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"fact-343": {
"value": "Notes to the Consolidated Financial Statements 1. Corporate information The Consolidated Financial Statements of Moneysupermarket.com Group PLC, a public company incorporated and domiciled in England (registered at Moneysupermarket House, St David\u2019s Park, Ewloe, Chester, CH5 3UZ), and its subsidiaries (together referred to as the \u2018Group\u2019) for the year ended 31 December 2022, were authorised for issue in accordance with a resolution of the Directors on 15 February 2023. The Consolidated Financial Statements have been prepared in accordance with UK-adopted international accounting standards. The presentation currency of these Consolidated Financial Statements is sterling. All amounts in the Consolidated Financial Statements have been rounded to the nearest \u00a3100,000. The Company has elected to prepare its Company Financial Statements in accordance with FRS 102 \u2013 The Financial Reporting Standard applicable in the UK and Republic of Ireland; these are presented on pages 166 and 167. The principal activity of the Group is to provide price comparison and lead generation services to customers across a wide range of products including Money, Insurance and Home Services through its websites. 2. Summary of significant accounting policies The Group has consistently applied the following accounting policies to all periods presented in these Consolidated Financial Statements, unless mentioned otherwise. Basis of preparation The Consolidated Financial Statements are prepared on the historical cost basis, except where otherwise stated. Comparative figures presented in the Consolidated Financial Statements represent the year ended 31 December 2021. In light of new information obtained since the acquisition of Quidco Limited (formerly known as Maple Syrup Media Limited) (\u2018Quidco\u2019) about facts and circumstances that existed at the date of acquisition, and in accordance with IFRS 3 \u2013 Business Combinations, an adjustment to the previously reported balance sheet at 31 December 2021 has been included in these Consolidated Financial Statements. Further information on this is included in note 28. Going concern The Directors have prepared the Financial Statements on a going concern basis for the following reasons. As at 31 December 2022, the Group\u2019s external debt comprised an amortising loan (with a balance outstanding of \u00a340m, repayable over the period to October 2024) and a revolving credit facility (\u2018RCF\u2019), (of which \u00a34m of the \u00a390m available was drawn down). No further amounts have been drawn down since the year end. The operations of the business have been impacted by regulatory changes in general insurance, COVID-19 recovery in Travel related channels and the current conditions affecting the energy market. However, the Group remains profitable, cash generative and compliant with the covenants of the bank loan and RCF. The Directors have prepared cash flow forecasts for the Group, including its cash position, for a period of at least 12 months from the date of approval of the Financial Statements. The Directors have also considered the effect of potential cost of living trading headwinds and recession and higher competition, including potential new entrants, upon the Group\u2019s business, financial position, and liquidity in severe, but plausible, downside scenarios. The scenarios modelled take into account the potential downside trading impacts from recession, sustained cost-of-living pressures, competitive pressures and potential one-off cash impacts on top of a base scenario derived from the Group\u2019s latest forecasts. The severe, but plausible, downside scenarios modelled, under a detailed exercise at a channel level, included minimal recovery over the period of the cash flow forecasts and in the most severe scenarios reflected some of the possible cost mitigations that could be taken. The impact these scenarios have on the financial resources, including the extent of utilisation of the available debt arrangements and impact on covenant calculations has been modelled. The possible mitigating circumstances and actions in the event of such scenarios occurring that were considered by the Directors included cost mitigations such as a reduction in the ordinary dividend payment, a reduction in operating expenses or the slowdown of capital expenditure. A reverse stress test has also been performed, which assumes the maximum available drawdown of borrowings, whilst maintaining covenant compliance. The scenarios modelled and the reverse stress test showed that the Group and the Company will be able to operate at adequate levels of liquidity for at least the next 12 months from the date of signing the Financial Statements. The Directors, therefore, consider that the Group and the Company have adequate resources to continue in operational existence for at least 12 months from the date of approval of the Financial Statements and have prepared them on a going concern basis. Use of estimates and judgements The preparation of Consolidated Financial Statements 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. Information about assumptions and estimation uncertainties at 31 December 2022 that may have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following note: \u2022 Note 13 intangible assets and goodwill (impairment assessment of goodwill of the cashback cash generating unit). Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the Consolidated Financial Statements is included in the following notes: \u2022 Note 13 intangible assets and goodwill (capitalisation of software and development costs). 138
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
2. Summary of significant accounting policies continued
Basis of consolidation
These Consolidated Financial Statements incorporate the Financial Statements of the Company and all 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 acquisition date
is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the Consolidated
Financial Statements from the date that control commences until the date that control ceases.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating
policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the
arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes
transaction costs. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss
and other comprehensive income (OCI) of equity accounted investees, until the date on which significant influence or joint control ceases.
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.
Non-controlling interest is measured at the proportionate share of the entity\u2019s net assets. On initial recognition this includes the
proportionate share of the pre-acquisition net assets of Travelsupermarket Limited and the net assets arising on the acquisitions
of Icelolly Marketing Limited and Podium Solutions Limited.
Accounting for business combinations
From 1 January 2010 the Group has applied IFRS 3 \u2013 Business Combinations (2008) in accounting for business combinations using
the acquisition method. The change in accounting policy has been applied prospectively.
Acquisitions on or after 1 January 2010
For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as:
\u2022 the fair value of the consideration transferred; plus
\u2022 the recognised amount of any non-controlling interests in the acquiree; plus
\u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less
\u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are
generally recognised in profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in
connection with a business combination are expensed as incurred.
Any contingent amount payable is recognised at fair value at the acquisition date. If the contingent amount is classified as equity, it is not
remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent amount are
recognised in profit or loss. Where the contingent amount is dependent on future employment, it is treated as a cost of continuing
employment, and therefore is recognised as an expense over the relevant period.
Deferred consideration comprises obligations to pay specified amounts at future dates, i.e. there is no uncertainty about the amount
to be paid. It is recognised and measured at fair value at the date of acquisition and it is included in the consideration transferred.
The unwinding of any interest element or deferred consideration is recognised in the Income Statement.
Acquisitions between establishment of the Group (22 June 2007) and 1 January 2010
For acquisitions between 22 June 2007 and 1 January 2010, goodwill represents the excess of the cost of the acquisition over the Group\u2019s
interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and contingent liabilities of the acquiree. When
the excess was negative, a bargain purchase gain was recognised immediately in profit or loss.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurred in connection
with business combinations were capitalised as part of the cost of the acquisition.
Notes to the Consolidated Financial Statements continued
139
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
2. Summary of significant accounting policies continued
Acquisitions between establishment of the Group (22 June 2007) and 1 January 2010 continued
The Group was established via a series of transactions that occurred concurrently on 22 June 2007. These comprised the incorporation
of the Company with Simon Nixon as sole shareholder, the acquisition by the Company using a share for share exchange of Simon Nixon\u2019s
45% interest in Moneysupermarket.com Financial Group Limited and the acquisition by the Company of all other shares in
Moneysupermarket.com Financial Group Limited from third parties. The acquisition of Simon Nixon\u2019s shares was between two parties,
being Simon Nixon and the Company, who were under common control at the time of the transaction. The acquisition was of an interest
in a company which gave the investor a significant influence in the Company and it was concluded that this arrangement was a common
control transaction and not within the scope of IFRS 3 \u2013 Business Combinations.
As a result the Company accounted for this 45% interest in Moneysupermarket.com Financial Group Limited at original carrying value rather
than fair value at the date of the acquisition. The acquisition of the remaining shares in Moneysupermarket.com Financial Group Limited was
accounted for in accordance with IFRS 3 \u2013 Business Combinations applying the accounting guidance for a business combination achieved in
stages. This resulted in the fair value of the identifiable assets, liabilities and contingent liabilities of Moneysupermarket.com Financial Group
Limited being recognised in full and the goodwill in respect of the acquisition from third parties being recognised.
Revenue
Revenue is derived from the Group\u2019s principal activity of providing price comparison and lead generation services on the internet.
The Group generates fees from internet lead generation and commissions from brokerage sales through a variety of contractual
arrangements.
Revenue is recognised when the Group has satisfied its performance obligations relating to a transaction. IFRS 15 \u2013 Revenue from
Contracts with Customers requires the Group to allocate the transaction price to separate performance obligations within a contract.
The following table provides information about the nature and timing of the satisfaction of performance obligations and the related
revenue recognition policies.
Type of sales transaction Nature and timing of satisfaction of performance obligations Revenue recognition policies
Price comparison services The performance obligation is the provision of
an internet lead to a provider\u2019s website.
The trigger for the transaction price to become
receivable is usually a completed sale on the
provider\u2019s website. However, for some contracts
the trigger is the point at which the lead is provided.
The transaction price is either a fixed amount per
completed sale or a variable amount derived from
the terms of the completed sale.
Revenue is recognised in the period in which the
lead is provided.
At the period end an estimate of accrued revenue
is made for leads provided that have resulted in
completed sales. This is based on the volume of
leads provided in the period, historic conversion
rates and the expected price per completed sale.
For some contracts, an estimate of accrued revenue
is also made for leads that will result in completed
renewals. This is based on expected renewal rates
and premiums.
Cashback services Revenue is generated from rendering services
to the merchant. The performance obligation is
the provision of an internet lead to a
merchant\u2019s website.
The trigger for the transaction price to become
receivable is a completed sale on the
merchant\u2019s website.
The transaction price is derived from the terms
of the completed sale.
Revenue is recognised in the period in which the
lead is provided.
At the period end an estimate of accrued revenue
is made for leads provided that will result in
completed sales. This is based on the volume of
leads provided in the period, historic conversion
rates and the expected price per completed sale.
From historical experience and post year end confirmation, the Group does not expect there to be a material difference between the
revenue accrued at the year end and the amount subsequently billed. Also, given there is a large volume of low value transactions, the
risk of a significant reversal in the amount of cumulative revenue recognised is unlikely.
Judgement is applied in defining the customer for the cashback services. The customer is the merchant and the service provided is the
delivery of an internet lead to their website. Accordingly, the cashback provided to members is not consideration payable to a customer
and is recognised in cost of sales.
Cost of sales
The Group recognises associated costs of internet lead generation in the period that the lead is generated. Costs in respect of cashback
and incentive payments made by the Group to users and members of our websites and revenue share for B2B partnerships are also
included in cost of sales.
Unclaimed cashback balances in respect of Cashback members who have had no account activity for a consecutive 12-month period
are released as a credit to cost of sales. This is in accordance with the terms and conditions agreed with members.
Advertising costs
The Group incurs costs from advertising via several different media. Costs associated with the production of adverts are recognised
as an expense once the advert is aired or displayed.
140
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Subsequent
expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of propert y,
plant and equipment.
Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis over the estimated useful life of each part of
an item of property, plant and equipment. Assets under construction are not depreciated until brought into use. The estimated useful
lives are as follows:
Land and buildings 10\u201350 years
Plant and equipment (including IT equipment) 3 years
Office equipment 5 year s
Fixtures and fittings 5 years
The useful lives and depreciation rates are reassessed at each reporting date and adjusted if appropriate.
Intangible assets and goodwill
Goodwill
Goodwill is measured at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least
annually, and whenever there is an indication that the carrying value may be impaired.
Other intangible assets
The cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition. After initial recognition,
intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All the Group\u2019s
intangible assets (other than goodwill) have been identified as having finite useful lives. As such, they are amortised on a straight-line
basis over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be
impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at
each reporting date and adjusted if appropriate. The amortisation expense on intangible assets with finite lives is recognised in the
Statement of Comprehensive Income. The estimated useful lives are as follows:
Market-related 10 years
Customer/member relationships 10 years
Technology 3\u20135 years
Internally generated and other intangible assets are amortised under the same method as noted above.
Market-related intangible assets are defined as those that are primarily used in the marketing or promotion of products and services,
for example trademarks, trade names and internet domain names.
Customer-related intangible assets acquired by the Group consist of customer lists, customer contracts and relationships, and non-
contractual customer relationships. For accounting purposes, customer relationships and customer lists have been identified separatel y.
Relationships with high-profile customers provide the Group with prominence in the marketplace, create volume and traffic on the
website, and enhance the reputation of the brand. Customer lists allow the Group to undertake targeted marketing activities.
Member relationships relate to the Cashback vertical and are deemed to have value as they provide direct access to potential leads that
can be transferred to the merchants\u2019 websites.
Technology-based intangible assets relate to innovations and technical advances such as computer software, patented and unpatented
technology, databases and trade secrets. Costs that are directly attributable to projects of a capital nature are recognised as technology -
based intangible assets controlled by the Group and are recognised when the following criteria are met:
\u2022 it is technically feasible to complete the project so that it will be available for use;
\u2022 management intends to complete the project and use it;
\u2022 there is an ability to use or sell the project;
\u2022 it can be demonstrated how the project will generate probable future economic benefits;
\u2022 adequate technical, financial and other resources to complete the development and to use output of the project are available; and
\u2022 the expenditure attributable to the project during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the project can include employee and contractor costs. Other development
expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and
enhancements, are recognised as an expense as incurred.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it
relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred.
141
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
2. Summary of significant accounting policies continued
Financial instruments
Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial
liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.
Fixed asset and short-term investments in equity securities held by the Group are classified as fair value through other comprehensive
income (\u2018FVOCI\u2019) \u2013 equity instruments and are stated at fair value, with any resultant gain or loss being recognised directly in other
comprehensive income (in the fair value reserve).
Cash and cash equivalents comprise cash balances and call deposits.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair
value plus, for an item not at fair value through profit or loss (\u2018FVTPL\u2019), transaction costs that are directly attributable to its acquisition
or issue. A trade receivable without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement
Financial assets
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing
financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the
change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; an d
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all
derivative financial assets.
Financial assets \u2013 subsequent measurement and gains and losses
Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any intere st
or dividend income, are recognised in profit or loss.
Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method.
The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains
and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition
is recognised in profit or loss.
Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the
effective interest method, foreign exchange gains and losses and impairment are recognised
in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains
and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income
in profit or loss unless the dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI and are never reclassified to profit
or loss.
Financial instruments and contract assets
The Group recognises loss allowances for Expected Credit Losses (\u2018ECLs\u2019) on financial assets measured at amortised cost. The Group
measures loss allowances at an amount equal to lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets
are always measured at an amount equal to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating
ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This
includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit
assessment and including forward-looking information. The Group uses an allowance matrix to measure the ECLs of trade receivables
from individual customers and assumes that the credit risk of default on a financial asset has increased significantly if it is more than
120 days past due.
The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
142
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Classification and subsequent measurement continued
Financial instruments and contract assets continued
At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are credit-
impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash
flows of the financial asset have occurred.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial
asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when
the financial asset is 180 days past due based on historical experience of recoveries of similar assets.
ECLs\u2019 are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the
difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to
receive). ECLs are discounted at the effective interest rate of the financial asset.
Financial liabilities \u2013 classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as
held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value
and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised
in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
Derecognition
Financial asset
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the
rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it
does not retain control of the financial asset.
Financial liability
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also
derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in
which case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including
any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
Fair value measurement
\u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The transaction is assumed to take place in the principal or, in its absence, the most advantageous
market to which the Group has access at that date.
A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial
assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active
market for that instrument. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take place with sufficient frequency
and volume to provide pricing information on an ongoing basis.
If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable
inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates factors that market participants
would take into account in pricing a transaction. In doing so, the Group consults with appropriate internal and external specialists to
determine the fair valuation. Key assumptions are benchmarked against other comparable companies and sensitised to gain assurance
that they fall within a reasonable range.
Impairment
Impairment of non-financial assets
The carrying amounts of the Group\u2019s assets are reviewed annually to determine whether there is any indication of impairment. If such
indication exists, the asset\u2019s recoverable amount is estimated.
For the purposes of impairment reviews, the recoverable amount of the Group\u2019s assets is taken to be the higher of their fair value less
costs to sell and their value in use.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (\u2018CGU\u2019) exceeds its recoverable
amount. Impairment losses are recognised in the Consolidated Statement of Comprehensive Income.
See note 13 for full disclosure of how goodwill and impairment losses are allocated across the CGUs.
2. Summary of significant accounting policies continued
Employee benefits
Defined contribution plans
Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement
of Comprehensive Income as the related service is provided.
Share-based payment transactions
The Group\u2019s share schemes allow certain Group employees to acquire ordinary shares in the Company. The fair value of share awards
made is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at the award date and
spread over the period during which the employees become unconditionally entitled to the awards. The fair values of the share awards
are measured using the Monte Carlo method for options subject to a market-based condition and the Black-Scholes model for all others,
taking into account the terms and conditions upon which the awards were made. The amount recognised as an expense is adjusted to
reflect the number of share awards expected to vest.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are recognised as an expense in the Consolidated
Statement of Comprehensive Income as the related service is provided.
A provision is recognised for the amount expected to be paid under short-term cash bonus or deferred bonus plan if the Group has a
present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can
be estimated reliably. The Group\u2019s deferred bonus plans currently do not have any ongoing performance obligations and are therefore
provided for as described above in the period to which they related.
Finance income
Finance income comprises interest receivable from bank deposits and loan notes.
Finance costs
Finance costs comprise interest charged on borrowings, leases (recognised under IFRS 16 \u2013 Leases) and the unwind of discount
on deferred consideration.
Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16 \u2013 Leases.
Leased items are recognised on the balance sheet as an asset valued at its right of use and a corresponding liability that reflects the
present value of future lease payments.
The asset is initially measured at its right-of-use value which reflects the total cost of lease payments, the direct costs incurred to bring
the asset into use and an estimate of the cost that will be incurred when dismantling or uninstalling the item. The asset is then
depreciated through the profit and loss account on a straight-line basis over the contract term of the lease.
The liability is initially recognised at the present value of future lease payments using the discount rate implicit in the lease if it can
be determined or otherwise using the incremental borrowing rate of the Group.
Leased items with a value of less than \u00a35,000 and items leased over a term of less than 12 months are not recognised on the balance sheet
as an asset and liability. The cost of lease payments is recognised in the profit and loss account as they fall due on an accrued basis.
Dividends
Dividends payable to the Company\u2019s shareholders are recognised as a liability and deducted from shareholders\u2019 equity in the period
in which the shareholders\u2019 right to receive payment is established.
Taxation
Income tax expense comprises current and deferred tax. It is recognised in the Consolidated Statement of Comprehensive Income
except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates in force for the year, and any adjustment to ta x
payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purpose s
and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwil l;
the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and
differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount
of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities,
using tax rates enacted or substantively enacted at the balance sheet date.
Research and development tax credits are accounted for as a government grant in accordance with IAS 20 \u2013 Accounting for Government
Grants and Disclosure of Government Assistance. The credit is recognised once a reasonable estimate of the amount can be made.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
143
Financial Statements
144 Annual Report and Accounts 2022 Moneysupermarket.com Group PLC Notes to the Consolidated Financial Statements continued 2. Summary of significant accounting policies continued Taxation continued A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax liabilities are recognised at the expected future tax rate of the value of the intangible assets with finite lives which are acquired through business combinations representing the tax effect of the amortisation of these assets in future periods. These liabilities will decrease in line with the amortisation of the related intangible assets, with the deferred tax credit recognised in the Statement of Comprehensive Income in accordance with IAS 12 \u2013 Income Taxes. Reserve for own shares The Group has a number of equity-settled, share-based employee incentive plans. In connection with these, shares in the Company are held by an Employee Benefit Trust (\u2018EBT\u2019). The assets and liabilities of the EBT are required to be consolidated within these accounts as it is deemed to be under de facto control of the Group. The assets of the EBT mainly comprise Moneysupermarket.com Group PLC shares, which are shown as a deduction from total equity at cost. Standards, amendments and interpretations issued but not yet effective A number of new standards are effective for annual periods beginning after 1 January 2022 and earlier adoption is permitted; however, the Group has not early adopted the new or amended standards in preparing these Consolidated Financial Statements. The following amended standards and interpretations are not expected to have a significant impact on the Group\u2019s Consolidated Financial Statements and are either not yet effective or not yet adopted by the UK Endorsement Board. The below standards are those that are relevant to the Group. Standard Summary of changes Amendments to IAS 1 Amendments to IAS 1 \u2013 Presentation of Financial Statements to update requirements on determining the classification of liabilities as current or non-current; and disclosure of material accounting policies rather than significant accounting policies. Effective date 1 January 2023. Amendments to IAS 8 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors to introduce a new definition of accounting estimates and clarifying the relationship between accounting policies and accounting estimates. Effective date 1 January 2023. Amendments to IAS 12 Amendments to IAS 12 \u2013 Income Taxes to provide clarification of accounting treatment in relation to deferred tax assets and liabilities arising from a single transaction. Effective date 1 January 2023. Amendments to IFRS 17 Amendments to IFRS 17 \u2013 Insurance Contracts establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. Effective date 1 January 2023. 3. Acquisitions and disposals Podium Solutions Limited (\u2018Podium\u2019) On 23 December 2022, the Group gained control of Podium. Prior to this the Group had held a 50% investment in Podium which was accounted for as a joint venture. On completion of the transaction, the other shareholders of Podium exercised options which diluted the Group\u2019s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then, the Group has been in control of Podium and has accounted for it as a subsidiary undertaking. For further information see note 28 . 4. Revenue All revenue is derived from the Group\u2019s principal activity and is generated in the UK. 2022 \u00a3m 2021 \u00a3m Revenue from price comparison services 330.0 306.1 Revenue from cashback services 1 57.6 10.6 Total revenue 387.6 316.7 1 Revenue from cashback services in 2021 related to November and December only as we acquired Quidco Limited (formerly known as Maple Syrup Media Limited) on 1 November 2021. 145
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
5. Segmental information
Business segments
Below we report a measure of profitability at segment level that reflects the way performance is assessed internally. The Group has a
number of teams, capabilities and infrastructure which are used to support all verticals, e.g. data platform and brand marketing. These
are shared costs of the Group rather than \u201ccentral costs\u201d. We have concluded there is no direct or accurate basis for allocating these
costs to the operating segments and therefore they are disclosed separately, which is how they are presented to the Chief Operating
Decision Maker.
The Group\u2019s reportable segments are Insurance, Money, Home Services, Travel and Cashback. These segments represent individual
trading verticals which are reported separately for revenue and directly attributable expenses. Net finance expense, share of loss of
equity accounted investments, tax and net assets are only reviewed by the Chief Operating Decision Maker at a consolidated level and
therefore have not been allocated between segments. All assets held by the Group are located in the UK.
Travel includes revenue and directly attributable expenses from TravelSupermarket prior to 1 September 2021 and then the combined
Ice Travel Group thereafter.
Cashback covers revenue and directly attributable expenses from Quidco Limited (formerly known as Maple Syrup Media Limited)
following its acquisition on 1 November 2021.
The following summary describes the products and services in each segment.
Segment Products and services
Insurance Customer completes transaction for insurance policy on any of the following: provider website, our website
or a telephone call.
Money Customer completes transaction for money products such as credit cards, loans and mortgages on provider website.
Home Services Customer completes transaction for home services products such as energy and broadband on provider website.
Travel Customer completes transaction for travel products on provider website or our website.
Cashback Customer completes transaction for retail, telecommunications, services and travel products with a cashback
incentive on merchant website. Customer receives confirmed cashback incentive on our site.
Segment
Insurance
\u00a3m
Money
\u00a3m
Home
Services
\u00a3m
Travel
\u00a3m
Cashback
\u00a3m
Shared
costs
\u00a3m
Total
\u00a3m
Year ended 31 December 2022
Revenue 172.0 103.3 39.8 14.9 57.6 \u2014 387.6
Directly attributable expenses (73.7) (31.0) (14.6) (10.0) (48.1) (94.7) (272.1)
Adjusted EBITDA contribution 98.3 72.3 25.2 4.9 9.5 (94.7) 115.5
Adjusted EBITDA contribution margin
1
57% 70% 63% 33% 16% \u2014 30%
Depreciation and amortisation (26.5)
Profit on disposal of property, plant and equipment 0.0
Net finance expense (3.5)
Share of loss of equity accounted investments (0.3)
Change in fair value of financial instruments 0.0
Profit before tax 85.2
Taxation (15.9)
Profit for the year 69.3
146
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
5. Segmental information continued
Business segments continued
Segment
Insurance
\u00a3m
Money
\u00a3m
Home
Services
\u00a3m
Travel
\u00a3m
Cashback
\u00a3m
Shared
costs
\u00a3m
Total
\u00a3m
Year ended 31 December 2021
Revenue 158.7 75.2 68.1 4.1 10.6 \u2014 316.7
Directly attributable expenses (64.0) (24.4) (34.9) (5.0) (8.8) ( 79.1) (216.2)
Adjusted EBITDA contribution 94.7 50.8 33.2 (0.9) 1.8 (79.1) 100.5
Adjusted EBITDA contribution margin
1
60% 68% 49% (21%) 17% \u2014 32%
Depreciation and amortisation (23.5)
Deal fees and associated costs (3.6)
Profit on disposal of property, plant and equipment 0.1
Net finance expense (2.0)
Share of loss of equity accounted investments (0.6)
Change in fair value of financial instruments (0.7)
Profit before tax 70.2
Taxation (18.1)
Profit for the year 52.1
1 Adjusted EBITDA contribution margin is calculated by dividing adjusted EBITDA contribution by revenue.
Insurance margin decreased from 60% to 57% year on year. This has been driven by the recovery in the lower margin travel insurance
channel and the impact of FCA GI regulation on car and home, particularly in the first half.
In Money, margin improved by 2ppt mainly due to the strong performance in banking which benefited from the consistent availability
of attractive products.
In Home Services, margin improved by 14ppt primarily due to the loss of a large but low margin B2B contract in July 2021 and the decline
of the lower margin energy business.
Travel trading rebounded driven by market recovery enabling it to return to profit in 2022.
Margin for Cashback is significantly lower than other verticals as a large proportion of commission is paid out to members as cashback;
margin finished broadly in line year on year. In the first full year as part of the Group, contribution increased significantly compared to
the two months of ownership in 2021.
Shared costs increased due to investments in the Group\u2019s data platforms and security, as well as media and production spend in support
of the early delivery of advertising campaigns and from inflationary pressures.
6. Operating profit
Operating profit is stated after charging items detailed in the table below.
2022
\u00a3m
2021
\u00a3m
Depreciation of property, plant and equipment 4.8 4.5
Amortisation of intangible assets 21.7 19.0
Auditor\u2019s remuneration:
Audit of these Consolidated Financial Statements 0.5 0.3
Audit of subsidiaries\u2019 Financial Statements 0.4 0.3
Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended
30 June 2022 which amounted to \u00a30.06m (2021: \u00a30.05m).
147
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
7. Staff numbers and cost
The average number of persons employed by the Group (including Directors) during the year, analysed by category, was as follows:
2022
No.
2021
No.
Technology and product operations 265 290
Administration 468 461
733 751
The aggregate payroll costs of these persons were as follows:
2022
\u00a3m
2021
\u00a3m
Wages and salaries 50.6 49.4
Compulsory social security contributions 6.2 5.5
Contributions to defined contribution plans 2.1 1.9
Share-based payment transactions 2.2 1.4
Social security contributions related to share awards and options 0.3 (0.6)
Capitalised staff costs (3.4) (4.0)
58.0 53.6
8. Net finance expense
2022
\u00a3m
2021
\u00a3m
Finance income
Loan notes 0.3 0.0
Bank deposits 0.0 0.1
Total finance income 0.3 0.1
Finance expense
Revolving credit facility (1.2) (0.7)
Bank loan (1.4) (0.2)
Leases (1.1) (1.1)
Deferred consideration (0.1) (0.1)
Total finance expense (3.8) (2.1)
Net finance expense (3.5) (2.0)
9. Taxation
2022
\u00a3m
2021
\u00a3m
Current tax
Current tax on income for the year 18.3 15.9
Adjustment in relation to prior period 0.4 (0.3)
Total current tax 18.7 15.6
Deferred tax
Origination and reversal of temporary differences (1.9) (1.1)
Adjustments due to changes in corporation tax rate (0.2) 3.5
Adjustment in relation to prior period (0.7) 0.1
Total deferred tax (2.8) 2.5
Taxation 15.9 18.1
148
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
9. Taxation continued
Reconciliation of the effective tax rate
The effective tax rate for the year is lower (2021: higher) than the standard rate of corporation tax in the UK of 19% (2021: 19%).
