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At 31 December 2023, the Group held 313,695 (2022: 339,657) ordinary shares at a cost of 0.02p per share (2022: 0.02p) through a Share Incentive Plan trust for the benefit of the Group\u2019s employees. The Group also held 144,106 (2022: 151,723) shares through an Employee Benefit Trust at an average cost of 249.92 per share (2022: 204.80p) for the benefit of employees participating in the various Long Term Incentive Plan schemes.
31 December 31 December
2023 2022
Other reserves \u00a3m \u00a3m
Fair value reserve
4.9
5.0
Merger reserve
16.9
16.9
Revaluation reserve
41.8
41.8
Total
63.6
63.7
The fair value reserve of \u00a34.9m (2022: \u00a35.0m) represents amounts recognised in other comprehensive income in relation to changes in fair value of investments and amounts recognised directly in equity on initial recognition of non-controlling interest. The merger and revaluation reserve balances relate to the acquisition of Moneysupermarket.com Financial Group Limited by the Company. The merger reserve of \u00a316.9m (2022: \u00a316.9m) represents 45% of the book value of assets and liabilities transferred and the revaluation reserve of \u00a341.8m (2022: \u00a341.8m) represents 45% of the fair value of the intangible assets transferred, net of amounts recycled to retained earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "value": "72300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-262": { "value": "69300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-263": { "value": "30400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-264": { "value": "21700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-265": { "value": "4200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationExpense", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-266": { "value": "4800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationExpense", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-267": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-268": { "value": "-300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-269": { "value": "-5200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-270": { "value": "-3500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-271": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-272": { "value": "2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-273": { "value": "19800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-274": { "value": "15900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-275": { "value": "-17600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-276": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-277": { "value": "13500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "1700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "28600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-280": { "value": "18000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "102200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "104400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-286": { "value": "800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-287": { "value": "10500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-288": { "value": "10600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "10000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-290": { "value": "5300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-291": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-293": { "value": "-20900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-294": { "value": "-16900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-295": { "value": "63400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-296": { "value": "62800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-297": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-298": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-299": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-300": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-301": { "value": "53500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-302": { "value": "62000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-303": { "value": "63000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-304": { "value": "75500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-305": { "value": "5100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-306": { "value": "3700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-307": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-308": { "value": "3100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-309": { "value": "-81300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-310": { "value": "-83400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-311": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-312": { "value": "4100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-313": { "value": "16600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-314": { "value": "12500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-315": { "value": "16600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-316": { "value": "16600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-317": { "value": "
Lease
Borrowings liabilities Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
57.5
31.7
89.2
Changes from financing cash flows
Proceeds from borrowings
62.0
\u2014
62.0
Repayment of borrowings
(75.5)
\u2014
(75.5)
Interest paid
(2.6)
(1.1)
(3.7)
Repayment of lease liabilities
\u2014
(3.1)
(3.1)
Total changes from financing cash flows
(16.1)
(4.2)
(20.3)
Other changes
Interest expense
2.6
1.1
3.7
Balance at 31 December 2022
44.0
28.6
72.6
At 1 January 2023
44.0
28.6
72.6
Changes from financing cash flows
Proceeds from borrowings
53.5
\u2014
53.5
Repayment of borrowings
(63.0)
\u2014
(63.0)
Interest paid
(4.1)
(1.0)
(5.1)
Repayment of lease liabilities
\u2014
(2.9)
(2.9)
Total changes from financing cash flows
(13.6)
(3.9)
(17.5)
Other changes
Interest expense
4.1
1.0
5.1
Extension of existing lease
\u2014
0.5
0.5
At 31 December 2023
34.5
26.2
60.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "
Lease
Borrowings liabilities Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
57.5
31.7
89.2
Changes from financing cash flows
Proceeds from borrowings
62.0
\u2014
62.0
Repayment of borrowings
(75.5)
\u2014
(75.5)
Interest paid
(2.6)
(1.1)
(3.7)
Repayment of lease liabilities
\u2014
(3.1)
(3.1)
Total changes from financing cash flows
(16.1)
(4.2)
(20.3)
Other changes
Interest expense
2.6
1.1
3.7
Balance at 31 December 2022
44.0
28.6
72.6
At 1 January 2023
44.0
28.6
72.6
Changes from financing cash flows
Proceeds from borrowings
53.5
\u2014
53.5
Repayment of borrowings
(63.0)
\u2014
(63.0)
Interest paid
(4.1)
(1.0)
(5.1)
Repayment of lease liabilities
\u2014
(2.9)
(2.9)
Total changes from financing cash flows
(13.6)
(3.9)
(17.5)
Other changes
Interest expense
4.1
1.0
5.1
Extension of existing lease
\u2014
0.5
0.5
At 31 December 2023
34.5
26.2
60.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationThatEnablesUsersOfFinancialStatementsToEvaluateChangesInLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "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 2023, were authorised for issue in accordance with
a resolution of the Directors on 16 February 2024. The Consolidated Financial Statements have
been prepared in accordance with UK-adopted international accounting standards. 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 171 and 172.
The principal activity of the Group is to provide price comparison and lead generation services
to customers through its websites.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Moneysupermarket.com Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Moneysupermarket House, St David\u2019s Park, Ewloe, Chester, CH5 3UZ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "The principal activity of the Group is to provide price comparison and lead generation services to customers through its websites.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "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 2022. Going concern The Directors have prepared the financial statements on a going concern basis for the following reasons. As at 31 December 2023, the Group\u2019s external debt comprised an amortising loan (with a balance outstanding of \u00a330m, repayable by October 2024) and a revolving credit facility (\u2018RCF\u2019), (of which \u00a34.5m of the \u00a3125m available was drawn down). In June 2023, the RCF was increased from \u00a390m to \u00a3125m and its term was extended from three to four years, with the option of a further year. This means that the current RCF is due for renewal in June 2027 unless the option is taken to extend to June 2028. Since the year end the balance of \u00a34.5m has been fully repaid and no further amounts have been drawn down. The operations of the business have been impacted by macroeconomic uncertainty caused by high inflation and rising interest rates, as well as the continued impact of high wholesale prices on the energy switching 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 note the Group\u2019s net current liability position and have also considered the effect of potential cost-of-living trading headwinds and recession and competition such as 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 increases, competitive pressures and any 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 of energy 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 Parent 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 Parent 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. Consideration of climate change In preparing the financial statements, the Directors have considered the impact of climate change and there has been no material impact identified in the reporting period on the financial reporting judgements and estimates. The Directors considered the risks with respect to going concern and viability, as well as the cashflow forecasts used in the impairment assessment, and noted no material risks within the planning period. Whilst there is no material financial impact to the Group expected from climate change within the reporting and forecast period of the Group, the Directors will assess these risks regularly against the judgements and estimates used in preparation of the financial statements. 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. There are no assumptions or estimation uncertainties at 31 December 2023 that may have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. Information about judgements made in applying accounting policies that have the most impact on the amounts recognised in the Consolidated Financial Statements is included in the following notes: \u2022 Note 12 intangible assets and goodwill (capitalisation of software and development costs).
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 (\u2018OCI\u2019) 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.
Subsidiaries\u2019 exemption from audit by parental guarantee
The Company has provided a parental guarantee under section 479C of the Companies Act
(2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2023 until
they are settled in full. The subsidiaries covered by the parental guarantee are exempt from
the requirements of the Companies Act (2006) relating to the audit of their individual accounts
in accordance with section 479A. The guarantee covers all of the Company\u2019s wholly-owned
subsidiaries and a list of these companies is included in note 25. This parental guarantee was
not provided in the prior year.
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.
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 Nature and timing of satisfaction
transaction
of performance obligations
Revenue recognition policies
Price comparison The performance obligation is the Revenue is recognised in the period
services provision of an internet lead to a in which the lead is provided.
provider\u2019s website.
At the period end an estimate
The trigger for the transaction price of accrued revenue is made for
to become receivable is usually leads (clicks) provided that have
a completed sale on the provider\u2019s resulted in completed sales. This
website. However, for some contracts is based on the volume of leads
the trigger is the point at which the provided in the period, historic
lead is provided (usually a \u2018click\u2019 conversion rates and the expected
transferring the user from MSMG\u2019s price per completed sale.
website to the provider).
For some contracts, an estimate
The transaction price is either of accrued revenue is also made for
a fixed amount per completed sale leads that will result in completed
or a variable amount derived from renewals. This is based on expected
the terms of the completed sale. renewal rates and premiums.
Cashback services
Revenue is generated from
Revenue is recognised in the period
rendering services to the merchant. in which the lead is provided.
The performance obligation is At the period end an estimate of
the provision of an internet lead accrued revenue is made for leads
to a merchant\u2019s website.
provided that will result in completed
The trigger for the transaction price sales. This is based on the volume of
to become receivable is a completed leads provided in the period, historic
sale on the merchant\u2019s website. conversion rates and the expected
price per completed sale.
The transaction price is derived from
the terms of the 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 and fees that are receivable from members for premium membership are
recognised as a reduction 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 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 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.
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 property, 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 years
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
expense on intangible assets with finite lives is recognised in the Statement of Comprehensive
Income. The estimated useful lives are as follows:
Market-related 5 years (2022: 10 years)
Member relationships 5 years (2022: 10 years)
Technology 3 years (2022: 3 years)
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. This year
the amortisation period in respect of the market-related and member relationships intangible
assets has been reduced from 10 years to 5 years to align with our latest estimate of the useful
economic lives of these assets. This reflects a change in the period of economic benefit that is
expected to be generated by these assets, which becomes more diluted as they are integrated
into the Group. It has been treated as a change in accounting estimate in accordance with IAS 8
\u2013 Accounting Policies, Changes in Accounting Estimates and Errors. The additional amortisation
of \u00a310.7m arising from the change has therefore been recognised in the current year, with no
adjustment being made to prior years. The annual amortisation charge in respect of these
assets in future years will reduce from \u00a330.8m to \u00a320.1m.
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.
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. 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. Other investments in equity securities held by the Group are classified as fair value through other comprehensive income (\u2018FVOCI\u2019) \u2013 equity instruments 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; 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.
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 These assets are subsequently measured at fair value. Net gains and losses,
at FVTPL including any interest or dividend income, are recognised in profit or loss.
Financial assets These assets are subsequently measured at amortised cost using the
at amortised cost 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 These assets are subsequently measured at fair value. Interest income
at FVOCI 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 These assets are subsequently measured at fair value. Dividends are
at FVOCI 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.
Expected credit loss assessment
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.
At each reporting date, the Group assesses whether financial assets carried at amortised cost
and debt securities at FVOCI are \u201ccredit-impaired\u201d. A financial asset is credit-impaired 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 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 12 for full disclosure of how goodwill and impairment losses are allocated across the CGUs. 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, amounts owed to non-controlling
interest, 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 tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; 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. 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. VAT The Group recovers input VAT that it incurs on expenditure using a partial exemption special method (\u201cPESM\u201d) which was agreed with HMRC in 2012. This is currently being reviewed (as occurs periodically) to ensure that it still reflects the way in which the Group incurs costs.
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 2023 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 clarify
the classification of liabilities as current or non-current, and to clarify the
classification of liabilities with covenants. Effective date 1 January 2024.
Amendments to IAS 7 Amendments to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial
and IFRS 7 Instruments: Disclosures, which improve the information an entity provides
about its supplier finance arrangements. Effective date 1 January 2024.
Amendments to IAS 21
Amendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates
to provide guidance to specify when a currency is exchangeable and how
to determine the exchange rate when it is not. Effective date 1 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "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 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
Going concern
The Directors have prepared the financial statements on a going concern basis for the
following reasons.
As at 31 December 2023, the Group\u2019s external debt comprised an amortising loan (with
a balance outstanding of \u00a330m, repayable by October 2024) and a revolving credit facility
(\u2018RCF\u2019), (of which \u00a34.5m of the \u00a3125m available was drawn down). In June 2023, the RCF was
increased from \u00a390m to \u00a3125m and its term was extended from three to four years, with the
option of a further year. This means that the current RCF is due for renewal in June 2027 unless
the option is taken to extend to June 2028. Since the year end the balance of \u00a34.5m has been
fully repaid and no further amounts have been drawn down. The operations of the business
have been impacted by macroeconomic uncertainty caused by high inflation and rising interest
rates, as well as the continued impact of high wholesale prices on the energy switching 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
note the Group\u2019s net current liability position and have also considered the effect of potential
cost-of-living trading headwinds and recession and competition such as 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
Notes to the Consolidated Financial Statements
recession, sustained cost-of-living increases, competitive pressures and any 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 of energy 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 Parent
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 Parent 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.
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate
change and there has been no material impact identified in the reporting period on the financial
reporting judgements and estimates. The Directors considered the risks with respect to going
concern and viability, as well as the cashflow forecasts used in the impairment assessment, and
noted no material risks within the planning period. Whilst there is no material financial impact to
the Group expected from climate change within the reporting and forecast period of the Group,
the Directors will assess these risks regularly against the judgements and estimates used in
preparation of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "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.
There are no assumptions or estimation uncertainties at 31 December 2023 that may have
a significant risk of resulting in a material adjustment to the carrying amounts of assets and
liabilities in the next financial year.
