costs (144) (81) (225) (125) (40) (165) (68) (458)Profit/(loss) before taxation and highlighted items 17,169 952 18,121 12,436 617 13,053 (76) 31,098Amortisation of acquired intangible assets \u2013 (352) (352) (4,660) (214) (4,874) \u2013 (5,226)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (457) (457)Profit/(loss) before taxation 17,169 600 17,769 7,776 403 8,179 (533) 25,415Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5,171) (5,171)Profit/(loss) for the year 17,169 600 17,769 7,776 403 8,179 (5,704) 20,244Operating profit/(loss) before highlighted items/segment results 17,313 1,033 18,346 12,511 657 13,168 (228) 31,286Depreciation 930 659 1,589 950 234 1,184 \u2013 2,773Amortisation of internally generated intangibles 487 629 1,116 3,023 322 3,345 \u2013 4,461EBITDA before highlighted items 18,730 2,321 21,051 16,484 1,213 17,697 (228) 38,5203. Revenue and segmental analysis continuedChildren\u2019s AdultAcademic & Special Non-Trade TradeConsumer Professional Interest Consumer Unallocated Total Year ended 28 February 2022\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000External revenue 93,039 55,157 148,196 59,328 22,586 81,914 \u2013 230,110Cost of sales (46,759) (29,106) (75,865) (20,945) (11,138) (32,083) \u2013 (107,948)Gross profit 46,280 26,051 72,331 38,383 11,448 49,831 \u2013 122,162Marketing and distribution costs (12,812) (8,271) (21,083) (5,335) (3,390) (8,725) \u2013 (29,808)Contribution before administrative expenses 33,468 17,780 51,248 33,048 8,058 41,106 \u2013 92,354Administrative expenses excluding highlighted items (17,506) (15,732) (33,238) (23,907) (7,980) (31,887) \u2013 (65,125)Share of result of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (117) (117)Operating profit/(loss) before highlighted items/segment results 15,962 2,048 18,010 9,141 78 9,219 (117) 27,112Amortisation of acquired intangible assets \u2013 (272) (272) (2,349) (214) (2,563) \u2013 (2,835)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,715) (1,715)Operating profit/(loss) 15,962 1,776 17,738 6,792 (136) 6,656 (1,832) 22,562Finance income \u2013 \u2013 \u2013 62 \u2013 62 43105Finance costs (162) (94) (256) (115) (48) (163) (67) (486)Profit/(loss) before taxation and highlighted items 15,800 1,954 17,754 9,088 30 9,118 (141) 26,731Amortisation of acquired intangible assets \u2013 (272) (272) (2,349) (214) (2,563) \u2013 (2,835)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,715) (1,715)Profit/(loss) before taxation 15,800 1,682 17,482 6,739 (184) 6,555 (1,856) 22,181Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5,291) (5,291)Profit/(loss) for the year 15,800 1,682 17,482 6,739 (184) 6,555 (7,147) 16,890Operating profit/(loss) before highlighted items/segment results 15,962 2,048 18,010 9,141 78 9,219 (117) 27,112Depreciation 914 632 1,546 604 251 855 \u2013 2,401Amortisation of internally generated intangibles 455 508 963 3,405 302 3,707 \u2013 4,670EBITDA before highlighted items 17,331 3,188 20,519 13,150 631 13,781 (117) 34,183Total assets 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 19,569 13,633Adult Trade 14,493 13,513Academic & Professional 77,918 78,096Special Interest 14,381 13,170Unallocated 188,752 170,825Total assets 315,113 289,237Unallocated primarily represents centrally held assets including system development; property, plant and equipment; right-of-use assets; receivables; and cash.3. Revenue and segmental analysis continuedExternal revenue by source and destination SourceUnitedNorth Kingdom America Australia India Total Destination\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Year ended 28 February 2023United Kingdom (country of domicile) 72,014 552 \u2013 \u2013 72,566North America 30,282 95,623 \u2013 \u2013 125,905Continental Europe 23,031 1,102 \u2013 2 24,135 Australasia 2,678 2 16,145 \u2013 18,825Middle East and Asia 10,717 241 \u2013 5,029 15,987Rest of the world 5,910 774 \u2013 \u2013 6,684Overseas countries 72,618 97,742 16,145 5,031 191,536Total 144,632 98,294 16,145 5,031 264,102Year ended 28 February 2022United Kingdom (country of domicile) 79,384 \u2013 \u2013 \u2013 79,384North America 22,499 68,542 \u2013 \u2013 91,041Continental Europe 23,695 \u2013 \u2013 \u2013 23,695 Australasia 2,342 \u2013 13,133 \u2013 15,475Middle East and Asia 5,958 174 \u2013 4,134 10,266Rest of the world 9,314 935 \u2013 \u2013 10,249Overseas countries 63,808 69,651 13,133 4,134 150,726Total 143,192 69,651 13,133 4,134 230,110During the year, sales to one customer exceeded 10% of Group revenue (2022: one customer). The value of these sales was \u00a368,856,000 (2022: \u00a367,811,000). This customer purchases from all operating segments and represents 9% (2022: 10%) of gross trade receivables.Analysis of non-current assets (excluding deferred tax assets and financial instruments) by geographic location Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000United Kingdom (country of domicile) 71,311 79,708North America 26,796 22,196Other 421 244Total 98,528 102,148Group revenues by product typeChildren\u2019s Adult Academic & Special Non-Year ended TradeTrade Consumer Professional InterestConsumer Total 28 February 2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u20190001Print90,481 44,702 135,183 32,942 17,841 50,783 185,966Ebooks 12,181 8,626 20,807 12,841 1,858 14,699 35,506Digital Resources \u2013 \u2013 \u2013 26,202 \u2013 26,202 26,202Audio 1,418 2,748 4,166 8 435 443 4,6092Rights and services4,817 1,720 6,537 3,756 1,526 5,282 11,819Total 108,897 57,796 166,693 75,749 21,660 97,409 264,1023. Revenue and segmental analysis continuedChildren\u2019s Adult Academic & Special Non-Year ended TradeTrade Consumer Professional InterestConsumer Total 28 February 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u20190001Print79,053 42,702 121,755 29,996 18,632 48,628 170,383Ebooks 9,680 8,089 17,769 8,497 2,049 10,546 28,315Digital Resources \u2013 \u2013 \u2013 18,645 \u2013 18,645 18,645Audio 831 2,422 3,253 8 305 313 3,5662Rights and services3,475 1,944 5,419 2,182 1,600 3,782 9,201Total 93,039 55,157 148,196 59,328 22,586 81,914 230,1101. Print includes print books and games.2. Rights and services revenue includes revenue from copyright and trademark licences, management contracts, advertising and publishing services.Contract BalancesOnline digital platforms sales within the Digital revenue stream generally entail customer billings at or near the contract\u2019s inception and accordingly Digital deferred income balances are primarily related to subscription performance obligations to be delivered over time.Ebook sales within the Digital revenue stream generally derived from ebook aggregators who provide periodic sales reports over time. The extent of accrued income is related to the timing of receiving these reports.Within the Rights and Services revenue stream are licenses for multiple-titles at a fixed price. As the performance obligations within these arrangements are generally when the customer is granted access, the extent of accrued income will ultimately depend upon the difference between revenue recognised and billings to date.Refer to note 18 for opening and closing balances of accrued income. Refer to note 19 for opening and closing balances of deferred income. Revenue recognised during the period from changes in deferred income was driven primarily by the release of revenue over time from digital subscriptions and delivery of print books invoiced but not delivered in the previous financial year.The below table depicts the remaining transaction price on unsatisfied or partially unsatisfied performance obligations from contracts with customers as follows: Total remaining Deferred Committed transaction 2026 Year ended Salesincomesalesprice 20242025and later28 February 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000Print 185,966 291 5,149 5,440 5,413 17 10Digital 66,317 9,394 468 9,862 8,643 423 796Rights and services 11,819 115 683 798 485 238 75Total 264,102 9,800 6,300 16,100 14,541 678 881Total remaining Deferred Committed transaction 2025 Year ended Salesincomesalesprice 20232024and later28 February 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000Print 170,383 445 8,204 8,649 8,645 4 \u2013Digital 50,526 8,627 976 9,603 7,959 864 780Rights and services 9,201 4 981 985 682 211 92Total 230,110 9,076 10,161 19,237 17,286 1,079 8724. Operating profitOperating profit is stated after charging the following amounts:Year ended Year ended 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Purchase of goods and changes in inventories 17 67,342 59,209Auditor\u2019s remuneration (see page 196) 287 484Depreciation of property, plant and equipment 14 659 512Depreciation of right-of-use assets 15 2,114 1,889Highlighted items (see below) 5,683 4,550Provision made against advances 5,033 6,115Loss on disposal of property, plant and equipment 13 \u2013Loss on disposal of other intangible assets 107 65Exchange (gain)/loss (865) 245Loss allowance for financial assets 178 646Staff costs (excluding termination benefits) 5 60,936 47,806Highlighted itemsYear ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Legal and other professional fees on acquisitions93 1,317Integration and restructuring costs 364 398Other highlighted items 457 1,715Amortisation of acquired intangible assets 5,226 2,835Total highlighted items 5,683 4,550Highlighted items charged to operating profit comprise significant non-cash charges and major one-off initiatives, which are highlighted in the income statement because, in the opinion of the Directors, separate disclosure is helpful in understanding the underlying performance and future profitability of the business.All highlighted items are included in administrative expenses in the income statement. For the year ended 28 February 2023, legal and other professional fees of \u00a393,000 were incurred as a result of the Group\u2019s acquisitions, including ABC-CLIO, LLC and certain assets of UIT Cambridge. Integration and restructuring costs primarily relate to the integration of the ABC-CLIO, LLC, Head of Zeus Limited acquisitions and certain assets of Red Globe Press. For the year ended 28 February 2022, legal and other professional fees of \u00a31,317,000 were incurred as a result of the Group\u2019s acquisitions, including ABC-CLIO, LLC, Head of Zeus Limited and certain assets of Red Globe Press. Integration and restructuring costs primarily relate to the integration of the above acquisitions including restructuring and other restructuring in both Divisions. 4. Operating profit continuedAuditor\u2019s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2023 and KPMG LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2022 are as follows:Year ended 28 February 2023 Year ended 28 February 2022UK Overseas Total UK Overseas Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fees payable to the Company\u2019s Auditor for the audit of the parent Company and consolidated financial statements 199 86 285 322 153 475Fees payable to the Company\u2019s Auditor and its associates for other services:Audit of the Company\u2019s subsidiaries pursuant to legislation \u2013 2 2 \u2013 9 9Total 199 88 287 322 162 4845. Staff costsStaff costs, including Directors, during the year were:Year ended Year ended 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Salaries (including bonuses) 52,196 40,296Social security costs 4,835 3,697Pension costs 24 2,304 1,759Share-based payment charge 23 1,601 2,054Staff costs (excluding termination benefits) 60,936 47,806Termination benefits 176 658Total 61,112 48,464For the year ended 28 February 2023 \u00a336,000 (year ended 28 February 2022: \u00a3247,000) of termination benefits are included in restructuring within highlighted items. The average monthly number of employees during the year were:Year ended Year ended 28 February 28 February 20232022Editorial, production and selling 813 680Finance and administration 166 138Total 979 818Staff costs are charged to administrative expenses. Two (2022: two) Directors were accruing benefits during the year under defined contribution pension arrangements.5. Staff costs continuedTotal emoluments for Directors was:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Short-term employee benefits 1,894 1,831Post-employment benefits 77 92Total 1,971 1,923The Group considers key management personnel as defined under IAS 24 \u201cRelated Party Disclosures\u201d to be the Directors of the Company, this includes Non-Executive Directors, and those Directors of the global divisions, major geographic regions and departments who are actively involved in strategic decision making. Total emoluments for Executive Directors and other key management personnel were:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Short-term employee benefits 4,387 4,068Post-employment benefits 170 173Share-based payment charge 1,020 1,150Total 5,577 5,3916. Finance income and finance costsYear ended Year ended 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Finance incomeInterest on bank deposits 203 30Other interest receivable 50 62Interest income on pension plan assets 24 17 13Total 270 105Finance costsInterest on lease liabilities 26 390 419Interest cost on pension obligations 24 17 12Interest on bank overdraft and loans \u2013 3Other interest payable 51 52Total 458 4867. Taxationa) Tax charge for the yearYear ended Year ended 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Current taxation UK corporation taxCurrent year 2,100 3,243 Adjustment in respect of prior years 108 (89)Overseas taxationCurrent year 5,012 3,310Adjustment in respect of prior years (1,231) (84)5,989 6,380Deferred tax 16 UK Origination and reversal of temporary differences (191) (926)Adjustment in respect of prior years (3) 317Tax rate adjustment (65) 144OverseasOrigination and reversal of temporary differences (1,286) (819)Adjustment in respect of prior years 727 195(818) (1,089)Total taxation expense5,171 5,291b) Factors affecting tax charge for the yearThe tax on the Group\u2019s profit before tax differs from the standard rate of corporation tax in the United Kingdom of 19.00% (2022: 19.00%). The reasons for this are explained below: Year ended Year ended 28 February 202328 February 2022\u00a3\u2019000 % \u00a3\u2019000 %Profit before taxation 25,415 100.0 22,181 100.0Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 19% (2022: 19.00%) 4,829 19.0 4,214 19.0Effects of: Non-deductible revenue expenditure 67 0.3 16 0.1Non-taxable income (323) (1.3) (383) (1.7)Different rates of tax in foreign jurisdictions 865 3.4 946 4.3Tax losses 189 0.7 (212) (1.0)Movement in deferred tax rate (65) (0.3) 144 0.7Adjustment to tax charge in respect of prior yearsCurrent tax (1,123) (4.4) (173) (0.8)Deferred tax 724 2.9 512 2.3Tax charge for the year before disallowable costs on highlighted items 5,163 20.3 5,064 22.9Highlighted itemsDisallowable costs 8 \u2013 227 1.0Tax charge for the year 5,171 20.3 5,291 23.9Different rates of tax in foreign jurisdictions is where we are paying tax at higher rates in the US and Australia as well as paying state taxes in the US. Tax losses relate to the recognition of previously unrecognised tax losses or losses in the year that have not been recognised as deferred tax assets. 7. Taxation continuedAdjustments to prior periods primarily arise where an outcome is obtained on certain tax matters which differs from expectations held when the related provision was made. Where the outcome is more favourable than the provision made, the difference is released, lowering the current year tax charge. Where the outcome is less favourable than our provision, an additional charge to current year tax will occur. We are not aware of any significant unprovided exposures that are considered likely to materialise. c) Factors affecting tax charge for future yearsFactors which may affect the future tax charges includes changes in tax legislation, transfer pricing regulations and the level and mix of profitability in different countries.d) Tax effects of components of other comprehensive incomeBefore tax Tax charge After tax Before tax Tax charge After tax 2023 2023 2023 2022 2022 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Exchange difference on translating foreign operations 7,464 \u2013 7,464 1,497 \u2013 1,497Remeasurements on the defined benefit pension scheme \u2013 \u2013 \u2013 (12) 2 (10)Other comprehensive income 7,464 \u2013 7,464 1,485 2 1,4878. DividendsYear ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Amounts paid in the yearPrior period 9.40p final dividend per share (2022: 7.58p) 7,604 6,141Prior period special dividend per share for the year (2022: 9.78p) \u2013 7,923Interim 1.41p dividend per share (2022: 1.34p) 1,148 1,093Total dividend payments in the year 8,752 15,157Amounts arising in respect of the yearInterim 1.41p dividend per share for the year (2022: 1.34p) 1,148 1,093Proposed 10.34p final dividend per share for the year (2022: 9.40p) 8,397 7,671Total dividend 11.75p per share for the year (2022: 10.74p) 9,545 8,764The Directors are recommending a final dividend of 10.34 pence per share, which, subject to Shareholder approval at the Annual General Meeting on 18 July 2023, will be paid on 25 August 2023 to Shareholders on the register at close of business on 28 July 2023.9. Earnings per shareThe basic earnings per share for the year ended 28 February 2023 is calculated using a weighted average number of Ordinary shares in issue of 81,172,636 (2022: 81,532,620) after deducting shares held by the Employee Benefit Trust. The diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares to take account of all dilutive potential Ordinary shares, which are in respect of unexercised share options and the Performance Share Plan.Year ended Year ended 28 February 28 February 2023 2022 NumberNumberWeighted average shares in issue 81,172,636 81,532,620Dilution 1,336,878 1,530,573Diluted weighted average shares in issue 82,509,514 83,063,193\u00a3\u2019000 \u00a3\u2019000Profit after tax attributable to owners of the Company 20,244 16,890Basic earnings per share 24.94p 20.72pDiluted earnings per share 24.54p 20.33p\u00a3\u2019000 \u00a3\u2019000Adjusted profit attributable to owners of the Company 25,217 21,548Adjusted basic earnings per share 31.07p 26.43pAdjusted diluted earnings per share 30.56p 25.94pAdjusted profit is derived as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Profit before taxation 25,415 22,181Amortisation of acquired intangible assets 5,226 2,835Other highlighted items 457 1,715Adjusted profit before tax 31,098 26,731Tax expense 5,171 5,291Deferred tax movements on goodwill and acquired intangible assets 631 (207)Tax expense on other highlighted items 79 99Adjusted tax 5,881 5,183Adjusted earnings 25,217 21,548The Group includes the benefit of tax amortisation of intangible assets within adjusted tax as this benefit more accurately aligns the adjusted tax charge with the expected cash tax payments.10. Business combinations completed in prior periodsABC - CLIO, LLC On 15 December 2021 the Group acquired the members\u2019 interest of ABC \u2013 CLIO, LLC (\u201cABC-CLIO\u201d). The consideration, is \u00a316.7 million, of which \u00a316.6 million was satisfied in cash at completion, with \u00a30.1 million payable in cash post completion, subject to working capital and other considerations.ABC-CLIO is an established academic publisher of reference, nonfiction, online curriculum and professional development materials in both print and digital formats for schools, academic libraries and public libraries, primarily in the USA. This acquisition further strengthens Bloomsbury Digital Resources and significantly accelerates Bloomsbury\u2019s academic publishing in North America, growing international revenues. ABC-CLIO will operate within Bloomsbury\u2019s Academic & Professional division.As disclosed in last year\u2019s Annual Report, the value of identifiable net assets of ABC-CLIO had only been determined on a provisional basis due to working capital adjustments not having been finalised at that time. These have now been finalised and it has not led to any changes in the fair values of assets acquired. The table below summarises the fair values to the Group included in the consolidated financial statements of the major categories of assets and liabilities of ABC-CLIO at the date of acquisition. Fair value to the GroupNet assets acquired\u00a3\u2019000AssetsOther intangible assets 16,572Property, plant and equipment 284Right-of-use assets 357Deferred tax assets 962Total non-current assets 18,175Inventories 552Trade and other receivables 3,354Cash and cash equivalents 342Total current assets 4,248Total assets 22,423LiabilitiesLease liabilities 184Total non-current liabilities 184Trade and other liabilities 7,564Lease liabilities 173Current tax liabilities 254Total current liabilities 7,991Total liabilities 8.175Identifiable net assets 14,248Goodwill 2,497Total 16,745Identifiable intangible assets of \u00a316,572,000 consist of publishing rights, imprints and product development. The publishing rights have a useful life of 6-7 years, imprints have a useful life of 7 years and product development have a useful life of 10 years. The goodwill arising of \u00a32,497,000 is attributable to the expected profitability of the acquired business and the synergies expected to arise after the acquisition.The gross contractual trade and other receivables at acquisition is \u00a33,445,000 of which, as at the acquisition date, \u00a391,000 is the best estimate of the contractual cash flows that are not expected to be collected.10. Business combinations completed in prior periods continuedTransaction costs of \u00a3630,000 have been expensed in the prior year within administrative expenses. From 16 December 2021, revenue of \u00a32.2 million and profit attributable to owners of the Company of \u00a30.4 million have been included in the consolidated income statement for the period ended 28 February 2022 in relation to ABC-CLIO.If the acquisition had occurred on 1 March 2021 the revenue and profit attributable to the Group for the year ended 28 February 2022 would have been \u00a310.9 million and \u00a31.3 million higher respectively. These pro forma amounts do not include any possible synergies from the acquisition. The pro forma information is provided for comparative purposes only and does not necessarily reflect the actual results that would have occurred, nor is it necessarily indicative of future results of operations of the combined companies.11. Goodwill28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000CostAt start of year 52,172 48,947Acquisitions \u2013 3,076Exchange differences 750 149At end of year 52,922 52,172ImpairmentAt start of year 4,262 4,259Exchange differences 4 3At end of year 4,266 4,262Net book valueAt end of year 48,656 47,910At start of year 47,910 44,688Goodwill is not amortised, but instead is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. Management has aligned the monitoring of goodwill to how it reviews the performance of the business. Goodwill is monitored by management at the publishing division level. The following is a summary of goodwill allocation for each publishing division:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 1,973 1,767Adult Trade 3,070 2,819Academic & Professional 38,660 38,371Special Interest 4,953 4,953Total 48,656 47,91011. Goodwill continuedImpairment testingThe recoverable amount of the Group\u2019s goodwill has been considered with regard to value-in-use calculations. These calculations use the pre-tax future cash flow projections of each cash-generating unit (\u201cCGU\u201d) based on the Board\u2019s approved budgets for the year ended 29 February 2024 and the Board-approved five-year plan. The calculations include a terminal value based on the projections for the final year of the five-year plan with a long-term growth rate assumption applied.The key assumptions for calculating value in use are:Discount rates CAGR \u2013 Revenue Long-term growth2023 2022 2023 2022 2023 2022 %%%%%%Children\u2019s Trade 11.2 11.6 5.4 2.2 2.0 2.0Adult Trade 11.5 11.7 7.0 9.9 2.0 2.0Academic & Professional 11.0 11.2 5.3 9.9 2.0 2.0Special Interest 12.0 12.5 3.9 6.2 2.0 2.0Discount ratesThe discount rates applied to the cash flows are calculated using a pre-tax rate based on the weighted average cost of capital for the Group. This is adjusted for risks specific to the market in which the CGU operates. Revenue growth ratesGrowth rates have been calculated based on those applied to the Board-approved budget for the year ended 29 February 2024 and five-year plan. They incorporate future expectations of growth in backlist revenues and strategic plan for each publishing division. The five-year forecasts are extrapolated to perpetuity on the basis that the relevant CGUs are