The differences are explained below.
2022
\u00a3m
2021
\u00a3m
Profit before tax 85.2 70.2
Standard rate of tax at 19% (2021: 19%) 16.2 13.3
Effects of:
Expenses not deductible for tax purposes 0.1 0.9
Investments chargeable to tax not included in reported profit before tax \u2014 0.3
Movement related to share-based payments 0.1 0.2
Change in fair value of financial instruments (0.0) 0.1
Impact of changes in tax rate (0.2) 3.5
Adjustments in relation to prior periods (0.3) (0.2)
Taxation 15.9 18.1
In March 2021, an increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted.
The deferred tax liability at the balance sheet date has been calculated based on a rate of 25%.
10. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the Company,
by the weighted average number of ordinary shares outstanding during the year. The Company\u2019s own shares held by employee trusts
are excluded when calculating the weighted average number of ordinary shares outstanding.
Diluted earnings per share
Diluted earnings per share is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the Company,
by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares
that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
Earnings per share
Basic and diluted earnings per share have been calculated on the following basis:
2022 2021
Profit after taxation attributable to the owners of the Company (\u00a3m) 68.3 52.7
Basic weighted average shares in issue (millions) 536.5 536.4
Dilutive effect of share-based instruments (millions) 2.4 0.1
Diluted weighted average shares in issue (millions) 538.9 536.5
Basic earnings per share (p) 12.7 9.8
Diluted earnings per share (p) 12.7 9.8
Adjusted basic and diluted earnings per share have been calculated as follows:
2022
\u00a3m
2021
\u00a3m
Profit before tax 85.2 70.2
Adjusted for (profit)/loss before tax attributable to non-controlling interest (1.2) 0.7
Profit before tax attributable to the owners of the Company 84.0 70.9
Amortisation of acquisition related intangible assets 11.3 4.4
Amortisation of acquisition related intangible assets attributable to non-controlling interest (0.2) (0.1)
Deal fees and associated costs \u2014 3.6
Deal fees and associated costs attributable to non-controlling interest \u2014 (0.6)
Change in fair value of financial instruments (0.0) 0.7
95.1 78.9
Estimated taxation at 19% effective rate (2021: 19%) (18.1) (15.0)
Profit for adjusted earnings per share purposes 77.0 63.9
Adjusted basic earnings per share (p) 14.4 11.9
Adjusted diluted earnings per share (p) 14.3 11.9
149 Annual Report and Accounts 2022 Moneysupermarket.com Group PLC Financial Statements 11. Dividends 2022 2021 pence per share Total \u00a3m pence per share Total \u00a3m Declared and paid dividends on ordinary shares: Prior year final dividend 8.61 46.2 8.61 46.2 Interim dividend 3.10 16.6 3.10 16.6 Total dividend paid in the year 11.71 62.8 11.71 62.8 Proposed for approval (not recognised as a liability at 31 December): Final dividend 8.61 46.2 8.61 46.2 12. Property, plant and equipment Land and buildings \u00a3m Plant and equipment \u00a3m Office equipment \u00a3m Fixtures and fittings \u00a3m Total \u00a3m Cost: At 1 January 2021 49.5 20.2 1.5 2.1 73.3 Acquisitions through business combinations 1.7 0.4 \u2014 \u2014 2.1 Additions \u2014 0.6 0.0 0.0 0.6 Disposals (1.6) (0.5) \u2014 \u2014 (2.1) At 31 December 2021 49.6 20.7 1.5 2.1 73.9 At 1 January 2022 49.6 20.7 1.5 2.1 73.9 Additions \u2014 0.4 0.0 \u2014 0.4 Disposals (2.0) \u2014 \u2014 (0.0) (2.0) At 31 December 2022 47.6 21.1 1.5 2.1 72.3 Depreciation: At 1 January 2021 9.8 18.4 0.7 1.8 30.7 Depreciation for the year 3.6 0.6 0.1 0.2 4.5 Disposals (0.6) (0.5) \u2014 \u2014 (1.1) At 31 December 2021 12.8 18.5 0.8 2.0 34.1 At 1 January 2022 12.8 18.5 0.8 2.0 34.1 Depreciation for the year 4.0 0.6 0.1 0.1 4.8 Disposals (2.0) \u2014 \u2014 (0.0) (2.0) At 31 December 2022 14.8 19.1 0.9 2.1 36.9 Carrying value: At 31 December 2021 36.8 2.2 0.7 0.1 39.8 At 31 December 2022 32.8 2.0 0.6 0.0 35.4 Land and buildings includes right-of-use assets of \u00a322.4m (2021: \u00a325.4m) related to leased properties that do not meet the definition of investment property (see note 24). 150
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
13. Intangible assets and goodwill
Market
related
\u00a3m
Customer/
member
relationship
\u00a3m
Technology
related
\u00a3m
Goodwill
\u00a3m
Total
\u00a3m
Cost:
At 1 January 2021 155.3 \u2014 101.5 212.6 469.4
Acquisitions through business combinations 14.3 21.2 15.4 76.5 127.4
Additions internally developed \u2014 \u2014 9.2 \u2014 9.2
Disposals \u2014 \u2014 (2.7) \u2014 (2.7)
At 31 December 2021 169.6 21.2 123.4 289.1 603.3
At 1 January 2022 169.6 21.2 123.4 289.1 603.3
Acquisitions through business combinations \u2014 \u2014 3.2 \u2014 3.2
Additions internally developed \u2014 \u2014 10.0 \u2014 10.0
Transfers \u2014 \u2014 0.5 (0.5) \u2014
At 31 December 2022 169.6 21.2 137.1 288.6 616.5
Amortisation:
At 1 January 2021 148.5 \u2014 75.8 74.3 298.6
Amortisation charge for the year 2.0 0.4 16.6 \u2014 19.0
Disposals \u2014 \u2014 (2.7) \u2014 (2.7)
At 31 December 2021 150.5 0.4 89.7 74.3 314.9
At 1 January 2022 150.5 0.4 89.7 74.3 314.9
Amortisation charge for the year 2.8 2.1 16.8 \u2014 21.7
At 31 December 2022 153.3 2.5 106.5 74.3 336.6
Carrying value:
At 31 December 2021 19.1 20.8 33.7 214.8 288.4
At 31 December 2022 16.3 18.7 30.6 214.3 279.9
Acquisitions through business combinations
Details of acquisitions through business combinations can be found in note 28.
Additions internally developed
Included within the technology related intangible assets are technology related intangible assets under development with a net carrying
value of \u00a33.7m (2021: \u00a35.6m).
In order to accurately quantify the value of internally generated technology assets the Group undertakes project tracking to record the
cost of both internal and contract staff wholly assigned to each project. Third party costs incurred are allocated to investment projects and
recognised at purchase cost. This approach ensures that technology related intangible assets accurately reflect the cost of development.
As highlighted in note 2, there is a degree of judgement regarding the recognition of costs incurred in developing technology related intangible
assets. This is due to the asset recognition criteria being predicated on future economic benefit flowing from that asset. The Directors
are satisfied that any spend capitalised meets the criteria of IAS 38 \u2013 Intangible Assets and, where relevant, SIC-32 Intangible Assets \u2013
Web Site Costs. On an annual basis, or where an indication exists, the Group is required to assess its goodwill and intangible assets for
impairment. See below for this assessment for goodwill and technology related assets.
Disposals
Disposals in the prior year include assets with a combined gross book value of \u00a32.7m and carrying value of \u00a3nil that were no longer in use
and were therefore retired. There was no impact on profit or loss arising from this.
Intangible assets and goodwill
The Group employs the services of appropriately qualified and experienced experts to value the intangible assets acquired as part of
any business combinations. For larger acquisitions and more complex intangible assets, the Group employs independent third parties
to assist our in-house team. At 31 December 2022, the Group had significant balances relating to goodwill as a result of acquisitions of
businesses in the current and previous years. Goodwill balances are tested annually for impairment or if events or changes in circumstances
indicate that the carrying amount of these assets may not be recoverable.
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Financial Statements
13. Intangible assets and goodwill continued
Intangible assets and goodwill continued
The Group is required to allocate goodwill between its cash generating units (\u2018CGUs\u2019) that represent the lowest level within the Group at
which goodwill is monitored for internal management purposes. These CGUs are Insurance, Money, Home Services, Travel and Cashback.
The Group has performed impairment testing at a CGU level for all CGUs.
Goodwill is allocated to each CGU as follows:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Insurance 46.5 46.5
Money 33.2 33.2
Home Services 54.8 54.8
Travel 11.5 11.5
Cashback 68.3 68.8
Goodwill 214.3 214.8
Impairment review
For all CGUs the present value of the future cash flows has been calculated using management\u2019s best estimate of future cash flows,
which are based on the Group\u2019s long term plan, approved in January 2023, incorporating cost of sales, advertising and an allocation of
overhead costs. The forecast assumes continued growth in each CGU; with many change programmes delivered in 2022 we expect to see
the benefits in future years with market growth in a number of channels. In accordance with IAS 36 \u2013 Impairment of Assets, the Group
is required to test goodwill for impairment annually. We test impairment at a CGU level by comparing the net present value of future cash
flows, derived from the latest budget and long term plan, to the carrying value of the total assets. The value in use method requires the
Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over
the strategic plan period, the long-term growth rate to be applied beyond this period and the risk-adjusted pre-tax discount rate used
to discount the assumed cash flows to present value:
\u2022 Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 2.7%
(2021: 1.0%). This year, given recent volatility in Gross Domestic Product (GDP) growth rates, our rate is taken over a longer period
of 7 years per the Office for Budget Responsibility forecast average for growth in the UK\u2019s GDP.
\u2022 The pre-tax discount rate for the Group has been determined as 13.5% (2021: 13.5%). Management estimate discount rates using
pre-tax rates that reflect current market assessments of the time value of money and the risks specific to a CGU. In the prior year the
Group discount rate was at the higher end of our range and reflected uncertainty in key channels, particularly within Insurance due
to the regulatory changes introduced in early 2022 and in the travel sector due to COVID-19 disruption at the time. Now with reduced
uncertainty in key channels, maintaining the rate the same this year incorporates the current rising rates environment and increases
to the risk-free premium. Each CGU faces different market-specific risks, but these are not considered significant enough to justify
more than a small adjustment to the risk premium applied to each CGU (these are described below).
Our assessment confirms there is headroom across all CGUs and the Directors have therefore concluded no impairment of goodwill is
required (after considering sensitivities there is no reasonable change in assumptions to cause an impairment in any CGU). The
headroom in the Cashback CGU is more sensitive than the other CGUs to assumptions on the discount rate and revenue growth as
explained below).
Insurance, Money, Home Services and Travel CGUs
The present value of the future cash flows has been calculated with the following key assumptions:
\u2022 A 3 year Board approved cash flow forecast, incorporating past experience, based on market growth, visitor volumes, source
of visitors, revenue per transaction/visitor and marketing spend.
\u2022 A pre-tax discount rate of 13.5% (2021: 13.5%) for Insurance and Money in line with the Group rate.
\u2022 A pre-tax discount rate of 15.5% (2021: 16.5%) for the Travel and Home Services CGUs, which incorporates a risk premium of 2%
to reflect management\u2019s assessment of specific risks related to this CGU.
The assessment concludes that the recoverable amount of the assets allocated to the Insurance, Money, Home Services and Travel CGUs
exceeds their carrying value by in excess of 100% (2021: in excess of 100%). No reasonable possible change to a key assumption would
therefore result in an impairment .
152
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Notes to the Consolidated Financial Statements continued
13. Intangible assets and goodwill continued
Cashback CGU
The present value of the future cash flows has been calculated with the following key assumptions:
\u2022 A 5 year Board approved cash flow forecast based on market growth, active member transactions, revenue per purchase, gross profit,
member drawdowns and marketing spend. A longer forecast time frame (5 years) has been used for the Cashback CGU to reflect the
synergies expected from being part of the Group.
\u2022 A pre-tax discount rate of 15.5% has been applied to the Cashback CGU, which reflects a 2% risk premium to the Group discount rate
to reflect management\u2019s assessment of specific risks related to this CGU.
The recoverable amount of the assets allocated to the Cashback CGU exceeds the carrying value by \u00a313m, or 16%. The value in use
calculation is sensitive to key assumptions such as the discount rate and revenue growth. As reasonable sensitivities, with all other
assumptions unchanged, increasing the discount rate to 16.0% would reduce the headroom to \u00a39.4m and decreasing the revenue growth
forecast by an average of 5% each year would reduce the headroom to \u00a35.1m. An increase in the discount rate to 17.4% or a decrease
in the revenue growth by an average of 9% each year would reduce the headroom to nil.
Group impairment testing
As explained in note 5, in our segmental reporting we allocate costs across our operating segments where they can be allocated
directly or on a reasonable and consistent basis, however a number of the significant costs which the Group incurs cannot be allocated
either directly or on a reasonable and consistent basis to the CGUs. These shared costs are reviewed at that level by the Group\u2019s Chief
Operating Decision Maker. Therefore the cash flows estimated for these CGUs include all of the Group\u2019s forecast segmental profit
contributions and an allocation of the Group\u2019s forecast shared costs.
The Group has therefore also performed a further impairment test for the Group as a whole, in a manner consistent with previous
years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill
and other corporate assets, to the recoverable amount.
The recoverable amount has been estimated based on the present value of its future cash flows, which has been calculated with a set
of assumptions consistent with those set out above in relation to the individual operating segment calculations.
The analysis performed calculates that the recoverable amount of the Group\u2019s assets exceeds their carrying value by in excess of 100%
(2021: in excess of 100%), and as such, no impairment was identified.
The Group has completed sensitivity analysis as part of its impairment testing procedures by flexing both cash flow and discounting
assumptions significantly. The headroom on goodwill is such that there are no foreseeable scenarios in which the Group would need
to consider an impairment.
In conclusion, no reasonably possible change to a key assumption would result in an impairment (2021: same).
Impairment testing of technology and market related intangible assets
Technology and market related intangible assets in use by the Group are tested for impairment if there is an indication that the asset
may be impaired. In line with IAS 36 \u2013 Impairment of Assets, the Group also conducts annual impairment testing of significant technology
related intangible assets under development and not yet available for use. The impact of travel recovery and the current conditions
affecting the energy switching market were deemed to be indicators of a potential impairment of the technology assets in the Travel CGU
and in the Home Services CGU. Impairment testing was therefore performed, which determined that the recoverable amounts of these
assets exceed their carrying values.
14. Equity accounted investments
The carrying amounts of equity accounted investments as at 31 December 2022 was \u00a3nil (2021: \u00a30.0m). The Group\u2019s share of post-tax
loss of equity accounted investees for the year was \u00a30.3m (2021: \u00a30.6m). Equity accounted investments in both the current and prior
years relate solely to Podium Solutions Limited (\u2018Podium\u2019).
In March 2018, the Group obtained joint control and a 50% ownership interest in Podium, which it accounted for as a joint venture.
Podium is a financial technology business, principally engaged in developing digital solutions in the mortgages sector. Podium is not
publicly listed and is registered at Fourth Floor, Market Square House, St James Street, Nottingham, Nottinghamshire, NG1 6FG. On
23 December 2022, the Group increased its shareholding to 52% and thereby gained control of Podium. This investment has
subsequently been accounted for as a subsidiary undertaking (see notes 3 and 28).
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Moneysupermarket.com Group PLC
Financial Statements
15. Other investments
The carrying amounts of other investments as at 31 December 2022 are shown in the table below. The investments are held at fair value
with gains and losses being recognised through other comprehensive income (see note 21).
Investments in equity securities
Truelayer
Limited
\u00a3m
Flagstone
Group Limited\u200a
1
\u00a3m
By
Miles Ltd
\u00a3m
Plum Fintech
Limited
\u00a3m
Total
\u00a3m
At 1 January 2021 1.4 3.6 2.6 0.6 8.2
Disposals in the year (2.1) \u2014 \u2014 \u2014 (2.1)
Change in fair value 0.7 \u2014 \u2014 0.7 1.4
At 31 December 2021 \u2014 3.6 2.6 1.3 7.5
At 1 January 2022 \u2014 3.6 2.6 1.3 7.5
Change in fair value \u2014 0.6 (2.6) \u2014 (2.0)
At 31 December 2022 \u2014 4.2 0.0 1.3 5.5
1 Name of company changed from Flagstone Investment Management Limited to Flagstone Group Limited on 28 July 2022.
The total charge to other comprehensive income in respect of changes in fair value of other investments was \u00a31.4m (2021: \u00a31.4m credit).
In December 2022, the fair value of the Group\u2019s investment in By Miles Ltd was deemed to be \u00a30.0m (2021: \u00a32.6m). The original cost of
the investment was \u00a30.6m and accumulated fair value uplifts of \u00a32.0m had been recognised in the fair value reserve (within other
reserves) in prior years. \u00a32.0m was therefore deducted from other reserves and \u00a30.6m was charged to retained earnings.
During the year, a fair value uplift of \u00a30.6m was also recognised in respect of the Group\u2019s investment in Flagstone Group Limited. This has
been recognised in the fair value reserve within other reserves.
In May 2021, the Group disposed of its investment in Truelayer, receiving sales proceeds on an arm\u2019s length basis of \u00a32.1m. This resulted
in a fair value uplift immediately prior to disposal of \u00a30.7m which was recognised as other comprehensive income. On disposal, \u00a31.7m of
fair value gains were transferred from the fair value reserve (in other reserves) to retained earnings.
During the prior year, the Group also recognised a fair value uplift of \u00a30.7m in respect of Plum Fintech Limited.
Sensitivity analysis
For the fair value of investments, a 5% movement in share price would have an effect of \u00a30.3m (2021: \u00a30.4m) on the total value.
16. Trade and other receivables
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Trade and other receivables 63.5 65.3
All receivables fall due within one year.
The comparative trade and other receivables balance as at 31 December 2021 has been restated from \u00a361.5m to \u00a365.3m (see note 28).
From historical experience and post year end confirmation, the Group expects any differences between the amounts accrued at year
end and those amounts subsequently billed to not be materially different. The under and overestimates on accrued revenue are
typically in a region of -1% to +3%; historically this has been an under estimate of accrued revenue. A -1% to +3% difference on the \u00a353.7m
(2021 restated: \u00a351.1m) revenue accrual would equate to approximately (\u00a30.5m) to \u00a31.6m (2021: (\u00a30.5m) to \u00a31.5m).
The assumptions used to calculate the revenue accrual have been disclosed within note 2.
At 31 December 2022, trade receivables are shown net of a provision for credit losses of \u00a31.6m (2021: \u00a31.6m), which represents a judgement made
by management of which receivables balances are unlikely to be recovered taking into consideration the ageing of the debt, evidence of poor payment
history or financial position of a particular customer. The balance is largely related to energy providers which ceased trading in the prior year.
Movements in the provision for credit losses were as follows:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
At 1 January 1.6 0.2
Provisions made in the year 0.0 1.6
Provisions utilised in the year (0.0) (0.2)
At 31 December 1.6 1.6
At 31 December, the analysis of trade and other receivables that were past due but not impaired was as follows:
Total
\u00a3m
Neither past
due nor
impaired
\u00a3m
Past due not impaired
0\u201330 days
\u00a3m
30\u201360 days
\u00a3m
60\u201390 days
\u00a3m
90 \u2013120 days
\u00a3m
>120 days
\u00a3m
At 31 December 2021 65.3 57.7 4.5 2.2 0.7 0.2 0.0
At 31 December 2022 63.5 60.1 2.5 0.4 0.3 0.2 0.0
The Group\u2019s standard payment terms are typically 15 days (2021: 15 days) from the invoice date.
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Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
17. Trade and other payables
Non-current
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Lease liabilities 25.9 28.5
Deferred consideration \u2014 9.8
Amounts owed to non-controlling interest 1.8 \u2014
Other payables 27.7 38.3
Deferred consideration relates to amounts payable for the acquisition of Quidco. At 31 December 2022, all amounts outstanding
are presented within current liabilities.
Amounts owed to non-controlling interest includes balances acquired as part of the acquisition of Podium in December 2022 (see note 28).
Current
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Trade payables 36.4 35.9
Non-trade payables and accrued expenses 2.8 2.3
Other payables 47.0 47.3
Lease liabilities 2.7 3.2
Deferred income 0.8 0.4
Deferred consideration 9.8 4.8
Trade and other payables 99.5 93.9
As a result of click-based revenue being recognised in the period that the lead is generated, an accrual for cost of sales, such as partner
revenue share agreements, relating to the revenue accrued at the year end is included within trade payables (see note 16).
The comparative other payables balance as at 31 December 2021 has been restated from \u00a343.5m to \u00a347.3m (see note 28).
Other payables relate to amounts due to Cashback members. This balance is net of an estimated cancellation rate (i.e. clicks which do not
result in completed sales), based on historical data, and therefore reflects the amount that is expected to be payable. A -/+3ppt change in
this cancellation rate would equate to approximately \u00a30.4m (2021: \u00a30.5m). This balance is payable once the sale has been completed, the
cash has been received from the merchant and the member has requested payment.
Deferred consideration has been discounted to its present value and the unwind is treated as a finance expense (see note 8).
18. Borrowings
Non-current
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Loan 30.0 40.0
Current
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Revolving credit facility 4.0 7.5
Loan 10.0 10.0
Total 14.0 17.5
The revolving credit facility provides \u00a390m in committed funds with \u00a347m provided by Barclays, \u00a338m by BOI and \u00a35m by SVB. The \u00a350m
term loan was taken out in October 2021 is repayable in instalments over the period to October 2024. It was funded \u00a328m by Barclays,
\u00a37m by BOI and \u00a315m by SVB.
Interest is payable on the facilities at a rate of SONIA plus an applicable margin based on the adjusted leverage of the Group. At
31 December 2022, the Group had \u00a340.0m (2021: \u00a350.0m) outstanding on the term loan and \u00a34.0m (2021: \u00a37.5m) drawn down on the
revolving credit facility. The remaining balance of the upfront arrangement fees, totalling \u00a30.3m (2021: \u00a30.4m), is held within prepayments.
155 Annual Report and Accounts 2022 Moneysupermarket.com Group PLC Financial Statements 19. Deferred tax liabilities Deferred tax assets and liabilities are attributable to the following: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Goodwill related to MoneySavingExpert.com 13.2 13.3 Intangible assets and goodwill relating to other acquisitions 11.3 12.2 Share schemes (0.5) (0.2) Accelerated capital allowances (0.2) 0.4 Losses (1.3) (0.4) Deferred tax liability 22.5 25.3 The following table illustrates the movement in the deferred tax liabilities during the year: 2022 \u00a3m 2021 \u00a3m At 1 January 25.3 11.4 Temporary differences on: Goodwill related to MoneySavingExpert.com (0.1) 3.0 Intangible assets and goodwill relating to other acquisitions (1.3) 11.2 Share schemes (0.3) \u2014 Accelerated capital allowances (0.2) 0.1 Losses (0.9) (0.4) At 31 December 22.5 25.3 Deferred tax liabilities arose from the recognition of the intangible assets and goodwill upon the acquisition of Moneysupermarket.com Financial Group Limited, MoneySavingExpert.com Limited, Decision Technologies Limited, CYTI (Holdings) Limited, Ice Travel Group Limited, Quidco Limited (formerly known as Maple Syrup Media Limited) and Podium Solutions Limited. Deferred tax assets arise on share option schemes based on the expected tax deduction on vesting. Deferred tax assets have also been recognised for unused tax losses to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets and liabilities have been calculated at the applicable tax rate enacted at the balance sheet date of 25% (2021: 25%). 20. Called up share capital The nominal value of ordinary shares is 0.02p. The holders of ordinary shares are entitled to returns of capital, receive a dividend and vote. Issued and fully paid Number of ordinary shares 2022 No. 2021 No. At the beginning of the year 536,861,647 536,700,541 Issued on exercise of SAYE options \u2014 161,106 At the end of the year 536,861,647 536,861,647 Nominal value of ordinary shares 2022 \u00a3 2021 \u00a3 At the beginning of the year 107,372 107,34 0 Issued on exercise of SAYE options \u2014 32 At the end of the year 107,37 2 107,372 The Group operates a Long Term Incentive Plan under which conditional nil cost awards of ordinary shares in the Company have been made to certain Directors and employees of the Group, and an HMRC approved Save As You Earn scheme (\u2018Sharesave\u2019) is eligible to all employees (see note 23). 156
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Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
21. Financial instruments
Interest rate risk
The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned therefore closely follows movements in
the Bank of England base rate. A movement of 1% in this rate would result in a difference in annual pre-tax profit of \u00a30.1m (2021: \u00a30.1m)
based on Group cash, cash equivalents and financial instruments at 31 December 2022. At the balance sheet date, \u00a36.3m (2021: \u00a35.3m)
was invested with Barclays Bank, this being the most invested with any one bank in both years.
Fair values
The Group\u2019s financial assets and liabilities are principally short term in nature, and therefore their fair value is not materially different
from their carrying value. The valuation method for the Group\u2019s financial assets and liabilities can be defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
All investments and derivatives fall under Level 3 as the fair value is measured using the latest unquoted share price of recent
transactions, with updates made as required considering market conditions at year end. A reconciliation is provided in note 15. All other
financial assets and liabilities are held at amortised cost and other financial liabilities respectively in accordance with IFRS 9 \u2013 Financial
Instruments. There have been no transfers between levels in the year.
The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial
statements approximate their fair values.
Effective interest rates
In respect of interest-earning financial assets, the following table indicates their effective interest rates at the year end date:
31 December 2022 31 December 2021
Effective
interest rate \u00a3m
Effective
interest rate \u00a3m
Cash and cash equivalents 0.09% 16.6 0.07% 12.5
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The
Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating risk of financial loss from default.
The Group\u2019s exposure is regularly monitored by the credit control team and finance management.
Of the top 75% of the Group\u2019s providers by revenue, approximately 28% (2021: 26%) of these are UK quoted companies with the
remainder being a mixture of larger UK independent companies and overseas owned or quoted companies. At the balance sheet date,
the five largest trade and other receivables, by provider, accounted for 31% (2021: 18% restated) of the total trade and other receivables
balance of \u00a363.5m (2021: \u00a365.3m restated) and the largest individual balance was \u00a36.4m (2021: \u00a34.8m). The comparatives have been
restated to reflect the prior year adjustment to trade and other payables (see note 28).
The Directors do not consider there to be any material contracts with providers in the Group.
Liquidity risk
Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual
cash flows. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risks are set out below:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Unsecured borrowings facilities
\u2013 amount drawn 44.0 57.5
\u2013 amount undrawn 86.0 82.5
For details of the Group\u2019s unsecured borrowings facilities see note 18.
The covenants in place in relation to the facilities are outlined below:
Adjusted leverage is calculated by dividing adjusted EBITDA by net debt, which consists of cash less borrowings, lease liabilities
and deferred consideration. Interest cover is calculated by dividing adjusted EBITDA by net finance charges. The Group continues
to have significant headroom over the covenants.