Information about judgements made in applying accounting policies that have the most impact
on the amounts recognised in the Consolidated Financial Statements is included in the
following notes:
\u2022 Note 12 intangible assets and goodwill (capitalisation of software and development costs).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "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 (\u2018OCI\u2019) 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. Subsidiaries\u2019 exemption from audit by parental guarantee The Company has provided a parental guarantee under section 479C of the Companies Act (2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2023 until they are settled in full. The subsidiaries covered by the parental guarantee are exempt from the requirements of the Companies Act (2006) relating to the audit of their individual accounts in accordance with section 479A. The guarantee covers all of the Company\u2019s wholly-owned subsidiaries and a list of these companies is included in note 25. This parental guarantee was not provided in the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "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 (\u2018OCI\u2019) 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. Subsidiaries\u2019 exemption from audit by parental guarantee The Company has provided a parental guarantee under section 479C of the Companies Act (2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2023 until they are settled in full. The subsidiaries covered by the parental guarantee are exempt from the requirements of the Companies Act (2006) relating to the audit of their individual accounts in accordance with section 479A. The guarantee covers all of the Company\u2019s wholly-owned subsidiaries and a list of these companies is included in note 25. This parental guarantee was not provided in the prior year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "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 (\u2018OCI\u2019) 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:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "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 (\u2018OCI\u2019) 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:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "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 (\u2018OCI\u2019) 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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "Subsidiaries\u2019 exemption from audit by parental guarantee The Company has provided a parental guarantee under section 479C of the Companies Act (2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2023 until they are settled in full. The subsidiaries covered by the parental guarantee are exempt from the requirements of the Companies Act (2006) relating to the audit of their individual accounts in accordance with section 479A. The guarantee covers all of the Company\u2019s wholly-owned subsidiaries and a list of these companies is included in note 25. This parental guarantee was not provided in the prior year. 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. 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. 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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "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 Nature and timing of satisfaction
transaction
of performance obligations
Revenue recognition policies
Price comparison The performance obligation is the Revenue is recognised in the period
services provision of an internet lead to a in which the lead is provided.
provider\u2019s website.
At the period end an estimate
The trigger for the transaction price of accrued revenue is made for
to become receivable is usually leads (clicks) provided that have
a completed sale on the provider\u2019s resulted in completed sales. This
website. However, for some contracts is based on the volume of leads
the trigger is the point at which the provided in the period, historic
lead is provided (usually a \u2018click\u2019 conversion rates and the expected
transferring the user from MSMG\u2019s price per completed sale.
website to the provider).
For some contracts, an estimate
The transaction price is either of accrued revenue is also made for
a fixed amount per completed sale leads that will result in completed
or a variable amount derived from renewals. This is based on expected
the terms of the completed sale. renewal rates and premiums.
Cashback services
Revenue is generated from
Revenue is recognised in the period
rendering services to the merchant. in which the lead is provided.
The performance obligation is At the period end an estimate of
the provision of an internet lead accrued revenue is made for leads
to a merchant\u2019s website.
provided that will result in completed
The trigger for the transaction price sales. This is based on the volume of
to become receivable is a completed leads provided in the period, historic
sale on the merchant\u2019s website. conversion rates and the expected
price per completed sale.
The transaction price is derived from
the terms of the 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 and fees that are receivable from members for premium membership are recognised as a reduction in cost of sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "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 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 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "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": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "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 property, 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 years
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "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 expense on intangible assets with finite lives is recognised in the Statement of Comprehensive Income. The estimated useful lives are as follows: Market-related 5 years (2022: 10 years) Member relationships 5 years (2022: 10 years) Technology 3 years (2022: 3 years) 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. This year the amortisation period in respect of the market-related and member relationships intangible assets has been reduced from 10 years to 5 years to align with our latest estimate of the useful economic lives of these assets. This reflects a change in the period of economic benefit that is expected to be generated by these assets, which becomes more diluted as they are integrated into the Group. It has been treated as a change in accounting estimate in accordance with IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors. The additional amortisation of \u00a310.7m arising from the change has therefore been recognised in the current year, with no adjustment being made to prior years. The annual amortisation charge in respect of these assets in future years will reduce from \u00a330.8m to \u00a320.1m. 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "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 expense on intangible assets with finite lives is recognised in the Statement of Comprehensive Income. The estimated useful lives are as follows: Market-related 5 years (2022: 10 years) Member relationships 5 years (2022: 10 years) Technology 3 years (2022: 3 years) 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. This year the amortisation period in respect of the market-related and member relationships intangible assets has been reduced from 10 years to 5 years to align with our latest estimate of the useful economic lives of these assets. This reflects a change in the period of economic benefit that is expected to be generated by these assets, which becomes more diluted as they are integrated into the Group. It has been treated as a change in accounting estimate in accordance with IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors. The additional amortisation of \u00a310.7m arising from the change has therefore been recognised in the current year, with no adjustment being made to prior years. The annual amortisation charge in respect of these assets in future years will reduce from \u00a330.8m to \u00a320.1m. 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "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.
Other investments in equity securities held by the Group are classified as fair value through
other comprehensive income (\u2018FVOCI\u2019) \u2013 equity instruments 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; 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. 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 These assets are subsequently measured at fair value. Net gains and losses,
at FVTPL including any interest or dividend income, are recognised in profit or loss.
Financial assets These assets are subsequently measured at amortised cost using the
at amortised cost 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 These assets are subsequently measured at fair value. Interest income
at FVOCI 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 These assets are subsequently measured at fair value. Dividends are
at FVOCI 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.
Expected credit loss assessment 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. At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are \u201ccredit-impaired\u201d. A financial asset is credit-impaired 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "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; 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. 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 These assets are subsequently measured at fair value. Net gains and losses,
at FVTPL including any interest or dividend income, are recognised in profit or loss.
Financial assets These assets are subsequently measured at amortised cost using the
at amortised cost 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 These assets are subsequently measured at fair value. Interest income
at FVOCI 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 These assets are subsequently measured at fair value. Dividends are
at FVOCI 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.
Expected credit loss assessment 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. At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are \u201ccredit-impaired\u201d. A financial asset is credit-impaired 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "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 12 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "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 12 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "Finance income Finance income comprises interest receivable from bank deposits and loan notes. Finance costs Finance costs comprise interest charged on borrowings, amounts owed to non-controlling interest, leases (recognised under IFRS 16 \u2013 Leases) and the unwind of discount on deferred consideration. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "Finance income Finance income comprises interest receivable from bank deposits and loan notes. Finance costs Finance costs comprise interest charged on borrowings, amounts owed to non-controlling interest, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "Finance costs Finance costs comprise interest charged on borrowings, amounts owed to non-controlling interest, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "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 tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes.
The following temporary differences are not provided for: the initial recognition of goodwill;
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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "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 tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; 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. 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. VAT The Group recovers input VAT that it incurs on expenditure using a partial exemption special method (\u201cPESM\u201d) which was agreed with HMRC in 2012. This is currently being reviewed (as occurs periodically) to ensure that it still reflects the way in which the Group incurs costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "
VAT
The Group recovers input VAT that it incurs on expenditure using a partial exemption special
method (\u201cPESM\u201d) which was agreed with HMRC in 2012. This is currently being reviewed (as
occurs periodically) to ensure that it still reflects the way in which the Group incurs costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "Standards, amendments and interpretations issued but not yet effective A number of new standards are effective for annual periods beginning after 1 January 2023 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 clarify
the classification of liabilities as current or non-current, and to clarify the
classification of liabilities with covenants. Effective date 1 January 2024.
Amendments to IAS 7 Amendments to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial
and IFRS 7 Instruments: Disclosures, which improve the information an entity provides
about its supplier finance arrangements. Effective date 1 January 2024.
Amendments to IAS 21
Amendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates
to provide guidance to specify when a currency is exchangeable and how
to determine the exchange rate when it is not. Effective date 1 January 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "
3. Revenue
All revenue is derived from the Group\u2019s principal activity and is generated in the UK.
2023 2022
\u00a3m \u00a3m
Revenue from price comparison services*
379.8
330.6
Revenue from cashback services*
59.8
59.8
Inter-vertical eliminations
(7.5)
(2.8)
Total revenue
432.1
387.6
* The comparative revenue from price comparison services and revenue from cashback services for the year ended 31 December 2022
have been restated to align with the change in presentation of inter-vertical eliminations. Inter-vertical eliminations reflect transactions
where revenue in Cashback and Travel has also been recorded as cost of sales in other verticals. This has no impact on total
revenue. See note 4 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "
4. Segmental information
Business segments
Below we report a measure of profitability at segment level that reflects the way performance
is assessed internally. During the year, we changed the way in which we do this by including
inter-vertical revenue and inter-vertical cost of sales within the verticals in order to give a more
accurate view of performance. These amounts are now deducted in a separate \u201cinter-vertical
eliminations\u201d column to arrive at the consolidated total values. The comparative segmental
information for the year ended 31 December 2022 has been restated in the same way.
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.
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
Home Shared Inter-vertical
Insurance Money Services Travel Cashback costs eliminations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Year ended 31 December 2023
Revenue
220.0
100.2
39.0
20.6
59.8
\u2014
(7.5)
432.1
Directly attributable expenses
(93.5)
(33.7)
(12.5)
(15.2)
(52.1)
(100.7)
7.5
(300.2)
EBITDA contribution
126.5
66.5
26.5
5.4
7.7
(100.7)
\u2014
131.9
EBITDA contribution margin
58%
66%
68%
26%
13%
\u2014
\u2014
31%
Depreciation and amortisation
(34.6)
Net finance expense
(5.2)
Share of loss of equity accounted investments
\u2014
Profit before tax
92.1
Taxation
(19.8)
Profit for the year
72.3
Year ended 31 December 2022
Revenue
172.0
103.3
39.8
15.5
59.8
\u2014
(2.8)
387.6
Directly attributable expenses
(74.2)
(31.0)
(14.6)
(10.0)
(50.3)
(94.8)
2.8
(272.1)
EBITDA contribution
97.8
72.3
25.2
5.5
9.5
(94.8)
\u2014
115.5
EBITDA contribution margin
57%
70%
63%
35%
16%
\u2014
\u2014
30%
Depreciation and amortisation
(26.5)
Net finance expense
(3.5)
Share of loss of equity accounted investments
(0.3)
Profit before tax
85.2
Taxation
(15.9)
Profit for the year
69.3
1
2
1
1 EBITDA contribution margin is calculated by dividing EBITDA contribution by revenue.
2 The comparative revenue and directly attributable expenses for the year ended 31 December 2022 have been restated to align with the change in presentation of inter-vertical eliminations. The inter-vertical eliminations revenue line reflects transactions where revenue
in Cashback and Travel has also been recorded as cost of sales in other verticals.
Insurance EBITDA contribution margin increased from 57% to 58%, mixing into higher margin product lines, with growth in irrecoverable VAT offset with effective cost control.
Money saw a reduction in EBITDA contribution margin from 70% to 66%, primarily reflecting the Podium acquisition at the end of last year.
Home Services EBITDA contribution margin improved from 63% to 68%, with redistribution of some operating costs away from the energy product line.
Travel EBITDA contribution margin declined from 35% to 26% with reduced marketing spend in the prior year.
Margin for Cashback is significantly lower than other verticals as a large proportion of commission is paid out to members as cashback. EBITDA contribution margin decreased from 16% to 13%
reflecting a switch back to higher levels of marketing spend following the completion of product upgrades and enhancements to our onboarding process.
Shared costs increased by 6% with tech and marketing efficiencies partly offsetting wider inflationary pressures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "
5. Operating profit
Operating profit is stated after charging items detailed in the table below.
2023 2022
\u00a3m \u00a3m
Depreciation of property, plant and equipment
4.2
4.8
Amortisation of intangible assets
30.4
21.7
Auditor\u2019s remuneration:
Audit of these Consolidated Financial Statements
0.7
0.5
Audit of subsidiaries\u2019 Financial Statements*
0.0
0.4
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities
of some of its subsidiaries as at 31 December 2023 until they fall due. This means that these subsidiaries are exempt from the
requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was not provided
in the prior year.
Non-audit related services provided by KPMG constituted a review opinion on the financial statements
for the six-month period ended 30 June 2023 which amounted to \u00a30.06m (2022: \u00a30.06m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "5. Operating profit Operating profit is stated after charging items detailed in the table below.
2023 2022
\u00a3m \u00a3m
Depreciation of property, plant and equipment
4.2
4.8
Amortisation of intangible assets
30.4
21.7
Auditor\u2019s remuneration:
Audit of these Consolidated Financial Statements
0.7
0.5
Audit of subsidiaries\u2019 Financial Statements*
0.0
0.4
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2023 until they fall due. This means that these subsidiaries are exempt from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was not provided in the prior year. Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended 30 June 2023 which amounted to \u00a30.06m (2022: \u00a30.06m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "5. Operating profit Operating profit is stated after charging items detailed in the table below.