long-established business units. The long-term growth rates are blended rates formed from the territory-specific long-term growth rates. Gross marginsGross margins have been based on historic performance and expected changes to the sales mix in future periods. SensitivityManagement has performed sensitivity analysis based on the key assumptions for calculating the value in use. The discount rate has been increased by 2.0% and the long term growth rate has been decreased from 2.0% to 0.0%. In addition, management has applied severe but plausible downside scenario in accordance with the going concern review as set out on page 181. This assumes:\u2022 Print revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;\u2022 Digital revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;Under these circumstances, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the CGUs to exceed its recoverable amount.12. Other intangible assetsSubscriber and Assets Publishing customer Systems Product under rights Imprints relationships Trademarks development development construction Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000CostAt 28 February 2021 19,224 8,090 4,391 269 9,673 16,720 319 58,686Acquisitions\u00b9 12,373 5,499 \u2013 \u2013 \u2013 1,668 \u2013 19,5402Additions3,418 \u2013 \u2013 28 717 2,472 442 7,077Transfers \u2013 \u2013 \u2013 \u2013 \u2013 371 (371) \u2013Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (3,009) \u2013 (3,009)Exchange differences 2 (23) 12 6 12 28 \u2013 37At 28 February 2022 35,017 13,566 4,403 303 10,402 18,250 390 82,331Additions 505 83 \u2013 41 1,014 3,528 545 5,716Transfers \u2013 \u2013 \u2013 \u2013 \u2013 22 (22) \u2013Disposals \u2013 \u2013 \u2013 (1) (9) (981) (98) (1,089)Exchange differences 1,481 451 35 16 35 338 \u2013 2,356At 28 February 2023 37,003 14,100 4,438 359 11,442 21,157 815 89,314AmortisationAt 28 February 2021 12,195 2,697 3,672 53 7,004 11,728 \u2013 37,349Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2,944) \u2013 (2,944)Charge for the year 1,907 635 293 18 1,025 3,627 \u2013 7,505Exchange differences 52 \u2013 7 1 12 26 \u2013 98At 28 February 2022 14,154 3,332 3,972 72 8,041 12,437 \u2013 42,008Disposals \u2013 \u2013 \u2013 \u2013 (6) (976) \u2013 (982)Charge for the year 3,711 1,190 158 23 1,102 3,503 \u2013 9,687Exchange differences 179 13 23 \u2013 34 109 \u2013 358At 28 February 2023 18,044 4,535 4,153 95 9,171 15,073 \u2013 51,071Net book valueAt 28 February 2023 18,959 9,565 285 264 2,271 6,084 815 38,243At 28 February 2022 20,863 10,234 431 231 2,361 5,813 390 40,3231. The acquisitions relate to the Head of Zeus Limited and ABC-CLIO, LLC business combinations.2. The addition of \u00a32,846,000 Publishing Rights relates to the acquisition of assets of Red Globe Press on 1 June 2021. The addition of \u00a3572,000 Publishing Rights relates to the acquisition of assets of Contemporary Arts Media Pty. Ltd on 23 September 2021.13. Investments28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Joint venture - 45Total - 45The amounts recognised in the Income Statement are as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Equity securities impairment - \u2013Joint venture (228) (117)Total (228) (117)14. Property, plant and equipmentComputers Short and other leasehold Furniture office Motor improvements and fittings equipment vehicles Total\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000At 28 February 2021 2,922 998 3,153 31 7,104Acquisitions 44 105 187 \u2013 336Additions 19 197 428 \u2013 644Exchange differences 5 15 25 1 46At 28 February 2022 2,990 1,315 3,793 32 8,130Additions 31 176 597 45 849Disposals (2) (78) (72) (33) (185)Exchange differences 24 61 113 \u2013 198At 28 February 2023 3,043 1,474 4,431 44 8,992DepreciationAt 28 February 2021 1,929 898 2,414 17 5,258Charge for the year 129 54 329 \u2013 512Exchange differences 4 16 21 \u2013 41At 28 February 2022 2,062 968 2,764 17 5,811Charge for the year 147 77 411 24 659Disposals (1) (78) (60) (33) (172)Exchange differences 18 50 122 1 191At 28 February 2023 2,226 1,017 3,237 9 6,489Net book valueAt 28 February 2023 817 457 1,194 35 2,503At 28 February 2022 928 347 1,029 15 2,319The depreciation charge is included in administrative expenses. 15. Right-of-use assetsPropertyCarsEquipmentTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000At 28 February 2021 14,493 152 53 14,698Acquisitions 580 \u2013 52 632Additions 216 33 116 365Exchange differences 144 \u2013 3 147At 28 February 2022 15,433 185 224 15,842Additions 326 39 \u2013 365Disposals \u2013 (84) (9) (93)Exchange differences 461 \u2013 17 478At 28 February 2023 16,220 140 232 16,592DepreciationAt 28 February 2021 3,157 99 9 3,265Charge for the year 1,741 54 94 1,889Exchange differences 59 \u2013 1 60At 28 February 2022 4,957 153 104 5,214Charge for the year 2,024 30 60 2,114Disposals \u2013 (84) (9) (93)Exchange differences 221 \u2013 10 231At 28 February 2023 7,202 99 165 7,466Net book value At 28 February 2023 9,018 41 67 9,126At 28 February 2022 10,476 32 120 10,628The depreciation charge is included in administrative expenses. 16. Deferred tax assets and liabilitiesa) Recognised deferred tax assets and liabilitiesDeferred tax is calculated in full on temporary differences using the tax rate appropriate to the jurisdiction in which the asset or liability arises and the tax rates that are expected to apply in the periods in which the asset or liability is settled. Movement in temporary differences during the year:Property, Retirement plant and benefit Share-based Intangible Tax losses equipment obligation payments assets OtherTotal \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000At 28 February 2021 329 409 39 352 (2,323) 2,712 1,518Recognised on acquisition 137 (7) \u2013 \u2013 (700) 962 392Credit/(charge) to the income statement 820 (283) 6 194 (257) 609 1,089Credit to other comprehensive income \u2013 \u2013 2 \u2013 \u2013 \u2013 2Credit to equity \u2013 \u2013 \u2013 408 \u2013 \u2013 408Exchange differences 1 \u2013 \u2013 \u2013 (18) 80 63At 28 February 2022 1,287 119 47 954 (3,298) 4,363 3,472(Charge)/credit to the income statement (263) 82 29 (90) 631 429 818Credit to equity \u2013 \u2013 \u2013 81 \u2013 \u2013 81Exchange differences 3 \u2013 \u2013 \u2013 34 405 442At 28 February 2023 1,027 201 76 945 (2,633) 5,197 4,81316. Deferred tax assets and liabilities continuedDeferred tax assets in respect of losses are only recognised to the extent that it is anticipated they will be utilised in the foreseeable future. The Other deferred tax asset predominantly relates to temporary differences i.e. valuation adjustments and return and inventory provisions held on the balance sheet recognised in the current tax calculation and tax return only when utilised. This predominantly relates to the US and UK. b) The analysis for financial reporting purposes is as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Deferred tax assets 7,928 7,168Deferred tax liabilities (3,115) (3,696)Total 4,813 3,472c) Unrecognised deferred tax assetsThe Group had deferred tax assets not recognised in the financial statements as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Trading losses 1,328 1,679At 28 February 2023, the Group had unrecognised trading losses of \u00a35.3 million (2022: \u00a36.7 million). A deferred tax asset has not been recognised in respect of these taxable losses. Due to the nature of these losses they cannot easily be offset against future Group profits. Deferred tax is not provided on unremitted earnings of subsidiaries where the Group controls the timing of remittance and it is probable that the temporary difference will not reverse in the foreseeable future. 17. Inventories28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Work in progress 4,042 5,604Finished goods for resale 39,322 28,212Total 43,364 33,816The cost of inventories recognised as cost of sales amounted to \u00a355,619,000 (2022: \u00a349,017,000). In addition to this, the provision and write-down of inventories to net realisable value recognised in cost of sales amounted to \u00a311,723,000 (2022: \u00a310,192,000).18. Trade and other receivables28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Non-currentAccrued income 934 923CurrentGross trade receivables 72,549 68,764Less: loss allowance (3,334) (3,551)Net trade receivables 69,215 65,213Income tax recoverable 2,332 1,392Other receivables 2,497 2,431Prepayments 2,653 2,672Accrued income 6,579 4,494Royalty advances 29,543 28,677Total current trade and other receivables 112,819 104,879Total trade and other receivables 113,753 105,802Non-current receivables relate to accrued income on long-term rights deals.A provision is held against gross advances payable in respect of published title advances which may not be fully earned down by anticipated future sales. As at 28 February 2023, \u00a37,745,000 (2022: \u00a37,145,000) of royalty advances relate to titles expected to be published in more than 12 months\u2019 time. Other receivables principally comprises VAT recoverable.Trade receivables principally comprise amounts receivable from the sale of books due from distributors. The majority of trade debtors are secured by credit insurance and in certain territories by third-party distributors. The Directors consider that the carrying amount of trade and other receivables approximates to their fair values. The Group\u2019s exposure to credit and currency risks is disclosed in note 25. The average number of days\u2019 credit taken for sales of books by the Group was 96 days (2022: 103 days). A loss allowance is made with reference to specific debts, past default experience, trading history and the current economic environment. Movements on the Group loss allowance for trade receivables are as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000At start of year 3,551 3,230Acquired \u2013 128Amounts created 908 1,134Amounts utilised (423) (459)Amounts released (733) (488)Exchange differences 31 6At end of year 3,334 3,55119. Trade and other liabilities28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Current Trade payables 35,016 30,245Sales returns liability 14,921 15,292Taxation and social security 1,728 2,018Other payables 6,096 4,901Accruals 44,059 41,496Deferred income 9,800 9,076Total current trade and other liabilities 111,620 103,028Total trade and other liabilities 111,620 103,028Trade payables are non-interest bearing and are normally settled on terms of between 30 and 90 days. If actual returns were 10% higher or lower in the year revenue would have been \u00a31.8 million lower/higher (2022: \u00a31.5 million lower/higher).Other payables principally comprises sub rights payable to authors. 20. Loans and borrowingsReconciliation of movements of liabilities to cash flows arising from financing activities:Liability EquityBank overdrafts used for cash Share management capital/ share Other Retained Lease liabilitypurposespremiumreservesearningsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance at 28 February 2022 12,226 \u2013 48,339 16,892 103,738 181,195Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 (8,752) (8,752)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 (1,669) \u2013 (1,669)Proceeds from exercise of share options \u2013 \u2013 \u2013 2,539 (2,273) 266Repayment of lease liabilities (2,226) \u2013 \u2013 \u2013 \u2013 (2,226)Interest paid (390) \u2013 \u2013 \u2013 \u2013 (390)Total changes from financing cash flows (2,616) \u2013 \u2013 870 (11,025) (12,771)Other changesLiability-relatedRight-of-use asset additions 365 \u2013 \u2013 \u2013 \u2013 365Foreign exchange movements 287 \u2013 \u2013 \u2013 \u2013 287Interest expense 390 \u2013 \u2013 \u2013 \u2013 390Total liability-related other changes 1,042 \u2013 \u2013 \u2013 \u2013 1,042Total equity-related other changes \u2013 \u2013 \u2013 8,699 20,325 29,024Balance at 28 February 2023 10,652 \u2013 48,339 26,461 113,038 198,49020. Loans and borrowings continuedLiability EquityBank overdrafts used for cash Share management capital/ share Other Retained Lease liabilitypurposespremiumreservesearningsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance at 28 February 2021 12,943 \u2013 48,339 16,253 103,657 181,192Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 (15,157) (15,157)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 (4,489) \u2013 (4,489)Proceeds from exercise of share options \u2013 \u2013 \u2013 2,084 (2,050) 34Repayment of borrowings \u2013 (1,097) \u2013 \u2013 \u2013 (1,097)Repayment of lease liabilities (1,862) \u2013 \u2013 \u2013 \u2013 (1,862)Interest paid (419) (55) \u2013 \u2013 \u2013 (474)Total changes from financing cash flows (2,281) (1,152) \u2013 (2,405) (17,207) (23,045)Other changesLiability-relatedBorrowings recognised on acquisition \u2013 1,097 \u2013 \u2013 \u2013 1,097Right-of-use asset additions 1,024 \u2013 \u2013 \u2013 \u2013 1,024Foreign exchange movements 121 \u2013 \u2013 \u2013 \u2013 121Interest expense 419 55 \u2013 \u2013 \u2013 474Total liability-related other changes 1,564 1,152 \u2013 \u2013 \u2013 2,716Total equity-related other changes \u2013 \u2013 \u2013 3,044 17,288 20,332Balance at 28 February 2022 12,226 \u2013 48,339 16,892 103,738 181,19521. ProvisionsAuthor advancesProperty Total\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 28 February 2022 565 320 885Created in the year 284 36 320Released in the year (12) \u2013 (12)Utilised in the year (153) \u2013 (153)Exchange difference 58 \u2013 5828 February 2023 742 356 1,098Non-current \u2013 334 334Current 742 22 764The property provision includes amounts provided for dilapidations. The author advance provision is a provision against future cash outflows on published titles where the Group does not expect to fully recover the advance. 22. Share capital and other reservesShare capital 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Authorised: 108,811,522 Ordinary shares of 1.25p each (2022: 108,811,552 Ordinary shares of 1.25p each) 1,360 1,360Allotted, called up and fully paid:81,608,672 Ordinary shares of 1.25p each (2022: 81,608,672 Ordinary shares of 1.25p each) 1,020 1,020The Company has one class of Ordinary share that carries equal voting rights and no contractual right to receive payment. No shares are held by the Company as Treasury shares. Directors and other employees of the Group have been granted options to purchase 2,039,536 (2022: 2,162,194) Ordinary shares with an aggregate nominal value of \u00a325,494 (2022: \u00a327,027) (see note 23).Share premiumThis reserve records the amount above nominal value received for shares sold less transaction costs. Translation reserveThe translation reserve comprises all foreign currency differences arising from the translation of the financial information of foreign operations.Merger reserve The merger reserve comprises the amount that would otherwise arise in share premium relating to specific share issue, wherein more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under the Companies Act 2006.Capital redemption reserveThe capital redemption reserve arose on the purchase by the Company of its own shares and comprises the amount by which the distributable profits were reduced on these transactions. Share-based payment reserveThe share-based payment reserve comprises cumulative amounts charged in respect of employee share-based payment arrangements.Own shares held by the Employee Benefit TrustThe Employee Benefit Trust (\u201cEBT\u201d) is an independent discretionary trust established to acquire issued shares of the Company to satisfy any of the share-based incentive schemes (see note 23) and plans of the Company. All employees of the Group are potential beneficiaries of the EBT. The results and net assets of the EBT are included in the consolidated financial statements of the Group. The market value of the 400,626 shares of the Company held at 28 February 2023 (2022: 710,293) in the EBT was \u00a31,678,623 (2022: \u00a32,890,893). While the trustee has power to subscribe for Ordinary shares and to acquire Ordinary shares in the market or from Treasury, it is not permitted to hold more than 5% of the issued share capital without prior approval of the Shareholders.As at the date of signing this Annual Report, the Trust held 391,014 Ordinary shares of 1.25 pence being approximately 0.5% of the issued Ordinary share capital. Retained earningsThe retained earnings reserve comprises profit for the year attributable to owners of the Company and other items recognised directly through equity as presented on the consolidated statement of changes in equity.23. Share-based payments Options over shares of the ultimate parent undertaking, Bloomsbury Publishing Plc, have been granted to employees of the Group under various schemes. The total share-based payment charge to the income statement for the year was as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Equity-settled share-based transactions 1,235 1,547Cash-settled share-based transactions 366 507Total 1,601 2,054National Insurance contributions are payable by the Company in respect of some of the share-based payment transactions. These contributions are payable on the date of exercise based on the intrinsic value of the share-based payments and are therefore treated as cash-settled awards. The Group had an accrual for National Insurance at 28 February 2023 of \u00a3563,000 (2022: \u00a3483,000), of which none related to vested options. The weighted average share price at the date of exercise for share options exercised during the period was 427 pence.a) The Bloomsbury Performance Share Plan (\u201cthe PSP\u201d)The Group operates the PSP for Directors and senior employees. Awards under the scheme are granted as conditional share awards. The number of Ordinary shares comprised in an award is calculated using a share value equal to the closing middle-market price on the dealing day before the award date. The vesting period is three years and for awards granted during the year ended February 2020, 50% of the level of vesting is subject to the achievement of Earnings Per Share (\u201cEPS\u201d). The other 50% is subject to a Return on Capital Employed (\u201cROCE\u201d) performance condition. For awards granted during the year ended February 2021, February 2022 and February 2023 the award is subject to the following performance conditions; EPS (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). For details of the performance conditions see the Directors\u2019 Remuneration Report on pages 143 to 168. Awards are not exercisable after the vesting date and awards that vest on the vesting date are automatically exercised. Except in certain circumstances awards lapse if the employee leaves the Group. Year ended Year ended 28 February 28 February 2023 2022 NumberNumberOutstanding at start of year 1,536,094 1,572,390Granted during the year 360,738 489,116Exercised during the year (505,622) (525,412)Lapsed during the year \u2013 \u2013Outstanding at end of year 1,391,210 1,536,094Exercisable at end of year 636,981 505,622Year ended Year ended 28 February 28 February 2023 2022 Range of exercise price of outstanding awards (pence) \u2013 \u2013Weighted average remaining contracted life (months) 15 17Expense recognised for the year (\u00a3\u2019000) 1,416 1,90623. Share-based payments continuedThe share awards granted in the year to 28 February 2023 have been measured based on the share price at the date of grant as they are only subject to non-market conditions. The inputs were:All Share price 418 penceExercise price \u2013Expected term 3 yearsExpected volatility 47.32%Risk-free interest rate 1.86%Fair value charge per award 314 \u2013 418 penceThis award is subject to the following performance conditions; EPS (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%).The awards for Executive Directors only will be subject to clawback provisions and to a two-year post-vesting holding period.b) The Bloomsbury Sharesave Plan 2014The Group operates an HM Revenue and Customs approved savings-related share option scheme under which employees are granted options to purchase Ordinary shares in the Company in three years\u2019 time, dependent upon their entering into a contract to make monthly contributions to a savings account over the period of the savings term. The Sharesave Plan is open to all UK employees.Weighted Weighted Shareaverage Share average options exercise price options exercise price 2023 20232022 2022 Number PenceNumberPenceOutstanding at start of year 626,100 276 530,303 174Granted during the year 173,439 314 170,772 280Exercised during the year (145,283) 184 (21,173) 161Lapsed during the year (6,010) 314 (53,802) 183Outstanding at end of year 648,326 236 626,100 276Exercisable at end of year 25,711 185 1,310 1372023 2022Range of exercise price of outstanding options (pence) 169-314 137\u2013280Weighted average remaining contracted life (months) 15 18Expense recognised for the year (\u00a3\u2019000) 185 14824. Retirement benefit obligationsPension costsThe pension costs charged to the income statement of \u00a32,304,000 (2022: \u00a31,773,000) relate to the Group\u2019s defined contribution and defined benefit pension arrangements. Defined contribution plansThe Group operates defined contribution retirement benefit plans for all qualifying employees.The total cost charged to the income statement of \u00a32,304,000 (2022: \u00a31,759,000) represents contributions payable to these schemes by the Group at rates specified in the rules of the schemes. At 28 February 2023, there were \u00a3nil prepaid contributions (28 February 2022: \u00a3nil). At 28 February 2023, there were \u00a3324,000 outstanding contributions (28 February 2022: \u00a3262,000).24. Retirement benefit obligations continuedDefined benefit planA subsidiary company operates a defined benefit scheme for some staff which is accounted for in accordance with IAS 19. Accrual of benefits ceased in 1997, with the scheme now operated as a closed fund. There is no obligation in respect of medical costs. The scheme is actuarially valued every three years. The last full actuarial valuation was carried out as at 28 February 2021 by a qualified independent actuary.Contributions paid to the scheme during the year were \u00a3nil (2022: \u00a341,000). As the scheme has an excess of assets compared to the scheme liabilities the Directors\u2019 best estimate of the contributions to be paid by the Group to the plan for the period commencing 1 March 2023 in respect of the deficit repair contributions is \u00a3nil. The Group will also pay contributions equal to the expense amount incurred over the period, which is estimated to be \u00a313,000. In addition, PPF levies and other administration expenses are payable by the Group as and when due. At 28 February 2023, there were \u00a3nil prepaid or outstanding contributions (28 February 2022: \u00a3nil). As the scheme has an excess of assets compared to scheme liabilities at the current year end, the Group has sought legal advice on the application of the asset ceiling and concluded that adjustments are required for this scheme. As a result, IFRIC 14 applies and an asset ceiling adjustment has been recognised. The financial assumptions used by the actuary for the update were as follows:28 February 28 February 28 February 2023 2022 2021\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Discount rate 5.00% 2.60% 2.10%Inflation assumption 2.30\u20133.20% 2.80\u20133.70% 2.30\u20133.20%The scheme is closed and there are no active paying members, therefore no increases in payments have been applied. The assumptions used are estimates chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily occur in practice.The mortality assumptions adopted at 28 February 2023 are 90% of the standard tables S3PMA, year of birth, no age rating for males and females, projected using CMI_2021 converging to 1.50% p.a. These imply the following life expectancies:28 February 28 February 2023 2022 Implied life expectancy at age 65YearsYearsMale currently aged 45 24.8 24.5Female currently aged 45 26.8 26.6Male currently aged 65 23.2 22.8Female currently aged 65 25.0 24.8The amounts recognised in the income statement in respect of the defined benefit scheme are as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Interest cost on defined benefit obligation (14) (12)Interest cost on effect of asset ceiling/onerous liability (3) \u2013Interest income 17 13Expenses \u2013 (15)Total \u2013 (14)A charge of \u00a317,000 (2022: \u00a312,000) has been included in finance costs and a credit of \u00a317,000 (2022: \u00a313,000) has been included in finance income. 