157 Annual Report and Accounts 2022 Moneysupermarket.com Group PLC Financial Statements 21. Financial instruments continued Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted. 31 December 2022 Carrying amount \u00a3m Total \u00a3m Contractual cash flows <2 months \u00a3m 2\u201312 months \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Non-derivative financial liabilities Deferred consideration 9.8 (9.8) \u2014 (9.8) \u2014 \u2014 \u2014 Trade payables 36.4 (36.4) (36.4) \u2014 \u2014 \u2014 \u2014 Borrowings 44.0 (44.0) (4.0) (10.0) (30.0) \u2014 \u2014 Lease liabilities \u2013 undiscounted cash flows 33.7 (33.7) (0.6) (3.2) (3.7) (11.0) (15.2) \u2013 discounting (5.1) 5.1 0.2 0.8 0.9 2.0 1.2 Amounts owed to non-controlling interest 1.8 (1.8) \u2014 \u2014 \u2014 \u2014 (1.8) At 31 December 2022 120.6 (120.6) (40.8) (22.2) (32.8) (9.0) (15.8) 31 December 2021 Carrying amount \u00a3m Total \u00a3m Contractual cash flows <2 months \u00a3m 2\u201312 months \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Non-derivative financial liabilities Deferred consideration 14.6 (14.6) (0.9) (3.9) (9.8) \u2014 \u2014 Trade payables 35.9 (35.9) (35.9) \u2014 \u2014 \u2014 \u2014 Borrowings 57.5 (57.5) (7.5) (10.0) (10.0) (30.0) \u2014 Lease liabilities \u2013 undiscounted cash flows 37.8 (37.8) (0.7) (3.5) (3.8) (11.1) (18.7) \u2013 discounting (6.1) 6.1 0.2 0.9 0.9 2.3 1.8 At 31 December 2021 139.7 (139.7) (44.8) (16.5) (22.7) (38.8) (16.9) The lease liability cash flows are spread evenly between 2-5 years. 22. Group management of capital The Group\u2019s objectives when managing capital are: \u2022 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In assessing the level of capital all components of equity are taken into account, i.e. share capital, retained earnings and reserves (where applicable). The table below summarises the carrying value of each component. Carrying value 31 December 2022 \u00a3m 31 December 2021 \u00a3m Share capital 0.1 0.1 Retained earnings and reserves 208.6 203.2 Non-controlling interest 6.0 4.3 Total 214.7 207.6 In line with internal capital management requirements, the Group manages its cash balances by, where possible, depositing them with a number of financial institutions to reduce credit risk. The table below summarises the credit rating of each financial institution that held cash at 31 December 2022. Credit rating 2022 2021 Barclays Bank PLC A A Lloyds Bank Plc A A HSBC Bank Plc AA- AA- Natwest Bank Plc A A Silicon Valley Bank BBB+ BBB+ One way in which the Group manages capital is utilising the revolving credit facility, as set out in note 18. 158
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
22. Group management of capital continued
Management of capital focuses around the Group\u2019s ability to generate cash from its operations. In order to maintain or adjust the capital
structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell
assets to raise funds. The Directors are satisfied that the Group is meeting its objectives for managing capital as funds are available for
reinvestment where necessary as well as being in a position to make returns to shareholders where this is felt appropriate.
There were no changes to the Group\u2019s approach to capital management during the year.
23. Share-based payments
The share-based payment charge in the Consolidated Statement of Comprehensive Income relates to the following types of share option
and share award:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Long Term Incentive Plan 1.0 0.6
Restricted Share Awards 0.7 0.3
Sharesave Scheme 0.5 0.5
Share Incentive Plan \u2014 \u2014
Share-based payment transactions 2.2 1.4
Long Term Incentive Plan (\u2018LTIP\u2019)
Each year conditional awards are made over ordinary shares under the Moneysupermarket.com Group PLC Long Term Incentive Plan
(\u2018LTIP\u2019) schemes to senior employees. Under each scheme, the awards vest at the end of a three-year period dependent on certain
performance criteria being met, as outlined below:
\u2022 achievement of a specified average growth rate in adjusted basic EPS at the end of the vesting period;
\u2022 the total shareholder return (\u2018TSR\u2019) of the Company relative to a comparator group of defined companies; and/or
\u2022 Group revenue performance.
Restricted Share Award (\u2018RSA\u2019)
Conditional awards are made over ordinary shares under the Moneysupermarket.com Group PLC Restricted Share Award (`RSA\u2019) Plan
schemes to senior employees that vest over either one or two years. Under the two year schemes, 50% of the award vests at the end of
a one-year period and 50% of the award vests at the end of a two-year period. Vesting on all schemes is subject to the participant being
employed on the relevant vesting date, and not, on or prior to that vesting date, having been issued with or having given notice to
terminate employment with the Group.
Sharesave Scheme
The Group grants options under the HMRC approved Moneysupermarket.com Group PLC Sharesave Scheme which is available to all
employees. The scheme allows employees to save an amount of their net pay into a savings account each month and, at the end of the
three-year period, choose to either receive back their savings or use them to buy ordinary shares in the Company at a discounted
exercise price.
Share Incentive Plan (\u2018SIP\u2019)
Upon listing, the Company granted \u00a33,000 of ordinary shares at the price of \u00a31.70 per ordinary share to each eligible employee free of
charge. If an employee left within one year of listing, all these ordinary shares were forfeited; between one and two years of listing, 50%
were forfeited; between two and three years of listing, 20% were forfeited; and after three years of listing, none were forfeited. 948,184
shares were issued under the Share Incentive Plan scheme in 2007. On 31 July 2010 eligible employees became entitled to receive their
allocation of free shares. There are 55 active participants (2021: 31) in the HMRC approved SIP scheme, who can subscribe for up to
\u00a3150 of shares each month. At 31 December 2022, the total number of shares that remain in trust was 339,657 (2021: 343,328).
159
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
23. Share-based payments continued
LTIP and RSA schemes
The table below summarises the current LTIP and RSA schemes and the performance criteria elements:
2022
LTIP
2022
RSA
2021
LTIP
2021
RSA
2020
LTIP
2019
LTIP
Number of ordinary shares 2,275,280 224,355 1,880,072 401,243 1,64 4,847 1,514,690
Performance criteria:
\u2013 adjusted basic EPS (%) 50 \u2014 50 \u2014 50 80
\u2013 total shareholder return (%) 20 \u2014 20 \u2014 20 20
\u2013 revenue performance (%) 30 \u2014 30 \u2014 30 \u2014
Weighted average share price at the date of exercise (\u00a3) n/a n/a n/a n/a n/a n/a
Sharesave Scheme
During 2022, the Group granted options to employees on the same basis as the grants in previous years. The exercise price for the
options under each active scheme was fixed at the prices below:
Exercise price
Sharesave 2022 156.0p
Sharesave 2021 203.0p
Sharesave 2020 244.0p
Sharesave 2019 294.0p
Movements in the year
The following table illustrates the number and weighted average exercise price (\u2018WAEP\u2019) of, and movements in, share options during the year.
Number WAEP
Outstanding at 1 January 2021 2,926,130 \u00a30.00
Awards made during the year 2,281,315 \u00a30.00
Awards vested and exercised during the year (209,589) \u00a30.00
Awards forfeited during the year (1,412,843) \u00a30.00
Outstanding at 31 December 2021 3,585,013 \u00a30.00
Awards made during the year 2,499,635 \u00a30.00
Awards vested and exercised during the year (282,956) \u00a30.00
Awards forfeited during the year (972,862) \u00a30.00
Outstanding at 31 December 2022 4,828,830 \u00a30.00
The following table lists the inputs to the Black-Scholes models and Monte Carlo simulations used for the schemes for the year ended
31 December 2022:
2022
Sharesave
2021
Sharesave
2020
Sharesave
2022
LTIP
2022
RSA
2021
LTIP
2021
RSA
2020
LTIP I
2020
LTIP II
Fair value at grant date (\u00a3) 0.98 1.31 1.61 1.98 1.91 2.66 2.71 2.86 3.04
Share price (\u00a3) 1.95 2.54 3.04 1.98 1.91 2.66 2.71 2.86 3.04
Exercise price (\u00a3) 1.56 2.03 2.44 0.0 0.0 0.0 0.0 0.0 0.0
Expected volatility (%) 90.2 91.8 92.2 92.2 92.8 93.0 102.9 85.4 89.3
Expected life of option/award
(years) 3.0 3.0 3.0 3.0 1.1 3.0 2.0 3.0 3.0
Weighted average remaining
contractual life (years) 2.8 1.8 0.8 2.3 0.5 1.3 0.3 0.3 0.7
Expected dividend yield (%) 6.0 4.6 3.9 0.0 0.0 0.0 0.0 0.0 0.0
Risk-free interest rate (%) 4.4 0.4 0.0 1.4 1.0 0.2 0.0 0.2 0.0
Expected volatility has been estimated by considering historical average share price volatility for the Company or similar companies.
Staff attrition has been assessed based on historical retention rates.
160 Annual Report and Accounts 2022 Moneysupermarket.com Group PLC Notes to the Consolidated Financial Statements continued 24. Leases Leases as lessee The Group holds leases over property for its offices. The London office lease was signed on 22 July 2016 for a period of 15 years, with a lease start date of 1 June 2017. There was an 18-month rent-free period included in the agreement. The Manchester office lease was signed on 7 May 2019 for a period of 15 years, with a lease start date of 7 May 2019. There was a 36-month rent-free period included in the agreement. There is a break clause available at 7 May 2029 and the lease liabilities have been recognised up to this date. In 2021, the Group also acquired some other smaller leases with the acquisitions of CYTI (Holdings) Limited, Ice Travel Group Limited and Quidco Limited (formerly known as Maple Syrup Media Limited). i. Right-of-use assets Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment. Land and buildings \u00a3m Balance at 1 January 2021 27.1 Depreciation charge for the year (2.9) Acquisitions through business combinations 1.7 Reduction in right-of-use assets (0.5) Balance at 31 December 2021 25.4 Balance at 1 January 2022 25.4 Depreciation charge for the year (3.0) Balance at 31 December 2022 22.4 ii. Amounts recognised in profit or loss 2022 \u00a3m 2021 \u00a3m Depreciation charge for the year 3.0 2.9 Interest on lease liabilities 1.1 1.1 4.1 4.0 iii. Amounts recognised in statement of cash flows 2022 \u00a3m 2021 \u00a3m Interest paid 1.1 0.9 Repayment of lease liabilities 3.1 2.3 4.2 3.2 During 2019, the Group entered into an agreement to sub-lease a proportion of its London office. The sub-lease is for a period of 4.5 years and as such does not reflect a transfer of substantially all of the risk and reward of the underlying asset, which in this case is the 15-year head lease or right-of-use asset. Consequently, the Group has classified the sub-lease as an operating lease under IFRS 16. The rental income for the year was \u00a30.6m (2021: \u00a30.6m). 25. Pensions and other post-employment benefit plans The Group operates a defined contribution pension scheme calculated on base salary. The assets of the scheme are held separately from those of the Group in an independently administered fund. The contributions payable to the scheme in respect of the current year were \u00a32.1m (2021: \u00a31.9m). In the year ended 31 December 2022, \u00a32.0m (2021: \u00a31.8m) of contributions were charged to the Consolidated Statement of Comprehensive Income and \u00a30.1m (2021: \u00a30.1m) were included in amounts capitalised (see note 7). As at 31 December 2022, pension contributions of \u00a30.4m (2021: \u00a3nil) were outstanding and have been settled post year end. 161
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
26. Commitments and contingencies
At 31 December 2022, the Group was committed to incur capital expenditure of \u00a30.3m (2021: \u00a30.9m).
Comparable with most companies of our size, the Group is a defendant in a small number of disputes incidental to its operations and
from time to time is under regulatory scrutiny. As a leading website operator, the Group occasionally experiences operational issues
as a result of technological oversights that in some instances can lead to customer detriment, dispute and potentially cash outflows.
The Group has a professional indemnity insurance policy in order to mitigate liabilities arising out of events such as this.
There is a cross-guarantee held between Moneysupermarket.com Group PLC, MoneySavingExpert.com Limited, Moneysupermarket.com
Limited, Moneysupermarket.com Financial Group Limited and Moneysupermarket.com Financial Group Holdings Limited in relation to
balances owed under the revolving credit facility and the term loan. The maximum amount owed during the year was \u00a389.0m (2021: \u00a389.6m)
and the amount owed at 31 December 2022 was \u00a344.0m (2021: \u00a357.5m).
The contingencies outlined above are not expected to have a material adverse effect on the Group.
27. Related party transactions
The Group has the following investments in all of its subsidiaries which are all included in the Consolidated Financial Statements:
Country of
incorporation
Ownership
interest % Principal activity
Moneysupermarket.com Financial Group
Holdings Limited UK 100 Holding company
Moneysupermarket.com Financial Group Limited UK 100 Holding company
Moneysupermarket.com Limited UK 100 Internet price comparison through lead generation
MoneySavingExpert.com Limited UK 100 Personal finance website
Quidco Limited
1
UK 100 Cashback services through lead generation
Decision Technologies Limited UK 100 Internet price comparison through lead generation
CYTI (Holdings) Limited UK 100 Holding company
CYTI Limited UK 100 Internet price comparison through lead generation
Mortgage 2000 Limited UK 100 Dormant
Sellmymobile.com Limited UK 100 Dormant
Townside Limited UK 100 Dormant
Ice Travel Group Limited UK 67 Holding company
Travelsupermarket Limited UK 67 Internet price comparison through lead generation
Icelolly Marketing Limited UK 67 Internet price comparison through lead generation
Express Rooms Limited UK 67 Dormant
Icelolly Limited UK 67 Dormant
Icelolly.co.uk Limited UK 67 Dormant
Icelolly Investments Limited UK 67 Dormant
Icelolly.com Limited UK 67 Dormant
Sunsave Travel Limited UK 67 Dormant
Podium Solutions Limited UK 52 Technology platform provider
1 Company name changed from Maple Syrup Media Limited to Quidco Limited with effect from 13 January 2023.
162
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
27. Related party transactions continued
Aggregate
capital
reserves
\u00a3m
Profit/
(loss) for
the year
\u00a3m Registered office address
Class of
shares
held
Ownership
31 December
2022
Ownership
31 December
2021
Moneysupermarket.com
Financial Group
Holdings Limited
267.0 65.0 MoneySuperMarket House, St David\u2019s Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
Moneysupermarket.com
Financial Group Limited
18.0 59.4 MoneySuperMarket House, St David\u2019s Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
Moneysupermarket.com
Limited
45.6 36.3 MoneySuperMarket House, St David\u2019s Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
MoneySavingExpert.com
Limited
39.7 29.7 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
Quidco Limited
1
11.8 8.2 MoneySuperMarket House, St David\u2019s Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
Decision Technologies Limited 21.4 14.0 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
CYTI (Holdings) Limited 0.0 0.0 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
CYTI Limited 3.4 2.8 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
Mortgage 2000 Limited 0.0 (0.5) MoneySuperMarket House, St David\u2019s Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
Sellmymobile.com Limited 0.0 0.4 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
Townside Limited 0.0 0.2 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
Ice Travel Group Limited 21.8 1.0 Park Row House, 19-20 Park Row, Leeds,
West Yorkshire, UK, LS1 5JF
Ordinary 67% 67%
Travelsupermarket Limited 14.2 1.0 Park Row House, 19-20 Park Row, Leeds,
West Yorkshire, UK, LS1 5JF
Ordinary 67% 67%
Icelolly Marketing Limited 1.0 0.3 Park Row House, 19-20 Park Row, Leeds,
West Yorkshire, UK, LS1 5JF
Ordinary 67%
67%
P
odium Solutions Limited (2.7) (0.6) 4th Floor, Market Square House,
St James Street, Nottingham,
Nottinghamshire, UK, NG1 6FG
Ordinary 52% 50%
1 Company name change from Maple Syrup Media Limited to Quidco Limited with effect from 13 January 2023.
The Company is the ultimate parent entity of the Group. Intercompany transactions with wholly-owned subsidiaries are eliminated on
consolidation as per the exemption offered in IAS 24 \u2013 Related Party Disclosures. The list above represents all companies within the
Group. All companies within the Group are registered at the addresses shown above. The Company\u2019s registered office is disclosed
on page 137. All shareholdings with all subsidiaries are ordinary shares.
The Company has committed to continue to provide support to all of its subsidiaries for any short-term day-to-day cash management,
if required.
Transactions with key management personnel
In addition to their salaries, the Group also provides non-cash benefits to Directors and Executive Officers. Directors and Executive
Officers also participate in the Group\u2019s Long Term Incentive Plan.
Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received dividends from the Group totalling \u00a341,649
(2021: Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received \u00a330,389).
There were no amounts or any future commitments outstanding to the Company as at 31 December 2022 (2021: none).
Key management personnel compensation
Key management, defined as the Executive management team, received the following compensation during the year:
31 December
2022
\u00a3m
31 December
2021
\u00a3m
Short-term employee benefits 2.7 3.3
Share-based payments 1.0 0.6
Post-employment benefits 0.2 0.2
Key management personnel compensation 3.9 4.1
In addition to the above, the Executive management team received a bonus of \u00a31.4m (2021: \u00a31.0m) in relation to the reporting period.
163
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
27. Related party transactions continued
Other related party transactions
During the year, Moneysupermarket.com Limited purchased \u00a31.0m (2021: \u00a30.4m) worth of services from Podium Solutions Limited in
relation to the development of digital solutions for the mortgages channel journey on the Group\u2019s website. No balances were outstanding
as at 31 December 2022 in relation to these purchases (2021: \u00a3nil). Moneysupermarket.com Financial Group Limited acquired \u00a30.3m
(2021: \u00a30.6m) of loan notes from Podium with a repayment term of ten years and an annual interest rate of 10%. These amounts were
included in the carrying amount of the Group\u2019s equity accounted investment in Podium until it was reclassified as a subsidiary in
December 2022. Since then, these amounts have been eliminated on consolidation. During the year, the Group has recognised interest
income of \u00a30.3m (2021: \u00a3nil) in respect of these loan notes. At 31 December 2022, the balance outstanding was \u00a31.8m (2021: \u00a31.3m).
During the year, Travelsupermarket Limited provided internet leads to CYTI Limited, the company that powers its travel insurance
journey. Travelsupermarket Limited charged net commissions of \u00a30.6m (2021: \u00a3nil) to CYTI Limited in respect of the services provided
by the two companies. No balances were outstanding as at 31 December 2022 in relation to these transactions (2021: \u00a3nil).
28. Acquisition of subsidiaries
Quidco Limited (formerly known as Maple Syrup Media Limited) (\u2018Quidco\u2019)
On 1 November 2021, the Group acquired 100% of the share capital and voting rights of Quidco for total consideration payable of
\u00a3104.6m. On acquisition a new Cashback vertical was created for this business.
Due to the proximity of the acquisition date to the year end and in accordance with IFRS 3 \u2013 Business Combinations, a disclosure was
included in the Group\u2019s 2021 Annual Report indicating that if new information obtained within one year of the date of acquisition about
facts and circumstances that existed at the date of acquisition identifies adjustments to the amounts recognised, or any additional
provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised. Since the year end we have
identified new information about facts and circumstances that existed at the date of acquisition which has resulted in an increase in both
accrued income (within trade and other receivables) and other payables (within trade and other payables) of \u00a33.8m. There is no impact
on total identifiable net assets acquired and therefore no impact on previously reported goodwill. The comparative balance sheet as
at 31 December 2021 has been restated in these financial statements accordingly.
Podium Solutions Limited (\u2018Podium\u2019)
On 23 December 2022, the Group gained control of Podium. Prior to this the Group had held a 50% investment in Podium which was
accounted for as a joint venture. On completion of the transaction, the other shareholders of Podium exercised options which diluted
the Group\u2019s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then,
the Group has been in control of Podium and has accounted for it as a subsidiary undertaking.
The fair value of total consideration was \u00a31.6m which comprised the following:
\u00a3m
Fair value of existing interest 0.7
Fair value of additional equity interest 0.2
Fair value of non-controlling interest 0.7
Fair value of total consideration 1.6
The fair value of the total identifiable net assets acquired was \u00a31.6m:
\u00a3m
Intangible assets 3.2
Trade and other receivables 1.0
Cash 0.1
Trade and other payables (0.1)
Amounts due to non-controlling interest (1.8)
Deferred tax (0.8)
Fair value of total identifiable net assets acquired 1.6
Intangible assets relate to technology expenditure that had not been capitalised in Podium prior to acquisition. The fair value of these
assets has been determined using a rebuild cost valuation method. This was developed in consultation with senior technology professionals
and using a cost assumption for developers inclusive of a profit margin as would be the case in an external build contracted to develop
an equivalent platform. When valuing assets of this nature we take into account any obsolescence arising from advancements in
technology since they have been built.
164
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
28. Acquisition of subsidiaries continued
Podium Solutions Limited (\u2018Podium\u2019) continued
There was no goodwill arising from the acquisition as the fair value of total consideration was equal to the fair value of total identifiable
net assets acquired.
In the period from completion of the deal to the year end, Podium contributed revenue and profit before tax of \u00a30.0m to these
Consolidated Financial Statements.
As part of the transaction the Group has a call option to acquire the remaining 48% of Podium in three years\u2019 time. The consideration
payable will equate to the fair value of Podium at that date. No value has therefore been attributed to this call option in these
financial statements.
29. Non-controlling interest
In December 2022, the Group acquired control of Podium Solutions Limited which had previously been accounted for as a joint venture.
Podium is now consolidated as a subsidiary undertaking and non-controlling interest is recognised within equity (see note 28).
The Group also recognises non-controlling interest in respect of Ice Travel Group Limited and its two wholly owned subsidiaries
Travelsupermarket Limited and Icelolly Marketing Limited (together \u2018Ice Travel Group\u2019).
The following table summarises the financial performance and position of these companies at the year end before any intra-group eliminations.
31 December 2022
Podium
Solutions
Limited
Ice Travel
Group Total
Non-controlling interest 48% 33%
\u00a3m \u00a3m \u00a3m
Non-current assets
1
3.2 14.5 17.7
Current assets 0.3 8.3 8.6
Non-current liabilities (1.8) (4.9) (6.7)
Current liabilities (0.1) (2.0) (2 .1)
Net assets 1.6 15.9 17.5
Net assets attributable to non-controlling interest 0.7 5.3 6.0
Revenue \u2014 14.6 14.6
Profit \u2014 3.1 3.1
Other comprehensive income \u2014 \u2014 \u2014
Total comprehensive income \u2014 3.1 3.1
Profit attributable to the non-controlling interest \u2014 1.0 1.0
Other comprehensive income attributable to non-controlling interest \u2014 \u2014 \u2014
Total comprehensive income attributable to non-controlling interest \u2014 1.0 1.0
Cash flows from operating activities \u2014 4.5 4.5
Cash flows from investing activities \u2014 (0.4) (0.4)
Cash flows from financing activities \u2014 \u2014 \u2014
Net increase in cash and cash equivalents \u2014 4.1 4.1
1 Non-current assets for Ice Travel Group include \u00a37.4m (2021: \u00a37.4m) of goodwill in respect of Travelsupermarket Limited that was recognised on the Group\u2019s balance sheet prior
to the acquisition of Ice Travel Group.
29. Non-controlling interest continued
31 December 2021
Podium
Solutions
Limited
Ice Travel
Group Total
Non-controlling interest \u2014 33% 33%
\u00a3m \u00a3m \u00a3m
Non-current assets
1
\u2014 14.8 14.8
Current assets \u2014 3.8 3.8
Non-current liabilities \u2014 (3.4) (3.4)
Current liabilities \u2014 (2.5) (2.5)
Net assets \u2014 12.7 12.7
Net assets attributable to non-controlling interest \u2014 4.3 4.3
Revenue \u2014 2.2 2.2
Loss \u2014 (1.8) (1.8)
Other comprehensive income \u2014 \u2014 \u2014
Total comprehensive income \u2014 (1.8) (1.8)
Loss attributable to the non-controlling interest \u2014 (0.6) (0.6)
Other comprehensive income attributable to non-controlling interest \u2014 \u2014 \u2014
Total comprehensive income attributable to non-controlling interest \u2014 (0.6) (0.6)
Cash flows from operating activities \u2014 (1.9) (1.9)
Cash flows from investing activities \u2014 \u2014 \u2014
Cash flows from financing activities \u2014 4.0 4.0
Net increase in cash and cash equivalents \u2014 2.1 2.1
1 Non-current assets for Ice Travel Group include \u00a37.4m of goodwill in respect of Travelsupermarket Limited that was recognised on the Group\u2019s balance sheet prior to the
acquisition of Ice Travel Group.
Ice Travel Group\u2019s profit (2021: loss) and total comprehensive income for the year of \u00a33.1m (2021: \u00a31.8m) includes \u00a3nil (2021: \u00a31.8m)
of deal fees and associated costs and \u00a30.6m (2021: \u00a30.2m) of amortisation of intangibles relating to the acquisition of Ice Travel Group
by the Group. Included in the profit (2021: loss) and total comprehensive income attributable to the non-controlling interest of \u00a31.0m
(2021: \u00a30.6m) are \u00a3nil (2021: \u00a30.6m) of deal fees and associated costs and \u00a30.2m (2021: \u00a30.1m) of amortisation of intangibles.
