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"pp-value-1-1": {
"value": "a) Reporting entityBloomsbury Publishing Plc (the \u201cCompany\u201d) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company\u2019s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 29 February 2024 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group is primarily involved in the publication of books and other related services.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
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"value": "a) Reporting entityBloomsbury Publishing Plc (the \u201cCompany\u201d) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company\u2019s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 29 February 2024 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group is primarily involved in the publication of books and other related services.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
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"value": "a) Reporting entityBloomsbury Publishing Plc (the \u201cCompany\u201d) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company\u2019s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 29 February 2024 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group is primarily involved in the publication of books and other related services.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
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"pp-value-1-4": {
"value": "a) Reporting entityBloomsbury Publishing Plc (the \u201cCompany\u201d) is a public limited company incorporated in England and Wales and domiciled in the United Kingdom. The address of the Company\u2019s registered office can be found on page 212. The consolidated financial statements of the Company as at and for the year ended 29 February 2024 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). The Group is primarily involved in the publication of books and other related services.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
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"pp-value-2-1": {
"value": "b) Statement of complianceThe Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d) and the requirements of the Companies Act 2006.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
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"value": "c) 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.d) 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 8 to 92. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 33 to 37. In addition, note 24 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.\ue61fThe Board has modelled a severe but plausible downside scenario. This assumes:\u2022 Print revenues are reduced by 20% during 2024/2025, withrecovery during 2025/2026; \u2022 Digital revenues are reduced by 20% during 2024/2025, withrecovery during 2025/2026; \u2022 Print costs are increased by 2% from 2024/2025 and staff costs areincreased by 2% from 2025/2026;\u2022 Downside assumptions about extended debtor days during2024/2025, with recovery during 2025/2026;\u2022 Cash preservation measures implemented and variable costsreduced.At 29 February 2024, the Group had available liquidity of \u00a385.8 million, comprising central cash balances and its undrawn \u00a320 million Revolving Credit Facility (\u201cRCF\u201d). The RCF agreement is to November 2026. 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 24c.e) 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 2r. 2. Material accounting policiesThe material 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 consolidationi. Business combinationsBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain 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 28/29 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 include the results for Bloomsbury Publishing India Private Limited for the period to 29 February.iii. 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. Any interest 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, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains but only 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 through contractually agreed sharing of control. Investments in joint ventures are accounted for by the equity method and are initially recognised 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. c) 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 is generally at thepoint of shipment when the title passes to the customer, when the Group has a present right to payment and has 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 the customer.\u2022 Subscription income: Revenue is generated from customers through the sale of digital materials to educational establishments, librariesand professionals. Revenue for digital subscriptions is derived from the periodic subscription or update of the product. Revenue is recognised on a straight-line basis over the period of subscription or if less the expected useful economic life of the product, unless the product is downloadable or the goods or services are not delivered in a consistent manner over time, in which case revenue is recognised based on the value received by the customer.iii. Rights and services\u2022 Revenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, andsponsorship, 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 ofonline 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. d) Foreign currenciesi. Functional and presentation currencyItems 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 the 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 offinancial 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. Ondisposal 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.e) 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 the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. 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 charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity respectively. f) 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 2b)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 accumulated amortisation 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 20% per annumImprints \u2013 3% to 14% per annumSubscriber and customer relationships \u2013 7% to 10% per annumTrademarks \u2013 over the life of the trademark Product 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, are recognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform, are recognised 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.g) 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.h) 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. Management uses judgement to determine the lease term where extension and termination options are available within the lease. i) 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. j) 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\ue61freturns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling a returns liability.l) 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).m) 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 with maturities of three months or less and bank 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.n) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period for which 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 the statement of financial position represents the net of the present value of the defined benefit obligation and the fair value of plan assets at the statement of financial position date. The defined benefit obligation is calculated annually by independent actuaries 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 possibility of withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to provide termination 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-based payment 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 on the 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\u2013Scholes model based on publicly available market data. Awards granted under the Group\u2019s Performance Share Plan are equity-settled. 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%). Awards granted in 2023 are subject to the following performance conditions: Earnings Per Share (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and international revenue (5%). The fair value of this element of the awards is calculated using the Black\u2013Scholes 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. p) 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.q) 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 29 February 2024\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000External revenue 191,329 57,874 249,203 70,501 22,947 93,448 \u2013 342,651Cost of sales (83,154) (32,194) (115,348) (21,991) (10,723) (32,714) \u2013 (148,062)Gross profit 108,175 25,680 133,855 48,510 12,224 60,734 \u2013 194,589Marketing and distribution costs (31,235) (9,377) (40,612) (5,912) (3,245) (9,157) \u2013 (49,769)Contribution before administrative expenses 76,940 16,303 93,243 42,598 8,979 51,577 \u2013 144,820Administrative expenses excluding highlighted items (35,875) (19,401) (55,276) (33,260) (8,382) (41,642) \u2013 (96,918)Share of result of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (46) (46)Operating profit/(loss) before highlighted items/segment results 41,065 (3,098) 37,967 9,338 597 9,935 (46) 47,856Amortisation of acquired intangible assets \u2013 (359) (359) (4,373) (200) (4,573) \u2013 (4,932)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,321) (2,321)Operating profit/(loss) 41,065 (3,457) 37,608 4,965 397 5,362 (2,367) 40,603Finance income \u2013 \u2013 \u2013 41 \u2013 41 1,259 1,300Finance costs (124) (81) (205) (88) (33) (121) (82) (408)Profit/(loss) before taxation and highlighted items 40,941 (3,179) 37,762 9,291 564 9,855 1,131 48,748Amortisation of acquired intangible assets \u2013 (359) (359) (4,373) (200) (4,573) \u2013 (4,932)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,321) (2,321)Profit/(loss) before taxation 40,941 (3,538) 37,403 4,918 364 5,282 (1,190) 41,495Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (9,200) (9,200)Profit/(loss) for the year 40,941 (3,538) 37,403 4,918 364 5,282 (10,390) 32,295Operating profit/(loss) before highlighted items/segment results 41,065 (3,098) 37,967 9,338 597 9,935 (46) 47,856Depreciation 1,088 706 1,794 864 246 1,110 \u2013 2,904Amortisation of internally generated intangibles 533 750 1,283 3,225 337 3,562 \u2013 4,845EBITDA before highlighted items42,686 (1,642) 41,044 13,427 1,180 14,607 (46) 55,605Children\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 items18,730 2,321 21,051 16,484 1,213 17,697 (228) 38,520Total assets 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 17,246 19,569Adult Trade 12,104 14,493Academic & Professional 71,186 77,918Special Interest 13,043 14,381Unallocated 258,164 188,752Total assets371,743 315,113Unallocated 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 29 February 2024 United Kingdom 77,355 2,825 \u2013 \u2013 80,180 North America 18,110 172,628 \u2013 \u2013 190,738 Continental Europe 28,131 723 \u2013 \u2013 28,854 Australasia 2,313 27 16,285 \u2013 18,625 Middle East and Asia 11,154 303 \u2013 5,383 16,840 Rest of the world 6,609 805 \u2013 \u2013 7,414Overseas countries 66,317 174,486 16,285 5,383 262,471Total143,672 177,311 16,285 5,383 342,651Year ended 28 February 2023 United Kingdom 72,014 552 \u2013 \u2013 72,566 North America 30,282 95,623 \u2013 \u2013 125,905 Continental Europe 23,031 1,102 \u2013 2 24,135 Australasia 2,678 2 16,145 \u2013 18,825 Middle East and Asia 10,717 241 \u2013 5,029 15,987 Rest of the world 5,910 774 \u2013 \u2013 6,684Overseas countries 72,618 97,742 16,145 5,031 191,536Total144,632 98,294 16,145 5,031 264,102During the year, sales to one customer exceeded 10% of Group revenue (2023: one customer). The value of these sales was \u00a3106,155,000 (2023: \u00a368,856,000). This customer purchases from all operating segments and represents 11% (2023: 9%) of gross trade receivables.Analysis of non-current assets (excluding deferred tax assets and financial instruments) by geographic location Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000United Kingdom (country of domicile) 67,800 71,311North America 21,815 26,796Other 422 421Total90,037 98,528Group revenues by product typeChildren\u2019s Adult Academic & Special Non-Year ended TradeTrade Consumer Professional InterestConsumer Total 29 February 2024 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u20190001Print155,016 43,866 198,882 28,505 18,804 47,309 246,191Ebooks 28,867 9,100 37,967 12,334 1,922 14,256 52,223Digital Resources \u2013 \u2013 \u2013 26,587 17 26,604 26,604Audio 3,369 3,016 6,385 19 500 519 6,9042Rights and services4,077 1,892 5,969 3,056 1,704 4,760 10,729Total191,329 57,874 249,203 70,501 22,947 93,448 342,651Children\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 11,819Total108,897 57,796 166,693 75,749 21,660 97,409 264,1021 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 contract liability 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 contract assets is related to the timing of receiving these reports.Within the Rights and services revenue stream are licences 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 contract assets will ultimately depend upon the difference between revenue recognised and billings to date.Refer to note 17 for opening and closing balances of contract assets. Refer to note 18 for opening and closing balances of contract liabilities. Revenue recognised during the period from changes in contract liabilities was driven primarily by the release of revenue over time from digital subscriptions and the 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:Total remaining Contract Committed transaction 2027 Year ended Salesliabilitiessalesprice 20252026and later29 February 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000Print 246,191 1,867 5,294 7,161 7,084 28 49Digital 85,731 9,204 3,456 12,660 8,686 1,155 2,819Rights and services 10,729 49 608 657 350 259 48Total342,651 11,120 9,358 20,478 16,120 1,442 2,916Total remaining Contract Committed transaction 2026 Year ended Salesliabilitiessalesprice 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 75Total264,102 9,800 6,300 16,100 14,541 678 8814. Operating profitOperating profit is stated after charging the following amounts:Year ended Year ended 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Purchase of goods and changes in inventories 16 74,308 67,342Auditor\u2019s remuneration (see below) 319 287Depreciation of property, plant and equipment 13 852 659Depreciation of right-of-use assets 14 2,052 2,114Highlighted items (see below) 7,253 5,683Provision made against advances 7,261 5,033Loss on disposal of property, plant and equipment 157 13Loss on disposal of other intangible assets 169 107Exchange loss/ (gain) 865 (865)Loss allowance for financial assets 559 178Staff costs (excluding termination benefits)5 69,317 60,936Highlighted itemsYear ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Legal and other professional fees on acquisitions 704 93Integration and restructuring costs 1,617 364Other highlighted items 2,321 457Amortisation of acquired intangible assets 4,932 5,226Total highlighted items7,253 5,683Highlighted 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 29 February 2024, legal and other professional fees of \u00a3704,000 were incurred as a result of completed and ongoing acquisitions. Integration and restructuring costs primarily relate to the integration of the ABC-CLIO, LLC and Head of Zeus Limited acquisitions and restructuring. 