2023 2022
\u00a3m \u00a3m
Depreciation of property, plant and equipment
4.2
4.8
Amortisation of intangible assets
30.4
21.7
Auditor\u2019s remuneration:
Audit of these Consolidated Financial Statements
0.7
0.5
Audit of subsidiaries\u2019 Financial Statements*
0.0
0.4
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2023 until they fall due. This means that these subsidiaries are exempt from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was not provided in the prior year. Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended 30 June 2023 which amounted to \u00a30.06m (2022: \u00a30.06m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "
6. Staff numbers and cost
The average number of persons employed by the Group (including Directors) during the year,
analysed by category, was as follows:
2023 2022
No. No.
Technology and product operations
303
265
Administration
433
468
736
733
The aggregate payroll costs of these persons were as follows:
2023 2022
\u00a3m \u00a3m
Wages and salaries
56.1
50.6
Social security contributions
6.5
6.2
Defined contribution pension costs
2.4
2.1
Share-based payment transactions
3.0
2.2
Social security contributions related to share awards and options
0.6
0.3
Capitalised staff costs
(3.8)
(3.4)
64.8
58.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "
7. Net finance expense
2023 2022
\u00a3m \u00a3m
Finance income
Loan notes
\u2014
0.3
Bank deposits
0.1
0.0
Total finance income
0.1
0.3
Finance expense
Revolving credit facility
(1.8)
(1.2)
Bank loan
(2.3)
(1.4)
Leases
(1.0)
(1.1)
Amounts payable to non-controlling interest
(0.1)
\u2014
Deferred consideration
(0.1)
(0.1)
Total finance expense
(5.3)
(3.8)
Net finance expense
(5.2)
(3.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "7. Net finance expense
2023 2022
\u00a3m \u00a3m
Finance income
Loan notes
\u2014
0.3
Bank deposits
0.1
0.0
Total finance income
0.1
0.3
Finance expense
Revolving credit facility
(1.8)
(1.2)
Bank loan
(2.3)
(1.4)
Leases
(1.0)
(1.1)
Amounts payable to non-controlling interest
(0.1)
\u2014
Deferred consideration
(0.1)
(0.1)
Total finance expense
(5.3)
(3.8)
Net finance expense
(5.2)
(3.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "7. Net finance expense
2023 2022
\u00a3m \u00a3m
Finance income
Loan notes
\u2014
0.3
Bank deposits
0.1
0.0
Total finance income
0.1
0.3
Finance expense
Revolving credit facility
(1.8)
(1.2)
Bank loan
(2.3)
(1.4)
Leases
(1.0)
(1.1)
Amounts payable to non-controlling interest
(0.1)
\u2014
Deferred consideration
(0.1)
(0.1)
Total finance expense
(5.3)
(3.8)
Net finance expense
(5.2)
(3.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "7. Net finance expense
2023 2022
\u00a3m \u00a3m
Finance income
Loan notes
\u2014
0.3
Bank deposits
0.1
0.0
Total finance income
0.1
0.3
Finance expense
Revolving credit facility
(1.8)
(1.2)
Bank loan
(2.3)
(1.4)
Leases
(1.0)
(1.1)
Amounts payable to non-controlling interest
(0.1)
\u2014
Deferred consideration
(0.1)
(0.1)
Total finance expense
(5.3)
(3.8)
Net finance expense
(5.2)
(3.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "7. Net finance expense
2023 2022
\u00a3m \u00a3m
Finance income
Loan notes
\u2014
0.3
Bank deposits
0.1
0.0
Total finance income
0.1
0.3
Finance expense
Revolving credit facility
(1.8)
(1.2)
Bank loan
(2.3)
(1.4)
Leases
(1.0)
(1.1)
Amounts payable to non-controlling interest
(0.1)
\u2014
Deferred consideration
(0.1)
(0.1)
Total finance expense
(5.3)
(3.8)
Net finance expense
(5.2)
(3.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "7. Net finance expense
2023 2022
\u00a3m \u00a3m
Finance income
Loan notes
\u2014
0.3
Bank deposits
0.1
0.0
Total finance income
0.1
0.3
Finance expense
Revolving credit facility
(1.8)
(1.2)
Bank loan
(2.3)
(1.4)
Leases
(1.0)
(1.1)
Amounts payable to non-controlling interest
(0.1)
\u2014
Deferred consideration
(0.1)
(0.1)
Total finance expense
(5.3)
(3.8)
Net finance expense
(5.2)
(3.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "
8. Taxation
2023 2022
\u00a3m \u00a3m
Current tax
Current tax on income for the year
27.5
18.3
Adjustment in relation to prior period
(1.0)
0.4
Total current tax
26.5
18.7
Deferred tax
Origination and reversal of temporary differences
(6.3)
(1.9)
Adjustments due to changes in corporation tax rate
(0.3)
(0.2)
Adjustment in relation to prior period
(0.1)
(0.7)
Total deferred tax
(6.7)
(2.8)
Taxation
19.8
15.9
Origination and reversal of temporary differences includes the unwind of deferred tax liabilities
relating to acquired intangible assets. The increase this year is driven by the reduction in the
estimated useful economic lives of these assets (see note 2).
Reconciliation of the effective tax rate
In April 2023 the UK rate of corporation tax increased from 19% to 25%, resulting in a blended
rate of 23.5% for the current year. The effective tax rate is lower (2022: lower) than the standard
rate of 23.5% (2022: 19%). The differences are explained below.
2023 2022
\u00a3m \u00a3m
Profit before tax
92.1
85.2
Standard rate of tax at 23.5% (2022: 19%)
21.6
16.2
Effects of:
Expenses not deductible for tax purposes
0.1
0.1
Movement related to share-based payments
(0.4)
0.1
Change in fair value of financial instruments
0.0
(0.0)
Impact of changes in tax rate
(0.4)
(0.2)
Adjustments in relation to prior periods
(1.1)
(0.3)
Taxation
19.8
15.9
The deferred tax liability had already been remeasured using the higher rate of 25% when
the change was substantively enacted in March 2021.
17. Deferred tax liabilities
Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
6.3
11.3
Share schemes
(1.5)
(0.5)
Accelerated capital allowances
(0.2)
(0.2)
Losses
(2.0)
(1.3)
Deferred tax liability
15.8
22.5
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2023 2022
\u00a3m \u00a3m
At 1 January
22.5
25.3
Temporary differences on:
Goodwill related to MoneySavingExpert.com
(0.0)
(0.1)
Intangible assets and goodwill relating to other acquisitions
(5.0)
(1.3)
Share schemes
(1.0)
(0.3)
Accelerated capital allowances
0.0
(0.2)
Losses
(0.7)
(0.9)
At 31 December
15.8
22.5
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 and Podium Solutions Limited.
The above deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the
amortisation of this balance within its individual accounts which are prepared under a different
accounting framework, FRS 102, whereas the consolidation is prepared in line with IFRS. The
recognition of a deferred tax liability within these consolidated accounts is to reflect the tax
benefit already claimed by the Group on the goodwill balance shown.
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% (2022: 25%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "8. Taxation
2023 2022
\u00a3m \u00a3m
Current tax
Current tax on income for the year
27.5
18.3
Adjustment in relation to prior period
(1.0)
0.4
Total current tax
26.5
18.7
Deferred tax
Origination and reversal of temporary differences
(6.3)
(1.9)
Adjustments due to changes in corporation tax rate
(0.3)
(0.2)
Adjustment in relation to prior period
(0.1)
(0.7)
Total deferred tax
(6.7)
(2.8)
Taxation
19.8
15.9
Origination and reversal of temporary differences includes the unwind of deferred tax liabilities relating to acquired intangible assets. The increase this year is driven by the reduction in the estimated useful economic lives of these assets (see note 2). Reconciliation of the effective tax rate In April 2023 the UK rate of corporation tax increased from 19% to 25%, resulting in a blended rate of 23.5% for the current year. The effective tax rate is lower (2022: lower) than the standard rate of 23.5% (2022: 19%). The differences are explained below.
2023 2022
\u00a3m \u00a3m
Profit before tax
92.1
85.2
Standard rate of tax at 23.5% (2022: 19%)
21.6
16.2
Effects of:
Expenses not deductible for tax purposes
0.1
0.1
Movement related to share-based payments
(0.4)
0.1
Change in fair value of financial instruments
0.0
(0.0)
Impact of changes in tax rate
(0.4)
(0.2)
Adjustments in relation to prior periods
(1.1)
(0.3)
Taxation
19.8
15.9
The deferred tax liability had already been remeasured using the higher rate of 25% when the change was substantively enacted in March 2021. 17. Deferred tax liabilities Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
6.3
11.3
Share schemes
(1.5)
(0.5)
Accelerated capital allowances
(0.2)
(0.2)
Losses
(2.0)
(1.3)
Deferred tax liability
15.8
22.5
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2023 2022
\u00a3m \u00a3m
At 1 January
22.5
25.3
Temporary differences on:
Goodwill related to MoneySavingExpert.com
(0.0)
(0.1)
Intangible assets and goodwill relating to other acquisitions
(5.0)
(1.3)
Share schemes
(1.0)
(0.3)
Accelerated capital allowances
0.0
(0.2)
Losses
(0.7)
(0.9)
At 31 December
15.8
22.5
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 and Podium Solutions Limited. The above deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the amortisation of this balance within its individual accounts which are prepared under a different accounting framework, FRS 102, whereas the consolidation is prepared in line with IFRS. The recognition of a deferred tax liability within these consolidated accounts is to reflect the tax benefit already claimed by the Group on the goodwill balance shown. 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% (2022: 25%).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "
9. 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:
2023
2022
Profit after taxation attributable to the owners of the Company (\u00a3m)
72.7
68.3
Basic weighted average shares in issue (millions)
536.4
536.5
Dilutive effect of share-based instruments (millions)
2.7
2.4
Diluted weighted average shares in issue (millions)
539.1
538.9
Basic earnings per share (p)
13.5
12.7
Diluted earnings per share (p)
13.5
12.7
Adjusted basic and diluted earnings per share have been calculated as follows:
2023
2022
Profit before tax
92.1
85.2
Adjusted for loss/(profit) before tax attributable to
non-controlling interest
0.2
(1.2)
Profit before tax attributable to the owners of the Company
92.3
84.0
Amortisation of acquisition related intangible assets
21.1
11.3
Amortisation of acquisition related intangible assets attributable
to non-controlling interest
(0.9)
(0.2)
112.5
95.1
Estimated taxation at 23.5%
1
(2022: 19%)
(26.4)
(18.1)
Profit for adjusted earnings per share purposes
86.1
77.0
Adjusted basic earnings per share (p)
16.0
14.4
Adjusted diluted earnings per share (p)
16.0
14.3
1 Estimated taxation at 23.5% is derived from a standard rate of 19% from 1 January to 31 March and 25% from 1 April to 31 December.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "
10. Dividends
2023
2022
pence per Total pence per Total
share \u00a3m share \u00a3m
Declared and paid dividends
on ordinary shares:
Prior year final dividend
8.6
46.2
8.6
46.2
Interim dividend
3.2
17.2
3.1
16.6
Total dividend paid in the year
11.8
63.4
11.7
62.8
Proposed for approval (not recognised
as a liability at 31 December):
Final dividend
8.9
47.8
8.6
46.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "8.9", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-376": { "value": "8.6", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:54930016B7VO33FBE722", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-348": { "value": "
11. Property, plant and equipment
Land and Plant and Office Fixtures and
buildings equipment equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
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
At 1 January 2023
47.6
21.1
1.5
2.1
72.3
Additions
0.4
0.4
0.1
\u2014
0.9
At 31 December 2023
48.0
21.5
1.6
2.1
73.2
Depreciation:
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
At 1 January 2023
14.8
19.1
0.9
2.1
36.9
Depreciation for the year
3.3
0.9
0.0
0.0
4.2
At 31 December 2023
18.1
20.0
0.9
2.1
41.1
Carrying value:
At 31 December 2022
32.8
2.0
0.6
0.0
35.4
At 31 December 2023
29.9
1.5
0.7
0.0
32.1
Right of use assets
Land and buildings includes right-of-use assets of \u00a320.3m (2022: \u00a322.4m) related to leased
properties that do not meet the definition of investment property (see note 22).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "
12. Intangible assets and goodwill
Market Member Technology
related relationship related Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
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
At 1 January 2023
169.6
21.2
137.1
288.6
616.5
Additions internally developed
\u2014
\u2014
10.8
\u2014
10.8
Disposals
\u2014
\u2014
(26.6)
\u2014
(26.6)
At 31 December 2023
169.6
21.2
121.3
288.6
600.7
Amortisation:
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
At 1 January 2023
153.3
2.5
106.5
74.3
336.6
Amortisation charge for the year
8.2
6.7
15.5
\u2014
30.4
Eliminated upon disposal
\u2014
\u2014
(26.6)
\u2014
(26.6)
At 31 December 2023
161.5
9.2
95.4
74.3
340.4
Carrying value:
At 31 December 2022
16.3
18.7
30.6
214.3
279.9
At 31 December 2023
8.1
12.0
25.9
214.3
260.3
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 (2022: \u00a33.7m).
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.
Amortisation
The current year amortisation charge for market related and member relationship assets includes
a catch up in respect of prior years following a change in the expected period of economic benefit
expected to be generated by these assets. This is a change in accounting estimate.