",
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"value": "1. Corporate information The Consolidated Financial Statements of Moneysupermarket.com Group PLC, a public company incorporated and domiciled in England (registered at Moneysupermarket House, St David\u2019s Park, Ewloe, Chester, CH5 3UZ), and its subsidiaries (together referred to as the \u2018Group\u2019) for the year ended 31 December 2022, were authorised for issue in accordance with a resolution of the Directors on 15 February 2023. The Consolidated Financial Statements have been prepared in accordance with UK-adopted international accounting standards. The presentation currency of these Consolidated Financial Statements is sterling. All amounts in the Consolidated Financial Statements have been rounded to the nearest \u00a3100,000. The Company has elected to prepare its Company Financial Statements in accordance with FRS 102 \u2013 The Financial Reporting Standard applicable in the UK and Republic of Ireland; these are presented on pages 166 and 167. The principal activity of the Group is to provide price comparison and lead generation services to customers across a wide range of products including Money, Insurance and Home Services through its websites. ",
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-1": {
"value": "The principal activity of the Group is to provide price comparison and lead generation services to customers across a wide range of products including Money, Insurance and Home Services through its websites. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-344": {
"value": "2. Summary of significant accounting policies The Group has consistently applied the following accounting policies to all periods presented in these Consolidated Financial Statements, unless mentioned otherwise. Basis of preparation The Consolidated Financial Statements are prepared on the historical cost basis, except where otherwise stated. Comparative figures presented in the Consolidated Financial Statements represent the year ended 31 December 2021. In light of new information obtained since the acquisition of Quidco Limited (formerly known as Maple Syrup Media Limited) (\u2018Quidco\u2019) about facts and circumstances that existed at the date of acquisition, and in accordance with IFRS 3 \u2013 Business Combinations, an adjustment to the previously reported balance sheet at 31 December 2021 has been included in these Consolidated Financial Statements. Further information on this is included in note 28. Going concern The Directors have prepared the Financial Statements on a going concern basis for the following reasons. As at 31 December 2022, the Group\u2019s external debt comprised an amortising loan (with a balance outstanding of \u00a340m, repayable over the period to October 2024) and a revolving credit facility (\u2018RCF\u2019), (of which \u00a34m of the \u00a390m available was drawn down). No further amounts have been drawn down since the year end. The operations of the business have been impacted by regulatory changes in general insurance, COVID-19 recovery in Travel related channels and the current conditions affecting the energy market. However, the Group remains profitable, cash generative and compliant with the covenants of the bank loan and RCF. The Directors have prepared cash flow forecasts for the Group, including its cash position, for a period of at least 12 months from the date of approval of the Financial Statements. The Directors have also considered the effect of potential cost of living trading headwinds and recession and higher competition, including potential new entrants, upon the Group\u2019s business, financial position, and liquidity in severe, but plausible, downside scenarios. The scenarios modelled take into account the potential downside trading impacts from recession, sustained cost-of-living pressures, competitive pressures and potential one-off cash impacts on top of a base scenario derived from the Group\u2019s latest forecasts. The severe, but plausible, downside scenarios modelled, under a detailed exercise at a channel level, included minimal recovery over the period of the cash flow forecasts and in the most severe scenarios reflected some of the possible cost mitigations that could be taken. The impact these scenarios have on the financial resources, including the extent of utilisation of the available debt arrangements and impact on covenant calculations has been modelled. The possible mitigating circumstances and actions in the event of such scenarios occurring that were considered by the Directors included cost mitigations such as a reduction in the ordinary dividend payment, a reduction in operating expenses or the slowdown of capital expenditure. A reverse stress test has also been performed, which assumes the maximum available drawdown of borrowings, whilst maintaining covenant compliance. The scenarios modelled and the reverse stress test showed that the Group and the Company will be able to operate at adequate levels of liquidity for at least the next 12 months from the date of signing the Financial Statements. The Directors, therefore, consider that the Group and the Company have adequate resources to continue in operational existence for at least 12 months from the date of approval of the Financial Statements and have prepared them on a going concern basis. Use of estimates and judgements The preparation of Consolidated Financial Statements 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. Information about assumptions and estimation uncertainties at 31 December 2022 that may have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following note: \u2022 Note 13 intangible assets and goodwill (impairment assessment of goodwill of the cashback cash generating unit). Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the Consolidated Financial Statements is included in the following notes: \u2022 Note 13 intangible assets and goodwill (capitalisation of software and development costs). 2. Summary of significant accounting policies continued Basis of consolidation These Consolidated Financial Statements incorporate the Financial Statements of the Company and all 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 acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other comprehensive income (OCI) of equity accounted investees, until the date on which significant influence or joint control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Non-controlling interest is measured at the proportionate share of the entity\u2019s net assets. On initial recognition this includes the proportionate share of the pre-acquisition net assets of Travelsupermarket Limited and the net assets arising on the acquisitions of Icelolly Marketing Limited and Podium Solutions Limited. Accounting for business combinations From 1 January 2010 the Group has applied IFRS 3 \u2013 Business Combinations (2008) in accounting for business combinations using the acquisition method. The change in accounting policy has been applied prospectively. Acquisitions on or after 1 January 2010 For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent amount payable is recognised at fair value at the acquisition date. If the contingent amount is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent amount are recognised in profit or loss. Where the contingent amount is dependent on future employment, it is treated as a cost of continuing employment, and therefore is recognised as an expense over the relevant period. Deferred consideration comprises obligations to pay specified amounts at future dates, i.e. there is no uncertainty about the amount to be paid. It is recognised and measured at fair value at the date of acquisition and it is included in the consideration transferred. The unwinding of any interest element or deferred consideration is recognised in the Income Statement. Acquisitions between establishment of the Group (22 June 2007) and 1 January 2010 For acquisitions between 22 June 2007 and 1 January 2010, goodwill represents the excess of the cost of the acquisition over the Group\u2019s interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and contingent liabilities of the acquiree. When the excess was negative, a bargain purchase gain was recognised immediately in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurred in connection with business combinations were capitalised as part of the cost of the acquisition. 2. Summary of significant accounting policies continued Acquisitions between establishment of the Group (22 June 2007) and 1 January 2010 continued The Group was established via a series of transactions that occurred concurrently on 22 June 2007. These comprised the incorporation of the Company with Simon Nixon as sole shareholder, the acquisition by the Company using a share for share exchange of Simon Nixon\u2019s 45% interest in Moneysupermarket.com Financial Group Limited and the acquisition by the Company of all other shares in Moneysupermarket.com Financial Group Limited from third parties. The acquisition of Simon Nixon\u2019s shares was between two parties, being Simon Nixon and the Company, who were under common control at the time of the transaction. The acquisition was of an interest in a company which gave the investor a significant influence in the Company and it was concluded that this arrangement was a common control transaction and not within the scope of IFRS 3 \u2013 Business Combinations. As a result the Company accounted for this 45% interest in Moneysupermarket.com Financial Group Limited at original carrying value rather than fair value at the date of the acquisition. The acquisition of the remaining shares in Moneysupermarket.com Financial Group Limited was accounted for in accordance with IFRS 3 \u2013 Business Combinations applying the accounting guidance for a business combination achieved in stages. This resulted in the fair value of the identifiable assets, liabilities and contingent liabilities of Moneysupermarket.com Financial Group Limited being recognised in full and the goodwill in respect of the acquisition from third parties being recognised. Revenue Revenue is derived from the Group\u2019s principal activity of providing price comparison and lead generation services on the internet. The Group generates fees from internet lead generation and commissions from brokerage sales through a variety of contractual arrangements. Revenue is recognised when the Group has satisfied its performance obligations relating to a transaction. IFRS 15 \u2013 Revenue from Contracts with Customers requires the Group to allocate the transaction price to separate performance obligations within a contract. The following table provides information about the nature and timing of the satisfaction of performance obligations and the related revenue recognition policies. Type of sales transaction Nature and timing of satisfaction of performance obligations Revenue recognition policies Price comparison services The performance obligation is the provision of an internet lead to a provider\u2019s website. The trigger for the transaction price to become receivable is usually a completed sale on the provider\u2019s website. However, for some contracts the trigger is the point at which the lead is provided. The transaction price is either a fixed amount per completed sale or a variable amount derived from the terms of the completed sale. Revenue is recognised in the period in which the lead is provided. At the period end an estimate of accrued revenue is made for leads provided that have resulted in completed sales. This is based on the volume of leads provided in the period, historic conversion rates and the expected price per completed sale. For some contracts, an estimate of accrued revenue is also made for leads that will result in completed renewals. This is based on expected renewal rates and premiums. Cashback services Revenue is generated from rendering services to the merchant. The performance obligation is the provision of an internet lead to a merchant\u2019s website. The trigger for the transaction price to become receivable is a completed sale on the merchant\u2019s website. The transaction price is derived from the terms of the completed sale. Revenue is recognised in the period in which the lead is provided. At the period end an estimate of accrued revenue is made for leads provided that will result in completed sales. This is based on the volume of leads provided in the period, historic conversion rates and the expected price per completed sale. From historical experience and post year end confirmation, the Group does not expect there to be a material difference between the revenue accrued at the year end and the amount subsequently billed. Also, given there is a large volume of low value transactions, the risk of a significant reversal in the amount of cumulative revenue recognised is unlikely. Judgement is applied in defining the customer for the cashback services. The customer is the merchant and the service provided is the delivery of an internet lead to their website. Accordingly, the cashback provided to members is not consideration payable to a customer and is recognised in cost of sales. Cost of sales The Group recognises associated costs of internet lead generation in the period that the lead is generated. Costs in respect of cashback and incentive payments made by the Group to users and members of our websites and revenue share for B2B partnerships are also included in cost of sales. Unclaimed cashback balances in respect of Cashback members who have had no account activity for a consecutive 12-month period are released as a credit to cost of sales. This is in accordance with the terms and conditions agreed with members. Advertising costs The Group incurs costs from advertising via several different media. Costs associated with the production of adverts are recognised as an expense once the advert is aired or displayed. 2. Summary of significant accounting policies continued Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of propert plant and equipment. Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis over the estimated useful life of each part of an item of property, plant and equipment. Assets under construction are not depreciated until brought into use. The estimated useful lives are as follows: Land and buildings 10\u201350 years Plant and equipment (including IT equipment) 3 years Office equipment 5 year Fixtures and fittings 5 years The useful lives and depreciation rates are reassessed at each reporting date and adjusted if appropriate. Intangible assets and goodwill Goodwill Goodwill is measured at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever there is an indication that the carrying value may be impaired. Other intangible assets The cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition. After initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All the Group\u2019s intangible assets (other than goodwill) have been identified as having finite useful lives. As such, they are amortised on a straight-line basis over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each reporting date and adjusted if appropriate. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Comprehensive Income. The estimated useful lives are as follows: Market-related 10 years Customer/member relationships 10 years Technology 3\u20135 years Internally generated and other intangible assets are amortised under the same method as noted above. Market-related intangible assets are defined as those that are primarily used in the marketing or promotion of products and services, for example trademarks, trade names and internet domain names. Customer-related intangible assets acquired by the Group consist of customer lists, customer contracts and relationships, and non- contractual customer relationships. For accounting purposes, customer relationships and customer lists have been identified separatel Relationships with high-profile customers provide the Group with prominence in the marketplace, create volume and traffic on the website, and enhance the reputation of the brand. Customer lists allow the Group to undertake targeted marketing activities. Member relationships relate to the Cashback vertical and are deemed to have value as they provide direct access to potential leads that can be transferred to the merchants\u2019 websites. Technology-based intangible assets relate to innovations and technical advances such as computer software, patented and unpatented technology, databases and trade secrets. Costs that are directly attributable to projects of a capital nature are recognised as technology based intangible assets controlled by the Group and are recognised when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use; \u2022 management intends to complete the project and use it; \u2022 there is an ability to use or sell the project; \u2022 it can be demonstrated how the project will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use output of the project are available; and \u2022 the expenditure attributable to the project during its development can be reliably measured. Directly attributable costs that are capitalised as part of the project can include employee and contractor costs. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and enhancements, are recognised as an expense as incurred. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. 2. Summary of significant accounting policies continued Financial instruments Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. Fixed asset and short-term investments in equity securities held by the Group are classified as fair value through other comprehensive income (\u2018FVOCI\u2019) \u2013 equity instruments and are stated at fair value, with any resultant gain or loss being recognised directly in other comprehensive income (in the fair value reserve). Cash and cash equivalents comprise cash balances and call deposits. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (\u2018FVTPL\u2019), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; an \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. Financial assets \u2013 subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any intere or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial instruments and contract assets The Group recognises loss allowances for Expected Credit Losses (\u2018ECLs\u2019) on financial assets measured at amortised cost. The Group measures loss allowances at an amount equal to lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers and assumes that the credit risk of default on a financial asset has increased significantly if it is more than 120 days past due. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. 2. Summary of significant accounting policies continued Classification and subsequent measurement continued Financial instruments and contract assets continued At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are credit- impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 180 days past due based on historical experience of recoveries of similar assets. ECLs\u2019 are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Financial liabilities \u2013 classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition Financial asset The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liability The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The transaction is assumed to take place in the principal or, in its absence, the most advantageous market to which the Group has access at that date. A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates factors that market participants would take into account in pricing a transaction. In doing so, the Group consults with appropriate internal and external specialists to determine the fair valuation. Key assumptions are benchmarked against other comparable companies and sensitised to gain assurance that they fall within a reasonable range. Impairment Impairment of non-financial assets The carrying amounts of the Group\u2019s assets are reviewed annually to determine whether there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount is estimated. For the purposes of impairment reviews, the recoverable amount of the Group\u2019s assets is taken to be the higher of their fair value less costs to sell and their value in use. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (\u2018CGU\u2019) exceeds its recoverable amount. Impairment losses are recognised in the Consolidated Statement of Comprehensive Income. See note 13 for full disclosure of how goodwill and impairment losses are allocated across the CGUs. 2. Summary of significant accounting policies continued Employee benefits Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Comprehensive Income as the related service is provided. Share-based payment transactions The Group\u2019s share schemes allow certain Group employees to acquire ordinary shares in the Company. The fair value of share awards made is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at the award date and spread over the period during which the employees become unconditionally entitled to the awards. The fair values of the share awards are measured using the Monte Carlo method for options subject to a market-based condition and the Black-Scholes model for all others, taking into account the terms and conditions upon which the awards were made. The amount recognised as an expense is adjusted to reflect the number of share awards expected to vest. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are recognised as an expense in the Consolidated Statement of Comprehensive Income as the related service is provided. A provision is recognised for the amount expected to be paid under short-term cash bonus or deferred bonus plan if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. The Group\u2019s deferred bonus plans currently do not have any ongoing performance obligations and are therefore provided for as described above in the period to which they related. Finance income Finance income comprises interest receivable from bank deposits and loan notes. Finance costs Finance costs comprise interest charged on borrowings, leases (recognised under IFRS 16 \u2013 Leases) and the unwind of discount on deferred consideration. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16 \u2013 Leases. Leased items are recognised on the balance sheet as an asset valued at its right of use and a corresponding liability that reflects the present value of future lease payments. The asset is initially measured at its right-of-use value which reflects the total cost of lease payments, the direct costs incurred to bring the asset into use and an estimate of the cost that will be incurred when dismantling or uninstalling the item. The asset is then depreciated through the profit and loss account on a straight-line basis over the contract term of the lease. The liability is initially recognised at the present value of future lease payments using the discount rate implicit in the lease if it can be determined or otherwise using the incremental borrowing rate of the Group. Leased items with a value of less than \u00a35,000 and items leased over a term of less than 12 months are not recognised on the balance sheet as an asset and liability. The cost of lease payments is recognised in the profit and loss account as they fall due on an accrued basis. Dividends Dividends payable to the Company\u2019s shareholders are recognised as a liability and deducted from shareholders\u2019 equity in the period in which the shareholders\u2019 right to receive payment is established. Taxation Income tax expense comprises current and deferred tax. It is recognised in the Consolidated Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates in force for the year, and any adjustment to ta x payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purpose s and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwil l; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Research and development tax credits are accounted for as a government grant in accordance with IAS 20 \u2013 Accounting for Government Grants and Disclosure of Government Assistance. The credit is recognised once a reasonable estimate of the amount can be made. 2. Summary of significant accounting policies continued Taxation continued A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax liabilities are recognised at the expected future tax rate of the value of the intangible assets with finite lives which are acquired through business combinations representing the tax effect of the amortisation of these assets in future periods. These liabilities will decrease in line with the amortisation of the related intangible assets, with the deferred tax credit recognised in the Statement of Comprehensive Income in accordance with IAS 12 \u2013 Income Taxes. Reserve for own shares The Group has a number of equity-settled, share-based employee incentive plans. In connection with these, shares in the Company are held by an Employee Benefit Trust (\u2018EBT\u2019). The assets and liabilities of the EBT are required to be consolidated within these accounts as it is deemed to be under de facto control of the Group. The assets of the EBT mainly comprise Moneysupermarket.com Group PLC shares, which are shown as a deduction from total equity at cost. Standards, amendments and interpretations issued but not yet effective A number of new standards are effective for annual periods beginning after 1 January 2022 and earlier adoption is permitted; however, the Group has not early adopted the new or amended standards in preparing these Consolidated Financial Statements. The following amended standards and interpretations are not expected to have a significant impact on the Group\u2019s Consolidated Financial Statements and are either not yet effective or not yet adopted by the UK Endorsement Board. The below standards are those that are relevant to the Group. Standard Summary of changes Amendments to IAS 1 Amendments to IAS 1 \u2013 Presentation of Financial Statements to update requirements on determining the classification of liabilities as current or non-current; and disclosure of material accounting policies rather than significant accounting policies. Effective date 1 January 2023. Amendments to IAS 8 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors to introduce a new definition of accounting estimates and clarifying the relationship between accounting policies and accounting estimates. Effective date 1 January 2023. Amendments to IAS 12 Amendments to IAS 12 \u2013 Income Taxes to provide clarification of accounting treatment in relation to deferred tax assets and liabilities arising from a single transaction. Effective date 1 January 2023. Amendments to IFRS 17 Amendments to IFRS 17 \u2013 Insurance Contracts establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. Effective date 1 January 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-346": {
"value": "Basis of preparation The Consolidated Financial Statements are prepared on the historical cost basis, except where otherwise stated. Comparative figures presented in the Consolidated Financial Statements represent the year ended 31 December 2021. In light of new information obtained since the acquisition of Quidco Limited (formerly known as Maple Syrup Media Limited) (\u2018Quidco\u2019) about facts and circumstances that existed at the date of acquisition, and in accordance with IFRS 3 \u2013 Business Combinations, an adjustment to the previously reported balance sheet at 31 December 2021 has been included in these Consolidated Financial Statements. Further information on this is included in note 28. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-347": {
"value": "Going concern The Directors have prepared the Financial Statements on a going concern basis for the following reasons. As at 31 December 2022, the Group\u2019s external debt comprised an amortising loan (with a balance outstanding of \u00a340m, repayable over the period to October 2024) and a revolving credit facility (\u2018RCF\u2019), (of which \u00a34m of the \u00a390m available was drawn down). No further amounts have been drawn down since the year end. The operations of the business have been impacted by regulatory changes in general insurance, COVID-19 recovery in Travel related channels and the current conditions affecting the energy market. However, the Group remains profitable, cash generative and compliant with the covenants of the bank loan and RCF. The Directors have prepared cash flow forecasts for the Group, including its cash position, for a period of at least 12 months from the date of approval of the Financial Statements. The Directors have also considered the effect of potential cost of living trading headwinds and recession and higher competition, including potential new entrants, upon the Group\u2019s business, financial position, and liquidity in severe, but plausible, downside scenarios. The scenarios modelled take into account the potential downside trading impacts from recession, sustained cost-of-living pressures, competitive pressures and potential one-off cash impacts on top of a base scenario derived from the Group\u2019s latest forecasts. The severe, but plausible, downside scenarios modelled, under a detailed exercise at a channel level, included minimal recovery over the period of the cash flow forecasts and in the most severe scenarios reflected some of the possible cost mitigations that could be taken. The impact these scenarios have on the financial resources, including the extent of utilisation of the available debt arrangements and impact on covenant calculations has been modelled. The possible mitigating circumstances and actions in the event of such scenarios occurring that were considered by the Directors included cost mitigations such as a reduction in the ordinary dividend payment, a reduction in operating expenses or the slowdown of capital expenditure. A reverse stress test has also been performed, which assumes the maximum available drawdown of borrowings, whilst maintaining covenant compliance. The scenarios modelled and the reverse stress test showed that the Group and the Company will be able to operate at adequate levels of liquidity for at least the next 12 months from the date of signing the Financial Statements. The Directors, therefore, consider that the Group and the Company have adequate resources to continue in operational existence for at least 12 months from the date of approval of the Financial Statements and have prepared them on a going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-348": {
"value": "Use of estimates and judgements The preparation of Consolidated Financial Statements 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. Information about assumptions and estimation uncertainties at 31 December 2022 that may have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following note: \u2022 Note 13 intangible assets and goodwill (impairment assessment of goodwill of the cashback cash generating unit). Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the Consolidated Financial Statements is included in the following notes: \u2022 Note 13 intangible assets and goodwill (capitalisation of software and development costs). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-349": {
"value": "Basis of consolidation These Consolidated Financial Statements incorporate the Financial Statements of the Company and all 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 acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the Consolidated Financial Statements include the Group\u2019s share of the profit or loss and other comprehensive income (OCI) of equity accounted investees, until the date on which significant influence or joint control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Non-controlling interest is measured at the proportionate share of the entity\u2019s net assets. On initial recognition this includes the proportionate share of the pre-acquisition net assets of Travelsupermarket Limited and the net assets arising on the acquisitions of Icelolly Marketing Limited and Podium Solutions Limited. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-350": {
"value": "Accounting for business combinations From 1 January 2010 the Group has applied IFRS 3 \u2013 Business Combinations (2008) in accounting for business combinations using the acquisition method. The change in accounting policy has been applied prospectively. Acquisitions on or after 1 January 2010 For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u2022 the fair value of the consideration transferred; plus \u2022 the recognised amount of any non-controlling interests in the acquiree; plus \u2022 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent amount payable is recognised at fair value at the acquisition date. If the contingent amount is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent amount are recognised in profit or loss. Where the contingent amount is dependent on future employment, it is treated as a cost of continuing employment, and therefore is recognised as an expense over the relevant period. Deferred consideration comprises obligations to pay specified amounts at future dates, i.e. there is no uncertainty about the amount to be paid. It is recognised and measured at fair value at the date of acquisition and it is included in the consideration transferred. The unwinding of any interest element or deferred consideration is recognised in the Income Statement. Acquisitions between establishment of the Group (22 June 2007) and 1 January 2010 For acquisitions between 22 June 2007 and 1 January 2010, goodwill represents the excess of the cost of the acquisition over the Group\u2019s interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and contingent liabilities of the acquiree. When the excess was negative, a bargain purchase gain was recognised immediately in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurred in connection with business combinations were capitalised as part of the cost of the acquisition. Acquisitions between establishment of the Group (22 June 2007) and 1 January 2010 continued The Group was established via a series of transactions that occurred concurrently on 22 June 2007. These comprised the incorporation of the Company with Simon Nixon as sole shareholder, the acquisition by the Company using a share for share exchange of Simon Nixon\u2019s 45% interest in Moneysupermarket.com Financial Group Limited and the acquisition by the Company of all other shares in Moneysupermarket.com Financial Group Limited from third parties. The acquisition of Simon Nixon\u2019s shares was between two parties, being Simon Nixon and the Company, who were under common control at the time of the transaction. The acquisition was of an interest in a company which gave the investor a significant influence in the Company and it was concluded that this arrangement was a common control transaction and not within the scope of IFRS 3 \u2013 Business Combinations. As a result the Company accounted for this 45% interest in Moneysupermarket.com Financial Group Limited at original carrying value rather than fair value at the date of the acquisition. The acquisition of the remaining shares in Moneysupermarket.com Financial Group Limited was accounted for in accordance with IFRS 3 \u2013 Business Combinations applying the accounting guidance for a business combination achieved in stages. This resulted in the fair value of the identifiable assets, liabilities and contingent liabilities of Moneysupermarket.com Financial Group Limited being recognised in full and the goodwill in respect of the acquisition from third parties being recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-351": {