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.Auditor\u2019s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 29 February 2024 and 28 February 2023 are as follows:Year ended Year ended 29 February 28 February 20242023Total Total \u00a3\u2019000\u00a3\u2019000Fees payable to the Company\u2019s Auditor for the audit of the Parent Company and consolidated financial statements 315 285Fees payable to the Company\u2019s Auditor and its associates for other services:Audit of the Company\u2019s subsidiaries pursuant to legislation 4 2Total 319 2875. Staff costsStaff costs, including Directors, during the year were:Year ended Year ended 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Salaries (including bonuses) 59,221 52,196Social security costs 5,786 4,835Pension costs 23 2,503 2,304Share-based payment charge 22 1,807 1,601Staff costs (excluding termination benefits) 69,317 60,936Termination benefits 1,064 176Total70,381 61,112For the year ended 29 February 2024 \u00a3322,000 (year ended 28 February 2023: \u00a336,000) of termination benefits are included in restructuring within highlighted items. The average monthly number of employees during the year was:Year ended Year ended 29 February 28 February 20242023Editorial, production and selling 834 813Finance and administration 160 166Total994 979Staff costs are charged to administrative expenses. Two (2023: two) Directors were accruing benefits during the year under defined contribution pension arrangements.Total emoluments for Directors was:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Short-term employee benefits 2,190 1,894Post-employment benefits 60 77Total2,250 1,971The 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 the heads of the global divisions, major geographic regions and departments who are actively involved in strategic decision making that make up the Executive Committee (for membership see pages 98 to 99 for further details).Total emoluments for Executive Directors and other key management personnel were:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Short-term employee benefits 6,311 4,387Post-employment benefits 177 170Share-based payment charge 1,342 1,020Total7,830 5,5776. Finance income and finance costsYear ended Year ended 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Finance incomeInterest on bank deposits 1,221 203Other interest receivable 45 50Interest income on pension plan assets 23 34 17Total 1,300 270Finance costsInterest on lease liabilities 25 325 390Interest cost on pension obligations 23 34 17Other interest payable 49 51Total408 4587. Taxationa) Tax charge for the yearYear ended Year ended 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Current taxation UK corporation tax Current year 3,340 2,100 Adjustment in respect of prior years (471) 108Overseas taxation Current year 11,901 5,012 Adjustment in respect of prior years 1,049 (1,231) 15,819 5,989Deferred tax 15 UK Origination and reversal of temporary differences (2,686) (191) Adjustment in respect of prior years 160 (3) Tax rate adjustment (675) (65)Overseas Origination and reversal of temporary differences (2,737) (1,286) Adjustment in respect of prior years (681) 727 (6,619) (818)Total taxation expense 9,200 5,171b) Factors affecting tax charge for the year The tax on the Group\u2019s profit before tax differs from the standard rate of corporation tax in the United Kingdom of 24.5% (2023: 19.00%). The reasons for this are explained below: Year ended Year ended 29 February 202428 February 2023\u00a3\u2019000 % \u00a3\u2019000 %Profit before taxation 41,495 100.0 25,415 100.0Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 24.50% (2023: 19.00%) 10,166 24.5 4,829 19.0Effects of: Non-deductible revenue expenditure 93 0.2 67 0.3Non-taxable income (951) (2.3) (323) (1.3)Different rates of tax in foreign jurisdictions 542 1.3 865 3.4Tax losses (202) (0.5) 189 0.7Movement in deferred tax rate (675) (1.6) (65) (0.3)Adjustment to tax charge in respect of prior yearsCurrent tax 578 1.4 (1,123) (4.4)Deferred tax (521) (1.2) 724 2.9Tax charge for the year before disallowable costs on highlighted items 9,030 21.8 5,163 20.3Highlighted itemsDisallowable costs 170 0.4 8 \u2013Tax charge for the year9,200 22.2 5,171 20.3Different rates of tax in foreign jurisdictions is where we are paying tax at higher rates in the US (including paying state taxes) and Australia. 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. Adjustments 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 include 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 2024 2024 2024 2023 2023 2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Exchange difference on translating foreign operations (4,677) \u2013 (4,677) 7,464 \u2013 7,464Remeasurements on the defined benefit pension scheme 17 \u2013 17 \u2013 \u2013 \u2013Other comprehensive income (4,660) \u2013 (4,660) 7,464 \u2013 7,4648. DividendsYear ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Amounts paid in the year Prior period 10.34p final dividend per share (2023: 9.40p) 8,336 7,604Interim 3.70p dividend per share (2023: 1.41p) 3,012 1,148Total dividend payments in the year 11,348 8,752Amounts arising in respect of the yearInterim 3.70p dividend per share for the year (2023: 1.41p) 3,012 1,148Proposed 10.99p final dividend per share for the year (2023: 10.34p) 8,950 8,397Total dividend 14.69p per share for the year (2023: 11.75p)11,962 9,545The Directors are recommending a final dividend of 10.99 pence per share, which, subject to Shareholder approval at the Annual General Meeting on 16 July 2024, will be paid on 23 August 2024 to Shareholders on the register at close of business on 26 July 2024.The amounts arising in respect of the year are the dividends as at the year-end date that are expected to be paid. 9. Earnings per shareThe basic earnings per share for the year ended 29 February 2024 is calculated using a weighted average number of Ordinary shares in issue of 81,212,654 (2023: 81,172,636) 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 29 February 28 February 2024 2023 NumberNumberWeighted average shares in issue 81,212,654 81,172,636Dilution 1,353,296 1,336,878Diluted weighted average shares in issue82,565,950 82,509,514\u00a3\u2019000 \u00a3\u2019000Profit after tax attributable to owners of the Company 32,295 20,244Basic earnings per share 39.77p 24.94pDiluted earnings per share39.11p 24.54p\u00a3\u2019000 \u00a3\u2019000Adjusted profit attributable to owners of the Company 38,493 25,217Adjusted basic earnings per share 47.40p 31.07pAdjusted diluted earnings per share46.62p 30.56pAdjusted profit is derived as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Profit before taxation 41,495 25,415Amortisation of acquired intangible assets 4,932 5,226Other highlighted items 2,321 457Adjusted profit before tax 48,748 31,098Tax expense 9,200 5,171Deferred tax movements on goodwill and acquired intangible assets 656 631Tax expense on other highlighted items 399 79Adjusted tax 10,255 5,881Adjusted earnings38,493 25,217The 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. Goodwill29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Cost At start of year 52,922 52,172Acquisitions \u2013 \u2013Exchange differences (349) 750At end of year 52,573 52,922ImpairmentAt start of year 4,266 4,262Exchange differences (2) 4At end of year 4,264 4,266Net book valueAt end of year 48,309 48,656At start of year48,656 47,910Goodwill is not amortised, but instead, in accordance with IFRS, is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. 10. Goodwill continuedManagement 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. These cash-generating units (\u201cCGU\u201d) are the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows from other assets or groups of assets. Typically, acquisitions are integrated into existing publishing divisions, and the goodwill arising is allocated to the CGUs that are expected to benefit from the synergies of the acquisition. The following is a summary of goodwill allocation for each publishing division:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 1,877 1,973Adult Trade 2,953 3,070Academic & Professional 38,526 38,660Special Interest 4,953 4,953Total48,309 48,656Impairment 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 CGU based on the Board\u2019s approved budgets for the year ended 28 February 2025 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 growth2024 2023 2024 2023 2024 2023 %%%%%%Children\u2019s Trade 13.7 11.2 (4.7) 5.4 2.0 2.0Adult Trade 10.9 11.5 7.1 7.0 2.0 2.0Academic & Professional 11.9 11.0 4.3 5.3 2.0 2.0Special Interest12.5 12.0 3.2 3.9 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 comparable public companies. 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 28 February 2025 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. The Children\u2019s CAGR reflects the exceptional performance in 2023/2024, and that we are not expecting to publish a new Sarah J. Maas title in the year ending 28 February 2025.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 a severe but plausible downside scenario in accordance with the going concern review as set out on page 155. This assumes:\u2022 Print revenues are reduced by 20% during 2024/2025, with recovery during 2025/2026; \u2022 Digital revenues are reduced by 20% during 2024/2025, with recovery during 2025/2026; 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 for Children\u2019s Trade, Academic & Professional and Special Interest divisions.The Adult division is progressing with the implementation of a more targeted publishing strategy including focus on backlist and digital sales and establishment of a new general list to drive future growth and profitability. This initial investment results in a risk, as publishing is on a longer pipeline, of reduced profitability in the short to medium term. A 2.0% increase in the discount rate would give risk to an impairment of \u00a32.1 million (2023: no impairment). Reducing the long-term growth rate to 0% would give rise to an \u00a31.3 million impairment (2023: 0%, no impairment).11. Other intangible assetsSubscriber and Publishing customer Systems Product Assets 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 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 89,314Additions \u2013 \u2013 \u2013 198 686 3,168 1,078 5,130Transfers \u2013 \u2013 \u2013 \u2013 \u2013 840 (840) \u2013Disposals \u2013 \u2013 \u2013 \u2013 (5,038) \u2013 (18) (5,056)Exchange differences (688) (209) (16) (7) (18) (218) \u2013 (1,156)At 29 February 2024 36,315 13,891 4,422 550 7,072 24,947 1,035 88,232AmortisationAt 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 51,071Disposals \u2013 \u2013 \u2013 \u2013 (4,887) \u2013 \u2013 (4,887)Charge for the year 3,522 1,820 88 70 940 3,994 \u2013 10,434Exchange differences (196) (40) (12) \u2013 (17) (87) \u2013 (352)At 29 February 2024 21,370 6,315 4,229 165 5,207 18,980 \u2013 56,266Net book valueAt 29 February 2024 14,945 7,576 193 385 1,865 5,967 1,035 31,966At 28 February 202318,959 9,565 285 264 2,271 6,084 815 38,24312. Investments29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Joint venture \u2013 \u2013Total\u2013 \u2013The amounts recognised in the Income Statement are as follows:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Joint venture (46) (228)Total(46) (228)13. 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\u2019000CostAt 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 8,992Additions 54 22 664 \u2013 740Disposals (68) (323) (1,601) \u2013 (1,992)Exchange differences (13) (29) (66) (2) (110)At 29 February 2024 3,016 1,144 3,428 42 7,630DepreciationAt 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 6,489Charge for the year 309 63 472 8 852Disposals (65) (232) (1,538) \u2013 (1,835)Exchange differences (11) (25) (43) \u2013 (79)At 29 February 2024 2,459 823 2,128 17 5,427Net book valueAt 29 February 2024 557 321 1,300 25 2,203At 28 February 2023817 457 1,194 35 2,503The depreciation charge is included in administrative expenses. 