Disposals
Disposals in the current year include assets with a combined gross book value of \u00a326.6m 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. There were no disposals in the comparative year.
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 2023, 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.
The Group is required to allocate goodwill between its cash generating units (\u2018CGUs\u2019) that
represent the lowest level at which goodwill is monitored for internal management purposes.
These CGUs are Insurance, Money, Home Services, Travel and Cashback, all of which have
been tested for impairment.
Goodwill is allocated to each CGU as follows:
31 December 31 December
2023 2022
\u00a3m \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
68.3
Goodwill
214.3
214.3
Impairment review
For all CGUs the present value of expected future cash flows has been calculated using
management\u2019s best estimate, which is based on the Group\u2019s long -term plan, approved in
January 2024, 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 and 2023 we continue to 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 by comparing the recoverable amount to the carrying
value of the total assets allocated to each CGU. The recoverable amount is the higher of the
CGU\u2019s value in use (\u2018VIU\u2019) and its fair value less costs of disposal (\u2018FVLCD\u2019).
Insurance, Money, Home Services and Travel CGUs
The recoverable amounts of the Insurance, Money, Home Services and Travel CGUs have been
calculated using the VIU method. This requires the Group to determine appropriate assumptions
(which involves estimation) 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 pre-tax discount rate used
to discount the assumed cash flows to present value.
Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive
of an annual growth of 1.8% (2022: 2.7%). Given the volatility in recent years in Gross Domestic
Product (\u2018GDP\u2019) 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.
The pre-tax discount rate for the Group has been determined as 13.7% (2022: 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. Each CGU faces different market-specific risks,
which have been reflected, where significant, in the projected cash flows.
The key assumptions are the discount rate and revenue growth. Revenue growth has been taken
from the Group\u2019s long-term plan which looks out three years and is based on past experience
and external sources of information where available, including forecast market growth data.
Our assessment confirms there is headroom across each of these CGUs and the Directors
have therefore concluded no impairment of goodwill is required. After considering sensitivities
there is no reasonably possible change in any key assumptions that could cause an impairment
in any of these CGUs.
Cashback CGU
The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using
the income approach. This has been prepared in consultation with an independent third party
specialist in business valuations. Discounted cash flow projections, based on the Group\u2019s long-term
plan, have been prepared over a period of five years before extrapolating into the terminal year.
A post-tax discount rate of 11.2% and a terminal growth rate of 1.8% have been applied. The terminal
growth rate was determined based on management\u2019s estimate of the long-term compound annual
revenue growth rate, consistent with the assumptions that a market participant would make (taken
from the Office for Budget Responsibility forecast average growth in the UK\u2019s GDP). The fair
value measurement has been categorised as a Level 3 fair value based on the inputs in the
valuation technique used.
The discounted cash flow projections include key assumptions in respect of revenue growth in
the forecast period and the discount rate. Key assumptions are based on past experience apart
from where there is an expectation that there will be a change in the pattern of future economic
benefit (for example, due to changes in marketing spend) and are consistent with external
sources of information where available, including forecast market growth data.
Revenue growth was flat during 2023 in a year of headwinds in online retail against a cost of
living backdrop, however during the year strategic progress was made, investing in marketing
which has driven an increase in member registrations whilst also launching new product lines
and delivering synergies with the Group. As a result of these initiatives, increased revenue growth
has been estimated over the forecast period, using assumptions in respect of market growth, active
members and revenue per purchase. The cash flow projections include revenue opportunities
which would not be reflected in a VIU as they are dependent on capital investment.
The discount rate is a post-tax measure estimated based on historical industry average
weighted-average cost of capital and on a principal market that is assumed to comprise
trade buyers.
The amount by which the recoverable amount of the Cashback CGU exceeds its carrying
amount is \u00a347m. Sensitivity analysis has been prepared which shows that no reasonably
possible change in any of the key assumptions could lead to the recoverable amount falling
below the carrying amount of the CGU. An increase in the discount rate from 11.2% to 17.0% is
required to remove the headroom. Sensitivity modelling has also shown that revenue growth
of 1.8% in line with the terminal growth rate throughout the forecast period and into perpetuity,
would not lead to the recoverable amount falling below the carrying amount of the CGU.
At the prior year end, the recoverable amount was based on the VIU of the Cashback CGU
and was determined to be in excess of its carrying amount by \u00a313m. This was calculated using
a pre-tax discount rate of 15.5% and a growth rate used to extrapolate cash flow projections of
2.7%. Due to the sensitivity of the headroom to changes in key assumptions, the decision was
taken this year to estimate the FVLCD as well as VIU. As FVLCD was estimated to be higher than
the VIU, this is the measure that has been taken to be the recoverable amount.
Group impairment testing
Shared costs which are not allocated to our operating segments when reviewed by the Group\u2019s
Chief Operating Decision Maker have been allocated to the CGUs for the purposes of impairment
testing on a reasonable basis in accordance with IAS 36 \u2013 Impairment of Assets.
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% (2022: 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 (2022: same).
Impairment testing of technology, market related and member relationship
intangible assets
Technology, market related and member relationship intangible assets in use by the Group are
tested for impairment if there is an indication that the asset may be impaired. No indicators of
impairment were identified at the year end. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "12. Intangible assets and goodwill
Market Member Technology
related relationship related Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
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
At 1 January 2023
169.6
21.2
137.1
288.6
616.5
Additions internally developed
\u2014
\u2014
10.8
\u2014
10.8
Disposals
\u2014
\u2014
(26.6)
\u2014
(26.6)
At 31 December 2023
169.6
21.2
121.3
288.6
600.7
Amortisation:
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
At 1 January 2023
153.3
2.5
106.5
74.3
336.6
Amortisation charge for the year
8.2
6.7
15.5
\u2014
30.4
Eliminated upon disposal
\u2014
\u2014
(26.6)
\u2014
(26.6)
At 31 December 2023
161.5
9.2
95.4
74.3
340.4
Carrying value:
At 31 December 2022
16.3
18.7
30.6
214.3
279.9
At 31 December 2023
8.1
12.0
25.9
214.3
260.3
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 (2022: \u00a33.7m). 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. Amortisation The current year amortisation charge for market related and member relationship assets includes a catch up in respect of prior years following a change in the expected period of economic benefit expected to be generated by these assets. This is a change in accounting estimate. Disposals Disposals in the current year include assets with a combined gross book value of \u00a326.6m 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. There were no disposals in the comparative year. 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 2023, 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. The Group is required to allocate goodwill between its cash generating units (\u2018CGUs\u2019) that represent the lowest level at which goodwill is monitored for internal management purposes. These CGUs are Insurance, Money, Home Services, Travel and Cashback, all of which have been tested for impairment. Goodwill is allocated to each CGU as follows:
31 December 31 December
2023 2022
\u00a3m \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
68.3
Goodwill
214.3
214.3
Impairment review For all CGUs the present value of expected future cash flows has been calculated using management\u2019s best estimate, which is based on the Group\u2019s long -term plan, approved in January 2024, 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 and 2023 we continue to 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 by comparing the recoverable amount to the carrying value of the total assets allocated to each CGU. The recoverable amount is the higher of the CGU\u2019s value in use (\u2018VIU\u2019) and its fair value less costs of disposal (\u2018FVLCD\u2019). Insurance, Money, Home Services and Travel CGUs The recoverable amounts of the Insurance, Money, Home Services and Travel CGUs have been calculated using the VIU method. This requires the Group to determine appropriate assumptions (which involves estimation) 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 pre-tax discount rate used to discount the assumed cash flows to present value. Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 1.8% (2022: 2.7%). Given the volatility in recent years in Gross Domestic Product (\u2018GDP\u2019) 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. The pre-tax discount rate for the Group has been determined as 13.7% (2022: 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. Each CGU faces different market-specific risks, which have been reflected, where significant, in the projected cash flows. The key assumptions are the discount rate and revenue growth. Revenue growth has been taken from the Group\u2019s long-term plan which looks out three years and is based on past experience and external sources of information where available, including forecast market growth data. Our assessment confirms there is headroom across each of these CGUs and the Directors have therefore concluded no impairment of goodwill is required. After considering sensitivities there is no reasonably possible change in any key assumptions that could cause an impairment in any of these CGUs. Cashback CGU The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using the income approach. This has been prepared in consultation with an independent third party specialist in business valuations. Discounted cash flow projections, based on the Group\u2019s long-term plan, have been prepared over a period of five years before extrapolating into the terminal year. A post-tax discount rate of 11.2% and a terminal growth rate of 1.8% have been applied. The terminal growth rate was determined based on management\u2019s estimate of the long-term compound annual revenue growth rate, consistent with the assumptions that a market participant would make (taken from the Office for Budget Responsibility forecast average growth in the UK\u2019s GDP). The fair value measurement has been categorised as a Level 3 fair value based on the inputs in the valuation technique used. The discounted cash flow projections include key assumptions in respect of revenue growth in the forecast period and the discount rate. Key assumptions are based on past experience apart from where there is an expectation that there will be a change in the pattern of future economic benefit (for example, due to changes in marketing spend) and are consistent with external sources of information where available, including forecast market growth data. Revenue growth was flat during 2023 in a year of headwinds in online retail against a cost of living backdrop, however during the year strategic progress was made, investing in marketing which has driven an increase in member registrations whilst also launching new product lines and delivering synergies with the Group. As a result of these initiatives, increased revenue growth has been estimated over the forecast period, using assumptions in respect of market growth, active members and revenue per purchase. The cash flow projections include revenue opportunities which would not be reflected in a VIU as they are dependent on capital investment. The discount rate is a post-tax measure estimated based on historical industry average weighted-average cost of capital and on a principal market that is assumed to comprise trade buyers. The amount by which the recoverable amount of the Cashback CGU exceeds its carrying amount is \u00a347m. Sensitivity analysis has been prepared which shows that no reasonably possible change in any of the key assumptions could lead to the recoverable amount falling below the carrying amount of the CGU. An increase in the discount rate from 11.2% to 17.0% is required to remove the headroom. Sensitivity modelling has also shown that revenue growth of 1.8% in line with the terminal growth rate throughout the forecast period and into perpetuity, would not lead to the recoverable amount falling below the carrying amount of the CGU. At the prior year end, the recoverable amount was based on the VIU of the Cashback CGU and was determined to be in excess of its carrying amount by \u00a313m. This was calculated using a pre-tax discount rate of 15.5% and a growth rate used to extrapolate cash flow projections of 2.7%. Due to the sensitivity of the headroom to changes in key assumptions, the decision was taken this year to estimate the FVLCD as well as VIU. As FVLCD was estimated to be higher than the VIU, this is the measure that has been taken to be the recoverable amount. Group impairment testing Shared costs which are not allocated to our operating segments when reviewed by the Group\u2019s Chief Operating Decision Maker have been allocated to the CGUs for the purposes of impairment testing on a reasonable basis in accordance with IAS 36 \u2013 Impairment of Assets. 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% (2022: 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 (2022: same). Impairment testing of technology, market related and member relationship intangible assets Technology, market related and member relationship intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. No indicators of impairment were identified at the year end. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "12. Intangible assets and goodwill
Market Member Technology
related relationship related Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
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
At 1 January 2023
169.6
21.2
137.1
288.6
616.5
Additions internally developed
\u2014
\u2014
10.8
\u2014
10.8
Disposals
\u2014
\u2014
(26.6)
\u2014
(26.6)
At 31 December 2023
169.6
21.2
121.3
288.6
600.7
Amortisation:
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
At 1 January 2023
153.3
2.5
106.5
74.3
336.6
Amortisation charge for the year
8.2
6.7
15.5
\u2014
30.4
Eliminated upon disposal
\u2014
\u2014
(26.6)
\u2014
(26.6)
At 31 December 2023
161.5
9.2
95.4
74.3
340.4
Carrying value:
At 31 December 2022
16.3
18.7
30.6
214.3
279.9
At 31 December 2023
8.1
12.0
25.9
214.3
260.3
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 (2022: \u00a33.7m). 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. Amortisation The current year amortisation charge for market related and member relationship assets includes a catch up in respect of prior years following a change in the expected period of economic benefit expected to be generated by these assets. This is a change in accounting estimate. Disposals Disposals in the current year include assets with a combined gross book value of \u00a326.6m 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. There were no disposals in the comparative year. 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 2023, 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. The Group is required to allocate goodwill between its cash generating units (\u2018CGUs\u2019) that represent the lowest level at which goodwill is monitored for internal management purposes. These CGUs are Insurance, Money, Home Services, Travel and Cashback, all of which have been tested for impairment. Goodwill is allocated to each CGU as follows:
31 December 31 December
2023 2022
\u00a3m \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
68.3
Goodwill
214.3
214.3
Impairment review For all CGUs the present value of expected future cash flows has been calculated using management\u2019s best estimate, which is based on the Group\u2019s long -term plan, approved in January 2024, 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 and 2023 we continue to 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 by comparing the recoverable amount to the carrying value of the total assets allocated to each CGU. The recoverable amount is the higher of the CGU\u2019s value in use (\u2018VIU\u2019) and its fair value less costs of disposal (\u2018FVLCD\u2019). Insurance, Money, Home Services and Travel CGUs The recoverable amounts of the Insurance, Money, Home Services and Travel CGUs have been calculated using the VIU method. This requires the Group to determine appropriate assumptions (which involves estimation) 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 pre-tax discount rate used to discount the assumed cash flows to present value. Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 1.8% (2022: 2.7%). Given the volatility in recent years in Gross Domestic Product (\u2018GDP\u2019) 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. The pre-tax discount rate for the Group has been determined as 13.7% (2022: 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. Each CGU faces different market-specific risks, which have been reflected, where significant, in the projected cash flows. The key assumptions are the discount rate and revenue growth. Revenue growth has been taken from the Group\u2019s long-term plan which looks out three years and is based on past experience and external sources of information where available, including forecast market growth data. Our assessment confirms there is headroom across each of these CGUs and the Directors have therefore concluded no impairment of goodwill is required. After considering sensitivities there is no reasonably possible change in any key assumptions that could cause an impairment in any of these CGUs. Cashback CGU The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using the income approach. This has been prepared in consultation with an independent third party specialist in business valuations. Discounted cash flow projections, based on the Group\u2019s long-term plan, have been prepared over a period of five years before extrapolating into the terminal year. A post-tax discount rate of 11.2% and a terminal growth rate of 1.8% have been applied. The terminal growth rate was determined based on management\u2019s estimate of the long-term compound annual revenue growth rate, consistent with the assumptions that a market participant would make (taken from the Office for Budget Responsibility forecast average growth in the UK\u2019s GDP). The fair value measurement has been categorised as a Level 3 fair value based on the inputs in the valuation technique used. The discounted cash flow projections include key assumptions in respect of revenue growth in the forecast period and the discount rate. Key assumptions are based on past experience apart from where there is an expectation that there will be a change in the pattern of future economic benefit (for example, due to changes in marketing spend) and are consistent with external sources of information where available, including forecast market growth data. Revenue growth was flat during 2023 in a year of headwinds in online retail against a cost of living backdrop, however during the year strategic progress was made, investing in marketing which has driven an increase in member registrations whilst also launching new product lines and delivering synergies with the Group. As a result of these initiatives, increased revenue growth has been estimated over the forecast period, using assumptions in respect of market growth, active members and revenue per purchase. The cash flow projections include revenue opportunities which would not be reflected in a VIU as they are dependent on capital investment. The discount rate is a post-tax measure estimated based on historical industry average weighted-average cost of capital and on a principal market that is assumed to comprise trade buyers. The amount by which the recoverable amount of the Cashback CGU exceeds its carrying amount is \u00a347m. Sensitivity analysis has been prepared which shows that no reasonably possible change in any of the key assumptions could lead to the recoverable amount falling below the carrying amount of the CGU. An increase in the discount rate from 11.2% to 17.0% is required to remove the headroom. Sensitivity modelling has also shown that revenue growth of 1.8% in line with the terminal growth rate throughout the forecast period and into perpetuity, would not lead to the recoverable amount falling below the carrying amount of the CGU. At the prior year end, the recoverable amount was based on the VIU of the Cashback CGU and was determined to be in excess of its carrying amount by \u00a313m. This was calculated using a pre-tax discount rate of 15.5% and a growth rate used to extrapolate cash flow projections of 2.7%. Due to the sensitivity of the headroom to changes in key assumptions, the decision was taken this year to estimate the FVLCD as well as VIU. As FVLCD was estimated to be higher than the VIU, this is the measure that has been taken to be the recoverable amount. Group impairment testing Shared costs which are not allocated to our operating segments when reviewed by the Group\u2019s Chief Operating Decision Maker have been allocated to the CGUs for the purposes of impairment testing on a reasonable basis in accordance with IAS 36 \u2013 Impairment of Assets. 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% (2022: 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 (2022: same). Impairment testing of technology, market related and member relationship intangible assets Technology, market related and member relationship intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. No indicators of impairment were identified at the year end. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "Impairment review For all CGUs the present value of expected future cash flows has been calculated using management\u2019s best estimate, which is based on the Group\u2019s long -term plan, approved in January 2024, 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 and 2023 we continue to 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 by comparing the recoverable amount to the carrying value of the total assets allocated to each CGU. The recoverable amount is the higher of the CGU\u2019s value in use (\u2018VIU\u2019) and its fair value less costs of disposal (\u2018FVLCD\u2019). Insurance, Money, Home Services and Travel CGUs The recoverable amounts of the Insurance, Money, Home Services and Travel CGUs have been calculated using the VIU method. This requires the Group to determine appropriate assumptions (which involves estimation) 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 pre-tax discount rate used to discount the assumed cash flows to present value. Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 1.8% (2022: 2.7%). Given the volatility in recent years in Gross Domestic Product (\u2018GDP\u2019) 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. The pre-tax discount rate for the Group has been determined as 13.7% (2022: 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. Each CGU faces different market-specific risks, which have been reflected, where significant, in the projected cash flows. The key assumptions are the discount rate and revenue growth. Revenue growth has been taken from the Group\u2019s long-term plan which looks out three years and is based on past experience and external sources of information where available, including forecast market growth data. Our assessment confirms there is headroom across each of these CGUs and the Directors have therefore concluded no impairment of goodwill is required. After considering sensitivities there is no reasonably possible change in any key assumptions that could cause an impairment in any of these CGUs. Cashback CGU The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using the income approach. This has been prepared in consultation with an independent third party specialist in business valuations. Discounted cash flow projections, based on the Group\u2019s long-term plan, have been prepared over a period of five years before extrapolating into the terminal year. A post-tax discount rate of 11.2% and a terminal growth rate of 1.8% have been applied. The terminal growth rate was determined based on management\u2019s estimate of the long-term compound annual revenue growth rate, consistent with the assumptions that a market participant would make (taken from the Office for Budget Responsibility forecast average growth in the UK\u2019s GDP). The fair value measurement has been categorised as a Level 3 fair value based on the inputs in the valuation technique used. The discounted cash flow projections include key assumptions in respect of revenue growth in the forecast period and the discount rate. Key assumptions are based on past experience apart from where there is an expectation that there will be a change in the pattern of future economic benefit (for example, due to changes in marketing spend) and are consistent with external sources of information where available, including forecast market growth data. Revenue growth was flat during 2023 in a year of headwinds in online retail against a cost of living backdrop, however during the year strategic progress was made, investing in marketing which has driven an increase in member registrations whilst also launching new product lines and delivering synergies with the Group. As a result of these initiatives, increased revenue growth has been estimated over the forecast period, using assumptions in respect of market growth, active members and revenue per purchase. The cash flow projections include revenue opportunities which would not be reflected in a VIU as they are dependent on capital investment. The discount rate is a post-tax measure estimated based on historical industry average weighted-average cost of capital and on a principal market that is assumed to comprise trade buyers. The amount by which the recoverable amount of the Cashback CGU exceeds its carrying amount is \u00a347m. Sensitivity analysis has been prepared which shows that no reasonably possible change in any of the key assumptions could lead to the recoverable amount falling below the carrying amount of the CGU. An increase in the discount rate from 11.2% to 17.0% is required to remove the headroom. Sensitivity modelling has also shown that revenue growth of 1.8% in line with the terminal growth rate throughout the forecast period and into perpetuity, would not lead to the recoverable amount falling below the carrying amount of the CGU. At the prior year end, the recoverable amount was based on the VIU of the Cashback CGU and was determined to be in excess of its carrying amount by \u00a313m. This was calculated using a pre-tax discount rate of 15.5% and a growth rate used to extrapolate cash flow projections of 2.7%. Due to the sensitivity of the headroom to changes in key assumptions, the decision was taken this year to estimate the FVLCD as well as VIU. As FVLCD was estimated to be higher than the VIU, this is the measure that has been taken to be the recoverable amount. Group impairment testing Shared costs which are not allocated to our operating segments when reviewed by the Group\u2019s Chief Operating Decision Maker have been allocated to the CGUs for the purposes of impairment testing on a reasonable basis in accordance with IAS 36 \u2013 Impairment of Assets. 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% (2022: 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 (2022: same). Impairment testing of technology, market related and member relationship intangible assets Technology, market related and member relationship intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. No indicators of impairment were identified at the year end. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "
13. Other investments
The carrying amounts of other investments as at 31 December 2023 are shown in the table
below. These equity investments are held at fair value with gains and losses being recognised
through other comprehensive income (see note 19).
Flagstone Plum
Group By Fintech
Limited Miles Ltd Limited Total
Investments in equity securities \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
3.6
2.6
1.3
7.5
Change in fair value
0.6
(2.6)
\u2014
(2.0)
At 31 December 2022
4.2
0.0
1.3
5.5
At 1 January 2023
4.2
0.0
1.3
5.5
Disposals in the year
\u2014
(0.0)
\u2014
(0.0)
Change in fair value
\u2014
\u2014
(0.1)
(0.1)
At 31 December 2023
4.2
\u2014
1.2
5.4
The total charge to other comprehensive income in respect of changes in fair value of other
investments was \u00a30.1m (2022: \u00a31.4m). The charge recognised in the current year related to
a reduction in the fair value of the Group\u2019s investment in Plum Fintech Limited.
In the year ended December 2022, a fair value uplift of \u00a30.6m was recognised in respect of the
Group\u2019s investment in Flagstone Group Limited. This was recognised in the fair value reserve
within other reserves.
In December 2022, the fair value of the Group\u2019s investment in By Miles Ltd was deemed to
be \u00a30.0m. 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.
In the current year, the Group disposed of its investment in By Miles Ltd. No proceeds were
received from the disposal.
Sensitivity analysis
For the fair value of investments, a 5% movement in share price would have an effect of \u00a30.3m
(2022: \u00a30.3m) on the total value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "13. Other investments The carrying amounts of other investments as at 31 December 2023 are shown in the table below. These equity investments are held at fair value with gains and losses being recognised through other comprehensive income (see note 19).
Flagstone Plum
Group By Fintech
Limited Miles Ltd Limited Total
Investments in equity securities \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
3.6
2.6
1.3
7.5
Change in fair value
0.6
(2.6)
\u2014
(2.0)
At 31 December 2022
4.2
0.0
1.3
5.5
At 1 January 2023
4.2
0.0
1.3
5.5
Disposals in the year
\u2014
(0.0)
\u2014
(0.0)
Change in fair value
\u2014
\u2014
(0.1)
(0.1)
At 31 December 2023
4.2
\u2014
1.2
5.4
The total charge to other comprehensive income in respect of changes in fair value of other investments was \u00a30.1m (2022: \u00a31.4m). The charge recognised in the current year related to a reduction in the fair value of the Group\u2019s investment in Plum Fintech Limited. In the year ended December 2022, a fair value uplift of \u00a30.6m was recognised in respect of the Group\u2019s investment in Flagstone Group Limited. This was recognised in the fair value reserve within other reserves. In December 2022, the fair value of the Group\u2019s investment in By Miles Ltd was deemed to be \u00a30.0m. 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. In the current year, the Group disposed of its investment in By Miles Ltd. No proceeds were received from the disposal. Sensitivity analysis For the fair value of investments, a 5% movement in share price would have an effect of \u00a30.3m (2022: \u00a30.3m) on the total value.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "
14. Trade and other receivables
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade and other receivables
79.3
63.5
All receivables fall due within one year.
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 not to 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 \u00a362.1m (2022: \u00a353.7m) revenue accrual would equate to approximately
(\u00a30.6m) to \u00a31.9m (2022: (\u00a30.5m) to \u00a31.6m).
The assumptions used to calculate the revenue accrual have been disclosed within note 2.
At 31 December 2023, trade receivables are shown net of a provision for credit losses of \u00a31.7m
(2022: \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 a prior year.