"value": "Revenue Revenue is derived from the Group\u2019s principal activity of providing price comparison and lead generation services on the internet. The Group generates fees from internet lead generation and commissions from brokerage sales through a variety of contractual arrangements. Revenue is recognised when the Group has satisfied its performance obligations relating to a transaction. IFRS 15 \u2013 Revenue from Contracts with Customers requires the Group to allocate the transaction price to separate performance obligations within a contract. The following table provides information about the nature and timing of the satisfaction of performance obligations and the related revenue recognition policies. Type of sales transaction Nature and timing of satisfaction of performance obligations Revenue recognition policies Price comparison services The performance obligation is the provision of an internet lead to a provider\u2019s website. The trigger for the transaction price to become receivable is usually a completed sale on the provider\u2019s website. However, for some contracts the trigger is the point at which the lead is provided. The transaction price is either a fixed amount per completed sale or a variable amount derived from the terms of the completed sale. Revenue is recognised in the period in which the lead is provided. At the period end an estimate of accrued revenue is made for leads provided that have resulted in completed sales. This is based on the volume of leads provided in the period, historic conversion rates and the expected price per completed sale. For some contracts, an estimate of accrued revenue is also made for leads that will result in completed renewals. This is based on expected renewal rates and premiums. Cashback services Revenue is generated from rendering services to the merchant. The performance obligation is the provision of an internet lead to a merchant\u2019s website. The trigger for the transaction price to become receivable is a completed sale on the merchant\u2019s website. The transaction price is derived from the terms of the completed sale. Revenue is recognised in the period in which the lead is provided. At the period end an estimate of accrued revenue is made for leads provided that will result in completed sales. This is based on the volume of leads provided in the period, historic conversion rates and the expected price per completed sale. From historical experience and post year end confirmation, the Group does not expect there to be a material difference between the revenue accrued at the year end and the amount subsequently billed. Also, given there is a large volume of low value transactions, the risk of a significant reversal in the amount of cumulative revenue recognised is unlikely. Judgement is applied in defining the customer for the cashback services. The customer is the merchant and the service provided is the delivery of an internet lead to their website. Accordingly, the cashback provided to members is not consideration payable to a customer and is recognised in cost of sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-352": {
"value": "Cost of sales The Group recognises associated costs of internet lead generation in the period that the lead is generated. Costs in respect of cashback and incentive payments made by the Group to users and members of our websites and revenue share for B2B partnerships are also included in cost of sales. Unclaimed cashback balances in respect of Cashback members who have had no account activity for a consecutive 12-month period are released as a credit to cost of sales. This is in accordance with the terms and conditions agreed with members. Advertising costs The Group incurs costs from advertising via several different media. Costs associated with the production of adverts are recognised as an expense once the advert is aired or displayed. ",
"dimensions": {
"concept": "moneysupermarket:DescriptionOfAccountingPolicyForCostOfSales",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-353": {
"value": "Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of propert y, plant and equipment. Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis over the estimated useful life of each part of an item of property, plant and equipment. Assets under construction are not depreciated until brought into use. The estimated useful lives are as follows: Land and buildings 10\u201350 years Plant and equipment (including IT equipment) 3 years Office equipment 5 year s Fixtures and fittings 5 years The useful lives and depreciation rates are reassessed at each reporting date and adjusted if appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": "Intangible assets and goodwill Goodwill Goodwill is measured at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever there is an indication that the carrying value may be impaired. Other intangible assets The cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition. After initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All the Group\u2019s intangible assets (other than goodwill) have been identified as having finite useful lives. As such, they are amortised on a straight-line basis over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each reporting date and adjusted if appropriate. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Comprehensive Income. The estimated useful lives are as follows: Market-related 10 years Customer/member relationships 10 years Technology 3\u20135 years Internally generated and other intangible assets are amortised under the same method as noted above. Market-related intangible assets are defined as those that are primarily used in the marketing or promotion of products and services, for example trademarks, trade names and internet domain names. Customer-related intangible assets acquired by the Group consist of customer lists, customer contracts and relationships, and non- contractual customer relationships. For accounting purposes, customer relationships and customer lists have been identified separatel Relationships with high-profile customers provide the Group with prominence in the marketplace, create volume and traffic on the website, and enhance the reputation of the brand. Customer lists allow the Group to undertake targeted marketing activities. Member relationships relate to the Cashback vertical and are deemed to have value as they provide direct access to potential leads that can be transferred to the merchants\u2019 websites. Technology-based intangible assets relate to innovations and technical advances such as computer software, patented and unpatented technology, databases and trade secrets. Costs that are directly attributable to projects of a capital nature are recognised as technology based intangible assets controlled by the Group and are recognised when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use; \u2022 management intends to complete the project and use it; \u2022 there is an ability to use or sell the project; \u2022 it can be demonstrated how the project will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use output of the project are available; and \u2022 the expenditure attributable to the project during its development can be reliably measured. Directly attributable costs that are capitalised as part of the project can include employee and contractor costs. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and enhancements, are recognised as an expense as incurred. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "Goodwill Goodwill is measured at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever there is an indication that the carrying value may be impaired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "Other intangible assets The cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition. After initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All the Group\u2019s intangible assets (other than goodwill) have been identified as having finite useful lives. As such, they are amortised on a straight-line basis over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each reporting date and adjusted if appropriate. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Comprehensive Income. The estimated useful lives are as follows: Market-related 10 years Customer/member relationships 10 years Technology 3\u20135 years Internally generated and other intangible assets are amortised under the same method as noted above. Market-related intangible assets are defined as those that are primarily used in the marketing or promotion of products and services, for example trademarks, trade names and internet domain names. Customer-related intangible assets acquired by the Group consist of customer lists, customer contracts and relationships, and non- contractual customer relationships. For accounting purposes, customer relationships and customer lists have been identified separatel y. Relationships with high-profile customers provide the Group with prominence in the marketplace, create volume and traffic on the website, and enhance the reputation of the brand. Customer lists allow the Group to undertake targeted marketing activities. Member relationships relate to the Cashback vertical and are deemed to have value as they provide direct access to potential leads that can be transferred to the merchants\u2019 websites. Technology-based intangible assets relate to innovations and technical advances such as computer software, patented and unpatented technology, databases and trade secrets. Costs that are directly attributable to projects of a capital nature are recognised as technology - based intangible assets controlled by the Group and are recognised when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use; \u2022 management intends to complete the project and use it; \u2022 there is an ability to use or sell the project; \u2022 it can be demonstrated how the project will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use output of the project are available; and \u2022 the expenditure attributable to the project during its development can be reliably measured. Directly attributable costs that are capitalised as part of the project can include employee and contractor costs. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and enhancements, are recognised as an expense as incurred. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "Financial instruments Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. Fixed asset and short-term investments in equity securities held by the Group are classified as fair value through other comprehensive income (\u2018FVOCI\u2019) \u2013 equity instruments and are stated at fair value, with any resultant gain or loss being recognised directly in other comprehensive income (in the fair value reserve). Cash and cash equivalents comprise cash balances and call deposits. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (\u2018FVTPL\u2019), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; an d \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. Financial assets \u2013 subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any intere st or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial instruments and contract assets The Group recognises loss allowances for Expected Credit Losses (\u2018ECLs\u2019) on financial assets measured at amortised cost. The Group measures loss allowances at an amount equal to lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers and assumes that the credit risk of default on a financial asset has increased significantly if it is more than 120 days past due. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. 2. Summary of significant accounting policies continued Classification and subsequent measurement continued Financial instruments and contract assets continued At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are credit- impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 180 days past due based on historical experience of recoveries of similar assets. ECLs\u2019 are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Financial liabilities \u2013 classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition Financial asset The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liability The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The transaction is assumed to take place in the principal or, in its absence, the most advantageous market to which the Group has access at that date. A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates factors that market participants would take into account in pricing a transaction. In doing so, the Group consults with appropriate internal and external specialists to determine the fair valuation. Key assumptions are benchmarked against other comparable companies and sensitised to gain assurance that they fall within a reasonable range. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "Classification and subsequent measurement Financial assets Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; an d \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. Financial assets \u2013 subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any intere st or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial instruments and contract assets The Group recognises loss allowances for Expected Credit Losses (\u2018ECLs\u2019) on financial assets measured at amortised cost. The Group measures loss allowances at an amount equal to lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers and assumes that the credit risk of default on a financial asset has increased significantly if it is more than 120 days past due. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. 2. Summary of significant accounting policies continued Classification and subsequent measurement continued Financial instruments and contract assets continued At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are credit- impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 180 days past due based on historical experience of recoveries of similar assets. ECLs\u2019 are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "Financial liabilities \u2013 classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "Derecognition Financial asset The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liability The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The transaction is assumed to take place in the principal or, in its absence, the most advantageous market to which the Group has access at that date. A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates factors that market participants would take into account in pricing a transaction. In doing so, the Group consults with appropriate internal and external specialists to determine the fair valuation. Key assumptions are benchmarked against other comparable companies and sensitised to gain assurance that they fall within a reasonable range. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "Impairment Impairment of non-financial assets The carrying amounts of the Group\u2019s assets are reviewed annually to determine whether there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount is estimated. For the purposes of impairment reviews, the recoverable amount of the Group\u2019s assets is taken to be the higher of their fair value less costs to sell and their value in use. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (\u2018CGU\u2019) exceeds its recoverable amount. Impairment losses are recognised in the Consolidated Statement of Comprehensive Income. See note 13 for full disclosure of how goodwill and impairment losses are allocated across the CGUs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "Impairment of non-financial assets The carrying amounts of the Group\u2019s assets are reviewed annually to determine whether there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount is estimated. For the purposes of impairment reviews, the recoverable amount of the Group\u2019s assets is taken to be the higher of their fair value less costs to sell and their value in use. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (\u2018CGU\u2019) exceeds its recoverable amount. Impairment losses are recognised in the Consolidated Statement of Comprehensive Income. See note 13 for full disclosure of how goodwill and impairment losses are allocated across the CGUs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "Employee benefits Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Comprehensive Income as the related service is provided. Share-based payment transactions The Group\u2019s share schemes allow certain Group employees to acquire ordinary shares in the Company. The fair value of share awards made is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at the award date and spread over the period during which the employees become unconditionally entitled to the awards. The fair values of the share awards are measured using the Monte Carlo method for options subject to a market-based condition and the Black-Scholes model for all others, taking into account the terms and conditions upon which the awards were made. The amount recognised as an expense is adjusted to reflect the number of share awards expected to vest. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are recognised as an expense in the Consolidated Statement of Comprehensive Income as the related service is provided. A provision is recognised for the amount expected to be paid under short-term cash bonus or deferred bonus plan if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. The Group\u2019s deferred bonus plans currently do not have any ongoing performance obligations and are therefore provided for as described above in the period to which they related. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "Share-based payment transactions The Group\u2019s share schemes allow certain Group employees to acquire ordinary shares in the Company. The fair value of share awards made is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at the award date and spread over the period during which the employees become unconditionally entitled to the awards. The fair values of the share awards are measured using the Monte Carlo method for options subject to a market-based condition and the Black-Scholes model for all others, taking into account the terms and conditions upon which the awards were made. The amount recognised as an expense is adjusted to reflect the number of share awards expected to vest. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "Finance income Finance income comprises interest receivable from bank deposits and loan notes. ",
"dimensions": {
"concept": "moneysupermarket:DescriptionOfAccountingPolicyForFinanceIncome",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "Finance income Finance income comprises interest receivable from bank deposits and loan notes. Finance costs Finance costs comprise interest charged on borrowings, leases (recognised under IFRS 16 \u2013 Leases) and the unwind of discount on deferred consideration. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "Finance costs Finance costs comprise interest charged on borrowings, leases (recognised under IFRS 16 \u2013 Leases) and the unwind of discount on deferred consideration. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16 \u2013 Leases. Leased items are recognised on the balance sheet as an asset valued at its right of use and a corresponding liability that reflects the present value of future lease payments. The asset is initially measured at its right-of-use value which reflects the total cost of lease payments, the direct costs incurred to bring the asset into use and an estimate of the cost that will be incurred when dismantling or uninstalling the item. The asset is then depreciated through the profit and loss account on a straight-line basis over the contract term of the lease. The liability is initially recognised at the present value of future lease payments using the discount rate implicit in the lease if it can be determined or otherwise using the incremental borrowing rate of the Group. Leased items with a value of less than \u00a35,000 and items leased over a term of less than 12 months are not recognised on the balance sheet as an asset and liability. The cost of lease payments is recognised in the profit and loss account as they fall due on an accrued basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "Dividends Dividends payable to the Company\u2019s shareholders are recognised as a liability and deducted from shareholders\u2019 equity in the period in which the shareholders\u2019 right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "Taxation Income tax expense comprises current and deferred tax. It is recognised in the Consolidated Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates in force for the year, and any adjustment to ta payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purpose and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwil the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Research and development tax credits are accounted for as a government grant in accordance with IAS 20 \u2013 Accounting for Government Grants and Disclosure of Government Assistance. The credit is recognised once a reasonable estimate of the amount can be made. Taxation continued A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax liabilities are recognised at the expected future tax rate of the value of the intangible assets with finite lives which are acquired through business combinations representing the tax effect of the amortisation of these assets in future periods. These liabilities will decrease in line with the amortisation of the related intangible assets, with the deferred tax credit recognised in the Statement of Comprehensive Income in accordance with IAS 12 \u2013 Income Taxes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "Taxation Income tax expense comprises current and deferred tax. It is recognised in the Consolidated Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates in force for the year, and any adjustment to ta x payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purpose s and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwil l; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Research and development tax credits are accounted for as a government grant in accordance with IAS 20 \u2013 Accounting for Government Grants and Disclosure of Government Assistance. The credit is recognised once a reasonable estimate of the amount can be made. Taxation continued A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax liabilities are recognised at the expected future tax rate of the value of the intangible assets with finite lives which are acquired through business combinations representing the tax effect of the amortisation of these assets in future periods. These liabilities will decrease in line with the amortisation of the related intangible assets, with the deferred tax credit recognised in the Statement of Comprehensive Income in accordance with IAS 12 \u2013 Income Taxes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "Reserve for own shares The Group has a number of equity-settled, share-based employee incentive plans. In connection with these, shares in the Company are held by an Employee Benefit Trust (\u2018EBT\u2019). The assets and liabilities of the EBT are required to be consolidated within these accounts as it is deemed to be under de facto control of the Group. The assets of the EBT mainly comprise Moneysupermarket.com Group PLC shares, which are shown as a deduction from total equity at cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-363": {
"value": "Standards, amendments and interpretations issued but not yet effective A number of new standards are effective for annual periods beginning after 1 January 2022 and earlier adoption is permitted; however, the Group has not early adopted the new or amended standards in preparing these Consolidated Financial Statements. The following amended standards and interpretations are not expected to have a significant impact on the Group\u2019s Consolidated Financial Statements and are either not yet effective or not yet adopted by the UK Endorsement Board. The below standards are those that are relevant to the Group. Standard Summary of changes Amendments to IAS 1 Amendments to IAS 1 \u2013 Presentation of Financial Statements to update requirements on determining the classification of liabilities as current or non-current; and disclosure of material accounting policies rather than significant accounting policies. Effective date 1 January 2023. Amendments to IAS 8 Amendments to IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors to introduce a new definition of accounting estimates and clarifying the relationship between accounting policies and accounting estimates. Effective date 1 January 2023. Amendments to IAS 12 Amendments to IAS 12 \u2013 Income Taxes to provide clarification of accounting treatment in relation to deferred tax assets and liabilities arising from a single transaction. Effective date 1 January 2023. Amendments to IFRS 17 Amendments to IFRS 17 \u2013 Insurance Contracts establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. Effective date 1 January 2023. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "3. Acquisitions and disposals Podium Solutions Limited (\u2018Podium\u2019) On 23 December 2022, the Group gained control of Podium. Prior to this the Group had held a 50% investment in Podium which was accounted for as a joint venture. On completion of the transaction, the other shareholders of Podium exercised options which diluted the Group\u2019s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then, the Group has been in control of Podium and has accounted for it as a subsidiary undertaking. For further information see note 28 28. Acquisition of subsidiaries Quidco Limited (formerly known as Maple Syrup Media Limited) (\u2018Quidco\u2019) On 1 November 2021, the Group acquired 100% of the share capital and voting rights of Quidco for total consideration payable of \u00a3104.6m. On acquisition a new Cashback vertical was created for this business. Due to the proximity of the acquisition date to the year end and in accordance with IFRS 3 \u2013 Business Combinations, a disclosure was included in the Group\u2019s 2021 Annual Report indicating that if new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition identifies adjustments to the amounts recognised, or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised. Since the year end we have identified new information about facts and circumstances that existed at the date of acquisition which has resulted in an increase in both accrued income (within trade and other receivables) and other payables (within trade and other payables) of \u00a33.8m. There is no impact on total identifiable net assets acquired and therefore no impact on previously reported goodwill. The comparative balance sheet as at 31 December 2021 has been restated in these financial statements accordingly. Podium Solutions Limited (\u2018Podium\u2019) On 23 December 2022, the Group gained control of Podium. Prior to this the Group had held a 50% investment in Podium which was accounted for as a joint venture. On completion of the transaction, the other shareholders of Podium exercised options which diluted the Group\u2019s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then, the Group has been in control of Podium and has accounted for it as a subsidiary undertaking. The fair value of total consideration was \u00a31.6m which comprised the following: \u00a3m Fair value of existing interest 0.7 Fair value of additional equity interest 0.2 Fair value of non-controlling interest 0.7 Fair value of total consideration 1.6 The fair value of the total identifiable net assets acquired was \u00a31.6m: \u00a3m Intangible assets 3.2 Trade and other receivables 1.0 Cash 0.1 Trade and other payables (0.1) Amounts due to non-controlling interest (1.8) Deferred tax (0.8) Fair value of total identifiable net assets acquired 1.6 Intangible assets relate to technology expenditure that had not been capitalised in Podium prior to acquisition. The fair value of these assets has been determined using a rebuild cost valuation method. This was developed in consultation with senior technology professionals and using a cost assumption for developers inclusive of a profit margin as would be the case in an external build contracted to develop an equivalent platform. When valuing assets of this nature we take into account any obsolescence arising from advancements in technology since they have been built. 28. Acquisition of subsidiaries continued Podium Solutions Limited (\u2018Podium\u2019) continued There was no goodwill arising from the acquisition as the fair value of total consideration was equal to the fair value of total identifiable net assets acquired. In the period from completion of the deal to the year end, Podium contributed revenue and profit before tax of \u00a30.0m to these Consolidated Financial Statements. As part of the transaction the Group has a call option to acquire the remaining 48% of Podium in three years\u2019 time. The consideration payable will equate to the fair value of Podium at that date. No value has therefore been attributed to this call option in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "4. Revenue All revenue is derived from the Group\u2019s principal activity and is generated in the UK. 2022 \u00a3m 2021 \u00a3m Revenue from price comparison services 330.0 306.1 Revenue from cashback services 1 57.6 10.6 Total revenue 387.6 316.7 1 Revenue from cashback services in 2021 related to November and December only as we acquired Quidco Limited (formerly known as Maple Syrup Media Limited) on 1 November 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "5. Segmental information Business segments Below we report a measure of profitability at segment level that reflects the way performance is assessed internally. The Group has a number of teams, capabilities and infrastructure which are used to support all verticals, e.g. data platform and brand marketing. These are shared costs of the Group rather than \u201ccentral costs\u201d. We have concluded there is no direct or accurate basis for allocating these costs to the operating segments and therefore they are disclosed separately, which is how they are presented to the Chief Operating Decision Maker. The Group\u2019s reportable segments are Insurance, Money, Home Services, Travel and Cashback. These segments represent individual trading verticals which are reported separately for revenue and directly attributable expenses. Net finance expense, share of loss of equity accounted investments, tax and net assets are only reviewed by the Chief Operating Decision Maker at a consolidated level and therefore have not been allocated between segments. All assets held by the Group are located in the UK. Travel includes revenue and directly attributable expenses from TravelSupermarket prior to 1 September 2021 and then the combined Ice Travel Group thereafter. Cashback covers revenue and directly attributable expenses from Quidco Limited (formerly known as Maple Syrup Media Limited) following its acquisition on 1 November 2021. The following summary describes the products and services in each segment. Segment Products and services Insurance Customer completes transaction for insurance policy on any of the following: provider website, our website or a telephone call. Money Customer completes transaction for money products such as credit cards, loans and mortgages on provider website. Home Services Customer completes transaction for home services products such as energy and broadband on provider website. Travel Customer completes transaction for travel products on provider website or our website. Cashback Customer completes transaction for retail, telecommunications, services and travel products with a cashback incentive on merchant website. Customer receives confirmed cashback incentive on our site. Segment Insurance \u00a3m Money \u00a3m Home Services \u00a3m Travel \u00a3m Cashback \u00a3m Shared costs \u00a3m Total \u00a3m Year ended 31 December 2022 Revenue 172.0 103.3 39.8 14.9 57.6 \u2014 387.6 Directly attributable expenses (73.7) (31.0) (14.6) (10.0) (48.1) (94.7) (272.1) Adjusted EBITDA contribution 98.3 72.3 25.2 4.9 9.5 (94.7) 115.5 Adjusted EBITDA contribution margin1 57% 70% 63% 33% 16% \u2014 30% Depreciation and amortisation (26.5) Profit on disposal of property, plant and equipment 0.0 Net finance expense (3.5) Share of loss of equity accounted investments (0.3) Change in fair value of financial instruments 0.0 Profit before tax 85.2 Taxation (15.9) Profit for the year 69.3 5. Segmental information continued Business segments continued Segment Insurance \u00a3m Money \u00a3m Home Services \u00a3m Travel \u00a3m Cashback \u00a3m Shared costs \u00a3m Total \u00a3m Year ended 31 December 2021 Revenue 158.7 75.2 68.1 4.1 10.6 \u2014 316.7 Directly attributable expenses (64.0) (24.4) (34.9) (5.0) (8.8) ( 79.1) (216.2) Adjusted EBITDA contribution 94.7 50.8 33.2 (0.9) 1.8 (79.1) 100.5 Adjusted EBITDA contribution margin1 60% 68% 49% (21%) 17% \u2014 32% Depreciation and amortisation (23.5) Deal fees and associated costs (3.6) Profit on disposal of property, plant and equipment 0.1 Net finance expense (2.0) Share of loss of equity accounted investments (0.6) Change in fair value of financial instruments (0.7) Profit before tax 70.2 Taxation (18.1) Profit for the year 52.1 1 Adjusted EBITDA contribution margin is calculated by dividing adjusted EBITDA contribution by revenue. Insurance margin decreased from 60% to 57% year on year. This has been driven by the recovery in the lower margin travel insurance channel and the impact of FCA GI regulation on car and home, particularly in the first half. In Money, margin improved by 2ppt mainly due to the strong performance in banking which benefited from the consistent availability of attractive products. In Home Services, margin improved by 14ppt primarily due to the loss of a large but low margin B2B contract in July 2021 and the decline of the lower margin energy business. Travel trading rebounded driven by market recovery enabling it to return to profit in 2022. Margin for Cashback is significantly lower than other verticals as a large proportion of commission is paid out to members as cashback; margin finished broadly in line year on year. In the first full year as part of the Group, contribution increased significantly compared to the two months of ownership in 2021. Shared costs increased due to investments in the Group\u2019s data platforms and security, as well as media and production spend in support of the early delivery of advertising campaigns and from inflationary pressures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "6. Operating profit Operating profit is stated after charging items detailed in the table below. 2022 \u00a3m 2021 \u00a3m Depreciation of property, plant and equipment 4.8 4.5 Amortisation of intangible assets 21.7 19.0 Auditor\u2019s remuneration: Audit of these Consolidated Financial Statements 0.5 0.3 Audit of subsidiaries\u2019 Financial Statements 0.4 0.3 Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended 30 June 2022 which amounted to \u00a30.06m (2021: \u00a30.05m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "6. Operating profit Operating profit is stated after charging items detailed in the table below. 