14. Right-of-use assetsPropertyCarsEquipmentTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000CostAt 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 16,592Additions 401 171 10 582Disposals (357) (86) (24) (467)Exchange differences (258) \u2013 (8) (266)At 29 February 2024 16,006 225 210 16,441DepreciationAt 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 7,466Charge for the year 1,953 40 59 2,052Disposals (357) (86) (24) (467)Exchange differences (163) \u2013 (6) (169)At 29 February 2024 8,635 53 194 8,882Net book value At 29 February 2024 7,371 172 16 7,559At 28 February 20239,018 41 67 9,126The depreciation charge is included in administrative expenses. 15. 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 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 4,813Credit/(charge) to the income statement 203 (102) 33 62 1,040 5,383 6,619Charge to equity \u2013 \u2013 \u2013 (205) \u2013 \u2013 (205)Exchange differences (6) \u2013 \u2013 \u2013 (19) (203) (228)At 29 February 2024 1,224 99 109 802 (1,612) 10,377 10,999Deferred 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:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Deferred tax assets 13,692 7,928Deferred tax liabilities (2,693) (3,115)Total10,999 4,813The deferred tax liability predominantly relates to timing differences due to Intangible assets. c) Unrecognised deferred tax assets The Group had deferred tax assets not recognised in the financial statements as follows:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Trading losses3,660 1,328At 29 February 2024, the Group had unrecognised trading losses of \u00a314.6 million (2023: \u00a35.3 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. 16. Inventories29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Work in progress 7,388 4,042Finished goods for resale 29,290 39,322Total36,678 43,364The cost of inventories recognised as cost of sales amounted to \u00a363,601,000 (2023: \u00a355,619,000). In addition to this, the provision and write-down of inventories to net realisable value recognised in cost of sales amounted to \u00a310,707,000 (2023: \u00a311,723,000).17. Trade and other receivables29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Non-currentContract assets 790 934CurrentGross trade receivables 115,607 72,549Less: loss allowance (3,617) (3,334)Net trade receivables 111,990 69,215Income tax recoverable 2,873 2,332Other receivables 3,453 2,497Prepayments 3,112 2,653Contract assets 8,225 6,579Royalty advances 35,143 29,543Total current trade and other receivables 164,796 112,819Total trade and other receivables165,586 113,753Non-current receivables relate to contract assets 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 29 February 2024, \u00a39,036,000 (2023: \u00a37,745,000) 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 \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses.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 24. The average number of days\u2019 credit taken for sales of books by the Group was 120 days (2023: 96 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:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000At start of year 3,334 3,551Amounts created 1,259 908Amounts utilised (229) (423)Amounts released (693) (733)Exchange differences (54) 31At end of year3,617 3,33418. Trade and other liabilities29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Current Trade payables 48,052 35,016Sales returns liability 18,826 14,921Taxation and social security 1,442 1,728Other payables 5,381 6,096Accruals 67,158 44,059Contract liabilities 11,120 9,800Total current trade and other liabilities 151,979 111,620Total trade and other liabilities151,979 111,620Trade 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 \u00a31.6 million lower/higher (2023: \u00a31.8 million lower/higher).Other payables principally comprises sub rights payable to authors. 19. Loans and borrowingsReconciliation of movements of liabilities to cash flows arising from financing activities:Liability EquityBank overdrafts Share used for cash capital/ Lease management share Other Retained liabilitypurposespremiumreservesearningsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance at 28 February 2023 10,652 \u2013 48,339 26,461 113,038 198,490Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 (11,348) (11,348)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 (2,814) \u2013 (2,814)Proceeds from exercise of share options \u2013 \u2013 \u2013 3,732 (3,321) 411Cancellation of share options \u2013 \u2013 \u2013 \u2013 (636) (636)Repayment of lease liabilities (2,219) \u2013 \u2013 \u2013 \u2013 (2,219)Interest paid (325) \u2013 \u2013 \u2013 \u2013 (325)Total changes from financing cash flows (2,544) \u2013 \u2013 918 (15,305) (16,931)Other changesLiability-relatedRight-of-use asset additions 582 \u2013 \u2013 \u2013 \u2013 582Foreign exchange movements (111) \u2013 \u2013 \u2013 \u2013 (111)Interest expense 325 \u2013 \u2013 \u2013 \u2013 325Total liability-related other changes 796 \u2013 \u2013 \u2013 \u2013 796Total equity-related other changes \u2013 \u2013 \u2013 (3,664) 32,664 29,000Balance at 29 February 2024 8,904 \u2013 48,339 23,715 130,397 211,355Liability EquityBank overdrafts Share used for cash capital/ management 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 202310,652 \u2013 48,339 26,461 113,038 198,49020. ProvisionsAuthor advancesProperty Total\u00a3\u2019000\u00a3\u2019000\u00a3\u201900028 February 2023 742 356 1,098Created in the year 569 257 826Released in the year \u2013 (23) (23)Utilised in the year (176) \u2013 (176)Exchange difference (31) (3) (34)29 February 2024 1,104 587 1,691Non-current \u2013 534 534Current1,104 53 1,157The 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. 21. Share capital and other reservesShare capital 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Authorised: 108,811,522 Ordinary shares of 1.25p each (2023: 108,811,522 Ordinary shares of 1.25p each) 1,360 1,360Allotted, called up and fully paid:81,608,672 Ordinary shares of 1.25p each (2023: 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 1,621,976 (2023: 2,039,536) Ordinary shares with an aggregate nominal value of \u00a320,275 (2023: \u00a325,494) (see note 22).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 22) 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 170,817 shares of the Company held at 29 February 2024 (2023: 400,626) in the EBT was \u00a3930,953 (2023: \u00a31,678,623). 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 123,212 Ordinary shares of 1.25 pence being approximately 0.2% 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.22. 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:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Equity-settled share-based transactions 1,570 1,235Cash-settled share-based transactions 237 366Total1,807 1,601National 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 29 February 2024 of \u00a3456,000 (2023: \u00a3563,000), 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 406 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 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 awards granted during the year ended February 2024, the award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and international revenue (5%). For details of the performance conditions see the Directors\u2019 Remuneration Report on pages 123 to 143. 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 29 February 28 February 2024 2023 NumberNumberOutstanding at start of year 1,391,210 1,536,094Granted during the year 425,721 360,738Exercised during the year (599,464) (505,622)Cancelled during the year (125,766) \u2013Lapsed during the year (21,531) \u2013Outstanding at end of year 1,070,170 1,391,210Exercisable at end of year339,560 636,981Year ended Year ended 29 February 28 February 2024 2023 Range of exercise price of outstanding awards (pence) \u2013 \u2013Weighted average remaining contracted life (months) 19 15Expense recognised for the year (\u00a3\u2019000)1,575 1,41622. Share-based payments continuedThe share awards granted in the year to 29 February 2024 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 412 penceExercise price \u2013Expected term 3 yearsExpected volatility 41.17%Risk-free interest rate 4.82%Fair value charge per award323 \u2013 412 penceThis award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and international revenue (5%).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 2024 20242023 2023 Number PenceNumberPenceOutstanding at start of year 648,326 236 626,100 276Granted during the year 226,867 352 173,439 314Exercised during the year (237,920) 172 (145,203) 184Lapsed during the year (85,467) 259 (6,010) 314Outstanding at end of year 551,806 307 648,326 236Exercisable at end of year51,865 169 25,711 185Year ended Year ended 29 February 28 February 2024 2023 Range of exercise price of outstanding options (pence) 169\u2013352 169\u2013314Weighted average remaining contracted life (months) 24 15Expense recognised for the year (\u00a3\u2019000)232 18523. Retirement benefit obligationsPension costsThe pension costs charged to the income statement of \u00a32,503,000 (2023: \u00a32,304,000) 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 \u00a32,503,000 (2023: \u00a32,304,000) represents contributions payable to these schemes by the Group at rates specified in the rules of the schemes. At 29 February 2024, there were \u00a3nil prepaid contributions (28 February 2023: \u00a3nil). At 29 February 2024, there were \u00a3454,000 outstanding contributions (28 February 2023: \u00a3324,000).Defined 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 (2023: \u00a3nil). 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 29 February 2024, there were \u00a3nil prepaid or outstanding contributions (28 February 2023: \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:29 February 28 February 28 February 2024 2023 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Discount rate 5.20% 5.00% 2.60%Inflation assumption2.30\u20133.20% 2.30\u20133.20% 2.80\u20133.70%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 29 February 2024 are 90% of the standard tables S3PMA, year of birth, no age rating for males and females, projected using CMI_2022 converging to 1.50% p.a. These imply the following life expectancies:29 February 28 February 2024 2023 Implied life expectancy at age 65YearsYearsMale currently aged 45 24.1 24.8Female currently aged 45 26.1 26.8Male currently aged 65 22.4 23.2Female currently aged 6524.4 25.023. Retirement benefit obligations continued The amounts recognised in the income statement in respect of the defined benefit scheme are as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Interest cost on defined benefit obligation (19) (14)Interest cost on effect of asset ceiling/onerous liability (15) (3)Interest income 34 17Expenses (17) \u2013Total(17) \u2013A charge of \u00a334,000 (2023: \u00a317,000) has been included in finance costs and a credit of \u00a334,000 (2023: \u00a317,000) has been included in finance income. The amounts recognised in other comprehensive income in respect of the defined benefit scheme are as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Return on pension plan assets (excluding amounts included in interest income) (11) 23Experience gains and losses arising on the defined benefit obligation \u2013 (8)Effects of changes in the financial assumptions underlying the present value of the defined benefit obligation \u2013 gain 14 185Total actuarial gains and losses (before restrictions due to some of the surplus not being recognisable) \u2013 gain 3 200Effect of asset ceiling (excluding amounts included in net interest cost) \u2013 loss 14 (200)Total17 \u2013The 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:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Fair value of assets (with profit policy) 671 695Present value of defined benefit obligations (363) (388)Surplus in scheme 308 307Impact of asset ceiling (308) (307)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 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Impact of asset ceiling at the start of the year 307 104Interest income 15 3Changes in asset ceiling (14) 200Impact of asset ceiling at the end of the year308 307Movements in the present value of defined benefit obligations in the year were as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000At start of year (388) (551)Expenses \u2013 \u2013Interest cost (19) (14)Benefits paid 30 \u2013Remeasurement gains 14 177At end of year(363) (388)Movements in the fair value of scheme assets in the year were as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000At start of year 695 655Interest income 34 17Return on plan assets (excluding amounts included in interest income) (11) 23Administrative expenses paid from plan assets (17) \u2013Benefits paid (30) \u2013At end of year671 695The actual return on scheme assets was \u00a323,000 (2023: \u00a340,000).Assets29 February 28 February 28 February 2024 2023 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000With profits 671 695 655Total assets671 695 655None 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. 24. 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 2023.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 21. Categories of financial instruments 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Investments available for saleJoint venture 12 \u2013 \u2013Total investments available for sale \u2013 \u2013Loans and receivablesCash and cash equivalents 65,750 51,540Trade receivables 17 111,990 69,215Contract assets 17 9,015 7,513Total loans and receivables 186,755 128,268Financial liabilities measured at amortised costTrade payables 18 48,052 35,016Other payables due in less than one year 6,823 7,824Sales returns liability 18 18,826 14,921Accruals 18 67,158 44,059Lease liabilities 25 8,904 10,652Total financial liabilities measured at amortised cost 149,763 112,472Net financial instruments36,992 15,796There 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. a) 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 instruments29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Fixed rate instrumentsFinancial assets 3,222 226Financial liabilities \u2013 \u2013Total 3,222 226Variable rate instrumentsFinancial assets 62,528 51,314Financial liabilities \u2013 \u2013Total62,528 51,314Fixed 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 29 February 2024 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. 