Movements in the provision for credit losses were as follows:
31 December 31 December
2023 2022
\u00a3m \u00a3m
At 1 January
1.6
1.6
Provisions made in the year
0.1
0.0
Provisions utilised in the year
(0.0)
(0.0)
At 31 December
1.7
1.6
At 31 December, the analysis of trade and other receivables that were past due but not impaired
was as follows:
Neither past Past due not impaired
due nor
Total impaired 0\u201330 days 30\u201360 days 60\u201390 days 90\u2013120 days >120 days
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December
2022
63.5
60.1
2.5
0.4
0.3
0.2
0.0
At 31 December
2023
79.3
74.3
3.9
0.4
0.4
0.3
0.0
The Group\u2019s standard payment terms are typically 15 days (2022: 15 days) from the invoice date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "14. Trade and other receivables
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade and other receivables
79.3
63.5
All receivables fall due within one year. 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 not to 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 \u00a362.1m (2022: \u00a353.7m) revenue accrual would equate to approximately (\u00a30.6m) to \u00a31.9m (2022: (\u00a30.5m) to \u00a31.6m). The assumptions used to calculate the revenue accrual have been disclosed within note 2. At 31 December 2023, trade receivables are shown net of a provision for credit losses of \u00a31.7m (2022: \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 a prior year. Movements in the provision for credit losses were as follows:
31 December 31 December
2023 2022
\u00a3m \u00a3m
At 1 January
1.6
1.6
Provisions made in the year
0.1
0.0
Provisions utilised in the year
(0.0)
(0.0)
At 31 December
1.7
1.6
At 31 December, the analysis of trade and other receivables that were past due but not impaired was as follows:
Neither past Past due not impaired
due nor
Total impaired 0\u201330 days 30\u201360 days 60\u201390 days 90\u2013120 days >120 days
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December
2022
63.5
60.1
2.5
0.4
0.3
0.2
0.0
At 31 December
2023
79.3
74.3
3.9
0.4
0.4
0.3
0.0
The Group\u2019s standard payment terms are typically 15 days (2022: 15 days) from the invoice date. 17. Deferred tax liabilities Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
6.3
11.3
Share schemes
(1.5)
(0.5)
Accelerated capital allowances
(0.2)
(0.2)
Losses
(2.0)
(1.3)
Deferred tax liability
15.8
22.5
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2023 2022
\u00a3m \u00a3m
At 1 January
22.5
25.3
Temporary differences on:
Goodwill related to MoneySavingExpert.com
(0.0)
(0.1)
Intangible assets and goodwill relating to other acquisitions
(5.0)
(1.3)
Share schemes
(1.0)
(0.3)
Accelerated capital allowances
0.0
(0.2)
Losses
(0.7)
(0.9)
At 31 December
15.8
22.5
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 and Podium Solutions Limited. The above deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the amortisation of this balance within its individual accounts which are prepared under a different accounting framework, FRS 102, whereas the consolidation is prepared in line with IFRS. The recognition of a deferred tax liability within these consolidated accounts is to reflect the tax benefit already claimed by the Group on the goodwill balance shown. 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% (2022: 25%).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "15. Trade and other payables Non-current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Lease liabilities
23.5
25.9
Amounts owed to non-controlling interest
1.9
1.8
Other payables
25.4
27.7
Current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade payables
51.2
36.4
Non-trade payables and accrued expenses
1.6
2.8
Other payables
47.4
47.0
Lease liabilities
2.7
2.7
Deferred income
0.4
0.8
Deferred consideration
\u2014
9.8
Trade and other payables
103.3
99.5
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 14). 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 (2022: \u00a30.4m). 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 is presented discounted to its present value and the unwind is treated as a finance expense (see note 7). During the year, the Group settled its final tranche of deferred consideration from the acquisition of Quidco Limited in November 2021. 17. Deferred tax liabilities Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
6.3
11.3
Share schemes
(1.5)
(0.5)
Accelerated capital allowances
(0.2)
(0.2)
Losses
(2.0)
(1.3)
Deferred tax liability
15.8
22.5
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2023 2022
\u00a3m \u00a3m
At 1 January
22.5
25.3
Temporary differences on:
Goodwill related to MoneySavingExpert.com
(0.0)
(0.1)
Intangible assets and goodwill relating to other acquisitions
(5.0)
(1.3)
Share schemes
(1.0)
(0.3)
Accelerated capital allowances
0.0
(0.2)
Losses
(0.7)
(0.9)
At 31 December
15.8
22.5
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 and Podium Solutions Limited. The above deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the amortisation of this balance within its individual accounts which are prepared under a different accounting framework, FRS 102, whereas the consolidation is prepared in line with IFRS. The recognition of a deferred tax liability within these consolidated accounts is to reflect the tax benefit already claimed by the Group on the goodwill balance shown. 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% (2022: 25%).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "15. Trade and other payables Non-current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Lease liabilities
23.5
25.9
Amounts owed to non-controlling interest
1.9
1.8
Other payables
25.4
27.7
Current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade payables
51.2
36.4
Non-trade payables and accrued expenses
1.6
2.8
Other payables
47.4
47.0
Lease liabilities
2.7
2.7
Deferred income
0.4
0.8
Deferred consideration
\u2014
9.8
Trade and other payables
103.3
99.5
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 14). 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 (2022: \u00a30.4m). 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 is presented discounted to its present value and the unwind is treated as a finance expense (see note 7). During the year, the Group settled its final tranche of deferred consideration from the acquisition of Quidco Limited in November 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "15. Trade and other payables Non-current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Lease liabilities
23.5
25.9
Amounts owed to non-controlling interest
1.9
1.8
Other payables
25.4
27.7
Current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade payables
51.2
36.4
Non-trade payables and accrued expenses
1.6
2.8
Other payables
47.4
47.0
Lease liabilities
2.7
2.7
Deferred income
0.4
0.8
Deferred consideration
\u2014
9.8
Trade and other payables
103.3
99.5
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 14). 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 (2022: \u00a30.4m). 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 is presented discounted to its present value and the unwind is treated as a finance expense (see note 7). During the year, the Group settled its final tranche of deferred consideration from the acquisition of Quidco Limited in November 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "15. Trade and other payables Non-current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Lease liabilities
23.5
25.9
Amounts owed to non-controlling interest
1.9
1.8
Other payables
25.4
27.7
Current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade payables
51.2
36.4
Non-trade payables and accrued expenses
1.6
2.8
Other payables
47.4
47.0
Lease liabilities
2.7
2.7
Deferred income
0.4
0.8
Deferred consideration
\u2014
9.8
Trade and other payables
103.3
99.5
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 14). 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 (2022: \u00a30.4m). 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 is presented discounted to its present value and the unwind is treated as a finance expense (see note 7). During the year, the Group settled its final tranche of deferred consideration from the acquisition of Quidco Limited in November 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "
Non-current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Lease liabilities
23.5
25.9
Amounts owed to non-controlling interest
1.9
1.8
Other payables
25.4
27.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "Current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Trade payables
51.2
36.4
Non-trade payables and accrued expenses
1.6
2.8
Other payables
47.4
47.0
Lease liabilities
2.7
2.7
Deferred income
0.4
0.8
Deferred consideration
\u2014
9.8
Trade and other payables
103.3
99.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "
16. Borrowings
Non-current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Loan
\u2014
30.0
Current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Revolving credit facility
4.5
4.0
Loan
30.0
10.0
Total
34.5
14.0
The Group\u2019s external debt includes an amortising term loan with an outstanding balance
of \u00a330m (2022: \u00a340m), which is repayable in instalments over the period to October 2024.
The \u00a350m term loan was originally taken out in October 2021 and was funded \u00a328m by Barclays,
\u00a37m by BOI and \u00a315m by HSBC (formerly SVB).
The Group\u2019s external debt also includes a revolving credit facility (\u2018RCF\u2019) with an outstanding
balance of \u00a34.5m (2022: \u00a34.0m). The RCF was originally taken out in October 2021 and was
refinanced in June 2023. As part of the refinancing, the RCF was increased from \u00a390m to \u00a3125m
and its term was extended from three to four years, with the option of extending for a further
year. This means that the current RCF is due for renewal in June 2027 unless the option is taken
to extend to June 2028. The RCF with the increased limit of \u00a3125m is now funded equally by
Barclays, Bank of Ireland and HSBC Innovation.
Interest is payable on the facilities at a rate of SONIA plus an applicable margin based on the
adjusted leverage of the Group. The upfront arrangement fees are being amortised over the
term of the loan, fees totalling \u00a31.0m (2022: \u00a30.3m) are held within prepayments.
Information relating the covenants attached to the Group\u2019s borrowings is included in note 19.
19. 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 (2022: \u00a30.1m) based on Group
cash, cash equivalents and financial instruments at 31 December 2023. At the balance sheet
date, \u00a39.0m was invested with HSBC Bank (2022: \u00a36.3m 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 13. 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 2023
31 December 2022
Effective Effective
interest rate
\u00a3m
interest rate
\u00a3m
Cash and cash equivalents
0.13%
16.6
0.09%
16.6
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 34% (2022: 28%) 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 40% (2022: 31%) of the total
trade and other receivables balance of \u00a379.3m (2022: \u00a363.5m) and the largest individual
balance was \u00a39.2m (2022: \u00a36.4m).
The Directors do not consider there to be any material contracts with providers or merchants
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 31 December
2023 2022
\u00a3m \u00a3m
Unsecured borrowings facilities
\u2013 amount drawn
34.5
44.0
\u2013 amount undrawn
120.5
86.0
For details of the Group\u2019s unsecured borrowings facilities, see note 16.
The covenants in place in relation to the facilities are outlined below:
\u2022 Adjusted leverage is calculated by dividing EBITDA by net debt, which consists of cash
less borrowings, lease liabilities, deferred consideration and loan notes payable to
non-controlling interest.
\u2022 Interest cover is calculated by dividing 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.
Carrying Contractual cash flows
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
51.2
(51.2)
(51.2)
\u2014
\u2014
\u2014
\u2014
Borrowings
34.5
(34.5)
(4.5)
(30.0)
\u2014
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
30.4
(30.4)
(0.6)
(3.2)
(3.8)
(11.2)
(11.6)
\u2013 discounting
(4.3)
4.3
0.2
0.8
0.7
1.7
0.9
Amounts owed to non-controlling interest
1.9
(1.9)
\u2014
\u2014
\u2014
\u2014
(1.9)
At 31 December 2023
113.7
(113.7)
(56.1)
(32.4)
(3.1)
(9.5)
(12.6)
31 December 2022
Carrying Contractual cash flows
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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)
Deferred consideration related to the acquisition of Quidco Limited in 2021 and was settled during the year.
The lease liability cash flows are spread evenly between 2\u20135 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "16. Borrowings Non-current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Loan
\u2014
30.0
Current
31 December 31 December
2023 2022
\u00a3m \u00a3m
Revolving credit facility
4.5
4.0
Loan
30.0
10.0
Total
34.5
14.0
The Group\u2019s external debt includes an amortising term loan with an outstanding balance of \u00a330m (2022: \u00a340m), which is repayable in instalments over the period to October 2024. The \u00a350m term loan was originally taken out in October 2021 and was funded \u00a328m by Barclays, \u00a37m by BOI and \u00a315m by HSBC (formerly SVB). The Group\u2019s external debt also includes a revolving credit facility (\u2018RCF\u2019) with an outstanding balance of \u00a34.5m (2022: \u00a34.0m). The RCF was originally taken out in October 2021 and was refinanced in June 2023. As part of the refinancing, the RCF was increased from \u00a390m to \u00a3125m and its term was extended from three to four years, with the option of extending for a further year. This means that the current RCF is due for renewal in June 2027 unless the option is taken to extend to June 2028. The RCF with the increased limit of \u00a3125m is now funded equally by Barclays, Bank of Ireland and HSBC Innovation. Interest is payable on the facilities at a rate of SONIA plus an applicable margin based on the adjusted leverage of the Group. The upfront arrangement fees are being amortised over the term of the loan, fees totalling \u00a31.0m (2022: \u00a30.3m) are held within prepayments. Information relating the covenants attached to the Group\u2019s borrowings is included in note 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "17. Deferred tax liabilities Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
6.3
11.3
Share schemes
(1.5)
(0.5)
Accelerated capital allowances
(0.2)
(0.2)
Losses
(2.0)
(1.3)
Deferred tax liability
15.8
22.5
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2023 2022
\u00a3m \u00a3m
At 1 January
22.5
25.3
Temporary differences on:
Goodwill related to MoneySavingExpert.com
(0.0)
(0.1)
Intangible assets and goodwill relating to other acquisitions
(5.0)
(1.3)
Share schemes
(1.0)
(0.3)
Accelerated capital allowances
0.0
(0.2)
Losses
(0.7)
(0.9)
At 31 December
15.8
22.5
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 and Podium Solutions Limited. The above deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the amortisation of this balance within its individual accounts which are prepared under a different accounting framework, FRS 102, whereas the consolidation is prepared in line with IFRS. The recognition of a deferred tax liability within these consolidated accounts is to reflect the tax benefit already claimed by the Group on the goodwill balance shown. 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% (2022: 25%).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "
18. 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
2023 2022
Number of ordinary shares No. No.
At the beginning of the year
536,861,647
536,861,647
Issued on exercise of SAYE options
72,438
\u2014
At the end of the year
536,934,085
536,861,647
2023 2022
Nominal value of ordinary shares \u00a3 \u00a3
At the beginning of the year
107,372
107,372
Issued on exercise of SAYE options
15
\u2014
At the end of the year
107,387
107,372
The Group operates a Long Term Incentive Plan under which conditional \u00a3nil 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 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "18. 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
2023 2022
Number of ordinary shares No. No.
At the beginning of the year
536,861,647
536,861,647
Issued on exercise of SAYE options
72,438
\u2014
At the end of the year
536,934,085
536,861,647
2023 2022
Nominal value of ordinary shares \u00a3 \u00a3
At the beginning of the year
107,372
107,372
Issued on exercise of SAYE options
15
\u2014
At the end of the year
107,387
107,372
The Group operates a Long Term Incentive Plan under which conditional \u00a3nil 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 21).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "19. 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 (2022: \u00a30.1m) based on Group cash, cash equivalents and financial instruments at 31 December 2023. At the balance sheet date, \u00a39.0m was invested with HSBC Bank (2022: \u00a36.3m 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 13. 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 2023
31 December 2022
Effective Effective
interest rate
\u00a3m
interest rate
\u00a3m
Cash and cash equivalents
0.13%
16.6
0.09%
16.6
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 34% (2022: 28%) 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 40% (2022: 31%) of the total trade and other receivables balance of \u00a379.3m (2022: \u00a363.5m) and the largest individual balance was \u00a39.2m (2022: \u00a36.4m). The Directors do not consider there to be any material contracts with providers or merchants 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 31 December
2023 2022
\u00a3m \u00a3m
Unsecured borrowings facilities
\u2013 amount drawn
34.5
44.0
\u2013 amount undrawn
120.5
86.0
For details of the Group\u2019s unsecured borrowings facilities, see note 16. The covenants in place in relation to the facilities are outlined below: \u2022 Adjusted leverage is calculated by dividing EBITDA by net debt, which consists of cash less borrowings, lease liabilities, deferred consideration and loan notes payable to non-controlling interest. \u2022 Interest cover is calculated by dividing 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.