2022 \u00a3m 2021 \u00a3m Depreciation of property, plant and equipment 4.8 4.5 Amortisation of intangible assets 21.7 19.0 Auditor\u2019s remuneration: Audit of these Consolidated Financial Statements 0.5 0.3 Audit of subsidiaries\u2019 Financial Statements 0.4 0.3 Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended 30 June 2022 which amounted to \u00a30.06m (2021: \u00a30.05m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "7. Staff numbers and cost The average number of persons employed by the Group (including Directors) during the year, analysed by category, was as follows: 2022 No. 2021 No. Technology and product operations 265 290 Administration 468 461 733 751 The aggregate payroll costs of these persons were as follows: 2022 \u00a3m 2021 \u00a3m Wages and salaries 50.6 49.4 Compulsory social security contributions 6.2 5.5 Contributions to defined contribution plans 2.1 1.9 Share-based payment transactions 2.2 1.4 Social security contributions related to share awards and options 0.3 (0.6) Capitalised staff costs (3.4) (4.0) 58.0 53.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "8. Net finance expense 2022 \u00a3m 2021 \u00a3m Finance income Loan notes 0.3 0.0 Bank deposits 0.0 0.1 Total finance income 0.3 0.1 Finance expense Revolving credit facility (1.2) (0.7) Bank loan (1.4) (0.2) Leases (1.1) (1.1) Deferred consideration (0.1) (0.1) Total finance expense (3.8) (2.1) Net finance expense (3.5) (2.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "8. Net finance expense 2022 \u00a3m 2021 \u00a3m Finance income Loan notes 0.3 0.0 Bank deposits 0.0 0.1 Total finance income 0.3 0.1 Finance expense Revolving credit facility (1.2) (0.7) Bank loan (1.4) (0.2) Leases (1.1) (1.1) Deferred consideration (0.1) (0.1) Total finance expense (3.8) (2.1) Net finance expense (3.5) (2.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "8. Net finance expense 2022 \u00a3m 2021 \u00a3m Finance income Loan notes 0.3 0.0 Bank deposits 0.0 0.1 Total finance income 0.3 0.1 Finance expense Revolving credit facility (1.2) (0.7) Bank loan (1.4) (0.2) Leases (1.1) (1.1) Deferred consideration (0.1) (0.1) Total finance expense (3.8) (2.1) Net finance expense (3.5) (2.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "9. Taxation 2022 \u00a3m 2021 \u00a3m Current tax Current tax on income for the year 18.3 15.9 Adjustment in relation to prior period 0.4 (0.3) Total current tax 18.7 15.6 Deferred tax Origination and reversal of temporary differences (1.9) (1.1) Adjustments due to changes in corporation tax rate (0.2) 3.5 Adjustment in relation to prior period (0.7) 0.1 Total deferred tax (2.8) 2.5 Taxation 15.9 18.1 9. Taxation continued Reconciliation of the effective tax rate The effective tax rate for the year is lower (2021: higher) than the standard rate of corporation tax in the UK of 19% (2021: 19%). The differences are explained below. 2022 \u00a3m 2021 \u00a3m Profit before tax 85.2 70.2 Standard rate of tax at 19% (2021: 19%) 16.2 13.3 Effects of: Expenses not deductible for tax purposes 0.1 0.9 Investments chargeable to tax not included in reported profit before tax \u2014 0.3 Movement related to share-based payments 0.1 0.2 Change in fair value of financial instruments (0.0) 0.1 Impact of changes in tax rate (0.2) 3.5 Adjustments in relation to prior periods (0.3) (0.2) Taxation 15.9 18.1 In March 2021, an increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted. The deferred tax liability at the balance sheet date has been calculated based on a rate of 25%. 19. Deferred tax liabilities Deferred tax assets and liabilities are attributable to the following: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Goodwill related to MoneySavingExpert.com 13.2 13.3 Intangible assets and goodwill relating to other acquisitions 11.3 12.2 Share schemes (0.5) (0.2) Accelerated capital allowances (0.2) 0.4 Losses (1.3) (0.4) Deferred tax liability 22.5 25.3 The following table illustrates the movement in the deferred tax liabilities during the year: 2022 \u00a3m 2021 \u00a3m At 1 January 25.3 11.4 Temporary differences on: Goodwill related to MoneySavingExpert.com (0.1) 3.0 Intangible assets and goodwill relating to other acquisitions (1.3) 11.2 Share schemes (0.3) \u2014 Accelerated capital allowances (0.2) 0.1 Losses (0.9) (0.4) At 31 December 22.5 25.3 Deferred tax liabilities arose from the recognition of the intangible assets and goodwill upon the acquisition of Moneysupermarket.com Financial Group Limited, MoneySavingExpert.com Limited, Decision Technologies Limited, CYTI (Holdings) Limited, Ice Travel Group Limited, Quidco Limited (formerly known as Maple Syrup Media Limited) and Podium Solutions Limited. Deferred tax assets arise on share option schemes based on the expected tax deduction on vesting. Deferred tax assets have also been recognised for unused tax losses to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets and liabilities have been calculated at the applicable tax rate enacted at the balance sheet date of 25% (2021: 25%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "9. Taxation 2022 \u00a3m 2021 \u00a3m Current tax Current tax on income for the year 18.3 15.9 Adjustment in relation to prior period 0.4 (0.3) Total current tax 18.7 15.6 Deferred tax Origination and reversal of temporary differences (1.9) (1.1) Adjustments due to changes in corporation tax rate (0.2) 3.5 Adjustment in relation to prior period (0.7) 0.1 Total deferred tax (2.8) 2.5 Taxation 15.9 18.1 9. Taxation continued Reconciliation of the effective tax rate The effective tax rate for the year is lower (2021: higher) than the standard rate of corporation tax in the UK of 19% (2021: 19%). The differences are explained below. 2022 \u00a3m 2021 \u00a3m Profit before tax 85.2 70.2 Standard rate of tax at 19% (2021: 19%) 16.2 13.3 Effects of: Expenses not deductible for tax purposes 0.1 0.9 Investments chargeable to tax not included in reported profit before tax \u2014 0.3 Movement related to share-based payments 0.1 0.2 Change in fair value of financial instruments (0.0) 0.1 Impact of changes in tax rate (0.2) 3.5 Adjustments in relation to prior periods (0.3) (0.2) Taxation 15.9 18.1 In March 2021, an increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted. The deferred tax liability at the balance sheet date has been calculated based on a rate of 25%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "10. Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the Company, by the weighted average number of ordinary shares outstanding during the year. The Company\u2019s own shares held by employee trusts are excluded when calculating the weighted average number of ordinary shares outstanding. Diluted earnings per share Diluted earnings per share is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the Company, by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares. Earnings per share Basic and diluted earnings per share have been calculated on the following basis: 2022 2021 Profit after taxation attributable to the owners of the Company (\u00a3m) 68.3 52.7 Basic weighted average shares in issue (millions) 536.5 536.4 Dilutive effect of share-based instruments (millions) 2.4 0.1 Diluted weighted average shares in issue (millions) 538.9 536.5 Basic earnings per share (p) 12.7 9.8 Diluted earnings per share (p) 12.7 9.8 Adjusted basic and diluted earnings per share have been calculated as follows: 2022 \u00a3m 2021 \u00a3m Profit before tax 85.2 70.2 Adjusted for (profit)/loss before tax attributable to non-controlling interest (1.2) 0.7 Profit before tax attributable to the owners of the Company 84.0 70.9 Amortisation of acquisition related intangible assets 11.3 4.4 Amortisation of acquisition related intangible assets attributable to non-controlling interest (0.2) (0.1) Deal fees and associated costs \u2014 3.6 Deal fees and associated costs attributable to non-controlling interest \u2014 (0.6) Change in fair value of financial instruments (0.0) 0.7 95.1 78.9 Estimated taxation at 19% effective rate (2021: 19%) (18.1) (15.0) Profit for adjusted earnings per share purposes 77.0 63.9 Adjusted basic earnings per share (p) 14.4 11.9 Adjusted diluted earnings per share (p) 14.3 11.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "11. Dividends 2022 2021 pence per share Total \u00a3m pence per share Total \u00a3m Declared and paid dividends on ordinary shares: Prior year final dividend 8.61 46.2 8.61 46.2 Interim dividend 3.10 16.6 3.10 16.6 Total dividend paid in the year 11.71 62.8 11.71 62.8 Proposed for approval (not recognised as a liability at 31 December): Final dividend 8.61 46.2 8.61 46.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "12. Property, plant and equipment Land and buildings \u00a3m Plant and equipment \u00a3m Office equipment \u00a3m Fixtures and fittings \u00a3m Total \u00a3m Cost: At 1 January 2021 49.5 20.2 1.5 2.1 73.3 Acquisitions through business combinations 1.7 0.4 \u2014 \u2014 2.1 Additions \u2014 0.6 0.0 0.0 0.6 Disposals (1.6) (0.5) \u2014 \u2014 (2.1) At 31 December 2021 49.6 20.7 1.5 2.1 73.9 At 1 January 2022 49.6 20.7 1.5 2.1 73.9 Additions \u2014 0.4 0.0 \u2014 0.4 Disposals (2.0) \u2014 \u2014 (0.0) (2.0) At 31 December 2022 47.6 21.1 1.5 2.1 72.3 Depreciation: At 1 January 2021 9.8 18.4 0.7 1.8 30.7 Depreciation for the year 3.6 0.6 0.1 0.2 4.5 Disposals (0.6) (0.5) \u2014 \u2014 (1.1) At 31 December 2021 12.8 18.5 0.8 2.0 34.1 At 1 January 2022 12.8 18.5 0.8 2.0 34.1 Depreciation for the year 4.0 0.6 0.1 0.1 4.8 Disposals (2.0) \u2014 \u2014 (0.0) (2.0) At 31 December 2022 14.8 19.1 0.9 2.1 36.9 Carrying value: At 31 December 2021 36.8 2.2 0.7 0.1 39.8 At 31 December 2022 32.8 2.0 0.6 0.0 35.4 Land and buildings includes right-of-use assets of \u00a322.4m (2021: \u00a325.4m) related to leased properties that do not meet the definition of investment property (see note 24). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "13. Intangible assets and goodwill Market related \u00a3m Customer/ member relationship \u00a3m Technology related \u00a3m Goodwill \u00a3m Total \u00a3m Cost: At 1 January 2021 155.3 \u2014 101.5 212.6 469.4 Acquisitions through business combinations 14.3 21.2 15.4 76.5 127.4 Additions internally developed \u2014 \u2014 9.2 \u2014 9.2 Disposals \u2014 \u2014 (2.7) \u2014 (2.7) At 31 December 2021 169.6 21.2 123.4 289.1 603.3 At 1 January 2022 169.6 21.2 123.4 289.1 603.3 Acquisitions through business combinations \u2014 \u2014 3.2 \u2014 3.2 Additions internally developed \u2014 \u2014 10.0 \u2014 10.0 Transfers \u2014 \u2014 0.5 (0.5) \u2014 At 31 December 2022 169.6 21.2 137.1 288.6 616.5 Amortisation: At 1 January 2021 148.5 \u2014 75.8 74.3 298.6 Amortisation charge for the year 2.0 0.4 16.6 \u2014 19.0 Disposals \u2014 \u2014 (2.7) \u2014 (2.7) At 31 December 2021 150.5 0.4 89.7 74.3 314.9 At 1 January 2022 150.5 0.4 89.7 74.3 314.9 Amortisation charge for the year 2.8 2.1 16.8 \u2014 21.7 At 31 December 2022 153.3 2.5 106.5 74.3 336.6 Carrying value: At 31 December 2021 19.1 20.8 33.7 214.8 288.4 At 31 December 2022 16.3 18.7 30.6 214.3 279.9 Acquisitions through business combinations Details of acquisitions through business combinations can be found in note 28. Additions internally developed Included within the technology related intangible assets are technology related intangible assets under development with a net carrying value of \u00a33.7m (2021: \u00a35.6m). In order to accurately quantify the value of internally generated technology assets the Group undertakes project tracking to record the cost of both internal and contract staff wholly assigned to each project. Third party costs incurred are allocated to investment projects and recognised at purchase cost. This approach ensures that technology related intangible assets accurately reflect the cost of development. As highlighted in note 2, there is a degree of judgement regarding the recognition of costs incurred in developing technology related intangible assets. This is due to the asset recognition criteria being predicated on future economic benefit flowing from that asset. The Directors are satisfied that any spend capitalised meets the criteria of IAS 38 \u2013 Intangible Assets and, where relevant, SIC-32 Intangible Assets \u2013 Web Site Costs. On an annual basis, or where an indication exists, the Group is required to assess its goodwill and intangible assets for impairment. See below for this assessment for goodwill and technology related assets. Disposals Disposals in the prior year include assets with a combined gross book value of \u00a32.7m and carrying value of \u00a3nil that were no longer in use and were therefore retired. There was no impact on profit or loss arising from this. Intangible assets and goodwill The Group employs the services of appropriately qualified and experienced experts to value the intangible assets acquired as part of any business combinations. For larger acquisitions and more complex intangible assets, the Group employs independent third parties to assist our in-house team. At 31 December 2022, the Group had significant balances relating to goodwill as a result of acquisitions of businesses in the current and previous years. Goodwill balances are tested annually for impairment or if events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. 13. Intangible assets and goodwill continued Intangible assets and goodwill continued The Group is required to allocate goodwill between its cash generating units (\u2018CGUs\u2019) that represent the lowest level within the Group at which goodwill is monitored for internal management purposes. These CGUs are Insurance, Money, Home Services, Travel and Cashback. The Group has performed impairment testing at a CGU level for all CGUs. Goodwill is allocated to each CGU as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Insurance 46.5 46.5 Money 33.2 33.2 Home Services 54.8 54.8 Travel 11.5 11.5 Cashback 68.3 68.8 Goodwill 214.3 214.8 Impairment review For all CGUs the present value of the future cash flows has been calculated using management\u2019s best estimate of future cash flows, which are based on the Group\u2019s long term plan, approved in January 2023, incorporating cost of sales, advertising and an allocation of overhead costs. The forecast assumes continued growth in each CGU; with many change programmes delivered in 2022 we expect to see the benefits in future years with market growth in a number of channels. In accordance with IAS 36 \u2013 Impairment of Assets, the Group is required to test goodwill for impairment annually. We test impairment at a CGU level by comparing the net present value of future cash flows, derived from the latest budget and long term plan, to the carrying value of the total assets. The value in use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the risk-adjusted pre-tax discount rate used to discount the assumed cash flows to present value: \u2022 Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 2.7% (2021: 1.0%). This year, given recent volatility in Gross Domestic Product (GDP) growth rates, our rate is taken over a longer period of 7 years per the Office for Budget Responsibility forecast average for growth in the UK\u2019s GDP. \u2022 The pre-tax discount rate for the Group has been determined as 13.5% (2021: 13.5%). Management estimate discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to a CGU. In the prior year the Group discount rate was at the higher end of our range and reflected uncertainty in key channels, particularly within Insurance due to the regulatory changes introduced in early 2022 and in the travel sector due to COVID-19 disruption at the time. Now with reduced uncertainty in key channels, maintaining the rate the same this year incorporates the current rising rates environment and increases to the risk-free premium. Each CGU faces different market-specific risks, but these are not considered significant enough to justify more than a small adjustment to the risk premium applied to each CGU (these are described below). Our assessment confirms there is headroom across all CGUs and the Directors have therefore concluded no impairment of goodwill is required (after considering sensitivities there is no reasonable change in assumptions to cause an impairment in any CGU). The headroom in the Cashback CGU is more sensitive than the other CGUs to assumptions on the discount rate and revenue growth as explained below). Insurance, Money, Home Services and Travel CGUs The present value of the future cash flows has been calculated with the following key assumptions: \u2022 A 3 year Board approved cash flow forecast, incorporating past experience, based on market growth, visitor volumes, source of visitors, revenue per transaction/visitor and marketing spend. \u2022 A pre-tax discount rate of 13.5% (2021: 13.5%) for Insurance and Money in line with the Group rate. \u2022 A pre-tax discount rate of 15.5% (2021: 16.5%) for the Travel and Home Services CGUs, which incorporates a risk premium of 2% to reflect management\u2019s assessment of specific risks related to this CGU. The assessment concludes that the recoverable amount of the assets allocated to the Insurance, Money, Home Services and Travel CGUs exceeds their carrying value by in excess of 100% (2021: in excess of 100%). No reasonable possible change to a key assumption would therefore result in an impairment . 13. Intangible assets and goodwill continued Cashback CGU The present value of the future cash flows has been calculated with the following key assumptions: \u2022 A 5 year Board approved cash flow forecast based on market growth, active member transactions, revenue per purchase, gross profit, member drawdowns and marketing spend. A longer forecast time frame (5 years) has been used for the Cashback CGU to reflect the synergies expected from being part of the Group. \u2022 A pre-tax discount rate of 15.5% has been applied to the Cashback CGU, which reflects a 2% risk premium to the Group discount rate to reflect management\u2019s assessment of specific risks related to this CGU. The recoverable amount of the assets allocated to the Cashback CGU exceeds the carrying value by \u00a313m, or 16%. The value in use calculation is sensitive to key assumptions such as the discount rate and revenue growth. As reasonable sensitivities, with all other assumptions unchanged, increasing the discount rate to 16.0% would reduce the headroom to \u00a39.4m and decreasing the revenue growth forecast by an average of 5% each year would reduce the headroom to \u00a35.1m. An increase in the discount rate to 17.4% or a decrease in the revenue growth by an average of 9% each year would reduce the headroom to nil. Group impairment testing As explained in note 5, in our segmental reporting we allocate costs across our operating segments where they can be allocated directly or on a reasonable and consistent basis, however a number of the significant costs which the Group incurs cannot be allocated either directly or on a reasonable and consistent basis to the CGUs. These shared costs are reviewed at that level by the Group\u2019s Chief Operating Decision Maker. Therefore the cash flows estimated for these CGUs include all of the Group\u2019s forecast segmental profit contributions and an allocation of the Group\u2019s forecast shared costs. The Group has therefore also performed a further impairment test for the Group as a whole, in a manner consistent with previous years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill and other corporate assets, to the recoverable amount. The recoverable amount has been estimated based on the present value of its future cash flows, which has been calculated with a set of assumptions consistent with those set out above in relation to the individual operating segment calculations. The analysis performed calculates that the recoverable amount of the Group\u2019s assets exceeds their carrying value by in excess of 100% (2021: in excess of 100%), and as such, no impairment was identified. The Group has completed sensitivity analysis as part of its impairment testing procedures by flexing both cash flow and discounting assumptions significantly. The headroom on goodwill is such that there are no foreseeable scenarios in which the Group would need to consider an impairment. In conclusion, no reasonably possible change to a key assumption would result in an impairment (2021: same). Impairment testing of technology and market related intangible assets Technology and market related intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. In line with IAS 36 \u2013 Impairment of Assets, the Group also conducts annual impairment testing of significant technology related intangible assets under development and not yet available for use. The impact of travel recovery and the current conditions affecting the energy switching market were deemed to be indicators of a potential impairment of the technology assets in the Travel CGU and in the Home Services CGU. Impairment testing was therefore performed, which determined that the recoverable amounts of these assets exceed their carrying values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "13. Intangible assets and goodwill Market related \u00a3m Customer/ member relationship \u00a3m Technology related \u00a3m Goodwill \u00a3m Total \u00a3m Cost: At 1 January 2021 155.3 \u2014 101.5 212.6 469.4 Acquisitions through business combinations 14.3 21.2 15.4 76.5 127.4 Additions internally developed \u2014 \u2014 9.2 \u2014 9.2 Disposals \u2014 \u2014 (2.7) \u2014 (2.7) At 31 December 2021 169.6 21.2 123.4 289.1 603.3 At 1 January 2022 169.6 21.2 123.4 289.1 603.3 Acquisitions through business combinations \u2014 \u2014 3.2 \u2014 3.2 Additions internally developed \u2014 \u2014 10.0 \u2014 10.0 Transfers \u2014 \u2014 0.5 (0.5) \u2014 At 31 December 2022 169.6 21.2 137.1 288.6 616.5 Amortisation: At 1 January 2021 148.5 \u2014 75.8 74.3 298.6 Amortisation charge for the year 2.0 0.4 16.6 \u2014 19.0 Disposals \u2014 \u2014 (2.7) \u2014 (2.7) At 31 December 2021 150.5 0.4 89.7 74.3 314.9 At 1 January 2022 150.5 0.4 89.7 74.3 314.9 Amortisation charge for the year 2.8 2.1 16.8 \u2014 21.7 At 31 December 2022 153.3 2.5 106.5 74.3 336.6 Carrying value: At 31 December 2021 19.1 20.8 33.7 214.8 288.4 At 31 December 2022 16.3 18.7 30.6 214.3 279.9 Acquisitions through business combinations Details of acquisitions through business combinations can be found in note 28. Additions internally developed Included within the technology related intangible assets are technology related intangible assets under development with a net carrying value of \u00a33.7m (2021: \u00a35.6m). In order to accurately quantify the value of internally generated technology assets the Group undertakes project tracking to record the cost of both internal and contract staff wholly assigned to each project. Third party costs incurred are allocated to investment projects and recognised at purchase cost. This approach ensures that technology related intangible assets accurately reflect the cost of development. As highlighted in note 2, there is a degree of judgement regarding the recognition of costs incurred in developing technology related intangible assets. This is due to the asset recognition criteria being predicated on future economic benefit flowing from that asset. The Directors are satisfied that any spend capitalised meets the criteria of IAS 38 \u2013 Intangible Assets and, where relevant, SIC-32 Intangible Assets \u2013 Web Site Costs. On an annual basis, or where an indication exists, the Group is required to assess its goodwill and intangible assets for impairment. See below for this assessment for goodwill and technology related assets. Disposals Disposals in the prior year include assets with a combined gross book value of \u00a32.7m and carrying value of \u00a3nil that were no longer in use and were therefore retired. There was no impact on profit or loss arising from this. Intangible assets and goodwill The Group employs the services of appropriately qualified and experienced experts to value the intangible assets acquired as part of any business combinations. For larger acquisitions and more complex intangible assets, the Group employs independent third parties to assist our in-house team. At 31 December 2022, the Group had significant balances relating to goodwill as a result of acquisitions of businesses in the current and previous years. Goodwill balances are tested annually for impairment or if events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. 13. Intangible assets and goodwill continued Intangible assets and goodwill continued The Group is required to allocate goodwill between its cash generating units (\u2018CGUs\u2019) that represent the lowest level within the Group at which goodwill is monitored for internal management purposes. These CGUs are Insurance, Money, Home Services, Travel and Cashback. The Group has performed impairment testing at a CGU level for all CGUs. Goodwill is allocated to each CGU as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Insurance 46.5 46.5 Money 33.2 33.2 Home Services 54.8 54.8 Travel 11.5 11.5 Cashback 68.3 68.8 Goodwill 214.3 214.8 Impairment review For all CGUs the present value of the future cash flows has been calculated using management\u2019s best estimate of future cash flows, which are based on the Group\u2019s long term plan, approved in January 2023, incorporating cost of sales, advertising and an allocation of overhead costs. The forecast assumes continued growth in each CGU; with many change programmes delivered in 2022 we expect to see the benefits in future years with market growth in a number of channels. In accordance with IAS 36 \u2013 Impairment of Assets, the Group is required to test goodwill for impairment annually. We test impairment at a CGU level by comparing the net present value of future cash flows, derived from the latest budget and long term plan, to the carrying value of the total assets. The value in use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the risk-adjusted pre-tax discount rate used to discount the assumed cash flows to present value: \u2022 Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 2.7% (2021: 1.0%). This year, given recent volatility in Gross Domestic Product (GDP) growth rates, our rate is taken over a longer period of 7 years per the Office for Budget Responsibility forecast average for growth in the UK\u2019s GDP. \u2022 The pre-tax discount rate for the Group has been determined as 13.5% (2021: 13.5%). Management estimate discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to a CGU. In the prior year the Group discount rate was at the higher end of our range and reflected uncertainty in key channels, particularly within Insurance due to the regulatory changes introduced in early 2022 and in the travel sector due to COVID-19 disruption at the time. Now with reduced uncertainty in key channels, maintaining the rate the same this year incorporates the current rising rates environment and increases to the risk-free premium. Each CGU faces different market-specific risks, but these are not considered significant enough to justify more than a small adjustment to the risk premium applied to each CGU (these are described below). Our assessment confirms there is headroom across all CGUs and the Directors have therefore concluded no impairment of goodwill is required (after considering sensitivities there is no reasonable change in assumptions to cause an impairment in any CGU). The headroom in the Cashback CGU is more sensitive than the other CGUs to assumptions on the discount rate and revenue growth as explained below). Insurance, Money, Home Services and Travel CGUs The present value of the future cash flows has been calculated with the following key assumptions: \u2022 A 3 year Board approved cash flow forecast, incorporating past experience, based on market growth, visitor volumes, source of visitors, revenue per transaction/visitor and marketing spend. \u2022 A pre-tax discount rate of 13.5% (2021: 13.5%) for Insurance and Money in line with the Group rate. \u2022 A pre-tax discount rate of 15.5% (2021: 16.5%) for the Travel and Home Services CGUs, which incorporates a risk premium of 2% to reflect management\u2019s assessment of specific risks related to this CGU. The assessment concludes that the recoverable amount of the assets allocated to the Insurance, Money, Home Services and Travel CGUs exceeds their carrying value by in excess of 100% (2021: in excess of 100%). No reasonable possible change to a key assumption would therefore result in an impairment . 13. Intangible assets and goodwill continued Cashback CGU The present value of the future cash flows has been calculated with the following key assumptions: \u2022 A 5 year Board approved cash flow forecast based on market growth, active member transactions, revenue per purchase, gross profit, member drawdowns and marketing spend. A longer forecast time frame (5 years) has been used for the Cashback CGU to reflect the synergies expected from being part of the Group. \u2022 A pre-tax discount rate of 15.5% has been applied to the Cashback CGU, which reflects a 2% risk premium to the Group discount rate to reflect management\u2019s assessment of specific risks related to this CGU. The recoverable amount of the assets allocated to the Cashback CGU exceeds the carrying value by \u00a313m, or 16%. The value in use calculation is sensitive to key assumptions such as the discount rate and revenue growth. As reasonable sensitivities, with all other assumptions unchanged, increasing the discount rate to 16.0% would reduce the headroom to \u00a39.4m and decreasing the revenue growth forecast by an average of 5% each year would reduce the headroom to \u00a35.1m. An increase in the discount rate to 17.4% or a decrease in the revenue growth by an average of 9% each year would reduce the headroom to nil. Group impairment testing As explained in note 5, in our segmental reporting we allocate costs across our operating segments where they can be allocated directly or on a reasonable and consistent basis, however a number of the significant costs which the Group incurs cannot be allocated either directly or on a reasonable and consistent basis to the CGUs. These shared costs are reviewed at that level by the Group\u2019s Chief Operating Decision Maker. Therefore the cash flows estimated for these CGUs include all of the Group\u2019s forecast segmental profit contributions and an allocation of the Group\u2019s forecast shared costs. The Group has therefore also performed a further impairment test for the Group as a whole, in a manner consistent with previous years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill and other corporate assets, to the recoverable amount. The recoverable amount has been estimated based on the present value of its future cash flows, which has been calculated with a set of assumptions consistent with those set out above in relation to the individual operating segment calculations. The analysis performed calculates that the recoverable amount of the Group\u2019s assets exceeds their carrying value by in excess of 100% (2021: in excess of 100%), and as such, no impairment was identified. The Group has completed sensitivity analysis as part of its impairment testing procedures by flexing both cash flow and discounting assumptions significantly. The headroom on goodwill is such that there are no foreseeable scenarios in which the Group would need to consider an impairment. In conclusion, no reasonably possible change to a key assumption would result in an impairment (2021: same). Impairment testing of technology and market related intangible assets Technology and market related intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. In line with IAS 36 \u2013 Impairment of Assets, the Group also conducts annual impairment testing of significant technology related intangible assets under development and not yet available for use. The impact of travel recovery and the current conditions affecting the energy switching market were deemed to be indicators of a potential impairment of the technology assets in the Travel CGU and in the Home Services CGU. Impairment testing was therefore performed, which determined that the recoverable amounts of these assets exceed their carrying values. ",
"dimensions": {
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"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-374": {