24. Retirement benefit obligations continuedThe amounts recognised in other comprehensive income in respect of the defined benefit scheme are as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Return on pension plan assets (excluding amounts included in interest income) 23 (2)Experience gains and losses arising on the defined benefit obligation \u2013 (loss)/gain (8) (12)Effects of changes in the financial assumptions underlying the present value of the defined benefit obligation \u2013 gain 185 56Total actuarial gains and losses (before restrictions due to some of the surplus not being recognisable) \u2013 gain 200 42Effect of asset ceiling (excluding amounts included in net interest cost) \u2013 loss (200) (54)Total \u2013 (12)The amount included in the statement of financial position arising from the Group\u2019s obligation in respect of the defined benefit pension scheme is as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Fair value of assets (with profit policy) 695 655Present value of defined benefit obligations (388) (551)Surplus in scheme 307 104Impact of asset ceiling (307) (104)Liability to be recognised \u2013 \u2013Deferred tax assets \u2013 \u2013Net liability to be recognised \u2013 \u2013Reconciliation of the impact of the asset ceiling is as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Impact of asset ceiling at the start of the year 104 49Interest expense 3 1Changes in asset ceiling 200 54Impact of asset ceiling at the end of the year 307 104Movements in the present value of defined benefit obligations in the year were as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000At start of year (551) (584)Expenses \u2013 (15)Interest cost (14) (12)Benefits paid and expenses \u2013 16Remeasurement gains 177 44At end of year (388) (551)24. Retirement benefit obligations continuedMovements in the fair value of scheme assets in the year were as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000At start of year 655 619Interest income 17 13Return on plan assets (excluding amounts included in interest income) 23 (2)Employer contributions \u2013 41Benefits paid and expenses \u2013 (16)At end of year 695 655The actual return on scheme assets was \u00a340,000 (2022: \u00a311,000).Assets28 February 28 February 28 February 2023 2022 2021\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000With profits 695 655 619Total assets 695 655 619None of the fair values of the assets shown above include any direct investments in the Company\u2019s own financial instruments or any property occupied by, or other assets used by, the Company. The scheme assets are held in a With-Profits insurance policy. 25. Financial instruments and risk managementCapital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Shareholders as well as sustaining the future development of the business. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders and issue new shares. The Group\u2019s overall strategy remains unchanged from 2022.The capital structure of the Group comprises equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and note 22. Categories of financial instruments 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Investments available for saleJoint venture 13 \u2013 45Total investments available for sale \u2013 45Loans and receivablesCash and cash equivalents 51,540 41,226Trade receivables 18 69,215 65,213Accrued income 18 7,513 5,417Total loans and receivables128,268 111,856Financial liabilities measured at amortised costTrade payables 19 35,016 30,245Other payables due in less than one year 7,824 6,919Sales returns liability 19 14,921 15,292Accruals 19 44,059 41,496Lease liabilities 26 10,652 12,226Total financial liabilities measured at amortised cost112,472 106,178Net financial instruments15,796 5,723There is no material difference between the fair value and book value of financial assets and liabilities. Financial risk managementThe Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance from the key risks of market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Board has approved the Group Treasury policies and procedures by which the Group Treasury function is to be managed. The Group Treasury function is headed by the Group Finance Director and is part of Bloomsbury\u2019s Finance Department. It operates under a delegated authority from the Board. The Treasury management policies and procedures focus on the investment of surplus operating cash likely to be needed in order to support Bloomsbury\u2019s ongoing operations, foreign currency requirements and interest rate risk management. The Group does not use derivative contracts for speculative purposes. The policies are reviewed at least on an annual basis by the Group Finance Director and any amendments are approved by the Board. The Board is assisted in its oversight role by Internal Audit, which undertakes regular reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. 25. Financial instruments and risk management continueda) Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group\u2019s activities expose it mainly to the financial risks of changes in foreign currency exchange rates and changes in interest rates. The Group incurs costs in the same currencies as it earns revenue, creating some degree of natural hedging. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Risk management is carried out by Group Treasury under policies approved by the Board of Directors. Group Treasury monitors the distribution of its cash assets so as to control exposure to the relative performance of any particular territory, currency or institution.The Board provides written principles for overall risk management, as well as policies covering specific areas, such as funding, foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.(i) Interest rate riskThe Group has significant interest-bearing assets in the form of cash and cash equivalents, and as such, cash flows are dependent on changes in market interest rates. Interest rate profile of financial instruments28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Fixed rate instrumentsFinancial assets 226 1,706Financial liabilities \u2013 \u2013Total 226 1,706Variable rate instrumentsFinancial assets 51,314 39,521Financial liabilities \u2013 \u2013Total 51,314 39,521Fixed rate financial assets are short-term bank deposits with a maturity date range of one day to one month. Variable rate financial assets are cash at bank. Fair value sensitivity analysis for fixed rate financial instrumentsThe Group does not account for any fixed rate financial assets at fair value through profit or loss. Therefore, a change in interest rates at 28 February 2023 would not affect the income statement. Cash flow sensitivity analysis for variable rate financial instrumentsThe Group derived the following sensitivities to assess the impact of changes in interest rates, based on the effect of the market volatility in the current climate and the previous 12 months. The analysis assumes all other variables remain constant. 28 February 2023 28 February 2022Profit or loss Equity Profit or loss Equity \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Impact on profit or loss and equity 1% increase in base rate of interest (2022: 1%) 364 \u2013 363 \u20130.5% decrease in base rate of interest (2022: 0.5%) (187) \u2013 (184) \u201325. Financial instruments and risk management continued(ii) Currency riskThe Directors believe that in its current circumstances, the Group\u2019s risk from foreign currency exposure is limited and no active currency risk management by hedging is considered necessary, as a significant proportion of revenues is matched by expenditure in the same local currency, creating some degree of natural hedging.The Group\u2019s exposure to foreign currency risk was as follows based on notional amounts:Loans and receivables Financial liabilities28 February 28 February 28 February 28 February 202320222023 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000GBP 57,575 59,358 66,982 69,939USD 64,501 44,646 37,354 27,881EURO 1,050 1,217 675 675AUD 3,370 4,212 6,542 6,058INR 1,772 2,423 919 1,625Total 128,268 111,856 112,472 106,178No significant amounts of loans and receivables or financial liabilities are denominated in currencies other than sterling, US dollars, euros, Australian dollars or Indian rupees.Foreign currency sensitivity analysis The Group derived the following sensitivities based on the outstanding foreign currency denominated financial assets and liabilities at the year end. The sensitivity analysis includes loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. The use of a 10% sensitivity rate has been determined based on the effect of the market volatility in exchange rates between the current and previous year end, and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. A positive number below indicates an increase in profit or equity. 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Impact on equity 10% weakening in US dollar against pound sterling (2022: 10%) (2,321) (1,309)10% strengthening in US dollar against pound sterling (2022: 10%) 2,321 1,30910% weakening in euro against pound sterling (2022: 10%) \u2013 \u201310% strengthening in euro against pound sterling (2022: 10%) \u2013 \u201310% weakening in AUS dollar against pound sterling (2022: 10%) 397 17110% strengthening in AUS dollar against pound sterling (2022: 10%) (397) (171)10% weakening in INR against pound sterling (2022: 10%) (78) (73)10% strengthening in INR against pound sterling (2022: 10%) 78 73Impact on income statement10% weakening in US dollar against pound sterling (2022: 10%) (143) (215)10% strengthening in US dollar against pound sterling (2022: 10%) 143 21510% weakening in euro against pound sterling (2022: 10%) (34) (49)10% strengthening in euro against pound sterling (2022: 10%) 34 4910% weakening in AUS dollar against pound sterling (2022: 10%) (106) (4)10% strengthening in AUS dollar against pound sterling (2022: 10%) 106 410% weakening in INR against pound sterling (2022: 10%) \u2013 \u201310% strengthening in INR against pound sterling (2022: 10%) \u2013 \u201325. Financial instruments and risk management continuedb) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables (note 18) and cash and cash equivalents. Cash and cash equivalentsThe credit risk on liquid funds is limited because the counterparties are banks with high credit ratings as assigned by international credit-rating agencies.Trade receivablesThe carrying amount of financial assets represents the maximum credit exposure. The amounts presented in the statement of financial position are net of allowances for doubtful receivables, estimated by the Group\u2019s management based on trading experience and the current economic environment. An analysis of the relevant provisions is set out in note 18.The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (\u201cECL\u201d). To measure ECLs trade receivables are split into groups with the same characteristics to calculate loss rates. Where possible we have calculated this probability based on historic loss experience using recent sales history, the timing of when the cash was received for the debt and the level of debt not collected for that population.The Group determines its concentration of credit risk based on the individual characteristics of its customers and publicly available knowledge of specific circumstances affecting those customers. The Group defines counterparties as having similar characteristics if they are related entities. At 28 February 2023, the exposure to credit risk for gross trade receivables by geographical region was as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000United Kingdom 39,600 44,023North America 28,645 19,441Australia 2,457 3,456India 1,847 1,844Total 72,549 68,764The Group has a significant concentration of credit risk due to its use of third-party distributors. Credit limits for the final customers are set by the distributors based on a combination of payment history and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The distributors belong to established international groups whose business includes a number of publishing interests and clients. The Group\u2019s risk is limited as significant amounts outstanding through the UK distributors are secured by credit insurance, and in the US credit risk for significant amounts outstanding through distributors rests with the distributor. The balances with the US distributor makes up 85% (2022: 87%) of the North America trade receivable balance. In the United Kingdom balances with the distributors make up 92% (2022: 85%) of the United Kingdom trade receivable balance. c) Liquidity riskCurrently, the Group has limited borrowing and has sufficient cash deposits to meet its debts as they fall due. The Board has modelled a severe but plausible pessimistic downside scenario; see note 2c on going concern for further details. Under this scenario the Group is expected to have sufficient liquidity for at least 12 months from the date of approval of the financial statements.Cash flow budgets and forecasts are prepared by the operating entities of the Group, aggregated for the Group and regularly reviewed by the Board, and the actual cash position of the Group and each entity is compared monthly against budget. This allows management to ensure that each operating entity and the Group have sufficient cash to meet operational needs. Surplus cash held by the operating entities over and above the balance required for working capital management is invested in interest-bearing accounts and money market deposits. The Group has an unsecured revolving credit facility with Lloyds Bank Plc. At 28 February 2023, the Group had \u00a3nil draw down (2022: \u00a3nil) of this facility with \u00a310.0 million of undrawn borrowing facilities (2022: \u00a310.0 million) available. The facility comprises a committed revolving credit facility of \u00a310 million, and an uncommitted incremental term loan facility of up to \u00a36 million. The facilities are subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The agreement is to October 2024. The Group\u2019s financial liabilities are trade payables, accruals, lease liabilities and other payables as shown above. All other financial liabilities are due within one year.26. LeasesThe Group\u2019s lease portfolio consists of office properties, cars and equipment. The Group has elected not to recognise right-of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Group recognises the lease payments associated with these leases as an expense on a straight- line basis over the lease term.The amounts recognised in the income statement are as follows:28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Interest on lease liabilities 6 390 419Expenses relating to short-term leases 4 4Expense relating to leases of low-value assets 1 1Depreciation of right-of-use assets 15 2,114 1,889The maturities of the Group\u2019s lease liabilities are as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Less than one year 2,425 2,428One to five years 6,292 6,961More than five years 3,067 4,059Total undiscounted lease liabilities 11,784 13,448Lease liabilities included in the Consolidated Statement of Financial Position 10,652 12,226Current 2,082 2,265Non-current 8,570 9,96127. Commitments and contingent liabilitiesa) Capital commitments28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Property, plant and equipment 11 159Intangible assets 485 129Total 496 288b) Other commitmentsThe Group is committed to paying royalty advances to authors in subsequent financial years. At 28 February 2023, this commitment amounted to \u00a325,715,000 (2022: \u00a328,100,000).c) GuaranteesThe Company and certain of its subsidiaries have guarantees to Lloyds Bank Plc in place relating to the Group\u2019s borrowing facilities \u2013 see note 25c. 28. Related party transactionsThe Group has no related party transactions other than key management remuneration as disclosed in note 5.29. Investments in subsidiary companiesThe Group\u2019s subsidiary companies at 28 February 2023 are:ProportionCountry of of equity Nature of business Registered incorporationcapital heldduring the yearofficeSubsidiary undertakings held directly by Bloomsbury Publishing Plc:A & C Black Limited England and Wales 100% Intermediate 1.holding companyBloomsbury India UK Limited England and Wales 100% Intermediate 1.holding companyBloomsbury Publishing Inc. USA 100% Publishing 2.Bloomsbury Information Limited England and Wales 100% Publishing 1.Bloomsbury Professional Limited England and Wales 100% Publishing 1.Bloomsbury Publishing PTY Limited Australia 100% Publishing 3.The Continuum International Publishing Group Limited England and Wales 100% Publishing 1.Hart Publishing Limited England and Wales 100% Publishing 1.Head of Zeus Limited England and Wales 100% Publishing 7.Bloomsbury Publishing Ireland Limited Ireland 100% Publishing 8.Osprey Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Book Publishing Company LimitedEngland and Wales100%Publishing 1.I.B. Tauris & Co. LimitedEngland and Wales100%Publishing1.Oberon Books Limited England and Wales 100% Publishing 1.Bloomsbury Media Limited England and Wales 100% Dormant 1.Subsidiary undertakings held through a subsidiary company:A & C Black Publishers Limited England and Wales 100% Publishing 1.ABC - CLIO, LLC USA 100% Publishing 6.Christopher Helm (Publishers) Limited England and Wales 100% Publishing 1.Oxford International Publishers Limited t/a Berg Publishers England and Wales 100% Publishing 1.John Wisden and Company Limited England and Wales 100% Publishing 1.Shire Publications Limited England and Wales 100% Publishing 1.British Wildlife Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Publishing India Private Limited India 100% Publishing 4.Berg Fashion Library Limited England and Wales 100% Dormant 1.A & C Black (Distribution) Limited England and Wales 100% Dormant 1.A & C Black (Storage) Limited England and Wales 100% Dormant 1.Adlard Coles Limited England and Wales 100% Dormant 1.Alphabooks Limited England and Wales 100% Dormant 1.F. Lewis (Publishers) Limited England and Wales 100% Dormant 1.Featherstone Education Limited England and Wales 100% Dormant 1.Hambledon and London Limited England and Wales 100% Dormant 1.Herbert Press Limited England and Wales 100% Dormant 1.John Wisden (Holdings) Limited England and Wales 100% Dormant 1.Methuen Drama Limited England and Wales 100% Dormant 1.Nautical Publishing Co Limited England and Wales 100% Dormant 1.Philip Wilson Publishers Limited England and Wales 100% Dormant 1.Reed\u2019s Almanac Limited England and Wales 100% Dormant 1.Sheffield Academic Press Limited England and Wales 100% Dormant 1.T & T Clark Limited England and Wales 100% Dormant 5.The Athlone Press Limited England and Wales 100% Dormant 1.Thoemmes Limited England and Wales 100% Dormant 1.29. Investments in subsidiary companies continuedAll subsidiary undertakings are included in the consolidation.The following lists all Bloomsbury registered office addresses. Please see wholly owned subsidiary list over for relevant registered office code.1. 50 Bedford Square, London, WC1B 3DP, United Kingdom.2. 1385 Broadway, Fifth Floor, New York, NY 10018, USA.3. Level 4, 387 George Street, Sydney, NSW 2000, Australia.4. DDA Complex, LSC, Building No. 4, Second Floor, Pocket C-6&7, Vasant Kunj, New Delhi, 110070, India. 5. C/O RSM, First Floor, Quay 2, 139 Fountainbridge, Edinburgh, EH3 9QG, United Kingdom.6. 147 Castilian Drive, Goleta, CA 93117, USA.7. 6th Floor Charlotte Building, 17 Gresse Street, London, W1T 1QL, United Kingdom.8. C/O Deloitte Ireland LLP, 29 Earlsfort Terrace, Dublin 2, D02 AY28, Ireland.For the year ended 28 February 2023, the following subsidiary companies were entitled to exemption from audit under section 479A of the Companies Act 2006:Subsidiary name Company numberBloomsbury Information Limited 06409758Bloomsbury Professional Limited 05233465The Continuum International Publishing Group Limited 03833148A & C Black Publishers Limited 00189153Christopher Helm (Publishers) Limited 01953639Oxford International Publishers Limited t/a Berg Publishers 03143617John Wisden and Company Limited 00135590Hart Publishing Limited 03307205Osprey Publishing Limited 03471853Shire Publications Limited 00868867British Wildlife Publishing Limited 06810049Bloomsbury Book Publishing Company Limited03830397I.B. Tauris & Co. Limited01761687Head of Zeus Limited 07769235Oberon Books Limited 02082142The Group\u2019s joint venture undertakings at 28 February 2023 are:Proportion Country of of equity Nature of business Registered incorporationcapital heldduring the yearofficeJoint venture undertakings held directly by Bloomsbury Publishing Plc:Beijing CYP & Gakken Education Development Co., Ltd China 50% Publishing 1.1. Floor 5, B Block, No. 1132, HuihHe South Street, Banbidian Village, Gaobeidian Township, Chaoyang District, Beijing, PRC.",
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"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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"value": "2. Significant accounting policiesThe principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented unless otherwise stated.g) RevenueRevenue represents the fair value of consideration received from the provision of goods, services and rights falling within the Group\u2019s ordinary activities, after deduction of trade discounts, value added tax and anticipated returns. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where contractual arrangements consist of two or more performance obligations, such as access to multiple titles, the transaction price is allocated between the distinct performance obligations on the basis of their relative stand-alone selling prices. i. Print:\u2022 Print sales: Revenue from the sale of printed books is recognised at the point in time when control passes. This isgenerally at the point of shipment when title passes to the customer, when the Group has a present right to payment andhas satisfied the relevant performance obligations under the contract.A provision for anticipated returns is made based primarily on historical return rates and customer trends in each territory. If these do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. The provision for anticipated future sales returns is recognised in trade and other liabilities in the statement of financial position. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling the returns liability.ii. Digital:\u2022 Ebook sales: Revenue from ebook sales is recognised when content is delivered i.e. access has been given to thecustomer.\u2022 Subscription income: Revenue is generated from customers through the sale of digital materials to educationalestablishments, libraries and professionals. Revenue for digital subscriptions is derived from the periodic subscriptionor update of the product. Revenue is recognised on a straight-line basis over the period of subscription or if less theexpected useful economic life of the product, unless the product is downloadable or the goods or services are notdelivered in a consistent manner over time, in which case revenue is recognised based on the value received by thecustomer.iii. Rights and services\u2022 Revenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, and sponsorship, is recognised when the Group has provided the associated material and collectability is probable.\u2022 Management services contracts: Revenue is primarily generated from multi-year contractual arrangements related to the delivery of online platform build, editorial and management services. Revenue is recognised over time based on contractual milestones as the customer gains benefit from the assets created or services provided. h) Foreign currenciesi. Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). These consolidated financial statements are presented in sterling as this is the most representative currency of the Group\u2019s operations. All financial information presented in sterling has been rounded to the nearest thousand except where otherwise stated.ii. Transactions and balancesTransactions in currencies other than the functional currency are recorded in the functional currency at the rates of exchange prevailing on the dates of the transactions. Assets and liabilities in foreign currencies are translated into sterling at closing rates of exchange at the date of the statement of financial position. Exchange differences are charged or credited to the income statement within administrative expenses.iii. Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;\u2022 Income and expenses are translated at the average exchange rates over the period; and\u2022 All resulting exchange differences are recognised in other comprehensive income and presented in the translation reserve in equity. On disposal of a foreign entity these exchange differences are recycled to the income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.i) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors\u2019 interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in theconsolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred taxliabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for alldeductible temporary differences to the extent that it is probable that taxable profit will be available against which thosedeductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporarydifference arises from goodwill or from the initial recognition (other than in a business combination) of other assets andliabilities in a transaction that affects neither the taxable profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or chargeddirectly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensiveincome or equity respectively.j) Goodwill and other intangible assetsi. GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business(see note 2f)i) less accumulated impairment losses, if any.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently where there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss in the consolidated income statement. An impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ii. Other intangible assetsOther intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulatedamortisation and accumulated impairment losses.Except for goodwill and assets under construction, intangible assets are amortised on a straight-line basis in the income statement over their expected useful lives by equal annual instalments at the following rates:Publishing relationships \u2013 5% to 21% per annumImprints \u2013 3% to 14% per annumSubscriber and customer relationships \u2013 7% to 9% per annumTrademarks \u2013 over the life of the trademarkProduct and systems development \u2013 10% to 50% per annumAssets under construction relate to the costs of developing a product, typically an online platform, which is yet to go live.Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate.iii. Product and systems developmentCosts that are directly associated with the purchase and implementation of systems, such as software products, arerecognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform, arerecognised as intangible assets.Expenditure is only capitalised if costs can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable and the Group has sufficient resources to complete development and use the asset.k) Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment loss.Property, plant and equipment are depreciated in order to write down their cost less residual value using the straight-line method over their expected useful lives at the following rates: Short leasehold improvements \u2013 over the remaining life of the leaseFurniture and fittings \u2013 10% per annumComputers and other office equipment \u2013 20% per annumMotor vehicles \u2013 25% per annumDepreciation is prorated in the years of acquisition and disposal of an asset. The estimated useful lives, residual value and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.l) LeasesThe Group assesses whether a contract contains a lease at the inception of the contract. 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. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements except for short-term leases (leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the lease payments are recognised as an operating expense on a straight-line basis over the term of the lease.The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate or a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the right-of-use asset.Management uses judgement to determine the lease term where extension and termination options are available within the lease. m) Impairment of tangible and intangible assets excluding goodwillAt the end of each reporting period the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement. n) InventoriesThe cost of work in progress and finished goods represents the amounts invoiced to the Group for origination, paper, printing and binding. Inventories are valued at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling a returns liability.p) ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).q) Financial instrumentsFinancial assets and financial liabilities are recognised when the Group has become a party to the contractual provisions of the instrument. The Group\u2019s financial assets and liabilities are as below:Trade receivablesTrade receivables and other receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method, less any impairment. Provisions for bad and doubtful debts are based on the expected credit loss model. The \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. Cash and cash equivalentsCash and cash equivalents in the statement of cash flows comprise cash in hand and at bank, other short-term deposits held by the Group and overdrafts. Bank overdrafts are included in current liabilities in the statement of financial position.Financial liabilities and equityFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.Trade payablesTrade payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost using the effective interest method.r) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period forwhich related services are rendered by the employee.ii. Defined benefit plansUntil 1997, a subsidiary company operated a defined benefit pension scheme. The retirement obligation recognised in thestatement of financial position represents the net of the present value of the defined benefit obligation and the fair value ofplan assets at the statement of financial position date. The defined benefit obligation is calculated annually by independentactuaries using the projected unit credit method.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Net interest is calculated by applying the discount rate to the net defined benefit obligation and is presented as finance costs or finance income.iii. Termination benefitsTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibilityof withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to providetermination benefits as a result of an offer made to encourage voluntary redundancy.iv. Share-based payment transactionsThe Group issues equity-settled share-based payment instruments to certain employees. Equity-settled share-basedpayment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is charged to the income statement on a straight-line basis over the vesting period, based onthe Group\u2019s estimate of the shares that will eventually vest.Options granted under the Sharesave Plan are equity-settled. The fair values of such options have been calculated using the Black-Scholes model based on publicly available market data. Awards granted under the Group\u2019s Performance Share Plan are equity-settled. For awards granted in 2019, 50% of any award under the Plan is subject to a Return on Capital Employed performance condition and 50% Earnings Per Share. Awards granted in 2020, 2021 and 2022 are subject to the following performance conditions; Earnings Per Share (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). The fair value of this element of the awards is calculated using the Black-Scholes model. Where the awards are subject to a holding period, we have used the Chaffe or Ghaidarov model to determine a discount for lack of marketability. t) Segmental reportingOperating segments, which have not been aggregated, are reported in a manner that is consistent with the internal reporting provided to the Chief Executive Officer (\u201cCEO\u201d), regarded as the Chief Operating Decision Maker.The CEO views the Group primarily from a nature of business basis, reflecting the divisional performance of Consumer, made up of Children\u2019s Trade and Adult Trade, and Non-Consumer, made up of Academic & Professional and Special Interest. Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Performance is evaluated based on operating profit contributions using the same accounting policies as adopted for the Group\u2019s financial statements.u) DividendsFinal dividends are recognised as liabilities once they are appropriately authorised by the Company\u2019s shareholders. Interim dividends are recorded when paid.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-7-1": {
"value": "a) Statement of complianceThe Group financial statements have been prepared and approved by the directors in accordance with UK-adopted international accounting standards (\u201cUK-adopted IFRS\u201d) and the requirements of the Companies Act 2006.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-8-2": {
"value": "b) Basis of preparationThe consolidated financial statements have been prepared on a going concern basis and under the historical cost convention as modified by the revaluation of financial assets and liabilities at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-9-2": {
"value": "c) Going concernThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 15 to 111. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 44 to 49. In addition, note 25 to the financial statements includes the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments, and its exposures to credit risk and liquidity risk.The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence at least 12 months from the date of approval of the financial statements, being the period of the detailed going concern assessment reviewed by the Board, and therefore continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.The Board has modelled a severe but plausible downside scenario. This assumes:\u2022 Print revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;\u2022 Digital revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;\u2022 Print costs are increased by 3% from 2023/2024 and staff costs are increased by 3% from 2023/2024;\u2022 Downside assumptions about extended debtor days during 2023/2024, with recovery during 2024/2025; and\u2022 Cash preservation measures implemented and variable costs reduced.At 28 February 2023, the Group had available liquidity of \u00a361.5 million, comprising central cash balances and its undrawn\u00a310 million Revolving Credit Facility (\u201cRCF\u201d). The RCF agreement is to October 2024. Under the severe but plausible downside scenario, the Group would maintain sufficient liquidity headroom even before modelling the mitigating effect of actions that management would take in the event that these downside risks were to crystallise. Details of the bank facility and its covenants are shown in note 25c.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-11-2": {
"value": "f) Basis of consolidationi. Business combinationsBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on whichcontrol is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as toobtain benefits from its activities.The Group measures goodwill at the acquisition date as:\u2022 The fair value of consideration transferred; plus\u2022 The recognised amount of any non-controlling interest in the acquiree; less\u2022 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.Where the excess is negative, a bargain purchase gain is recognised immediately in the income statement.Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with the business combination are expensed as incurred.Any contingent consideration payable is measured and recognised at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration are recognised in the income statement. ii. SubsidiariesThe consolidated financial statements comprise the financial information of the Company and its subsidiaries.Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.Accounting policies of subsidiaries are aligned with accounting policies adopted by the Group to ensure consistency.All subsidiaries except Bloomsbury Publishing India Private Limited have a reporting period end of 28 February. Bloomsbury Publishing India Private Limited has a reporting period end of 31 March, which aligns with the Indian Government\u2019s financial year. The Group financial statements includes the results for Bloomsbury Publishing India Private Limited for the period to 28 February.2. Significant accounting policies continuediii. Loss of controlWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any non-controlling interests and the other components of equity. Any resulting gain or loss is recognised in profit or loss. Anyinterest retained in the former subsidiary is measured at fair value when control is lost.iv. Transactions eliminated on consolidationIntra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, areeliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investmentto the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains butonly to the extent that there is no evidence of impairment.v. Joint venturesJoint ventures are entities in which the Group holds an interest on a long-term basis and has rights to the net assets throughcontractually agreed sharing of control. Investments in joint ventures are accounted for by the equity method and are initiallyrecognised at the fair value of consideration transferred.The Group\u2019s share of its joint venture\u2019s post acquisition profit or losses is recognised in the income statement. The Group\u2019s share of its joint venture\u2019s results is recognised as a component of operating profit as these operations form part of the core publishing business of the Group and are an integral part of the existing wholly-owned business. The cumulative post-acquisition profit or loss is adjusted against the carrying amount of the investment. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses unless the Group has incurred obligations or made payments on behalf of the joint venture. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "g) RevenueRevenue represents the fair value of consideration received from the provision of goods, services and rights falling within the Group\u2019s ordinary activities, after deduction of trade discounts, value added tax and anticipated returns. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where contractual arrangements consist of two or more performance obligations, such as access to multiple titles, the transaction price is allocated between the distinct performance obligations on the basis of their relative stand-alone selling prices. i. Print:\u2022 Print sales: Revenue from the sale of printed books is recognised at the point in time when control passes. This isgenerally at the point of shipment when title passes to the customer, when the Group has a present right to payment andhas satisfied the relevant performance obligations under the contract.A provision for anticipated returns is made based primarily on historical return rates and customer trends in each territory. If these do not reflect actual returns in future periods, then revenues could be understated or overstated for a particular period. The provision for anticipated future sales returns is recognised in trade and other liabilities in the statement of financial position. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling the returns liability.ii. Digital:\u2022 Ebook sales: Revenue from ebook sales is recognised when content is delivered i.e. access has been given to thecustomer.\u2022 Subscription income: Revenue is generated from customers through the sale of digital materials to educationalestablishments, libraries and professionals. Revenue for digital subscriptions is derived from the periodic subscriptionor update of the product. Revenue is recognised on a straight-line basis over the period of subscription or if less theexpected useful economic life of the product, unless the product is downloadable or the goods or services are notdelivered in a consistent manner over time, in which case revenue is recognised based on the value received by thecustomer.iii. Rights and services\u2022 Revenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, and sponsorship, is recognised when the Group has provided the associated material and collectability is probable.\u2022 Management services contracts: Revenue is primarily generated from multi-year contractual arrangements related to the delivery of online platform build, editorial and management services. Revenue is recognised over time based on contractual milestones as the customer gains benefit from the assets created or services provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
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"pp-value-15-3": {
"value": "h) Foreign currenciesi. Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). These consolidated financial statements are presented in sterling as this is the most representative currency of the Group\u2019s operations. All financial information presented in sterling has been rounded to the nearest thousand except where otherwise stated.ii. Transactions and balancesTransactions in currencies other than the functional currency are recorded in the functional currency at the rates of exchange prevailing on the dates of the transactions. Assets and liabilities in foreign currencies are translated into sterling at closing rates of exchange at the date of the statement of financial position. Exchange differences are charged or credited to the income statement within administrative expenses.iii. Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;\u2022 Income and expenses are translated at the average exchange rates over the period; and\u2022 All resulting exchange differences are recognised in other comprehensive income and presented in the translation reserve in equity. On disposal of a foreign entity these exchange differences are recycled to the income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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},
"pp-value-16-3": {
"value": "i) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors\u2019 interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in theconsolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred taxliabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for alldeductible temporary differences to the extent that it is probable that taxable profit will be available against which thosedeductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporarydifference arises from goodwill or from the initial recognition (other than in a business combination) of other assets andliabilities in a transaction that affects neither the taxable profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or chargeddirectly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensiveincome or equity respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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},
"pp-value-16-4": {
"value": "i) TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.i. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the reporting date.The Group recognises liabilities for anticipated tax issues based on estimates of the additional taxes that are likely to become due, which require judgement. Amounts are accrued based on the Directors\u2019 interpretation of specific tax law in the relevant country and the likelihood of settlement. The Directors use in-house tax experts, professional firms and previous experience when assessing tax risks. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made. ii. Deferred taxDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in theconsolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred taxliabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for alldeductible temporary differences to the extent that it is probable that taxable profit will be available against which thosedeductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporarydifference arises from goodwill or from the initial recognition (other than in a business combination) of other assets andliabilities in a transaction that affects neither the taxable profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be generated to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the end of the reporting period. iii. Current and deferred tax for the yearCurrent and deferred tax is charged or credited in the income statement, except when it relates to items credited or chargeddirectly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensiveincome or equity respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "j) Goodwill and other intangible assetsi. GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business(see note 2f)i) less accumulated impairment losses, if any.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently where there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss in the consolidated income statement. An impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ii. Other intangible assetsOther intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulatedamortisation and accumulated impairment losses.Except for goodwill and assets under construction, intangible assets are amortised on a straight-line basis in the income statement over their expected useful lives by equal annual instalments at the following rates:Publishing relationships \u2013 5% to 21% per annumImprints \u2013 3% to 14% per annumSubscriber and customer relationships \u2013 7% to 9% per annumTrademarks \u2013 over the life of the trademarkProduct and systems development \u2013 10% to 50% per annumAssets under construction relate to the costs of developing a product, typically an online platform, which is yet to go live.Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted prospectively if appropriate.iii. Product and systems developmentCosts that are directly associated with the purchase and implementation of systems, such as software products, arerecognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform, arerecognised as intangible assets.Expenditure is only capitalised if costs can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable and the Group has sufficient resources to complete development and use the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "k) Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment loss.Property, plant and equipment are depreciated in order to write down their cost less residual value using the straight-line method over their expected useful lives at the following rates: Short leasehold improvements \u2013 over the remaining life of the leaseFurniture and fittings \u2013 10% per annumComputers and other office equipment \u2013 20% per annumMotor vehicles \u2013 25% per annumDepreciation is prorated in the years of acquisition and disposal of an asset. The estimated useful lives, residual value and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "l) LeasesThe Group assesses whether a contract contains a lease at the inception of the contract. 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. The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements except for short-term leases (leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the lease payments are recognised as an operating expense on a straight-line basis over the term of the lease.The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred and an estimate of costs to restore the underlying asset, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The Group applies IAS 36 to determine whether a right-of-use asset is impaired. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate or a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the right-of-use asset.Management uses judgement to determine the lease term where extension and termination options are available within the lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "m) Impairment of tangible and intangible assets excluding goodwillAt the end of each reporting period the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "n) InventoriesThe cost of work in progress and finished goods represents the amounts invoiced to the Group for origination, paper, printing and binding. Inventories are valued at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Provisions are made for slow-moving and obsolete stock. A returns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling a returns liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "p) ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "q) Financial instrumentsFinancial assets and financial liabilities are recognised when the Group has become a party to the contractual provisions of the instrument. The Group\u2019s financial assets and liabilities are as below:Trade receivablesTrade receivables and other receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method, less any impairment. Provisions for bad and doubtful debts are based on the expected credit loss model. The \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses. Cash and cash equivalentsCash and cash equivalents in the statement of cash flows comprise cash in hand and at bank, other short-term deposits held by the Group and overdrafts. Bank overdrafts are included in current liabilities in the statement of financial position.Financial liabilities and equityFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.Trade payablesTrade payables are not interest bearing and are initially recognised at fair value and subsequently at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "r) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period forwhich related services are rendered by the employee.ii. Defined benefit plansUntil 1997, a subsidiary company operated a defined benefit pension scheme. The retirement obligation recognised in thestatement of financial position represents the net of the present value of the defined benefit obligation and the fair value ofplan assets at the statement of financial position date. The defined benefit obligation is calculated annually by independentactuaries using the projected unit credit method.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Net interest is calculated by applying the discount rate to the net defined benefit obligation and is presented as finance costs or finance income.iii. Termination benefitsTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibilityof withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to providetermination benefits as a result of an offer made to encourage voluntary redundancy.iv. Share-based payment transactionsThe Group issues equity-settled share-based payment instruments to certain employees. Equity-settled share-basedpayment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of equity-settled share-based payments is charged to the income statement on a straight-line basis over the vesting period, based onthe Group\u2019s estimate of the shares that will eventually vest.Options granted under the Sharesave Plan are equity-settled. The fair values of such options have been calculated using the Black-Scholes model based on publicly available market data. Awards granted under the Group\u2019s Performance Share Plan are equity-settled. For awards granted in 2019, 50% of any award under the Plan is subject to a Return on Capital Employed performance condition and 50% Earnings Per Share. Awards granted in 2020, 2021 and 2022 are subject to the following performance conditions; Earnings Per Share (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). The fair value of this element of the awards is calculated using the Black-Scholes model. Where the awards are subject to a holding period, we have used the Chaffe or Ghaidarov model to determine a discount for lack of marketability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "t) Segmental reportingOperating segments, which have not been aggregated, are reported in a manner that is consistent with the internal reporting provided to the Chief Executive Officer (\u201cCEO\u201d), regarded as the Chief Operating Decision Maker.The CEO views the Group primarily from a nature of business basis, reflecting the divisional performance of Consumer, made up of Children\u2019s Trade and Adult Trade, and Non-Consumer, made up of Academic & Professional and Special Interest. Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Performance is evaluated based on operating profit contributions using the same accounting policies as adopted for the Group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "u) DividendsFinal dividends are recognised as liabilities once they are appropriately authorised by the Company\u2019s shareholders. Interim dividends are recorded when paid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-30-2": {