29 February 2024 28 February 2023Profit 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 (2023: 1%) 432 \u2013 364 \u20130.5% decrease in base rate of interest (2023: 0.5%)(260) \u2013 (187) \u201324. 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 liabilities29 February 28 February 29 February 28 February 202420232024 2023\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000GBP 62,345 57,575 77,684 66,982USD 114,379 64,501 61,268 37,354EURO 615 1,050 675 675AUD 7,425 3,370 9,051 6,542INR 1,991 1,772 1,085 919Total186,755 128,268 149,763 112,472No 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. 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Impact on equity 10% weakening in US dollar against pound sterling (2023: 10%) (4,677) (2,321)10% strengthening in US dollar against pound sterling (2023: 10%) 4,677 2,32110% weakening in euro against pound sterling (2023: 10%) \u2013 \u201310% strengthening in euro against pound sterling (2023: 10%) \u2013 \u201310% weakening in AUS dollar against pound sterling (2023: 10%) 148 39710% strengthening in AUS dollar against pound sterling (2023: 10%) (148) (397)10% weakening in INR against pound sterling (2023: 10%) (82) (78)10% strengthening in INR against pound sterling (2023: 10%) 82 78Impact on income statement10% weakening in US dollar against pound sterling (2023: 10%) (152) (143)10% strengthening in US dollar against pound sterling (2023: 10%) 152 14310% weakening in euro against pound sterling (2023: 10%) 5 (34)10% strengthening in euro against pound sterling (2023: 10%) (5) 3410% weakening in AUS dollar against pound sterling (2023: 10%) (1) (106)10% strengthening in AUS dollar against pound sterling (2023: 10%) 1 10610% weakening in INR against pound sterling (2023: 10%) \u2013 \u201310% strengthening in INR against pound sterling (2023: 10%)\u2013 \u2013b) 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 17) 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 17.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 29 February 2024, the exposure to credit risk for gross trade receivables by geographical region was as follows:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000United Kingdom 44,521 39,600North America 64,280 28,645Australia 4,941 2,457India 1,865 1,847Total115,607 72,549The 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 make up 86% (2023: 85%) of the North America trade receivable balance. In the United Kingdom, balances with the distributors make up 92% (2023: 92%) 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 1d 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 29 February 2024, the Group had \u00a3nil draw down (2023: \u00a3nil) of this facility with \u00a320.0 million of undrawn borrowing facilities (2023: \u00a310.0 million) available. The facility comprises a committed revolving credit facility of \u00a320 million, and an uncommitted incremental term loan facility of up to \u00a320 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 November 2026. 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.25. 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:29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Interest on lease liabilities 6 325 390Expenses relating to short-term leases \u2013 4Expense relating to leases of low-value assets \u2013 1Depreciation of right-of-use assets14 2,052 2,114The maturities of the Group\u2019s lease liabilities are as follows:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Less than one year 2,386 2,425One to five years 5,409 6,292More than five years 1,635 3,067Total undiscounted lease liabilities 9,430 11,784Lease liabilities included in the Consolidated Statement of Financial Position 8,904 10,652Current 2,388 2,082Non-current6,516 8,57026. Commitments and contingent liabilitiesa) Capital commitments29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Property, plant and equipment 26 11Intangible assets 362 485Total388 496b) Other commitmentsThe Group is committed to paying royalty advances to authors in subsequent financial years. At 29 February 2024, this commitment amounted to \u00a328,416,000 (2023: \u00a325,715,000).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 24c. 27. Related party transactionsThere are no related party transactions other than key management remuneration as disclosed in note 5.28. Investments in subsidiary companiesThe Group\u2019s subsidiary companies at 29 February 2024 are:Proportion Country 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 1.Bloomsbury Publishing Ireland Limited Ireland 100% Publishing 6.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.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 1.28. 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. C/O Deloitte Ireland LLP, 29 Earlsfort Terrace, Dublin 2, D02 AY28, Ireland.For the year ended 29 February 2024, 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 29 February 2024 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.29. Subsequent eventsOn 15 May 2024, Bloomsbury entered into an unsecured term loan facility with Lloyds Bank Plc. The facility comprises a committed term loan facility of $37.5 million and runs for 3 years to May 2027. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The existing RCF agreement remains in place until November 2026. ",
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"value": "c) 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.",
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"value": "d) 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 8 to 92. The financial position of the Group, its cash flows and liquidity position are described in the Financial Review on pages 33 to 37. In addition, note 24 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.\ue61fThe Board has modelled a severe but plausible downside scenario. This assumes:\u2022 Print revenues are reduced by 20% during 2024/2025, withrecovery during 2025/2026; \u2022 Digital revenues are reduced by 20% during 2024/2025, withrecovery during 2025/2026; \u2022 Print costs are increased by 2% from 2024/2025 and staff costs areincreased by 2% from 2025/2026;\u2022 Downside assumptions about extended debtor days during2024/2025, with recovery during 2025/2026;\u2022 Cash preservation measures implemented and variable costsreduced.At 29 February 2024, the Group had available liquidity of \u00a385.8 million, comprising central cash balances and its undrawn \u00a320 million Revolving Credit Facility (\u201cRCF\u201d). The RCF agreement is to November 2026. 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 24c.",
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"value": "e) 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 2r. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-7-2": {
"value": "2. Material accounting policiesThe material 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.c) 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 is generally at thepoint of shipment when the title passes to the customer, when the Group has a present right to payment and has 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 the customer.\u2022 Subscription income: Revenue is generated from customers through the sale of digital materials to educational establishments, librariesand professionals. Revenue for digital subscriptions is derived from the periodic subscription or update of the product. Revenue is recognised on a straight-line basis over the period of subscription or if less the expected useful economic life of the product, unless the product is downloadable or the goods or services are not delivered in a consistent manner over time, in which case revenue is recognised based on the value received by the customer.iii. Rights and services\u2022 Revenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, andsponsorship, 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 ofonline 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. d) Foreign currenciesi. Functional and presentation currencyItems 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 the 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 offinancial 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. Ondisposal 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.e) 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 the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. 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 charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity respectively. f) 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 2b)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 accumulated amortisation 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 20% per annumImprints \u2013 3% to 14% per annumSubscriber and customer relationships \u2013 7% to 10% per annumTrademarks \u2013 over the life of the trademark Product 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, are recognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform, are recognised 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.g) 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.h) 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. Management uses judgement to determine the lease term where extension and termination options are available within the lease. i) 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. j) 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\ue61freturns asset is recognised in Finished Goods, Inventory for the Group\u2019s right to recover products from customers on settling a returns liability.l) 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).m) 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 with maturities of three months or less and bank 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.n) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period for which 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 the statement of financial position represents the net of the present value of the defined benefit obligation and the fair value of plan assets at the statement of financial position date. The defined benefit obligation is calculated annually by independent actuaries 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 possibility of withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to provide termination 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-based payment 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 on the 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\u2013Scholes model based on publicly available market data. Awards granted under the Group\u2019s Performance Share Plan are equity-settled. 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%). Awards granted in 2023 are subject to the following performance conditions: Earnings Per Share (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and international revenue (5%). The fair value of this element of the awards is calculated using the Black\u2013Scholes 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. p) 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.q) 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-8-2": {
"value": "b) Basis of consolidationi. Business combinationsBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain 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 28/29 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 include the results for Bloomsbury Publishing India Private Limited for the period to 29 February.iii. 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. Any interest 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, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains but only 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 through contractually agreed sharing of control. Investments in joint ventures are accounted for by the equity method and are initially recognised 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-10-3": {
"value": "c) 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 is generally at thepoint of shipment when the title passes to the customer, when the Group has a present right to payment and has 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 the customer.\u2022 Subscription income: Revenue is generated from customers through the sale of digital materials to educational establishments, librariesand professionals. Revenue for digital subscriptions is derived from the periodic subscription or update of the product. Revenue is recognised on a straight-line basis over the period of subscription or if less the expected useful economic life of the product, unless the product is downloadable or the goods or services are not delivered in a consistent manner over time, in which case revenue is recognised based on the value received by the customer.iii. Rights and services\u2022 Revenue from the licence of publishing and distribution rights, including film, paperback, electronic, overseas publishing rights, andsponsorship, 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 ofonline 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-12-3": {
"value": "d) Foreign currenciesi. Functional and presentation currencyItems 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 the 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 offinancial 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. Ondisposal 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "e) 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 the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. 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 charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-13-4": {