"value": "13. Intangible assets and goodwill Market related \u00a3m Customer/ member relationship \u00a3m Technology related \u00a3m Goodwill \u00a3m Total \u00a3m Cost: At 1 January 2021 155.3 \u2014 101.5 212.6 469.4 Acquisitions through business combinations 14.3 21.2 15.4 76.5 127.4 Additions internally developed \u2014 \u2014 9.2 \u2014 9.2 Disposals \u2014 \u2014 (2.7) \u2014 (2.7) At 31 December 2021 169.6 21.2 123.4 289.1 603.3 At 1 January 2022 169.6 21.2 123.4 289.1 603.3 Acquisitions through business combinations \u2014 \u2014 3.2 \u2014 3.2 Additions internally developed \u2014 \u2014 10.0 \u2014 10.0 Transfers \u2014 \u2014 0.5 (0.5) \u2014 At 31 December 2022 169.6 21.2 137.1 288.6 616.5 Amortisation: At 1 January 2021 148.5 \u2014 75.8 74.3 298.6 Amortisation charge for the year 2.0 0.4 16.6 \u2014 19.0 Disposals \u2014 \u2014 (2.7) \u2014 (2.7) At 31 December 2021 150.5 0.4 89.7 74.3 314.9 At 1 January 2022 150.5 0.4 89.7 74.3 314.9 Amortisation charge for the year 2.8 2.1 16.8 \u2014 21.7 At 31 December 2022 153.3 2.5 106.5 74.3 336.6 Carrying value: At 31 December 2021 19.1 20.8 33.7 214.8 288.4 At 31 December 2022 16.3 18.7 30.6 214.3 279.9 Acquisitions through business combinations Details of acquisitions through business combinations can be found in note 28. Additions internally developed Included within the technology related intangible assets are technology related intangible assets under development with a net carrying value of \u00a33.7m (2021: \u00a35.6m). In order to accurately quantify the value of internally generated technology assets the Group undertakes project tracking to record the cost of both internal and contract staff wholly assigned to each project. Third party costs incurred are allocated to investment projects and recognised at purchase cost. This approach ensures that technology related intangible assets accurately reflect the cost of development. As highlighted in note 2, there is a degree of judgement regarding the recognition of costs incurred in developing technology related intangible assets. This is due to the asset recognition criteria being predicated on future economic benefit flowing from that asset. The Directors are satisfied that any spend capitalised meets the criteria of IAS 38 \u2013 Intangible Assets and, where relevant, SIC-32 Intangible Assets \u2013 Web Site Costs. On an annual basis, or where an indication exists, the Group is required to assess its goodwill and intangible assets for impairment. See below for this assessment for goodwill and technology related assets. Disposals Disposals in the prior year include assets with a combined gross book value of \u00a32.7m and carrying value of \u00a3nil that were no longer in use and were therefore retired. There was no impact on profit or loss arising from this. Intangible assets and goodwill The Group employs the services of appropriately qualified and experienced experts to value the intangible assets acquired as part of any business combinations. For larger acquisitions and more complex intangible assets, the Group employs independent third parties to assist our in-house team. At 31 December 2022, the Group had significant balances relating to goodwill as a result of acquisitions of businesses in the current and previous years. Goodwill balances are tested annually for impairment or if events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. 13. Intangible assets and goodwill continued Intangible assets and goodwill continued The Group is required to allocate goodwill between its cash generating units (\u2018CGUs\u2019) that represent the lowest level within the Group at which goodwill is monitored for internal management purposes. These CGUs are Insurance, Money, Home Services, Travel and Cashback. The Group has performed impairment testing at a CGU level for all CGUs. Goodwill is allocated to each CGU as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Insurance 46.5 46.5 Money 33.2 33.2 Home Services 54.8 54.8 Travel 11.5 11.5 Cashback 68.3 68.8 Goodwill 214.3 214.8 Impairment review For all CGUs the present value of the future cash flows has been calculated using management\u2019s best estimate of future cash flows, which are based on the Group\u2019s long term plan, approved in January 2023, incorporating cost of sales, advertising and an allocation of overhead costs. The forecast assumes continued growth in each CGU; with many change programmes delivered in 2022 we expect to see the benefits in future years with market growth in a number of channels. In accordance with IAS 36 \u2013 Impairment of Assets, the Group is required to test goodwill for impairment annually. We test impairment at a CGU level by comparing the net present value of future cash flows, derived from the latest budget and long term plan, to the carrying value of the total assets. The value in use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the risk-adjusted pre-tax discount rate used to discount the assumed cash flows to present value: \u2022 Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 2.7% (2021: 1.0%). This year, given recent volatility in Gross Domestic Product (GDP) growth rates, our rate is taken over a longer period of 7 years per the Office for Budget Responsibility forecast average for growth in the UK\u2019s GDP. \u2022 The pre-tax discount rate for the Group has been determined as 13.5% (2021: 13.5%). Management estimate discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to a CGU. In the prior year the Group discount rate was at the higher end of our range and reflected uncertainty in key channels, particularly within Insurance due to the regulatory changes introduced in early 2022 and in the travel sector due to COVID-19 disruption at the time. Now with reduced uncertainty in key channels, maintaining the rate the same this year incorporates the current rising rates environment and increases to the risk-free premium. Each CGU faces different market-specific risks, but these are not considered significant enough to justify more than a small adjustment to the risk premium applied to each CGU (these are described below). Our assessment confirms there is headroom across all CGUs and the Directors have therefore concluded no impairment of goodwill is required (after considering sensitivities there is no reasonable change in assumptions to cause an impairment in any CGU). The headroom in the Cashback CGU is more sensitive than the other CGUs to assumptions on the discount rate and revenue growth as explained below). Insurance, Money, Home Services and Travel CGUs The present value of the future cash flows has been calculated with the following key assumptions: \u2022 A 3 year Board approved cash flow forecast, incorporating past experience, based on market growth, visitor volumes, source of visitors, revenue per transaction/visitor and marketing spend. \u2022 A pre-tax discount rate of 13.5% (2021: 13.5%) for Insurance and Money in line with the Group rate. \u2022 A pre-tax discount rate of 15.5% (2021: 16.5%) for the Travel and Home Services CGUs, which incorporates a risk premium of 2% to reflect management\u2019s assessment of specific risks related to this CGU. The assessment concludes that the recoverable amount of the assets allocated to the Insurance, Money, Home Services and Travel CGUs exceeds their carrying value by in excess of 100% (2021: in excess of 100%). No reasonable possible change to a key assumption would therefore result in an impairment . 13. Intangible assets and goodwill continued Cashback CGU The present value of the future cash flows has been calculated with the following key assumptions: \u2022 A 5 year Board approved cash flow forecast based on market growth, active member transactions, revenue per purchase, gross profit, member drawdowns and marketing spend. A longer forecast time frame (5 years) has been used for the Cashback CGU to reflect the synergies expected from being part of the Group. \u2022 A pre-tax discount rate of 15.5% has been applied to the Cashback CGU, which reflects a 2% risk premium to the Group discount rate to reflect management\u2019s assessment of specific risks related to this CGU. The recoverable amount of the assets allocated to the Cashback CGU exceeds the carrying value by \u00a313m, or 16%. The value in use calculation is sensitive to key assumptions such as the discount rate and revenue growth. As reasonable sensitivities, with all other assumptions unchanged, increasing the discount rate to 16.0% would reduce the headroom to \u00a39.4m and decreasing the revenue growth forecast by an average of 5% each year would reduce the headroom to \u00a35.1m. An increase in the discount rate to 17.4% or a decrease in the revenue growth by an average of 9% each year would reduce the headroom to nil. Group impairment testing As explained in note 5, in our segmental reporting we allocate costs across our operating segments where they can be allocated directly or on a reasonable and consistent basis, however a number of the significant costs which the Group incurs cannot be allocated either directly or on a reasonable and consistent basis to the CGUs. These shared costs are reviewed at that level by the Group\u2019s Chief Operating Decision Maker. Therefore the cash flows estimated for these CGUs include all of the Group\u2019s forecast segmental profit contributions and an allocation of the Group\u2019s forecast shared costs. The Group has therefore also performed a further impairment test for the Group as a whole, in a manner consistent with previous years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill and other corporate assets, to the recoverable amount. The recoverable amount has been estimated based on the present value of its future cash flows, which has been calculated with a set of assumptions consistent with those set out above in relation to the individual operating segment calculations. The analysis performed calculates that the recoverable amount of the Group\u2019s assets exceeds their carrying value by in excess of 100% (2021: in excess of 100%), and as such, no impairment was identified. The Group has completed sensitivity analysis as part of its impairment testing procedures by flexing both cash flow and discounting assumptions significantly. The headroom on goodwill is such that there are no foreseeable scenarios in which the Group would need to consider an impairment. In conclusion, no reasonably possible change to a key assumption would result in an impairment (2021: same). Impairment testing of technology and market related intangible assets Technology and market related intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. In line with IAS 36 \u2013 Impairment of Assets, the Group also conducts annual impairment testing of significant technology related intangible assets under development and not yet available for use. The impact of travel recovery and the current conditions affecting the energy switching market were deemed to be indicators of a potential impairment of the technology assets in the Travel CGU and in the Home Services CGU. Impairment testing was therefore performed, which determined that the recoverable amounts of these assets exceed their carrying values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-418": {
"value": "Impairment review For all CGUs the present value of the future cash flows has been calculated using management\u2019s best estimate of future cash flows, which are based on the Group\u2019s long term plan, approved in January 2023, incorporating cost of sales, advertising and an allocation of overhead costs. The forecast assumes continued growth in each CGU; with many change programmes delivered in 2022 we expect to see the benefits in future years with market growth in a number of channels. In accordance with IAS 36 \u2013 Impairment of Assets, the Group is required to test goodwill for impairment annually. We test impairment at a CGU level by comparing the net present value of future cash flows, derived from the latest budget and long term plan, to the carrying value of the total assets. The value in use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the risk-adjusted pre-tax discount rate used to discount the assumed cash flows to present value: \u2022 Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 2.7% (2021: 1.0%). This year, given recent volatility in Gross Domestic Product (GDP) growth rates, our rate is taken over a longer period of 7 years per the Office for Budget Responsibility forecast average for growth in the UK\u2019s GDP. \u2022 The pre-tax discount rate for the Group has been determined as 13.5% (2021: 13.5%). Management estimate discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to a CGU. In the prior year the Group discount rate was at the higher end of our range and reflected uncertainty in key channels, particularly within Insurance due to the regulatory changes introduced in early 2022 and in the travel sector due to COVID-19 disruption at the time. Now with reduced uncertainty in key channels, maintaining the rate the same this year incorporates the current rising rates environment and increases to the risk-free premium. Each CGU faces different market-specific risks, but these are not considered significant enough to justify more than a small adjustment to the risk premium applied to each CGU (these are described below). Our assessment confirms there is headroom across all CGUs and the Directors have therefore concluded no impairment of goodwill is required (after considering sensitivities there is no reasonable change in assumptions to cause an impairment in any CGU). The headroom in the Cashback CGU is more sensitive than the other CGUs to assumptions on the discount rate and revenue growth as explained below). Insurance, Money, Home Services and Travel CGUs The present value of the future cash flows has been calculated with the following key assumptions: \u2022 A 3 year Board approved cash flow forecast, incorporating past experience, based on market growth, visitor volumes, source of visitors, revenue per transaction/visitor and marketing spend. \u2022 A pre-tax discount rate of 13.5% (2021: 13.5%) for Insurance and Money in line with the Group rate. \u2022 A pre-tax discount rate of 15.5% (2021: 16.5%) for the Travel and Home Services CGUs, which incorporates a risk premium of 2% to reflect management\u2019s assessment of specific risks related to this CGU. The assessment concludes that the recoverable amount of the assets allocated to the Insurance, Money, Home Services and Travel CGUs exceeds their carrying value by in excess of 100% (2021: in excess of 100%). No reasonable possible change to a key assumption would therefore result in an impairment Cashback CGU The present value of the future cash flows has been calculated with the following key assumptions: \u2022 A 5 year Board approved cash flow forecast based on market growth, active member transactions, revenue per purchase, gross profit, member drawdowns and marketing spend. A longer forecast time frame (5 years) has been used for the Cashback CGU to reflect the synergies expected from being part of the Group. \u2022 A pre-tax discount rate of 15.5% has been applied to the Cashback CGU, which reflects a 2% risk premium to the Group discount rate to reflect management\u2019s assessment of specific risks related to this CGU. The recoverable amount of the assets allocated to the Cashback CGU exceeds the carrying value by \u00a313m, or 16%. The value in use calculation is sensitive to key assumptions such as the discount rate and revenue growth. As reasonable sensitivities, with all other assumptions unchanged, increasing the discount rate to 16.0% would reduce the headroom to \u00a39.4m and decreasing the revenue growth forecast by an average of 5% each year would reduce the headroom to \u00a35.1m. An increase in the discount rate to 17.4% or a decrease in the revenue growth by an average of 9% each year would reduce the headroom to nil. Group impairment testing As explained in note 5, in our segmental reporting we allocate costs across our operating segments where they can be allocated directly or on a reasonable and consistent basis, however a number of the significant costs which the Group incurs cannot be allocated either directly or on a reasonable and consistent basis to the CGUs. These shared costs are reviewed at that level by the Group\u2019s Chief Operating Decision Maker. Therefore the cash flows estimated for these CGUs include all of the Group\u2019s forecast segmental profit contributions and an allocation of the Group\u2019s forecast shared costs. The Group has therefore also performed a further impairment test for the Group as a whole, in a manner consistent with previous years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill and other corporate assets, to the recoverable amount. The recoverable amount has been estimated based on the present value of its future cash flows, which has been calculated with a set of assumptions consistent with those set out above in relation to the individual operating segment calculations. The analysis performed calculates that the recoverable amount of the Group\u2019s assets exceeds their carrying value by in excess of 100% (2021: in excess of 100%), and as such, no impairment was identified. The Group has completed sensitivity analysis as part of its impairment testing procedures by flexing both cash flow and discounting assumptions significantly. The headroom on goodwill is such that there are no foreseeable scenarios in which the Group would need to consider an impairment. In conclusion, no reasonably possible change to a key assumption would result in an impairment (2021: same). Impairment testing of technology and market related intangible assets Technology and market related intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. In line with IAS 36 \u2013 Impairment of Assets, the Group also conducts annual impairment testing of significant technology related intangible assets under development and not yet available for use. The impact of travel recovery and the current conditions affecting the energy switching market were deemed to be indicators of a potential impairment of the technology assets in the Travel CGU and in the Home Services CGU. Impairment testing was therefore performed, which determined that the recoverable amounts of these assets exceed their carrying values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "14. Equity accounted investments The carrying amounts of equity accounted investments as at 31 December 2022 was \u00a3nil (2021: \u00a30.0m). The Group\u2019s share of post-tax loss of equity accounted investees for the year was \u00a30.3m (2021: \u00a30.6m). Equity accounted investments in both the current and prior years relate solely to Podium Solutions Limited (\u2018Podium\u2019). In March 2018, the Group obtained joint control and a 50% ownership interest in Podium, which it accounted for as a joint venture. Podium is a financial technology business, principally engaged in developing digital solutions in the mortgages sector. Podium is not publicly listed and is registered at Fourth Floor, Market Square House, St James Street, Nottingham, Nottinghamshire, NG1 6FG. On 23 December 2022, the Group increased its shareholding to 52% and thereby gained control of Podium. This investment has subsequently been accounted for as a subsidiary undertaking (see notes 3 and 28). ",
"dimensions": {
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "15. Other investments The carrying amounts of other investments as at 31 December 2022 are shown in the table below. The investments are held at fair value with gains and losses being recognised through other comprehensive income (see note 21). Investments in equity securities Truelayer Limited \u00a3m Flagstone Group Limited\u200a1 \u00a3m By Miles Ltd \u00a3m Plum Fintech Limited \u00a3m Total \u00a3m At 1 January 2021 1.4 3.6 2.6 0.6 8.2 Disposals in the year (2.1) \u2014 \u2014 \u2014 (2.1) Change in fair value 0.7 \u2014 \u2014 0.7 1.4 At 31 December 2021 \u2014 3.6 2.6 1.3 7.5 At 1 January 2022 \u2014 3.6 2.6 1.3 7.5 Change in fair value \u2014 0.6 (2.6) \u2014 (2.0) At 31 December 2022 \u2014 4.2 0.0 1.3 5.5 1 Name of company changed from Flagstone Investment Management Limited to Flagstone Group Limited on 28 July 2022. The total charge to other comprehensive income in respect of changes in fair value of other investments was \u00a31.4m (2021: \u00a31.4m credit). In December 2022, the fair value of the Group\u2019s investment in By Miles Ltd was deemed to be \u00a30.0m (2021: \u00a32.6m). The original cost of the investment was \u00a30.6m and accumulated fair value uplifts of \u00a32.0m had been recognised in the fair value reserve (within other reserves) in prior years. \u00a32.0m was therefore deducted from other reserves and \u00a30.6m was charged to retained earnings. During the year, a fair value uplift of \u00a30.6m was also recognised in respect of the Group\u2019s investment in Flagstone Group Limited. This has been recognised in the fair value reserve within other reserves. In May 2021, the Group disposed of its investment in Truelayer, receiving sales proceeds on an arm\u2019s length basis of \u00a32.1m. This resulted in a fair value uplift immediately prior to disposal of \u00a30.7m which was recognised as other comprehensive income. On disposal, \u00a31.7m of fair value gains were transferred from the fair value reserve (in other reserves) to retained earnings. During the prior year, the Group also recognised a fair value uplift of \u00a30.7m in respect of Plum Fintech Limited. Sensitivity analysis For the fair value of investments, a 5% movement in share price would have an effect of \u00a30.3m (2021: \u00a30.4m) on the total value. ",
"dimensions": {
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "16. Trade and other receivables 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade and other receivables 63.5 65.3 All receivables fall due within one year. The comparative trade and other receivables balance as at 31 December 2021 has been restated from \u00a361.5m to \u00a365.3m (see note 28). From historical experience and post year end confirmation, the Group expects any differences between the amounts accrued at year end and those amounts subsequently billed to not be materially different. The under and overestimates on accrued revenue are typically in a region of -1% to +3%; historically this has been an under estimate of accrued revenue. A -1% to +3% difference on the \u00a353.7m (2021 restated: \u00a351.1m) revenue accrual would equate to approximately (\u00a30.5m) to \u00a31.6m (2021: (\u00a30.5m) to \u00a31.5m). The assumptions used to calculate the revenue accrual have been disclosed within note 2. At 31 December 2022, trade receivables are shown net of a provision for credit losses of \u00a31.6m (2021: \u00a31.6m), which represents a judgement made by management of which receivables balances are unlikely to be recovered taking into consideration the ageing of the debt, evidence of poor payment history or financial position of a particular customer. The balance is largely related to energy providers which ceased trading in the prior year. Movements in the provision for credit losses were as follows: 31 December 2022 \u00a3m 31 December 2021 \u00a3m At 1 January 1.6 0.2 Provisions made in the year 0.0 1.6 Provisions utilised in the year (0.0) (0.2) At 31 December 1.6 1.6 At 31 December, the analysis of trade and other receivables that were past due but not impaired was as follows: Total \u00a3m Neither past due nor impaired \u00a3m Past due not impaired 0\u201330 days \u00a3m 30\u201360 days \u00a3m 60\u201390 days \u00a3m 90 \u2013120 days \u00a3m >120 days \u00a3m At 31 December 2021 65.3 57.7 4.5 2.2 0.7 0.2 0.0 At 31 December 2022 63.5 60.1 2.5 0.4 0.3 0.2 0.0 The Group\u2019s standard payment terms are typically 15 days (2021: 15 days) from the invoice date. ",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "17. Trade and other payables Non-current 31 December 2022 \u00a3m 31 December 2021 \u00a3m Lease liabilities 25.9 28.5 Deferred consideration \u2014 9.8 Amounts owed to non-controlling interest 1.8 \u2014 Other payables 27.7 38.3 Deferred consideration relates to amounts payable for the acquisition of Quidco. At 31 December 2022, all amounts outstanding are presented within current liabilities. Amounts owed to non-controlling interest includes balances acquired as part of the acquisition of Podium in December 2022 (see note 28). Current 31 December 2022 \u00a3m 31 December 2021 \u00a3m Trade payables 36.4 35.9 Non-trade payables and accrued expenses 2.8 2.3 Other payables 47.0 47.3 Lease liabilities 2.7 3.2 Deferred income 0.8 0.4 Deferred consideration 9.8 4.8 Trade and other payables 99.5 93.9 As a result of click-based revenue being recognised in the period that the lead is generated, an accrual for cost of sales, such as partner revenue share agreements, relating to the revenue accrued at the year end is included within trade payables (see note 16). The comparative other payables balance as at 31 December 2021 has been restated from \u00a343.5m to \u00a347.3m (see note 28). Other payables relate to amounts due to Cashback members. This balance is net of an estimated cancellation rate (i.e. clicks which do not result in completed sales), based on historical data, and therefore reflects the amount that is expected to be payable. A -/+3ppt change in this cancellation rate would equate to approximately \u00a30.4m (2021: \u00a30.5m). This balance is payable once the sale has been completed, the cash has been received from the merchant and the member has requested payment. Deferred consideration has been discounted to its present value and the unwind is treated as a finance expense (see note 8).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "18. Borrowings Non-current 31 December 2022 \u00a3m 31 December 2021 \u00a3m Loan 30.0 40.0 Current 31 December 2022 \u00a3m 31 December 2021 \u00a3m Revolving credit facility 4.0 7.5 Loan 10.0 10.0 Total 14.0 17.5 The revolving credit facility provides \u00a390m in committed funds with \u00a347m provided by Barclays, \u00a338m by BOI and \u00a35m by SVB. The \u00a350m term loan was taken out in October 2021 is repayable in instalments over the period to October 2024. It was funded \u00a328m by Barclays, \u00a37m by BOI and \u00a315m by SVB. Interest is payable on the facilities at a rate of SONIA plus an applicable margin based on the adjusted leverage of the Group. At 31 December 2022, the Group had \u00a340.0m (2021: \u00a350.0m) outstanding on the term loan and \u00a34.0m (2021: \u00a37.5m) drawn down on the revolving credit facility. The remaining balance of the upfront arrangement fees, totalling \u00a30.3m (2021: \u00a30.4m), is held within prepayments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "20. Called up share capital The nominal value of ordinary shares is 0.02p. The holders of ordinary shares are entitled to returns of capital, receive a dividend and vote. Issued and fully paid Number of ordinary shares 2022 No. 2021 No. At the beginning of the year 536,861,647 536,700,541 Issued on exercise of SAYE options \u2014 161,106 At the end of the year 536,861,647 536,861,647 Nominal value of ordinary shares 2022 \u00a3 2021 \u00a3 At the beginning of the year 107,372 107,34 0 Issued on exercise of SAYE options \u2014 32 At the end of the year 107,37 2 107,372 The Group operates a Long Term Incentive Plan under which conditional nil cost awards of ordinary shares in the Company have been made to certain Directors and employees of the Group, and an HMRC approved Save As You Earn scheme (\u2018Sharesave\u2019) is eligible to all employees (see note 23). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "21. Financial instruments Interest rate risk The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned therefore closely follows movements in the Bank of England base rate. A movement of 1% in this rate would result in a difference in annual pre-tax profit of \u00a30.1m (2021: \u00a30.1m) based on Group cash, cash equivalents and financial instruments at 31 December 2022. At the balance sheet date, \u00a36.3m (2021: \u00a35.3m) was invested with Barclays Bank, this being the most invested with any one bank in both years. Fair values The Group\u2019s financial assets and liabilities are principally short term in nature, and therefore their fair value is not materially different from their carrying value. The valuation method for the Group\u2019s financial assets and liabilities can be defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). All investments and derivatives fall under Level 3 as the fair value is measured using the latest unquoted share price of recent transactions, with updates made as required considering market conditions at year end. A reconciliation is provided in note 15. All other financial assets and liabilities are held at amortised cost and other financial liabilities respectively in accordance with IFRS 9 \u2013 Financial Instruments. There have been no transfers between levels in the year. The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate their fair values. Effective interest rates In respect of interest-earning financial assets, the following table indicates their effective interest rates at the year end date: 31 December 2022 31 December 2021 Effective interest rate \u00a3m Effective interest rate \u00a3m Cash and cash equivalents 0.09% 16.6 0.07% 12.5 Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating risk of financial loss from default. The Group\u2019s exposure is regularly monitored by the credit control team and finance management. Of the top 75% of the Group\u2019s providers by revenue, approximately 28% (2021: 26%) of these are UK quoted companies with the remainder being a mixture of larger UK independent companies and overseas owned or quoted companies. At the balance sheet date, the five largest trade and other receivables, by provider, accounted for 31% (2021: 18% restated) of the total trade and other receivables balance of \u00a363.5m (2021: \u00a365.3m restated) and the largest individual balance was \u00a36.4m (2021: \u00a34.8m). The comparatives have been restated to reflect the prior year adjustment to trade and other payables (see note 28). The Directors do not consider there to be any material contracts with providers in the Group. Liquidity risk Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risks are set out below: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Unsecured borrowings facilities \u2013 amount drawn 44.0 57.5 \u2013 amount undrawn 86.0 82.5 For details of the Group\u2019s unsecured borrowings facilities see note 18. The covenants in place in relation to the facilities are outlined below: Adjusted leverage is calculated by dividing adjusted EBITDA by net debt, which consists of cash less borrowings, lease liabilities and deferred consideration. Interest cover is calculated by dividing adjusted EBITDA by net finance charges. The Group continues to have significant headroom over the covenants. 21. Financial instruments continued Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted. 31 December 2022 Carrying amount \u00a3m Total \u00a3m Contractual cash flows <2 months \u00a3m 2\u201312 months \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Non-derivative financial liabilities Deferred consideration 9.8 (9.8) \u2014 (9.8) \u2014 \u2014 \u2014 Trade payables 36.4 (36.4) (36.4) \u2014 \u2014 \u2014 \u2014 Borrowings 44.0 (44.0) (4.0) (10.0) (30.0) \u2014 \u2014 Lease liabilities \u2013 undiscounted cash flows 33.7 (33.7) (0.6) (3.2) (3.7) (11.0) (15.2) \u2013 discounting (5.1) 5.1 0.2 0.8 0.9 2.0 1.2 Amounts owed to non-controlling interest 1.8 (1.8) \u2014 \u2014 \u2014 \u2014 (1.8) At 31 December 2022 120.6 (120.6) (40.8) (22.2) (32.8) (9.0) (15.8) 31 December 2021 Carrying amount \u00a3m Total \u00a3m Contractual cash flows <2 months \u00a3m 2\u201312 months \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Non-derivative financial liabilities Deferred consideration 14.6 (14.6) (0.9) (3.9) (9.8) \u2014 \u2014 Trade payables 35.9 (35.9) (35.9) \u2014 \u2014 \u2014 \u2014 Borrowings 57.5 (57.5) (7.5) (10.0) (10.0) (30.0) \u2014 Lease liabilities \u2013 undiscounted cash flows 37.8 (37.8) (0.7) (3.5) (3.8) (11.1) (18.7) \u2013 discounting (6.1) 6.1 0.2 0.9 0.9 2.3 1.8 At 31 December 2021 139.7 (139.7) (44.8) (16.5) (22.7) (38.8) (16.9) The lease liability cash flows are spread evenly between 2-5 years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "21. Financial instruments Interest rate risk The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned therefore closely follows movements in the Bank of England base rate. A movement of 1% in this rate would result in a difference in annual pre-tax profit of \u00a30.1m (2021: \u00a30.1m) based on Group cash, cash equivalents and financial instruments at 31 December 2022. At the balance sheet date, \u00a36.3m (2021: \u00a35.3m) was invested with Barclays Bank, this being the most invested with any one bank in both years. Fair values The Group\u2019s financial assets and liabilities are principally short term in nature, and therefore their fair value is not materially different from their carrying value. The valuation method for the Group\u2019s financial assets and liabilities can be defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). All investments and derivatives fall under Level 3 as the fair value is measured using the latest unquoted share price of recent transactions, with updates made as required considering market conditions at year end. A reconciliation is provided in note 15. All other financial assets and liabilities are held at amortised cost and other financial liabilities respectively in accordance with IFRS 9 \u2013 Financial Instruments. There have been no transfers between levels in the year. The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate their fair values. Effective interest rates In respect of interest-earning financial assets, the following table indicates their effective interest rates at the year end date: 31 December 2022 31 December 2021 Effective interest rate \u00a3m Effective interest rate \u00a3m Cash and cash equivalents 0.09% 16.6 0.07% 12.5 Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating risk of financial loss from default. The Group\u2019s exposure is regularly monitored by the credit control team and finance management. Of the top 75% of the Group\u2019s providers by revenue, approximately 28% (2021: 26%) of these are UK quoted companies with the remainder being a mixture of larger UK independent companies and overseas owned or quoted companies. At the balance sheet date, the five largest trade and other receivables, by provider, accounted for 31% (2021: 18% restated) of the total trade and other receivables balance of \u00a363.5m (2021: \u00a365.3m restated) and the largest individual balance was \u00a36.4m (2021: \u00a34.8m). The comparatives have been restated to reflect the prior year adjustment to trade and other payables (see note 28). The Directors do not consider there to be any material contracts with providers in the Group. Liquidity risk Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risks are set out below: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Unsecured borrowings facilities \u2013 amount drawn 44.0 57.5 \u2013 amount undrawn 86.0 82.5 For details of the Group\u2019s unsecured borrowings facilities see note 18. The covenants in place in relation to the facilities are outlined below: Adjusted leverage is calculated by dividing adjusted EBITDA by net debt, which consists of cash less borrowings, lease liabilities and deferred consideration. Interest cover is calculated by dividing adjusted EBITDA by net finance charges. The Group continues to have significant headroom over the covenants. 21. Financial instruments continued
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
31 December 2022
Carrying
amount
\u00a3m
Total
\u00a3m
Contractual cash flows
<2 months
\u00a3m
2\u201312 months
\u00a3m
1\u20132 years
\u00a3m
2\u20135 years
\u00a3m
>5 years
\u00a3m
Non-derivative financial liabilities
Deferred consideration 9.8 (9.8) \u2014 (9.8) \u2014 \u2014 \u2014
Trade payables 36.4 (36.4) (36.4) \u2014 \u2014 \u2014 \u2014
Borrowings 44.0 (44.0) (4.0) (10.0) (30.0) \u2014 \u2014
Lease liabilities
\u2013 undiscounted cash flows 33.7 (33.7) (0.6) (3.2) (3.7) (11.0) (15.2)
\u2013 discounting (5.1) 5.1 0.2 0.8 0.9 2.0 1.2
Amounts owed to non-controlling interest 1.8 (1.8) \u2014 \u2014 \u2014 \u2014 (1.8)
At 31 December 2022 120.6 (120.6) (40.8) (22.2) (32.8) (9.0) (15.8)
31 December 2021
Carrying
amount
\u00a3m
Total
\u00a3m
Contractual cash flows
<2 months
\u00a3m
2\u201312 months
\u00a3m
1\u20132 years
\u00a3m
2\u20135 years
\u00a3m
>5 years
\u00a3m
Non-derivative financial liabilities
Deferred consideration 14.6 (14.6) (0.9) (3.9) (9.8) \u2014 \u2014
Trade payables 35.9 (35.9) (35.9) \u2014 \u2014 \u2014 \u2014
Borrowings 57.5 (57.5) (7.5) (10.0) (10.0) (30.0) \u2014
Lease liabilities
\u2013 undiscounted cash flows 37.8 (37.8) (0.7) (3.5) (3.8) (11.1) (18.7)
\u2013 discounting (6.1) 6.1 0.2 0.9 0.9 2.3 1.8
At 31 December 2021 139.7 (139.7) (44.8) (16.5) (22.7) (38.8) (16.9)
The lease liability cash flows are spread evenly between 2-5 years.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "Interest rate risk The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned therefore closely follows movements in the Bank of England base rate. A movement of 1% in this rate would result in a difference in annual pre-tax profit of \u00a30.1m (2021: \u00a30.1m) based on Group cash, cash equivalents and financial instruments at 31 December 2022. At the balance sheet date, \u00a36.3m (2021: \u00a35.3m) was invested with Barclays Bank, this being the most invested with any one bank in both years. ",
"dimensions": {
"concept": "moneysupermarket:DisclosureOfInterestRateRisk",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "Fair values The Group\u2019s financial assets and liabilities are principally short term in nature, and therefore their fair value is not materially different from their carrying value. The valuation method for the Group\u2019s financial assets and liabilities can be defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). All investments and derivatives fall under Level 3 as the fair value is measured using the latest unquoted share price of recent transactions, with updates made as required considering market conditions at year end. A reconciliation is provided in note 15. All other financial assets and liabilities are held at amortised cost and other financial liabilities respectively in accordance with IFRS 9 \u2013 Financial Instruments. There have been no transfers between levels in the year. The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate their fair values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "Effective interest rates In respect of interest-earning financial assets, the following table indicates their effective interest rates at the year end date: 31 December 2022 31 December 2021 Effective interest rate \u00a3m Effective interest rate \u00a3m Cash and cash equivalents 0.09% 16.6 0.07% 12.5 ",
"dimensions": {
"concept": "moneysupermarket:DisclosureOfEffectiveInterestRates",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating risk of financial loss from default. The Group\u2019s exposure is regularly monitored by the credit control team and finance management. Of the top 75% of the Group\u2019s providers by revenue, approximately 28% (2021: 26%) of these are UK quoted companies with the remainder being a mixture of larger UK independent companies and overseas owned or quoted companies. At the balance sheet date, the five largest trade and other receivables, by provider, accounted for 31% (2021: 18% restated) of the total trade and other receivables balance of \u00a363.5m (2021: \u00a365.3m restated) and the largest individual balance was \u00a36.4m (2021: \u00a34.8m). The comparatives have been restated to reflect the prior year adjustment to trade and other payables (see note 28). The Directors do not consider there to be any material contracts with providers in the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "Liquidity risk Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risks are set out below: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Unsecured borrowings facilities \u2013 amount drawn 44.0 57.5 \u2013 amount undrawn 86.0 82.5 For details of the Group\u2019s unsecured borrowings facilities see note 18. The covenants in place in relation to the facilities are outlined below: Adjusted leverage is calculated by dividing adjusted EBITDA by net debt, which consists of cash less borrowings, lease liabilities and deferred consideration. Interest cover is calculated by dividing adjusted EBITDA by net finance charges. The Group continues to have significant headroom over the covenants. Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted. 31 December 2022 Carrying amount \u00a3m Total \u00a3m Contractual cash flows <2 months \u00a3m 2\u201312 months \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Non-derivative financial liabilities Deferred consideration 9.8 (9.8) \u2014 (9.8) \u2014 \u2014 \u2014 Trade payables 36.4 (36.4) (36.4) \u2014 \u2014 \u2014 \u2014 Borrowings 44.0 (44.0) (4.0) (10.0) (30.0) \u2014 \u2014 Lease liabilities \u2013 undiscounted cash flows 33.7 (33.7) (0.6) (3.2) (3.7) (11.0) (15.2) \u2013 discounting (5.1) 5.1 0.2 0.8 0.9 2.0 1.2 Amounts owed to non-controlling interest 1.8 (1.8) \u2014 \u2014 \u2014 \u2014 (1.8) At 31 December 2022 120.6 (120.6) (40.8) (22.2) (32.8) (9.0) (15.8) 31 December 2021 Carrying amount \u00a3m Total \u00a3m Contractual cash flows <2 months \u00a3m 2\u201312 months \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m >5 years \u00a3m Non-derivative financial liabilities Deferred consideration 14.6 (14.6) (0.9) (3.9) (9.8) \u2014 \u2014 Trade payables 35.9 (35.9) (35.9) \u2014 \u2014 \u2014 \u2014 Borrowings 57.5 (57.5) (7.5) (10.0) (10.0) (30.0) \u2014 Lease liabilities \u2013 undiscounted cash flows 37.8 (37.8) (0.7) (3.5) (3.8) (11.1) (18.7) \u2013 discounting (6.1) 6.1 0.2 0.9 0.9 2.3 1.8 At 31 December 2021 139.7 (139.7) (44.8) (16.5) (22.7) (38.8) (16.9) The lease liability cash flows are spread evenly between 2-5 years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "22. Group management of capital The Group\u2019s objectives when managing capital are: \u2022 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and \u2022 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In assessing the level of capital all components of equity are taken into account, i.e. share capital, retained earnings and reserves (where applicable). The table below summarises the carrying value of each component. Carrying value 31 December 2022 \u00a3m 31 December 2021 \u00a3m Share capital 0.1 0.1 Retained earnings and reserves 208.6 203.2 Non-controlling interest 6.0 4.3 Total 214.7 207.6 In line with internal capital management requirements, the Group manages its cash balances by, where possible, depositing them with a number of financial institutions to reduce credit risk. The table below summarises the credit rating of each financial institution that held cash at 31 December 2022. Credit rating 2022 2021 Barclays Bank PLC A A Lloyds Bank Plc A A HSBC Bank Plc AA- AA- Natwest Bank Plc A A Silicon Valley Bank BBB+ BBB+ One way in which the Group manages capital is utilising the revolving credit facility, as set out in note 18. 22. Group management of capital continued Management of capital focuses around the Group\u2019s ability to generate cash from its operations. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to raise funds. The Directors are satisfied that the Group is meeting its objectives for managing capital as funds are available for reinvestment where necessary as well as being in a position to make returns to shareholders where this is felt appropriate. There were no changes to the Group\u2019s approach to capital management during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "23. Share-based payments The share-based payment charge in the Consolidated Statement of Comprehensive Income relates to the following types of share option and share award: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Long Term Incentive Plan 1.0 0.6 Restricted Share Awards 0.7 0.3 Sharesave Scheme 0.5 0.5 Share Incentive Plan \u2014 \u2014 Share-based payment transactions 2.2 1.4 Long Term Incentive Plan (\u2018LTIP\u2019) Each year conditional awards are made over ordinary shares under the Moneysupermarket.com Group PLC Long Term Incentive Plan (\u2018LTIP\u2019) schemes to senior employees. Under each scheme, the awards vest at the end of a three-year period dependent on certain performance criteria being met, as outlined below: \u2022 achievement of a specified average growth rate in adjusted basic EPS at the end of the vesting period; \u2022 the total shareholder return (\u2018TSR\u2019) of the Company relative to a comparator group of defined companies; and/or \u2022 Group revenue performance. Restricted Share Award (\u2018RSA\u2019) Conditional awards are made over ordinary shares under the Moneysupermarket.com Group PLC Restricted Share Award (`RSA\u2019) Plan schemes to senior employees that vest over either one or two years. Under the two year schemes, 50% of the award vests at the end of a one-year period and 50% of the award vests at the end of a two-year period. Vesting on all schemes is subject to the participant being employed on the relevant vesting date, and not, on or prior to that vesting date, having been issued with or having given notice to terminate employment with the Group. Sharesave Scheme The Group grants options under the HMRC approved Moneysupermarket.com Group PLC Sharesave Scheme which is available to all employees. The scheme allows employees to save an amount of their net pay into a savings account each month and, at the end of the three-year period, choose to either receive back their savings or use them to buy ordinary shares in the Company at a discounted exercise price. Share Incentive Plan (\u2018SIP\u2019) Upon listing, the Company granted \u00a33,000 of ordinary shares at the price of \u00a31.70 per ordinary share to each eligible employee free of charge. If an employee left within one year of listing, all these ordinary shares were forfeited; between one and two years of listing, 50% were forfeited; between two and three years of listing, 20% were forfeited; and after three years of listing, none were forfeited. 948,184 shares were issued under the Share Incentive Plan scheme in 2007. On 31 July 2010 eligible employees became entitled to receive their allocation of free shares. There are 55 active participants (2021: 31) in the HMRC approved SIP scheme, who can subscribe for up to \u00a3150 of shares each month. At 31 December 2022, the total number of shares that remain in trust was 339,657 (2021: 343,328). 23. Share-based payments continued LTIP and RSA schemes The table below summarises the current LTIP and RSA schemes and the performance criteria elements: 2022 LTIP 2022 RSA 2021 LTIP 2021 RSA 2020 LTIP 2019 LTIP Number of ordinary shares 2,275,280 224,355 1,880,072 401,243 1,64 4,847 1,514,690 Performance criteria: \u2013 adjusted basic EPS (%) 50 \u2014 50 \u2014 50 80 \u2013 total shareholder return (%) 20 \u2014 20 \u2014 20 20 \u2013 revenue performance (%) 30 \u2014 30 \u2014 30 \u2014 Weighted average share price at the date of exercise (\u00a3) n/a n/a n/a n/a n/a n/a Sharesave Scheme During 2022, the Group granted options to employees on the same basis as the grants in previous years. The exercise price for the options under each active scheme was fixed at the prices below: Exercise price Sharesave 2022 156.0p Sharesave 2021 203.0p Sharesave 2020 244.0p Sharesave 2019 294.0p Movements in the year The following table illustrates the number and weighted average exercise price (\u2018WAEP\u2019) of, and movements in, share options during the year. Number WAEP Outstanding at 1 January 2021 2,926,130 \u00a30.00 Awards made during the year 2,281,315 \u00a30.00 Awards vested and exercised during the year (209,589) \u00a30.00 Awards forfeited during the year (1,412,843) \u00a30.00 Outstanding at 31 December 2021 3,585,013 \u00a30.00 Awards made during the year 2,499,635 \u00a30.00 Awards vested and exercised during the year (282,956) \u00a30.00 Awards forfeited during the year (972,862) \u00a30.00 Outstanding at 31 December 2022 4,828,830 \u00a30.00 The following table lists the inputs to the Black-Scholes models and Monte Carlo simulations used for the schemes for the year ended 31 December 2022: 2022 Sharesave 2021 Sharesave 2020 Sharesave 2022 LTIP 2022 RSA 2021 LTIP 2021 RSA 2020 LTIP I 2020 LTIP II Fair value at grant date (\u00a3) 0.98 1.31 1.61 1.98 1.91 2.66 2.71 2.86 3.04 Share price (\u00a3) 1.95 2.54 3.04 1.98 1.91 2.66 2.71 2.86 3.04 Exercise price (\u00a3) 1.56 2.03 2.44 0.0 0.0 0.0 0.0 0.0 0.0 Expected volatility (%) 90.2 91.8 92.2 92.2 92.8 93.0 102.9 85.4 89.3 Expected life of option/award (years) 3.0 3.0 3.0 3.0 1.1 3.0 2.0 3.0 3.0 Weighted average remaining contractual life (years) 2.8 1.8 0.8 2.3 0.5 1.3 0.3 0.3 0.7 Expected dividend yield (%) 6.0 4.6 3.9 0.0 0.0 0.0 0.0 0.0 0.0 Risk-free interest rate (%) 4.4 0.4 0.0 1.4 1.0 0.2 0.0 0.2 0.0 Expected volatility has been estimated by considering historical average share price volatility for the Company or similar companies. Staff attrition has been assessed based on historical retention rates. ",
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-385": {
"value": "24. Leases Leases as lessee The Group holds leases over property for its offices. The London office lease was signed on 22 July 2016 for a period of 15 years, with a lease start date of 1 June 2017. There was an 18-month rent-free period included in the agreement. The Manchester office lease was signed on 7 May 2019 for a period of 15 years, with a lease start date of 7 May 2019. There was a 36-month rent-free period included in the agreement. There is a break clause available at 7 May 2029 and the lease liabilities have been recognised up to this date. In 2021, the Group also acquired some other smaller leases with the acquisitions of CYTI (Holdings) Limited, Ice Travel Group Limited and Quidco Limited (formerly known as Maple Syrup Media Limited). i. Right-of-use assets Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment. Land and buildings \u00a3m Balance at 1 January 2021 27.1 Depreciation charge for the year (2.9) Acquisitions through business combinations 1.7 Reduction in right-of-use assets (0.5) Balance at 31 December 2021 25.4 Balance at 1 January 2022 25.4 Depreciation charge for the year (3.0) Balance at 31 December 2022 22.4 ii. Amounts recognised in profit or loss 2022 \u00a3m 2021 \u00a3m Depreciation charge for the year 3.0 2.9 Interest on lease liabilities 1.1 1.1 4.1 4.0 iii. Amounts recognised in statement of cash flows 2022 \u00a3m 2021 \u00a3m Interest paid 1.1 0.9 Repayment of lease liabilities 3.1 2.3 4.2 3.2 During 2019, the Group entered into an agreement to sub-lease a proportion of its London office. The sub-lease is for a period of 4.5 years and as such does not reflect a transfer of substantially all of the risk and reward of the underlying asset, which in this case is the 15-year head lease or right-of-use asset. Consequently, the Group has classified the sub-lease as an operating lease under IFRS 16. The rental income for the year was \u00a30.6m (2021: \u00a30.6m). ",
"dimensions": {
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-405": {
"value": "i. Right-of-use assets Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment. Land and buildings \u00a3m Balance at 1 January 2021 27.1 Depreciation charge for the year (2.9) Acquisitions through business combinations 1.7 Reduction in right-of-use assets (0.5) Balance at 31 December 2021 25.4 Balance at 1 January 2022 25.4 Depreciation charge for the year (3.0) Balance at 31 December 2022 22.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-384": {
"value": "25. Pensions and other post-employment benefit plans The Group operates a defined contribution pension scheme calculated on base salary. The assets of the scheme are held separately from those of the Group in an independently administered fund. The contributions payable to the scheme in respect of the current year were \u00a32.1m (2021: \u00a31.9m). In the year ended 31 December 2022, \u00a32.0m (2021: \u00a31.8m) of contributions were charged to the Consolidated Statement of Comprehensive Income and \u00a30.1m (2021: \u00a30.1m) were included in amounts capitalised (see note 7). As at 31 December 2022, pension contributions of \u00a30.4m (2021: \u00a3nil) were outstanding and have been settled post year end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "26. Commitments and contingencies At 31 December 2022, the Group was committed to incur capital expenditure of \u00a30.3m (2021: \u00a30.9m). Comparable with most companies of our size, the Group is a defendant in a small number of disputes incidental to its operations and from time to time is under regulatory scrutiny. As a leading website operator, the Group occasionally experiences operational issues as a result of technological oversights that in some instances can lead to customer detriment, dispute and potentially cash outflows. The Group has a professional indemnity insurance policy in order to mitigate liabilities arising out of events such as this. There is a cross-guarantee held between Moneysupermarket.com Group PLC, MoneySavingExpert.com Limited, Moneysupermarket.com Limited, Moneysupermarket.com Financial Group Limited and Moneysupermarket.com Financial Group Holdings Limited in relation to balances owed under the revolving credit facility and the term loan. The maximum amount owed during the year was \u00a389.0m (2021: \u00a389.6m) and the amount owed at 31 December 2022 was \u00a344.0m (2021: \u00a357.5m). The contingencies outlined above are not expected to have a material adverse effect on the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "26. Commitments and contingencies At 31 December 2022, the Group was committed to incur capital expenditure of \u00a30.3m (2021: \u00a30.9m). Comparable with most companies of our size, the Group is a defendant in a small number of disputes incidental to its operations and from time to time is under regulatory scrutiny. As a leading website operator, the Group occasionally experiences operational issues as a result of technological oversights that in some instances can lead to customer detriment, dispute and potentially cash outflows. The Group has a professional indemnity insurance policy in order to mitigate liabilities arising out of events such as this. There is a cross-guarantee held between Moneysupermarket.com Group PLC, MoneySavingExpert.com Limited, Moneysupermarket.com Limited, Moneysupermarket.com Financial Group Limited and Moneysupermarket.com Financial Group Holdings Limited in relation to balances owed under the revolving credit facility and the term loan. The maximum amount owed during the year was \u00a389.0m (2021: \u00a389.6m) and the amount owed at 31 December 2022 was \u00a344.0m (2021: \u00a357.5m). The contingencies outlined above are not expected to have a material adverse effect on the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-386": {
"value": "26. Commitments and contingencies At 31 December 2022, the Group was committed to incur capital expenditure of \u00a30.3m (2021: \u00a30.9m). Comparable with most companies of our size, the Group is a defendant in a small number of disputes incidental to its operations and from time to time is under regulatory scrutiny. As a leading website operator, the Group occasionally experiences operational issues as a result of technological oversights that in some instances can lead to customer detriment, dispute and potentially cash outflows. The Group has a professional indemnity insurance policy in order to mitigate liabilities arising out of events such as this. There is a cross-guarantee held between Moneysupermarket.com Group PLC, MoneySavingExpert.com Limited, Moneysupermarket.com Limited, Moneysupermarket.com Financial Group Limited and Moneysupermarket.com Financial Group Holdings Limited in relation to balances owed under the revolving credit facility and the term loan. The maximum amount owed during the year was \u00a389.0m (2021: \u00a389.6m) and the amount owed at 31 December 2022 was \u00a344.0m (2021: \u00a357.5m). The contingencies outlined above are not expected to have a material adverse effect on the Group. ",
"dimensions": {
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-387": {
"value": "27. Related party transactions The Group has the following investments in all of its subsidiaries which are all included in the Consolidated Financial Statements: Country of incorporation Ownership interest % Principal activity Moneysupermarket.com Financial Group Holdings Limited UK 100 Holding company Moneysupermarket.com Financial Group Limited UK 100 Holding company Moneysupermarket.com Limited UK 100 Internet price comparison through lead generation MoneySavingExpert.com Limited UK 100 Personal finance website Quidco Limited1 UK 100 Cashback services through lead generation Decision Technologies Limited UK 100 Internet price comparison through lead generation CYTI (Holdings) Limited UK 100 Holding company CYTI Limited UK 100 Internet price comparison through lead generation Mortgage 2000 Limited UK 100 Dormant Sellmymobile.com Limited UK 100 Dormant Townside Limited UK 100 Dormant Ice Travel Group Limited UK 67 Holding company Travelsupermarket Limited UK 67 Internet price comparison through lead generation Icelolly Marketing Limited UK 67 Internet price comparison through lead generation Express Rooms Limited UK 67 Dormant Icelolly Limited UK 67 Dormant Icelolly.co.uk Limited UK 67 Dormant Icelolly Investments Limited UK 67 Dormant Icelolly.com Limited UK 67 Dormant Sunsave Travel Limited UK 67 Dormant Podium Solutions Limited UK 52 Technology platform provider 1 Company name changed from Maple Syrup Media Limited to Quidco Limited with effect from 13 January 2023. 27. Related party transactions continued Aggregate capital reserves \u00a3m Profit/ (loss) for the year \u00a3m Registered office address Class of shares held Ownership 31 December 2022 Ownership 31 December 2021 Moneysupermarket.com Financial Group Holdings Limited 267.0 65.0 MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ Ordinary 100% 100% Moneysupermarket.com Financial Group Limited 18.0 59.4 MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ Ordinary 100% 100% Moneysupermarket.com Limited 45.6 36.3 MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ Ordinary 100% 100% MoneySavingExpert.com Limited 39.7 29.7 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100% Quidco Limited1 11.8 8.2 MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ Ordinary 100% 100% Decision Technologies Limited 21.4 14.0 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100% CYTI (Holdings) Limited 0.0 0.0 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100% CYTI Limited 3.4 2.8 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100% Mortgage 2000 Limited 0.0 (0.5) MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ Ordinary 100% 100% Sellmymobile.com Limited 0.0 0.4 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100% Townside Limited 0.0 0.2 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100% Ice Travel Group Limited 21.8 1.0 Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF Ordinary 67% 67% Travelsupermarket Limited 14.2 1.0 Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF Ordinary 67% 67% Icelolly Marketing Limited 1.0 0.3 Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF Ordinary 67% 67% P odium Solutions Limited (2.7) (0.6) 4th Floor, Market Square House, St James Street, Nottingham, Nottinghamshire, UK, NG1 6FG Ordinary 52% 50% 1 Company name change from Maple Syrup Media Limited to Quidco Limited with effect from 13 January 2023. The Company is the ultimate parent entity of the Group. Intercompany transactions with wholly-owned subsidiaries are eliminated on consolidation as per the exemption offered in IAS 24 \u2013 Related Party Disclosures. The list above represents all companies within the Group. All companies within the Group are registered at the addresses shown above. The Company\u2019s registered office is disclosed on page 137. All shareholdings with all subsidiaries are ordinary shares. The Company has committed to continue to provide support to all of its subsidiaries for any short-term day-to-day cash management, if required. Transactions with key management personnel In addition to their salaries, the Group also provides non-cash benefits to Directors and Executive Officers. Directors and Executive Officers also participate in the Group\u2019s Long Term Incentive Plan. Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received dividends from the Group totalling \u00a341,649 (2021: Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received \u00a330,389). There were no amounts or any future commitments outstanding to the Company as at 31 December 2022 (2021: none). Key management personnel compensation Key management, defined as the Executive management team, received the following compensation during the year: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Short-term employee benefits 2.7 3.3 Share-based payments 1.0 0.6 Post-employment benefits 0.2 0.2 Key management personnel compensation 3.9 4.1 In addition to the above, the Executive management team received a bonus of \u00a31.4m (2021: \u00a31.0m) in relation to the reporting period. 27. Related party transactions continued Other related party transactions During the year, Moneysupermarket.com Limited purchased \u00a31.0m (2021: \u00a30.4m) worth of services from Podium Solutions Limited in relation to the development of digital solutions for the mortgages channel journey on the Group\u2019s website. No balances were outstanding as at 31 December 2022 in relation to these purchases (2021: \u00a3nil). Moneysupermarket.com Financial Group Limited acquired \u00a30.3m (2021: \u00a30.6m) of loan notes from Podium with a repayment term of ten years and an annual interest rate of 10%. These amounts were included in the carrying amount of the Group\u2019s equity accounted investment in Podium until it was reclassified as a subsidiary in December 2022. Since then, these amounts have been eliminated on consolidation. During the year, the Group has recognised interest income of \u00a30.3m (2021: \u00a3nil) in respect of these loan notes. At 31 December 2022, the balance outstanding was \u00a31.8m (2021: \u00a31.3m). During the year, Travelsupermarket Limited provided internet leads to CYTI Limited, the company that powers its travel insurance journey. Travelsupermarket Limited charged net commissions of \u00a30.6m (2021: \u00a3nil) to CYTI Limited in respect of the services provided by the two companies. No balances were outstanding as at 31 December 2022 in relation to these transactions (2021: \u00a3nil). ",
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-416": {
"value": "Transactions with key management personnel In addition to their salaries, the Group also provides non-cash benefits to Directors and Executive Officers. Directors and Executive Officers also participate in the Group\u2019s Long Term Incentive Plan. Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received dividends from the Group totalling \u00a341,649 (2021: Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received \u00a330,389). There were no amounts or any future commitments outstanding to the Company as at 31 December 2022 (2021: none). Key management personnel compensation Key management, defined as the Executive management team, received the following compensation during the year: 31 December 2022 \u00a3m 31 December 2021 \u00a3m Short-term employee benefits 2.7 3.3 Share-based payments 1.0 0.6 Post-employment benefits 0.2 0.2 Key management personnel compensation 3.9 4.1 In addition to the above, the Executive management team received a bonus of \u00a31.4m (2021: \u00a31.0m) in relation to the reporting period. ",
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-417": {
"value": "28. Acquisition of subsidiaries Quidco Limited (formerly known as Maple Syrup Media Limited) (\u2018Quidco\u2019) On 1 November 2021, the Group acquired 100% of the share capital and voting rights of Quidco for total consideration payable of \u00a3104.6m. On acquisition a new Cashback vertical was created for this business. Due to the proximity of the acquisition date to the year end and in accordance with IFRS 3 \u2013 Business Combinations, a disclosure was included in the Group\u2019s 2021 Annual Report indicating that if new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition identifies adjustments to the amounts recognised, or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised. Since the year end we have identified new information about facts and circumstances that existed at the date of acquisition which has resulted in an increase in both accrued income (within trade and other receivables) and other payables (within trade and other payables) of \u00a33.8m. There is no impact on total identifiable net assets acquired and therefore no impact on previously reported goodwill. The comparative balance sheet as at 31 December 2021 has been restated in these financial statements accordingly. Podium Solutions Limited (\u2018Podium\u2019) On 23 December 2022, the Group gained control of Podium. Prior to this the Group had held a 50% investment in Podium which was accounted for as a joint venture. On completion of the transaction, the other shareholders of Podium exercised options which diluted the Group\u2019s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then, the Group has been in control of Podium and has accounted for it as a subsidiary undertaking. The fair value of total consideration was \u00a31.6m which comprised the following: \u00a3m Fair value of existing interest 0.7 Fair value of additional equity interest 0.2 Fair value of non-controlling interest 0.7 Fair value of total consideration 1.6 The fair value of the total identifiable net assets acquired was \u00a31.6m: \u00a3m Intangible assets 3.2 Trade and other receivables 1.0 Cash 0.1 Trade and other payables (0.1) Amounts due to non-controlling interest (1.8) Deferred tax (0.8) Fair value of total identifiable net assets acquired 1.6 Intangible assets relate to technology expenditure that had not been capitalised in Podium prior to acquisition. The fair value of these assets has been determined using a rebuild cost valuation method. This was developed in consultation with senior technology professionals and using a cost assumption for developers inclusive of a profit margin as would be the case in an external build contracted to develop an equivalent platform. When valuing assets of this nature we take into account any obsolescence arising from advancements in technology since they have been built. 28. Acquisition of subsidiaries continued Podium Solutions Limited (\u2018Podium\u2019) continued There was no goodwill arising from the acquisition as the fair value of total consideration was equal to the fair value of total identifiable net assets acquired. In the period from completion of the deal to the year end, Podium contributed revenue and profit before tax of \u00a30.0m to these Consolidated Financial Statements. As part of the transaction the Group has a call option to acquire the remaining 48% of Podium in three years\u2019 time. The consideration payable will equate to the fair value of Podium at that date. No value has therefore been attributed to this call option in these financial statements. ",
"dimensions": {
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-407": {
"value": "28. Acquisition of subsidiaries Quidco Limited (formerly known as Maple Syrup Media Limited) (\u2018Quidco\u2019) On 1 November 2021, the Group acquired 100% of the share capital and voting rights of Quidco for total consideration payable of \u00a3104.6m. On acquisition a new Cashback vertical was created for this business. Due to the proximity of the acquisition date to the year end and in accordance with IFRS 3 \u2013 Business Combinations, a disclosure was included in the Group\u2019s 2021 Annual Report indicating that if new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition identifies adjustments to the amounts recognised, or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised. Since the year end we have identified new information about facts and circumstances that existed at the date of acquisition which has resulted in an increase in both accrued income (within trade and other receivables) and other payables (within trade and other payables) of \u00a33.8m. There is no impact on total identifiable net assets acquired and therefore no impact on previously reported goodwill. The comparative balance sheet as at 31 December 2021 has been restated in these financial statements accordingly. Podium Solutions Limited (\u2018Podium\u2019) On 23 December 2022, the Group gained control of Podium. Prior to this the Group had held a 50% investment in Podium which was accounted for as a joint venture. On completion of the transaction, the other shareholders of Podium exercised options which diluted the Group\u2019s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then, the Group has been in control of Podium and has accounted for it as a subsidiary undertaking. The fair value of total consideration was \u00a31.6m which comprised the following: \u00a3m Fair value of existing interest 0.7 Fair value of additional equity interest 0.2 Fair value of non-controlling interest 0.7 Fair value of total consideration 1.6 The fair value of the total identifiable net assets acquired was \u00a31.6m: \u00a3m Intangible assets 3.2 Trade and other receivables 1.0 Cash 0.1 Trade and other payables (0.1) Amounts due to non-controlling interest (1.8) Deferred tax (0.8) Fair value of total identifiable net assets acquired 1.6 Intangible assets relate to technology expenditure that had not been capitalised in Podium prior to acquisition. The fair value of these assets has been determined using a rebuild cost valuation method. This was developed in consultation with senior technology professionals and using a cost assumption for developers inclusive of a profit margin as would be the case in an external build contracted to develop an equivalent platform. When valuing assets of this nature we take into account any obsolescence arising from advancements in technology since they have been built. 28. Acquisition of subsidiaries continued Podium Solutions Limited (\u2018Podium\u2019) continued There was no goodwill arising from the acquisition as the fair value of total consideration was equal to the fair value of total identifiable net assets acquired. In the period from completion of the deal to the year end, Podium contributed revenue and profit before tax of \u00a30.0m to these Consolidated Financial Statements. As part of the transaction the Group has a call option to acquire the remaining 48% of Podium in three years\u2019 time. The consideration payable will equate to the fair value of Podium at that date. No value has therefore been attributed to this call option in these financial statements. ",
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"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "29. Non-controlling interest In December 2022, the Group acquired control of Podium Solutions Limited which had previously been accounted for as a joint venture. Podium is now consolidated as a subsidiary undertaking and non-controlling interest is recognised within equity (see note 28). The Group also recognises non-controlling interest in respect of Ice Travel Group Limited and its two wholly owned subsidiaries Travelsupermarket Limited and Icelolly Marketing Limited (together \u2018Ice Travel Group\u2019). The following table summarises the financial performance and position of these companies at the year end before any intra-group eliminations. 31 December 2022 Podium Solutions Limited Ice Travel Group Total Non-controlling interest 48% 33% \u00a3m \u00a3m \u00a3m Non-current assets1 3.2 14.5 17.7 Current assets 0.3 8.3 8.6 Non-current liabilities (1.8) (4.9) (6.7) Current liabilities (0.1) (2.0) (2 .1) Net assets 1.6 15.9 17.5 Net assets attributable to non-controlling interest 0.7 5.3 6.0 Revenue \u2014 14.6 14.6 Profit \u2014 3.1 3.1 Other comprehensive income \u2014 \u2014 \u2014 Total comprehensive income \u2014 3.1 3.1 Profit attributable to the non-controlling interest \u2014 1.0 1.0 Other comprehensive income attributable to non-controlling interest \u2014 \u2014 \u2014 Total comprehensive income attributable to non-controlling interest \u2014 1.0 1.0 Cash flows from operating activities \u2014 4.5 4.5 Cash flows from investing activities \u2014 (0.4) (0.4) Cash flows from financing activities \u2014 \u2014 \u2014 Net increase in cash and cash equivalents \u2014 4.1 4.1 1 Non-current assets for Ice Travel Group include \u00a37.4m (2021: \u00a37.4m) of goodwill in respect of Travelsupermarket Limited that was recognised on the Group\u2019s balance sheet prior to the acquisition of Ice Travel Group. 29. Non-controlling interest continued 31 December 2021 Podium Solutions Limited Ice Travel Group Total Non-controlling interest \u2014 33% 33% \u00a3m \u00a3m \u00a3m Non-current assets1 \u2014 14.8 14.8 Current assets \u2014 3.8 3.8 Non-current liabilities \u2014 (3.4) (3.4) Current liabilities \u2014 (2.5) (2.5) Net assets \u2014 12.7 12.7 Net assets attributable to non-controlling interest \u2014 4.3 4.3 Revenue \u2014 2.2 2.2 Loss \u2014 (1.8) (1.8) Other comprehensive income \u2014 \u2014 \u2014 Total comprehensive income \u2014 (1.8) (1.8) Loss attributable to the non-controlling interest \u2014 (0.6) (0.6) Other comprehensive income attributable to non-controlling interest \u2014 \u2014 \u2014 Total comprehensive income attributable to non-controlling interest \u2014 (0.6) (0.6) Cash flows from operating activities \u2014 (1.9) (1.9) Cash flows from investing activities \u2014 \u2014 \u2014 Cash flows from financing activities \u2014 4.0 4.0 Net increase in cash and cash equivalents \u2014 2.1 2.1 1 Non-current assets for Ice Travel Group include \u00a37.4m of goodwill in respect of Travelsupermarket Limited that was recognised on the Group\u2019s balance sheet prior to the acquisition of Ice Travel Group. Ice Travel Group\u2019s profit (2021: loss) and total comprehensive income for the year of \u00a33.1m (2021: \u00a31.8m) includes \u00a3nil (2021: \u00a31.8m) of deal fees and associated costs and \u00a30.6m (2021: \u00a30.2m) of amortisation of intangibles relating to the acquisition of Ice Travel Group by the Group. Included in the profit (2021: loss) and total comprehensive income attributable to the non-controlling interest of \u00a31.0m (2021: \u00a30.6m) are \u00a3nil (2021: \u00a30.6m) of deal fees and associated costs and \u00a30.2m (2021: \u00a30.1m) of amortisation of intangibles. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:54930016B7VO33FBE722",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}