"value": "3. Revenue and segmental analysisThe Group is comprised of two worldwide publishing divisions: Consumer and Non-Consumer, reflecting the core customers for our different operations. The Consumer Division is further split out into two operating segments: Children\u2019s Trade and Adult Trade. Non-Consumer is split between two operating segments: Academic & Professional, and Special Interest.Each reportable segment represents a cash-generating unit for the purpose of impairment testing. We have allocated goodwill between reportable segments. These divisions are the basis on which the Group primarily reports its segment information. Segments derive their revenue from book publishing, sale of publishing and distribution rights, management and other publishing services.The analysis by segment is shown below:Children\u2019s AdultAcademic & Special Non-Trade TradeConsumer Professional Interest Consumer Unallocated Total Year ended 28 February 2023\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000External revenue 108,897 57,796 166,693 75,749 21,660 97,409 \u2013 264,102Cost of sales (56,205) (30,473) (86,678) (22,578) (9,935) (32,513) \u2013 (119,191)Gross profit 52,692 27,323 80,015 53,171 11,725 64,896 \u2013 144,911Marketing and distribution costs (14,882) (9,455) (24,337) (5,364) (2,828) (8,192) \u2013 (32,529)Contribution before administrative expenses 37,810 17,868 55,678 47,807 8,897 56,704 \u2013 112,382Administrative expenses excluding highlighted items (20,497) (16,835) (37,332) (35,296) (8,240) (43,536) \u2013 (80,868)Share of result of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (228) (228)Operating profit/(loss) before highlighted items/segment results 17,313 1,033 18,346 12,511 657 13,168 (228) 31,286Amortisation of acquired intangible assets \u2013 (352) (352) (4,660) (214) (4,874) \u2013 (5,226)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (457) (457)Operating profit/(loss) 17,313 681 17,994 7,851 443 8,294 (685) 25,603Finance income \u2013 \u2013 \u2013 50 \u2013 50 220 270Finance costs (144) (81) (225) (125) (40) (165) (68) (458)Profit/(loss) before taxation and highlighted items 17,169 952 18,121 12,436 617 13,053 (76) 31,098Amortisation of acquired intangible assets \u2013 (352) (352) (4,660) (214) (4,874) \u2013 (5,226)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (457) (457)Profit/(loss) before taxation 17,169 600 17,769 7,776 403 8,179 (533) 25,415Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5,171) (5,171)Profit/(loss) for the year 17,169 600 17,769 7,776 403 8,179 (5,704) 20,244Operating profit/(loss) before highlighted items/segment results 17,313 1,033 18,346 12,511 657 13,168 (228) 31,286Depreciation 930 659 1,589 950 234 1,184 \u2013 2,773Amortisation of internally generated intangibles 487 629 1,116 3,023 322 3,345 \u2013 4,461EBITDA before highlighted items 18,730 2,321 21,051 16,484 1,213 17,697 (228) 38,5203. Revenue and segmental analysis continuedChildren\u2019s AdultAcademic & Special Non-Trade TradeConsumer Professional Interest Consumer Unallocated Total Year ended 28 February 2022\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000External revenue 93,039 55,157 148,196 59,328 22,586 81,914 \u2013 230,110Cost of sales (46,759) (29,106) (75,865) (20,945) (11,138) (32,083) \u2013 (107,948)Gross profit 46,280 26,051 72,331 38,383 11,448 49,831 \u2013 122,162Marketing and distribution costs (12,812) (8,271) (21,083) (5,335) (3,390) (8,725) \u2013 (29,808)Contribution before administrative expenses 33,468 17,780 51,248 33,048 8,058 41,106 \u2013 92,354Administrative expenses excluding highlighted items (17,506) (15,732) (33,238) (23,907) (7,980) (31,887) \u2013 (65,125)Share of result of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (117) (117)Operating profit/(loss) before highlighted items/segment results 15,962 2,048 18,010 9,141 78 9,219 (117) 27,112Amortisation of acquired intangible assets \u2013 (272) (272) (2,349) (214) (2,563) \u2013 (2,835)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,715) (1,715)Operating profit/(loss) 15,962 1,776 17,738 6,792 (136) 6,656 (1,832) 22,562Finance income \u2013 \u2013 \u2013 62 \u2013 62 43105Finance costs (162) (94) (256) (115) (48) (163) (67) (486)Profit/(loss) before taxation and highlighted items 15,800 1,954 17,754 9,088 30 9,118 (141) 26,731Amortisation of acquired intangible assets \u2013 (272) (272) (2,349) (214) (2,563) \u2013 (2,835)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,715) (1,715)Profit/(loss) before taxation 15,800 1,682 17,482 6,739 (184) 6,555 (1,856) 22,181Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5,291) (5,291)Profit/(loss) for the year 15,800 1,682 17,482 6,739 (184) 6,555 (7,147) 16,890Operating profit/(loss) before highlighted items/segment results 15,962 2,048 18,010 9,141 78 9,219 (117) 27,112Depreciation 914 632 1,546 604 251 855 \u2013 2,401Amortisation of internally generated intangibles 455 508 963 3,405 302 3,707 \u2013 4,670EBITDA before highlighted items 17,331 3,188 20,519 13,150 631 13,781 (117) 34,183Total assets 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 19,569 13,633Adult Trade 14,493 13,513Academic & Professional 77,918 78,096Special Interest 14,381 13,170Unallocated 188,752 170,825Total assets 315,113 289,237Unallocated primarily represents centrally held assets including system development; property, plant and equipment; right-of-use assets; receivables; and cash.3. Revenue and segmental analysis continuedExternal revenue by source and destination SourceUnitedNorth Kingdom America Australia India Total Destination\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Year ended 28 February 2023United Kingdom (country of domicile) 72,014 552 \u2013 \u2013 72,566North America 30,282 95,623 \u2013 \u2013 125,905Continental Europe 23,031 1,102 \u2013 2 24,135 Australasia 2,678 2 16,145 \u2013 18,825Middle East and Asia 10,717 241 \u2013 5,029 15,987Rest of the world 5,910 774 \u2013 \u2013 6,684Overseas countries 72,618 97,742 16,145 5,031 191,536Total 144,632 98,294 16,145 5,031 264,102Year ended 28 February 2022United Kingdom (country of domicile) 79,384 \u2013 \u2013 \u2013 79,384North America 22,499 68,542 \u2013 \u2013 91,041Continental Europe 23,695 \u2013 \u2013 \u2013 23,695 Australasia 2,342 \u2013 13,133 \u2013 15,475Middle East and Asia 5,958 174 \u2013 4,134 10,266Rest of the world 9,314 935 \u2013 \u2013 10,249Overseas countries 63,808 69,651 13,133 4,134 150,726Total 143,192 69,651 13,133 4,134 230,110During the year, sales to one customer exceeded 10% of Group revenue (2022: one customer). The value of these sales was \u00a368,856,000 (2022: \u00a367,811,000). This customer purchases from all operating segments and represents 9% (2022: 10%) of gross trade receivables.Analysis of non-current assets (excluding deferred tax assets and financial instruments) by geographic location Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000United Kingdom (country of domicile) 71,311 79,708North America 26,796 22,196Other 421 244Total 98,528 102,148Group revenues by product typeChildren\u2019s Adult Academic & Special Non-Year ended TradeTrade Consumer Professional InterestConsumer Total 28 February 2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u20190001Print90,481 44,702 135,183 32,942 17,841 50,783 185,966Ebooks 12,181 8,626 20,807 12,841 1,858 14,699 35,506Digital Resources \u2013 \u2013 \u2013 26,202 \u2013 26,202 26,202Audio 1,418 2,748 4,166 8 435 443 4,6092Rights and services4,817 1,720 6,537 3,756 1,526 5,282 11,819Total 108,897 57,796 166,693 75,749 21,660 97,409 264,1023. Revenue and segmental analysis continuedChildren\u2019s Adult Academic & Special Non-Year ended TradeTrade Consumer Professional InterestConsumer Total 28 February 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u20190001Print79,053 42,702 121,755 29,996 18,632 48,628 170,383Ebooks 9,680 8,089 17,769 8,497 2,049 10,546 28,315Digital Resources \u2013 \u2013 \u2013 18,645 \u2013 18,645 18,645Audio 831 2,422 3,253 8 305 313 3,5662Rights and services3,475 1,944 5,419 2,182 1,600 3,782 9,201Total 93,039 55,157 148,196 59,328 22,586 81,914 230,1101. Print includes print books and games.2. Rights and services revenue includes revenue from copyright and trademark licences, management contracts, advertising and publishing services.Contract BalancesOnline digital platforms sales within the Digital revenue stream generally entail customer billings at or near the contract\u2019s inception and accordingly Digital deferred income balances are primarily related to subscription performance obligations to be delivered over time.Ebook sales within the Digital revenue stream generally derived from ebook aggregators who provide periodic sales reports over time. The extent of accrued income is related to the timing of receiving these reports.Within the Rights and Services revenue stream are licenses for multiple-titles at a fixed price. As the performance obligations within these arrangements are generally when the customer is granted access, the extent of accrued income will ultimately depend upon the difference between revenue recognised and billings to date.Refer to note 18 for opening and closing balances of accrued income. Refer to note 19 for opening and closing balances of deferred income. Revenue recognised during the period from changes in deferred income was driven primarily by the release of revenue over time from digital subscriptions and delivery of print books invoiced but not delivered in the previous financial year.The below table depicts the remaining transaction price on unsatisfied or partially unsatisfied performance obligations from contracts with customers as follows: Total remaining Deferred Committed transaction 2026 Year ended Salesincomesalesprice 20242025and later28 February 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000Print 185,966 291 5,149 5,440 5,413 17 10Digital 66,317 9,394 468 9,862 8,643 423 796Rights and services 11,819 115 683 798 485 238 75Total 264,102 9,800 6,300 16,100 14,541 678 881Total remaining Deferred Committed transaction 2025 Year ended Salesincomesalesprice 20232024and later28 February 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000Print 170,383 445 8,204 8,649 8,645 4 \u2013Digital 50,526 8,627 976 9,603 7,959 864 780Rights and services 9,201 4 981 985 682 211 92Total 230,110 9,076 10,161 19,237 17,286 1,079 872",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-34-2": {
"value": "4. Operating profitOperating profit is stated after charging the following amounts:Year ended Year ended 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Purchase of goods and changes in inventories 17 67,342 59,209Auditor\u2019s remuneration (see page 196) 287 484Depreciation of property, plant and equipment 14 659 512Depreciation of right-of-use assets 15 2,114 1,889Highlighted items (see below) 5,683 4,550Provision made against advances 5,033 6,115Loss on disposal of property, plant and equipment 13 \u2013Loss on disposal of other intangible assets 107 65Exchange (gain)/loss (865) 245Loss allowance for financial assets 178 646Staff costs (excluding termination benefits) 5 60,936 47,806Highlighted itemsYear ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Legal and other professional fees on acquisitions93 1,317Integration and restructuring costs 364 398Other highlighted items 457 1,715Amortisation of acquired intangible assets 5,226 2,835Total highlighted items 5,683 4,550Highlighted items charged to operating profit comprise significant non-cash charges and major one-off initiatives, which are highlighted in the income statement because, in the opinion of the Directors, separate disclosure is helpful in understanding the underlying performance and future profitability of the business.All highlighted items are included in administrative expenses in the income statement. For the year ended 28 February 2023, legal and other professional fees of \u00a393,000 were incurred as a result of the Group\u2019s acquisitions, including ABC-CLIO, LLC and certain assets of UIT Cambridge. Integration and restructuring costs primarily relate to the integration of the ABC-CLIO, LLC, Head of Zeus Limited acquisitions and certain assets of Red Globe Press. For the year ended 28 February 2022, legal and other professional fees of \u00a31,317,000 were incurred as a result of the Group\u2019s acquisitions, including ABC-CLIO, LLC, Head of Zeus Limited and certain assets of Red Globe Press. Integration and restructuring costs primarily relate to the integration of the above acquisitions including restructuring and other restructuring in both Divisions. 4. Operating profit continuedAuditor\u2019s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2023 and KPMG LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2022 are as follows:Year ended 28 February 2023 Year ended 28 February 2022UK Overseas Total UK Overseas Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fees payable to the Company\u2019s Auditor for the audit of the parent Company and consolidated financial statements 199 86 285 322 153 475Fees payable to the Company\u2019s Auditor and its associates for other services:Audit of the Company\u2019s subsidiaries pursuant to legislation \u2013 2 2 \u2013 9 9Total 199 88 287 322 162 484",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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},
"pp-value-34-3": {
"value": "4. Operating profitOperating profit is stated after charging the following amounts:Year ended Year ended 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Purchase of goods and changes in inventories 17 67,342 59,209Auditor\u2019s remuneration (see page 196) 287 484Depreciation of property, plant and equipment 14 659 512Depreciation of right-of-use assets 15 2,114 1,889Highlighted items (see below) 5,683 4,550Provision made against advances 5,033 6,115Loss on disposal of property, plant and equipment 13 \u2013Loss on disposal of other intangible assets 107 65Exchange (gain)/loss (865) 245Loss allowance for financial assets 178 646Staff costs (excluding termination benefits) 5 60,936 47,806Highlighted itemsYear ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Legal and other professional fees on acquisitions93 1,317Integration and restructuring costs 364 398Other highlighted items 457 1,715Amortisation of acquired intangible assets 5,226 2,835Total highlighted items 5,683 4,550Highlighted items charged to operating profit comprise significant non-cash charges and major one-off initiatives, which are highlighted in the income statement because, in the opinion of the Directors, separate disclosure is helpful in understanding the underlying performance and future profitability of the business.All highlighted items are included in administrative expenses in the income statement. For the year ended 28 February 2023, legal and other professional fees of \u00a393,000 were incurred as a result of the Group\u2019s acquisitions, including ABC-CLIO, LLC and certain assets of UIT Cambridge. Integration and restructuring costs primarily relate to the integration of the ABC-CLIO, LLC, Head of Zeus Limited acquisitions and certain assets of Red Globe Press. For the year ended 28 February 2022, legal and other professional fees of \u00a31,317,000 were incurred as a result of the Group\u2019s acquisitions, including ABC-CLIO, LLC, Head of Zeus Limited and certain assets of Red Globe Press. Integration and restructuring costs primarily relate to the integration of the above acquisitions including restructuring and other restructuring in both Divisions. 4. Operating profit continuedAuditor\u2019s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2023 and KPMG LLP and its associates in respect of both audit and non-audit services for the year ended 28 February 2022 are as follows:Year ended 28 February 2023 Year ended 28 February 2022UK Overseas Total UK Overseas Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fees payable to the Company\u2019s Auditor for the audit of the parent Company and consolidated financial statements 199 86 285 322 153 475Fees payable to the Company\u2019s Auditor and its associates for other services:Audit of the Company\u2019s subsidiaries pursuant to legislation \u2013 2 2 \u2013 9 9Total 199 88 287 322 162 484",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-36-2": {
"value": "5. Staff costsStaff costs, including Directors, during the year were:Year ended Year ended 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Salaries (including bonuses) 52,196 40,296Social security costs 4,835 3,697Pension costs 24 2,304 1,759Share-based payment charge 23 1,601 2,054Staff costs (excluding termination benefits) 60,936 47,806Termination benefits 176 658Total 61,112 48,464For the year ended 28 February 2023 \u00a336,000 (year ended 28 February 2022: \u00a3247,000) of termination benefits are included in restructuring within highlighted items. The average monthly number of employees during the year were:Year ended Year ended 28 February 28 February 20232022Editorial, production and selling 813 680Finance and administration 166 138Total 979 818Staff costs are charged to administrative expenses. Two (2022: two) Directors were accruing benefits during the year under defined contribution pension arrangements.5. Staff costs continuedTotal emoluments for Directors was:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Short-term employee benefits 1,894 1,831Post-employment benefits 77 92Total 1,971 1,923The Group considers key management personnel as defined under IAS 24 \u201cRelated Party Disclosures\u201d to be the Directors of the Company, this includes Non-Executive Directors, and those Directors of the global divisions, major geographic regions and departments who are actively involved in strategic decision making. Total emoluments for Executive Directors and other key management personnel were:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Short-term employee benefits 4,387 4,068Post-employment benefits 170 173Share-based payment charge 1,020 1,150Total 5,577 5,39124. Retirement benefit obligationsPension costsThe pension costs charged to the income statement of \u00a32,304,000 (2022: \u00a31,773,000) relate to the Group\u2019s defined contribution and defined benefit pension arrangements. Defined contribution plansThe Group operates defined contribution retirement benefit plans for all qualifying employees.The total cost charged to the income statement of \u00a32,304,000 (2022: \u00a31,759,000) represents contributions payable to these schemes by the Group at rates specified in the rules of the schemes. At 28 February 2023, there were \u00a3nil prepaid contributions (28 February 2022: \u00a3nil). At 28 February 2023, there were \u00a3324,000 outstanding contributions (28 February 2022: \u00a3262,000).24. Retirement benefit obligations continuedDefined benefit planA subsidiary company operates a defined benefit scheme for some staff which is accounted for in accordance with IAS 19. Accrual of benefits ceased in 1997, with the scheme now operated as a closed fund. There is no obligation in respect of medical costs. The scheme is actuarially valued every three years. The last full actuarial valuation was carried out as at 28 February 2021 by a qualified independent actuary.Contributions paid to the scheme during the year were \u00a3nil (2022: \u00a341,000). As the scheme has an excess of assets compared to the scheme liabilities the Directors\u2019 best estimate of the contributions to be paid by the Group to the plan for the period commencing 1 March 2023 in respect of the deficit repair contributions is \u00a3nil. The Group will also pay contributions equal to the expense amount incurred over the period, which is estimated to be \u00a313,000. In addition, PPF levies and other administration expenses are payable by the Group as and when due. At 28 February 2023, there were \u00a3nil prepaid or outstanding contributions (28 February 2022: \u00a3nil). As the scheme has an excess of assets compared to scheme liabilities at the current year end, the Group has sought legal advice on the application of the asset ceiling and concluded that adjustments are required for this scheme. As a result, IFRIC 14 applies and an asset ceiling adjustment has been recognised. The financial assumptions used by the actuary for the update were as follows:28 February 28 February 28 February 2023 2022 2021\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Discount rate 5.00% 2.60% 2.10%Inflation assumption 2.30\u20133.20% 2.80\u20133.70% 2.30\u20133.20%The scheme is closed and there are no active paying members, therefore no increases in payments have been applied. The assumptions used are estimates chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily occur in practice.The mortality assumptions adopted at 28 February 2023 are 90% of the standard tables S3PMA, year of birth, no age rating for males and females, projected using CMI_2021 converging to 1.50% p.a. These imply the following life expectancies:28 February 28 February 2023 2022 Implied life expectancy at age 65YearsYearsMale currently aged 45 24.8 24.5Female currently aged 45 26.8 26.6Male currently aged 65 23.2 22.8Female currently aged 65 25.0 24.8The amounts recognised in the income statement in respect of the defined benefit scheme are as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Interest cost on defined benefit obligation (14) (12)Interest cost on effect of asset ceiling/onerous liability (3) \u2013Interest income 17 13Expenses \u2013 (15)Total \u2013 (14)A charge of \u00a317,000 (2022: \u00a312,000) has been included in finance costs and a credit of \u00a317,000 (2022: \u00a313,000) has been included in finance income. 24. Retirement benefit obligations continuedThe amounts recognised in other comprehensive income in respect of the defined benefit scheme are as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Return on pension plan assets (excluding amounts included in interest income) 23 (2)Experience gains and losses arising on the defined benefit obligation \u2013 (loss)/gain (8) (12)Effects of changes in the financial assumptions underlying the present value of the defined benefit obligation \u2013 gain 185 56Total actuarial gains and losses (before restrictions due to some of the surplus not being recognisable) \u2013 gain 200 42Effect of asset ceiling (excluding amounts included in net interest cost) \u2013 loss (200) (54)Total \u2013 (12)The amount included in the statement of financial position arising from the Group\u2019s obligation in respect of the defined benefit pension scheme is as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Fair value of assets (with profit policy) 695 655Present value of defined benefit obligations (388) (551)Surplus in scheme 307 104Impact of asset ceiling (307) (104)Liability to be recognised \u2013 \u2013Deferred tax assets \u2013 \u2013Net liability to be recognised \u2013 \u2013Reconciliation of the impact of the asset ceiling is as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Impact of asset ceiling at the start of the year 104 49Interest expense 3 1Changes in asset ceiling 200 54Impact of asset ceiling at the end of the year 307 104Movements in the present value of defined benefit obligations in the year were as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000At start of year (551) (584)Expenses \u2013 (15)Interest cost (14) (12)Benefits paid and expenses \u2013 16Remeasurement gains 177 44At end of year (388) (551)24. Retirement benefit obligations continuedMovements in the fair value of scheme assets in the year were as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000At start of year 655 619Interest income 17 13Return on plan assets (excluding amounts included in interest income) 23 (2)Employer contributions \u2013 41Benefits paid and expenses \u2013 (16)At end of year 695 655The actual return on scheme assets was \u00a340,000 (2022: \u00a311,000).Assets28 February 28 February 28 February 2023 2022 2021\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000With profits 695 655 619Total assets 695 655 619None of the fair values of the assets shown above include any direct investments in the Company\u2019s own financial instruments or any property occupied by, or other assets used by, the Company. The scheme assets are held in a With-Profits insurance policy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-38-2": {
"value": "6. Finance income and finance costsYear ended Year ended 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Finance incomeInterest on bank deposits 203 30Other interest receivable 50 62Interest income on pension plan assets 24 17 13Total 270 105Finance costsInterest on lease liabilities 26 390 419Interest cost on pension obligations 24 17 12Interest on bank overdraft and loans \u2013 3Other interest payable 51 52Total 458 486",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-39-2": {
"value": "7. Taxationa) Tax charge for the yearYear ended Year ended 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Current taxation UK corporation taxCurrent year 2,100 3,243 Adjustment in respect of prior years 108 (89)Overseas taxationCurrent year 5,012 3,310Adjustment in respect of prior years (1,231) (84)5,989 6,380Deferred tax 16 UK Origination and reversal of temporary differences (191) (926)Adjustment in respect of prior years (3) 317Tax rate adjustment (65) 144OverseasOrigination and reversal of temporary differences (1,286) (819)Adjustment in respect of prior years 727 195(818) (1,089)Total taxation expense5,171 5,291b) Factors affecting tax charge for the yearThe tax on the Group\u2019s profit before tax differs from the standard rate of corporation tax in the United Kingdom of 19.00% (2022: 19.00%). The reasons for this are explained below: Year ended Year ended 28 February 202328 February 2022\u00a3\u2019000 % \u00a3\u2019000 %Profit before taxation 25,415 100.0 22,181 100.0Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 19% (2022: 19.00%) 4,829 19.0 4,214 19.0Effects of: Non-deductible revenue expenditure 67 0.3 16 0.1Non-taxable income (323) (1.3) (383) (1.7)Different rates of tax in foreign jurisdictions 865 3.4 946 4.3Tax losses 189 0.7 (212) (1.0)Movement in deferred tax rate (65) (0.3) 144 0.7Adjustment to tax charge in respect of prior yearsCurrent tax (1,123) (4.4) (173) (0.8)Deferred tax 724 2.9 512 2.3Tax charge for the year before disallowable costs on highlighted items 5,163 20.3 5,064 22.9Highlighted itemsDisallowable costs 8 \u2013 227 1.0Tax charge for the year 5,171 20.3 5,291 23.9Different rates of tax in foreign jurisdictions is where we are paying tax at higher rates in the US and Australia as well as paying state taxes in the US. Tax losses relate to the recognition of previously unrecognised tax losses or losses in the year that have not been recognised as deferred tax assets. 7. Taxation continuedAdjustments to prior periods primarily arise where an outcome is obtained on certain tax matters which differs from expectations held when the related provision was made. Where the outcome is more favourable than the provision made, the difference is released, lowering the current year tax charge. Where the outcome is less favourable than our provision, an additional charge to current year tax will occur. We are not aware of any significant unprovided exposures that are considered likely to materialise. c) Factors affecting tax charge for future yearsFactors which may affect the future tax charges includes changes in tax legislation, transfer pricing regulations and the level and mix of profitability in different countries.d) Tax effects of components of other comprehensive incomeBefore tax Tax charge After tax Before tax Tax charge After tax 2023 2023 2023 2022 2022 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Exchange difference on translating foreign operations 7,464 \u2013 7,464 1,497 \u2013 1,497Remeasurements on the defined benefit pension scheme \u2013 \u2013 \u2013 (12) 2 (10)Other comprehensive income 7,464 \u2013 7,464 1,485 2 1,487",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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"pp-value-41-2": {
"value": "8. DividendsYear ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Amounts paid in the yearPrior period 9.40p final dividend per share (2022: 7.58p) 7,604 6,141Prior period special dividend per share for the year (2022: 9.78p) \u2013 7,923Interim 1.41p dividend per share (2022: 1.34p) 1,148 1,093Total dividend payments in the year 8,752 15,157Amounts arising in respect of the yearInterim 1.41p dividend per share for the year (2022: 1.34p) 1,148 1,093Proposed 10.34p final dividend per share for the year (2022: 9.40p) 8,397 7,671Total dividend 11.75p per share for the year (2022: 10.74p) 9,545 8,764The Directors are recommending a final dividend of 10.34 pence per share, which, subject to Shareholder approval at the Annual General Meeting on 18 July 2023, will be paid on 25 August 2023 to Shareholders on the register at close of business on 28 July 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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"pp-value-42-2": {
"value": "9. Earnings per shareThe basic earnings per share for the year ended 28 February 2023 is calculated using a weighted average number of Ordinary shares in issue of 81,172,636 (2022: 81,532,620) after deducting shares held by the Employee Benefit Trust. The diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares to take account of all dilutive potential Ordinary shares, which are in respect of unexercised share options and the Performance Share Plan.Year ended Year ended 28 February 28 February 2023 2022 NumberNumberWeighted average shares in issue 81,172,636 81,532,620Dilution 1,336,878 1,530,573Diluted weighted average shares in issue 82,509,514 83,063,193\u00a3\u2019000 \u00a3\u2019000Profit after tax attributable to owners of the Company 20,244 16,890Basic earnings per share 24.94p 20.72pDiluted earnings per share 24.54p 20.33p\u00a3\u2019000 \u00a3\u2019000Adjusted profit attributable to owners of the Company 25,217 21,548Adjusted basic earnings per share 31.07p 26.43pAdjusted diluted earnings per share 30.56p 25.94pAdjusted profit is derived as follows:Year ended Year ended 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Profit before taxation 25,415 22,181Amortisation of acquired intangible assets 5,226 2,835Other highlighted items 457 1,715Adjusted profit before tax 31,098 26,731Tax expense 5,171 5,291Deferred tax movements on goodwill and acquired intangible assets 631 (207)Tax expense on other highlighted items 79 99Adjusted tax 5,881 5,183Adjusted earnings 25,217 21,548The Group includes the benefit of tax amortisation of intangible assets within adjusted tax as this benefit more accurately aligns the adjusted tax charge with the expected cash tax payments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-43-2": {
"value": "10. Business combinations completed in prior periodsABC - CLIO, LLC On 15 December 2021 the Group acquired the members\u2019 interest of ABC \u2013 CLIO, LLC (\u201cABC-CLIO\u201d). The consideration, is \u00a316.7 million, of which \u00a316.6 million was satisfied in cash at completion, with \u00a30.1 million payable in cash post completion, subject to working capital and other considerations.ABC-CLIO is an established academic publisher of reference, nonfiction, online curriculum and professional development materials in both print and digital formats for schools, academic libraries and public libraries, primarily in the USA. This acquisition further strengthens Bloomsbury Digital Resources and significantly accelerates Bloomsbury\u2019s academic publishing in North America, growing international revenues. ABC-CLIO will operate within Bloomsbury\u2019s Academic & Professional division.As disclosed in last year\u2019s Annual Report, the value of identifiable net assets of ABC-CLIO had only been determined on a provisional basis due to working capital adjustments not having been finalised at that time. These have now been finalised and it has not led to any changes in the fair values of assets acquired. The table below summarises the fair values to the Group included in the consolidated financial statements of the major categories of assets and liabilities of ABC-CLIO at the date of acquisition. Fair value to the GroupNet assets acquired\u00a3\u2019000AssetsOther intangible assets 16,572Property, plant and equipment 284Right-of-use assets 357Deferred tax assets 962Total non-current assets 18,175Inventories 552Trade and other receivables 3,354Cash and cash equivalents 342Total current assets 4,248Total assets 22,423LiabilitiesLease liabilities 184Total non-current liabilities 184Trade and other liabilities 7,564Lease liabilities 173Current tax liabilities 254Total current liabilities 7,991Total liabilities 8.175Identifiable net assets 14,248Goodwill 2,497Total 16,745Identifiable intangible assets of \u00a316,572,000 consist of publishing rights, imprints and product development. The publishing rights have a useful life of 6-7 years, imprints have a useful life of 7 years and product development have a useful life of 10 years. The goodwill arising of \u00a32,497,000 is attributable to the expected profitability of the acquired business and the synergies expected to arise after the acquisition.The gross contractual trade and other receivables at acquisition is \u00a33,445,000 of which, as at the acquisition date, \u00a391,000 is the best estimate of the contractual cash flows that are not expected to be collected.10. Business combinations completed in prior periods continuedTransaction costs of \u00a3630,000 have been expensed in the prior year within administrative expenses. From 16 December 2021, revenue of \u00a32.2 million and profit attributable to owners of the Company of \u00a30.4 million have been included in the consolidated income statement for the period ended 28 February 2022 in relation to ABC-CLIO.If the acquisition had occurred on 1 March 2021 the revenue and profit attributable to the Group for the year ended 28 February 2022 would have been \u00a310.9 million and \u00a31.3 million higher respectively. These pro forma amounts do not include any possible synergies from the acquisition. The pro forma information is provided for comparative purposes only and does not necessarily reflect the actual results that would have occurred, nor is it necessarily indicative of future results of operations of the combined companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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"pp-value-45-2": {
"value": "11. Goodwill28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000CostAt start of year 52,172 48,947Acquisitions \u2013 3,076Exchange differences 750 149At end of year 52,922 52,172ImpairmentAt start of year 4,262 4,259Exchange differences 4 3At end of year 4,266 4,262Net book valueAt end of year 48,656 47,910At start of year 47,910 44,688Goodwill is not amortised, but instead is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. Management has aligned the monitoring of goodwill to how it reviews the performance of the business. Goodwill is monitored by management at the publishing division level. The following is a summary of goodwill allocation for each publishing division:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 1,973 1,767Adult Trade 3,070 2,819Academic & Professional 38,660 38,371Special Interest 4,953 4,953Total 48,656 47,91011. Goodwill continuedImpairment testingThe recoverable amount of the Group\u2019s goodwill has been considered with regard to value-in-use calculations. These calculations use the pre-tax future cash flow projections of each cash-generating unit (\u201cCGU\u201d) based on the Board\u2019s approved budgets for the year ended 29 February 2024 and the Board-approved five-year plan. The calculations include a terminal value based on the projections for the final year of the five-year plan with a long-term growth rate assumption applied.The key assumptions for calculating value in use are:Discount rates CAGR \u2013 Revenue Long-term growth2023 2022 2023 2022 2023 2022 %%%%%%Children\u2019s Trade 11.2 11.6 5.4 2.2 2.0 2.0Adult Trade 11.5 11.7 7.0 9.9 2.0 2.0Academic & Professional 11.0 11.2 5.3 9.9 2.0 2.0Special Interest 12.0 12.5 3.9 6.2 2.0 2.0Discount ratesThe discount rates applied to the cash flows are calculated using a pre-tax rate based on the weighted average cost of capital for the Group. This is adjusted for risks specific to the market in which the CGU operates. Revenue growth ratesGrowth rates have been calculated based on those applied to the Board-approved budget for the year ended 29 February 2024 and five-year plan. They incorporate future expectations of growth in backlist revenues and strategic plan for each publishing division. The five-year forecasts are extrapolated to perpetuity on the basis that the relevant CGUs are long-established business units. The long-term growth rates are blended rates formed from the territory-specific long-term growth rates. Gross marginsGross margins have been based on historic performance and expected changes to the sales mix in future periods. SensitivityManagement has performed sensitivity analysis based on the key assumptions for calculating the value in use. The discount rate has been increased by 2.0% and the long term growth rate has been decreased from 2.0% to 0.0%. In addition, management has applied severe but plausible downside scenario in accordance with the going concern review as set out on page 181. This assumes:\u2022 Print revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;\u2022 Digital revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;Under these circumstances, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the CGUs to exceed its recoverable amount.12. Other intangible assetsSubscriber and Assets Publishing customer Systems Product under rights Imprints relationships Trademarks development development construction Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000CostAt 28 February 2021 19,224 8,090 4,391 269 9,673 16,720 319 58,686Acquisitions\u00b9 12,373 5,499 \u2013 \u2013 \u2013 1,668 \u2013 19,5402Additions3,418 \u2013 \u2013 28 717 2,472 442 7,077Transfers \u2013 \u2013 \u2013 \u2013 \u2013 371 (371) \u2013Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (3,009) \u2013 (3,009)Exchange differences 2 (23) 12 6 12 28 \u2013 37At 28 February 2022 35,017 13,566 4,403 303 10,402 18,250 390 82,331Additions 505 83 \u2013 41 1,014 3,528 545 5,716Transfers \u2013 \u2013 \u2013 \u2013 \u2013 22 (22) \u2013Disposals \u2013 \u2013 \u2013 (1) (9) (981) (98) (1,089)Exchange differences 1,481 451 35 16 35 338 \u2013 2,356At 28 February 2023 37,003 14,100 4,438 359 11,442 21,157 815 89,314AmortisationAt 28 February 2021 12,195 2,697 3,672 53 7,004 11,728 \u2013 37,349Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2,944) \u2013 (2,944)Charge for the year 1,907 635 293 18 1,025 3,627 \u2013 7,505Exchange differences 52 \u2013 7 1 12 26 \u2013 98At 28 February 2022 14,154 3,332 3,972 72 8,041 12,437 \u2013 42,008Disposals \u2013 \u2013 \u2013 \u2013 (6) (976) \u2013 (982)Charge for the year 3,711 1,190 158 23 1,102 3,503 \u2013 9,687Exchange differences 179 13 23 \u2013 34 109 \u2013 358At 28 February 2023 18,044 4,535 4,153 95 9,171 15,073 \u2013 51,071Net book valueAt 28 February 2023 18,959 9,565 285 264 2,271 6,084 815 38,243At 28 February 2022 20,863 10,234 431 231 2,361 5,813 390 40,3231. The acquisitions relate to the Head of Zeus Limited and ABC-CLIO, LLC business combinations.2. The addition of \u00a32,846,000 Publishing Rights relates to the acquisition of assets of Red Globe Press on 1 June 2021. The addition of \u00a3572,000 Publishing Rights relates to the acquisition of assets of Contemporary Arts Media Pty. Ltd on 23 September 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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"pp-value-45-3": {
"value": "11. Goodwill28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000CostAt start of year 52,172 48,947Acquisitions \u2013 3,076Exchange differences 750 149At end of year 52,922 52,172ImpairmentAt start of year 4,262 4,259Exchange differences 4 3At end of year 4,266 4,262Net book valueAt end of year 48,656 47,910At start of year 47,910 44,688Goodwill is not amortised, but instead is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. Management has aligned the monitoring of goodwill to how it reviews the performance of the business. Goodwill is monitored by management at the publishing division level. The following is a summary of goodwill allocation for each publishing division:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 1,973 1,767Adult Trade 3,070 2,819Academic & Professional 38,660 38,371Special Interest 4,953 4,953Total 48,656 47,91011. Goodwill continuedImpairment testingThe recoverable amount of the Group\u2019s goodwill has been considered with regard to value-in-use calculations. These calculations use the pre-tax future cash flow projections of each cash-generating unit (\u201cCGU\u201d) based on the Board\u2019s approved budgets for the year ended 29 February 2024 and the Board-approved five-year plan. The calculations include a terminal value based on the projections for the final year of the five-year plan with a long-term growth rate assumption applied.The key assumptions for calculating value in use are:Discount rates CAGR \u2013 Revenue Long-term growth2023 2022 2023 2022 2023 2022 %%%%%%Children\u2019s Trade 11.2 11.6 5.4 2.2 2.0 2.0Adult Trade 11.5 11.7 7.0 9.9 2.0 2.0Academic & Professional 11.0 11.2 5.3 9.9 2.0 2.0Special Interest 12.0 12.5 3.9 6.2 2.0 2.0Discount ratesThe discount rates applied to the cash flows are calculated using a pre-tax rate based on the weighted average cost of capital for the Group. This is adjusted for risks specific to the market in which the CGU operates. Revenue growth ratesGrowth rates have been calculated based on those applied to the Board-approved budget for the year ended 29 February 2024 and five-year plan. They incorporate future expectations of growth in backlist revenues and strategic plan for each publishing division. The five-year forecasts are extrapolated to perpetuity on the basis that the relevant CGUs are long-established business units. The long-term growth rates are blended rates formed from the territory-specific long-term growth rates. Gross marginsGross margins have been based on historic performance and expected changes to the sales mix in future periods. SensitivityManagement has performed sensitivity analysis based on the key assumptions for calculating the value in use. The discount rate has been increased by 2.0% and the long term growth rate has been decreased from 2.0% to 0.0%. In addition, management has applied severe but plausible downside scenario in accordance with the going concern review as set out on page 181. This assumes:\u2022 Print revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;\u2022 Digital revenues are reduced by 20% during 2023/2024, with recovery during 2024/2025;Under these circumstances, management has not identified any reasonably possible changes to key assumptions that would cause the carrying value of goodwill of the CGUs to exceed its recoverable amount.",
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"language": "en",
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}
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"pp-value-47-3": {
"value": "12. Other intangible assetsSubscriber and Assets Publishing customer Systems Product under rights Imprints relationships Trademarks development development construction Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000CostAt 28 February 2021 19,224 8,090 4,391 269 9,673 16,720 319 58,686Acquisitions\u00b9 12,373 5,499 \u2013 \u2013 \u2013 1,668 \u2013 19,5402Additions3,418 \u2013 \u2013 28 717 2,472 442 7,077Transfers \u2013 \u2013 \u2013 \u2013 \u2013 371 (371) \u2013Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (3,009) \u2013 (3,009)Exchange differences 2 (23) 12 6 12 28 \u2013 37At 28 February 2022 35,017 13,566 4,403 303 10,402 18,250 390 82,331Additions 505 83 \u2013 41 1,014 3,528 545 5,716Transfers \u2013 \u2013 \u2013 \u2013 \u2013 22 (22) \u2013Disposals \u2013 \u2013 \u2013 (1) (9) (981) (98) (1,089)Exchange differences 1,481 451 35 16 35 338 \u2013 2,356At 28 February 2023 37,003 14,100 4,438 359 11,442 21,157 815 89,314AmortisationAt 28 February 2021 12,195 2,697 3,672 53 7,004 11,728 \u2013 37,349Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2,944) \u2013 (2,944)Charge for the year 1,907 635 293 18 1,025 3,627 \u2013 7,505Exchange differences 52 \u2013 7 1 12 26 \u2013 98At 28 February 2022 14,154 3,332 3,972 72 8,041 12,437 \u2013 42,008Disposals \u2013 \u2013 \u2013 \u2013 (6) (976) \u2013 (982)Charge for the year 3,711 1,190 158 23 1,102 3,503 \u2013 9,687Exchange differences 179 13 23 \u2013 34 109 \u2013 358At 28 February 2023 18,044 4,535 4,153 95 9,171 15,073 \u2013 51,071Net book valueAt 28 February 2023 18,959 9,565 285 264 2,271 6,084 815 38,243At 28 February 2022 20,863 10,234 431 231 2,361 5,813 390 40,3231. The acquisitions relate to the Head of Zeus Limited and ABC-CLIO, LLC business combinations.2. The addition of \u00a32,846,000 Publishing Rights relates to the acquisition of assets of Red Globe Press on 1 June 2021. The addition of \u00a3572,000 Publishing Rights relates to the acquisition of assets of Contemporary Arts Media Pty. Ltd on 23 September 2021.",
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"language": "en",
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"pp-value-48-2": {
"value": "13. Investments28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Joint venture - 45Total - 45The amounts recognised in the Income Statement are as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Equity securities impairment - \u2013Joint venture (228) (117)Total (228) (117)",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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"pp-value-49-2": {
"value": "14. Property, plant and equipmentComputers Short and other leasehold Furniture office Motor improvements and fittings equipment vehicles Total\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000At 28 February 2021 2,922 998 3,153 31 7,104Acquisitions 44 105 187 \u2013 336Additions 19 197 428 \u2013 644Exchange differences 5 15 25 1 46At 28 February 2022 2,990 1,315 3,793 32 8,130Additions 31 176 597 45 849Disposals (2) (78) (72) (33) (185)Exchange differences 24 61 113 \u2013 198At 28 February 2023 3,043 1,474 4,431 44 8,992DepreciationAt 28 February 2021 1,929 898 2,414 17 5,258Charge for the year 129 54 329 \u2013 512Exchange differences 4 16 21 \u2013 41At 28 February 2022 2,062 968 2,764 17 5,811Charge for the year 147 77 411 24 659Disposals (1) (78) (60) (33) (172)Exchange differences 18 50 122 1 191At 28 February 2023 2,226 1,017 3,237 9 6,489Net book valueAt 28 February 2023 817 457 1,194 35 2,503At 28 February 2022 928 347 1,029 15 2,319The depreciation charge is included in administrative expenses. 15. Right-of-use assetsPropertyCarsEquipmentTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000At 28 February 2021 14,493 152 53 14,698Acquisitions 580 \u2013 52 632Additions 216 33 116 365Exchange differences 144 \u2013 3 147At 28 February 2022 15,433 185 224 15,842Additions 326 39 \u2013 365Disposals \u2013 (84) (9) (93)Exchange differences 461 \u2013 17 478At 28 February 2023 16,220 140 232 16,592DepreciationAt 28 February 2021 3,157 99 9 3,265Charge for the year 1,741 54 94 1,889Exchange differences 59 \u2013 1 60At 28 February 2022 4,957 153 104 5,214Charge for the year 2,024 30 60 2,114Disposals \u2013 (84) (9) (93)Exchange differences 221 \u2013 10 231At 28 February 2023 7,202 99 165 7,466Net book value At 28 February 2023 9,018 41 67 9,126At 28 February 2022 10,476 32 120 10,628The depreciation charge is included in administrative expenses. ",
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"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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"pp-value-51-2": {
"value": "16. Deferred tax assets and liabilitiesa) Recognised deferred tax assets and liabilitiesDeferred tax is calculated in full on temporary differences using the tax rate appropriate to the jurisdiction in which the asset or liability arises and the tax rates that are expected to apply in the periods in which the asset or liability is settled. Movement in temporary differences during the year:Property, Retirement plant and benefit Share-based Intangible Tax losses equipment obligation payments assets OtherTotal \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000At 28 February 2021 329 409 39 352 (2,323) 2,712 1,518Recognised on acquisition 137 (7) \u2013 \u2013 (700) 962 392Credit/(charge) to the income statement 820 (283) 6 194 (257) 609 1,089Credit to other comprehensive income \u2013 \u2013 2 \u2013 \u2013 \u2013 2Credit to equity \u2013 \u2013 \u2013 408 \u2013 \u2013 408Exchange differences 1 \u2013 \u2013 \u2013 (18) 80 63At 28 February 2022 1,287 119 47 954 (3,298) 4,363 3,472(Charge)/credit to the income statement (263) 82 29 (90) 631 429 818Credit to equity \u2013 \u2013 \u2013 81 \u2013 \u2013 81Exchange differences 3 \u2013 \u2013 \u2013 34 405 442At 28 February 2023 1,027 201 76 945 (2,633) 5,197 4,81316. Deferred tax assets and liabilities continuedDeferred tax assets in respect of losses are only recognised to the extent that it is anticipated they will be utilised in the foreseeable future. The Other deferred tax asset predominantly relates to temporary differences i.e. valuation adjustments and return and inventory provisions held on the balance sheet recognised in the current tax calculation and tax return only when utilised. This predominantly relates to the US and UK. b) The analysis for financial reporting purposes is as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Deferred tax assets 7,928 7,168Deferred tax liabilities (3,115) (3,696)Total 4,813 3,472c) Unrecognised deferred tax assetsThe Group had deferred tax assets not recognised in the financial statements as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Trading losses 1,328 1,679At 28 February 2023, the Group had unrecognised trading losses of \u00a35.3 million (2022: \u00a36.7 million). A deferred tax asset has not been recognised in respect of these taxable losses. Due to the nature of these losses they cannot easily be offset against future Group profits. Deferred tax is not provided on unremitted earnings of subsidiaries where the Group controls the timing of remittance and it is probable that the temporary difference will not reverse in the foreseeable future. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-53-2": {
"value": "17. Inventories28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Work in progress 4,042 5,604Finished goods for resale 39,322 28,212Total 43,364 33,816The cost of inventories recognised as cost of sales amounted to \u00a355,619,000 (2022: \u00a349,017,000). In addition to this, the provision and write-down of inventories to net realisable value recognised in cost of sales amounted to \u00a311,723,000 (2022: \u00a310,192,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
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"pp-value-54-2": {
"value": "18. Trade and other receivables28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Non-currentAccrued income 934 923CurrentGross trade receivables 72,549 68,764Less: loss allowance (3,334) (3,551)Net trade receivables 69,215 65,213Income tax recoverable 2,332 1,392Other receivables 2,497 2,431Prepayments 2,653 2,672Accrued income 6,579 4,494Royalty advances 29,543 28,677Total current trade and other receivables 112,819 104,879Total trade and other receivables 113,753 105,802Non-current receivables relate to accrued income on long-term rights deals.A provision is held against gross advances payable in respect of published title advances which may not be fully earned down by anticipated future sales. As at 28 February 2023, \u00a37,745,000 (2022: \u00a37,145,000) of royalty advances relate to titles expected to be published in more than 12 months\u2019 time. Other receivables principally comprises VAT recoverable.Trade receivables principally comprise amounts receivable from the sale of books due from distributors. The majority of trade debtors are secured by credit insurance and in certain territories by third-party distributors. The Directors consider that the carrying amount of trade and other receivables approximates to their fair values. The Group\u2019s exposure to credit and currency risks is disclosed in note 25. The average number of days\u2019 credit taken for sales of books by the Group was 96 days (2022: 103 days). A loss allowance is made with reference to specific debts, past default experience, trading history and the current economic environment. Movements on the Group loss allowance for trade receivables are as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000At start of year 3,551 3,230Acquired \u2013 128Amounts created 908 1,134Amounts utilised (423) (459)Amounts released (733) (488)Exchange differences 31 6At end of year 3,334 3,551",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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"pp-value-55-2": {
"value": "19. Trade and other liabilities28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Current Trade payables 35,016 30,245Sales returns liability 14,921 15,292Taxation and social security 1,728 2,018Other payables 6,096 4,901Accruals 44,059 41,496Deferred income 9,800 9,076Total current trade and other liabilities 111,620 103,028Total trade and other liabilities 111,620 103,028Trade payables are non-interest bearing and are normally settled on terms of between 30 and 90 days. If actual returns were 10% higher or lower in the year revenue would have been \u00a31.8 million lower/higher (2022: \u00a31.5 million lower/higher).Other payables principally comprises sub rights payable to authors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
}
},
"pp-value-56-2": {
"value": "20. Loans and borrowingsReconciliation of movements of liabilities to cash flows arising from financing activities:Liability EquityBank overdrafts used for cash Share management capital/ share Other Retained Lease liabilitypurposespremiumreservesearningsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance at 28 February 2022 12,226 \u2013 48,339 16,892 103,738 181,195Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 (8,752) (8,752)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 (1,669) \u2013 (1,669)Proceeds from exercise of share options \u2013 \u2013 \u2013 2,539 (2,273) 266Repayment of lease liabilities (2,226) \u2013 \u2013 \u2013 \u2013 (2,226)Interest paid (390) \u2013 \u2013 \u2013 \u2013 (390)Total changes from financing cash flows (2,616) \u2013 \u2013 870 (11,025) (12,771)Other changesLiability-relatedRight-of-use asset additions 365 \u2013 \u2013 \u2013 \u2013 365Foreign exchange movements 287 \u2013 \u2013 \u2013 \u2013 287Interest expense 390 \u2013 \u2013 \u2013 \u2013 390Total liability-related other changes 1,042 \u2013 \u2013 \u2013 \u2013 1,042Total equity-related other changes \u2013 \u2013 \u2013 8,699 20,325 29,024Balance at 28 February 2023 10,652 \u2013 48,339 26,461 113,038 198,49020. Loans and borrowings continuedLiability EquityBank overdrafts used for cash Share management capital/ share Other Retained Lease liabilitypurposespremiumreservesearningsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance at 28 February 2021 12,943 \u2013 48,339 16,253 103,657 181,192Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 (15,157) (15,157)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 (4,489) \u2013 (4,489)Proceeds from exercise of share options \u2013 \u2013 \u2013 2,084 (2,050) 34Repayment of borrowings \u2013 (1,097) \u2013 \u2013 \u2013 (1,097)Repayment of lease liabilities (1,862) \u2013 \u2013 \u2013 \u2013 (1,862)Interest paid (419) (55) \u2013 \u2013 \u2013 (474)Total changes from financing cash flows (2,281) (1,152) \u2013 (2,405) (17,207) (23,045)Other changesLiability-relatedBorrowings recognised on acquisition \u2013 1,097 \u2013 \u2013 \u2013 1,097Right-of-use asset additions 1,024 \u2013 \u2013 \u2013 \u2013 1,024Foreign exchange movements 121 \u2013 \u2013 \u2013 \u2013 121Interest expense 419 55 \u2013 \u2013 \u2013 474Total liability-related other changes 1,564 1,152 \u2013 \u2013 \u2013 2,716Total equity-related other changes \u2013 \u2013 \u2013 3,044 17,288 20,332Balance at 28 February 2022 12,226 \u2013 48,339 16,892 103,738 181,195",
"dimensions": {
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"pp-value-58-2": {
"value": "21. ProvisionsAuthor advancesProperty Total\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000At 28 February 2022 565 320 885Created in the year 284 36 320Released in the year (12) \u2013 (12)Utilised in the year (153) \u2013 (153)Exchange difference 58 \u2013 5828 February 2023 742 356 1,098Non-current \u2013 334 334Current 742 22 764The property provision includes amounts provided for dilapidations. The author advance provision is a provision against future cash outflows on published titles where the Group does not expect to fully recover the advance. ",
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"pp-value-59-2": {
"value": "22. Share capital and other reservesShare capital 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Authorised: 108,811,522 Ordinary shares of 1.25p each (2022: 108,811,552 Ordinary shares of 1.25p each) 1,360 1,360Allotted, called up and fully paid:81,608,672 Ordinary shares of 1.25p each (2022: 81,608,672 Ordinary shares of 1.25p each) 1,020 1,020The Company has one class of Ordinary share that carries equal voting rights and no contractual right to receive payment. No shares are held by the Company as Treasury shares. Directors and other employees of the Group have been granted options to purchase 2,039,536 (2022: 2,162,194) Ordinary shares with an aggregate nominal value of \u00a325,494 (2022: \u00a327,027) (see note 23).Share premiumThis reserve records the amount above nominal value received for shares sold less transaction costs. Translation reserveThe translation reserve comprises all foreign currency differences arising from the translation of the financial information of foreign operations.Merger reserve The merger reserve comprises the amount that would otherwise arise in share premium relating to specific share issue, wherein more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under the Companies Act 2006.Capital redemption reserveThe capital redemption reserve arose on the purchase by the Company of its own shares and comprises the amount by which the distributable profits were reduced on these transactions. Share-based payment reserveThe share-based payment reserve comprises cumulative amounts charged in respect of employee share-based payment arrangements.Own shares held by the Employee Benefit TrustThe Employee Benefit Trust (\u201cEBT\u201d) is an independent discretionary trust established to acquire issued shares of the Company to satisfy any of the share-based incentive schemes (see note 23) and plans of the Company. All employees of the Group are potential beneficiaries of the EBT. The results and net assets of the EBT are included in the consolidated financial statements of the Group. The market value of the 400,626 shares of the Company held at 28 February 2023 (2022: 710,293) in the EBT was \u00a31,678,623 (2022: \u00a32,890,893). While the trustee has power to subscribe for Ordinary shares and to acquire Ordinary shares in the market or from Treasury, it is not permitted to hold more than 5% of the issued share capital without prior approval of the Shareholders.As at the date of signing this Annual Report, the Trust held 391,014 Ordinary shares of 1.25 pence being approximately 0.5% of the issued Ordinary share capital. Retained earningsThe retained earnings reserve comprises profit for the year attributable to owners of the Company and other items recognised directly through equity as presented on the consolidated statement of changes in equity.",
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"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2022-03-01T00:00:00/2023-03-01T00:00:00"
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},
"pp-value-60-2": {
"value": "23. Share-based payments Options over shares of the ultimate parent undertaking, Bloomsbury Publishing Plc, have been granted to employees of the Group under various schemes. The total share-based payment charge to the income statement for the year was as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Equity-settled share-based transactions 1,235 1,547Cash-settled share-based transactions 366 507Total 1,601 2,054National Insurance contributions are payable by the Company in respect of some of the share-based payment transactions. These contributions are payable on the date of exercise based on the intrinsic value of the share-based payments and are therefore treated as cash-settled awards. The Group had an accrual for National Insurance at 28 February 2023 of \u00a3563,000 (2022: \u00a3483,000), of which none related to vested options. The weighted average share price at the date of exercise for share options exercised during the period was 427 pence.a) The Bloomsbury Performance Share Plan (\u201cthe PSP\u201d)The Group operates the PSP for Directors and senior employees. Awards under the scheme are granted as conditional share awards. The number of Ordinary shares comprised in an award is calculated using a share value equal to the closing middle-market price on the dealing day before the award date. The vesting period is three years and for awards granted during the year ended February 2020, 50% of the level of vesting is subject to the achievement of Earnings Per Share (\u201cEPS\u201d). The other 50% is subject to a Return on Capital Employed (\u201cROCE\u201d) performance condition. For awards granted during the year ended February 2021, February 2022 and February 2023 the award is subject to the following performance conditions; EPS (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%). For details of the performance conditions see the Directors\u2019 Remuneration Report on pages 143 to 168. Awards are not exercisable after the vesting date and awards that vest on the vesting date are automatically exercised. Except in certain circumstances awards lapse if the employee leaves the Group. Year ended Year ended 28 February 28 February 2023 2022 NumberNumberOutstanding at start of year 1,536,094 1,572,390Granted during the year 360,738 489,116Exercised during the year (505,622) (525,412)Lapsed during the year \u2013 \u2013Outstanding at end of year 1,391,210 1,536,094Exercisable at end of year 636,981 505,622Year ended Year ended 28 February 28 February 2023 2022 Range of exercise price of outstanding awards (pence) \u2013 \u2013Weighted average remaining contracted life (months) 15 17Expense recognised for the year (\u00a3\u2019000) 1,416 1,90623. Share-based payments continuedThe share awards granted in the year to 28 February 2023 have been measured based on the share price at the date of grant as they are only subject to non-market conditions. The inputs were:All Share price 418 penceExercise price \u2013Expected term 3 yearsExpected volatility 47.32%Risk-free interest rate 1.86%Fair value charge per award 314 \u2013 418 penceThis award is subject to the following performance conditions; EPS (60%), Non-Consumer operating profit (15%), Consumer operating profit (15%) and BDR revenue (10%).The awards for Executive Directors only will be subject to clawback provisions and to a two-year post-vesting holding period.b) The Bloomsbury Sharesave Plan 2014The Group operates an HM Revenue and Customs approved savings-related share option scheme under which employees are granted options to purchase Ordinary shares in the Company in three years\u2019 time, dependent upon their entering into a contract to make monthly contributions to a savings account over the period of the savings term. The Sharesave Plan is open to all UK employees.Weighted Weighted Shareaverage Share average options exercise price options exercise price 2023 20232022 2022 Number PenceNumberPenceOutstanding at start of year 626,100 276 530,303 174Granted during the year 173,439 314 170,772 280Exercised during the year (145,283) 184 (21,173) 161Lapsed during the year (6,010) 314 (53,802) 183Outstanding at end of year 648,326 236 626,100 276Exercisable at end of year 25,711 185 1,310 1372023 2022Range of exercise price of outstanding options (pence) 169-314 137\u2013280Weighted average remaining contracted life (months) 15 18Expense recognised for the year (\u00a3\u2019000) 185 148",
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"value": "25. Financial instruments and risk managementCapital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Shareholders as well as sustaining the future development of the business. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders and issue new shares. The Group\u2019s overall strategy remains unchanged from 2022.The capital structure of the Group comprises equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and note 22. Categories of financial instruments 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Investments available for saleJoint venture 13 \u2013 45Total investments available for sale \u2013 45Loans and receivablesCash and cash equivalents 51,540 41,226Trade receivables 18 69,215 65,213Accrued income 18 7,513 5,417Total loans and receivables128,268 111,856Financial liabilities measured at amortised costTrade payables 19 35,016 30,245Other payables due in less than one year 7,824 6,919Sales returns liability 19 14,921 15,292Accruals 19 44,059 41,496Lease liabilities 26 10,652 12,226Total financial liabilities measured at amortised cost112,472 106,178Net financial instruments15,796 5,723There is no material difference between the fair value and book value of financial assets and liabilities. Financial risk managementThe Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance from the key risks of market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Board has approved the Group Treasury policies and procedures by which the Group Treasury function is to be managed. The Group Treasury function is headed by the Group Finance Director and is part of Bloomsbury\u2019s Finance Department. It operates under a delegated authority from the Board. The Treasury management policies and procedures focus on the investment of surplus operating cash likely to be needed in order to support Bloomsbury\u2019s ongoing operations, foreign currency requirements and interest rate risk management. The Group does not use derivative contracts for speculative purposes. The policies are reviewed at least on an annual basis by the Group Finance Director and any amendments are approved by the Board. The Board is assisted in its oversight role by Internal Audit, which undertakes regular reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. 25. Financial instruments and risk management continueda) Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group\u2019s activities expose it mainly to the financial risks of changes in foreign currency exchange rates and changes in interest rates. The Group incurs costs in the same currencies as it earns revenue, creating some degree of natural hedging. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Risk management is carried out by Group Treasury under policies approved by the Board of Directors. Group Treasury monitors the distribution of its cash assets so as to control exposure to the relative performance of any particular territory, currency or institution.The Board provides written principles for overall risk management, as well as policies covering specific areas, such as funding, foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.(i) Interest rate riskThe Group has significant interest-bearing assets in the form of cash and cash equivalents, and as such, cash flows are dependent on changes in market interest rates. Interest rate profile of financial instruments28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Fixed rate instrumentsFinancial assets 226 1,706Financial liabilities \u2013 \u2013Total 226 1,706Variable rate instrumentsFinancial assets 51,314 39,521Financial liabilities \u2013 \u2013Total 51,314 39,521Fixed rate financial assets are short-term bank deposits with a maturity date range of one day to one month. Variable rate financial assets are cash at bank. Fair value sensitivity analysis for fixed rate financial instrumentsThe Group does not account for any fixed rate financial assets at fair value through profit or loss. Therefore, a change in interest rates at 28 February 2023 would not affect the income statement. Cash flow sensitivity analysis for variable rate financial instrumentsThe Group derived the following sensitivities to assess the impact of changes in interest rates, based on the effect of the market volatility in the current climate and the previous 12 months. The analysis assumes all other variables remain constant. 28 February 2023 28 February 2022Profit or loss Equity Profit or loss Equity \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Impact on profit or loss and equity 1% increase in base rate of interest (2022: 1%) 364 \u2013 363 \u20130.5% decrease in base rate of interest (2022: 0.5%) (187) \u2013 (184) \u201325. Financial instruments and risk management continued(ii) Currency riskThe Directors believe that in its current circumstances, the Group\u2019s risk from foreign currency exposure is limited and no active currency risk management by hedging is considered necessary, as a significant proportion of revenues is matched by expenditure in the same local currency, creating some degree of natural hedging.The Group\u2019s exposure to foreign currency risk was as follows based on notional amounts:Loans and receivables Financial liabilities28 February 28 February 28 February 28 February 202320222023 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000GBP 57,575 59,358 66,982 69,939USD 64,501 44,646 37,354 27,881EURO 1,050 1,217 675 675AUD 3,370 4,212 6,542 6,058INR 1,772 2,423 919 1,625Total 128,268 111,856 112,472 106,178No significant amounts of loans and receivables or financial liabilities are denominated in currencies other than sterling, US dollars, euros, Australian dollars or Indian rupees.Foreign currency sensitivity analysis The Group derived the following sensitivities based on the outstanding foreign currency denominated financial assets and liabilities at the year end. The sensitivity analysis includes loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. The use of a 10% sensitivity rate has been determined based on the effect of the market volatility in exchange rates between the current and previous year end, and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. A positive number below indicates an increase in profit or equity. 