"value": "e) 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 the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and does not give risk to an equal taxable and deductible temporary difference. 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 charged directly to other comprehensive income or equity, in which case the deferred tax is also recognised in other comprehensive income or equity respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "f) 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 2b)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 accumulated amortisation 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 20% per annumImprints \u2013 3% to 14% per annumSubscriber and customer relationships \u2013 7% to 10% per annumTrademarks \u2013 over the life of the trademark Product 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, are recognised as intangible assets. Likewise, costs incurred in developing a product, typically an online platform, are recognised 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "g) 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "h) 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. 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "i) 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "j) 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\ue61freturns 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "l) 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "m) 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 with maturities of three months or less and bank 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "n) Employee benefitsi. Defined contribution plansPension costs relating to defined contribution pension schemes are recognised in the income statement in the period for which 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 the statement of financial position represents the net of the present value of the defined benefit obligation and the fair value of plan assets at the statement of financial position date. The defined benefit obligation is calculated annually by independent actuaries 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 possibility of withdrawal, to a formal detailed plan either to terminate employment before the normal retirement date, or to provide termination 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-based payment 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 on the 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\u2013Scholes model based on publicly available market data. Awards granted under the Group\u2019s Performance Share Plan are equity-settled. 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%). Awards granted in 2023 are subject to the following performance conditions: Earnings Per Share (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and international revenue (5%). The fair value of this element of the awards is calculated using the Black\u2013Scholes 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "p) 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "q) 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": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-26-2": {
"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 29 February 2024\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000External revenue 191,329 57,874 249,203 70,501 22,947 93,448 \u2013 342,651Cost of sales (83,154) (32,194) (115,348) (21,991) (10,723) (32,714) \u2013 (148,062)Gross profit 108,175 25,680 133,855 48,510 12,224 60,734 \u2013 194,589Marketing and distribution costs (31,235) (9,377) (40,612) (5,912) (3,245) (9,157) \u2013 (49,769)Contribution before administrative expenses 76,940 16,303 93,243 42,598 8,979 51,577 \u2013 144,820Administrative expenses excluding highlighted items (35,875) (19,401) (55,276) (33,260) (8,382) (41,642) \u2013 (96,918)Share of result of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (46) (46)Operating profit/(loss) before highlighted items/segment results 41,065 (3,098) 37,967 9,338 597 9,935 (46) 47,856Amortisation of acquired intangible assets \u2013 (359) (359) (4,373) (200) (4,573) \u2013 (4,932)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,321) (2,321)Operating profit/(loss) 41,065 (3,457) 37,608 4,965 397 5,362 (2,367) 40,603Finance income \u2013 \u2013 \u2013 41 \u2013 41 1,259 1,300Finance costs (124) (81) (205) (88) (33) (121) (82) (408)Profit/(loss) before taxation and highlighted items 40,941 (3,179) 37,762 9,291 564 9,855 1,131 48,748Amortisation of acquired intangible assets \u2013 (359) (359) (4,373) (200) (4,573) \u2013 (4,932)Other highlighted items \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,321) (2,321)Profit/(loss) before taxation 40,941 (3,538) 37,403 4,918 364 5,282 (1,190) 41,495Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (9,200) (9,200)Profit/(loss) for the year 40,941 (3,538) 37,403 4,918 364 5,282 (10,390) 32,295Operating profit/(loss) before highlighted items/segment results 41,065 (3,098) 37,967 9,338 597 9,935 (46) 47,856Depreciation 1,088 706 1,794 864 246 1,110 \u2013 2,904Amortisation of internally generated intangibles 533 750 1,283 3,225 337 3,562 \u2013 4,845EBITDA before highlighted items42,686 (1,642) 41,044 13,427 1,180 14,607 (46) 55,605Children\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 items18,730 2,321 21,051 16,484 1,213 17,697 (228) 38,520Total assets 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 17,246 19,569Adult Trade 12,104 14,493Academic & Professional 71,186 77,918Special Interest 13,043 14,381Unallocated 258,164 188,752Total assets371,743 315,113Unallocated 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 29 February 2024 United Kingdom 77,355 2,825 \u2013 \u2013 80,180 North America 18,110 172,628 \u2013 \u2013 190,738 Continental Europe 28,131 723 \u2013 \u2013 28,854 Australasia 2,313 27 16,285 \u2013 18,625 Middle East and Asia 11,154 303 \u2013 5,383 16,840 Rest of the world 6,609 805 \u2013 \u2013 7,414Overseas countries 66,317 174,486 16,285 5,383 262,471Total143,672 177,311 16,285 5,383 342,651Year ended 28 February 2023 United Kingdom 72,014 552 \u2013 \u2013 72,566 North America 30,282 95,623 \u2013 \u2013 125,905 Continental Europe 23,031 1,102 \u2013 2 24,135 Australasia 2,678 2 16,145 \u2013 18,825 Middle East and Asia 10,717 241 \u2013 5,029 15,987 Rest of the world 5,910 774 \u2013 \u2013 6,684Overseas countries 72,618 97,742 16,145 5,031 191,536Total144,632 98,294 16,145 5,031 264,102During the year, sales to one customer exceeded 10% of Group revenue (2023: one customer). The value of these sales was \u00a3106,155,000 (2023: \u00a368,856,000). This customer purchases from all operating segments and represents 11% (2023: 9%) of gross trade receivables.Analysis of non-current assets (excluding deferred tax assets and financial instruments) by geographic location Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000United Kingdom (country of domicile) 67,800 71,311North America 21,815 26,796Other 422 421Total90,037 98,528Group revenues by product typeChildren\u2019s Adult Academic & Special Non-Year ended TradeTrade Consumer Professional InterestConsumer Total 29 February 2024 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u20190001Print155,016 43,866 198,882 28,505 18,804 47,309 246,191Ebooks 28,867 9,100 37,967 12,334 1,922 14,256 52,223Digital Resources \u2013 \u2013 \u2013 26,587 17 26,604 26,604Audio 3,369 3,016 6,385 19 500 519 6,9042Rights and services4,077 1,892 5,969 3,056 1,704 4,760 10,729Total191,329 57,874 249,203 70,501 22,947 93,448 342,651Children\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 11,819Total108,897 57,796 166,693 75,749 21,660 97,409 264,1021 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 contract liability 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 contract assets is related to the timing of receiving these reports.Within the Rights and services revenue stream are licences 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 contract assets will ultimately depend upon the difference between revenue recognised and billings to date.Refer to note 17 for opening and closing balances of contract assets. Refer to note 18 for opening and closing balances of contract liabilities. Revenue recognised during the period from changes in contract liabilities was driven primarily by the release of revenue over time from digital subscriptions and the 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:Total remaining Contract Committed transaction 2027 Year ended Salesliabilitiessalesprice 20252026and later29 February 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000Print 246,191 1,867 5,294 7,161 7,084 28 49Digital 85,731 9,204 3,456 12,660 8,686 1,155 2,819Rights and services 10,729 49 608 657 350 259 48Total342,651 11,120 9,358 20,478 16,120 1,442 2,916Total remaining Contract Committed transaction 2026 Year ended Salesliabilitiessalesprice 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 75Total264,102 9,800 6,300 16,100 14,541 678 881",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-37-2": {
"value": "4. Operating profitOperating profit is stated after charging the following amounts:Year ended Year ended 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Purchase of goods and changes in inventories 16 74,308 67,342Auditor\u2019s remuneration (see below) 319 287Depreciation of property, plant and equipment 13 852 659Depreciation of right-of-use assets 14 2,052 2,114Highlighted items (see below) 7,253 5,683Provision made against advances 7,261 5,033Loss on disposal of property, plant and equipment 157 13Loss on disposal of other intangible assets 169 107Exchange loss/ (gain) 865 (865)Loss allowance for financial assets 559 178Staff costs (excluding termination benefits)5 69,317 60,936Highlighted itemsYear ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Legal and other professional fees on acquisitions 704 93Integration and restructuring costs 1,617 364Other highlighted items 2,321 457Amortisation of acquired intangible assets 4,932 5,226Total highlighted items7,253 5,683Highlighted 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 29 February 2024, legal and other professional fees of \u00a3704,000 were incurred as a result of completed and ongoing acquisitions. Integration and restructuring costs primarily relate to the integration of the ABC-CLIO, LLC and Head of Zeus Limited acquisitions and restructuring. 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.Auditor\u2019s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 29 February 2024 and 28 February 2023 are as follows:Year ended Year ended 29 February 28 February 20242023Total Total \u00a3\u2019000\u00a3\u2019000Fees payable to the Company\u2019s Auditor for the audit of the Parent Company and consolidated financial statements 315 285Fees payable to the Company\u2019s Auditor and its associates for other services:Audit of the Company\u2019s subsidiaries pursuant to legislation 4 2Total 319 287",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
}
},
"pp-value-37-3": {
"value": "4. Operating profitOperating profit is stated after charging the following amounts:Year ended Year ended 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Purchase of goods and changes in inventories 16 74,308 67,342Auditor\u2019s remuneration (see below) 319 287Depreciation of property, plant and equipment 13 852 659Depreciation of right-of-use assets 14 2,052 2,114Highlighted items (see below) 7,253 5,683Provision made against advances 7,261 5,033Loss on disposal of property, plant and equipment 157 13Loss on disposal of other intangible assets 169 107Exchange loss/ (gain) 865 (865)Loss allowance for financial assets 559 178Staff costs (excluding termination benefits)5 69,317 60,936Highlighted itemsYear ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Legal and other professional fees on acquisitions 704 93Integration and restructuring costs 1,617 364Other highlighted items 2,321 457Amortisation of acquired intangible assets 4,932 5,226Total highlighted items7,253 5,683Highlighted 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 29 February 2024, legal and other professional fees of \u00a3704,000 were incurred as a result of completed and ongoing acquisitions. Integration and restructuring costs primarily relate to the integration of the ABC-CLIO, LLC and Head of Zeus Limited acquisitions and restructuring. 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.Auditor\u2019s remunerationAmounts payable to Crowe U.K. LLP and its associates in respect of both audit and non-audit services for the year ended 29 February 2024 and 28 February 2023 are as follows:Year ended Year ended 29 February 28 February 20242023Total Total \u00a3\u2019000\u00a3\u2019000Fees payable to the Company\u2019s Auditor for the audit of the Parent Company and consolidated financial statements 315 285Fees payable to the Company\u2019s Auditor and its associates for other services:Audit of the Company\u2019s subsidiaries pursuant to legislation 4 2Total 319 287",
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"pp-value-40-2": {
"value": "5. Staff costsStaff costs, including Directors, during the year were:Year ended Year ended 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Salaries (including bonuses) 59,221 52,196Social security costs 5,786 4,835Pension costs 23 2,503 2,304Share-based payment charge 22 1,807 1,601Staff costs (excluding termination benefits) 69,317 60,936Termination benefits 1,064 176Total70,381 61,112For the year ended 29 February 2024 \u00a3322,000 (year ended 28 February 2023: \u00a336,000) of termination benefits are included in restructuring within highlighted items. The average monthly number of employees during the year was:Year ended Year ended 29 February 28 February 20242023Editorial, production and selling 834 813Finance and administration 160 166Total994 979Staff costs are charged to administrative expenses. Two (2023: two) Directors were accruing benefits during the year under defined contribution pension arrangements.Total emoluments for Directors was:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Short-term employee benefits 2,190 1,894Post-employment benefits 60 77Total2,250 1,971The 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 the heads of the global divisions, major geographic regions and departments who are actively involved in strategic decision making that make up the Executive Committee (for membership see pages 98 to 99 for further details).Total emoluments for Executive Directors and other key management personnel were:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Short-term employee benefits 6,311 4,387Post-employment benefits 177 170Share-based payment charge 1,342 1,020Total7,830 5,57723. Retirement benefit obligationsPension costsThe pension costs charged to the income statement of \u00a32,503,000 (2023: \u00a32,304,000) 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 \u00a32,503,000 (2023: \u00a32,304,000) represents contributions payable to these schemes by the Group at rates specified in the rules of the schemes. At 29 February 2024, there were \u00a3nil prepaid contributions (28 February 2023: \u00a3nil). At 29 February 2024, there were \u00a3454,000 outstanding contributions (28 February 2023: \u00a3324,000).Defined 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 (2023: \u00a3nil). 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 29 February 2024, there were \u00a3nil prepaid or outstanding contributions (28 February 2023: \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:29 February 28 February 28 February 2024 2023 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Discount rate 5.20% 5.00% 2.60%Inflation assumption2.30\u20133.20% 2.30\u20133.20% 2.80\u20133.70%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 29 February 2024 are 90% of the standard tables S3PMA, year of birth, no age rating for males and females, projected using CMI_2022 converging to 1.50% p.a. These imply the following life expectancies:29 February 28 February 2024 2023 Implied life expectancy at age 65YearsYearsMale currently aged 45 24.1 24.8Female currently aged 45 26.1 26.8Male currently aged 65 22.4 23.2Female currently aged 6524.4 25.023. Retirement benefit obligations continued The amounts recognised in the income statement in respect of the defined benefit scheme are as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Interest cost on defined benefit obligation (19) (14)Interest cost on effect of asset ceiling/onerous liability (15) (3)Interest income 34 17Expenses (17) \u2013Total(17) \u2013A charge of \u00a334,000 (2023: \u00a317,000) has been included in finance costs and a credit of \u00a334,000 (2023: \u00a317,000) has been included in finance income. The amounts recognised in other comprehensive income in respect of the defined benefit scheme are as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Return on pension plan assets (excluding amounts included in interest income) (11) 23Experience gains and losses arising on the defined benefit obligation \u2013 (8)Effects of changes in the financial assumptions underlying the present value of the defined benefit obligation \u2013 gain 14 185Total actuarial gains and losses (before restrictions due to some of the surplus not being recognisable) \u2013 gain 3 200Effect of asset ceiling (excluding amounts included in net interest cost) \u2013 loss 14 (200)Total17 \u2013The 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:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Fair value of assets (with profit policy) 671 695Present value of defined benefit obligations (363) (388)Surplus in scheme 308 307Impact of asset ceiling (308) (307)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 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Impact of asset ceiling at the start of the year 307 104Interest income 15 3Changes in asset ceiling (14) 200Impact of asset ceiling at the end of the year308 307Movements in the present value of defined benefit obligations in the year were as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000At start of year (388) (551)Expenses \u2013 \u2013Interest cost (19) (14)Benefits paid 30 \u2013Remeasurement gains 14 177At end of year(363) (388)Movements in the fair value of scheme assets in the year were as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000At start of year 695 655Interest income 34 17Return on plan assets (excluding amounts included in interest income) (11) 23Administrative expenses paid from plan assets (17) \u2013Benefits paid (30) \u2013At end of year671 695The actual return on scheme assets was \u00a323,000 (2023: \u00a340,000).Assets29 February 28 February 28 February 2024 2023 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000With profits 671 695 655Total assets671 695 655None 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. ",
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"pp-value-45-2": {
"value": "6. Finance income and finance costsYear ended Year ended 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Finance incomeInterest on bank deposits 1,221 203Other interest receivable 45 50Interest income on pension plan assets 23 34 17Total 1,300 270Finance costsInterest on lease liabilities 25 325 390Interest cost on pension obligations 23 34 17Other interest payable 49 51Total408 458",
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"pp-value-46-2": {
"value": "7. Taxationa) Tax charge for the yearYear ended Year ended 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Current taxation UK corporation tax Current year 3,340 2,100 Adjustment in respect of prior years (471) 108Overseas taxation Current year 11,901 5,012 Adjustment in respect of prior years 1,049 (1,231) 15,819 5,989Deferred tax 15 UK Origination and reversal of temporary differences (2,686) (191) Adjustment in respect of prior years 160 (3) Tax rate adjustment (675) (65)Overseas Origination and reversal of temporary differences (2,737) (1,286) Adjustment in respect of prior years (681) 727 (6,619) (818)Total taxation expense 9,200 5,171b) Factors affecting tax charge for the year The tax on the Group\u2019s profit before tax differs from the standard rate of corporation tax in the United Kingdom of 24.5% (2023: 19.00%). The reasons for this are explained below: Year ended Year ended 29 February 202428 February 2023\u00a3\u2019000 % \u00a3\u2019000 %Profit before taxation 41,495 100.0 25,415 100.0Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 24.50% (2023: 19.00%) 10,166 24.5 4,829 19.0Effects of: Non-deductible revenue expenditure 93 0.2 67 0.3Non-taxable income (951) (2.3) (323) (1.3)Different rates of tax in foreign jurisdictions 542 1.3 865 3.4Tax losses (202) (0.5) 189 0.7Movement in deferred tax rate (675) (1.6) (65) (0.3)Adjustment to tax charge in respect of prior yearsCurrent tax 578 1.4 (1,123) (4.4)Deferred tax (521) (1.2) 724 2.9Tax charge for the year before disallowable costs on highlighted items 9,030 21.8 5,163 20.3Highlighted itemsDisallowable costs 170 0.4 8 \u2013Tax charge for the year9,200 22.2 5,171 20.3Different rates of tax in foreign jurisdictions is where we are paying tax at higher rates in the US (including paying state taxes) and Australia. 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. Adjustments 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 include 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 2024 2024 2024 2023 2023 2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Exchange difference on translating foreign operations (4,677) \u2013 (4,677) 7,464 \u2013 7,464Remeasurements on the defined benefit pension scheme 17 \u2013 17 \u2013 \u2013 \u2013Other comprehensive income (4,660) \u2013 (4,660) 7,464 \u2013 7,464",
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"pp-value-52-2": {
"value": "8. DividendsYear ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Amounts paid in the year Prior period 10.34p final dividend per share (2023: 9.40p) 8,336 7,604Interim 3.70p dividend per share (2023: 1.41p) 3,012 1,148Total dividend payments in the year 11,348 8,752Amounts arising in respect of the yearInterim 3.70p dividend per share for the year (2023: 1.41p) 3,012 1,148Proposed 10.99p final dividend per share for the year (2023: 10.34p) 8,950 8,397Total dividend 14.69p per share for the year (2023: 11.75p)11,962 9,545The Directors are recommending a final dividend of 10.99 pence per share, which, subject to Shareholder approval at the Annual General Meeting on 16 July 2024, will be paid on 23 August 2024 to Shareholders on the register at close of business on 26 July 2024.The amounts arising in respect of the year are the dividends as at the year-end date that are expected to be paid. ",
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"pp-value-53-2": {
"value": "9. Earnings per shareThe basic earnings per share for the year ended 29 February 2024 is calculated using a weighted average number of Ordinary shares in issue of 81,212,654 (2023: 81,172,636) 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 29 February 28 February 2024 2023 NumberNumberWeighted average shares in issue 81,212,654 81,172,636Dilution 1,353,296 1,336,878Diluted weighted average shares in issue82,565,950 82,509,514\u00a3\u2019000 \u00a3\u2019000Profit after tax attributable to owners of the Company 32,295 20,244Basic earnings per share 39.77p 24.94pDiluted earnings per share39.11p 24.54p\u00a3\u2019000 \u00a3\u2019000Adjusted profit attributable to owners of the Company 38,493 25,217Adjusted basic earnings per share 47.40p 31.07pAdjusted diluted earnings per share46.62p 30.56pAdjusted profit is derived as follows:Year ended Year ended 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Profit before taxation 41,495 25,415Amortisation of acquired intangible assets 4,932 5,226Other highlighted items 2,321 457Adjusted profit before tax 48,748 31,098Tax expense 9,200 5,171Deferred tax movements on goodwill and acquired intangible assets 656 631Tax expense on other highlighted items 399 79Adjusted tax 10,255 5,881Adjusted earnings38,493 25,217The 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.",
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"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
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"pp-value-57-2": {
"value": "10. Goodwill29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Cost At start of year 52,922 52,172Acquisitions \u2013 \u2013Exchange differences (349) 750At end of year 52,573 52,922ImpairmentAt start of year 4,266 4,262Exchange differences (2) 4At end of year 4,264 4,266Net book valueAt end of year 48,309 48,656At start of year48,656 47,910Goodwill is not amortised, but instead, in accordance with IFRS, is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. 10. Goodwill continuedManagement 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. These cash-generating units (\u201cCGU\u201d) are the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows from other assets or groups of assets. Typically, acquisitions are integrated into existing publishing divisions, and the goodwill arising is allocated to the CGUs that are expected to benefit from the synergies of the acquisition. The following is a summary of goodwill allocation for each publishing division:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 1,877 1,973Adult Trade 2,953 3,070Academic & Professional 38,526 38,660Special Interest 4,953 4,953Total48,309 48,656Impairment 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 CGU based on the Board\u2019s approved budgets for the year ended 28 February 2025 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 growth2024 2023 2024 2023 2024 2023 %%%%%%Children\u2019s Trade 13.7 11.2 (4.7) 5.4 2.0 2.0Adult Trade 10.9 11.5 7.1 7.0 2.0 2.0Academic & Professional 11.9 11.0 4.3 5.3 2.0 2.0Special Interest12.5 12.0 3.2 3.9 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 comparable public companies. 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 28 February 2025 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. The Children\u2019s CAGR reflects the exceptional performance in 2023/2024, and that we are not expecting to publish a new Sarah J. Maas title in the year ending 28 February 2025.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 a severe but plausible downside scenario in accordance with the going concern review as set out on page 155. This assumes:\u2022 Print revenues are reduced by 20% during 2024/2025, with recovery during 2025/2026; \u2022 Digital revenues are reduced by 20% during 2024/2025, with recovery during 2025/2026; 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 for Children\u2019s Trade, Academic & Professional and Special Interest divisions.The Adult division is progressing with the implementation of a more targeted publishing strategy including focus on backlist and digital sales and establishment of a new general list to drive future growth and profitability. This initial investment results in a risk, as publishing is on a longer pipeline, of reduced profitability in the short to medium term. A 2.0% increase in the discount rate would give risk to an impairment of \u00a32.1 million (2023: no impairment). Reducing the long-term growth rate to 0% would give rise to an \u00a31.3 million impairment (2023: 0%, no impairment).11. Other intangible assetsSubscriber and Publishing customer Systems Product Assets 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 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 89,314Additions \u2013 \u2013 \u2013 198 686 3,168 1,078 5,130Transfers \u2013 \u2013 \u2013 \u2013 \u2013 840 (840) \u2013Disposals \u2013 \u2013 \u2013 \u2013 (5,038) \u2013 (18) (5,056)Exchange differences (688) (209) (16) (7) (18) (218) \u2013 (1,156)At 29 February 2024 36,315 13,891 4,422 550 7,072 24,947 1,035 88,232AmortisationAt 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 51,071Disposals \u2013 \u2013 \u2013 \u2013 (4,887) \u2013 \u2013 (4,887)Charge for the year 3,522 1,820 88 70 940 3,994 \u2013 10,434Exchange differences (196) (40) (12) \u2013 (17) (87) \u2013 (352)At 29 February 2024 21,370 6,315 4,229 165 5,207 18,980 \u2013 56,266Net book valueAt 29 February 2024 14,945 7,576 193 385 1,865 5,967 1,035 31,966At 28 February 202318,959 9,565 285 264 2,271 6,084 815 38,243",
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"value": "10. Goodwill29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Cost At start of year 52,922 52,172Acquisitions \u2013 \u2013Exchange differences (349) 750At end of year 52,573 52,922ImpairmentAt start of year 4,266 4,262Exchange differences (2) 4At end of year 4,264 4,266Net book valueAt end of year 48,309 48,656At start of year48,656 47,910Goodwill is not amortised, but instead, in accordance with IFRS, is subject to annual impairment reviews. Any impairment losses are recognised immediately in the income statement. 10. Goodwill continuedManagement 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. These cash-generating units (\u201cCGU\u201d) are the smallest identifiable group of assets that generates cash flows that are largely independent of the cash flows from other assets or groups of assets. Typically, acquisitions are integrated into existing publishing divisions, and the goodwill arising is allocated to the CGUs that are expected to benefit from the synergies of the acquisition. The following is a summary of goodwill allocation for each publishing division:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Children\u2019s Trade 1,877 1,973Adult Trade 2,953 3,070Academic & Professional 38,526 38,660Special Interest 4,953 4,953Total48,309 48,656Impairment 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 CGU based on the Board\u2019s approved budgets for the year ended 28 February 2025 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 growth2024 2023 2024 2023 2024 2023 %%%%%%Children\u2019s Trade 13.7 11.2 (4.7) 5.4 2.0 2.0Adult Trade 10.9 11.5 7.1 7.0 2.0 2.0Academic & Professional 11.9 11.0 4.3 5.3 2.0 2.0Special Interest12.5 12.0 3.2 3.9 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 comparable public companies. 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 28 February 2025 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. The Children\u2019s CAGR reflects the exceptional performance in 2023/2024, and that we are not expecting to publish a new Sarah J. Maas title in the year ending 28 February 2025.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 a severe but plausible downside scenario in accordance with the going concern review as set out on page 155. This assumes:\u2022 Print revenues are reduced by 20% during 2024/2025, with recovery during 2025/2026; \u2022 Digital revenues are reduced by 20% during 2024/2025, with recovery during 2025/2026; 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 for Children\u2019s Trade, Academic & Professional and Special Interest divisions.The Adult division is progressing with the implementation of a more targeted publishing strategy including focus on backlist and digital sales and establishment of a new general list to drive future growth and profitability. This initial investment results in a risk, as publishing is on a longer pipeline, of reduced profitability in the short to medium term. A 2.0% increase in the discount rate would give risk to an impairment of \u00a32.1 million (2023: no impairment). Reducing the long-term growth rate to 0% would give rise to an \u00a31.3 million impairment (2023: 0%, no impairment).",
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"pp-value-64-3": {
"value": "11. Other intangible assetsSubscriber and Publishing customer Systems Product Assets 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 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 89,314Additions \u2013 \u2013 \u2013 198 686 3,168 1,078 5,130Transfers \u2013 \u2013 \u2013 \u2013 \u2013 840 (840) \u2013Disposals \u2013 \u2013 \u2013 \u2013 (5,038) \u2013 (18) (5,056)Exchange differences (688) (209) (16) (7) (18) (218) \u2013 (1,156)At 29 February 2024 36,315 13,891 4,422 550 7,072 24,947 1,035 88,232AmortisationAt 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 51,071Disposals \u2013 \u2013 \u2013 \u2013 (4,887) \u2013 \u2013 (4,887)Charge for the year 3,522 1,820 88 70 940 3,994 \u2013 10,434Exchange differences (196) (40) (12) \u2013 (17) (87) \u2013 (352)At 29 February 2024 21,370 6,315 4,229 165 5,207 18,980 \u2013 56,266Net book valueAt 29 February 2024 14,945 7,576 193 385 1,865 5,967 1,035 31,966At 28 February 202318,959 9,565 285 264 2,271 6,084 815 38,243",
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"pp-value-66-2": {
"value": "12. Investments29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Joint venture \u2013 \u2013Total\u2013 \u2013The amounts recognised in the Income Statement are as follows:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Joint venture (46) (228)Total(46) (228)",
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"pp-value-67-2": {
"value": "13. 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\u2019000CostAt 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 8,992Additions 54 22 664 \u2013 740Disposals (68) (323) (1,601) \u2013 (1,992)Exchange differences (13) (29) (66) (2) (110)At 29 February 2024 3,016 1,144 3,428 42 7,630DepreciationAt 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 6,489Charge for the year 309 63 472 8 852Disposals (65) (232) (1,538) \u2013 (1,835)Exchange differences (11) (25) (43) \u2013 (79)At 29 February 2024 2,459 823 2,128 17 5,427Net book valueAt 29 February 2024 557 321 1,300 25 2,203At 28 February 2023817 457 1,194 35 2,503The depreciation charge is included in administrative expenses. 14. Right-of-use assetsPropertyCarsEquipmentTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 \u00a3\u2019000CostAt 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 16,592Additions 401 171 10 582Disposals (357) (86) (24) (467)Exchange differences (258) \u2013 (8) (266)At 29 February 2024 16,006 225 210 16,441DepreciationAt 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 7,466Charge for the year 1,953 40 59 2,052Disposals (357) (86) (24) (467)Exchange differences (163) \u2013 (6) (169)At 29 February 2024 8,635 53 194 8,882Net book value At 29 February 2024 7,371 172 16 7,559At 28 February 20239,018 41 67 9,126The depreciation charge is included in administrative expenses. ",
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"pp-value-73-2": {
"value": "15. 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 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 4,813Credit/(charge) to the income statement 203 (102) 33 62 1,040 5,383 6,619Charge to equity \u2013 \u2013 \u2013 (205) \u2013 \u2013 (205)Exchange differences (6) \u2013 \u2013 \u2013 (19) (203) (228)At 29 February 2024 1,224 99 109 802 (1,612) 10,377 10,999Deferred 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:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Deferred tax assets 13,692 7,928Deferred tax liabilities (2,693) (3,115)Total10,999 4,813The deferred tax liability predominantly relates to timing differences due to Intangible assets. c) Unrecognised deferred tax assets The Group had deferred tax assets not recognised in the financial statements as follows:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Trading losses3,660 1,328At 29 February 2024, the Group had unrecognised trading losses of \u00a314.6 million (2023: \u00a35.3 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. ",
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"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
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"pp-value-77-2": {
"value": "16. Inventories29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Work in progress 7,388 4,042Finished goods for resale 29,290 39,322Total36,678 43,364The cost of inventories recognised as cost of sales amounted to \u00a363,601,000 (2023: \u00a355,619,000). In addition to this, the provision and write-down of inventories to net realisable value recognised in cost of sales amounted to \u00a310,707,000 (2023: \u00a311,723,000).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZL2PEC4C6UOQ53",
"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
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"pp-value-78-2": {
"value": "17. Trade and other receivables29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Non-currentContract assets 790 934CurrentGross trade receivables 115,607 72,549Less: loss allowance (3,617) (3,334)Net trade receivables 111,990 69,215Income tax recoverable 2,873 2,332Other receivables 3,453 2,497Prepayments 3,112 2,653Contract assets 8,225 6,579Royalty advances 35,143 29,543Total current trade and other receivables 164,796 112,819Total trade and other receivables165,586 113,753Non-current receivables relate to contract assets 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 29 February 2024, \u00a39,036,000 (2023: \u00a37,745,000) 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 \u201csimplified approach\u201d is used with the expected loss allowance measured at an amount equal to the lifetime expected credit losses.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 24. The average number of days\u2019 credit taken for sales of books by the Group was 120 days (2023: 96 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:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000At start of year 3,334 3,551Amounts created 1,259 908Amounts utilised (229) (423)Amounts released (693) (733)Exchange differences (54) 31At end of year3,617 3,334",
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"language": "en",
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"pp-value-82-2": {
"value": "18. Trade and other liabilities29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Current Trade payables 48,052 35,016Sales returns liability 18,826 14,921Taxation and social security 1,442 1,728Other payables 5,381 6,096Accruals 67,158 44,059Contract liabilities 11,120 9,800Total current trade and other liabilities 151,979 111,620Total trade and other liabilities151,979 111,620Trade 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 \u00a31.6 million lower/higher (2023: \u00a31.8 million lower/higher).Other payables principally comprises sub rights payable to authors. ",
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"language": "en",
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"period": "2023-03-01T00:00:00/2024-03-01T00:00:00"
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"pp-value-83-2": {
"value": "19. Loans and borrowingsReconciliation of movements of liabilities to cash flows arising from financing activities:Liability EquityBank overdrafts Share used for cash capital/ Lease management share Other Retained liabilitypurposespremiumreservesearningsTotal\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance at 28 February 2023 10,652 \u2013 48,339 26,461 113,038 198,490Changes from financing cash flowsEquity dividend paid \u2013 \u2013 \u2013 \u2013 (11,348) (11,348)Purchase of shares by the Employee Benefit Trust \u2013 \u2013 \u2013 (2,814) \u2013 (2,814)Proceeds from exercise of share options \u2013 \u2013 \u2013 3,732 (3,321) 411Cancellation of share options \u2013 \u2013 \u2013 \u2013 (636) (636)Repayment of lease liabilities (2,219) \u2013 \u2013 \u2013 \u2013 (2,219)Interest paid (325) \u2013 \u2013 \u2013 \u2013 (325)Total changes from financing cash flows (2,544) \u2013 \u2013 918 (15,305) (16,931)Other changesLiability-relatedRight-of-use asset additions 582 \u2013 \u2013 \u2013 \u2013 582Foreign exchange movements (111) \u2013 \u2013 \u2013 \u2013 (111)Interest expense 325 \u2013 \u2013 \u2013 \u2013 325Total liability-related other changes 796 \u2013 \u2013 \u2013 \u2013 796Total equity-related other changes \u2013 \u2013 \u2013 (3,664) 32,664 29,000Balance at 29 February 2024 8,904 \u2013 48,339 23,715 130,397 211,355Liability EquityBank overdrafts Share used for cash capital/ management 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 202310,652 \u2013 48,339 26,461 113,038 198,490",
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"value": "20. ProvisionsAuthor advancesProperty Total\u00a3\u2019000\u00a3\u2019000\u00a3\u201900028 February 2023 742 356 1,098Created in the year 569 257 826Released in the year \u2013 (23) (23)Utilised in the year (176) \u2013 (176)Exchange difference (31) (3) (34)29 February 2024 1,104 587 1,691Non-current \u2013 534 534Current1,104 53 1,157The 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-90-2": {
"value": "21. Share capital and other reservesShare capital 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Authorised: 108,811,522 Ordinary shares of 1.25p each (2023: 108,811,522 Ordinary shares of 1.25p each) 1,360 1,360Allotted, called up and fully paid:81,608,672 Ordinary shares of 1.25p each (2023: 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 1,621,976 (2023: 2,039,536) Ordinary shares with an aggregate nominal value of \u00a320,275 (2023: \u00a325,494) (see note 22).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 22) 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 170,817 shares of the Company held at 29 February 2024 (2023: 400,626) in the EBT was \u00a3930,953 (2023: \u00a31,678,623). 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 123,212 Ordinary shares of 1.25 pence being approximately 0.2% 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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"pp-value-92-2": {
"value": "22. 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:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Equity-settled share-based transactions 1,570 1,235Cash-settled share-based transactions 237 366Total1,807 1,601National 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 29 February 2024 of \u00a3456,000 (2023: \u00a3563,000), 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 406 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 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 awards granted during the year ended February 2024, the award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and international revenue (5%). For details of the performance conditions see the Directors\u2019 Remuneration Report on pages 123 to 143. 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 29 February 28 February 2024 2023 NumberNumberOutstanding at start of year 1,391,210 1,536,094Granted during the year 425,721 360,738Exercised during the year (599,464) (505,622)Cancelled during the year (125,766) \u2013Lapsed during the year (21,531) \u2013Outstanding at end of year 1,070,170 1,391,210Exercisable at end of year339,560 636,981Year ended Year ended 29 February 28 February 2024 2023 Range of exercise price of outstanding awards (pence) \u2013 \u2013Weighted average remaining contracted life (months) 19 15Expense recognised for the year (\u00a3\u2019000)1,575 1,41622. Share-based payments continuedThe share awards granted in the year to 29 February 2024 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 412 penceExercise price \u2013Expected term 3 yearsExpected volatility 41.17%Risk-free interest rate 4.82%Fair value charge per award323 \u2013 412 penceThis award is subject to the following performance conditions: EPS (60%), Non-Consumer operating profit (17.5%), Consumer operating profit (17.5%) and international revenue (5%).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 2024 20242023 2023 Number PenceNumberPenceOutstanding at start of year 648,326 236 626,100 276Granted during the year 226,867 352 173,439 314Exercised during the year (237,920) 172 (145,203) 184Lapsed during the year (85,467) 259 (6,010) 314Outstanding at end of year 551,806 307 648,326 236Exercisable at end of year51,865 169 25,711 185Year ended Year ended 29 February 28 February 2024 2023 Range of exercise price of outstanding options (pence) 169\u2013352 169\u2013314Weighted average remaining contracted life (months) 24 15Expense recognised for the year (\u00a3\u2019000)232 185",
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"pp-value-111-2": {
"value": "24. 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 2023.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 21. Categories of financial instruments 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Investments available for saleJoint venture 12 \u2013 \u2013Total investments available for sale \u2013 \u2013Loans and receivablesCash and cash equivalents 65,750 51,540Trade receivables 17 111,990 69,215Contract assets 17 9,015 7,513Total loans and receivables 186,755 128,268Financial liabilities measured at amortised costTrade payables 18 48,052 35,016Other payables due in less than one year 6,823 7,824Sales returns liability 18 18,826 14,921Accruals 18 67,158 44,059Lease liabilities 25 8,904 10,652Total financial liabilities measured at amortised cost 149,763 112,472Net financial instruments36,992 15,796There 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. a) 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 instruments29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Fixed rate instrumentsFinancial assets 3,222 226Financial liabilities \u2013 \u2013Total 3,222 226Variable rate instrumentsFinancial assets 62,528 51,314Financial liabilities \u2013 \u2013Total62,528 51,314Fixed 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 29 February 2024 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. 29 February 2024 28 February 2023Profit 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 (2023: 1%) 432 \u2013 364 \u20130.5% decrease in base rate of interest (2023: 0.5%)(260) \u2013 (187) \u201324. 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 liabilities29 February 28 February 29 February 28 February 202420232024 2023\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000GBP 62,345 57,575 77,684 66,982USD 114,379 64,501 61,268 37,354EURO 615 1,050 675 675AUD 7,425 3,370 9,051 6,542INR 1,991 1,772 1,085 919Total186,755 128,268 149,763 112,472No 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. 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Impact on equity 10% weakening in US dollar against pound sterling (2023: 10%) (4,677) (2,321)10% strengthening in US dollar against pound sterling (2023: 10%) 4,677 2,32110% weakening in euro against pound sterling (2023: 10%) \u2013 \u201310% strengthening in euro against pound sterling (2023: 10%) \u2013 \u201310% weakening in AUS dollar against pound sterling (2023: 10%) 148 39710% strengthening in AUS dollar against pound sterling (2023: 10%) (148) (397)10% weakening in INR against pound sterling (2023: 10%) (82) (78)10% strengthening in INR against pound sterling (2023: 10%) 82 78Impact on income statement10% weakening in US dollar against pound sterling (2023: 10%) (152) (143)10% strengthening in US dollar against pound sterling (2023: 10%) 152 14310% weakening in euro against pound sterling (2023: 10%) 5 (34)10% strengthening in euro against pound sterling (2023: 10%) (5) 3410% weakening in AUS dollar against pound sterling (2023: 10%) (1) (106)10% strengthening in AUS dollar against pound sterling (2023: 10%) 1 10610% weakening in INR against pound sterling (2023: 10%) \u2013 \u201310% strengthening in INR against pound sterling (2023: 10%)\u2013 \u2013b) 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 17) 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 17.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 29 February 2024, the exposure to credit risk for gross trade receivables by geographical region was as follows:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000United Kingdom 44,521 39,600North America 64,280 28,645Australia 4,941 2,457India 1,865 1,847Total115,607 72,549The 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 make up 86% (2023: 85%) of the North America trade receivable balance. In the United Kingdom, balances with the distributors make up 92% (2023: 92%) 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 1d 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 29 February 2024, the Group had \u00a3nil draw down (2023: \u00a3nil) of this facility with \u00a320.0 million of undrawn borrowing facilities (2023: \u00a310.0 million) available. The facility comprises a committed revolving credit facility of \u00a320 million, and an uncommitted incremental term loan facility of up to \u00a320 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 November 2026. 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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"pp-value-111-3": {
"value": "24. 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 2023.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 21. Categories of financial instruments 29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Investments available for saleJoint venture 12 \u2013 \u2013Total investments available for sale \u2013 \u2013Loans and receivablesCash and cash equivalents 65,750 51,540Trade receivables 17 111,990 69,215Contract assets 17 9,015 7,513Total loans and receivables 186,755 128,268Financial liabilities measured at amortised costTrade payables 18 48,052 35,016Other payables due in less than one year 6,823 7,824Sales returns liability 18 18,826 14,921Accruals 18 67,158 44,059Lease liabilities 25 8,904 10,652Total financial liabilities measured at amortised cost 149,763 112,472Net financial instruments36,992 15,796There 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. a) 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 instruments29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Fixed rate instrumentsFinancial assets 3,222 226Financial liabilities \u2013 \u2013Total 3,222 226Variable rate instrumentsFinancial assets 62,528 51,314Financial liabilities \u2013 \u2013Total62,528 51,314Fixed 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 29 February 2024 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. 29 February 2024 28 February 2023Profit 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 (2023: 1%) 432 \u2013 364 \u20130.5% decrease in base rate of interest (2023: 0.5%)(260) \u2013 (187) \u201324. 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 liabilities29 February 28 February 29 February 28 February 202420232024 2023\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000GBP 62,345 57,575 77,684 66,982USD 114,379 64,501 61,268 37,354EURO 615 1,050 675 675AUD 7,425 3,370 9,051 6,542INR 1,991 1,772 1,085 919Total186,755 128,268 149,763 112,472No 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. 29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Impact on equity 10% weakening in US dollar against pound sterling (2023: 10%) (4,677) (2,321)10% strengthening in US dollar against pound sterling (2023: 10%) 4,677 2,32110% weakening in euro against pound sterling (2023: 10%) \u2013 \u201310% strengthening in euro against pound sterling (2023: 10%) \u2013 \u201310% weakening in AUS dollar against pound sterling (2023: 10%) 148 39710% strengthening in AUS dollar against pound sterling (2023: 10%) (148) (397)10% weakening in INR against pound sterling (2023: 10%) (82) (78)10% strengthening in INR against pound sterling (2023: 10%) 82 78Impact on income statement10% weakening in US dollar against pound sterling (2023: 10%) (152) (143)10% strengthening in US dollar against pound sterling (2023: 10%) 152 14310% weakening in euro against pound sterling (2023: 10%) 5 (34)10% strengthening in euro against pound sterling (2023: 10%) (5) 3410% weakening in AUS dollar against pound sterling (2023: 10%) (1) (106)10% strengthening in AUS dollar against pound sterling (2023: 10%) 1 10610% weakening in INR against pound sterling (2023: 10%) \u2013 \u201310% strengthening in INR against pound sterling (2023: 10%)\u2013 \u2013b) 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 17) 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 17.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 29 February 2024, the exposure to credit risk for gross trade receivables by geographical region was as follows:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000United Kingdom 44,521 39,600North America 64,280 28,645Australia 4,941 2,457India 1,865 1,847Total115,607 72,549The 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 make up 86% (2023: 85%) of the North America trade receivable balance. In the United Kingdom, balances with the distributors make up 92% (2023: 92%) 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 1d 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 29 February 2024, the Group had \u00a3nil draw down (2023: \u00a3nil) of this facility with \u00a320.0 million of undrawn borrowing facilities (2023: \u00a310.0 million) available. The facility comprises a committed revolving credit facility of \u00a320 million, and an uncommitted incremental term loan facility of up to \u00a320 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 November 2026. 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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"pp-value-121-2": {
"value": "25. 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:29 February 28 February 2024 2023 Notes\u00a3\u2019000\u00a3\u2019000Interest on lease liabilities 6 325 390Expenses relating to short-term leases \u2013 4Expense relating to leases of low-value assets \u2013 1Depreciation of right-of-use assets14 2,052 2,114The maturities of the Group\u2019s lease liabilities are as follows:29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Less than one year 2,386 2,425One to five years 5,409 6,292More than five years 1,635 3,067Total undiscounted lease liabilities 9,430 11,784Lease liabilities included in the Consolidated Statement of Financial Position 8,904 10,652Current 2,388 2,082Non-current6,516 8,570",
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"value": "26. Commitments and contingent liabilitiesa) Capital commitments29 February 28 February 2024 2023 \u00a3\u2019000\u00a3\u2019000Property, plant and equipment 26 11Intangible assets 362 485Total388 496b) Other commitmentsThe Group is committed to paying royalty advances to authors in subsequent financial years. At 29 February 2024, this commitment amounted to \u00a328,416,000 (2023: \u00a325,715,000).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 24c. ",
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"pp-value-123-2": {
"value": "27. Related party transactionsThere are no related party transactions other than key management remuneration as disclosed in note 5.",
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},
"pp-value-127-2": {
"value": "28. Investments in subsidiary companiesThe Group\u2019s subsidiary companies at 29 February 2024 are:Proportion Country 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 1.Bloomsbury Publishing Ireland Limited Ireland 100% Publishing 6.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.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 1.28. 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. C/O Deloitte Ireland LLP, 29 Earlsfort Terrace, Dublin 2, D02 AY28, Ireland.For the year ended 29 February 2024, 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 29 February 2024 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-132-2": {
"value": "29. Subsequent eventsOn 15 May 2024, Bloomsbury entered into an unsecured term loan facility with Lloyds Bank Plc. The facility comprises a committed term loan facility of $37.5 million and runs for 3 years to May 2027. The facility is subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x. The existing RCF agreement remains in place until November 2026. ",
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"pp-value-133-1": {
"value": "50 Bedford Square London WC1B 3DP+44 (0) 20 7631 5600",
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