Carrying Contractual cash flows
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
51.2
(51.2)
(51.2)
\u2014
\u2014
\u2014
\u2014
Borrowings
34.5
(34.5)
(4.5)
(30.0)
\u2014
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
30.4
(30.4)
(0.6)
(3.2)
(3.8)
(11.2)
(11.6)
\u2013 discounting
(4.3)
4.3
0.2
0.8
0.7
1.7
0.9
Amounts owed to non-controlling interest
1.9
(1.9)
\u2014
\u2014
\u2014
\u2014
(1.9)
At 31 December 2023
113.7
(113.7)
(56.1)
(32.4)
(3.1)
(9.5)
(12.6)
31 December 2022
Carrying Contractual cash flows
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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)
Deferred consideration related to the acquisition of Quidco Limited in 2021 and was settled during the year. The lease liability cash flows are spread evenly between 2\u20135 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "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 (2022: \u00a30.1m) based on Group cash, cash equivalents and financial instruments at 31 December 2023. At the balance sheet date, \u00a39.0m was invested with HSBC Bank (2022: \u00a36.3m invested with Barclays Bank), this being the most invested with any one bank in both years. 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 2023
31 December 2022
Effective Effective
interest rate
\u00a3m
interest rate
\u00a3m
Cash and cash equivalents
0.13%
16.6
0.09%
16.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "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 13. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "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 34% (2022: 28%) 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 40% (2022: 31%) of the total trade and other receivables balance of \u00a379.3m (2022: \u00a363.5m) and the largest individual balance was \u00a39.2m (2022: \u00a36.4m). The Directors do not consider there to be any material contracts with providers or merchants in the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "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 31 December
2023 2022
\u00a3m \u00a3m
Unsecured borrowings facilities
\u2013 amount drawn
34.5
44.0
\u2013 amount undrawn
120.5
86.0
For details of the Group\u2019s unsecured borrowings facilities, see note 16. The covenants in place in relation to the facilities are outlined below: \u2022 Adjusted leverage is calculated by dividing EBITDA by net debt, which consists of cash less borrowings, lease liabilities, deferred consideration and loan notes payable to non-controlling interest. \u2022 Interest cover is calculated by dividing 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.
Carrying Contractual cash flows
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
51.2
(51.2)
(51.2)
\u2014
\u2014
\u2014
\u2014
Borrowings
34.5
(34.5)
(4.5)
(30.0)
\u2014
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
30.4
(30.4)
(0.6)
(3.2)
(3.8)
(11.2)
(11.6)
\u2013 discounting
(4.3)
4.3
0.2
0.8
0.7
1.7
0.9
Amounts owed to non-controlling interest
1.9
(1.9)
\u2014
\u2014
\u2014
\u2014
(1.9)
At 31 December 2023
113.7
(113.7)
(56.1)
(32.4)
(3.1)
(9.5)
(12.6)
31 December 2022
Carrying Contractual cash flows
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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)
Deferred consideration related to the acquisition of Quidco Limited in 2021 and was settled during the year. The lease liability cash flows are spread evenly between 2\u20135 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
Carrying Contractual cash flows
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
51.2
(51.2)
(51.2)
\u2014
\u2014
\u2014
\u2014
Borrowings
34.5
(34.5)
(4.5)
(30.0)
\u2014
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
30.4
(30.4)
(0.6)
(3.2)
(3.8)
(11.2)
(11.6)
\u2013 discounting
(4.3)
4.3
0.2
0.8
0.7
1.7
0.9
Amounts owed to non-controlling interest
1.9
(1.9)
\u2014
\u2014
\u2014
\u2014
(1.9)
At 31 December 2023
113.7
(113.7)
(56.1)
(32.4)
(3.1)
(9.5)
(12.6)
31 December 2022
Carrying Contractual cash flows
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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)
Deferred consideration related to the acquisition of Quidco Limited in 2021 and was settled during the year. The lease liability cash flows are spread evenly between 2\u20135 years.", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "
20. 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.
31 December 31 December
2023 2022
Carrying value \u00a3m \u00a3m
Share capital
0.1
0.1
Retained earnings and reserves
220.4
208.6
Non-controlling interest
5.6
6.0
Total
226.1
214.7
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 2023.
Credit rating
2023
2022
Barclays Bank PLC
A+
A
Lloyds Bank Plc
BBB+
A
HSBC Bank Plc
AA-
AA-
Natwest Bank Plc
A
A
Silicon Valley Bank n/a BBB+
1
1
1 At 31 December 2023, cash balances are no longer held with Silicon Valley Bank. HSBC acquired SVB during the year.
One way in which the Group manages capital is utilising the revolving credit facility, as set out
in note 16.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "
21. 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 31 December
2023 2022
\u00a3m \u00a3m
Long Term Incentive Plan
2.0
1.0
Restricted Share Awards
0.5
0.7
Sharesave Scheme
0.5
0.5
Share Incentive Plan
\u2014
\u2014
Share-based payment transactions
3.0
2.2
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.
There have been no grants of LTIPs since 2022 and it is not anticipated that there will be any
future grants under this scheme.
Restricted Share Awards (\u2018RSA\u2019)
These include the Restricted Share Plan (\u2018RSP\u2019) and the Restricted Share Award Plan (\u2018RSU\u2019):
Restricted Share Plan (\u2018RSP\u2019)
Conditional awards are made over ordinary shares under the Moneysupermarket.com Group PLC
to senior employees that vest at the end of a three-year period. For Executive Directors, following
vesting, an additional two years holding period will apply, such that vested shares are normally
released five years from grant. Under the three year schemes, 100% of the award vests at the end of
the three year period. Vesting 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. No specific performance conditions are required for the
vesting of RSPs, although the awards will normally be subject to one or more underpin conditions
over the vesting period. Should any of the underpins not be met, the Remuneration Committee
would consider whether a discretionary reduction in the vesting of awards was required. The
underpins applying to each award will be determined by the Remuneration Committee each
year but may include measures related to key financial, strategic, governance, ESG or share
price metrics.
Restricted Share Award Plan (\u2018RSU\u2019)
Conditional awards are made over ordinary shares under the Moneysupermarket.com Group
PLC 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.
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 83 active participants (2022: 55) in the HMRC approved SIP scheme, who can subscribe for
up to \u00a3150 of shares each month. At 31 December 2023, the total number of shares that remain
in trust was 313,695 (2022: 339,657).
LTIP and RSA schemes
The table below summarises the current RSP, RSU and LTIP schemes and the performance
criteria elements:
2023 2023 2022 2022 2021
RSP RSU LTIP RSU LTIP
Number of ordinary shares
817,289
57,279
2,275,282
193,291
1,880,072
Performance criteria:
\u2013 adjusted basic EPS (%)
\u2014
\u2014
50
\u2014
50
\u2013 total shareholder return (%)
\u2014
\u2014
20
\u2014
20
\u2013 revenue performance (%)
\u2014
\u2014
30
\u2014
30
Weighted average share price at the date
of exercise (\u00a3)
n/a
n/a
n/a
n/a
n/a
Sharesave Scheme
During 2023, 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 2023
188.0p
Sharesave 2022
156.0p
Sharesave 2021
203.0p
Sharesave 2020
244.0p
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 2022
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
Awards made during the year
874,568
\u00a30.00
Awards vested and exercised during the year
(215,238)
\u00a30.00
Awards forfeited during the year
(2,123,756)
\u00a30.00
Outstanding at 31 December 2023
3,364,404
\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 2023:
2023 2022 2021 2023 2023 2022 2022 2021
Sharesave Sharesave Sharesave RSP RSU RSU LTIP LTIP
Fair value at grant date (\u00a3)
1.08
0.98
1.31
2.70
2.67
1.91
1.98
2.66
Share price (\u00a3)
2.35
1.95
2.54
2.70
2.67
1.91
1.98
2.66
Exercise price (\u00a3)
1.88
1.56
2.03
\u2014
\u2014
\u2014
\u2014
\u2014
Expected volatility (%)
74.3
90.2
91.8
75.7
78.6
92.8
92.2
93.0
Expected life of option/award (years)
3.0
3.0
3.0
3.0
1.0
1.1
3.0
3.0
Weighted average remaining contractual life (years)
2.8
1.8
0.8
2.4
0.8
0.5
1.3
0.3
Expected dividend yield (%)
5.0
6.0
4.6
\u2014
\u2014
\u2014
\u2014
\u2014
Risk-free interest rate (%)
4.8
4.4
0.4
3.8
4.8
1.0
1.4
0.2
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "
22. 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 lease liability has been recognised
up to 2032.
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 immaterial leases with the acquisitions
of Ice Travel Group Limited and Quidco 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 2022
25.4
Depreciation charge for the year
(3.0)
Balance at 31 December 2022
22.4
Balance at 1 January 2023
22.4
Addition relating to extension of existing right of use asset
0.5
Depreciation charge for the year
(2.6)
Balance at 31 December 2023
20.3
ii. Amounts recognised in profit or loss
2023 2022
\u00a3m \u00a3m
Depreciation charge for the year
2.6
3.0
Interest on lease liabilities
1.0
1.1
3.6
4.1
iii. Amounts recognised in statement of cash flows
2023 2022
\u00a3m \u00a3m
Interest paid
1.0
1.1
Repayment of lease liabilities
2.9
3.1
3.9
4.2
During 2019, the Group entered into an agreement to sub-lease a proportion of its London
office. The sub-lease was for a period of 4.5 years and therefore did 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 classified the sub-lease as an
operating lease under IFRS 16. The rental income for the year was \u00a30.6m (2022: \u00a30.6m).
During the year, the tenant exited this sub-lease arrangement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "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 2022
25.4
Depreciation charge for the year
(3.0)
Balance at 31 December 2022
22.4
Balance at 1 January 2023
22.4
Addition relating to extension of existing right of use asset
0.5
Depreciation charge for the year
(2.6)
Balance at 31 December 2023
20.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "
23. 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 \u00a32.4m (2022:
\u00a32.1m). In the year ended 31 December 2023, \u00a32.2m (2022: \u00a32.0m) of contributions were charged
to the Consolidated Statement of Comprehensive Income and \u00a30.2m (2022: \u00a30.1m) were included
in amounts capitalised (see note 6). As at 31 December 2023, no amounts were outstanding in
relation to pension contributions, as the liabilities were settled during the year (2022: \u00a30.4m
settled post year end).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "23. 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 \u00a32.4m (2022: \u00a32.1m). In the year ended 31 December 2023, \u00a32.2m (2022: \u00a32.0m) of contributions were charged to the Consolidated Statement of Comprehensive Income and \u00a30.2m (2022: \u00a30.1m) were included in amounts capitalised (see note 6). As at 31 December 2023, no amounts were outstanding in relation to pension contributions, as the liabilities were settled during the year (2022: \u00a30.4m settled post year end). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "
24. Commitments and contingencies
At 31 December 2023, the Group was committed to incur capital expenditure of \u00a31.0m (2022: \u00a30.3m).
Comparable with most businesses 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 \u00a375.0m (2022: \u00a389.0m) and the amount owed at
31 December 2023 was \u00a334.5m (2022: \u00a344.0m).
The contingencies outlined above are not expected to have a material adverse effect on
the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "24. Commitments and contingencies At 31 December 2023, the Group was committed to incur capital expenditure of \u00a31.0m (2022: \u00a30.3m). Comparable with most businesses 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 \u00a375.0m (2022: \u00a389.0m) and the amount owed at 31 December 2023 was \u00a334.5m (2022: \u00a344.0m). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "24. Commitments and contingencies At 31 December 2023, the Group was committed to incur capital expenditure of \u00a31.0m (2022: \u00a30.3m). Comparable with most businesses 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 \u00a375.0m (2022: \u00a389.0m) and the amount owed at 31 December 2023 was \u00a334.5m (2022: \u00a344.0m). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "
25. Related party transactions
The Group has the following investments in all of its subsidiaries which are all included in the Consolidated Financial Statements. There has been no change in ownership interest during the year.