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Impact on equity 10% weakening in US dollar against pound sterling (2022: 10%) (2,321) (1,309)10% strengthening in US dollar against pound sterling (2022: 10%) 2,321 1,30910% weakening in euro against pound sterling (2022: 10%) \u2013 \u201310% strengthening in euro against pound sterling (2022: 10%) \u2013 \u201310% weakening in AUS dollar against pound sterling (2022: 10%) 397 17110% strengthening in AUS dollar against pound sterling (2022: 10%) (397) (171)10% weakening in INR against pound sterling (2022: 10%) (78) (73)10% strengthening in INR against pound sterling (2022: 10%) 78 73Impact on income statement10% weakening in US dollar against pound sterling (2022: 10%) (143) (215)10% strengthening in US dollar against pound sterling (2022: 10%) 143 21510% weakening in euro against pound sterling (2022: 10%) (34) (49)10% strengthening in euro against pound sterling (2022: 10%) 34 4910% weakening in AUS dollar against pound sterling (2022: 10%) (106) (4)10% strengthening in AUS dollar against pound sterling (2022: 10%) 106 410% weakening in INR against pound sterling (2022: 10%) \u2013 \u201310% strengthening in INR against pound sterling (2022: 10%) \u2013 \u201325. Financial instruments and risk management continuedb) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables (note 18) and cash and cash equivalents. Cash and cash equivalentsThe credit risk on liquid funds is limited because the counterparties are banks with high credit ratings as assigned by international credit-rating agencies.Trade receivablesThe carrying amount of financial assets represents the maximum credit exposure. The amounts presented in the statement of financial position are net of allowances for doubtful receivables, estimated by the Group\u2019s management based on trading experience and the current economic environment. An analysis of the relevant provisions is set out in note 18.The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (\u201cECL\u201d). To measure ECLs trade receivables are split into groups with the same characteristics to calculate loss rates. Where possible we have calculated this probability based on historic loss experience using recent sales history, the timing of when the cash was received for the debt and the level of debt not collected for that population.The Group determines its concentration of credit risk based on the individual characteristics of its customers and publicly available knowledge of specific circumstances affecting those customers. The Group defines counterparties as having similar characteristics if they are related entities. At 28 February 2023, the exposure to credit risk for gross trade receivables by geographical region was as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000United Kingdom 39,600 44,023North America 28,645 19,441Australia 2,457 3,456India 1,847 1,844Total 72,549 68,764The Group has a significant concentration of credit risk due to its use of third-party distributors. Credit limits for the final customers are set by the distributors based on a combination of payment history and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The distributors belong to established international groups whose business includes a number of publishing interests and clients. The Group\u2019s risk is limited as significant amounts outstanding through the UK distributors are secured by credit insurance, and in the US credit risk for significant amounts outstanding through distributors rests with the distributor. The balances with the US distributor makes up 85% (2022: 87%) of the North America trade receivable balance. In the United Kingdom balances with the distributors make up 92% (2022: 85%) of the United Kingdom trade receivable balance. c) Liquidity riskCurrently, the Group has limited borrowing and has sufficient cash deposits to meet its debts as they fall due. The Board has modelled a severe but plausible pessimistic downside scenario; see note 2c on going concern for further details. Under this scenario the Group is expected to have sufficient liquidity for at least 12 months from the date of approval of the financial statements.Cash flow budgets and forecasts are prepared by the operating entities of the Group, aggregated for the Group and regularly reviewed by the Board, and the actual cash position of the Group and each entity is compared monthly against budget. This allows management to ensure that each operating entity and the Group have sufficient cash to meet operational needs. Surplus cash held by the operating entities over and above the balance required for working capital management is invested in interest-bearing accounts and money market deposits. The Group has an unsecured revolving credit facility with Lloyds Bank Plc. At 28 February 2023, the Group had \u00a3nil draw down (2022: \u00a3nil) of this facility with \u00a310.0 million of undrawn borrowing facilities (2022: \u00a310.0 million) available. The facility comprises a committed revolving credit facility of \u00a310 million, and an uncommitted incremental term loan facility of up to \u00a36 million. The facilities are subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The agreement is to October 2024. The Group\u2019s financial liabilities are trade payables, accruals, lease liabilities and other payables as shown above. All other financial liabilities are due within one year.",
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"value": "25. Financial instruments and risk managementCapital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to Shareholders as well as sustaining the future development of the business. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to Shareholders and issue new shares. The Group\u2019s overall strategy remains unchanged from 2022.The capital structure of the Group comprises equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and note 22. Categories of financial instruments 28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Investments available for saleJoint venture 13 \u2013 45Total investments available for sale \u2013 45Loans and receivablesCash and cash equivalents 51,540 41,226Trade receivables 18 69,215 65,213Accrued income 18 7,513 5,417Total loans and receivables128,268 111,856Financial liabilities measured at amortised costTrade payables 19 35,016 30,245Other payables due in less than one year 7,824 6,919Sales returns liability 19 14,921 15,292Accruals 19 44,059 41,496Lease liabilities 26 10,652 12,226Total financial liabilities measured at amortised cost112,472 106,178Net financial instruments15,796 5,723There is no material difference between the fair value and book value of financial assets and liabilities. Financial risk managementThe Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance from the key risks of market risk (including currency risk and interest rate risk), credit risk and liquidity risk. The Board has approved the Group Treasury policies and procedures by which the Group Treasury function is to be managed. The Group Treasury function is headed by the Group Finance Director and is part of Bloomsbury\u2019s Finance Department. It operates under a delegated authority from the Board. The Treasury management policies and procedures focus on the investment of surplus operating cash likely to be needed in order to support Bloomsbury\u2019s ongoing operations, foreign currency requirements and interest rate risk management. The Group does not use derivative contracts for speculative purposes. The policies are reviewed at least on an annual basis by the Group Finance Director and any amendments are approved by the Board. The Board is assisted in its oversight role by Internal Audit, which undertakes regular reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. 25. Financial instruments and risk management continueda) Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group\u2019s activities expose it mainly to the financial risks of changes in foreign currency exchange rates and changes in interest rates. The Group incurs costs in the same currencies as it earns revenue, creating some degree of natural hedging. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Risk management is carried out by Group Treasury under policies approved by the Board of Directors. Group Treasury monitors the distribution of its cash assets so as to control exposure to the relative performance of any particular territory, currency or institution.The Board provides written principles for overall risk management, as well as policies covering specific areas, such as funding, foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.(i) Interest rate riskThe Group has significant interest-bearing assets in the form of cash and cash equivalents, and as such, cash flows are dependent on changes in market interest rates. Interest rate profile of financial instruments28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Fixed rate instrumentsFinancial assets 226 1,706Financial liabilities \u2013 \u2013Total 226 1,706Variable rate instrumentsFinancial assets 51,314 39,521Financial liabilities \u2013 \u2013Total 51,314 39,521Fixed rate financial assets are short-term bank deposits with a maturity date range of one day to one month. Variable rate financial assets are cash at bank. Fair value sensitivity analysis for fixed rate financial instrumentsThe Group does not account for any fixed rate financial assets at fair value through profit or loss. Therefore, a change in interest rates at 28 February 2023 would not affect the income statement. Cash flow sensitivity analysis for variable rate financial instrumentsThe Group derived the following sensitivities to assess the impact of changes in interest rates, based on the effect of the market volatility in the current climate and the previous 12 months. The analysis assumes all other variables remain constant. 28 February 2023 28 February 2022Profit or loss Equity Profit or loss Equity \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Impact on profit or loss and equity 1% increase in base rate of interest (2022: 1%) 364 \u2013 363 \u20130.5% decrease in base rate of interest (2022: 0.5%) (187) \u2013 (184) \u201325. Financial instruments and risk management continued(ii) Currency riskThe Directors believe that in its current circumstances, the Group\u2019s risk from foreign currency exposure is limited and no active currency risk management by hedging is considered necessary, as a significant proportion of revenues is matched by expenditure in the same local currency, creating some degree of natural hedging.The Group\u2019s exposure to foreign currency risk was as follows based on notional amounts:Loans and receivables Financial liabilities28 February 28 February 28 February 28 February 202320222023 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000GBP 57,575 59,358 66,982 69,939USD 64,501 44,646 37,354 27,881EURO 1,050 1,217 675 675AUD 3,370 4,212 6,542 6,058INR 1,772 2,423 919 1,625Total 128,268 111,856 112,472 106,178No significant amounts of loans and receivables or financial liabilities are denominated in currencies other than sterling, US dollars, euros, Australian dollars or Indian rupees.Foreign currency sensitivity analysis The Group derived the following sensitivities based on the outstanding foreign currency denominated financial assets and liabilities at the year end. The sensitivity analysis includes loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. The use of a 10% sensitivity rate has been determined based on the effect of the market volatility in exchange rates between the current and previous year end, and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. A positive number below indicates an increase in profit or equity. 28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Impact on equity 10% weakening in US dollar against pound sterling (2022: 10%) (2,321) (1,309)10% strengthening in US dollar against pound sterling (2022: 10%) 2,321 1,30910% weakening in euro against pound sterling (2022: 10%) \u2013 \u201310% strengthening in euro against pound sterling (2022: 10%) \u2013 \u201310% weakening in AUS dollar against pound sterling (2022: 10%) 397 17110% strengthening in AUS dollar against pound sterling (2022: 10%) (397) (171)10% weakening in INR against pound sterling (2022: 10%) (78) (73)10% strengthening in INR against pound sterling (2022: 10%) 78 73Impact on income statement10% weakening in US dollar against pound sterling (2022: 10%) (143) (215)10% strengthening in US dollar against pound sterling (2022: 10%) 143 21510% weakening in euro against pound sterling (2022: 10%) (34) (49)10% strengthening in euro against pound sterling (2022: 10%) 34 4910% weakening in AUS dollar against pound sterling (2022: 10%) (106) (4)10% strengthening in AUS dollar against pound sterling (2022: 10%) 106 410% weakening in INR against pound sterling (2022: 10%) \u2013 \u201310% strengthening in INR against pound sterling (2022: 10%) \u2013 \u201325. Financial instruments and risk management continuedb) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s trade and other receivables (note 18) and cash and cash equivalents. Cash and cash equivalentsThe credit risk on liquid funds is limited because the counterparties are banks with high credit ratings as assigned by international credit-rating agencies.Trade receivablesThe carrying amount of financial assets represents the maximum credit exposure. The amounts presented in the statement of financial position are net of allowances for doubtful receivables, estimated by the Group\u2019s management based on trading experience and the current economic environment. An analysis of the relevant provisions is set out in note 18.The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (\u201cECL\u201d). To measure ECLs trade receivables are split into groups with the same characteristics to calculate loss rates. Where possible we have calculated this probability based on historic loss experience using recent sales history, the timing of when the cash was received for the debt and the level of debt not collected for that population.The Group determines its concentration of credit risk based on the individual characteristics of its customers and publicly available knowledge of specific circumstances affecting those customers. The Group defines counterparties as having similar characteristics if they are related entities. At 28 February 2023, the exposure to credit risk for gross trade receivables by geographical region was as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000United Kingdom 39,600 44,023North America 28,645 19,441Australia 2,457 3,456India 1,847 1,844Total 72,549 68,764The Group has a significant concentration of credit risk due to its use of third-party distributors. Credit limits for the final customers are set by the distributors based on a combination of payment history and third-party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The distributors belong to established international groups whose business includes a number of publishing interests and clients. The Group\u2019s risk is limited as significant amounts outstanding through the UK distributors are secured by credit insurance, and in the US credit risk for significant amounts outstanding through distributors rests with the distributor. The balances with the US distributor makes up 85% (2022: 87%) of the North America trade receivable balance. In the United Kingdom balances with the distributors make up 92% (2022: 85%) of the United Kingdom trade receivable balance. c) Liquidity riskCurrently, the Group has limited borrowing and has sufficient cash deposits to meet its debts as they fall due. The Board has modelled a severe but plausible pessimistic downside scenario; see note 2c on going concern for further details. Under this scenario the Group is expected to have sufficient liquidity for at least 12 months from the date of approval of the financial statements.Cash flow budgets and forecasts are prepared by the operating entities of the Group, aggregated for the Group and regularly reviewed by the Board, and the actual cash position of the Group and each entity is compared monthly against budget. This allows management to ensure that each operating entity and the Group have sufficient cash to meet operational needs. Surplus cash held by the operating entities over and above the balance required for working capital management is invested in interest-bearing accounts and money market deposits. The Group has an unsecured revolving credit facility with Lloyds Bank Plc. At 28 February 2023, the Group had \u00a3nil draw down (2022: \u00a3nil) of this facility with \u00a310.0 million of undrawn borrowing facilities (2022: \u00a310.0 million) available. The facility comprises a committed revolving credit facility of \u00a310 million, and an uncommitted incremental term loan facility of up to \u00a36 million. The facilities are subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The agreement is to October 2024. The Group\u2019s financial liabilities are trade payables, accruals, lease liabilities and other payables as shown above. All other financial liabilities are due within one year.",
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"value": "26. LeasesThe Group\u2019s lease portfolio consists of office properties, cars and equipment. The Group has elected not to recognise right-of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Group recognises the lease payments associated with these leases as an expense on a straight- line basis over the lease term.The amounts recognised in the income statement are as follows:28 February 28 February 2023 2022 Notes\u00a3\u2019000\u00a3\u2019000Interest on lease liabilities 6 390 419Expenses relating to short-term leases 4 4Expense relating to leases of low-value assets 1 1Depreciation of right-of-use assets 15 2,114 1,889The maturities of the Group\u2019s lease liabilities are as follows:28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Less than one year 2,425 2,428One to five years 6,292 6,961More than five years 3,067 4,059Total undiscounted lease liabilities 11,784 13,448Lease liabilities included in the Consolidated Statement of Financial Position 10,652 12,226Current 2,082 2,265Non-current 8,570 9,961",
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"value": "27. Commitments and contingent liabilitiesa) Capital commitments28 February 28 February 2023 2022 \u00a3\u2019000\u00a3\u2019000Property, plant and equipment 11 159Intangible assets 485 129Total 496 288b) Other commitmentsThe Group is committed to paying royalty advances to authors in subsequent financial years. At 28 February 2023, this commitment amounted to \u00a325,715,000 (2022: \u00a328,100,000).c) GuaranteesThe Company and certain of its subsidiaries have guarantees to Lloyds Bank Plc in place relating to the Group\u2019s borrowing facilities \u2013 see note 25c. ",
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"pp-value-73-2": {
"value": "28. Related party transactionsThe Group has no related party transactions other than key management remuneration as disclosed in note 5.",
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"pp-value-74-2": {
"value": "29. Investments in subsidiary companiesThe Group\u2019s subsidiary companies at 28 February 2023 are:ProportionCountry of of equity Nature of business Registered incorporationcapital heldduring the yearofficeSubsidiary undertakings held directly by Bloomsbury Publishing Plc:A & C Black Limited England and Wales 100% Intermediate 1.holding companyBloomsbury India UK Limited England and Wales 100% Intermediate 1.holding companyBloomsbury Publishing Inc. USA 100% Publishing 2.Bloomsbury Information Limited England and Wales 100% Publishing 1.Bloomsbury Professional Limited England and Wales 100% Publishing 1.Bloomsbury Publishing PTY Limited Australia 100% Publishing 3.The Continuum International Publishing Group Limited England and Wales 100% Publishing 1.Hart Publishing Limited England and Wales 100% Publishing 1.Head of Zeus Limited England and Wales 100% Publishing 7.Bloomsbury Publishing Ireland Limited Ireland 100% Publishing 8.Osprey Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Book Publishing Company LimitedEngland and Wales100%Publishing 1.I.B. Tauris & Co. LimitedEngland and Wales100%Publishing1.Oberon Books Limited England and Wales 100% Publishing 1.Bloomsbury Media Limited England and Wales 100% Dormant 1.Subsidiary undertakings held through a subsidiary company:A & C Black Publishers Limited England and Wales 100% Publishing 1.ABC - CLIO, LLC USA 100% Publishing 6.Christopher Helm (Publishers) Limited England and Wales 100% Publishing 1.Oxford International Publishers Limited t/a Berg Publishers England and Wales 100% Publishing 1.John Wisden and Company Limited England and Wales 100% Publishing 1.Shire Publications Limited England and Wales 100% Publishing 1.British Wildlife Publishing Limited England and Wales 100% Publishing 1.Bloomsbury Publishing India Private Limited India 100% Publishing 4.Berg Fashion Library Limited England and Wales 100% Dormant 1.A & C Black (Distribution) Limited England and Wales 100% Dormant 1.A & C Black (Storage) Limited England and Wales 100% Dormant 1.Adlard Coles Limited England and Wales 100% Dormant 1.Alphabooks Limited England and Wales 100% Dormant 1.F. Lewis (Publishers) Limited England and Wales 100% Dormant 1.Featherstone Education Limited England and Wales 100% Dormant 1.Hambledon and London Limited England and Wales 100% Dormant 1.Herbert Press Limited England and Wales 100% Dormant 1.John Wisden (Holdings) Limited England and Wales 100% Dormant 1.Methuen Drama Limited England and Wales 100% Dormant 1.Nautical Publishing Co Limited England and Wales 100% Dormant 1.Philip Wilson Publishers Limited England and Wales 100% Dormant 1.Reed\u2019s Almanac Limited England and Wales 100% Dormant 1.Sheffield Academic Press Limited England and Wales 100% Dormant 1.T & T Clark Limited England and Wales 100% Dormant 5.The Athlone Press Limited England and Wales 100% Dormant 1.Thoemmes Limited England and Wales 100% Dormant 1.29. Investments in subsidiary companies continuedAll subsidiary undertakings are included in the consolidation.The following lists all Bloomsbury registered office addresses. Please see wholly owned subsidiary list over for relevant registered office code.1. 50 Bedford Square, London, WC1B 3DP, United Kingdom.2. 1385 Broadway, Fifth Floor, New York, NY 10018, USA.3. Level 4, 387 George Street, Sydney, NSW 2000, Australia.4. DDA Complex, LSC, Building No. 4, Second Floor, Pocket C-6&7, Vasant Kunj, New Delhi, 110070, India. 5. C/O RSM, First Floor, Quay 2, 139 Fountainbridge, Edinburgh, EH3 9QG, United Kingdom.6. 147 Castilian Drive, Goleta, CA 93117, USA.7. 6th Floor Charlotte Building, 17 Gresse Street, London, W1T 1QL, United Kingdom.8. C/O Deloitte Ireland LLP, 29 Earlsfort Terrace, Dublin 2, D02 AY28, Ireland.For the year ended 28 February 2023, the following subsidiary companies were entitled to exemption from audit under section 479A of the Companies Act 2006:Subsidiary name Company numberBloomsbury Information Limited 06409758Bloomsbury Professional Limited 05233465The Continuum International Publishing Group Limited 03833148A & C Black Publishers Limited 00189153Christopher Helm (Publishers) Limited 01953639Oxford International Publishers Limited t/a Berg Publishers 03143617John Wisden and Company Limited 00135590Hart Publishing Limited 03307205Osprey Publishing Limited 03471853Shire Publications Limited 00868867British Wildlife Publishing Limited 06810049Bloomsbury Book Publishing Company Limited03830397I.B. Tauris & Co. Limited01761687Head of Zeus Limited 07769235Oberon Books Limited 02082142The Group\u2019s joint venture undertakings at 28 February 2023 are:Proportion Country of of equity Nature of business Registered incorporationcapital heldduring the yearofficeJoint venture undertakings held directly by Bloomsbury Publishing Plc:Beijing CYP & Gakken Education Development Co., Ltd China 50% Publishing 1.1. Floor 5, B Block, No. 1132, HuihHe South Street, Banbidian Village, Gaobeidian Township, Chaoyang District, Beijing, PRC.",
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"pp-value-76-1": {
"value": "50 Bedford SquareLondon WC1B 3DP",
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