Country of Class of Ownership
incorporation shares held
interest %
Principal activity
Moneysupermarket.com Financial Group Holdings Limited
UK
Ordinary
100
Holding company
Moneysupermarket.com Financial Group Limited
UK
Ordinary
100
Holding company
Moneysupermarket.com Ltd
UK
Ordinary
100
Internet price comparison through lead generation
MoneySavingExpert.com Limited
UK
Ordinary
100
Internet price comparison through lead generation
Quidco Limited
UK
Ordinary
100
Cashback services through lead generation
Decision Technologies Limited
UK
Ordinary
100
Internet price comparison through lead generation
CYTI (Holdings) Limited
UK
Ordinary
100
Dormant
CYTI Limited
UK
Ordinary
100
Dormant
Mortgage 2000 Limited
UK
Ordinary
100
Dormant
Sellmymobile.com Limited
UK
Ordinary
100
Dormant
Townside Limited
UK
Ordinary
100
Dormant
Mony Group Limited
UK
Ordinary
100
Dormant
Ice Travel Group Limited
UK
Ordinary
67
Holding company
Travelsupermarket Limited
UK
Ordinary
67
Internet price comparison through lead generation
Icelolly Marketing Limited
UK
Ordinary
67
Internet price comparison through lead generation
Express Rooms Ltd
UK
Ordinary
67
Dormant
Icelolly Limited
UK
Ordinary
67
Dormant
Icelolly.co.uk Limited
UK
Ordinary
67
Dormant
Icelolly.com Limited
UK
Ordinary
67
Dormant
Podium Solutions Limited
UK
Ordinary
52
Technology platform provider for internet price comparison services
1
2
1 Company name changed from Maple Syrup Media Ltd to Quidco Limited with effect from 13 January 2023.
2 On 1 October 2023 the trade and assets of CYTI Limited were transferred to Moneysupermarket.com Ltd and CYTI Limited became dormant.
Aggregate Profit/
capital (loss) for Included in
reserves the year Registered parental
\u00a3m
\u00a3m
Registered office address
number
guarantee
3
Moneysupermarket.com Financial Group
Holdings Limited
279.6
77.6
MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ
08188486
Yes
Moneysupermarket.com Financial Group Limited
27.3
80.1
MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ
03157344
Yes
Moneysupermarket.com Ltd
53.0
38.6
MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ
03945937
Yes
MoneySavingExpert.com Limited
42.0
31.9
One Dean Street, London, UK, W1D 3RB
08021764
Yes
Quidco Limited
12.3
7.9
MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ
05498276
Yes
Decision Technologies Limited
23.9
12.0
One Dean Street, London, UK, W1D 3RB
05341159
Yes
CYTI Limited
6.8
3.4
One Dean Street, London, W1D 3RB
07368288
Yes
Ice Travel Group Limited
21.2
(0.6)
Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF
13386700
No
Travelsupermarket Limited
15.7
1.5
Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF
13240884
No
Icelolly Marketing Limited
0.8
(0.2)
Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF
05655962
No
Podium Solutions Limited
(4.0)
(1.3)
4th Floor, Market Square House, St James Street, Nottingham, Nottinghamshire, UK, NG1 6FG
11101797
No
1 2 1 Company name change from Maple Syrup Media Ltd to Quidco Limited with effect from 13 January 2023. 2 On 1 October 2023 the trade and assets of CYTI Limited were transferred to Moneysupermarket.com Ltd and CYTI Limited became dormant. 3 In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2023 until they fall due. This means that these subsidiaries are exempt from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was not provided in the prior year. 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 177. 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 and Rakesh Sharma in total received dividends from the
Group totalling \u00a331,697 (2022: Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield
and Sally James in total received \u00a341,649).
There were no amounts or any future commitments outstanding to the Company as at
31 December 2023 (2022: none).
Key management personnel compensation
Key management, defined as the Executive management team, received the following
compensation during the year:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
2.8
2.7
Share-based payment transactions
1.9
1.0
Defined contribution pension costs
0.1
0.2
Key management personnel compensation
4.8
3.9
In addition to the above, bonuses of \u00a33.0m (2022: \u00a31.4m) were payable in relation to the
reporting period.
Other related party transactions
During the year, Moneysupermarket.com Ltd purchased services for the value of \u00a31.3m
(2022: \u00a31.0m) from Podium Solutions Limited in relation to salary recharges and the development
of digital solutions for the mortgages channel journey on the Group\u2019s website. Balances of
\u00a30.1m were outstanding as at 31 December 2023 in relation to these purchases (2022: \u00a3nil).
During the year, Moneysupermarket.com Financial Group Limited acquired \u00a31.1m
(2022: \u00a30.3m) of loan notes from Podium with a repayment term of ten years and an annual
interest rate of 15%. The loan notes held by Moneysupermarket.com Financial Group Limited
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, the amounts held by
Moneysupermarket.com Financial Group Limited have been eliminated on consolidation.
During the year, Travelsupermarket Limited provided internet leads to CYTI Limited
(and Moneysupermarket.com Ltd following the transfer of CYTI Limited\u2019s trade and assets
into it on 1 October 2023) for powering its travel insurance journey. Travelsupermarket Limited
charged net commissions of \u00a30.8m (2022: \u00a30.6m) in respect of the services provided to the
two companies. Balances of \u00a30.1m were outstanding as at 31 December 2023 in relation to
these transactions (2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "25. Related party transactions The Group has the following investments in all of its subsidiaries which are all included in the Consolidated Financial Statements. There has been no change in ownership interest during the year.
Country of Class of Ownership
incorporation shares held
interest %
Principal activity
Moneysupermarket.com Financial Group Holdings Limited
UK
Ordinary
100
Holding company
Moneysupermarket.com Financial Group Limited
UK
Ordinary
100
Holding company
Moneysupermarket.com Ltd
UK
Ordinary
100
Internet price comparison through lead generation
MoneySavingExpert.com Limited
UK
Ordinary
100
Internet price comparison through lead generation
Quidco Limited
UK
Ordinary
100
Cashback services through lead generation
Decision Technologies Limited
UK
Ordinary
100
Internet price comparison through lead generation
CYTI (Holdings) Limited
UK
Ordinary
100
Dormant
CYTI Limited
UK
Ordinary
100
Dormant
Mortgage 2000 Limited
UK
Ordinary
100
Dormant
Sellmymobile.com Limited
UK
Ordinary
100
Dormant
Townside Limited
UK
Ordinary
100
Dormant
Mony Group Limited
UK
Ordinary
100
Dormant
Ice Travel Group Limited
UK
Ordinary
67
Holding company
Travelsupermarket Limited
UK
Ordinary
67
Internet price comparison through lead generation
Icelolly Marketing Limited
UK
Ordinary
67
Internet price comparison through lead generation
Express Rooms Ltd
UK
Ordinary
67
Dormant
Icelolly Limited
UK
Ordinary
67
Dormant
Icelolly.co.uk Limited
UK
Ordinary
67
Dormant
Icelolly.com Limited
UK
Ordinary
67
Dormant
Podium Solutions Limited
UK
Ordinary
52
Technology platform provider for internet price comparison services
1 2 1 Company name changed from Maple Syrup Media Ltd to Quidco Limited with effect from 13 January 2023. 2 On 1 October 2023 the trade and assets of CYTI Limited were transferred to Moneysupermarket.com Ltd and CYTI Limited became dormant.
Aggregate Profit/
capital (loss) for Included in
reserves the year Registered parental
\u00a3m
\u00a3m
Registered office address
number
guarantee
3
Moneysupermarket.com Financial Group
Holdings Limited
279.6
77.6
MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ
08188486
Yes
Moneysupermarket.com Financial Group Limited
27.3
80.1
MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ
03157344
Yes
Moneysupermarket.com Ltd
53.0
38.6
MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ
03945937
Yes
MoneySavingExpert.com Limited
42.0
31.9
One Dean Street, London, UK, W1D 3RB
08021764
Yes
Quidco Limited
12.3
7.9
MoneySuperMarket House, St David\u2019s Park, Ewloe, Chester, UK, CH5 3UZ
05498276
Yes
Decision Technologies Limited
23.9
12.0
One Dean Street, London, UK, W1D 3RB
05341159
Yes
CYTI Limited
6.8
3.4
One Dean Street, London, W1D 3RB
07368288
Yes
Ice Travel Group Limited
21.2
(0.6)
Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF
13386700
No
Travelsupermarket Limited
15.7
1.5
Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF
13240884
No
Icelolly Marketing Limited
0.8
(0.2)
Park Row House, 19-20 Park Row, Leeds, West Yorkshire, UK, LS1 5JF
05655962
No
Podium Solutions Limited
(4.0)
(1.3)
4th Floor, Market Square House, St James Street, Nottingham, Nottinghamshire, UK, NG1 6FG
11101797
No
1
2
1 Company name change from Maple Syrup Media Ltd to Quidco Limited with effect from 13 January 2023.
2 On 1 October 2023 the trade and assets of CYTI Limited were transferred to Moneysupermarket.com Ltd and CYTI Limited became dormant.
3 In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2023 until they fall due. This means that these subsidiaries are exempt from the requirements
of the Act relating to the audit of their individual accounts under section 479A. This guarantee was not provided in the prior year.
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 177. 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 and Rakesh Sharma in total received dividends from the Group totalling \u00a331,697 (2022: Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received \u00a341,649). There were no amounts or any future commitments outstanding to the Company as at 31 December 2023 (2022: none). Key management personnel compensation Key management, defined as the Executive management team, received the following compensation during the year:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
2.8
2.7
Share-based payment transactions
1.9
1.0
Defined contribution pension costs
0.1
0.2
Key management personnel compensation
4.8
3.9
In addition to the above, bonuses of \u00a33.0m (2022: \u00a31.4m) were payable in relation to the reporting period. Other related party transactions During the year, Moneysupermarket.com Ltd purchased services for the value of \u00a31.3m (2022: \u00a31.0m) from Podium Solutions Limited in relation to salary recharges and the development of digital solutions for the mortgages channel journey on the Group\u2019s website. Balances of \u00a30.1m were outstanding as at 31 December 2023 in relation to these purchases (2022: \u00a3nil). During the year, Moneysupermarket.com Financial Group Limited acquired \u00a31.1m (2022: \u00a30.3m) of loan notes from Podium with a repayment term of ten years and an annual interest rate of 15%. The loan notes held by Moneysupermarket.com Financial Group Limited 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, the amounts held by Moneysupermarket.com Financial Group Limited have been eliminated on consolidation. During the year, Travelsupermarket Limited provided internet leads to CYTI Limited (and Moneysupermarket.com Ltd following the transfer of CYTI Limited\u2019s trade and assets into it on 1 October 2023) for powering its travel insurance journey. Travelsupermarket Limited charged net commissions of \u00a30.8m (2022: \u00a30.6m) in respect of the services provided to the two companies. Balances of \u00a30.1m were outstanding as at 31 December 2023 in relation to these transactions (2022: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "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 and Rakesh Sharma in total received dividends from the Group totalling \u00a331,697 (2022: Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received \u00a341,649). There were no amounts or any future commitments outstanding to the Company as at 31 December 2023 (2022: none). Key management personnel compensation Key management, defined as the Executive management team, received the following compensation during the year:
31 December 31 December
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
2.8
2.7
Share-based payment transactions
1.9
1.0
Defined contribution pension costs
0.1
0.2
Key management personnel compensation
4.8
3.9
In addition to the above, bonuses of \u00a33.0m (2022: \u00a31.4m) were payable in relation to the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "
26. 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 Solutions Limited is now consolidated
as a subsidiary undertaking and a non-controlling interest is recognised within equity.
The Group also recognises a 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 2023
Podium
Solutions Ice Travel
Limited
Group
Total
Non-controlling interest
48%
33%
\u00a3m
\u00a3m
\u00a3m
Non-current assets
2.2
14.2
16.4
Current assets
0.8
11.2
12.0
Non-current liabilities
(1.9)
(6.6)
(8.5)
Current liabilities
(1.6)
(1.2)
(2.8)
Net assets
(0.5)
17.6
17.1
Net assets attributable to non-controlling interest
(0.2)
5.8
5.6
Revenue
0.1
19.5
19.6
(Loss)/Profit
(2.0)
1.7
(0.3)
Other comprehensive income
\u2014
\u2014
\u2014
Total comprehensive income
(2.0)
1.7
(0.3)
(Loss)/Profit attributable to the non-controlling interest
(1.0)
0.6
(0.4)
Other comprehensive income attributable
to non-controlling interest
\u2014
\u2014
\u2014
Total comprehensive income attributable
to non-controlling interest
(1.0)
0.6
(0.4)
Cash flows from operating activities
0.1
3.4
3.5
Cash flows from investing activities
(0.0)
(0.9)
(0.9)
Net increase in cash and cash equivalents
0.1
2.5
2.6
1 1 Non-current assets for Ice Travel Group include \u00a37.4m (2022: \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
31 December 2022
Podium
Solutions Ice Travel
Limited
Group
Total
Non-controlling interest
48%
33%
\u00a3m
\u00a3m
\u00a3m
Non-current assets
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
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.
Loss and total comprehensive income for the year in respect of Podium Solutions Limited
and Ice Travel Group include amortisation of intangibles relating to the acquisition of these
companies by the Group of \u00a32.2m (2022: \u00a30.6m). Included in the loss (2022: profit) attributable
to non-controlling interest and total comprehensive income attributable to non-controlling
interest is \u00a30.9m (2022: \u00a30.2m) of amortisation of acquired intangibles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }