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1. General information
Senior plc is a Company incorporated in England and Wales under the
Companies Act 2006. The address of the registered office is given on the
inside back cover. The nature of the Group\u2019s operations and its principal
activities are set out in Note 3 and on pages 1 to 69.
Items included in the Financial Statements of each of the Group\u2019s entities
are measured using the currency of the primary economic environment
in which the entity operates (the functional currency). These Financial
Statements are presented in Pounds Sterling, which is the Company\u2019s
functional and the Group\u2019s presentation currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "Senior plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). These Financial Statements are presented in Pounds Sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "
2. Significant accounting policies
Basis of accounting
These Financial Statements have been prepared in accordance with
UK-adopted international accounting standards. They have been prepared
on the historical cost basis, except for the revaluation of certain financial
instruments and retirement benefit costs measured in accordance with
IAS 19.
Going concern
In determining the appropriate basis of preparation of the Financial
Statements for the year ended 31 December 2024, the Directors are
required to consider whether the Group and Parent Company can
continue in operational existence for the foreseeable future, being
a period of at least 12 months from the date of approval of these
Financial Statements (the going concern period).
The Board has applied a robust process to assess the resilience of the
forecast out-turns. This assessment included applying severe but
plausible downside risks as set out in the Viability Statement on page 68.
To address these risks the Board has considered mitigating factors
within the Group and Parent Company\u2019s control that could be employed
that would address the impact and provide options to the Group and
Parent Company.
The Group has two covenants for committed borrowing facilities,
which are tested at June and December: the Group\u2019s net debt to
EBITDA (defined in the Notes to the Financial Headlines on page 1)
must not exceed 3.0x and interest cover, the ratio of EBITDA to interest
must be higher than 3.5x. At 31 December 2024, the Group\u2019s net debt
to EBITDA was 1.8x and interest cover was 7.0x, both comfortably
within covenant limits.
Based on the above assessment, the Board has concluded that the Group
and Parent Company will continue to have adequate financial resources to
realise its assets and discharge its liabilities as they fall due over the going
concern period. Accordingly, the Directors have formed the judgment that
it is appropriate to prepare these Consolidated Financial Statements and
the Parent Company financial statements on the going concern basis.
Changes in accounting policies
At the date of authorisation of these Financial Statements, there are no
relevant and material new standards, amendments to standards or
interpretations which are effective for the year ended 31 December 2024.
IFRS 18 Presentation and Disclosure in Financial Statements has been
issued but is not effective until 2027. Its impact on the financial
statements of Senior Plc is not yet known.
Basis of consolidation
The Consolidated Financial Statements incorporate the Financial
Statements of Senior plc and the entities controlled by it (its subsidiaries)
made up to 31 December 2024. Control is achieved when Senior plc has
the power to govern the financial and operating policies of an invested
entity so as to obtain benefits from its activities.
Acquisitions of subsidiaries and businesses are accounted for using the
acquisition method. The consideration transferred for each acquisition
is the aggregate of the fair values (at the date of exchange) of assets
transferred, liabilities incurred or assumed, and equity interests issued
by the Group. The consideration transferred includes the fair value of any
asset or liability resulting from a contingent consideration arrangement.
Acquisition-related costs are expensed as incurred. Identifiable assets
acquired and liabilities and contingent liabilities assumed are measured
initially at their fair values at the acquisition date. On an acquisition-by-
acquisition basis, the Group recognises any non-controlling interest in
the acquiree either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquiree\u2019s net assets.
The results of subsidiaries acquired or disposed of during the year are
included in the Consolidated Income Statement from the effective date
of acquisition or up to the effective date of disposal, as appropriate.
The results of joint ventures are accounted for using the equity
accounting method.
Where necessary, adjustments are made to the Financial Statements of
subsidiaries to bring the accounting policies used in line with those used
by the Group.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Goodwill
Goodwill arising on consolidation, which was acquired in a business
combination, is measured as the excess of the consideration transferred,
the amount of any non-controlling interest in the acquiree and the
acquisition date fair value of any previous equity interest in the acquiree
over the fair value of the Group\u2019s share of the identifiable net assets
acquired. Goodwill is recognised as an asset and allocated, at acquisition,
to the group of cash-generating units (CGU groups) that are expected to
benefit from that business combination. If the consideration transferred,
the amount of any non-controlling interest in the acquiree and the
acquisition date fair value of any previous equity interest in the acquiree is
less than the fair value of the net assets acquired (i.e. bargain purchase),
the difference is credited to the Consolidated Income Statement in the
period of acquisition.
CGU groups to which goodwill has been allocated are tested for
impairment at least annually and reviewed for indicators of impairment
at the Balance Sheet date. If impairment indicators exist, the individual
assets within the CGUs, and the individual CGUs excluding goodwill,
are tested for impairment before the CGU group is tested for impairment.
Any impairment is recognised immediately through the Consolidated
Income Statement and is not subsequently reversed. The determination
of the recoverable amount of the CGU group is disclosed in the Notes to
the Financial Statements (Note 13). If the recoverable amount of the CGU
group is less than its carrying amount, the impairment loss is allocated
first to reduce the carrying amount of any goodwill allocated to the CGU
group and then to the other assets of the CGU group pro rata
on the basis of the carrying amount of each asset in the CGU group.
On disposal of a subsidiary or part thereof, the attributable amount of
goodwill is included in the determination of the profit or loss on disposal.
Goodwill acquired in a business combination prior to the date of transition
to IFRS has been retained at the previous UK GAAP amount subject to
being tested for impairment at that date.
Revenue recognition
The Group predominantly has one revenue stream relating to engineered
components or systems (products), which are customer specific, with
a secondary revenue stream of funded development revenue. Both
streams have identifiable customer contracts and pricing specific
performance obligations.
The transaction price is the amount of consideration to which an entity
expects to be entitled in exchange for transferring promised goods or
services to a customer. Revenue is recognised net of discounts, VAT and
other sales-related taxes. The determination of the transaction price is
based upon pricing specified in the customer contract i.e. a price per unit.
Revenue is recognised as the identified performance obligations
are satisfied.
The performance obligation for goods is a specific point in time when
the customer obtains control, which is upon delivery or when available
for collection. Allocation of transaction price to performance obligations
is given in the contract i.e. a unit delivered or available for collection.
The performance obligation for development revenue is a specific point
in time when the customer obtains control of the output, for example
a first article good, which is the acceptance milestone specified in the
customer contract.
Any portion of a change in transaction price that is allocated to a satisfied
performance obligation is recognised as revenue \u2013 or as a reduction in
revenue \u2013 when the transaction price changes.
Dividend income from investments is recognised when the shareholders\u2019
legal rights to receive payment have been established, with the related
cashflows being classified as investing activities within the Consolidated
Cash Flow Statement.
Interest
Interest receivable/payable is credited/charged to the Consolidated
Income Statement using the effective interest method.
Deferred and contingent consideration related to business combinations
which is paid, including changes in fair value since acquisition date,
is classified as investing activities within the Consolidated Cash Flow
Statement. Any cash settlement relates to obtaining control rather than
settlement of financing provided by the seller. Changes in fair value since
the acquisition date are classified as finance income/expense.
Leasing
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
a right to control the use of an identified asset for a period of time in
exchange for consideration. The assessment of control includes whether
the Group has a right to obtain substantially all of the economic benefits
from the use of the asset throughout the period of use and the right to
direct the use of the asset.
As a lessee, the Group recognises a right-of-use asset and lease liability
at the lease commencement date. The right-of-use asset is initially
measured at cost, which comprises the initial amount of the lease
liability adjustment for any lease payments made at or before the
commencement date, plus any initial direct costs incurred and an estimate
of costs to dismantle or restore the underlying asset, less any lease
incentives received.
Lease payments comprise fixed payments and variable lease payments
based on an index or rate. The right-of-use asset is subsequently
depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the asset or the end of the
lease term. The lease term includes optional extensions or terminations
which are reasonably certain to be exercised by the Group. These optional
terms are reassessed periodically or when there is a significant event
which affects the lease. The estimated useful lives of the right-of-use
assets are determined on the same basis as those of property, plant and
equipment. Periodically the right-of-use asset is reduced for impairment,
if necessary, as well as re-measurements of the lease liability.
The lease liability is measured at amortised cost using the effective
interest method, which is initially equal to the present value of lease
payments that are not paid at the commencement date, discounted
using an incremental borrowing rate determined on a lease portfolio
basis. The lease liability is re-measured either as a modification or
reassessment. Modification occurs where there is a change in terms,
such as rental payments, which did not form part of the original terms
of the contract. In this case, the lease liability is re-measured using the
revised terms and a revised incremental borrowing rate at the
modification date. Reassessment occurs where there are changes within
the scope of the original terms of the contract, such as rental payment
changes with reference to an index. For reassessment changes, the lease
liability is re-measured in the same way as for a modification, except for
the incremental borrowing rate, which is not changed from the original
commencement date of the contract.
The Group has elected not to recognise right-of-use assets and lease
liabilities for short-term leases which have a lease term of 12 months or
less and leases of low-value assets. The Group recognises the lease
payments associated with these leases as an expense on a straight-line
basis over the lease term. When the Group acts as a lessor, it determines
at lease inception whether each lease is a finance lease or an operating
lease. To classify each lease, several indicators are assessed, such as the
present value of the lease payments amounting to at least substantially all
of the fair value of the asset. When the Group is an intermediate lessor,
it accounts for its interest in the head lease and the sub-lease separately.
The Group assesses the classification of the sub-lease with reference to
the right-of-use asset arising from the head lease. The Group recognises
lease payments received under operating leases as income on a straight-
line basis over the lease term.
Foreign currencies
Transactions in currencies other than the functional currency are recorded
at the rates of exchange prevailing on the date of the transaction. At each
Balance Sheet date, monetary assets and liabilities that are denominated
in foreign currencies are retranslated at the rates prevailing on the Balance
Sheet date. Non-monetary items carried at fair value that are denominated
in foreign currencies are translated at the rates prevailing at the date when
the fair value was determined. Non-monetary items that are measured at
historical cost in a foreign currency are not retranslated. Gains and losses
arising on retranslation are included in profit or loss for the period, except
for exchange differences arising on non-monetary assets and liabilities
where the changes in fair value are recognised directly in equity, subject
to meeting the requirements under IAS 21.
In order to hedge its exposure to certain foreign exchange risks, the Group
enters into forward exchange contracts (see section below on derivative
financial instruments and hedging for details of the Group\u2019s accounting
policies in respect of such derivative financial instruments).
On consolidation, the assets and liabilities of the Group\u2019s overseas
operations are translated at exchange rates prevailing on the Balance
Sheet date. Income and expense items are translated at the average
exchange rates for the period. Exchange rate differences arising, if any,
are classified as equity and transferred to the Group\u2019s translation reserve.
Such translation differences are recognised as income or expense in the
period in which the operation is disposed.
Goodwill and fair value adjustments arising on the acquisition of a foreign
entity are treated as assets and liabilities of the foreign entity and
translated at the closing rate on the relevant Balance Sheet date.
The exchange rates for the major currencies applied in the translation of
results were as follows:
Average Average Year-end Year-end
rates rates rates rates
2024 2023 2024 2023
US Dollar
1.28
1.24
1.25
1.27
Government grants
Government grants received for items of a revenue nature are recognised
as income over the period necessary to match them with the related
costs, which are deducted in reporting the related expense and presented
net of the costs to which they relate. Government grants relating to
investment in property, plant and equipment are deducted from the initial
carrying value of the related capital asset.
Retirement benefit costs
Payments to defined contribution retirement plans are charged as an
expense as they fall due. Payments made to state-managed retirement
benefit plans are dealt with as payments to defined contribution plans
where the Group\u2019s obligations under the plans are equivalent to those
arising in a defined contribution retirement plan.
For defined benefit retirement plans, the cost of providing benefits
is determined using the Projected Unit Method, with full actuarial
valuations being carried out on a triennial basis, and updated at each
Balance Sheet date. Actuarial gains and losses are recognised in full
in the period in which they occur. They are recognised outside the
Consolidated Income Statement and are presented in the Statement
of Comprehensive Income.
Past service cost is recognised as an expense at the earlier of a plan
amendment, curtailment, or restructuring.
The retirement benefit obligation recognised in the Consolidated Balance
Sheet represents the present value of the defined benefit obligation,
and as reduced by the fair value of scheme assets.
Taxation
Provisions for uncertain tax positions are included within current tax
liabilities on the Consolidated Balance Sheet representing Management\u2019s
best estimate of the likely cash outflow related to the uncertainty. There
are transactions and activities that the Group engages in where the
ultimate tax determination is uncertain and a provision may be made
against the tax benefit. For example, the Group seeks to price
transactions between Group companies on an arm\u2019s-length basis and in
compliance with OECD transfer pricing principles and the laws of the
relevant jurisdictions. The application of OECD principles and local tax
laws require interpretation, and accordingly involves the application of
judgment and is open to challenge by the relevant tax authorities. This
gives rise to a level of uncertainty. Provisions for uncertain tax positions
are established in accordance with IFRIC 23 based on an assessment of
the range of likely tax outcomes in open years and reflecting the strength
of technical arguments. Amounts are provided for individual tax
uncertainties based on Management\u2019s assessment of whether the most
likely amount or an expected amount based on a probability weighted
methodology is the more appropriate predictor of amounts that the
company is ultimately expected to settle. When making this assessment,
the Group utilises specialist in-house tax knowledge and experience and
takes into consideration specialist tax advice from third-party advisers on
specific items.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities in
the Financial Statements and the corresponding tax bases used in the
computation of taxable profit, and is accounted for using the Balance
Sheet liability method. Deferred tax liabilities are generally recognised
for all taxable temporary differences, including for taxable temporary
differences arising on investments in subsidiaries and associates,
and interests in joint ventures, except where the Group is able to control
the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent that it is probable that
future taxable profits will be available for their utilisation before their
expiry. Amounts will be recognised first to the extent that taxable
temporary differences exist and it is considered probable that they will
reverse and give rise to future taxable profits against which losses or
other assets may be utilised before their expiry. Assets will then be
recognised to the extent that forecasts or other evidence support the
availability of future profits against which assets may be realised.
Deferred tax assets and liabilities are not recognised if the temporary
difference arises from goodwill or from the initial recognition of goodwill
(other than in a business combination) of other assets and liabilities in a
transaction that affects neither the Group\u2019s taxable profit nor its
accounting profit.
The carrying value of deferred tax assets is reviewed at each Balance
Sheet date and reduced to the extent it is no longer probable that
sufficient taxable profits will be available to allow all or part of the deferred
tax asset to be recovered. Deferred tax is calculated at the tax rates that
are expected to apply in the period when the liability is settled or the asset
is realised based on tax laws and rates that have been enacted at the
Balance Sheet date. Deferred tax is charged or credited in the
Consolidated Income Statement, except when it relates to items charged
or credited to Other Comprehensive Income or directly to Equity, in which
case the deferred tax is also dealt with in Other Comprehensive Income
or Equity.
Property, plant and equipment
Land and buildings held for use in the production or supply of goods
or services, or for administrative purposes, are stated in the Balance
Sheet at their historical cost, or at modified historical cost, being a
revaluation undertaken in 1988 which has been taken as the effective
cost on transition to IFRS. Land and buildings were revalued to fair
value at the date of revaluation. The Group does not intend to conduct
annual revaluations.
Plant and equipment are stated at cost less accumulated depreciation and
any recognised impairment loss. Depreciation is charged to write off the
cost of an asset on a straight-line basis over the estimated useful life of
the asset, and is charged from the time an asset becomes available for its
intended use. Annual rates are as follows:
Freehold land
Nil
Freehold buildings
2%
Right-of-use land on the same basis as owned assets or,
and buildings where shorter, over the lease term
Leasehold building on the same basis as owned assets or,
improvements where shorter, over the lease term
Plant and equipment
5%\u201333%
Right-of-use plant and on the same basis as owned assets or,
equipment where shorter, over the lease term
The Group primarily leases land and buildings for manufacturing use.
The lease term, including options to extend which are reasonably certain,
typically range from two to fifteen years. The Group also leases plant
and equipment, including office equipment, vehicles and manufacturing
equipment, with lease terms typically ranging from one to four years.
The gain or loss arising on the disposal or retirement of an asset is
determined as the difference between the sale proceeds and the carrying
amount of the asset at disposal and is recognised in the Consolidated
Income Statement.
Internally generated intangible assets \u2013 development expenditure
An intangible asset arising from unfunded development work shall be
recognised if the following can be demonstrated:
i. the asset can be separately identified.
ii. it is probable that the asset created will generate future
economic benefits.
iii. the development cost of the asset can be measured reliably
during its development.
iv. it is technically feasible to complete the asset so that it will be
available for use or sale.
v. there is intention to complete the asset and use or sell it.
vi. the Group has ability to use or sell the asset.
vii. the Group has availability of adequate technical, financial and other
resources to complete the development work and to use or sell
the asset.
Internally generated intangible assets are amortised on a straight-line
basis over their useful lives. Costs incurred in relation to funded
development work are accumulated in inventory and are recognised when
the related billings are made. Any amounts held in inventory are subject to
normal inventory valuation principles. Expenditure on research, design and
other development activities, that do not meet the capitalisation criteria
above, is recognised as an expense in the period in which it is incurred.
Other intangible assets
Other intangible assets include computer software and intangible assets
acquired as part of a business combination. The cost of acquiring
computer software (including associated implementation and
development costs where applicable) is classified as an intangible asset.
Costs associated with maintaining computer software programs are
recognised as an expense as incurred. Capitalised computer software is
amortised over its estimated useful life of between three and five years
on a straight-line basis, and is stated at cost less accumulated
amortisation and impairment losses. Intangible assets acquired as part of
a business combination principally comprise qualified parts list, customer
relationships, contracts and trade names. They are shown at fair value at
the date of acquisition less accumulated amortisation. At the Balance
Sheet date, Intangible assets which incurred amortisation during the year,
are being amortised at rates of between 16 and 18% on a straight-line
basis since acquisition date.
Impairment of tangible and intangible assets excluding goodwill
At each Balance Sheet date, the Group reviews the carrying amounts
of its tangible and intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated
in order to determine the extent of the impairment loss (if any). Where
the asset does not generate cash flows that are independent from
other assets, the Group estimates the recoverable amount of the
cash-generating unit to which the asset belongs.
The recoverable amount is the higher of the fair value less the costs to
sell and the value in use. In assessing the value in use, the estimated
future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset for which the estimates of
future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its
carrying amount, the carrying amount of the asset is reduced to its
recoverable amount. An impairment loss is recognised as an expense
immediately, unless the relevant asset is carried at a revalued amount,
in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of
the asset is increased to the revised estimate of its recoverable amount,
so that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been
recognised for the asset in prior years. A reversal of an impairment loss is
recognised as income immediately, unless the relevant asset is carried at
a revalued amount, in which case the reversal of the impairment loss is
treated as a revaluation increase.
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs
comprise direct materials and, where applicable, direct labour costs and
an appropriate allocation of production overheads. Cost is calculated using
the first-in, first-out method. Net realisable value represents the estimated
selling price less the estimated costs of completion and the costs to be
incurred in marketing, selling and distribution.
Financial instruments
Financial assets and liabilities are recognised when the Group becomes
a party to the contractual provisions of the relevant instrument and
derecognised when it ceases to be a party to such provisions.
Financial instruments are classified as cash and cash equivalents, bank
overdrafts and loans, lease liabilities, trade receivables, trade payables,
deferred consideration receivable or payable, contingent consideration
payable, other receivables and other payables, as appropriate.
Non-derivative financial assets are categorised as Financial assets at
amortised cost and non-derivative financial liabilities are categorised as
Financial liabilities at amortised cost. Derivative financial assets and
liabilities that are not designated and effective as hedging instruments
are categorised as financial assets at fair value through profit or loss
and financial liabilities at fair value through profit or loss, respectively.
The classification depends on the nature and purpose of the financial
assets and liabilities and is determined at the time of initial recognition.
Trade receivables
Trade receivables do not carry any interest and are stated at their nominal
value as reduced by loss allowance. The Group has elected to measure
loss allowance for trade receivables at an amount equal to the lifetime
expected credit losses (ECLs), which are based on quantitative and
qualitative credit risk assessments, using historical and forward-looking
information. Changes in the carrying amounts of the loss allowance are
recognised in the Consolidated Income Statement.
Trade receivables in default are considered uncollectible and are
written off against the loss allowance. The Group considers a trade
receivable to be in default when the customer is experiencing significant
financial difficulties, bankruptcy, financial reorganisation or is in default
or delinquent in paying its credit obligations to the Group in full.
Subsequent recoveries of amounts previously written off are credited
against the loss allowance.
Trade receivables are derecognised when reverse factored, without
recourse, through schemes with financial institution counterparties
who assume the risk of non-payment by the customer. Derecognition
occurs when cash is received from the financial institution (less reverse
factoring discount). For further details, see Strategic Report and the
financial instrument credit risk section in the notes to the Consolidated
Financial Statements.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and other short-term
highly liquid investments that are readily convertible to a known amount
of cash and are subject to an insignificant risk of changes in value.
Non-derivative financial liabilities
Non-derivative financial liabilities are stated at amortised cost using the
effective interest method. The effective interest method is a method of
calculating the amortised financial liability and of allocating interest over
the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments through the expected life of
the financial liability, or, where appropriate, a shorter period, to the net
carrying amount on initial recognition. For borrowings, their carrying value
includes accrued interest payable, as well as unamortised issue costs.
Equity instruments
Equity instruments issued by the Company are recorded at the value of
the proceeds received, net of direct transaction costs.
Derivative financial instruments and hedging
The Group\u2019s activities expose it primarily to the financial risks of changes
in foreign currency exchange rates and interest rates. The Group uses
foreign exchange contracts and, on occasion, interest rate swap contracts
to hedge these exposures. The use of financial derivatives is governed by
the Group\u2019s Treasury Policies as approved by the Board of Directors,
which provides written principles on the use of derivatives. The Group
does not use derivative financial instruments for speculative purposes.
Certain derivative instruments do not qualify for hedge accounting. These
are categorised as fair value through profit or loss and are stated at fair
value, with any resultant gain or loss recognised in the Income Statement.
The Group designates certain hedging instruments in respect of foreign
currency risk as cash flow hedges. At the inception of the hedge
relationship, the Group documents the relationship between the hedging
instrument and the hedged item, along with its risk management
objectives and strategy for undertaking various hedging transactions.
The Group also documents, both at hedge inception and on an ongoing
basis, whether the hedging instrument that is used in a hedging
relationship is highly effective in offsetting changes in fair values
or cash flows of the hedged item.
For the Group\u2019s cash flow hedges of highly probable forecast transactions
in foreign currencies, the hedged risk is always considered to be 1:1.
If the underlying exposure changes over time, either due to commercial
factors or timing differences, the hedging instruments will be rebalanced
to ensure that the hedge ratio of 1:1 is maintained.
Changes in the fair value of derivative financial instruments that are
designated and are effective as a cash flow hedge are recognised directly
in equity and the ineffective portion is recognised immediately in the
Consolidated Income Statement. If the cash flow hedge of a firm
commitment or forecasted transaction results in the recognition of an asset
or a liability, then, at the time the asset or liability is recognised, the
associated gains or losses on the derivative that had previously been
recognised in equity are included in the initial measurement of the asset or
liability. For hedges that do not result in the recognition of an asset or a
liability, amounts deferred in equity are recognised in the Income Statement
in the same period in which the hedged item affects profit or loss.
For an effective hedge of an exposure to changes in fair value, the hedged
item is adjusted for changes in fair value attributable to the risk being
hedged with the corresponding entry in the Consolidated Income
Statement. Gains or losses from re-measuring the derivative are also
recognised in the Consolidated Income Statement. If the hedge is
effective, these entries will offset in the Consolidated Income Statement.
Changes in the fair value of derivative financial instruments that do not
qualify for hedge accounting are recognised in the Consolidated Income
Statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires
or is sold, terminated, exercised, or no longer qualifies for hedge
accounting. At that time, any cumulative gain or loss on the hedging
instrument recognised in equity is retained in equity until the forecasted
transaction occurs. If a hedged transaction is no longer expected to occur,
the net cumulative gain or loss recognised in Equity is transferred to the
Consolidated Income Statement for the period.
Gains and losses accumulated in Equity are recognised in the
Consolidated Income Statement on disposal of the overseas business.
Assets and disposal groups held for sale
Assets are classified as held for sale if their carrying amount will be
recovered by sale rather than by continuing use in the business. Where
a group of assets and their directly associated liabilities are to be disposed
of in a single transaction, such disposal groups are also classified as held
for sale. For this to be the case, the asset or disposal group must be
available for immediate sale in its present condition, and Directors must
be committed to and have initiated a plan to sell the asset or disposal
group which, when initiated, was expected to result in a completed sale
within 12 months. Assets that are classified as held for sale are not
depreciated. Assets or disposal groups that are classified as held for sale
are measured at the lower of their carrying amount and fair value less
costs to sell.
Provisions
Provisions are recognised when the Group has a present obligation (legal
or constructive) as a result of a past event, it is probable that the Group
will be required to settle that obligation and a reliable estimate can be
made of the amount of the obligation. Provisions are measured at the
Directors\u2019 best estimate of the expenditure required to settle the
obligation at the Balance Sheet date, taking into account the risks
and uncertainties (such as timing or amount) surrounding the obligation.
They are not discounted to present value if the effect is not material.
Provisions for restructuring are recognised when the Group has a detailed
formal plan for the restructuring and the plan has been communicated to
the affected parties. Provisions for the expected cost for warranty
obligations under local sale of goods legislation are recognised at the date
of sale of the relevant products.
Share-based payments
The Group applies the requirements of IFRS 2 Share-based payments.
The Group issues equity-settled share-based payments to certain
employees. The fair value (excluding the effect of non-market-related
conditions), as determined at the grant date, is expensed on a straight-line
basis over the vesting period, based on the Group\u2019s estimate of the
number of shares that will eventually vest and adjusted for the effect of
non-market-related conditions.
Fair value is measured by use of a Black-Scholes model for the share
option plans, and a binomial model for the share awards under the 2014
Long-Term Incentive Plan.
The liability in respect of equity-settled amounts is included in Equity.
Critical accounting judgments
IAS 1 requires disclosure of the judgments Management makes when
applying its significant accounting policies and that have the most
significant effect on amounts that are recognised in the Group\u2019s Financial
Statements. In the course of preparing the Financial Statements, no
significant critical judgments have been made in the process of applying
the Group\u2019s accounting policies, other than held for sale, leases and those
involving estimations, which are dealt with separately below.
Management makes other judgments in the normal course of conducting
business, such as those in relation to legal claims and contractual matters
(see Note 24 for further details).
Held for sale
At 31 December 2024, Management makes a judgment to determine that
the potential divestment of the Aerostructures business does not meet
the held for sale criteria in accordance with IFRS 5. In particular, the
potential divestment does not meet the threshold of highly probable,
including not fully meeting the expectation that it would be completed
within 12 months when assessed as at 31 December 2024 based on
facts available and circumstances at that time. In making this judgment,
the board considered the publicised challenges at Boeing, including 737
MAX volumes being subdued throughout the year, following the Alaskan
Airlines incident in January 2024 and the subsequent Boeing employee
strike from September to November 2024. The Board also considered the
risks and uncertainties set out on pages 50 to 59 which could impact the
length of the potential divestment process, in particular the impact of
geopolitical and economic uncertainties.
Leases
Where a lease includes the option for an extension to the lease term,
Management makes a judgment as to whether they are reasonably
certain the option will be taken. This will take into account the length of
time remaining before the option is exercisable, current and forecasted
plans for utilising the asset and the level and type of planned future capital
investment. As at 31 December 2024, these extension options have an
approximate average remaining lease term of 5 years. These judgments
are reassessed at each reporting period or when there is a significant
event affecting the lease, which could result in a recalculation of the lease
liability and a material adjustment to the associated balances.
Key sources of estimation and uncertainty
When applying the Group\u2019s accounting policies, Management must make
assumptions and estimates concerning the future that affect the carrying
amounts of assets and liabilities at the Balance Sheet date and the
amounts of revenue and expenses recognised during the period. Such
assumptions are based upon factors including historical experience, the
observance of trends in the industries in which the Group operates, and
information available from the Group\u2019s customers and other external
sources. The key sources of estimation and uncertainty at the Balance
Sheet date that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year
and beyond include:
Retirement benefits
Management makes assumptions and estimates, for the next financial
year and beyond, which affect the value of the carrying amount of the
UK Plan retirement benefit obligation at 31 December 2024.
Management follows actuarial advice from a third party when determining
estimation uncertainty on the valuation of the UK gross defined benefit
obligation, the significant assumptions being discount rate, inflation
and life expectancy (see Note 33). The carrying amount of the UK Plan\u2019s
retirement benefits at 31 December 2024 was a surplus of \u00a343.5m
(2023 \u2013 surplus of \u00a348.5m), being the present value of the defined benefit
obligations of \u00a3181.9m (2023 \u2013 \u00a3199.2m) and fair value of plan assets
of \u00a3225.4m (2023 \u2013 \u00a3247.7m). Further details and sensitivities from
changes in estimates are set out in Note 33g.
Warranty
The warranty costs include a provision of \u00a311.8m (2023 \u2013 \u00a311.0m)
related to one specific disputed commercial matter. The range of
reasonably possible outcomes considered by the Board is \u00a36m, which
reflects a reasonably possible increase of \u00a34m or decrease of \u00a32m.
No further details on the matter are disclosed to avoid prejudicing the
contractual position.
Other estimates
Income taxes, specifically in relation to provisions for tax uncertainties,
have been removed as a key estimate in 2024 following the release in
respect of historical Americas uncertain tax positions in 2023.
The Board previously approved a restructuring plan that was initiated in
2019. In response to the pandemic, the Group implemented further cost
cutting actions which included asset write downs. In 2023, some residual
restructuring activity took place in response to further specific end market
conditions affecting some of the businesses. In 2024, the restructuring
provision is \u00a3nil and no longer represents a key estimate.
Consideration of climate change
In preparing the Financial Statements, the Directors have considered the
impact of climate change, particularly in the context of the risks identified
in the TCFD disclosure on pages 20 to 25. There has been no material
impact identified on the financial reporting judgments and estimates.
In particular, the Directors considered the impact of climate change in
respect of the following areas:
\u2022 Useful lives of assets \u2013 The useful lives of assets could be reduced by
climate-related matters, for example as a result of physical risks,
obsolescence or legal restrictions. The change in useful lives would
have a direct impact on the amount of depreciation or amortisation
recognised each year from the date of reassessment. The Directors\u2019
review of useful lives has taken into consideration the impacts of the
Group\u2019s Net Zero commitments and has not had a material impact on
the results for the year.
\u2022 Inventory valuation \u2013 Climate-related matters may affect the value of
inventories as they could become obsolete as a result of a decline in
selling price or a reduction in demand. After consideration of the typical
inventory days compared to the rate of change in the market the
Directors consider that inventory is appropriately valued.
\u2022 Going concern and viability \u2013 risks identified in the TCFD disclosures in
pages 20 to 25 have been factored into the going concern and viability
assessment. See page 68 further details.
\u2022 Goodwill impairment assessment \u2013 cash flow forecasts used in the
impairment assessment of goodwill have considered potential changes
in demand over the next 5 years as a result of changing customer
preferences on Senior\u2019s products. This is not expected to have a
material impact on the cashflows, with longer-term growth rates based
on forecasted market demand. Aerospace market rates were used for
the Aerospace CGU and long-term GDP rates for advanced economies
were used for the Flexonics CGU. Sensitivity analysis (See Note 13)
shows that a 1 percent decrease in growth rate would not result in the
carrying amount of CGU groups exceeding their recoverable amount.
\u2022 Recoverability of trade receivables \u2013 After consideration of the typical
receivable days compared to the rate of change in the market, the
Directors consider that receivables at 31 December 2024 are not
adversely affected by climate change.
\u2022 Valuation of the UK Plan retirement gross benefit obligation \u2013 there is
no material impact on key financial assumptions which are set
according to market yields. Mortality assumptions take account of
current views of possible climate pathways that may develop. Asset
values are set according to market valuations which incorporate market
expectations of climate impacts.
The Directors are aware of the ever-changing risks attached to climate
change and will regularly assess these risks against judgments and
estimates made in preparation of the Group\u2019s Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "Basis of accounting These Financial Statements have been prepared in accordance with UK-adopted international accounting standards. They have been prepared on the historical cost basis, except for the revaluation of certain financial instruments and retirement benefit costs measured in accordance with IAS 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "These Financial Statements have been prepared in accordance with UK-adopted international accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "Going concern In determining the appropriate basis of preparation of the Financial Statements for the year ended 31 December 2024, the Directors are required to consider whether the Group and Parent Company can continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these Financial Statements (the going concern period). The Board has applied a robust process to assess the resilience of the forecast out-turns. This assessment included applying severe but plausible downside risks as set out in the Viability Statement on page 68. To address these risks the Board has considered mitigating factors within the Group and Parent Company\u2019s control that could be employed that would address the impact and provide options to the Group and Parent Company. The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines on page 1) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2024, the Group\u2019s net debt to EBITDA was 1.8x and interest cover was 7.0x, both comfortably within covenant limits. Based on the above assessment, the Board has concluded that the Group and Parent Company will continue to have adequate financial resources to realise its assets and discharge its liabilities as they fall due over the going concern period. Accordingly, the Directors have formed the judgment that it is appropriate to prepare these Consolidated Financial Statements and the Parent Company financial statements on the going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "Changes in accounting policies At the date of authorisation of these Financial Statements, there are no relevant and material new standards, amendments to standards or interpretations which are effective for the year ended 31 December 2024. IFRS 18 Presentation and Disclosure in Financial Statements has been issued but is not effective until 2027. Its impact on the financial statements of Senior Plc is not yet known. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "Changes in accounting policies At the date of authorisation of these Financial Statements, there are no relevant and material new standards, amendments to standards or interpretations which are effective for the year ended 31 December 2024. IFRS 18 Presentation and Disclosure in Financial Statements has been issued but is not effective until 2027. Its impact on the financial statements of Senior Plc is not yet known. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of Senior plc and the entities controlled by it (its subsidiaries) made up to 31 December 2024. Control is achieved when Senior plc has the power to govern the financial and operating policies of an invested entity so as to obtain benefits from its activities. Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred for each acquisition is the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities incurred or assumed, and equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. On an acquisition-by- acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The results of joint ventures are accounted for using the equity accounting method. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of Senior plc and the entities controlled by it (its subsidiaries) made up to 31 December 2024. Control is achieved when Senior plc has the power to govern the financial and operating policies of an invested entity so as to obtain benefits from its activities. Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred for each acquisition is the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities incurred or assumed, and equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. On an acquisition-by- acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The results of joint ventures are accounted for using the equity accounting method. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "Goodwill Goodwill arising on consolidation, which was acquired in a business combination, is measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. Goodwill is recognised as an asset and allocated, at acquisition, to the group of cash-generating units (CGU groups) that are expected to benefit from that business combination. If the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree is less than the fair value of the net assets acquired (i.e. bargain purchase), the difference is credited to the Consolidated Income Statement in the period of acquisition. CGU groups to which goodwill has been allocated are tested for impairment at least annually and reviewed for indicators of impairment at the Balance Sheet date. If impairment indicators exist, the individual assets within the CGUs, and the individual CGUs excluding goodwill, are tested for impairment before the CGU group is tested for impairment. Any impairment is recognised immediately through the Consolidated Income Statement and is not subsequently reversed. The determination of the recoverable amount of the CGU group is disclosed in the Notes to the Financial Statements (Note 13). If the recoverable amount of the CGU group is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU group and then to the other assets of the CGU group pro rata on the basis of the carrying amount of each asset in the CGU group. On disposal of a subsidiary or part thereof, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill acquired in a business combination prior to the date of transition to IFRS has been retained at the previous UK GAAP amount subject to being tested for impairment at that date. Internally generated intangible assets \u2013 development expenditure An intangible asset arising from unfunded development work shall be recognised if the following can be demonstrated: i. the asset can be separately identified. ii. it is probable that the asset created will generate future economic benefits. iii. the development cost of the asset can be measured reliably during its development. iv. it is technically feasible to complete the asset so that it will be available for use or sale. v. there is intention to complete the asset and use or sell it. vi. the Group has ability to use or sell the asset. vii. the Group has availability of adequate technical, financial and other resources to complete the development work and to use or sell the asset. Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Costs incurred in relation to funded development work are accumulated in inventory and are recognised when the related billings are made. Any amounts held in inventory are subject to normal inventory valuation principles. Expenditure on research, design and other development activities, that do not meet the capitalisation criteria above, is recognised as an expense in the period in which it is incurred. Other intangible assets Other intangible assets include computer software and intangible assets acquired as part of a business combination. The cost of acquiring computer software (including associated implementation and development costs where applicable) is classified as an intangible asset. Costs associated with maintaining computer software programs are recognised as an expense as incurred. Capitalised computer software is amortised over its estimated useful life of between three and five years on a straight-line basis, and is stated at cost less accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination principally comprise qualified parts list, customer relationships, contracts and trade names. They are shown at fair value at the date of acquisition less accumulated amortisation. At the Balance Sheet date, Intangible assets which incurred amortisation during the year, are being amortised at rates of between 16 and 18% on a straight-line basis since acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "Goodwill Goodwill arising on consolidation, which was acquired in a business combination, is measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. Goodwill is recognised as an asset and allocated, at acquisition, to the group of cash-generating units (CGU groups) that are expected to benefit from that business combination. If the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree is less than the fair value of the net assets acquired (i.e. bargain purchase), the difference is credited to the Consolidated Income Statement in the period of acquisition. CGU groups to which goodwill has been allocated are tested for impairment at least annually and reviewed for indicators of impairment at the Balance Sheet date. If impairment indicators exist, the individual assets within the CGUs, and the individual CGUs excluding goodwill, are tested for impairment before the CGU group is tested for impairment. Any impairment is recognised immediately through the Consolidated Income Statement and is not subsequently reversed. The determination of the recoverable amount of the CGU group is disclosed in the Notes to the Financial Statements (Note 13). If the recoverable amount of the CGU group is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU group and then to the other assets of the CGU group pro rata on the basis of the carrying amount of each asset in the CGU group. On disposal of a subsidiary or part thereof, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill acquired in a business combination prior to the date of transition to IFRS has been retained at the previous UK GAAP amount subject to being tested for impairment at that date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "Revenue recognition The Group predominantly has one revenue stream relating to engineered components or systems (products), which are customer specific, with a secondary revenue stream of funded development revenue. Both streams have identifiable customer contracts and pricing specific performance obligations. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Revenue is recognised net of discounts, VAT and other sales-related taxes. The determination of the transaction price is based upon pricing specified in the customer contract i.e. a price per unit. Revenue is recognised as the identified performance obligations are satisfied. The performance obligation for goods is a specific point in time when the customer obtains control, which is upon delivery or when available for collection. Allocation of transaction price to performance obligations is given in the contract i.e. a unit delivered or available for collection. The performance obligation for development revenue is a specific point in time when the customer obtains control of the output, for example a first article good, which is the acceptance milestone specified in the customer contract. Any portion of a change in transaction price that is allocated to a satisfied performance obligation is recognised as revenue \u2013 or as a reduction in revenue \u2013 when the transaction price changes. Dividend income from investments is recognised when the shareholders\u2019 legal rights to receive payment have been established, with the related cashflows being classified as investing activities within the Consolidated Cash Flow Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "Interest Interest receivable/payable is credited/charged to the Consolidated Income Statement using the effective interest method. Deferred and contingent consideration related to business combinations which is paid, including changes in fair value since acquisition date, is classified as investing activities within the Consolidated Cash Flow Statement. Any cash settlement relates to obtaining control rather than settlement of financing provided by the seller. Changes in fair value since the acquisition date are classified as finance income/expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "Interest Interest receivable/payable is credited/charged to the Consolidated Income Statement using the effective interest method. Deferred and contingent consideration related to business combinations which is paid, including changes in fair value since acquisition date, is classified as investing activities within the Consolidated Cash Flow Statement. Any cash settlement relates to obtaining control rather than settlement of financing provided by the seller. Changes in fair value since the acquisition date are classified as finance income/expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "Leasing 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 a right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of control includes whether the Group has a right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use and the right to direct the use of the asset. As a lessee, the Group recognises a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjustment for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle or restore the underlying asset, less any lease incentives received. Lease payments comprise fixed payments and variable lease payments based on an index or rate. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The lease term includes optional extensions or terminations which are reasonably certain to be exercised by the Group. These optional terms are reassessed periodically or when there is a significant event which affects the lease. The estimated useful lives of the right-of-use assets are determined on the same basis as those of property, plant and equipment. Periodically the right-of-use asset is reduced for impairment, if necessary, as well as re-measurements of the lease liability. The lease liability is measured at amortised cost using the effective interest method, which is initially equal to the present value of lease payments that are not paid at the commencement date, discounted using an incremental borrowing rate determined on a lease portfolio basis. The lease liability is re-measured either as a modification or reassessment. Modification occurs where there is a change in terms, such as rental payments, which did not form part of the original terms of the contract. In this case, the lease liability is re-measured using the revised terms and a revised incremental borrowing rate at the modification date. Reassessment occurs where there are changes within the scope of the original terms of the contract, such as rental payment changes with reference to an index. For reassessment changes, the lease liability is re-measured in the same way as for a modification, except for the incremental borrowing rate, which is not changed from the original commencement date of the contract. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases which have a lease term of 12 months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, several indicators are assessed, such as the present value of the lease payments amounting to at least substantially all of the fair value of the asset. When the Group is an intermediate lessor, it accounts for its interest in the head lease and the sub-lease separately. The Group assesses the classification of the sub-lease with reference to the right-of-use asset arising from the head lease. The Group recognises lease payments received under operating leases as income on a straight- line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "Foreign currencies Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At each Balance Sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the Balance Sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. Gains and losses arising on retranslation are included in profit or loss for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity, subject to meeting the requirements under IAS 21. In order to hedge its exposure to certain foreign exchange risks, the Group enters into forward exchange contracts (see section below on derivative financial instruments and hedging for details of the Group\u2019s accounting policies in respect of such derivative financial instruments). On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the Balance Sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange rate differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expense in the period in which the operation is disposed. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate on the relevant Balance Sheet date. The exchange rates for the major currencies applied in the translation of results were as follows:
Average Average Year-end Year-end
rates rates rates rates
2024 2023 2024 2023
US Dollar
1.28
1.24
1.25
1.27
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "value": "Government grants Government grants received for items of a revenue nature are recognised as income over the period necessary to match them with the related costs, which are deducted in reporting the related expense and presented net of the costs to which they relate. Government grants relating to investment in property, plant and equipment are deducted from the initial carrying value of the related capital asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "value": "Retirement benefit costs Payments to defined contribution retirement plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit plans are dealt with as payments to defined contribution plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined contribution retirement plan. For defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Method, with full actuarial valuations being carried out on a triennial basis, and updated at each Balance Sheet date. Actuarial gains and losses are recognised in full in the period in which they occur. They are recognised outside the Consolidated Income Statement and are presented in the Statement of Comprehensive Income. Past service cost is recognised as an expense at the earlier of a plan amendment, curtailment, or restructuring. The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the present value of the defined benefit obligation, and as reduced by the fair value of scheme assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "Taxation Provisions for uncertain tax positions are included within current tax liabilities on the Consolidated Balance Sheet representing Management\u2019s best estimate of the likely cash outflow related to the uncertainty. There are transactions and activities that the Group engages in where the ultimate tax determination is uncertain and a provision may be made against the tax benefit. For example, the Group seeks to price transactions between Group companies on an arm\u2019s-length basis and in compliance with OECD transfer pricing principles and the laws of the relevant jurisdictions. The application of OECD principles and local tax laws require interpretation, and accordingly involves the application of judgment and is open to challenge by the relevant tax authorities. This gives rise to a level of uncertainty. Provisions for uncertain tax positions are established in accordance with IFRIC 23 based on an assessment of the range of likely tax outcomes in open years and reflecting the strength of technical arguments. Amounts are provided for individual tax uncertainties based on Management\u2019s assessment of whether the most likely amount or an expected amount based on a probability weighted methodology is the more appropriate predictor of amounts that the company is ultimately expected to settle. When making this assessment, the Group utilises specialist in-house tax knowledge and experience and takes into consideration specialist tax advice from third-party advisers on specific items. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, including for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for their utilisation before their expiry. Amounts will be recognised first to the extent that taxable temporary differences exist and it is considered probable that they will reverse and give rise to future taxable profits against which losses or other assets may be utilised before their expiry. Assets will then be recognised to the extent that forecasts or other evidence support the availability of future profits against which assets may be realised. Deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of goodwill (other than in a business combination) of other assets and liabilities in a transaction that affects neither the Group\u2019s taxable profit nor its accounting profit. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the Balance Sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited to Other Comprehensive Income or directly to Equity, in which case the deferred tax is also dealt with in Other Comprehensive Income or Equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, including for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for their utilisation before their expiry. Amounts will be recognised first to the extent that taxable temporary differences exist and it is considered probable that they will reverse and give rise to future taxable profits against which losses or other assets may be utilised before their expiry. Assets will then be recognised to the extent that forecasts or other evidence support the availability of future profits against which assets may be realised. Deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of goodwill (other than in a business combination) of other assets and liabilities in a transaction that affects neither the Group\u2019s taxable profit nor its accounting profit. The carrying value of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the Balance Sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited to Other Comprehensive Income or directly to Equity, in which case the deferred tax is also dealt with in Other Comprehensive Income or Equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Balance Sheet at their historical cost, or at modified historical cost, being a revaluation undertaken in 1988 which has been taken as the effective cost on transition to IFRS. Land and buildings were revalued to fair value at the date of revaluation. The Group does not intend to conduct annual revaluations. Plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to write off the cost of an asset on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. Annual rates are as follows:
Freehold land
Nil
Freehold buildings
2%
Right-of-use land on the same basis as owned assets or,
and buildings where shorter, over the lease term
Leasehold building on the same basis as owned assets or,
improvements where shorter, over the lease term
Plant and equipment
5%\u201333%
Right-of-use plant and on the same basis as owned assets or,
equipment where shorter, over the lease term
The Group primarily leases land and buildings for manufacturing use. The lease term, including options to extend which are reasonably certain, typically range from two to fifteen years. The Group also leases plant and equipment, including office equipment, vehicles and manufacturing equipment, with lease terms typically ranging from one to four years. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset at disposal and is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Balance Sheet at their historical cost, or at modified historical cost, being a revaluation undertaken in 1988 which has been taken as the effective cost on transition to IFRS. Land and buildings were revalued to fair value at the date of revaluation. The Group does not intend to conduct annual revaluations. Plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to write off the cost of an asset on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. Annual rates are as follows:
Freehold land
Nil
Freehold buildings
2%
Right-of-use land on the same basis as owned assets or,
and buildings where shorter, over the lease term
Leasehold building on the same basis as owned assets or,
improvements where shorter, over the lease term
Plant and equipment
5%\u201333%
Right-of-use plant and on the same basis as owned assets or,
equipment where shorter, over the lease term
The Group primarily leases land and buildings for manufacturing use. The lease term, including options to extend which are reasonably certain, typically range from two to fifteen years. The Group also leases plant and equipment, including office equipment, vehicles and manufacturing equipment, with lease terms typically ranging from one to four years. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset at disposal and is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "value": "Internally generated intangible assets \u2013 development expenditure An intangible asset arising from unfunded development work shall be recognised if the following can be demonstrated: i. the asset can be separately identified. ii. it is probable that the asset created will generate future economic benefits. iii. the development cost of the asset can be measured reliably during its development. iv. it is technically feasible to complete the asset so that it will be available for use or sale. v. there is intention to complete the asset and use or sell it. vi. the Group has ability to use or sell the asset. vii. the Group has availability of adequate technical, financial and other resources to complete the development work and to use or sell the asset. Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Costs incurred in relation to funded development work are accumulated in inventory and are recognised when the related billings are made. Any amounts held in inventory are subject to normal inventory valuation principles. Expenditure on research, design and other development activities, that do not meet the capitalisation criteria above, is recognised as an expense in the period in which it is incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "Internally generated intangible assets \u2013 development expenditure An intangible asset arising from unfunded development work shall be recognised if the following can be demonstrated: i. the asset can be separately identified. ii. it is probable that the asset created will generate future economic benefits. iii. the development cost of the asset can be measured reliably during its development. iv. it is technically feasible to complete the asset so that it will be available for use or sale. v. there is intention to complete the asset and use or sell it. vi. the Group has ability to use or sell the asset. vii. the Group has availability of adequate technical, financial and other resources to complete the development work and to use or sell the asset. Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Costs incurred in relation to funded development work are accumulated in inventory and are recognised when the related billings are made. Any amounts held in inventory are subject to normal inventory valuation principles. Expenditure on research, design and other development activities, that do not meet the capitalisation criteria above, is recognised as an expense in the period in which it is incurred. Other intangible assets Other intangible assets include computer software and intangible assets acquired as part of a business combination. The cost of acquiring computer software (including associated implementation and development costs where applicable) is classified as an intangible asset. Costs associated with maintaining computer software programs are recognised as an expense as incurred. Capitalised computer software is amortised over its estimated useful life of between three and five years on a straight-line basis, and is stated at cost less accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination principally comprise qualified parts list, customer relationships, contracts and trade names. They are shown at fair value at the date of acquisition less accumulated amortisation. At the Balance Sheet date, Intangible assets which incurred amortisation during the year, are being amortised at rates of between 16 and 18% on a straight-line basis since acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "Impairment of tangible and intangible assets excluding goodwill At each Balance Sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of the fair value less the costs to sell and the value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and an appropriate allocation of production overheads. Cost is calculated using the first-in, first-out method. Net realisable value represents the estimated selling price less the estimated costs of completion and the costs to be incurred in marketing, selling and distribution. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "Financial instruments Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party to such provisions. Financial instruments are classified as cash and cash equivalents, bank overdrafts and loans, lease liabilities, trade receivables, trade payables, deferred consideration receivable or payable, contingent consideration payable, other receivables and other payables, as appropriate. Non-derivative financial assets are categorised as Financial assets at amortised cost and non-derivative financial liabilities are categorised as Financial liabilities at amortised cost. Derivative financial assets and liabilities that are not designated and effective as hedging instruments are categorised as financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss, respectively. The classification depends on the nature and purpose of the financial assets and liabilities and is determined at the time of initial recognition. Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by loss allowance. The Group has elected to measure loss allowance for trade receivables at an amount equal to the lifetime expected credit losses (ECLs), which are based on quantitative and qualitative credit risk assessments, using historical and forward-looking information. Changes in the carrying amounts of the loss allowance are recognised in the Consolidated Income Statement. Trade receivables in default are considered uncollectible and are written off against the loss allowance. The Group considers a trade receivable to be in default when the customer is experiencing significant financial difficulties, bankruptcy, financial reorganisation or is in default or delinquent in paying its credit obligations to the Group in full. Subsequent recoveries of amounts previously written off are credited against the loss allowance. Trade receivables are derecognised when reverse factored, without recourse, through schemes with financial institution counterparties who assume the risk of non-payment by the customer. Derecognition occurs when cash is received from the financial institution (less reverse factoring discount). For further details, see Strategic Report and the financial instrument credit risk section in the notes to the Consolidated Financial Statements. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Non-derivative financial liabilities Non-derivative financial liabilities are stated at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised financial liability and of allocating interest over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Equity instruments Equity instruments issued by the Company are recorded at the value of the proceeds received, net of direct transaction costs. Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as fair value through profit or loss and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from re-measuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by loss allowance. The Group has elected to measure loss allowance for trade receivables at an amount equal to the lifetime expected credit losses (ECLs), which are based on quantitative and qualitative credit risk assessments, using historical and forward-looking information. Changes in the carrying amounts of the loss allowance are recognised in the Consolidated Income Statement. Trade receivables in default are considered uncollectible and are written off against the loss allowance. The Group considers a trade receivable to be in default when the customer is experiencing significant financial difficulties, bankruptcy, financial reorganisation or is in default or delinquent in paying its credit obligations to the Group in full. Subsequent recoveries of amounts previously written off are credited against the loss allowance. Trade receivables are derecognised when reverse factored, without recourse, through schemes with financial institution counterparties who assume the risk of non-payment by the customer. Derecognition occurs when cash is received from the financial institution (less reverse factoring discount). For further details, see Strategic Report and the financial instrument credit risk section in the notes to the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "Non-derivative financial liabilities Non-derivative financial liabilities are stated at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised financial liability and of allocating interest over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "Equity instruments Equity instruments issued by the Company are recorded at the value of the proceeds received, net of direct transaction costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as fair value through profit or loss and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from re-measuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as fair value through profit or loss and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from re-measuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as fair value through profit or loss and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from re-measuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "Assets and disposal groups held for sale Assets are classified as held for sale if their carrying amount will be recovered by sale rather than by continuing use in the business. Where a group of assets and their directly associated liabilities are to be disposed of in a single transaction, such disposal groups are also classified as held for sale. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition, and Directors must be committed to and have initiated a plan to sell the asset or disposal group which, when initiated, was expected to result in a completed sale within 12 months. Assets that are classified as held for sale are not depreciated. Assets or disposal groups that are classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the Balance Sheet date, taking into account the risks and uncertainties (such as timing or amount) surrounding the obligation. They are not discounted to present value if the effect is not material. Provisions for restructuring are recognised when the Group has a detailed formal plan for the restructuring and the plan has been communicated to the affected parties. Provisions for the expected cost for warranty obligations under local sale of goods legislation are recognised at the date of sale of the relevant products. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "Share-based payments The Group applies the requirements of IFRS 2 Share-based payments. The Group issues equity-settled share-based payments to certain employees. The fair value (excluding the effect of non-market-related conditions), as determined at the grant date, is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest and adjusted for the effect of non-market-related conditions. Fair value is measured by use of a Black-Scholes model for the share option plans, and a binomial model for the share awards under the 2014 Long-Term Incentive Plan. The liability in respect of equity-settled amounts is included in Equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "Critical accounting judgments IAS 1 requires disclosure of the judgments Management makes when applying its significant accounting policies and that have the most significant effect on amounts that are recognised in the Group\u2019s Financial Statements. In the course of preparing the Financial Statements, no significant critical judgments have been made in the process of applying the Group\u2019s accounting policies, other than held for sale, leases and those involving estimations, which are dealt with separately below. Management makes other judgments in the normal course of conducting business, such as those in relation to legal claims and contractual matters (see Note 24 for further details). Held for sale At 31 December 2024, Management makes a judgment to determine that the potential divestment of the Aerostructures business does not meet the held for sale criteria in accordance with IFRS 5. In particular, the potential divestment does not meet the threshold of highly probable, including not fully meeting the expectation that it would be completed within 12 months when assessed as at 31 December 2024 based on facts available and circumstances at that time. In making this judgment, the board considered the publicised challenges at Boeing, including 737 MAX volumes being subdued throughout the year, following the Alaskan Airlines incident in January 2024 and the subsequent Boeing employee strike from September to November 2024. The Board also considered the risks and uncertainties set out on pages 50 to 59 which could impact the length of the potential divestment process, in particular the impact of geopolitical and economic uncertainties. Leases Where a lease includes the option for an extension to the lease term, Management makes a judgment as to whether they are reasonably certain the option will be taken. This will take into account the length of time remaining before the option is exercisable, current and forecasted plans for utilising the asset and the level and type of planned future capital investment. As at 31 December 2024, these extension options have an approximate average remaining lease term of 5 years. These judgments are reassessed at each reporting period or when there is a significant event affecting the lease, which could result in a recalculation of the lease liability and a material adjustment to the associated balances. Key sources of estimation and uncertainty When applying the Group\u2019s accounting policies, Management must make assumptions and estimates concerning the future that affect the carrying amounts of assets and liabilities at the Balance Sheet date and the amounts of revenue and expenses recognised during the period. Such assumptions are based upon factors including historical experience, the observance of trends in the industries in which the Group operates, and information available from the Group\u2019s customers and other external sources. The key sources of estimation and uncertainty at the Balance Sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year and beyond include: Retirement benefits Management makes assumptions and estimates, for the next financial year and beyond, which affect the value of the carrying amount of the UK Plan retirement benefit obligation at 31 December 2024. Management follows actuarial advice from a third party when determining estimation uncertainty on the valuation of the UK gross defined benefit obligation, the significant assumptions being discount rate, inflation and life expectancy (see Note 33). The carrying amount of the UK Plan\u2019s retirement benefits at 31 December 2024 was a surplus of \u00a343.5m (2023 \u2013 surplus of \u00a348.5m), being the present value of the defined benefit obligations of \u00a3181.9m (2023 \u2013 \u00a3199.2m) and fair value of plan assets of \u00a3225.4m (2023 \u2013 \u00a3247.7m). Further details and sensitivities from changes in estimates are set out in Note 33g. Warranty The warranty costs include a provision of \u00a311.8m (2023 \u2013 \u00a311.0m) related to one specific disputed commercial matter. The range of reasonably possible outcomes considered by the Board is \u00a36m, which reflects a reasonably possible increase of \u00a34m or decrease of \u00a32m. No further details on the matter are disclosed to avoid prejudicing the contractual position. Other estimates Income taxes, specifically in relation to provisions for tax uncertainties, have been removed as a key estimate in 2024 following the release in respect of historical Americas uncertain tax positions in 2023. The Board previously approved a restructuring plan that was initiated in 2019. In response to the pandemic, the Group implemented further cost cutting actions which included asset write downs. In 2023, some residual restructuring activity took place in response to further specific end market conditions affecting some of the businesses. In 2024, the restructuring provision is \u00a3nil and no longer represents a key estimate. Consideration of climate change In preparing the Financial Statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 20 to 25. There has been no material impact identified on the financial reporting judgments and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: \u2022 Useful lives of assets \u2013 The useful lives of assets could be reduced by climate-related matters, for example as a result of physical risks, obsolescence or legal restrictions. The change in useful lives would have a direct impact on the amount of depreciation or amortisation recognised each year from the date of reassessment. The Directors\u2019 review of useful lives has taken into consideration the impacts of the Group\u2019s Net Zero commitments and has not had a material impact on the results for the year. \u2022 Inventory valuation \u2013 Climate-related matters may affect the value of inventories as they could become obsolete as a result of a decline in selling price or a reduction in demand. After consideration of the typical inventory days compared to the rate of change in the market the Directors consider that inventory is appropriately valued. \u2022 Going concern and viability \u2013 risks identified in the TCFD disclosures in pages 20 to 25 have been factored into the going concern and viability assessment. See page 68 further details. \u2022 Goodwill impairment assessment \u2013 cash flow forecasts used in the impairment assessment of goodwill have considered potential changes in demand over the next 5 years as a result of changing customer preferences on Senior\u2019s products. This is not expected to have a material impact on the cashflows, with longer-term growth rates based on forecasted market demand. Aerospace market rates were used for the Aerospace CGU and long-term GDP rates for advanced economies were used for the Flexonics CGU. Sensitivity analysis (See Note 13) shows that a 1 percent decrease in growth rate would not result in the carrying amount of CGU groups exceeding their recoverable amount. \u2022 Recoverability of trade receivables \u2013 After consideration of the typical receivable days compared to the rate of change in the market, the Directors consider that receivables at 31 December 2024 are not adversely affected by climate change. \u2022 Valuation of the UK Plan retirement gross benefit obligation \u2013 there is no material impact on key financial assumptions which are set according to market yields. Mortality assumptions take account of current views of possible climate pathways that may develop. Asset values are set according to market valuations which incorporate market expectations of climate impacts. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgments and estimates made in preparation of the Group\u2019s Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "
3. Revenue
Total revenue is disaggregated by market sectors as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Civil Aerospace
447.7
410.5
Defence
130.6
132.6
Other
82.5
73.4
Aerospace
660.8
616.5
Land Vehicle
187.6
201.7
Power & Energy
130.1
146.3
Flexonics
317.7
348.0
Eliminations
(1.4)
(1.0)
Total revenue
977.1
963.5
Other Aerospace comprises space and non-military helicopters
and other markets, principally including semiconductor, medical,
and industrial applications.
The Group applies the practical expedient in paragraph 121 of IFRS 15
and does not disclose information about remaining performance
obligations that have original expected durations of one year or less.
Applying the practical expedient in paragraph 94 of IFRS 15, the Group
recognises the incremental costs of obtaining contracts as an expense
when incurred if the amortisation period of the assets that the Group
otherwise would have recognised is one year or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "3. Revenue Total revenue is disaggregated by market sectors as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Civil Aerospace
447.7
410.5
Defence
130.6
132.6
Other
82.5
73.4
Aerospace
660.8
616.5
Land Vehicle
187.6
201.7
Power & Energy
130.1
146.3
Flexonics
317.7
348.0
Eliminations
(1.4)
(1.0)
Total revenue
977.1
963.5
Other Aerospace comprises space and non-military helicopters and other markets, principally including semiconductor, medical, and industrial applications. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "
4. Segment information
The Group reports its segment information as two operating Divisions
according to the market segments they serve, Aerospace and Flexonics,
which is consistent with the oversight employed by the Executive
Committee. The chief operating decision-maker, as defined by IFRS 8,
is the Executive Committee. The Group is managed on the same basis,
as two operating Divisions.
The accounting policies of the reportable segments are the same as the
Group\u2019s accounting policies described in Note 2 and the sales between
segments are carried out at arm\u2019s length. Adjusted operating profit,
as described in Note 9, is the key measure reported to the Group\u2019s
Executive Committee for the purpose of resource allocation and
assessment of segment performance. Finance income, finance costs
and tax are not allocated to segments, as this type of activity is driven
by the central tax and treasury functions.
Segment assets include directly attributable computer software assets,
property, plant and equipment (including right-of-use assets), working
capital assets, goodwill and intangible assets from acquisitions. Cash,
deferred and current tax and other financial assets (except for working
capital) are not allocated to segments for the purposes of reporting
financial performance to the Executive Committee.
Segment liabilities include directly attributable working capital liabilities
and lease liabilities. Debt, retirement benefits, deferred and current tax
and other financial liabilities (except for working capital) are not allocated
to segments for the purposes of reporting financial performance to the
Executive Committee.
Central costs, assets and liabilities are corporate items not allocated
to segments, which is consistent with the format used by the chief
operating decision-maker.
Segment information for revenue, operating profit and a reconciliation
to entity and profit after tax is presented below:
Eliminations/ Eliminations/
central central
Aerospace Flexonics costs Total Aerospace Flexonics costs Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2024 2023 2023 2023 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
External revenue
659.7
317.4
\u2013
977.1
615.7
347.8
\u2013
963.5
Inter-segment revenue
1.1
0.3
(1.4)
\u2013
0.8
0.2
(1.0)
\u2013
Total revenue
660.8
317.7
(1.4)
977.1
616.5
348.0
(1.0)
963.5
Adjusted trading profit
30.4
35.1
(20.3)
45.2
27.0
37.5
(19.7)
44.8
Share of joint venture profit
\u2013
1.3
\u2013
1.3
\u2013
1.0
\u2013
1.0
Adjusted operating profit
30.4
36.4
(20.3)
46.5
27.0
38.5
(19.7)
45.8
Amortisation of intangible assets
from acquisitions
9
(1.6)
\u2013
\u2013
(1.6)
(2.2)
\u2013
\u2013
(2.2)
Site relocation costs
9
(3.0)
(0.5)
\u2013
(3.5)
\u2013
(0.1)
\u2013
(0.1)
US class action lawsuit
9
(1.1)
\u2013
\u2013
(1.1)
\u2013
\u2013
\u2013
\u2013
Net restructuring costs
9
\u2013
\u2013
\u2013
\u2013
(3.6)
(2.0)
\u2013
(5.6)
Operating profit
24.7
35.9
(20.3)
40.3
21.2
36.4
(19.7)
37.9
Finance income
10.6
10.1
Finance costs
(21.9)
(20.5)
Corporate undertakings
9
(1.2)
(4.7)
Profit before tax
27.8
22.8
Tax
(1.9)
8.3
Profit after tax
25.9
31.1
Trading profit and adjusted trading profit is operating profit and adjusted operating profit respectively before share of joint venture profit.
See Note 9 for the derivation of adjusted operating profit.
Segment information for assets, liabilities, additions to non-current assets and depreciation and amortisation is presented below:
Year ended Year ended
2024 2023
Assets \u00a3m \u00a3m
Aerospace
679.6
646.5
Flexonics
213.0
215.4
Segment assets for reportable segments
892.6
861.9
Unallocated
Central
3.7
4.0
Cash
45.5
47.6
Deferred and current tax
30.3
23.0
Retirement benefits
43.5
48.5
Others
0.2
0.3
Total assets per Consolidated Balance Sheet
1,015.8
985.3
Year ended Year ended
2024 2023
Liabilities \u00a3m \u00a3m
Aerospace
202.8
183.1
Flexonics
77.7
79.9
Segment liabilities for reportable segments
280.5
263.0
Unallocated
Central
17.3
22.2
Debt
198.9
179.6
Deferred and current tax
16.2
17.0
Retirement benefits
6.8
8.0
Contingent consideration
16.5
29.0
Others
9.7
9.4
Total liabilities per Consolidated Balance Sheet
545.9
528.2
Additions to Additions to Depreciation Depreciation
non-current non-current and and
assets assets amortisation amortisation
Year ended Year ended Year ended Year ended
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Aerospace
25.3
24.4
37.1
38.2
Flexonics
20.9
12.6
12.9
13.0
Sub total
46.2
37.0
50.0
51.2
Central
0.7
0.9
0.6
0.5
Total
46.9
37.9
50.6
51.7
The Group\u2019s revenues from its major products is presented below:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Aerospace \u2013 Structures
271.7
253.0
Aerospace \u2013 Fluid Systems
388.0
362.7
Aerospace total
659.7
615.7
Land vehicle
187.6
201.7
Power & Energy
129.8
146.1
Flexonics total
317.4
347.8
Group total
977.1
963.5
No individual customer accounted for more than 10% of external revenue in 2024 or 2023.
Geographical information The Group\u2019s operations are located principally in North America and UK. The following table provides an analysis of the Group\u2019s sales by geographical market, irrespective of the origin of the goods. The carrying values of segment non-current assets are analysed by the geographical area in which the assets are located.
Segment Segment
Sales Sales non-current non-current
revenue revenue assets assets
Year ended Year ended Year ended Year ended
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
USA
46 5.1
459.6
274.1
273.3
UK
166.7
156.8
155.8
157.1
Rest of the World
345.3
347.1
136.9
135.1
Sub total
977.1
963.5
566.8
565.5
Unallocated amounts
\u2013
\u2013
27.5
20.7
Total
977.1
963.5
594.3
586.2
The unallocated amounts on non-current assets relate to deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "No individual customer accounted for more than 10% of external revenue in 2024 or 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "
Geographical information
The Group\u2019s operations are located principally in North America and UK.
The following table provides an analysis of the Group\u2019s sales by geographical market, irrespective of the origin of the goods. The carrying values of
segment non-current assets are analysed by the geographical area in which the assets are located.
Segment Segment
Sales Sales non-current non-current
revenue revenue assets assets
Year ended Year ended Year ended Year ended
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
USA
46 5.1
459.6
274.1
273.3
UK
166.7
156.8
155.8
157.1
Rest of the World
345.3
347.1
136.9
135.1
Sub total
977.1
963.5
566.8
565.5
Unallocated amounts
\u2013
\u2013
27.5
20.7
Total
977.1
963.5
594.3
586.2
The unallocated amounts on non-current assets relate to deferred tax assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "North America and UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "
5. Operating profit
Operating profit can be analysed as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Revenue
977.1
963.5
Cost of sales
(803.4)
(789.5)
Gross profit
173.7
174.0
Distribution costs
(7.1)
(6.9)
Administrative expenses
(127.6)
(130.4)
Profit on sale of fixed assets
\u2013
0.2
Share of joint venture profit
1.3
1.0
Operating profit
40.3
37.9
Operating profit for the period has been arrived at after charging:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Net foreign exchange losses
0.1
0.4
Research and design costs
20.0
20.0
Depreciation of property, plant and equipment
47.3
48.0
Amortisation of intangible assets included in administration expenses
3.3
3.7
Cost of inventories recognised as expense
803.4
789.5
Provision for loss allowance against receivables
2.0
0.4
Restructuring: provision charge for impairment of property, plant and equipment and inventories
\u2013
3.2
Restructuring: staff and other costs
\u2013
2.4
Site relocation costs
3.5
\u2013
Staff costs are disclosed in Note 6. The majority of research and design costs incurred during the year have been expensed in line with the Group\u2019s
accounting policies detailed in Note 2.
The analysis of the Auditor\u2019s remuneration is as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts
0.6
0.6
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group \u2013 The audit of
the Company\u2019s subsidiaries
1.8
1.7
Total audit fees
2.4
2.3
Fees payable to the Company\u2019s Auditor and their associates for non-audit services to the Company are not required to be disclosed because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis. The Group paid \u00a30.08m (2023 \u2013 \u00a30.06m) to the Company\u2019s Auditor for audit related services and \u00a3nil (2023 \u2013 \u00a3nil) for non-audit-related services during 2024, in line with the Company\u2019s policy on the use of Auditors for non-audit services. Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than another supplier and how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on pages 90 to 95. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "5. Operating profit Operating profit can be analysed as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Revenue
977.1
963.5
Cost of sales
(803.4)
(789.5)
Gross profit
173.7
174.0
Distribution costs
(7.1)
(6.9)
Administrative expenses
(127.6)
(130.4)
Profit on sale of fixed assets
\u2013
0.2
Share of joint venture profit
1.3
1.0
Operating profit
40.3
37.9
Operating profit for the period has been arrived at after charging:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Net foreign exchange losses
0.1
0.4
Research and design costs
20.0
20.0
Depreciation of property, plant and equipment
47.3
48.0
Amortisation of intangible assets included in administration expenses
3.3
3.7
Cost of inventories recognised as expense
803.4
789.5
Provision for loss allowance against receivables
2.0
0.4
Restructuring: provision charge for impairment of property, plant and equipment and inventories
\u2013
3.2
Restructuring: staff and other costs
\u2013
2.4
Site relocation costs
3.5
\u2013
Staff costs are disclosed in Note 6. The majority of research and design costs incurred during the year have been expensed in line with the Group\u2019s accounting policies detailed in Note 2. The analysis of the Auditor\u2019s remuneration is as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts
0.6
0.6
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group \u2013 The audit of
the Company\u2019s subsidiaries
1.8
1.7
Total audit fees
2.4
2.3
Fees payable to the Company\u2019s Auditor and their associates for non-audit services to the Company are not required to be disclosed because the
Consolidated Financial Statements are required to disclose such fees on a consolidated basis.
The Group paid \u00a30.08m (2023 \u2013 \u00a30.06m) to the Company\u2019s Auditor for audit related services and \u00a3nil (2023 \u2013 \u00a3nil) for non-audit-related services during
2024, in line with the Company\u2019s policy on the use of Auditors for non-audit services.
Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than another supplier and
how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on pages 90 to 95. No services were
provided pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "Operating profit can be analysed as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Revenue
977.1
963.5
Cost of sales
(803.4)
(789.5)
Gross profit
173.7
174.0
Distribution costs
(7.1)
(6.9)
Administrative expenses
(127.6)
(130.4)
Profit on sale of fixed assets
\u2013
0.2
Share of joint venture profit
1.3
1.0
Operating profit
40.3
37.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "Operating profit for the period has been arrived at after charging:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Net foreign exchange losses
0.1
0.4
Research and design costs
20.0
20.0
Depreciation of property, plant and equipment
47.3
48.0
Amortisation of intangible assets included in administration expenses
3.3
3.7
Cost of inventories recognised as expense
803.4
789.5
Provision for loss allowance against receivables
2.0
0.4
Restructuring: provision charge for impairment of property, plant and equipment and inventories
\u2013
3.2
Restructuring: staff and other costs
\u2013
2.4
Site relocation costs
3.5
\u2013
Staff costs are disclosed in Note 6. The majority of research and design costs incurred during the year have been expensed in line with the Group\u2019s accounting policies detailed in Note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-490": { "value": "Operating profit for the period has been arrived at after charging:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Net foreign exchange losses
0.1
0.4
Research and design costs
20.0
20.0
Depreciation of property, plant and equipment
47.3
48.0
Amortisation of intangible assets included in administration expenses
3.3
3.7
Cost of inventories recognised as expense
803.4
789.5
Provision for loss allowance against receivables
2.0
0.4
Restructuring: provision charge for impairment of property, plant and equipment and inventories
\u2013
3.2
Restructuring: staff and other costs
\u2013
2.4
Site relocation costs
3.5
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "value": "The analysis of the Auditor\u2019s remuneration is as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts
0.6
0.6
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group \u2013 The audit of
the Company\u2019s subsidiaries
1.8
1.7
Total audit fees
2.4
2.3
Fees payable to the Company\u2019s Auditor and their associates for non-audit services to the Company are not required to be disclosed because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis. The Group paid \u00a30.08m (2023 \u2013 \u00a30.06m) to the Company\u2019s Auditor for audit related services and \u00a3nil (2023 \u2013 \u00a3nil) for non-audit-related services during 2024, in line with the Company\u2019s policy on the use of Auditors for non-audit services. Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than another supplier and how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on pages 90 to 95. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "
6. Staff costs
The average monthly number of employees (including Directors) was:
Year ended Year ended
2024 2023
Number Number
Production
5,885
5,743
Distribution
94
85
Sales
278
260
Administration
561
539
Total
6,818
6,627
The actual number of employees at 31 December 2024 was 6,779 (2023 \u2013 6,679).
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Their aggregate remuneration comprised:
Wages and salaries
272.3
261.3
Social security costs
34.7
31.8
Termination benefits
\u2013
0.7
Other pension costs \u2013 defined contribution
33a
11.5
10.2
Other pension costs \u2013 defined benefit
33e
0.7
0.5
Share-based payments
32
4.5
4.1
Aggregate remuneration
323.7
308.6
The Group also incurred medical and other employee benefit expenses during the year of \u00a328.8m (2023 \u2013 \u00a323.4m).
33. Retirement benefit schemes
The Group operates a number of pension plans in the UK, North America and Europe. These include both defined contribution arrangements and
defined benefit arrangements. The Senior plc Pension Plan (\"the UK Plan\"), which is a funded scheme in the UK and closed to future accrual at the end
of 6 April 2014, has the largest pension obligation in the Group and Company. This plan provides benefits based on final pensionable emoluments for
the employees of the Group and Company. The latest full actuarial valuation was carried out as at 5 April 2022 and, for the purposes of accounting
under IAS19, this valuation has been rolled forward to 31 December 2024.
In addition, the Group operates one defined benefit plan in the US, following settlement of a second plan in 2023. This plan was closed to future
participants from September 2013, and the Executive section was also closed to future accruals from December 2013.
Separate disclosure is made for the funded UK and US defined benefit arrangements. In both the UK and US, the assets of funded plans are held in
separate trustee administered funds managed by independent financial institutions and have pension costs assessed by consulting actuaries using the
Projected Unit Method. The Trustees are required to act in the best interests of the plans\u2019 beneficiaries.
The Group also has a small number of unfunded post-retirement plans, including a closed healthcare scheme in the US. Separate disclosure is provided
for these arrangements.
Further details on the arrangement of the UK Plan are given below.
The Trustee of the UK Plan is Senior Trustee Limited. The appointment of the Directors to the Board is determined by the Articles of Association
of Senior Trustee Limited. There are seven Trustee Directors in total and in accordance with statutory requirements under the Pensions Act 2004,
at least one-third of trustees must be a Member Nominated Director. Currently, there are three Member Nominated Directors and four Directors
who have been nominated by the Company, of which the Chairman and one other Director are viewed as independent.
The UK Plan exposes the Company to a number of risks. In particular:
\u2022 Uncertainty in benefit payments \u2013 the value of the obligations will ultimately depend on the amount of benefits paid out. This in turn will depend
on factors such as the level of inflation and how long individuals live.
\u2022 Volatility in asset values \u2013 the value of the assets held to meet future benefit payments is volatile, for example due to changes in stock markets
and interest rates.
\u2022 Uncertainty in cash funding \u2013 movements in the value of the UK Plan\u2019s obligations or assets may result in the Company being required to provide
higher levels of cash funding.
The investment strategy for the UK Plan is decided by the Trustee in consultation with Senior plc. The primary investment objective is for the Plan to be
able to meet benefit payments as they fall due. The UK Plan\u2019s average duration is around 11 years and benefits are expected to be paid for the next
60 years. These cash flow payments are expected to reach a peak around 2031, and gradually decline thereafter as the membership matures. In setting
this strategy, the Trustee considers a wide range of asset classes, the risk and rewards of a number of possible asset allocation options, the sustainability
of each asset class within each strategy, and the need for appropriate diversification between different asset classes. The Trustee\u2019s current investment
strategy is to invest 100% in lower risk assets, consisting of corporate bonds, liability driven investments (\u201cLDI\u201d), gilts and cash. The LDI allocation
helps to mitigate investment risk for the UK Plan by minimising the fluctuations in the UK Plan\u2019s funding levels arising from changes in the value of the
liabilities. This is achieved through hedging movements in the funding liabilities caused by changes in interest rates and inflation expectations.
The Trustee continues to review its investment strategy and adjust it in response to changes in the Plan\u2019s funding position and/or market conditions.
The UK Plan was in a surplus position of \u00a324.5m as at 5 April 2022 when measured on the Trustee's funding basis and is in a surplus position of
\u00a343.5m as at 31 December 2024 (31 December 2023 \u2013 \u00a348.5m surplus) when measured on an IAS 19 basis. The difference between the triennial
funding and annual IAS 19 valuation relates to the assumptions used. For example, the funding discount rate is based on the UK Plan\u2019s stated
investment strategy, as opposed to the yields available on corporate bonds for the IAS 19 discount rate.
The IAS 19 surplus position on the UK Plan is recognised as an asset in the Consolidated and Company Balance Sheet, with no requirement to
recognise an additional liability on the UK Plan, on the grounds that the Company has an unconditional right to a refund, assuming the gradual
settlement of Plan liabilities over time until all members have left. In considering this, the Company has taken into account that the Trustees do not
have unilateral powers to wind up the Plan or modify benefits.
Cash contributions to the UK Plan are set by agreement between the Company and the Trustee of the UK Plan. These are set in accordance with
legislation and take account of the intention to further reduce the risk associated with the UK Plan\u2019s investment strategy, as set out above. The
contributions were last reviewed as at 5 April 2022 and were based on a forecast surplus at that time, as part of the 2022 triennial funding valuation.
The Company agreed with the Trustee of the UK Plan to make scheduled contributions in respect of administrative expenses and PPF levies from
5 April 2022 until 30 June 2022, with no further contributions after this date. The estimated contributions expected to be paid during 2025 in the
US funded plans is \u00a30.4m.
The Group is ultimately responsible for making up any shortfall in the UK Plan over a period agreed with the Trustees. To the extent that actual
experience is different from that assumed, the funding position will be better or worse than anticipated. As such, the contributions required by the
Group could vary in the future.
In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to
the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed
the appeal brought by Virgin Media Ltd against aspects of the June 2023 decision. The Company and pension trustees are currently considering the
implications of the case for the UK Plan. The defined benefit obligation has been calculated on the basis of the pension benefits currently being
administered, and at this stage the Directors do not consider it necessary to make any adjustments as a result of the Virgin Media case.
a) Defined contribution schemes
The Group has a number of different defined contribution and government-sponsored arrangements in place in the countries in which it operates.
None of these are individually material to the Group and the aggregate cost of such schemes for the period was \u00a311.5m (2023 \u2013 \u00a310.2m).
b) Defined benefit schemes
The amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit plans is set out below.
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of defined benefit obligations
(181.9)
(33.5)
(5.4)
(220.8)
(199.2)
(37.3)
(5.2)
(241.7)
Fair value of plan assets
225.4
32.1
\u2013
257.5
247.7
34.5
\u2013
282.2
Plan surplus/(deficit) per Consolidated Balance
Sheet
43.5
(1.4)
(5.4)
36.7
48.5
(2.8)
(5.2)
40.5
c) Movements in the present value of defined benefit obligations were as follows:
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
199.2
37.3
5.2
241.7
198.4
49.4
5.4
253.2
Current service cost
\u2013
0.2
0.5
0.7
\u2013
0.3
0.2
0.5
Interest cost
8.8
1.7
0.1
10.6
9.3
2.0
0.1
11.4
Experience on benefit obligations
0.6
(0.8)
\u2013
(0.2)
1.9
(0.3)
\u2013
1.6
Actuarial (gains)/losses \u2013 financial
(17.3)
(2.1)
0.1
(19.3)
4.7
(0.9)
0.1
3.9
Actuarial losses/(gains) \u2013 demographic
2.6
\u2013
\u2013
2.6
(3.0)
\u2013
\u2013
(3.0)
Benefits paid
(12.0)
(3.3)
(0.4)
(15.7)
(12.1)
(3.0)
(0.5)
(15.6)
Settlement
\u2013
\u2013
\u2013
\u2013
\u2013
(8.1)
\u2013
(8.1)
Exchange differences
\u2013
0.5
(0.1)
0.4
\u2013
(2.1)
(0.1)
(2.2)
At 31 December
181.9
33.5
5.4
220.8
199.2
37.3
5.2
241.7
d) Movements in the fair value of plan assets were as follows:
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
247.7
34.5
\u2013
282.2
250.2
42.7
\u2013
292.9
Interest on plan assets
11.0
1.6
\u2013
12.6
11.8
1.7
\u2013
13.5
Actual return on plan assets less interest
(20.1)
(1.6)
\u2013
(21.7)
(1.4)
1.3
\u2013
(0.1)
Contributions from employer
\u2013
0.4
\u2013
0.4
\u2013
1.5
\u2013
1.5
Benefits paid
(12.0)
(3.3)
\u2013
(15.3)
(12.1)
(3.0)
\u2013
(15.1)
Running costs
(1.2)
\u2013
\u2013
(1.2)
(0.8)
\u2013
\u2013
(0.8)
Settlement
\u2013
\u2013
\u2013
\u2013
\u2013
(7.8)
\u2013
(7.8)
Exchange differences
\u2013
0.5
\u2013
0.5
\u2013
(1.9)
\u2013
(1.9)
At 31 December
225.4
32 .1
\u2013
257.5
247.7
34.5
\u2013
282.2
e) Amounts recognised in the Consolidated Income Statement in respect of these defined benefit schemes are as follows:
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost included within operating
profit
\u2013
0.2
0.5
0.7
\u2013
0.3
0.2
0.5
Running costs
1.2
\u2013
\u2013
1.2
0.8
\u2013
\u2013
0.8
Charge included within operating profit
1.2
0.2
0.5
1.9
0.8
0.3
0.2
1.3
Included within finance income
(2.2)
0.1
0.1
(2.0)
(2.5)
0.3
0.1
(2.1)
Amount recognised in the Income Statement
(1.0)
0.3
0.6
(0.1)
(1.7)
0.6
0.3
(0.8)
f) Amounts recognised in other comprehensive income are as follows:
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net actuarial gain/(losses) in the year due to:
\u2013 Change in financial assumptions
17.3
2.1
(0.1)
19.3
(4.7)
0.9
(0.1)
(3.9)
\u2013 Change in demographic assumptions
(2.6)
\u2013
\u2013
(2.6)
3.0
\u2013
\u2013
3.0
\u2013 Experience adjustments on benefit obligations
(0.6)
0.8
\u2013
0.2
(1.9)
0.3
\u2013
(1.6)
Actual return on plan assets less interest on
benefit obligations
(20.1)
(1.6)
\u2013
(21.7)
(1.4)
1.3
\u2013
(0.1)
(Losses)/gains recognised in other
comprehensive income
(6.0)
1.3
(0.1)
(4.8)
(5.0)
2.5
(0.1)
(2.6)
Actuarial losses of \u00a34.8m (2023 \u2013 \u00a32.6m) have been recognised in the Statement of Comprehensive Income. The cumulative amount of actuarial
losses recognised in the Statement of Comprehensive Income as at 31 December 2024 is \u00a353.5m (2023 \u2013 \u00a348.7m).
g) Assets and assumptions in funded plans
UK plans funded
US plans funded
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
Bonds
99.4
105.7
32.1
34.5
Gilts
118.0
136.0
\u2013
\u2013
Cash and net current assets
8.0
6.0
\u2013
\u2013
Total
225.4
247.7
32.1
34.5
Actual return on plan assets
(9.1)
10.4
\u2013
3.0
The UK Plan\u2019s assets are invested in pooled funds, which are invested exclusively within instruments with quoted market prices in an active market,
with the exception of the Plan\u2019s holdings in insurance annuity policies which are included in cash and net current assets, valued at \u00a33.1m (2023 \u2013 \u00a33.6m).
The value of the invested assets has been measured at bid value and the value of the scheme benefits covered by the insurance annuity policies has
been set equal to the value of the corresponding obligations.
The Plan\u2019s corporate bond allocation is split between an actively managed mandate and a \"buy and maintain\" mandate, which seeks to hold a high quality
portfolio while minimising portfolio turnover. Both mandates are predominantly invested in investment grade UK corporate bonds and are exposed to a
fairly typical range of UK businesses. The majority of the Plan\u2019s gilts are passively invested in a range of UK fixed-interest and index-linked government
bonds, with the remainder actively invested in a range of swap instruments linked to movements in government bond prices. The risks associated with
the Plan\u2019s bond and gilt investments are largely offset by corresponding risks present within the pricing of the Plan\u2019s benefit obligations.
The UK Plan does not invest directly in property occupied by the Company or in financial securities issued by the Company.
UK plans funded
US plans funded
2024
2023
2024
2023
Major assumptions (per annum %)
Inflation
3.30%
3.20%
N/A
N/A
Increase in salaries
N/A
N/A
N/A
N/A
Increase in pensions
3.10%
3.00%
0.00%
0.00%
Increase in deferred pensions
3.30%
3.20%
0.00%
0.00%
Rate used to discount plan liabilities
5.40%
4.50%
5.63%
5.00%
Life expectancy of a male aged 65 at the year-end
20.3
20.2
19.8
19.7
Life expectancy of a male aged 65, 20 years after the year-end
21.7
21.6
21.4
21.3
Benefits under the US funded plans are not linked to inflation.
The UK Plan retirement benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on high quality
corporate bonds. Estimation is required when setting the criteria for bonds to be included in the population from which the yield curve is derived. The
most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality of the bonds and the identification
of outliers which are excluded. The assumption for estimating future Retail Price Index (RPI) inflation is based on the difference in yields on fixed-
interest and index-linked gilts. Demographic assumptions are set broadly in line with the most recent actuarial valuation of the UK plan. The mortality
assumption is 95% of standard mortality tables with an allowance for future improvements in line with the CMI 2023 enhanced projections, with a
long-term annual rate of improvement of 1.25% for males and for females, with no weighting on 2020 and 2021 mortality data and a 20% weighting
on each of 2022 and 2023 mortality data to make an allowance for the longer term impact of Covid-19 and other factors.
For the UK Plan, the estimated impact on the plan surplus at 31 December 2024 for changes in assumptions is as follows:
Increase/
(decrease)
in plan surplus
\u00a3m
0.5% decrease in the discount rate
(9.1)
One-year increase in life expectancy
(7.5)
0.5% increase in inflation
(5.4)
These sensitivities have been calculated to show the movement in the surplus, including allowance for an increase to the value of insured annuity
assets, but assuming no other changes in assets as at 31 December 2024. This is unlikely in practice \u2013 for example, a change in discount rate is
unlikely to occur without any movement in the value of the assets held by the Plan.
h) Other post-retirement liabilities
This balance comprises an unfunded German pension plan of \u00a32.5m (2023 \u2013 \u00a32.6m), unfunded closed pension and post-retirement healthcare plans in
the US of \u00a30.4m (2023 \u2013 \u00a30.4m), a provision for post-retirement payments in France of \u00a31.4m (2023 \u2013 \u00a31.4m) and \u00a31.1m for post-retirement payments
in Thailand (2023 \u2013 \u00a30.8m).
The closed pension and post-retirement healthcare plans in the US have been valued on a Projected Unit Method using a discount rate of 5.63%
(2023 \u2013 5.0%). No participants were eligible for medical benefits under the healthcare plan in 2024. The German plan has been subject to formal
actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 3.17%, salary growth nil% and pension increase 2.2%
(2023 \u2013 3.7%, nil% and 2.2%). In France, the provision arises from a legal obligation to make payments to retirees in the first two years post-
retirement. Hence, it is not subject to discounting to the same extent as the other longer-term post-retirement liabilities. The Thailand plan has been
subject to a formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 3.75%, inflation rate 3.0% and salary
growth 6.0% (2023 \u2013 3.75%, 3.0% and 6.0%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "6. Staff costs The average monthly number of employees (including Directors) was:
Year ended Year ended
2024 2023
Number Number
Production
5,885
5,743
Distribution
94
85
Sales
278
260
Administration
561
539
Total
6,818
6,627
The actual number of employees at 31 December 2024 was 6,779 (2023 \u2013 6,679).
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Their aggregate remuneration comprised:
Wages and salaries
272.3
261.3
Social security costs
34.7
31.8
Termination benefits
\u2013
0.7
Other pension costs \u2013 defined contribution
33a
11.5
10.2
Other pension costs \u2013 defined benefit
33e
0.7
0.5
Share-based payments
32
4.5
4.1
Aggregate remuneration
323.7
308.6
The Group also incurred medical and other employee benefit expenses during the year of \u00a328.8m (2023 \u2013 \u00a323.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "
7. Finance income
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Interest on bank deposits and other finance income
6.4
4.5
Net finance income on retirement benefits
33e
2.0
2.1
Interest unwind on uncertain tax positions
10
\u2013
3.5
Change in fair value on acquisition consideration
9, 30
2.2
\u2013
Total income
10.6
10.1
8. Finance costs
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Interest on bank overdrafts and loans
12.2
9.8
Interest on other loans and other finance costs
6.3
4.9
Interest on lease liabilities
3.4
2.9
Change in fair value on acquisition consideration
9, 30
\u2013
2.9
Total finance costs
21.9
20.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "7. Finance income
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Interest on bank deposits and other finance income
6.4
4.5
Net finance income on retirement benefits
33e
2.0
2.1
Interest unwind on uncertain tax positions
10
\u2013
3.5
Change in fair value on acquisition consideration
9, 30
2.2
\u2013
Total income
10.6
10.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "value": "7. Finance income
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Interest on bank deposits and other finance income
6.4
4.5
Net finance income on retirement benefits
33e
2.0
2.1
Interest unwind on uncertain tax positions
10
\u2013
3.5
Change in fair value on acquisition consideration
9, 30
2.2
\u2013
Total income
10.6
10.1
8. Finance costs
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Interest on bank overdrafts and loans
12.2
9.8
Interest on other loans and other finance costs
6.3
4.9
Interest on lease liabilities
3.4
2.9
Change in fair value on acquisition consideration
9, 30
\u2013
2.9
Total finance costs
21.9
20.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "7. Finance income
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Interest on bank deposits and other finance income
6.4
4.5
Net finance income on retirement benefits
33e
2.0
2.1
Interest unwind on uncertain tax positions
10
\u2013
3.5
Change in fair value on acquisition consideration
9, 30
2.2
\u2013
Total income
10.6
10.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "8. Finance costs
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Interest on bank overdrafts and loans
12.2
9.8
Interest on other loans and other finance costs
6.3
4.9
Interest on lease liabilities
3.4
2.9
Change in fair value on acquisition consideration
9, 30
\u2013
2.9
Total finance costs
21.9
20.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "8. Finance costs
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Interest on bank overdrafts and loans
12.2
9.8
Interest on other loans and other finance costs
6.3
4.9
Interest on lease liabilities
3.4
2.9
Change in fair value on acquisition consideration
9, 30
\u2013
2.9
Total finance costs
21.9
20.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "9. Adjusted operating profit and adjusted profit before tax The presentation of adjusted operating profit and adjusted profit before tax measures, derived in accordance with the table below, has been included to identify the performance of the Group prior to the impact of amortisation of intangible assets from acquisitions, net restructuring costs, site relocation costs, US class action lawsuit and costs associated with corporate undertakings. The Board has a policy, which was clarified in 2023, to separately disclose items it considers are outside the normal course of management oversight and control on a day-to-day basis and are not reflective of in-year trading performance. Indicative criteria such as period to which the item relates and external driven factors that are outside of the control of the Group in combination with the magnitude and consistency of application are also considered. The amortisation charge relates to the acquisition of Spencer Aerospace. It is charged on a straight-line basis and reflects a non-cash item for the reported year. Site relocation costs relate to transfer of business activities into new or existing cost competitive facilities to support the Group\u2019s strategic initiatives. The US class action lawsuit relates to an historic legal matter. The Group implemented a restructuring programme in 2019, which had residual activity in 2023 in response to further specific end market conditions. Corporate undertakings relate to business acquisition and disposal activities. None of these charges are reflective of in-year performance. Therefore, they are excluded by the Board and Executive Committee when measuring the operating performance of the businesses. Year ended Year ended 2024 2023 \u00a3m \u00a3m \u00a3m \u00a3m Operating profit 40.3 37.9 Amortisation of intangible assets from acquisitions 1.6 2.2 Site relocation costs 3.5 0.1 US class action lawsuit 1.1 \u2013 Net restructuring costs \u2013 5.6 Adjusted operating profit 46.5 45.8 Profit before tax 27.8 22.8 Adjustments to profit before tax as above Corporate undertakings 1.2 6.2 4.7 7.9 Corporate undertakings \u2013 change in fair value on acquisition consideration (2.2) 2.9 Total Corporate undertakings (1.0) 7.6 Adjusted profit before tax 33.0 38.3 Site relocation costs In 2024, \u00a33.5m of site relocation costs were incurred (2023 \u2013 \u00a30.1m) of which \u00a30.5m (2023 \u2013 \u00a30.1m) related to the transfer of our Senior Flexonics Crumlin business to a nearby high-tech facility in Wales to better showcase its design, development, test and qualification capabilities in support of the Group\u2019s strategic initiatives. The Group also recognised an impairment of \u00a31.9m of property, plant and equipment and costs of \u00a31.1m related to the transfer of existing business to other cost competitive facilities. US class action lawsuit In June 2022, a wage and hour class action lawsuit was filed against one business based in California, USA. This lawsuit alleged violations of state regulations concerning meal and rest breaks and related penalties covering the period 2021 through the first half of 2024. Mediation took place in April 2024, resulting in a Company agreed settlement and related costs of \u00a31.1m, of which no payments have been made as at 31 December 2024. Court approval and payment is expected by the end of the first half of 2025. Net restructuring costs In 2024, no restructuring costs were incurred in the Consolidated Income Statement. In 2023, \u00a35.6m was incurred, of which \u00a32.4m related to consultancy and other costs, \u00a32.0m related to inventory impairment where customer demand had decreased and \u00a31.2m related to impairment of property, plant and equipment to cover the risk where there were no alternative uses. Net restructuring cash outflow was \u00a30.5m (2023 \u2013 \u00a32.1m). Corporate undertakings Net income associated with corporate undertakings was \u00a31.0m (2023 \u2013 \u00a37.6m costs), of which \u00a30.8m acquisition costs (2023 \u2013 \u00a31.5m) and \u00a32.2m income from fair value changes in contingent consideration (2023 \u2013 \u00a32.9m costs) related to the acquisition of Spencer Aerospace in November 2022 and \u00a30.4m costs are associated with potential disposal and other corporate activities (2023 \u2013 \u00a33.2m). See Note 30 to the Financial Statements for further details on the financial impact of the acquisition in 2024.", "dimensions": { "concept": "seniorplc:DisclosureOfAdjustedOperatingProfitAndAdjustedProfitLossBeforeTax", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "
10. Taxation
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Current tax:
Current year
8.4
10.7
Adjustments in respect of prior periods \u2013 Americas uncertain tax positions
\u2013
(7.0)
Adjustments in respect of prior periods \u2013 other
(2.6)
(4.3)
Deferred tax (Note 21)
5.8
(0.6)
Current year
(5.0)
(5.8)
Adjustments in respect of prior periods
1.1
(1.9)
(3.9)
(7.7)
Total tax charge/(credit)
1.9
(8.3)
On 24th May 2021, a future increase in UK corporation tax rate from 19% to 25% was substantially enacted with an effective date of 1 April 2023.
Deferred tax assets and liabilities are measured at the rates that are expected to apply to the year when the asset is realised or the liability is settled,
based on tax rates (and tax laws) that have been enacted or substantially enacted at the Balance Sheet date. Taxation for other jurisdictions is
calculated at the rates prevailing in the respective jurisdictions.
In the prior year, the Group implemented a series of steps to simplify the legal ownership of its Americas legal entity holding structure. As part of the
exercise, provisions held for estimated uncertain tax positions around the historical establishment of the Americas legal structure were reassessed.
As a result, in accordance with IAS 12 and IFRIC 23 (Uncertainty over Income Tax Treatments), provisions for the uncertain tax positions of \u00a37.0m
and associated interest of \u00a33.5m were released to the Consolidated Income Statement during that year.
The OECD Pillar Two Globe Rules introduce a global minimum corporate tax rate, initially at 15%, applicable to multinational enterprise (MNE) groups
with global revenue over \u20ac750m. All participating OECD members are required to incorporate these rules into national legislation. On 20th June 2023,
the UK substantially enacted legislation to apply Pillar Two Globe rules into UK law which will first apply to the Group from 1 January 2024. The Group
has provided \u00a30.1m in the current year in respect of this liability.
The total charge for the year can be reconciled to the profit before tax per the Consolidated Income Statement as follows:
Year ended Year ended Year ended Year ended
2024 2024 2023 2023
\u00a3m % \u00a3m %
Profit before tax
27.8
22.8
Expected tax charge at the UK standard corporation tax rate 25%/23.5%
7.0
5.4
Effect of different statutory rates in overseas jurisdictions
a
(1.3)
(0.4)
Tax incentives and credits
b
(1.3)
(1.9)
Tax losses not recognised
c
(2.2)
(0.3)
Impact of share options
d
(0.6)
(0.1)
Effect of difference in treatment of financing activities between jurisdictions
e
\u2013
(0.1)
Non-deductible expenses and other permanent differences
f
1.5
1.9
Effect of changes in UK tax rate on deferred tax items
g
\u2013
0.2
Withholding taxes
h
0.2
0.2
Adjustments in respect of prior periods \u2013 Americas uncertain tax positions
i
\u2013
(7.0)
Adjustments in respect of prior periods \u2013 other current tax items
j
(2.6)
(4.3)
Adjustments in respect of prior periods \u2013 deferred tax items
k
1.1
(1.9)
Pillar 2 Top up Tax
l
0.1
\u2013
Tax charge/(credit) and effective tax rate for the year
1.9
6.8%
(8.3)
(36.4%)
a. Attributable to profit mix at both higher and lower rates of taxes in different jurisdictions.
b. Includes a \u00a31.4m benefit from enhanced US R&D deductions offset by permanent difference arising from losses in the year on projects that benefit from tax incentives.
c. Tax losses arising in prior years on which a deferred tax asset has been recognised in the year based on IAS 12 recognition criteria (\u00a32.2m). The prior year comparative relates to unrecognised
tax losses utilised in the year.
d. Impact of non-tax deductible share-based payment charges net of current tax deductions for share exercises in the year and the deferred tax asset recognition for future exercises.
e. Effect of different rates of tax between jurisdictions on internal financing activities.
f. Non-deductible expenses and other permanent differences includes a \u00a30.2m charge in respect of uncertain tax positions in accordance with IFRIC 23 principles.
g. Relates to the Income Statement impact of the retranslation of UK deferred tax assets and liabilities following the substantial enactment of the future 25% tax rate effective from 1 April 2023.
h. Arises from irrecoverable withholding taxes.
i. The prior year comparative arises from the release of \u00a37.0m Americas restructuring provisions in accordance with IFRIC 23 measurement criteria principles.
j. Includes a credit in respect of the uncertain tax positions which have been resolved, settled or released in accordance with IFRIC 23 principles of \u00a32.0m as well as prior year items arising from
the true up of tax accruals in line with local tax filings which in many cases have an equal and opposite prior year item in deferred tax.
k. Arises from the true-up of deferred tax estimates following the finalisation of entity statutory accounts and local tax returns.
l. Estimated Top up Tax arising from the OECD\u2019s Pillar 2 global minimum tax rules.
In addition to the amount charged to the Consolidated Income Statement, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024 2023
\u00a3m \u00a3m
Deferred tax:
Items that will not be reclassified subsequently to profit and loss:
Tax on actuarial items
1.1
0.5
Effect of change in UK tax rate
\u2013
0.1
Items that may be reclassified subsequently to profit or loss:
Tax on foreign exchange contracts \u2013 cash flow hedges
0.8
(0.9)
Total tax credit/(charge) recognised directly in other comprehensive income
1.9
(0.3)
In addition to the amount charged to the Consolidated Income Statement and Other Comprehensive Income, the following amounts relating to tax have been recognised directly in equity:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Deferred tax:
Excess tax deductions related to share-based payments in exercised options
(0.8)
0.9
Total tax (charge)/credit recognised directly in equity
(0.8)
0.9
Deferred tax (Note 21)
1.1
0.6
21. Tax balance sheet
Current tax
The current tax receivable of \u00a32.8m (2023 \u2013 \u00a32.3m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by
way of offset against future tax liabilities or refund.
The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on-account instalments
during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a38.0m (2023 \u2013 \u00a310.0m) includes \u00a31.9m
(2023 \u2013 \u00a32.3m) tax due on profits of the current and prior years as well as \u00a36.1m (2023 \u2013 \u00a37.7m) provisions for tax uncertainties that represent amounts
expected to be paid but by their nature, there is uncertainty over timing and eventual settlement.
The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that
may be due thereon. These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of
appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating
the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by
tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions
are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is
likely to best reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to increase
the provision by a material amount.
Deferred tax liabilities and assets
The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(17.5)
1.1
(7.7)
(10.2)
2.7
4.2
33.6
6.2
(Charge)/credit to Consolidated
Income Statement
(2.3)
0.1
(0.7)
(0.4)
(1.9)
(0.7)
13.6
7.7
(Charge)/credit to other
comprehensive income
\u2013
(0.9)
\u2013
0.6
\u2013
\u2013
\u2013
(0.3)
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Exchange differences
1.1
\u2013
0.4
(0.1)
\u2013
(0.1)
(2.1)
(0.8)
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated
Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
Credit to other
comprehensive income
\u2013
0.8
\u2013
1.1
\u2013
\u2013
\u2013
1.9
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
Asset/(liability)
at 31 December 2024
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
Other temporary differences include assets in the US of \u00a315.1m (2023 \u2013 \u00a317.3m) in respect of inventory provisions, accruals and other expenses
where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a310.0m (2023 \u2013 \u00a34.9m). Also
included are assets held in respect of IFRS 16 of \u00a32.8m (2023 \u2013 \u00a31.9m) and share-based compensation \u00a32.7m (2023 \u2013 \u00a33.7m). During the year, R&D
timing differences of \u00a310.0m, expected to become tax deductible in future periods, have been reclassified as part of the total deferred tax asset in
respect of R&D expenditure.
The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a310.9m (2023 \u2013 \u00a312.0m),
net of deferred tax assets on other schemes.
Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Deferred tax assets
27.5
20.7
Deferred tax liabilities
(8.2)
(7.0)
19.3
13.7
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal
of other taxable temporary differences, against which the assets can be utilised.
At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a34.4m (2023 \u2013 \u00a33.4m), including \u00a30.4m (2023 \u2013
\u00a31.6m) recognised against deferred tax liabilities and \u00a34.0m (2023 \u2013 \u00a31.8m) recognised based on anticipated profits in the Group\u2019s five year forecast
to 2029 as approved by the Board.
Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a311.7m (2023 \u2013 \u00a323.1m) of losses have not been
recognised at the Balance Sheet date, following the recognition of \u00a38.9m of losses in the year. Included in unrecognised tax losses are losses of
\u00a311.4m (2023 \u2013 \u00a313.2m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely.
At the Balance Sheet date, a deferred tax liability of \u00a30.4m (2023 \u2013 \u00a30.3m) has been recognised in respect of the aggregate amount of temporary
differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been
recognised in respect of \u00a330.7m (2023 \u2013 \u00a328.0m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position
to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future.
The Group has determined that the global minimum Top up Tax, which it is required to pay under Pillar II legislation, is an income tax in the scope of
IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the Top up Tax and accounts for it as a
current tax when it is incurred.
At the Balance Sheet date, the Group had \u00a35.0m (2023 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no
deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has
\u00a318.0m (2023 \u2013 \u00a318.0m) of unused capital losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "
In addition to the amount charged to the Consolidated Income Statement, the following amounts relating to tax have been recognised directly in other
comprehensive income:
2024 2023
\u00a3m \u00a3m
Deferred tax:
Items that will not be reclassified subsequently to profit and loss:
Tax on actuarial items
1.1
0.5
Effect of change in UK tax rate
\u2013
0.1
Items that may be reclassified subsequently to profit or loss:
Tax on foreign exchange contracts \u2013 cash flow hedges
0.8
(0.9)
Total tax credit/(charge) recognised directly in other comprehensive income
1.9
(0.3)
In addition to the amount charged to the Consolidated Income Statement and Other Comprehensive Income, the following amounts relating to tax
have been recognised directly in equity:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Deferred tax:
Excess tax deductions related to share-based payments in exercised options
(0.8)
0.9
Total tax (charge)/credit recognised directly in equity
(0.8)
0.9
Deferred tax (Note 21)
1.1
0.6
Current tax The current tax receivable of \u00a32.8m (2023 \u2013 \u00a32.3m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by way of offset against future tax liabilities or refund. The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on-account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a38.0m (2023 \u2013 \u00a310.0m) includes \u00a31.9m (2023 \u2013 \u00a32.3m) tax due on profits of the current and prior years as well as \u00a36.1m (2023 \u2013 \u00a37.7m) provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that may be due thereon. These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to increase the provision by a material amount. Deferred tax liabilities and assets The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(17.5)
1.1
(7.7)
(10.2)
2.7
4.2
33.6
6.2
(Charge)/credit to Consolidated
Income Statement
(2.3)
0.1
(0.7)
(0.4)
(1.9)
(0.7)
13.6
7.7
(Charge)/credit to other
comprehensive income
\u2013
(0.9)
\u2013
0.6
\u2013
\u2013
\u2013
(0.3)
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Exchange differences
1.1
\u2013
0.4
(0.1)
\u2013
(0.1)
(2.1)
(0.8)
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated
Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
Credit to other
comprehensive income
\u2013
0.8
\u2013
1.1
\u2013
\u2013
\u2013
1.9
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
Asset/(liability)
at 31 December 2024
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
Other temporary differences include assets in the US of \u00a315.1m (2023 \u2013 \u00a317.3m) in respect of inventory provisions, accruals and other expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a310.0m (2023 \u2013 \u00a34.9m). Also included are assets held in respect of IFRS 16 of \u00a32.8m (2023 \u2013 \u00a31.9m) and share-based compensation \u00a32.7m (2023 \u2013 \u00a33.7m). During the year, R&D timing differences of \u00a310.0m, expected to become tax deductible in future periods, have been reclassified as part of the total deferred tax asset in respect of R&D expenditure. The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a310.9m (2023 \u2013 \u00a312.0m), net of deferred tax assets on other schemes. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Deferred tax assets
27.5
20.7
Deferred tax liabilities
(8.2)
(7.0)
19.3
13.7
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a34.4m (2023 \u2013 \u00a33.4m), including \u00a30.4m (2023 \u2013 \u00a31.6m) recognised against deferred tax liabilities and \u00a34.0m (2023 \u2013 \u00a31.8m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2029 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a311.7m (2023 \u2013 \u00a323.1m) of losses have not been recognised at the Balance Sheet date, following the recognition of \u00a38.9m of losses in the year. Included in unrecognised tax losses are losses of \u00a311.4m (2023 \u2013 \u00a313.2m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. At the Balance Sheet date, a deferred tax liability of \u00a30.4m (2023 \u2013 \u00a30.3m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a330.7m (2023 \u2013 \u00a328.0m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. The Group has determined that the global minimum Top up Tax, which it is required to pay under Pillar II legislation, is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the Top up Tax and accounts for it as a current tax when it is incurred. At the Balance Sheet date, the Group had \u00a35.0m (2023 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2023 \u2013 \u00a318.0m) of unused capital losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "
11. Dividends
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 31 December 2023 of 1.70p per share (2022 \u2013 1.00p)
7.0
4.1
Interim dividend for the year ended 31 December 2024 of 0.75p per share (2023 \u2013 0.60p)
3.1
2.5
10.1
6.6
Proposed final dividend for the year ended 31 December 2024 of 1.65p per share (2023 \u2013 1 . 70p)
6.8
7.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "0.0165", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-472": { "value": "0.017", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-431": { "value": "
12. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
Year ended Year ended
2024 2023
Number of shares Million Million
Weighted average number of ordinary shares for the purposes of basic earnings per share
414.3
413.3
Effect of dilutive potential ordinary shares:
Share options
9.2
11.7
Weighted average number of ordinary shares for the purposes of diluted earnings per share
423.5
425.0
Year ended 2024
Year ended 2023
Earnings EPS Earnings EPS
Earnings and earnings per share
Notes
\u00a3m pence \u00a3m pence
Profit for the period
25.9
6.25
31.1
7.52
Adjust:
Amortisation of intangible assets from acquisitions net of tax credit of \u00a30.4m
(2023 \u2013 \u00a30.6m credit)
1.2
0.29
1.6
0.39
Site relocation costs net of tax credit of \u00a31.0m (2023 \u2013 \u00a30.1m credit)
9
2.5
0.60
\u2013
\u2013
US class action lawsuit net of tax credit of \u00a30.3m (2023 \u2013 \u00a3nil)
9
0.8
0.20
\u2013
\u2013
Net restructuring costs net of tax of \u00a3nil (2023 \u2013 \u00a31.5m credit)
9
\u2013
\u2013
4.1
0.99
Corporate undertakings net of tax charge of \u00a30.3m (2023 \u2013 \u00a31.9m credit)
(0.7)
(0.17)
5.7
1.38
Adjusted earnings after tax
29.7
7.17
42.5
10.28
Earnings per share
\u2013 basic
6.25p
7.52p
\u2013 diluted
6.12p
7.32p
\u2013 adjusted
7.17p
10.28p
\u2013 adjusted and diluted
7.01p
10.00p
The denominators used for all basic, diluted and adjusted earnings per share are as detailed in the table above.
The presentation of adjusted earnings per share, derived in accordance with the table above, has been included to identify the performance of the
Group prior to the impact of amortisation of intangible assets from acquisitions, site relocation costs, US class action lawsuit, net restructuring costs
and costs associated with corporate undertakings. The Board has a policy, which was clarified in 2023, to separately disclose items it considers are
outside the normal course of management oversight and control on a day-to-day basis and are not reflective of in-year trading performance. Indicative
criteria such as period to which the item relates and external driven factors that are outside of the control of the Group in combination with the
magnitude and consistency of application are also considered. See Note 9 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "value": "
13. Goodwill
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Cost
At 1 January
353.0
360.4
Exchange differences
2.5
(7.4)
At 31 December
355.5
353.0
Accumulated impairment losses
At 1 January
159.7
160.7
Exchange differences
0.4
(1.0)
At 31 December
160.1
159.7
Carrying amount at 31 December
195.4
193.3
In 2024, goodwill has increased by \u00a32.1m due to net foreign exchange difference (2023 \u2013 \u00a36.4m decrease).
Goodwill is allocated to the group of CGUs (CGU groups) namely Aerospace and Flexonics, reflecting the lowest level at which management exercises
oversight and monitors the Group\u2019s performance. Central assets are allocated between the CGU groups on the basis of the percentage share of
trading assets. The table below highlights the carrying amount of goodwill allocated to these CGU groups, all of which are considered significant in
comparison with the total carrying amount of goodwill.
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Aerospace
140.6
139.0
Flexonics
54.8
54.3
Total
195.4
193.3
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. The timing of the annual
assessment at 30 September 2024 coincided with the Board\u2019s review of the most recent financial strategy. Management applied the value in use
methodology to assess impairment. The key assumptions on which the value in use calculations were based relate to business performance over the
next five years, long-term growth rates beyond 2029 and the discount rates applied. The discount rates were pre-tax measures based on the rate of
10-year government bonds issued in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect both the
increased risk of investing in equities generally and the systematic risk of the CGU group. The key estimates were the level of revenue and operating
margins anticipated and the proportion of operating profit converted into cash flow in each year, long-term growth rates and discount rates applied.
The forecast compound annual growth rate in revenue from 2024 to 2029 was 8% (2023 \u2013 2023 to 2028 was 8%), reflecting expected increases in
aircraft production as communicated by our customers and secured new programmes in Flexonics.
Forecasts used in the cash flow were based on the most recent financial strategy, as approved by Management for the next five years to 2029.
These estimates up to 2029, where appropriate, take account of the current economic environment as set out in the Strategic Report on pages 1 to 69.
Cash flows after 2029 have been extrapolated based on estimated long-term growth rates into perpetuity, which has been determined by the lower
of the long-term market growth rates and the historical forecast compound annual growth in revenue to 2029. For Aerospace, the long-term market
growth rate is 4.2% per annum (2023 \u2013 3.8%), which does not exceed the long-term average growth rate forecast for the aerospace market as
included in market outlooks from Boeing and Airbus. For Flexonics, the long-term market growth rate is 1.6% per annum (2023 \u2013 1.6%), which is
based on the world long-term forecast GDP growth for advanced economies.
The pre-tax discount rates applied to discount the pre-tax cash flows for Aerospace and Flexonics are 10.4% and 10.8% respectively (2023 \u2013 11.6%
and 12.3%); these discount rates include CGU group specific risk adjustments which are the measurements used by Management in assessing
investment appraisals specific to each CGU group.
Sensitivities reflecting reasonable possible changes have also been considered for each CGU group in relation to the value in use calculations.
Each assumption was sensitised in isolation: Revenue was reduced by 10 percentage points in the terminal value, operating margins were reduced by
1 percentage point in the terminal value, the proportion of operating profit converted into cash flow was reduced by 5 percentage points in the terminal
value, the long-term growth rate assumption was reduced by 1 percentage point and the discount rate was increased by 1 percentage point. This did
not result in the carrying amount of the CGU groups exceeding their recoverable amount.
Further to the 30 September 2024 annual impairment test, the Board considered whether there were any triggering events as at the 31 December 2024
reporting date. Despite the near-term temporary headwinds announced in October 2024, the Board concluded that these events did not trigger an
impairment assessment as at 31 December 2024 given the long-term growth prospects which underpin the recoverable amount of each CGU group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "value": "13. Goodwill
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Cost
At 1 January
353.0
360.4
Exchange differences
2.5
(7.4)
At 31 December
355.5
353.0
Accumulated impairment losses
At 1 January
159.7
160.7
Exchange differences
0.4
(1.0)
At 31 December
160.1
159.7
Carrying amount at 31 December
195.4
193.3
In 2024, goodwill has increased by \u00a32.1m due to net foreign exchange difference (2023 \u2013 \u00a36.4m decrease). Goodwill is allocated to the group of CGUs (CGU groups) namely Aerospace and Flexonics, reflecting the lowest level at which management exercises oversight and monitors the Group\u2019s performance. Central assets are allocated between the CGU groups on the basis of the percentage share of trading assets. The table below highlights the carrying amount of goodwill allocated to these CGU groups, all of which are considered significant in comparison with the total carrying amount of goodwill.
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Aerospace
140.6
139.0
Flexonics
54.8
54.3
Total
195.4
193.3
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. The timing of the annual assessment at 30 September 2024 coincided with the Board\u2019s review of the most recent financial strategy. Management applied the value in use methodology to assess impairment. The key assumptions on which the value in use calculations were based relate to business performance over the next five years, long-term growth rates beyond 2029 and the discount rates applied. The discount rates were pre-tax measures based on the rate of 10-year government bonds issued in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect both the increased risk of investing in equities generally and the systematic risk of the CGU group. The key estimates were the level of revenue and operating margins anticipated and the proportion of operating profit converted into cash flow in each year, long-term growth rates and discount rates applied. The forecast compound annual growth rate in revenue from 2024 to 2029 was 8% (2023 \u2013 2023 to 2028 was 8%), reflecting expected increases in aircraft production as communicated by our customers and secured new programmes in Flexonics. Forecasts used in the cash flow were based on the most recent financial strategy, as approved by Management for the next five years to 2029. These estimates up to 2029, where appropriate, take account of the current economic environment as set out in the Strategic Report on pages 1 to 69. Cash flows after 2029 have been extrapolated based on estimated long-term growth rates into perpetuity, which has been determined by the lower of the long-term market growth rates and the historical forecast compound annual growth in revenue to 2029. For Aerospace, the long-term market growth rate is 4.2% per annum (2023 \u2013 3.8%), which does not exceed the long-term average growth rate forecast for the aerospace market as included in market outlooks from Boeing and Airbus. For Flexonics, the long-term market growth rate is 1.6% per annum (2023 \u2013 1.6%), which is based on the world long-term forecast GDP growth for advanced economies. The pre-tax discount rates applied to discount the pre-tax cash flows for Aerospace and Flexonics are 10.4% and 10.8% respectively (2023 \u2013 11.6% and 12.3%); these discount rates include CGU group specific risk adjustments which are the measurements used by Management in assessing investment appraisals specific to each CGU group. Sensitivities reflecting reasonable possible changes have also been considered for each CGU group in relation to the value in use calculations. Each assumption was sensitised in isolation: Revenue was reduced by 10 percentage points in the terminal value, operating margins were reduced by 1 percentage point in the terminal value, the proportion of operating profit converted into cash flow was reduced by 5 percentage points in the terminal value, the long-term growth rate assumption was reduced by 1 percentage point and the discount rate was increased by 1 percentage point. This did not result in the carrying amount of the CGU groups exceeding their recoverable amount. Further to the 30 September 2024 annual impairment test, the Board considered whether there were any triggering events as at the 31 December 2024 reporting date. Despite the near-term temporary headwinds announced in October 2024, the Board concluded that these events did not trigger an impairment assessment as at 31 December 2024 given the long-term growth prospects which underpin the recoverable amount of each CGU group. 14. Other intangible assets
Computer
software
Intangible assets from acquisitions
and others
Total
Qualified Customer Fully
parts list relationships amortised Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
22.8
6.2
122.4
151.4
26.4
177.8
Additions
\u2013
\u2013
\u2013
\u2013
1.7
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.4
0.1
\u2013
0.5
0.3
0.8
At 31 December
23.2
6.3
122.4
151.9
28.2
180.1
Amortisation
At 1 January
1.4
0.4
122.4
124.2
20.5
144.7
Charge for the year
1.2
0.4
\u2013
1.6
1.7
3.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.1
\u2013
\u2013
0.1
0.1
0.2
At 31 December
2.7
0.8
122.4
125.9
22.1
148.0
Carrying amount at 31 December
20.5
5.5
\u2013
26.0
6.1
32.1
Intangible assets from acquisitions are being amortised over the following periods; qualified parts 18 years and 1 month, customer relationships 16 years and 1 month and order backlogs 1 year and 1 month.
Computer
software
Intangible assets from acquisitions
Total
and others
Total
Qualified Customer Order Fully
parts list relationships backlog amortised
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
24.0
6.5
0.5
126.3
157.3
25.3
182.6
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
2.2
2.2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
(0.5)
0.5
\u2013
\u2013
\u2013
Exchange differences
(1.2)
(0.3)
\u2013
(4.4)
(5.9)
(1.0)
(6.9)
At 31 December
22.8
6.2
\u2013
122.4
151.4
26.4
177.8
Amortisation
At 1 January
0.2
\u2013
\u2013
126.3
126.5
19.9
146.4
Charge for the year
1.3
0.4
0.5
\u2013
2.2
1.5
3.7
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
(0.5)
0.5
\u2013
\u2013
\u2013
Exchange differences
(0.1)
\u2013
\u2013
(4.4)
(4.5)
(0.8)
(5.3)
At 31 December
1.4
0.4
\u2013
122.4
124.2
20.5
144.7
Carrying amount at 31 December
21.4
5.8
\u2013
\u2013
27.2
5.9
33.1
Intangible assets from acquisitions are being amortised over following periods; qualified parts 18 years and 1 month, customer relationships 16 years and 1 month and order backlogs 1 year and 1 month. 16. Property, plant and equipment
Leasehold Right-of- Right-of- Leasehold Right-of- Right-of-
Freehold building Plant use use Freehold building Plant use use
land and improve- and Land and Plant and land and improve- and Land and Plant and
buildings ments equipment Buildings equipment Total buildings ments equipment Buildings equipment Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January
110.7
8.2
563.9
98.3
8.7
789.8
113.0
8.3
570.2
99.1
9.3
799.9
Additions
1.4
1.1
39.0
1.6
2.1
45.2
2.0
0.4
31.3
\u2013
1.9
35.6
Lease
modifications
\u2013
\u2013
\u2013
9.2
\u2013
9.2
\u2013
\u2013
\u2013
5.6
0.4
6.0
Exchange
differences
(0.1)
0.1
4.6
1.8
\u2013
6.4
(4.5)
(0.3)
(25.9)
(5.2)
(0.3)
(36.2)
Disposals
(0.1)
\u2013
(9.2)
\u2013
(0.4)
(9.7)
\u2013
(0.2)
(8.4)
(1.3)
(2.6)
(12.5)
Reclassification
(0.3)
0.3
\u2013
0.9
(0.9)
\u2013
0.2
\u2013
(1.1)
0.1
\u2013
(0.8)
Restructuring
disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.2)
\u2013
\u2013
(2.2)
At 31 December
111.6
9.7
598.3
111.8
9.5
840.9
110.7
8.2
563.9
98.3
8.7
789.8
Accumulated
depreciation
and impairment
At 1 January
41.4
5.3
415.8
39.3
3.3
505.1
40.6
5.4
409.1
32.9
4.7
492.7
Charge for
the year
1.9
0.4
34.0
9.2
1.8
47.3
2.4
0.3
34.8
9.0
1.5
48.0
Lease
modifications
\u2013
\u2013
\u2013
0.1
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange
differences
(0.1)
0.1
3.4
0.6
\u2013
4.0
(1.7)
(0.2)
(18.6)
(1.6)
(0.1)
(22.2)
Eliminated on
disposals
(0.1)
\u2013
(9.1)
\u2013
(0.4)
(9.6)
\u2013
(0.2)
(7.9)
(1.3)
(2.6)
(12.0)
Reclassification
\u2013
\u2013
\u2013
0.5
(0.5)
\u2013
0.1
\u2013
(0.6)
0.3
(0.2)
 (0.4)
Impairment/
restructuring
disposal
\u2013
\u2013
\u2013
1.9
\u2013
1.9
\u2013
\u2013
(1.0)
\u2013
\u2013
(1.0)
At 31 December
43.1
5.8
444.1
51.6
4.2
548.8
41.4
5.3
415.8
39.3
3.3
505.1
Carrying amount
at 31 December
68.5
3.9
154.2
60.2
5.3
292.1
69.3
2.9
14 8.1
59.0
5.4
284.7
In 2024, \u00a31.9m right-of-use assets were impaired (2023 \u2013 \u00a31.2m property, plant and equipment; see note 9). The recoverable amount of the assets was determined based on value-in-use for assets with confirmed orders, or fair value less costs to sell, where assets are to be disposed. At 31 December 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a36.5m (2023 \u2013 \u00a34.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "13. Goodwill
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Cost
At 1 January
353.0
360.4
Exchange differences
2.5
(7.4)
At 31 December
355.5
353.0
Accumulated impairment losses
At 1 January
159.7
160.7
Exchange differences
0.4
(1.0)
At 31 December
160.1
159.7
Carrying amount at 31 December
195.4
193.3
In 2024, goodwill has increased by \u00a32.1m due to net foreign exchange difference (2023 \u2013 \u00a36.4m decrease). Goodwill is allocated to the group of CGUs (CGU groups) namely Aerospace and Flexonics, reflecting the lowest level at which management exercises oversight and monitors the Group\u2019s performance. Central assets are allocated between the CGU groups on the basis of the percentage share of trading assets. The table below highlights the carrying amount of goodwill allocated to these CGU groups, all of which are considered significant in comparison with the total carrying amount of goodwill.
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Aerospace
140.6
139.0
Flexonics
54.8
54.3
Total
195.4
193.3
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. The timing of the annual assessment at 30 September 2024 coincided with the Board\u2019s review of the most recent financial strategy. Management applied the value in use methodology to assess impairment. The key assumptions on which the value in use calculations were based relate to business performance over the next five years, long-term growth rates beyond 2029 and the discount rates applied. The discount rates were pre-tax measures based on the rate of 10-year government bonds issued in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect both the increased risk of investing in equities generally and the systematic risk of the CGU group. The key estimates were the level of revenue and operating margins anticipated and the proportion of operating profit converted into cash flow in each year, long-term growth rates and discount rates applied. The forecast compound annual growth rate in revenue from 2024 to 2029 was 8% (2023 \u2013 2023 to 2028 was 8%), reflecting expected increases in aircraft production as communicated by our customers and secured new programmes in Flexonics. Forecasts used in the cash flow were based on the most recent financial strategy, as approved by Management for the next five years to 2029. These estimates up to 2029, where appropriate, take account of the current economic environment as set out in the Strategic Report on pages 1 to 69. Cash flows after 2029 have been extrapolated based on estimated long-term growth rates into perpetuity, which has been determined by the lower of the long-term market growth rates and the historical forecast compound annual growth in revenue to 2029. For Aerospace, the long-term market growth rate is 4.2% per annum (2023 \u2013 3.8%), which does not exceed the long-term average growth rate forecast for the aerospace market as included in market outlooks from Boeing and Airbus. For Flexonics, the long-term market growth rate is 1.6% per annum (2023 \u2013 1.6%), which is based on the world long-term forecast GDP growth for advanced economies. The pre-tax discount rates applied to discount the pre-tax cash flows for Aerospace and Flexonics are 10.4% and 10.8% respectively (2023 \u2013 11.6% and 12.3%); these discount rates include CGU group specific risk adjustments which are the measurements used by Management in assessing investment appraisals specific to each CGU group. Sensitivities reflecting reasonable possible changes have also been considered for each CGU group in relation to the value in use calculations. Each assumption was sensitised in isolation: Revenue was reduced by 10 percentage points in the terminal value, operating margins were reduced by 1 percentage point in the terminal value, the proportion of operating profit converted into cash flow was reduced by 5 percentage points in the terminal value, the long-term growth rate assumption was reduced by 1 percentage point and the discount rate was increased by 1 percentage point. This did not result in the carrying amount of the CGU groups exceeding their recoverable amount. Further to the 30 September 2024 annual impairment test, the Board considered whether there were any triggering events as at the 31 December 2024 reporting date. Despite the near-term temporary headwinds announced in October 2024, the Board concluded that these events did not trigger an impairment assessment as at 31 December 2024 given the long-term growth prospects which underpin the recoverable amount of each CGU group. 14. Other intangible assets
Computer
software
Intangible assets from acquisitions
and others
Total
Qualified Customer Fully
parts list relationships amortised Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
22.8
6.2
122.4
151.4
26.4
177.8
Additions
\u2013
\u2013
\u2013
\u2013
1.7
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.4
0.1
\u2013
0.5
0.3
0.8
At 31 December
23.2
6.3
122.4
151.9
28.2
180.1
Amortisation
At 1 January
1.4
0.4
122.4
124.2
20.5
144.7
Charge for the year
1.2
0.4
\u2013
1.6
1.7
3.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.1
\u2013
\u2013
0.1
0.1
0.2
At 31 December
2.7
0.8
122.4
125.9
22.1
148.0
Carrying amount at 31 December
20.5
5.5
\u2013
26.0
6.1
32.1
Intangible assets from acquisitions are being amortised over the following periods; qualified parts 18 years and 1 month, customer relationships 16 years and 1 month and order backlogs 1 year and 1 month.
Computer
software
Intangible assets from acquisitions
Total
and others
Total
Qualified Customer Order Fully
parts list relationships backlog amortised
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
24.0
6.5
0.5
126.3
157.3
25.3
182.6
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
2.2
2.2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
(0.5)
0.5
\u2013
\u2013
\u2013
Exchange differences
(1.2)
(0.3)
\u2013
(4.4)
(5.9)
(1.0)
(6.9)
At 31 December
22.8
6.2
\u2013
122.4
151.4
26.4
177.8
Amortisation
At 1 January
0.2
\u2013
\u2013
126.3
126.5
19.9
146.4
Charge for the year
1.3
0.4
0.5
\u2013
2.2
1.5
3.7
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
(0.5)
0.5
\u2013
\u2013
\u2013
Exchange differences
(0.1)
\u2013
\u2013
(4.4)
(4.5)
(0.8)
(5.3)
At 31 December
1.4
0.4
\u2013
122.4
124.2
20.5
144.7
Carrying amount at 31 December
21.4
5.8
\u2013
\u2013
27.2
5.9
33.1
Intangible assets from acquisitions are being amortised over following periods; qualified parts 18 years and 1 month, customer relationships 16 years and 1 month and order backlogs 1 year and 1 month. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "
14. Other intangible assets
Computer
software
Intangible assets from acquisitions
and others
Total
Qualified Customer Fully
parts list relationships amortised Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
22.8
6.2
122.4
151.4
26.4
177.8
Additions
\u2013
\u2013
\u2013
\u2013
1.7
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.4
0.1
\u2013
0.5
0.3
0.8
At 31 December
23.2
6.3
122.4
151.9
28.2
180.1
Amortisation
At 1 January
1.4
0.4
122.4
124.2
20.5
144.7
Charge for the year
1.2
0.4
\u2013
1.6
1.7
3.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.1
\u2013
\u2013
0.1
0.1
0.2
At 31 December
2.7
0.8
122.4
125.9
22.1
148.0
Carrying amount at 31 December
20.5
5.5
\u2013
26.0
6.1
32.1
Intangible assets from acquisitions are being amortised over the following periods; qualified parts 18 years and 1 month, customer relationships
16 years and 1 month and order backlogs 1 year and 1 month.
Computer
software
Intangible assets from acquisitions
Total
and others
Total
Qualified Customer Order Fully
parts list relationships backlog amortised
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
2023 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
24.0
6.5
0.5
126.3
157.3
25.3
182.6
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
2.2
2.2
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
(0.5)
0.5
\u2013
\u2013
\u2013
Exchange differences
(1.2)
(0.3)
\u2013
(4.4)
(5.9)
(1.0)
(6.9)
At 31 December
22.8
6.2
\u2013
122.4
151.4
26.4
177.8
Amortisation
At 1 January
0.2
\u2013
\u2013
126.3
126.5
19.9
146.4
Charge for the year
1.3
0.4
0.5
\u2013
2.2
1.5
3.7
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
(0.5)
0.5
\u2013
\u2013
\u2013
Exchange differences
(0.1)
\u2013
\u2013
(4.4)
(4.5)
(0.8)
(5.3)
At 31 December
1.4
0.4
\u2013
122.4
124.2
20.5
144.7
Carrying amount at 31 December
21.4
5.8
\u2013
\u2013
27.2
5.9
33.1
Intangible assets from acquisitions are being amortised over following periods; qualified parts 18 years and 1 month, customer relationships 16 years
and 1 month and order backlogs 1 year and 1 month.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "
15. Investment in joint venture
The Group has a 49% interest in Senior Flexonics Technologies (Wuhan) Limited, a jointly controlled entity incorporated in China, which was
set up in 2012. Senior Flexonics Technologies (Wuhan) Limited is a precision manufacturer of automotive components.
The results of the joint venture are accounted for using equity accounting.
The Group\u2019s investment of \u00a33.3m represents the Group\u2019s share of the joint venture\u2019s net assets as at 31 December 2024 (2023 \u2013 \u00a35.1m).
The movement of \u00a31.8m in the Group\u2019s investment during the year comprises of \u00a31.3m Group\u2019s Share of profit more than offset by \u00a33.0m
dividend received and \u00a30.1m exchange difference.
The following amounts represent the aggregate amounts relating to the revenue and expenses and assets and liabilities of Senior Flexonics
Technologies (Wuhan) Limited for the years ended 31 December 2024 and December 2023.
2024 2023
\u00a3m \u00a3m
Revenue
10.9
10.1
Expenses
(8.3)
(8.0)
Profit
2.6
2.1
Total assets
9.3
13.1
Total liabilities
(2.6)
(2.6)
Net assets
6.7
10.5
Group\u2019s share of profit
1.3
1.0
Group\u2019s share of net assets
3.3
5.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "value": "15. Investment in joint venture The Group has a 49% interest in Senior Flexonics Technologies (Wuhan) Limited, a jointly controlled entity incorporated in China, which was set up in 2012. Senior Flexonics Technologies (Wuhan) Limited is a precision manufacturer of automotive components. The results of the joint venture are accounted for using equity accounting. The Group\u2019s investment of \u00a33.3m represents the Group\u2019s share of the joint venture\u2019s net assets as at 31 December 2024 (2023 \u2013 \u00a35.1m). The movement of \u00a31.8m in the Group\u2019s investment during the year comprises of \u00a31.3m Group\u2019s Share of profit more than offset by \u00a33.0m dividend received and \u00a30.1m exchange difference. The following amounts represent the aggregate amounts relating to the revenue and expenses and assets and liabilities of Senior Flexonics Technologies (Wuhan) Limited for the years ended 31 December 2024 and December 2023.
2024 2023
\u00a3m \u00a3m
Revenue
10.9
10.1
Expenses
(8.3)
(8.0)
Profit
2.6
2.1
Total assets
9.3
13.1
Total liabilities
(2.6)
(2.6)
Net assets
6.7
10.5
Group\u2019s share of profit
1.3
1.0
Group\u2019s share of net assets
3.3
5.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "value": "15. Investment in joint venture The Group has a 49% interest in Senior Flexonics Technologies (Wuhan) Limited, a jointly controlled entity incorporated in China, which was set up in 2012. Senior Flexonics Technologies (Wuhan) Limited is a precision manufacturer of automotive components. The results of the joint venture are accounted for using equity accounting. The Group\u2019s investment of \u00a33.3m represents the Group\u2019s share of the joint venture\u2019s net assets as at 31 December 2024 (2023 \u2013 \u00a35.1m). The movement of \u00a31.8m in the Group\u2019s investment during the year comprises of \u00a31.3m Group\u2019s Share of profit more than offset by \u00a33.0m dividend received and \u00a30.1m exchange difference. The following amounts represent the aggregate amounts relating to the revenue and expenses and assets and liabilities of Senior Flexonics Technologies (Wuhan) Limited for the years ended 31 December 2024 and December 2023.
2024 2023
\u00a3m \u00a3m
Revenue
10.9
10.1
Expenses
(8.3)
(8.0)
Profit
2.6
2.1
Total assets
9.3
13.1
Total liabilities
(2.6)
(2.6)
Net assets
6.7
10.5
Group\u2019s share of profit
1.3
1.0
Group\u2019s share of net assets
3.3
5.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "
16. Property, plant and equipment
Leasehold Right-of- Right-of- Leasehold Right-of- Right-of-
Freehold building Plant use use Freehold building Plant use use
land and improve- and Land and Plant and land and improve- and Land and Plant and
buildings ments equipment Buildings equipment Total buildings ments equipment Buildings equipment Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January
110.7
8.2
563.9
98.3
8.7
789.8
113.0
8.3
570.2
99.1
9.3
799.9
Additions
1.4
1.1
39.0
1.6
2.1
45.2
2.0
0.4
31.3
\u2013
1.9
35.6
Lease
modifications
\u2013
\u2013
\u2013
9.2
\u2013
9.2
\u2013
\u2013
\u2013
5.6
0.4
6.0
Exchange
differences
(0.1)
0.1
4.6
1.8
\u2013
6.4
(4.5)
(0.3)
(25.9)
(5.2)
(0.3)
(36.2)
Disposals
(0.1)
\u2013
(9.2)
\u2013
(0.4)
(9.7)
\u2013
(0.2)
(8.4)
(1.3)
(2.6)
(12.5)
Reclassification
(0.3)
0.3
\u2013
0.9
(0.9)
\u2013
0.2
\u2013
(1.1)
0.1
\u2013
(0.8)
Restructuring
disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2.2)
\u2013
\u2013
(2.2)
At 31 December
111.6
9.7
598.3
111.8
9.5
840.9
110.7
8.2
563.9
98.3
8.7
789.8
Accumulated
depreciation
and impairment
At 1 January
41.4
5.3
415.8
39.3
3.3
505.1
40.6
5.4
409.1
32.9
4.7
492.7
Charge for
the year
1.9
0.4
34.0
9.2
1.8
47.3
2.4
0.3
34.8
9.0
1.5
48.0
Lease
modifications
\u2013
\u2013
\u2013
0.1
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange
differences
(0.1)
0.1
3.4
0.6
\u2013
4.0
(1.7)
(0.2)
(18.6)
(1.6)
(0.1)
(22.2)
Eliminated on
disposals
(0.1)
\u2013
(9.1)
\u2013
(0.4)
(9.6)
\u2013
(0.2)
(7.9)
(1.3)
(2.6)
(12.0)
Reclassification
\u2013
\u2013
\u2013
0.5
(0.5)
\u2013
0.1
\u2013
(0.6)
0.3
(0.2)
 (0.4)
Impairment/
restructuring
disposal
\u2013
\u2013
\u2013
1.9
\u2013
1.9
\u2013
\u2013
(1.0)
\u2013
\u2013
(1.0)
At 31 December
43.1
5.8
444.1
51.6
4.2
548.8
41.4
5.3
415.8
39.3
3.3
505.1
Carrying amount
at 31 December
68.5
3.9
154.2
60.2
5.3
292.1
69.3
2.9
14 8.1
59.0
5.4
284.7
In 2024, \u00a31.9m right-of-use assets were impaired (2023 \u2013 \u00a31.2m property, plant and equipment; see note 9). The recoverable amount of the assets
was determined based on value-in-use for assets with confirmed orders, or fair value less costs to sell, where assets are to be disposed.
At 31 December 2024, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a36.5m
(2023 \u2013 \u00a34.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "
17. Inventories
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Raw materials
98.4
86.5
Work-in-progress
97.1
84.6
Finished goods
40.5
36.4
Total
236.0
207.5
Inventory write-downs recognised as an expense in 2024 were \u00a33.3m (2023 \u2013 \u00a38.9m after \u00a32.0m charges relating to restructuring, see Note 9).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "
18. Trade and other receivables
Trade and other receivables at 31 December comprise the following:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Non-current assets
Foreign exchange contracts
0.2
0.6
Other receivables
0.2
0.2
0.4
0.8
Current assets
Trade receivables
119.2
124.9
Value added tax
4.0
3.4
Foreign exchange contracts
1.0
2.0
Prepayments
13.0
11.2
Other receivables
\u2013
0.2
137.2
141.7
Total trade and other receivables
137.6
142.5
Credit risk
The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial
instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss
allowances. There are no other credit or impairment losses for other classes of financial assets.
Further disclosures on credit risk are included in Note 20.
The average credit period taken on sales of goods is 56 days (2023 \u2013 58 days). An allowance has been made for estimated irrecoverable amounts from
the sale of goods of \u00a33.5m (2023 \u2013 \u00a32.3m). In determining the recoverability of trade receivables, the Group considers any change in the credit quality
of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2024, the carrying amount of the receivable
from the Group\u2019s most significant customer was \u00a36.5m (2023 \u2013 \u00a36.7m from the same customer). The Group has no other significant concentration of
credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit
provision risk in excess of the loss allowance.
Expected credit loss
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
2.3
3.3
Provision for impairment
2.0
0.4
Amounts written off as uncollectible
(0.4)
(0.7)
Amounts recovered
(0.4)
(0.6)
Exchange differences
\u2013
(0.1)
At 31 December
3.5
2.3
Ageing analysis of past due, net of loss allowance:
Up to 30 days past due
12.1
13.2
31 to 60 days past due
2.1
3.5
61 to 90 days past due
1.3
1.9
91 to 180 days past due
1.5
1.7
Total past due, net of loss allowance
17.0
20.3
Not past due
102.2
104.6
Total current trade receivables
119.2
124.9
There are no items past due in any other class of financial assets except for trade receivables.
The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk
at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "value": "18. Trade and other receivables Trade and other receivables at 31 December comprise the following:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Non-current assets
Foreign exchange contracts
0.2
0.6
Other receivables
0.2
0.2
0.4
0.8
Current assets
Trade receivables
119.2
124.9
Value added tax
4.0
3.4
Foreign exchange contracts
1.0
2.0
Prepayments
13.0
11.2
Other receivables
\u2013
0.2
137.2
141.7
Total trade and other receivables
137.6
142.5
Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 56 days (2023 \u2013 58 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a33.5m (2023 \u2013 \u00a32.3m). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2024, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a36.5m (2023 \u2013 \u00a36.7m from the same customer). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Expected credit loss
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
2.3
3.3
Provision for impairment
2.0
0.4
Amounts written off as uncollectible
(0.4)
(0.7)
Amounts recovered
(0.4)
(0.6)
Exchange differences
\u2013
(0.1)
At 31 December
3.5
2.3
Ageing analysis of past due, net of loss allowance:
Up to 30 days past due
12.1
13.2
31 to 60 days past due
2.1
3.5
61 to 90 days past due
1.3
1.9
91 to 180 days past due
1.5
1.7
Total past due, net of loss allowance
17.0
20.3
Not past due
102.2
104.6
Total current trade receivables
119.2
124.9
There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. 21. Tax balance sheet Current tax The current tax receivable of \u00a32.8m (2023 \u2013 \u00a32.3m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by way of offset against future tax liabilities or refund. The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on-account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a38.0m (2023 \u2013 \u00a310.0m) includes \u00a31.9m (2023 \u2013 \u00a32.3m) tax due on profits of the current and prior years as well as \u00a36.1m (2023 \u2013 \u00a37.7m) provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that may be due thereon. These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to increase the provision by a material amount. Deferred tax liabilities and assets The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(17.5)
1.1
(7.7)
(10.2)
2.7
4.2
33.6
6.2
(Charge)/credit to Consolidated
Income Statement
(2.3)
0.1
(0.7)
(0.4)
(1.9)
(0.7)
13.6
7.7
(Charge)/credit to other
comprehensive income
\u2013
(0.9)
\u2013
0.6
\u2013
\u2013
\u2013
(0.3)
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Exchange differences
1.1
\u2013
0.4
(0.1)
\u2013
(0.1)
(2.1)
(0.8)
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated
Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
Credit to other
comprehensive income
\u2013
0.8
\u2013
1.1
\u2013
\u2013
\u2013
1.9
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
Asset/(liability)
at 31 December 2024
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
Other temporary differences include assets in the US of \u00a315.1m (2023 \u2013 \u00a317.3m) in respect of inventory provisions, accruals and other expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a310.0m (2023 \u2013 \u00a34.9m). Also included are assets held in respect of IFRS 16 of \u00a32.8m (2023 \u2013 \u00a31.9m) and share-based compensation \u00a32.7m (2023 \u2013 \u00a33.7m). During the year, R&D timing differences of \u00a310.0m, expected to become tax deductible in future periods, have been reclassified as part of the total deferred tax asset in respect of R&D expenditure. The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a310.9m (2023 \u2013 \u00a312.0m), net of deferred tax assets on other schemes. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Deferred tax assets
27.5
20.7
Deferred tax liabilities
(8.2)
(7.0)
19.3
13.7
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a34.4m (2023 \u2013 \u00a33.4m), including \u00a30.4m (2023 \u2013 \u00a31.6m) recognised against deferred tax liabilities and \u00a34.0m (2023 \u2013 \u00a31.8m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2029 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a311.7m (2023 \u2013 \u00a323.1m) of losses have not been recognised at the Balance Sheet date, following the recognition of \u00a38.9m of losses in the year. Included in unrecognised tax losses are losses of \u00a311.4m (2023 \u2013 \u00a313.2m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. At the Balance Sheet date, a deferred tax liability of \u00a30.4m (2023 \u2013 \u00a30.3m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a330.7m (2023 \u2013 \u00a328.0m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. The Group has determined that the global minimum Top up Tax, which it is required to pay under Pillar II legislation, is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the Top up Tax and accounts for it as a current tax when it is incurred. At the Balance Sheet date, the Group had \u00a35.0m (2023 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2023 \u2013 \u00a318.0m) of unused capital losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "18. Trade and other receivables Trade and other receivables at 31 December comprise the following:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Non-current assets
Foreign exchange contracts
0.2
0.6
Other receivables
0.2
0.2
0.4
0.8
Current assets
Trade receivables
119.2
124.9
Value added tax
4.0
3.4
Foreign exchange contracts
1.0
2.0
Prepayments
13.0
11.2
Other receivables
\u2013
0.2
137.2
141.7
Total trade and other receivables
137.6
142.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 56 days (2023 \u2013 58 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a33.5m (2023 \u2013 \u00a32.3m). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2024, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a36.5m (2023 \u2013 \u00a36.7m from the same customer). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Expected credit loss
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
2.3
3.3
Provision for impairment
2.0
0.4
Amounts written off as uncollectible
(0.4)
(0.7)
Amounts recovered
(0.4)
(0.6)
Exchange differences
\u2013
(0.1)
At 31 December
3.5
2.3
Ageing analysis of past due, net of loss allowance:
Up to 30 days past due
12.1
13.2
31 to 60 days past due
2.1
3.5
61 to 90 days past due
1.3
1.9
91 to 180 days past due
1.5
1.7
Total past due, net of loss allowance
17.0
20.3
Not past due
102.2
104.6
Total current trade receivables
119.2
124.9
There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. Capital risk management The Group manages its capital structure to safeguard its ability to continue as a going concern whilst maximising the return to stakeholders through the optimisation of the balance between debt and equity. In considering the appropriate level of net debt, the Group pays close attention to its level as compared to the cash generation potential of the Group, measured by EBITDA (defined in the Notes to the Financial Headlines). The Group also monitors capital on the basis of a gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is derived in Note 31c. Lease liabilities are excluded from net debt in calculating the gearing ratio. Total capital is the equity shown in the Consolidated Balance Sheet. The Group\u2019s strategy in respect of gearing is to target a long-term gearing ratio within the range of 30% to 60%. The gearing ratio for the Group at the end of 2024 was 33% (2023 \u2013 29%). All of the Group\u2019s external borrowing facilities at 31 December 2024 have a requirement for the ratio of net debt to EBITDA to be less than 3.0x (US Private Placements) or 3.5x (UK RCF and US RCF). IFRS 16 does not impact the Group\u2019s lending covenants as these are currently based on frozen GAAP, hence figures quoted below exclude the impact of IFRS 16 on net debt, interest and EBITDA. As required by the covenant definition, net debt is restated using 12-month average exchange rates (consistent with EBITDA definition). The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2024, the Group\u2019s net debt to EBITDA was 1.8x (31 December 2023 \u2013 1.6x) and interest cover was 7.0x (31 December 2023 \u2013 12.6x), both comfortably within the covenants limits. Financial risk management The Group\u2019s activities expose it to a variety of financial risks including foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group\u2019s overall treasury risk management programme focuses on the unpredictability of financial markets, and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the Group\u2019s Treasury Committee on a regular basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Foreign exchange risk management The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies. Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. Translation risk The Group derived 83% of its revenue from businesses outside the United Kingdom, with 58% relating to operations in North America. Fluctuations in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets are denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared to the Group\u2019s loss/earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic. A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2024 Group adjusted operating profit by \u00a35.3m (\u00a32.7m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by \u00a334.7m (\u00a322.4m of which would have been due to the US Dollar movement). Transaction risk The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Thai Baht and Malaysian Ringgit. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis, but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit after hedging in existence at 31 December 2024 are immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Thai Baht and the Malaysian Ringgit would have decreased (or increased) equity by \u00a34.5m, \u00a31.6m and \u00a30.5m, respectively. Interest rate risk management The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs. As at year-end 2024, the percentage of debt at fixed interest was 81% (2023 \u2013 68%), excluding IFRS 16 lease liabilities from debt. The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2024 has been retrospectively determined based on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.4m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.6m. The Group\u2019s sensitivity to interest rates has remained broadly consistent with prior period due to the high proportion of fixed debt. Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2024 were \u00a329.1m (2023 \u2013 \u00a329.1m). The net impact of reverse factoring on 2024 was a cash inflow in working capital of \u00a3nil (2023 \u2013 \u00a35.5m inflow) and the discount interest presented within other finance costs is a charge of \u00a30.9m in 2024 (2023 \u2013 \u00a30.8m). Liquidity risk management Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and revolving credit facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash flow forecasts are produced monthly, together with appropriate capacity planning and scenario analysis, to ensure that bank covenant and liquidity targets will be met. The Directors also regularly assess the balance of capital and debt funding of the Group, as part of a process to satisfy the Group\u2019s long-term strategic funding requirements. As noted in the Financial Review on pages 64 to 67, the Group is currently in a well-funded position, with significant headroom under its committed borrowing facilities. It is considered unlikely that the Group will face any significant funding issues in the foreseeable future. Categories of financial instruments
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Carrying value of financial assets:
Cash and cash equivalents
45.5
47.6
Trade receivables
119.2
124.9
Other receivables
0.2
0.4
Financial assets at amortised cost
164.9
172.9
Foreign exchange contracts \u2013 cash flow hedges
1.1
2.5
Foreign exchange contracts \u2013 held for trading
0.1
0.1
Total financial assets
16 6.1
175.5
Carrying value of financial liabilities:
Bank overdrafts and loans
198.9
179.6
Lease liabilities
76.2
71.8
Trade payables
107.4
102.1
Other payables
65.8
67.8
Financial liabilities at amortised cost
448.3
421.3
Contingent consideration \u2013 fair value through profit or loss
16.5
29.0
Foreign exchange contracts \u2013 cash flow hedges
5.7
4.1
Foreign exchange contracts \u2013 held for trading
0.1
0.1
Total financial liabilities
470.6
454.5
Undiscounted contractual maturity of financial liabilities at amortised cost:
Amounts payable:
On demand or within one year
270.0
191.8
In the second to fifth years inclusive
141.2
234.5
After five years
90.2
46.7
501.4
473.0
Less: future finance charges
(53.1)
(51.7)
Financial liabilities at amortised cost
448.3
421.3
The contingent consideration which is potentially payable in less than 5 years has a gross value at 31 December 2024 of $21.6m (\u00a317.3m) and a discounted value of $20.6m (\u00a316.5m). At 31 December 2023, the gross value was $40m (\u00a331.5m) and a discounted value was $36.9m (\u00a329.0m). The carrying amount is a reasonable approximation of fair value for the financial assets and liabilities, excluding leases, noted above except for bank overdrafts and loans, disclosure of which are included within Note 19. An ageing analysis of trade receivables is disclosed within Note 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "value": "Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 56 days (2023 \u2013 58 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a33.5m (2023 \u2013 \u00a32.3m). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2024, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a36.5m (2023 \u2013 \u00a36.7m from the same customer). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2024 were \u00a329.1m (2023 \u2013 \u00a329.1m). The net impact of reverse factoring on 2024 was a cash inflow in working capital of \u00a3nil (2023 \u2013 \u00a35.5m inflow) and the discount interest presented within other finance costs is a charge of \u00a30.9m in 2024 (2023 \u2013 \u00a30.8m). ", "dimensions": { "concept": "ifrs-full:ExplanationOfCreditRiskManagementPracticesAndHowTheyRelateToRecognitionAndMeasurementOfExpectedCreditLossesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 56 days (2023 \u2013 58 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a33.5m (2023 \u2013 \u00a32.3m). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2024, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a36.5m (2023 \u2013 \u00a36.7m from the same customer). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Expected credit loss
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
2.3
3.3
Provision for impairment
2.0
0.4
Amounts written off as uncollectible
(0.4)
(0.7)
Amounts recovered
(0.4)
(0.6)
Exchange differences
\u2013
(0.1)
At 31 December
3.5
2.3
Ageing analysis of past due, net of loss allowance:
Up to 30 days past due
12.1
13.2
31 to 60 days past due
2.1
3.5
61 to 90 days past due
1.3
1.9
91 to 180 days past due
1.5
1.7
Total past due, net of loss allowance
17.0
20.3
Not past due
102.2
104.6
Total current trade receivables
119.2
124.9
There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2024 were \u00a329.1m (2023 \u2013 \u00a329.1m). The net impact of reverse factoring on 2024 was a cash inflow in working capital of \u00a3nil (2023 \u2013 \u00a35.5m inflow) and the discount interest presented within other finance costs is a charge of \u00a30.9m in 2024 (2023 \u2013 \u00a30.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "Expected credit loss
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
2.3
3.3
Provision for impairment
2.0
0.4
Amounts written off as uncollectible
(0.4)
(0.7)
Amounts recovered
(0.4)
(0.6)
Exchange differences
\u2013
(0.1)
At 31 December
3.5
2.3
Ageing analysis of past due, net of loss allowance:
Up to 30 days past due
12.1
13.2
31 to 60 days past due
2.1
3.5
61 to 90 days past due
1.3
1.9
91 to 180 days past due
1.5
1.7
Total past due, net of loss allowance
17.0
20.3
Not past due
102.2
104.6
Total current trade receivables
119.2
124.9
There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "
19. Bank overdrafts and loans
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Bank overdrafts
\u2013
1.8
Bank loans
37.0
55.9
Other loans
161.9
121.9
198.9
179.6
The borrowings are repayable as follows:
On demand or within one year
75.0
1.8
In the second year
9.5
78.0
In the third to fifth years inclusive
74.5
99.8
After five years
39.9
\u2013
198.9
179.6
Less: amount due for settlement within 12 months (shown under current liabilities)
(75.0)
(1.8)
Amount due for settlement after 12 months
123.9
177.8
At 31 December 2024, bank loans of \u00a337.9m are drawn and there are \u00a30.9m of capitalised revolving credit facility transaction costs.
At 31 December 2023, bank loans of \u00a357.0m were drawn and there were \u00a31.1m of capitalised revolving credit facility transaction costs.
Analysis of borrowings by currency
Pound US
Sterling Euros Dollars Others Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
21.1
\u2013
15.9
\u2013
37.0
Other loans
27.0
23.1
111.8
\u2013
161.9
48.1
23.1
127.7
\u2013
198.9
Pound US
Sterling Euros Dollars Others Total
Sunday, 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts
\u2013
0.8
\u2013
1.0
1.8
Bank loans
15.9
\u2013
40.0
\u2013
55.9
Other loans
27.0
24.2
70.7
\u2013
121.9
42.9
25.0
110.7
1.0
179.6
The weighted average interest rates paid were as follows:
Year ended Year ended
2024 2023
% %
Bank loans and overdrafts
6.81
6.42
Other loans
3.61
3.09
Bank loans and overdrafts of \u00a337.9m (2023 \u2013 \u00a358.8m) are arranged at floating rates, thus exposing the Group to cash flow interest rate risk. Other
borrowings are mainly arranged at fixed interest rates and expose the Group to fair value interest rate risk. No interest rate swaps were taken out in
2023 or 2024.
The Directors estimate the fair value of the Group\u2019s borrowings to be as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Bank loans and overdrafts
37.0
57.7
Other loans
159.1
115.5
19 6.1
173.2
The fair value of Other loans has been determined by applying a make-whole calculation using the prevailing treasury bill yields plus the applicable
credit spread for the Group (level 2 of the fair value hierarchy as defined in Note 20).
The other principal features of the Group\u2019s borrowings are as follows:
Bank overdrafts are repayable on demand. The effective interest rates on bank overdrafts are determined based on SONIA, SOFR and appropriate
LIBOR rates plus applicable margins.
The Group\u2019s main loans are unsecured guaranteed loan notes in the US private placement market and revolving credit facilities.
a) Loan notes of \u20ac28m, 2024 \u00a323.1m (2023 \u2013 \u00a324.3m) were taken out in January 2017, carry interest at the rate of 1.51% and mature on 1 February 2027.
b) Loan notes of $60m, 2024 \u00a348.0m (2023 \u2013 \u00a347.3m) were taken out in October 2015 and are due for repayment in October 2025. The loan notes
carry interest at the rate of 3.75% per annum.
c) Loan notes of \u00a327m were drawn down in January 2018, carry interest at a rate of 2.35% and are due for repayment in January 2025.
d) Loan notes of $30m, 2024 \u00a324.0m (2023 \u2013 \u00a323.6m) were taken out in September 2018, carry interest at the rate of 4.18% and are due
for repayment in September 2028.
e) Loan notes of $50m, 2024 \u00a340.0m (2023 \u2013 \u00a3nil) were taken out in February 2024, carry an interest rate of 6.26% and are due for repayment
in February 2030.
Transaction costs of \u00a30.2m, directly attributable to the US Dollar notes (\u00a30.2m), have been deducted from their carrying value.
New private placement notes of $40m (\u00a332m) were issued in February 2025. The loan notes were also drawn down in February 2025,
carry an interest rate of 5.46% and are due for repayment in February 2029.
The Group also has two revolving credit facilities.
A committed multi-currency revolving credit facility in the UK of \u00a3115m (2023 \u2013 \u00a3115m) matures in November 2027. At 31 December 2024, \u00a328.4m was outstanding under the \u00a3115m facility, comprising $8.0m (\u00a36.4m) and \u00a322.0m. At 31 December 2023, \u00a353.2m was outstanding under the \u00a3115m facility, comprising $46.0m (\u00a336.2m) and \u00a317.0m. A committed $50m (\u00a340.0m) single bank loans and letter of credit facility matures in June 2026. There were $11.9m (\u00a39.5m) loans with reference to Term SOFR which are drawn under the facility on 31 December 2024 and $4.9m (\u00a33.8m) loans drawn in 31 December 2023 and there were letters of outstanding credit of $6.4m (\u00a35.2m) (2023 \u2013 \u00a32.2m). As at 31 December 2024, the Group had available \u00a3111.9m (2023 \u2013 \u00a395.1m) of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. The weighted average maturity of the Group\u2019s committed facilities at 31 December is 2.5 years (2023 \u2013 2.9 years). The current weighted average maturity of the Group\u2019s facilities, updated for the February 2025 loan notes of $40m, remains at 2.5 years. 20. Financial instruments Capital risk management The Group manages its capital structure to safeguard its ability to continue as a going concern whilst maximising the return to stakeholders through the optimisation of the balance between debt and equity. In considering the appropriate level of net debt, the Group pays close attention to its level as compared to the cash generation potential of the Group, measured by EBITDA (defined in the Notes to the Financial Headlines). The Group also monitors capital on the basis of a gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is derived in Note 31c. Lease liabilities are excluded from net debt in calculating the gearing ratio. Total capital is the equity shown in the Consolidated Balance Sheet. The Group\u2019s strategy in respect of gearing is to target a long-term gearing ratio within the range of 30% to 60%. The gearing ratio for the Group at the end of 2024 was 33% (2023 \u2013 29%). All of the Group\u2019s external borrowing facilities at 31 December 2024 have a requirement for the ratio of net debt to EBITDA to be less than 3.0x (US Private Placements) or 3.5x (UK RCF and US RCF). IFRS 16 does not impact the Group\u2019s lending covenants as these are currently based on frozen GAAP, hence figures quoted below exclude the impact of IFRS 16 on net debt, interest and EBITDA. As required by the covenant definition, net debt is restated using 12-month average exchange rates (consistent with EBITDA definition). The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2024, the Group\u2019s net debt to EBITDA was 1.8x (31 December 2023 \u2013 1.6x) and interest cover was 7.0x (31 December 2023 \u2013 12.6x), both comfortably within the covenants limits. Financial risk management The Group\u2019s activities expose it to a variety of financial risks including foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group\u2019s overall treasury risk management programme focuses on the unpredictability of financial markets, and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the Group\u2019s Treasury Committee on a regular basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Foreign exchange risk management The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies. Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. Translation risk The Group derived 83% of its revenue from businesses outside the United Kingdom, with 58% relating to operations in North America. Fluctuations in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets are denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared to the Group\u2019s loss/earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic. A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2024 Group adjusted operating profit by \u00a35.3m (\u00a32.7m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by \u00a334.7m (\u00a322.4m of which would have been due to the US Dollar movement).
Transaction risk
The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Thai Baht and
Malaysian Ringgit. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis,
but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge
relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit
after hedging in existence at 31 December 2024 are immaterial. The impact on equity is determined by the unrecognised portion of open forward
contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Thai Baht and the Malaysian Ringgit would
have decreased (or increased) equity by \u00a34.5m, \u00a31.6m and \u00a30.5m, respectively.
Interest rate risk management
The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed
rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest
is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of
borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest
rate and foreign currency volatility on total interest costs. As at year-end 2024, the percentage of debt at fixed interest was 81% (2023 \u2013 68%),
excluding IFRS 16 lease liabilities from debt.
The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2024 has been retrospectively determined based on the exposure
to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign
exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been
0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.4m. Any fixed interest debt is held to maturity and not
fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt
held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.6m. The Group\u2019s sensitivity to interest rates
has remained broadly consistent with prior period due to the high proportion of fixed debt.
Credit risk management
The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial
position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is
guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the
counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets
recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk.
The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring
that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial
counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the
customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing
credit risk. The trade receivables reverse factored at 31 December 2024 were \u00a329.1m (2023 \u2013 \u00a329.1m). The net impact of reverse factoring on 2024
was a cash inflow in working capital of \u00a3nil (2023 \u2013 \u00a35.5m inflow) and the discount interest presented within other finance costs is a charge of \u00a30.9m
in 2024 (2023 \u2013 \u00a30.8m).
Liquidity risk management
Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group manages liquidity
risk by maintaining adequate reserves, banking facilities and revolving credit facilities, by continuously monitoring forecast and actual cash flows and
matching the maturity profiles of financial assets and liabilities. Cash flow forecasts are produced monthly, together with appropriate capacity planning
and scenario analysis, to ensure that bank covenant and liquidity targets will be met. The Directors also regularly assess the balance of capital and debt
funding of the Group, as part of a process to satisfy the Group\u2019s long-term strategic funding requirements.
As noted in the Financial Review on pages 64 to 67, the Group is currently in a well-funded position, with significant headroom under its committed
borrowing facilities. It is considered unlikely that the Group will face any significant funding issues in the foreseeable future.
Categories of financial instruments
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Carrying value of financial assets:
Cash and cash equivalents
45.5
47.6
Trade receivables
119.2
124.9
Other receivables
0.2
0.4
Financial assets at amortised cost
164.9
172.9
Foreign exchange contracts \u2013 cash flow hedges
1.1
2.5
Foreign exchange contracts \u2013 held for trading
0.1
0.1
Total financial assets
16 6.1
175.5
Carrying value of financial liabilities:
Bank overdrafts and loans
198.9
179.6
Lease liabilities
76.2
71.8
Trade payables
107.4
102.1
Other payables
65.8
67.8
Financial liabilities at amortised cost
448.3
421.3
Contingent consideration \u2013 fair value through profit or loss
16.5
29.0
Foreign exchange contracts \u2013 cash flow hedges
5.7
4.1
Foreign exchange contracts \u2013 held for trading
0.1
0.1
Total financial liabilities
470.6
454.5
Undiscounted contractual maturity of financial liabilities at amortised cost:
Amounts payable:
On demand or within one year
270.0
191.8
In the second to fifth years inclusive
141.2
234.5
After five years
90.2
46.7
501.4
473.0
Less: future finance charges
(53.1)
(51.7)
Financial liabilities at amortised cost
448.3
421.3
The contingent consideration which is potentially payable in less than 5 years has a gross value at 31 December 2024 of $21.6m (\u00a317.3m) and a
discounted value of $20.6m (\u00a316.5m). At 31 December 2023, the gross value was $40m (\u00a331.5m) and a discounted value was $36.9m (\u00a329.0m).
The carrying amount is a reasonable approximation of fair value for the financial assets and liabilities, excluding leases, noted above except for bank
overdrafts and loans, disclosure of which are included within Note 19.
An ageing analysis of trade receivables is disclosed within Note 18.
Forward foreign exchange contracts
The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operation\u2019s trading activities in foreign currencies
in accordance with the Group\u2019s accounting policy as set out in Note 2. At 31 December 2024, total notional amounts and fair values of outstanding
forward foreign exchange contracts that the Group have committed are given below:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Notional amounts:
Foreign exchange contracts \u2013 cash flow hedges
157.1
157.2
Foreign exchange contracts \u2013 held for trading
8.0
7.0
Total
165.1
164.2
Less: amounts maturing within 12 months
(115.5)
(111.4)
Amounts maturing after 12 months
49.6
52.8
Contractual maturity:
Cash flow hedges balances due within one year:
Outflow
(108.8)
(105.6)
Inflow
106.3
105.8
Cash flow hedges balances due between one and two years:
Outflow
(21.8)
(23.8)
Inflow
20.5
23.0
Cash flow hedges balances due between two and five years:
Outflow
(29.7)
(30.9)
Inflow
29.3
30.0
Held for trading balances due within one year:
Outflow
(8.0)
(6.9)
Inflow
8.0
6.9
Fair values:
Foreign exchange contracts \u2013 cash flow hedges
(4.6)
(1.6)
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
Total liability
(4.6)
(1.6)
These fair values are based on market values of equivalent instruments at the Balance Sheet date, comprising \u00a31.2m (2023 \u2013 \u00a32.6m) assets included
in trade and other receivables and \u00a35.8m (2023 \u2013 \u00a34.2m) liabilities included in trade and other payables. The fair value of currency derivatives that are
designated and effective as cash flow hedges amounting to \u00a34.2m loss (2023 \u2013 \u00a31.3m loss) has been deferred in equity.
Fair values
The following table presents an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels
1\u20133 based on the degree to which the fair value is observable:
Level 1 those fair values derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 those fair values derived from 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); and
Level 3 those fair values derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
There has not been any transfer of assets or liabilities between levels. There are no non-recurring fair value measurements. Level 2 fair values are
derived from future cash flows, of open forward contracts at 31 December, translated by the difference between contractual rates and observable
forward exchange rates.
Level 1 Level 2 Level 3 Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Foreign exchange contracts \u2013 cash flow hedges
\u2013
1.1
\u2013
1.1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total assets
\u2013
1.2
\u2013
1.2
Liabilities
Contingent consideration \u2013 fair value through profit or loss
\u2013
\u2013
16.5
16.5
Foreign exchange contracts \u2013 cash flow hedges
\u2013
5.7
\u2013
5.7
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total liabilities
\u2013
5.8
16.5
22.3
Level 1 Level 2 Level 3 Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Foreign exchange contracts \u2013 cash flow hedges
\u2013
2.5
\u2013
2.5
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total assets
\u2013
2.6
\u2013
2.6
Liabilities
Contingent consideration \u2013 fair value through profit or loss
\u2013
\u2013
29.0
29.0
Foreign exchange contracts \u2013 cash flow hedges
\u2013
4.1
\u2013
4.1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total liabilities
\u2013
4.2
29.0
33.2
An amount of \u00a30.1m loss (2023 \u2013 \u00a30.7m gain) has been transferred to the Consolidated Income Statement, and is included within operating profit.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure
that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical
terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the
hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness.
Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the hedging instrument
exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In hedges of the above foreign exchange
contracts this may arise if the timing of the transaction changes from what was originally estimated.
The hedged forecast transactions denominated in foreign currency are expected to occur at various dates during the next 60 months. Amounts
deferred in equity are recognised in the Consolidated Income Statement in the same period in which the hedged items affect profit or loss,
which is generally within 12 months from the Balance Sheet date.
In 2023 and 2024, some cash flow hedging relationships were discontinued because forecast foreign currency transactions were no longer highly
probable and no longer expected to occur. Previously accumulated gains or losses on the forward contracts were immediately reclassified to the
income statement. These forward contracts, and the forward contracts entered to unwind the position, that remained at 31 December 2023
and 31 December 2024 were presented in the Balance Sheet as held for trading assets.
The fair value of contingent consideration is based on the expected present value technique, using risk-adjusted discount rate to discount probability
weighted cashflows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "19. Bank overdrafts and loans
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Bank overdrafts
\u2013
1.8
Bank loans
37.0
55.9
Other loans
161.9
121.9
198.9
179.6
The borrowings are repayable as follows:
On demand or within one year
75.0
1.8
In the second year
9.5
78.0
In the third to fifth years inclusive
74.5
99.8
After five years
39.9
\u2013
198.9
179.6
Less: amount due for settlement within 12 months (shown under current liabilities)
(75.0)
(1.8)
Amount due for settlement after 12 months
123.9
177.8
At 31 December 2024, bank loans of \u00a337.9m are drawn and there are \u00a30.9m of capitalised revolving credit facility transaction costs. At 31 December 2023, bank loans of \u00a357.0m were drawn and there were \u00a31.1m of capitalised revolving credit facility transaction costs. Analysis of borrowings by currency
Pound US
Sterling Euros Dollars Others Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
21.1
\u2013
15.9
\u2013
37.0
Other loans
27.0
23.1
111.8
\u2013
161.9
48.1
23.1
127.7
\u2013
198.9
Pound US
Sterling Euros Dollars Others Total
Sunday, 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank overdrafts
\u2013
0.8
\u2013
1.0
1.8
Bank loans
15.9
\u2013
40.0
\u2013
55.9
Other loans
27.0
24.2
70.7
\u2013
121.9
42.9
25.0
110.7
1.0
179.6
The weighted average interest rates paid were as follows:
Year ended Year ended
2024 2023
% %
Bank loans and overdrafts
6.81
6.42
Other loans
3.61
3.09
Bank loans and overdrafts of \u00a337.9m (2023 \u2013 \u00a358.8m) are arranged at floating rates, thus exposing the Group to cash flow interest rate risk. Other borrowings are mainly arranged at fixed interest rates and expose the Group to fair value interest rate risk. No interest rate swaps were taken out in 2023 or 2024. The Directors estimate the fair value of the Group\u2019s borrowings to be as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Bank loans and overdrafts
37.0
57.7
Other loans
159.1
115.5
19 6.1
173.2
The fair value of Other loans has been determined by applying a make-whole calculation using the prevailing treasury bill yields plus the applicable credit spread for the Group (level 2 of the fair value hierarchy as defined in Note 20). The other principal features of the Group\u2019s borrowings are as follows: Bank overdrafts are repayable on demand. The effective interest rates on bank overdrafts are determined based on SONIA, SOFR and appropriate LIBOR rates plus applicable margins. The Group\u2019s main loans are unsecured guaranteed loan notes in the US private placement market and revolving credit facilities. a) Loan notes of \u20ac28m, 2024 \u00a323.1m (2023 \u2013 \u00a324.3m) were taken out in January 2017, carry interest at the rate of 1.51% and mature on 1 February 2027. b) Loan notes of $60m, 2024 \u00a348.0m (2023 \u2013 \u00a347.3m) were taken out in October 2015 and are due for repayment in October 2025. The loan notes carry interest at the rate of 3.75% per annum. c) Loan notes of \u00a327m were drawn down in January 2018, carry interest at a rate of 2.35% and are due for repayment in January 2025. d) Loan notes of $30m, 2024 \u00a324.0m (2023 \u2013 \u00a323.6m) were taken out in September 2018, carry interest at the rate of 4.18% and are due for repayment in September 2028. e) Loan notes of $50m, 2024 \u00a340.0m (2023 \u2013 \u00a3nil) were taken out in February 2024, carry an interest rate of 6.26% and are due for repayment in February 2030. Transaction costs of \u00a30.2m, directly attributable to the US Dollar notes (\u00a30.2m), have been deducted from their carrying value. New private placement notes of $40m (\u00a332m) were issued in February 2025. The loan notes were also drawn down in February 2025, carry an interest rate of 5.46% and are due for repayment in February 2029. The Group also has two revolving credit facilities.
A committed multi-currency revolving credit facility in the UK of \u00a3115m (2023 \u2013 \u00a3115m) matures in November 2027. At 31 December 2024, \u00a328.4m
was outstanding under the \u00a3115m facility, comprising $8.0m (\u00a36.4m) and \u00a322.0m. At 31 December 2023, \u00a353.2m was outstanding under the \u00a3115m
facility, comprising $46.0m (\u00a336.2m) and \u00a317.0m.
A committed $50m (\u00a340.0m) single bank loans and letter of credit facility matures in June 2026. There were $11.9m (\u00a39.5m) loans with reference
to Term SOFR which are drawn under the facility on 31 December 2024 and $4.9m (\u00a33.8m) loans drawn in 31 December 2023 and there were letters
of outstanding credit of $6.4m (\u00a35.2m) (2023 \u2013 \u00a32.2m).
As at 31 December 2024, the Group had available \u00a3111.9m (2023 \u2013 \u00a395.1m) of undrawn committed borrowing facilities in respect of which all
conditions precedent had been met. The weighted average maturity of the Group\u2019s committed facilities at 31 December is 2.5 years (2023 \u2013 2.9 years).
The current weighted average maturity of the Group\u2019s facilities, updated for the February 2025 loan notes of $40m, remains at 2.5 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "value": "
Capital risk management
The Group manages its capital structure to safeguard its ability to continue as a going concern whilst maximising the return to stakeholders through
the optimisation of the balance between debt and equity. In considering the appropriate level of net debt, the Group pays close attention to its level
as compared to the cash generation potential of the Group, measured by EBITDA (defined in the Notes to the Financial Headlines). The Group also
monitors capital on the basis of a gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is derived in Note 31c. Lease
liabilities are excluded from net debt in calculating the gearing ratio. Total capital is the equity shown in the Consolidated Balance Sheet.
The Group\u2019s strategy in respect of gearing is to target a long-term gearing ratio within the range of 30% to 60%. The gearing ratio for the Group at the
end of 2024 was 33% (2023 \u2013 29%).
All of the Group\u2019s external borrowing facilities at 31 December 2024 have a requirement for the ratio of net debt to EBITDA to be less than 3.0x
(US Private Placements) or 3.5x (UK RCF and US RCF). IFRS 16 does not impact the Group\u2019s lending covenants as these are currently based on frozen
GAAP, hence figures quoted below exclude the impact of IFRS 16 on net debt, interest and EBITDA. As required by the covenant definition, net debt
is restated using 12-month average exchange rates (consistent with EBITDA definition).
The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA
(defined in the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x.
At 31 December 2024, the Group\u2019s net debt to EBITDA was 1.8x (31 December 2023 \u2013 1.6x) and interest cover was 7.0x (31 December 2023 \u2013 12.6x),
both comfortably within the covenants limits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "
Foreign exchange risk management
The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies.
Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based
on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held
constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee.
Translation risk
The Group derived 83% of its revenue from businesses outside the United Kingdom, with 58% relating to operations in North America. Fluctuations
in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results
of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets
are denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared
to the Group\u2019s loss/earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA),
the Group aims to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic.
A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2024 Group adjusted
operating profit by \u00a35.3m (\u00a32.7m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by
\u00a334.7m (\u00a322.4m of which would have been due to the US Dollar movement).
Transaction risk The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Thai Baht and Malaysian Ringgit. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis, but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit after hedging in existence at 31 December 2024 are immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Thai Baht and the Malaysian Ringgit would have decreased (or increased) equity by \u00a34.5m, \u00a31.6m and \u00a30.5m, respectively. Interest rate risk management The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs. As at year-end 2024, the percentage of debt at fixed interest was 81% (2023 \u2013 68%), excluding IFRS 16 lease liabilities from debt. The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2024 has been retrospectively determined based on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.4m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.6m. The Group\u2019s sensitivity to interest rates has remained broadly consistent with prior period due to the high proportion of fixed debt. 27. Hedging and translation reserves
Hedging Translation Hedging Translation
reserve reserve Total reserve reserve Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(36.1)
73.4
37.3
(38.8)
90.3
51.5
Exchange differences on translation of overseas operations
\u2013
4.0
4.0
\u2013
(16.9)
(16.9)
Change in fair value of hedging derivatives
(2.9)
\u2013
(2.9)
3.6
\u2013
3.6
Tax on foreign exchange contracts \u2013 cash flow hedges
0.8
\u2013
0.8
(0.9)
\u2013
(0.9)
Balance at 31 December
(38.2)
77.4
39.2
(36.1)
73.4
37.3
Hedging reserve At 31 December 2024, the hedging reserve comprises net investment hedging losses of \u00a335.2m (2023 \u2013 \u00a335.2m), foreign exchange contracts \u2013 cash flow hedge losses of \u00a34.2m (2023 \u2013 \u00a31.3m) and related tax gains of \u00a31.2m (2023 \u2013 \u00a30.4m). Movement in fair value of foreign exchange contracts \u2013 cash flow hedges:
Derivatives at Derivatives at Derivatives at Derivatives at
fair value fair value fair value fair value
through through through through
Hedging Income Hedging Income
Reserve Statement Total Reserve Statement Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(1.3)
(0.3)
(1.6)
(4.9)
(1.0)
(5.9)
Fair value movement recognised in Hedging reserve
(2.8)
\u2013
(2.8)
2.7
\u2013
2.7
Fair value movement recognised in Income Statement
\u2013
(0.2)
(0.2)
\u2013
1.6
1.6
Fair value movement recognised in Hedging reserve
and Income Statement
(0.1)
0.1
\u2013
0.9
(0.9)
\u2013
Balance at 31 December
(4.2)
(0.4)
(4.6)
(1.3)
(0.3)
(1.6)
The Group uses foreign currency forward contracts to manage its foreign currency risk associated with its highly probable forecast transactions. These contracts are designated as cash flow hedge relationships. To the extent these hedges are effective, the change in fair value of the hedging instrument is recognised in the hedging reserve. The sum of the fair value of foreign exchange contracts deferred in the hedging reserve and recognised in the Income Statement is presented as foreign exchange contracts \u2013 cash flow hedges. See Note 20 for further details. Costs of hedging The Group designates the forward component of foreign currency forward contracts as hedging instruments in cash flow hedge relationships. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-497": { "value": "Foreign exchange risk management The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies. Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. Translation risk The Group derived 83% of its revenue from businesses outside the United Kingdom, with 58% relating to operations in North America. Fluctuations in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets are denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared to the Group\u2019s loss/earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic. A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2024 Group adjusted operating profit by \u00a35.3m (\u00a32.7m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by \u00a334.7m (\u00a322.4m of which would have been due to the US Dollar movement). Transaction risk The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Thai Baht and Malaysian Ringgit. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis, but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit after hedging in existence at 31 December 2024 are immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Thai Baht and the Malaysian Ringgit would have decreased (or increased) equity by \u00a34.5m, \u00a31.6m and \u00a30.5m, respectively. Interest rate risk management The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs. As at year-end 2024, the percentage of debt at fixed interest was 81% (2023 \u2013 68%), excluding IFRS 16 lease liabilities from debt. The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2024 has been retrospectively determined based on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.4m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.6m. The Group\u2019s sensitivity to interest rates has remained broadly consistent with prior period due to the high proportion of fixed debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "Liquidity risk management Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and revolving credit facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash flow forecasts are produced monthly, together with appropriate capacity planning and scenario analysis, to ensure that bank covenant and liquidity targets will be met. The Directors also regularly assess the balance of capital and debt funding of the Group, as part of a process to satisfy the Group\u2019s long-term strategic funding requirements. As noted in the Financial Review on pages 64 to 67, the Group is currently in a well-funded position, with significant headroom under its committed borrowing facilities. It is considered unlikely that the Group will face any significant funding issues in the foreseeable future. Categories of financial instruments
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Carrying value of financial assets:
Cash and cash equivalents
45.5
47.6
Trade receivables
119.2
124.9
Other receivables
0.2
0.4
Financial assets at amortised cost
164.9
172.9
Foreign exchange contracts \u2013 cash flow hedges
1.1
2.5
Foreign exchange contracts \u2013 held for trading
0.1
0.1
Total financial assets
16 6.1
175.5
Carrying value of financial liabilities:
Bank overdrafts and loans
198.9
179.6
Lease liabilities
76.2
71.8
Trade payables
107.4
102.1
Other payables
65.8
67.8
Financial liabilities at amortised cost
448.3
421.3
Contingent consideration \u2013 fair value through profit or loss
16.5
29.0
Foreign exchange contracts \u2013 cash flow hedges
5.7
4.1
Foreign exchange contracts \u2013 held for trading
0.1
0.1
Total financial liabilities
470.6
454.5
Undiscounted contractual maturity of financial liabilities at amortised cost:
Amounts payable:
On demand or within one year
270.0
191.8
In the second to fifth years inclusive
141.2
234.5
After five years
90.2
46.7
501.4
473.0
Less: future finance charges
(53.1)
(51.7)
Financial liabilities at amortised cost
448.3
421.3
The contingent consideration which is potentially payable in less than 5 years has a gross value at 31 December 2024 of $21.6m (\u00a317.3m) and a discounted value of $20.6m (\u00a316.5m). At 31 December 2023, the gross value was $40m (\u00a331.5m) and a discounted value was $36.9m (\u00a329.0m). The carrying amount is a reasonable approximation of fair value for the financial assets and liabilities, excluding leases, noted above except for bank overdrafts and loans, disclosure of which are included within Note 19. An ageing analysis of trade receivables is disclosed within Note 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "Forward foreign exchange contracts The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operation\u2019s trading activities in foreign currencies in accordance with the Group\u2019s accounting policy as set out in Note 2. At 31 December 2024, total notional amounts and fair values of outstanding forward foreign exchange contracts that the Group have committed are given below:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Notional amounts:
Foreign exchange contracts \u2013 cash flow hedges
157.1
157.2
Foreign exchange contracts \u2013 held for trading
8.0
7.0
Total
165.1
164.2
Less: amounts maturing within 12 months
(115.5)
(111.4)
Amounts maturing after 12 months
49.6
52.8
Contractual maturity:
Cash flow hedges balances due within one year:
Outflow
(108.8)
(105.6)
Inflow
106.3
105.8
Cash flow hedges balances due between one and two years:
Outflow
(21.8)
(23.8)
Inflow
20.5
23.0
Cash flow hedges balances due between two and five years:
Outflow
(29.7)
(30.9)
Inflow
29.3
30.0
Held for trading balances due within one year:
Outflow
(8.0)
(6.9)
Inflow
8.0
6.9
Fair values:
Foreign exchange contracts \u2013 cash flow hedges
(4.6)
(1.6)
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
Total liability
(4.6)
(1.6)
These fair values are based on market values of equivalent instruments at the Balance Sheet date, comprising \u00a31.2m (2023 \u2013 \u00a32.6m) assets included in trade and other receivables and \u00a35.8m (2023 \u2013 \u00a34.2m) liabilities included in trade and other payables. The fair value of currency derivatives that are designated and effective as cash flow hedges amounting to \u00a34.2m loss (2023 \u2013 \u00a31.3m loss) has been deferred in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "value": "Fair values The following table presents an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1\u20133 based on the degree to which the fair value is observable: Level 1 those fair values derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 those fair values derived from 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); and Level 3 those fair values derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). There has not been any transfer of assets or liabilities between levels. There are no non-recurring fair value measurements. Level 2 fair values are derived from future cash flows, of open forward contracts at 31 December, translated by the difference between contractual rates and observable forward exchange rates.
Level 1 Level 2 Level 3 Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Foreign exchange contracts \u2013 cash flow hedges
\u2013
1.1
\u2013
1.1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total assets
\u2013
1.2
\u2013
1.2
Liabilities
Contingent consideration \u2013 fair value through profit or loss
\u2013
\u2013
16.5
16.5
Foreign exchange contracts \u2013 cash flow hedges
\u2013
5.7
\u2013
5.7
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total liabilities
\u2013
5.8
16.5
22.3
Level 1 Level 2 Level 3 Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Foreign exchange contracts \u2013 cash flow hedges
\u2013
2.5
\u2013
2.5
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total assets
\u2013
2.6
\u2013
2.6
Liabilities
Contingent consideration \u2013 fair value through profit or loss
\u2013
\u2013
29.0
29.0
Foreign exchange contracts \u2013 cash flow hedges
\u2013
4.1
\u2013
4.1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total liabilities
\u2013
4.2
29.0
33.2
An amount of \u00a30.1m loss (2023 \u2013 \u00a30.7m gain) has been transferred to the Consolidated Income Statement, and is included within operating profit. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In hedges of the above foreign exchange contracts this may arise if the timing of the transaction changes from what was originally estimated. The hedged forecast transactions denominated in foreign currency are expected to occur at various dates during the next 60 months. Amounts deferred in equity are recognised in the Consolidated Income Statement in the same period in which the hedged items affect profit or loss, which is generally within 12 months from the Balance Sheet date. In 2023 and 2024, some cash flow hedging relationships were discontinued because forecast foreign currency transactions were no longer highly probable and no longer expected to occur. Previously accumulated gains or losses on the forward contracts were immediately reclassified to the income statement. These forward contracts, and the forward contracts entered to unwind the position, that remained at 31 December 2023 and 31 December 2024 were presented in the Balance Sheet as held for trading assets. The fair value of contingent consideration is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cashflows.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "Fair values The following table presents an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1\u20133 based on the degree to which the fair value is observable: Level 1 those fair values derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 those fair values derived from 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); and Level 3 those fair values derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). There has not been any transfer of assets or liabilities between levels. There are no non-recurring fair value measurements. Level 2 fair values are derived from future cash flows, of open forward contracts at 31 December, translated by the difference between contractual rates and observable forward exchange rates.
Level 1 Level 2 Level 3 Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Foreign exchange contracts \u2013 cash flow hedges
\u2013
1.1
\u2013
1.1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total assets
\u2013
1.2
\u2013
1.2
Liabilities
Contingent consideration \u2013 fair value through profit or loss
\u2013
\u2013
16.5
16.5
Foreign exchange contracts \u2013 cash flow hedges
\u2013
5.7
\u2013
5.7
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total liabilities
\u2013
5.8
16.5
22.3
Level 1 Level 2 Level 3 Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Foreign exchange contracts \u2013 cash flow hedges
\u2013
2.5
\u2013
2.5
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total assets
\u2013
2.6
\u2013
2.6
Liabilities
Contingent consideration \u2013 fair value through profit or loss
\u2013
\u2013
29.0
29.0
Foreign exchange contracts \u2013 cash flow hedges
\u2013
4.1
\u2013
4.1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total liabilities
\u2013
4.2
29.0
33.2
An amount of \u00a30.1m loss (2023 \u2013 \u00a30.7m gain) has been transferred to the Consolidated Income Statement, and is included within operating profit. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In hedges of the above foreign exchange contracts this may arise if the timing of the transaction changes from what was originally estimated. The hedged forecast transactions denominated in foreign currency are expected to occur at various dates during the next 60 months. Amounts deferred in equity are recognised in the Consolidated Income Statement in the same period in which the hedged items affect profit or loss, which is generally within 12 months from the Balance Sheet date. In 2023 and 2024, some cash flow hedging relationships were discontinued because forecast foreign currency transactions were no longer highly probable and no longer expected to occur. Previously accumulated gains or losses on the forward contracts were immediately reclassified to the income statement. These forward contracts, and the forward contracts entered to unwind the position, that remained at 31 December 2023 and 31 December 2024 were presented in the Balance Sheet as held for trading assets. The fair value of contingent consideration is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cashflows.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "value": "21. Tax balance sheet Current tax The current tax receivable of \u00a32.8m (2023 \u2013 \u00a32.3m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by way of offset against future tax liabilities or refund. The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on-account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a38.0m (2023 \u2013 \u00a310.0m) includes \u00a31.9m (2023 \u2013 \u00a32.3m) tax due on profits of the current and prior years as well as \u00a36.1m (2023 \u2013 \u00a37.7m) provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that may be due thereon. These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to increase the provision by a material amount. Deferred tax liabilities and assets The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(17.5)
1.1
(7.7)
(10.2)
2.7
4.2
33.6
6.2
(Charge)/credit to Consolidated
Income Statement
(2.3)
0.1
(0.7)
(0.4)
(1.9)
(0.7)
13.6
7.7
(Charge)/credit to other
comprehensive income
\u2013
(0.9)
\u2013
0.6
\u2013
\u2013
\u2013
(0.3)
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Exchange differences
1.1
\u2013
0.4
(0.1)
\u2013
(0.1)
(2.1)
(0.8)
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated
Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
Credit to other
comprehensive income
\u2013
0.8
\u2013
1.1
\u2013
\u2013
\u2013
1.9
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
Asset/(liability)
at 31 December 2024
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
Other temporary differences include assets in the US of \u00a315.1m (2023 \u2013 \u00a317.3m) in respect of inventory provisions, accruals and other expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a310.0m (2023 \u2013 \u00a34.9m). Also included are assets held in respect of IFRS 16 of \u00a32.8m (2023 \u2013 \u00a31.9m) and share-based compensation \u00a32.7m (2023 \u2013 \u00a33.7m). During the year, R&D timing differences of \u00a310.0m, expected to become tax deductible in future periods, have been reclassified as part of the total deferred tax asset in respect of R&D expenditure. The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a310.9m (2023 \u2013 \u00a312.0m), net of deferred tax assets on other schemes. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Deferred tax assets
27.5
20.7
Deferred tax liabilities
(8.2)
(7.0)
19.3
13.7
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a34.4m (2023 \u2013 \u00a33.4m), including \u00a30.4m (2023 \u2013 \u00a31.6m) recognised against deferred tax liabilities and \u00a34.0m (2023 \u2013 \u00a31.8m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2029 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a311.7m (2023 \u2013 \u00a323.1m) of losses have not been recognised at the Balance Sheet date, following the recognition of \u00a38.9m of losses in the year. Included in unrecognised tax losses are losses of \u00a311.4m (2023 \u2013 \u00a313.2m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. At the Balance Sheet date, a deferred tax liability of \u00a30.4m (2023 \u2013 \u00a30.3m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a330.7m (2023 \u2013 \u00a328.0m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. The Group has determined that the global minimum Top up Tax, which it is required to pay under Pillar II legislation, is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the Top up Tax and accounts for it as a current tax when it is incurred. At the Balance Sheet date, the Group had \u00a35.0m (2023 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2023 \u2013 \u00a318.0m) of unused capital losses. 23. Trade and other payables Trade and other payables at 31 December comprise the following:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
107.4
102.1
Social security and PAYE
4.8
5.2
Value added tax
2.3
1.3
Foreign exchange contracts
3.7
2.1
Accrued expenses
78.7
77.7
Total trade and other payables
196.9
188.4
Foreign exchange contracts of \u00a32.1m (2023 \u2013 \u00a32.1m), advance payments of \u00a34.4m (2023 \u2013 \u00a34.9m) and other long-term liabilities of \u00a32.0m (2023 \u2013 \u00a32.9m) are included in Others, under Non-current liabilities on the Consolidated Balance Sheet. The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 61 days (2023 \u2013 58 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "value": "Current tax The current tax receivable of \u00a32.8m (2023 \u2013 \u00a32.3m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by way of offset against future tax liabilities or refund. The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on-account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a38.0m (2023 \u2013 \u00a310.0m) includes \u00a31.9m (2023 \u2013 \u00a32.3m) tax due on profits of the current and prior years as well as \u00a36.1m (2023 \u2013 \u00a37.7m) provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that may be due thereon. These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to increase the provision by a material amount. Deferred tax liabilities and assets The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(17.5)
1.1
(7.7)
(10.2)
2.7
4.2
33.6
6.2
(Charge)/credit to Consolidated
Income Statement
(2.3)
0.1
(0.7)
(0.4)
(1.9)
(0.7)
13.6
7.7
(Charge)/credit to other
comprehensive income
\u2013
(0.9)
\u2013
0.6
\u2013
\u2013
\u2013
(0.3)
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.9
0.9
Exchange differences
1.1
\u2013
0.4
(0.1)
\u2013
(0.1)
(2.1)
(0.8)
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated
Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
Credit to other
comprehensive income
\u2013
0.8
\u2013
1.1
\u2013
\u2013
\u2013
1.9
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
Asset/(liability)
at 31 December 2024
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
Other temporary differences include assets in the US of \u00a315.1m (2023 \u2013 \u00a317.3m) in respect of inventory provisions, accruals and other expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a310.0m (2023 \u2013 \u00a34.9m). Also included are assets held in respect of IFRS 16 of \u00a32.8m (2023 \u2013 \u00a31.9m) and share-based compensation \u00a32.7m (2023 \u2013 \u00a33.7m). During the year, R&D timing differences of \u00a310.0m, expected to become tax deductible in future periods, have been reclassified as part of the total deferred tax asset in respect of R&D expenditure. The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a310.9m (2023 \u2013 \u00a312.0m), net of deferred tax assets on other schemes. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Deferred tax assets
27.5
20.7
Deferred tax liabilities
(8.2)
(7.0)
19.3
13.7
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a34.4m (2023 \u2013 \u00a33.4m), including \u00a30.4m (2023 \u2013 \u00a31.6m) recognised against deferred tax liabilities and \u00a34.0m (2023 \u2013 \u00a31.8m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2029 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a311.7m (2023 \u2013 \u00a323.1m) of losses have not been recognised at the Balance Sheet date, following the recognition of \u00a38.9m of losses in the year. Included in unrecognised tax losses are losses of \u00a311.4m (2023 \u2013 \u00a313.2m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. At the Balance Sheet date, a deferred tax liability of \u00a30.4m (2023 \u2013 \u00a30.3m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a330.7m (2023 \u2013 \u00a328.0m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. The Group has determined that the global minimum Top up Tax, which it is required to pay under Pillar II legislation, is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the Top up Tax and accounts for it as a current tax when it is incurred. At the Balance Sheet date, the Group had \u00a35.0m (2023 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2023 \u2013 \u00a318.0m) of unused capital losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "
22. Lease liabilities
When measuring lease liabilities, the Group discounts lease payments using incremental borrowing rates, determined on a lease portfolio basis.
Year ended Year ended
2024 2023
Undiscounted contractual maturity of lease liabilities: \u00a3m \u00a3m
Amounts payable:
On demand or within one year
14.2
12.7
In the second to fifth years inclusive
39.8
37.7
After five years
49.0
46.7
103.0
97.1
Less: future finance charges
(26.8)
(25.3)
Lease liabilities
76.2
71.8
Year ended Year ended
2024 2023
Amounts recognised in the Consolidated Income Statement: \u00a3m \u00a3m
Interest on lease liabilities
3.4
2.9
Expenses relating to short-term leases
\u2013
0.1
3.4
3.0
There was no income from sub-leasing right-of-use assets (2023 \u2013 \u00a3nil). If all lease extension options were fully applied, lease liabilities would increase
by \u00a34.3m at 31 December 2024.
Year ended Year ended
2024 2023
Amounts recognised in the Consolidated Cash Flow Statement \u00a3m \u00a3m
Cash outflow for leases
13.4
13.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "
23. Trade and other payables
Trade and other payables at 31 December comprise the following:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
107.4
102.1
Social security and PAYE
4.8
5.2
Value added tax
2.3
1.3
Foreign exchange contracts
3.7
2.1
Accrued expenses
78.7
77.7
Total trade and other payables
196.9
188.4
Foreign exchange contracts of \u00a32.1m (2023 \u2013 \u00a32.1m), advance payments of \u00a34.4m (2023 \u2013 \u00a34.9m) and other long-term liabilities of \u00a32.0m
(2023 \u2013 \u00a32.9m) are included in Others, under Non-current liabilities on the Consolidated Balance Sheet.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
The average credit period taken for trade purchases is 61 days (2023 \u2013 58 days).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "23. Trade and other payables Trade and other payables at 31 December comprise the following:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
107.4
102.1
Social security and PAYE
4.8
5.2
Value added tax
2.3
1.3
Foreign exchange contracts
3.7
2.1
Accrued expenses
78.7
77.7
Total trade and other payables
196.9
188.4
Foreign exchange contracts of \u00a32.1m (2023 \u2013 \u00a32.1m), advance payments of \u00a34.4m (2023 \u2013 \u00a34.9m) and other long-term liabilities of \u00a32.0m (2023 \u2013 \u00a32.9m) are included in Others, under Non-current liabilities on the Consolidated Balance Sheet. The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 61 days (2023 \u2013 58 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "23. Trade and other payables Trade and other payables at 31 December comprise the following:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Current liabilities
Trade payables
107.4
102.1
Social security and PAYE
4.8
5.2
Value added tax
2.3
1.3
Foreign exchange contracts
3.7
2.1
Accrued expenses
78.7
77.7
Total trade and other payables
196.9
188.4
Foreign exchange contracts of \u00a32.1m (2023 \u2013 \u00a32.1m), advance payments of \u00a34.4m (2023 \u2013 \u00a34.9m) and other long-term liabilities of \u00a32.0m (2023 \u2013 \u00a32.9m) are included in Others, under Non-current liabilities on the Consolidated Balance Sheet. The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 61 days (2023 \u2013 58 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "value": "
24. Provisions
Legal claims
and contractual
Warranty Restructuring matters Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
10.8
0.2
8.6
19.6
Additional provision in the year
4.4
2.4
4.4
11.2
Reclassification
4.8
\u2013
(4.8)
\u2013
Utilisation of provision
(1.3)
(2.1)
(0.1)
(3.5)
Release of unused amounts
(0.3)
\u2013
(0.9)
(1.2)
Exchange differences
(0.5)
\u2013
(0.1)
(0.6)
At 1 January 2024
17.9
0.5
7.1
25.5
Additional provision in the year
2.8
\u2013
1.7
4.5
Utilisation of provision
(1.0)
(0.5)
(0.6)
(2.1)
Release of unused amounts
(0.6)
\u2013
(1.5)
(2.1)
Exchange differences
0.1
\u2013
\u2013
0.1
At 31 December 2024
19.2
\u2013
6.7
25.9
Included in current liabilities
4.8
\u2013
6.5
11.3
Warranty
Provisions for warranty costs are based on an assessment of future claims with reference to past experience. Management exercises judgment
to determine the best estimate of the most likely outcome for each provision separately. \u00a34.8m of costs are expected to settle within the next
12 months. The warranty costs include a provision of \u00a311.8m (2023 \u2013 \u00a311.0m) related to one specific disputed commercial matter. The range of
reasonably possible outcomes considered by the Board is \u00a36m, which reflects a reasonably possible increase of \u00a34m or decrease of \u00a32m.
No further details on the matter are disclosed to avoid prejudicing the contractual position.
Legal claims and contractual matters
Provisions at 31 December 2024 comprise \u00a36.7m (2023 \u2013 \u00a37.1m) relating to contractual matters that have arisen in the ordinary course of business,
the settlement of which are subject to ongoing discussions. Management exercises judgment to determine the best estimate of the most likely
outcome, having considered each provision separately and the possible range of outcomes. Amounts are recorded for known issues based on past
experience of similar items and other known factors and circumstances. As with any judgment there is a high degree of inherent uncertainty,
particularly with legal proceedings and claims, and the actual amounts of the settlement could differ from the amount provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "24. Provisions
Legal claims
and contractual
Warranty Restructuring matters Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
10.8
0.2
8.6
19.6
Additional provision in the year
4.4
2.4
4.4
11.2
Reclassification
4.8
\u2013
(4.8)
\u2013
Utilisation of provision
(1.3)
(2.1)
(0.1)
(3.5)
Release of unused amounts
(0.3)
\u2013
(0.9)
(1.2)
Exchange differences
(0.5)
\u2013
(0.1)
(0.6)
At 1 January 2024
17.9
0.5
7.1
25.5
Additional provision in the year
2.8
\u2013
1.7
4.5
Utilisation of provision
(1.0)
(0.5)
(0.6)
(2.1)
Release of unused amounts
(0.6)
\u2013
(1.5)
(2.1)
Exchange differences
0.1
\u2013
\u2013
0.1
At 31 December 2024
19.2
\u2013
6.7
25.9
Included in current liabilities
4.8
\u2013
6.5
11.3
Warranty Provisions for warranty costs are based on an assessment of future claims with reference to past experience. Management exercises judgment to determine the best estimate of the most likely outcome for each provision separately. \u00a34.8m of costs are expected to settle within the next 12 months. The warranty costs include a provision of \u00a311.8m (2023 \u2013 \u00a311.0m) related to one specific disputed commercial matter. The range of reasonably possible outcomes considered by the Board is \u00a36m, which reflects a reasonably possible increase of \u00a34m or decrease of \u00a32m. No further details on the matter are disclosed to avoid prejudicing the contractual position. Legal claims and contractual matters Provisions at 31 December 2024 comprise \u00a36.7m (2023 \u2013 \u00a37.1m) relating to contractual matters that have arisen in the ordinary course of business, the settlement of which are subject to ongoing discussions. Management exercises judgment to determine the best estimate of the most likely outcome, having considered each provision separately and the possible range of outcomes. Amounts are recorded for known issues based on past experience of similar items and other known factors and circumstances. As with any judgment there is a high degree of inherent uncertainty, particularly with legal proceedings and claims, and the actual amounts of the settlement could differ from the amount provided. 34. Contingent liabilities The Group is subject to various claims which arise from time to time in the course of its business including, for example, in relation to commercial matters, product quality or liability, and tax audits. Where the Board has assessed there to be a more likely than not outflow of economic benefits, provision has been made for the best estimate as at 31 December 2024 (see Note 24). For all other matters, the Board has concluded that it is not more likely than not that there will be an economic outflow of benefits. While the outcome of some of these matters cannot be predicted with any certainty, the Directors do not expect any of these arrangements, legal actions or claims, after allowing for provisions already made where appropriate, to result in significant loss to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "
25. Share capital and share premium
Share capital
At 31 December 2024, the Company has issued and fully paid 419.4 million ordinary shares of 10p each and share capital of \u00a341.9m (2023 \u2013 419.4
million ordinary shares of 10p each and share capital of \u00a341.9m). No shares were issued during 2024 and 2023. The Company has one class of ordinary
shares which carry no right to fixed income.
Share premium
At 31 December 2024, the Company has share premium of \u00a314.8m (2023 \u2013 \u00a314.8m). There was no movement during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "value": "25. Share capital and share premium Share capital At 31 December 2024, the Company has issued and fully paid 419.4 million ordinary shares of 10p each and share capital of \u00a341.9m (2023 \u2013 419.4 million ordinary shares of 10p each and share capital of \u00a341.9m). No shares were issued during 2024 and 2023. The Company has one class of ordinary shares which carry no right to fixed income. Share premium At 31 December 2024, the Company has share premium of \u00a314.8m (2023 \u2013 \u00a314.8m). There was no movement during the year. 26. Equity reserve
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Balance at 1 January
7.9
6.4
Transfer to retained earnings reserve
(4.6)
(2.6)
Share-based payment charge
4.5
4.1
Balance at 31 December
7.8
7.9
The transfer to retained earnings reserve is in respect of equity-settled share-based payments that vested during the year. 27. Hedging and translation reserves
Hedging Translation Hedging Translation
reserve reserve Total reserve reserve Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(36.1)
73.4
37.3
(38.8)
90.3
51.5
Exchange differences on translation of overseas operations
\u2013
4.0
4.0
\u2013
(16.9)
(16.9)
Change in fair value of hedging derivatives
(2.9)
\u2013
(2.9)
3.6
\u2013
3.6
Tax on foreign exchange contracts \u2013 cash flow hedges
0.8
\u2013
0.8
(0.9)
\u2013
(0.9)
Balance at 31 December
(38.2)
77.4
39.2
(36.1)
73.4
37.3
Hedging reserve At 31 December 2024, the hedging reserve comprises net investment hedging losses of \u00a335.2m (2023 \u2013 \u00a335.2m), foreign exchange contracts \u2013 cash flow hedge losses of \u00a34.2m (2023 \u2013 \u00a31.3m) and related tax gains of \u00a31.2m (2023 \u2013 \u00a30.4m). Movement in fair value of foreign exchange contracts \u2013 cash flow hedges:
Derivatives at Derivatives at Derivatives at Derivatives at
fair value fair value fair value fair value
through through through through
Hedging Income Hedging Income
Reserve Statement Total Reserve Statement Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(1.3)
(0.3)
(1.6)
(4.9)
(1.0)
(5.9)
Fair value movement recognised in Hedging reserve
(2.8)
\u2013
(2.8)
2.7
\u2013
2.7
Fair value movement recognised in Income Statement
\u2013
(0.2)
(0.2)
\u2013
1.6
1.6
Fair value movement recognised in Hedging reserve
and Income Statement
(0.1)
0.1
\u2013
0.9
(0.9)
\u2013
Balance at 31 December
(4.2)
(0.4)
(4.6)
(1.3)
(0.3)
(1.6)
The Group uses foreign currency forward contracts to manage its foreign currency risk associated with its highly probable forecast transactions. These contracts are designated as cash flow hedge relationships. To the extent these hedges are effective, the change in fair value of the hedging instrument is recognised in the hedging reserve. The sum of the fair value of foreign exchange contracts deferred in the hedging reserve and recognised in the Income Statement is presented as foreign exchange contracts \u2013 cash flow hedges. See Note 20 for further details. Costs of hedging The Group designates the forward component of foreign currency forward contracts as hedging instruments in cash flow hedge relationships. 28. Retained earnings
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Balance at 1 January
368.0
346.5
Dividends paid
(10.1)
(6.6)
Profit for the year
25.9
31.1
Pension actuarial loss
(4.8)
(2.6)
Transfer from equity reserve
4.6
2.6
Transfer from own share reserve
(7.2)
(4.5)
Tax on deductible temporary differences
0.3
1.5
Balance at 31 December
376.7
368.0
29. Own shares
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Balance at 1 January
(12.8)
(11.7)
Transfer to retained earnings reserve
9.3
4.5
Purchase of new shares
(7.0)
(5.6)
Balance at 31 December
(10.5)
(12.8)
The own shares reserve represents the cost of shares purchased in the market and held by the Senior plc Employee Benefit Trust to satisfy options
under the Group\u2019s share option schemes (see Note 32).
At 31 December 2024, the number of own shares held by the Senior Plc Employee Benefit Trust is 6,018,162 (2023 \u2013 6,758,973).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "
26. Equity reserve
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Balance at 1 January
7.9
6.4
Transfer to retained earnings reserve
(4.6)
(2.6)
Share-based payment charge
4.5
4.1
Balance at 31 December
7.8
7.9
The transfer to retained earnings reserve is in respect of equity-settled share-based payments that vested during the year.
28. Retained earnings
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Balance at 1 January
368.0
346.5
Dividends paid
(10.1)
(6.6)
Profit for the year
25.9
31.1
Pension actuarial loss
(4.8)
(2.6)
Transfer from equity reserve
4.6
2.6
Transfer from own share reserve
(7.2)
(4.5)
Tax on deductible temporary differences
0.3
1.5
Balance at 31 December
376.7
368.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "
27. Hedging and translation reserves
Hedging Translation Hedging Translation
reserve reserve Total reserve reserve Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(36.1)
73.4
37.3
(38.8)
90.3
51.5
Exchange differences on translation of overseas operations
\u2013
4.0
4.0
\u2013
(16.9)
(16.9)
Change in fair value of hedging derivatives
(2.9)
\u2013
(2.9)
3.6
\u2013
3.6
Tax on foreign exchange contracts \u2013 cash flow hedges
0.8
\u2013
0.8
(0.9)
\u2013
(0.9)
Balance at 31 December
(38.2)
77.4
39.2
(36.1)
73.4
37.3
Hedging reserve
At 31 December 2024, the hedging reserve comprises net investment hedging losses of \u00a335.2m (2023 \u2013 \u00a335.2m), foreign exchange contracts \u2013 cash
flow hedge losses of \u00a34.2m (2023 \u2013 \u00a31.3m) and related tax gains of \u00a31.2m (2023 \u2013 \u00a30.4m).
Movement in fair value of foreign exchange contracts \u2013 cash flow hedges:
Derivatives at Derivatives at Derivatives at Derivatives at
fair value fair value fair value fair value
through through through through
Hedging Income Hedging Income
Reserve Statement Total Reserve Statement Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(1.3)
(0.3)
(1.6)
(4.9)
(1.0)
(5.9)
Fair value movement recognised in Hedging reserve
(2.8)
\u2013
(2.8)
2.7
\u2013
2.7
Fair value movement recognised in Income Statement
\u2013
(0.2)
(0.2)
\u2013
1.6
1.6
Fair value movement recognised in Hedging reserve
and Income Statement
(0.1)
0.1
\u2013
0.9
(0.9)
\u2013
Balance at 31 December
(4.2)
(0.4)
(4.6)
(1.3)
(0.3)
(1.6)
The Group uses foreign currency forward contracts to manage its foreign currency risk associated with its highly probable forecast transactions. These
contracts are designated as cash flow hedge relationships. To the extent these hedges are effective, the change in fair value of the hedging instrument
is recognised in the hedging reserve. The sum of the fair value of foreign exchange contracts deferred in the hedging reserve and recognised in the
Income Statement is presented as foreign exchange contracts \u2013 cash flow hedges. See Note 20 for further details.
Costs of hedging
The Group designates the forward component of foreign currency forward contracts as hedging instruments in cash flow hedge relationships.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "29. Own shares
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Balance at 1 January
(12.8)
(11.7)
Transfer to retained earnings reserve
9.3
4.5
Purchase of new shares
(7.0)
(5.6)
Balance at 31 December
(10.5)
(12.8)
The own shares reserve represents the cost of shares purchased in the market and held by the Senior plc Employee Benefit Trust to satisfy options under the Group\u2019s share option schemes (see Note 32). At 31 December 2024, the number of own shares held by the Senior Plc Employee Benefit Trust is 6,018,162 (2023 \u2013 6,758,973).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "
30. Acquisition and other corporate activities
Acquisition of Spencer Aerospace Manufacturing, LLC
On 25 November 2022, the Group acquired substantially all of the assets of Spencer Aerospace Manufacturing, LLC, a leading manufacturer of highly
engineered, high-pressure hydraulic fluid fittings for use in commercial and military aerospace applications, located in Valencia, California, USA.
At 31 December 2024, there is a maximum contingent consideration remaining of $26.6m (\u00a321.2m) potentially payable, in milestone amounts,
dependent on the financial performance of Spencer Aerospace for the period from 1 January 2024 to 31 December 2026. The most likely range of this
remaining contingent element is estimated between $21.6m and $26.6m. The fair value of $20.6m (\u00a316.5m), which includes discounting, has been
recognised at 31 December 2024. The fair value of contingent consideration assumes continuing to expand the relationship with Spencer\u2019s established
customers and leveraging Senior\u2019s strong relationships with OEMs, Tier 1 integrators and after market customers around the world to exploit
opportunities for Spencer Aerospace. In 2024, the fair value change relates to a release of \u00a33.6m for the 2025 earnout target not expected to be
payable as a result of the impact of the well publicised 737 MAX subdued volumes, partly offset by \u00a31.4m interest unwind (2023 \u2013 \u00a32.9m interest
unwind). In 2023, $26.6m (\u00a323.9m) deferred consideration net of working capital adjustment was paid.
In 2024, \u00a30.8m costs (2023 \u2013 \u00a31.5m) were incurred related to the acquisition.
The movement of deferred and contingent consideration payable and working capital receivable since acquisition date is shown below:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Balance at 1 January
29.0
52.0
Cash paid net of working capital received/paid
(10.7)
(23.9)
Change in fair value on acquisition consideration
(2.2)
2.9
Effect of movements in exchange rates
0.4
(2.0)
Balance at 31 December
16.5
29.0
Amounts falling due within one year
13.0
10.5
Amounts falling due after one year
3.5
18.5
Contingent consideration at 31 December
16.5
29.0
Also in 2024, \u00a30.4m costs associated with potential disposal and other corporate activities were incurred (2023 \u2013 \u00a33.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "
31. Notes to the consolidated cash flow statement
A) Reconciliation of operating profit to net cash from operating activities
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Operating profit
40.3
37.9
Adjustments for:
Depreciation of property, plant and equipment
47.3
48.0
Amortisation of intangible assets
3.3
3.7
Profit on sale of fixed assets
\u2013
(0.2)
Share-based payment charges
4.5
4.1
Pension contributions
(0.8)
(1.4)
Pension service and running costs
1.9
1.3
Corporate undertaking costs
(2.3)
(1.9)
Share of joint venture
(1.3)
(1.0)
Increase in inventories
(26.6)
(21.7)
Decrease/(increase) in receivables
4.0
(20.4)
Increase in payables and provisions
5.1
16.8
Restructuring impairment of property, plant and equipment and software
\u2013
1.2
US pension settlement
\u2013
(0.9)
US class action lawsuit
1.1
\u2013
Site relocation costs
1.9
\u2013
Working capital and provisions currency movements
(0.4)
(1.3)
Cash generated by operations
78.0
64.2
Income taxes paid
(7.4)
(5.6)
Interest paid
(21.2)
(17.2)
Net cash from operating activities
49.4
41.4
B) Free cash flow
Free cash flow, a non-statutory item, enhances the reporting of the cash-generating ability of the Group prior to corporate activity such as acquisitions,
restructuring, disposal activities, financing and transactions with shareholders. It is used as a performance measure by the Board and Executive
Committee and is derived as follows:
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Net cash from operating activities
49.4
41.4
Corporate undertaking costs
9
2.3
1.9
Net restructuring cash paid
0.5
2.1
Site relocation costs
1.6
0.1
US pension settlement cash paid
\u2013
0.9
Interest received
6.6
4.3
Proceeds on disposal of property, plant and equipment
0.1
0.7
Purchases of property, plant and equipment
(41.5)
(33.7)
Purchase of intangible assets
(1.7)
(2.2)
Free cash flow
17.3
15.5
C) Analysis of net debt
At Net Other At
1 January Cash Non Exchange Lease 31 December
2024 flow Cash movement movements 2024
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
47.6
(1.4)
\u2013
(0.7)
\u2013
45.5
Overdrafts
(1.8)
1.8
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
45.8
0.4
\u2013
(0.7)
\u2013
45.5
Debt due within one year
\u2013
\u2013
(75.0)
\u2013
\u2013
(75.0)
Debt due after one year
(177.8)
(20.2)
75.0
(0.9)
(123.9)
Lease liabilities
(1)
22
(71.8)
10.0
\u2013
(1.5)
(12.9)
(76.2)
Liabilities arising from financing activities
(249.6)
(10.2)
\u2013
(2.4)
(12.9)
(275.1)
Total
(203.8)
(9.8)
\u2013
(3.1)
(12.9)
(229.6)
(1) The change in lease liabilities in the year ended 31 December 2024 includes lease rental payments of \u00a313.4m (\u00a33.4m of these payments relates to lease interest), \u00a31.5m exchange
movement and \u00a312.9m other movements which are related to lease additions and modifications.
At Net Other At
1 January Cash Non Exchange Lease 31 December
2023 flow Cash movement movements 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
43.2
5.5
\u2013
(1.1)
\u2013
47.6
Overdrafts
(0.5)
(1.3)
\u2013
\u2013
\u2013
(1.8)
Cash and cash equivalents
42.7
4.2
\u2013
(1.1)
\u2013
45.8
Debt due within one year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Debt due after one year
(143.2)
(39.9)
5.3
\u2013
(177.8)
Lease liabilities
(2)
22
(78.4)
10.2
4.3
(7.9)
(71.8)
Liabilities arising from financing activities
(221.6)
(29.7)
\u2013
9.6
(7.9)
(249.6)
Total
(178.9)
(25.5)
\u2013
8.5
(7.9)
(203.8)
(2) The change in lease liabilities in the year ended 31 December 2023 includes lease rental payments of \u00a313.1m (\u00a32.9m of these payments relates to lease interest), \u00a34.3m exchange
movement and \u00a37.9m other movements, which are related to lease additions and modifications.
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents comprise:
Cash and bank balances
45.5
47.6
Overdrafts
\u2013
(1.8)
Total
45.5
45.8
Cash and cash equivalents (which are presented as a single class of assets on the face of the Consolidated Balance Sheet) comprise cash at bank
and other short-term highly liquid investments with a maturity of three months or less. The Directors consider that the carrying amount of cash
and cash equivalents approximates to their fair value.
D) Analysis of working capital and provisions
Working capital comprises the following:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Inventories
236.0
207.5
Trade and other receivables
137.2
141.7
Trade and other payables
(196.9)
(188.4)
Working capital, including derivatives
176.3
160.8
Items excluded:
Foreign exchange contracts
2.7
0.1
Total
179.0
160.9
Working capital and provisions movement, net of restructuring items, a non-statutory cash flow item, is derived as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Increase in inventories
(26.6)
(21.7)
Decrease/(increase) in receivables
4.0
(20.4)
Increase in payables and provisions
5.1
16.8
Working capital and provisions movement, excluding currency effects
(17.5)
(25.3)
Items excluded:
Increase in restructuring related inventory impairment
\u2013
(2.0)
Decrease/(increase) in net restructuring provision and other receivables
0.5
(0.3)
Total
(17.0)
(27.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "31. Notes to the consolidated cash flow statement A) Reconciliation of operating profit to net cash from operating activities
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Operating profit
40.3
37.9
Adjustments for:
Depreciation of property, plant and equipment
47.3
48.0
Amortisation of intangible assets
3.3
3.7
Profit on sale of fixed assets
\u2013
(0.2)
Share-based payment charges
4.5
4.1
Pension contributions
(0.8)
(1.4)
Pension service and running costs
1.9
1.3
Corporate undertaking costs
(2.3)
(1.9)
Share of joint venture
(1.3)
(1.0)
Increase in inventories
(26.6)
(21.7)
Decrease/(increase) in receivables
4.0
(20.4)
Increase in payables and provisions
5.1
16.8
Restructuring impairment of property, plant and equipment and software
\u2013
1.2
US pension settlement
\u2013
(0.9)
US class action lawsuit
1.1
\u2013
Site relocation costs
1.9
\u2013
Working capital and provisions currency movements
(0.4)
(1.3)
Cash generated by operations
78.0
64.2
Income taxes paid
(7.4)
(5.6)
Interest paid
(21.2)
(17.2)
Net cash from operating activities
49.4
41.4
B) Free cash flow Free cash flow, a non-statutory item, enhances the reporting of the cash-generating ability of the Group prior to corporate activity such as acquisitions, restructuring, disposal activities, financing and transactions with shareholders. It is used as a performance measure by the Board and Executive Committee and is derived as follows:
Year ended Year ended
2024 2023
Notes \u00a3m \u00a3m
Net cash from operating activities
49.4
41.4
Corporate undertaking costs
9
2.3
1.9
Net restructuring cash paid
0.5
2.1
Site relocation costs
1.6
0.1
US pension settlement cash paid
\u2013
0.9
Interest received
6.6
4.3
Proceeds on disposal of property, plant and equipment
0.1
0.7
Purchases of property, plant and equipment
(41.5)
(33.7)
Purchase of intangible assets
(1.7)
(2.2)
Free cash flow
17.3
15.5
C) Analysis of net debt
At Net Other At
1 January Cash Non Exchange Lease 31 December
2024 flow Cash movement movements 2024
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
47.6
(1.4)
\u2013
(0.7)
\u2013
45.5
Overdrafts
(1.8)
1.8
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
45.8
0.4
\u2013
(0.7)
\u2013
45.5
Debt due within one year
\u2013
\u2013
(75.0)
\u2013
\u2013
(75.0)
Debt due after one year
(177.8)
(20.2)
75.0
(0.9)
(123.9)
Lease liabilities
(1)
22
(71.8)
10.0
\u2013
(1.5)
(12.9)
(76.2)
Liabilities arising from financing activities
(249.6)
(10.2)
\u2013
(2.4)
(12.9)
(275.1)
Total
(203.8)
(9.8)
\u2013
(3.1)
(12.9)
(229.6)
(1) The change in lease liabilities in the year ended 31 December 2024 includes lease rental payments of \u00a313.4m (\u00a33.4m of these payments relates to lease interest), \u00a31.5m exchange movement and \u00a312.9m other movements which are related to lease additions and modifications.
At Net Other At
1 January Cash Non Exchange Lease 31 December
2023 flow Cash movement movements 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
43.2
5.5
\u2013
(1.1)
\u2013
47.6
Overdrafts
(0.5)
(1.3)
\u2013
\u2013
\u2013
(1.8)
Cash and cash equivalents
42.7
4.2
\u2013
(1.1)
\u2013
45.8
Debt due within one year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Debt due after one year
(143.2)
(39.9)
5.3
\u2013
(177.8)
Lease liabilities
(2)
22
(78.4)
10.2
4.3
(7.9)
(71.8)
Liabilities arising from financing activities
(221.6)
(29.7)
\u2013
9.6
(7.9)
(249.6)
Total
(178.9)
(25.5)
\u2013
8.5
(7.9)
(203.8)
(2) The change in lease liabilities in the year ended 31 December 2023 includes lease rental payments of \u00a313.1m (\u00a32.9m of these payments relates to lease interest), \u00a34.3m exchange movement and \u00a37.9m other movements, which are related to lease additions and modifications.
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents comprise:
Cash and bank balances
45.5
47.6
Overdrafts
\u2013
(1.8)
Total
45.5
45.8
Cash and cash equivalents (which are presented as a single class of assets on the face of the Consolidated Balance Sheet) comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value. D) Analysis of working capital and provisions Working capital comprises the following:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Inventories
236.0
207.5
Trade and other receivables
137.2
141.7
Trade and other payables
(196.9)
(188.4)
Working capital, including derivatives
176.3
160.8
Items excluded:
Foreign exchange contracts
2.7
0.1
Total
179.0
160.9
Working capital and provisions movement, net of restructuring items, a non-statutory cash flow item, is derived as follows:
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Increase in inventories
(26.6)
(21.7)
Decrease/(increase) in receivables
4.0
(20.4)
Increase in payables and provisions
5.1
16.8
Working capital and provisions movement, excluding currency effects
(17.5)
(25.3)
Items excluded:
Increase in restructuring related inventory impairment
\u2013
(2.0)
Decrease/(increase) in net restructuring provision and other receivables
0.5
(0.3)
Total
(17.0)
(27.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "value": "C) Analysis of net debt
At Net Other At
1 January Cash Non Exchange Lease 31 December
2024 flow Cash movement movements 2024
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
47.6
(1.4)
\u2013
(0.7)
\u2013
45.5
Overdrafts
(1.8)
1.8
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
45.8
0.4
\u2013
(0.7)
\u2013
45.5
Debt due within one year
\u2013
\u2013
(75.0)
\u2013
\u2013
(75.0)
Debt due after one year
(177.8)
(20.2)
75.0
(0.9)
(123.9)
Lease liabilities
(1)
22
(71.8)
10.0
\u2013
(1.5)
(12.9)
(76.2)
Liabilities arising from financing activities
(249.6)
(10.2)
\u2013
(2.4)
(12.9)
(275.1)
Total
(203.8)
(9.8)
\u2013
(3.1)
(12.9)
(229.6)
(1) The change in lease liabilities in the year ended 31 December 2024 includes lease rental payments of \u00a313.4m (\u00a33.4m of these payments relates to lease interest), \u00a31.5m exchange movement and \u00a312.9m other movements which are related to lease additions and modifications.
At Net Other At
1 January Cash Non Exchange Lease 31 December
2023 flow Cash movement movements 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
43.2
5.5
\u2013
(1.1)
\u2013
47.6
Overdrafts
(0.5)
(1.3)
\u2013
\u2013
\u2013
(1.8)
Cash and cash equivalents
42.7
4.2
\u2013
(1.1)
\u2013
45.8
Debt due within one year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Debt due after one year
(143.2)
(39.9)
5.3
\u2013
(177.8)
Lease liabilities
(2)
22
(78.4)
10.2
4.3
(7.9)
(71.8)
Liabilities arising from financing activities
(221.6)
(29.7)
\u2013
9.6
(7.9)
(249.6)
Total
(178.9)
(25.5)
\u2013
8.5
(7.9)
(203.8)
(2) The change in lease liabilities in the year ended 31 December 2023 includes lease rental payments of \u00a313.1m (\u00a32.9m of these payments relates to lease interest), \u00a34.3m exchange movement and \u00a37.9m other movements, which are related to lease additions and modifications.
Year ended Year ended
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents comprise:
Cash and bank balances
45.5
47.6
Overdrafts
\u2013
(1.8)
Total
45.5
45.8
Cash and cash equivalents (which are presented as a single class of assets on the face of the Consolidated Balance Sheet) comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "
32. Share-based payments
The Group recognised total expenses of \u00a34.8m (2023 \u2013 \u00a34.7m) related to share-based payments, of which \u00a34.5m (2023 \u2013 \u00a34.1m) related to equity-
settled share-based payments, and \u00a30.3m (2023 \u2013 \u00a30.6m) related to social security costs on share-based payments. As at 31 December 2024,
the Group had a liability of \u00a30.9m (2023 \u2013 \u00a31.1m) arising from share-based payments relating to social security costs.
A) 2014 Long-Term Incentive Plan
Equity-settled Long-Term Incentive Plans
On 29 April 2024, 4,138,155 shares were awarded under the 2014 Long-Term Incentive Plan. Awards made under this plan have a three-year vesting
period, and are subject to the following equally weighted performance conditions: adjusted earnings per share (EPS), total shareholder return (TSR),
and for awards granted from 2021, there is also a return on capital employed (ROCE) performance condition. The adjusted EPS and ROCE
performance conditions\u2019 targets are expressed as absolute numbers for the final financial year of the three-year performance period. The threshold of
the TSR performance condition requires the Company\u2019s TSR performance to fall within the top half of a comparator group at the end of the three-year
performance period. Vesting levels increase with higher performance. The awards are settled by delivering shares to the participants.
The estimated fair value for the awards granted in the year, excluding for the Executive Directors, with EPS and ROCE conditions is 164.40p, which is
the share price at the date of grant. The estimated fair value for the awards granted in the year, excluding for the Executive Directors, with TSR
conditions is 119.40p per share reflecting an adjustment of 33% to the fair value of the awards with EPS conditions due to the stringent TSR condition.
The respective fair values for awards made to the Executive Directors is 141.1p and 102.7p reflecting the two-year retention period.
These fair values were calculated by applying a binomial option pricing model. This model incorporates a technique called \u201cbootstrapping\u201d, which
models the impact of the TSR condition. The model inputs at the date of grant were the share price (164.40p for the main award), expected volatility
of 46% per annum, and the performance conditions as noted above. Expected volatility was determined by calculating the historical volatility of the
Group\u2019s share price over the previous three years.
On 6 August 2024, 74,797 additional shares were awarded with three-year vesting period and subject to the same performance conditions mentioned
above. In addition, one off 50,000 shares were also awarded on 26 September 2024. This award, which will vest on or after 16 March 2026, is subject to
the performance conditions applied to the awards granted on 14 March 2023 to other executives under the Senior plc 2014 Long-Term Incentive Plan.
There were also 30,879 dividend equivalent shares awarded and exercised in 2024.
The following share awards were outstanding as at 31 December 2024 and 2023:
Year ended Year ended
2024 2023
Number of Number of
shares shares
Outstanding at 1 January
13,137,108
11,038,212
Granted
4,293,831
5,159,842
Exercised
(2,569,383)
\u2013
Forfeited
(1,522,688)
(3,060,946)
Outstanding at 31 December
13,338,868
13,137,108
B) Enhanced SMIS Deferred Share Award
On 15 March 2024, 936,736 shares were awarded under the Enhanced SMIS Deferred Share Award. Shares earned under this award have a
three-year deferral period and would be subject to forfeiture by a \u201cbad leaver\u201d over that deferral period. There are no performance criteria for this
award.
The awards are settled by delivering shares to the participants.
There were also 8,125 dividend equivalent shares awarded and exercised in 2024.
The estimated fair value for the awards granted in the year is 176.80p per share, which is the share price at the date of grant.
The following share awards were outstanding as at 31 December 2024 and 2023:
Year ended Year ended
2024 2023
Number of Number of
shares shares
Outstanding at 1 January
3,135,225
2,542,363
Granted
944,861
1,250,446
Exercised
(686,403)
(657,58
4)
Outstanding at 31 December
3,393,683
3,135,225
C) Savings-Related Share Option Plan
The Company operates a Savings-Related Share Option Plan for eligible employees across the Group. There are no performance criteria for this
arrangement and options are issued to all participants in accordance with the HM Revenue & Customs rules for such savings plans. Savings-Related
Share Options were last issued on 5 May 2023.
The following options were outstanding as at 31 December 2024 and 2023:
Year ended 2024
Year ended 2023
Weighted Weighted
Number of average Number of average
share exercise share exercise
options price options price
Outstanding at 1 January
4,942,990
138.66p
2,956,614
124.90p
Granted
\u2013
\u2013
2,737,695
156.30p
Exercised
(1,538,946)
118.40p
(6,315)
118.4 0p
Forfeited
(912,768)
137.05p
(745,004)
149.06p
Outstanding at 31 December
2,491,276
151.77p
4,942,990
138.66p
Exercisable at 31 December
298,041
118.40p
\u2013
\u2013
1,538,946 shares were exercised in 2024 (2023 \u2013 6,315 shares). The options outstanding at 31 December 2024 had exercise prices of 156.30p and
118.40p per share, and a weighted average remaining contractual life of 1.7 years. The options outstanding at 31 December 2023 had exercise prices
of 156.30p and 118.40p per share, and a weighted average remaining contractual life of 2.0 years.
D) Restricted Share Awards
On 15 March 2024, 325,000 shares and on 29 April 2024, 30,000 additional shares were awarded under this plan. Shares granted under this award
have a three-year deferral period and would be subject to forfeiture by a \u201cbad leaver\u201d over that deferral period. There are no performance criteria for
this award. The awards are settled by delivering shares to the participants.
The estimated fair value for the awards granted in the year is 176.80p per share, which is the share price at the date of grant.
The following share awards were outstanding as at 31 December 2024 and 2023:
Year ended Year ended
2024 2023
Number of Number of
shares shares
Outstanding at 1 January
540,000
1,823,950
Granted
355,000
245,000
Exercised
(100,000)
(1,528,950)
Forfeited
(20,000)
\u2013
Outstanding at 31 December
775,000
540,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "a) Defined contribution schemes The Group has a number of different defined contribution and government-sponsored arrangements in place in the countries in which it operates. None of these are individually material to the Group and the aggregate cost of such schemes for the period was \u00a311.5m (2023 \u2013 \u00a310.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "value": "b) Defined benefit schemes The amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit plans is set out below.
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of defined benefit obligations
(181.9)
(33.5)
(5.4)
(220.8)
(199.2)
(37.3)
(5.2)
(241.7)
Fair value of plan assets
225.4
32.1
\u2013
257.5
247.7
34.5
\u2013
282.2
Plan surplus/(deficit) per Consolidated Balance
Sheet
43.5
(1.4)
(5.4)
36.7
48.5
(2.8)
(5.2)
40.5
c) Movements in the present value of defined benefit obligations were as follows:
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
199.2
37.3
5.2
241.7
198.4
49.4
5.4
253.2
Current service cost
\u2013
0.2
0.5
0.7
\u2013
0.3
0.2
0.5
Interest cost
8.8
1.7
0.1
10.6
9.3
2.0
0.1
11.4
Experience on benefit obligations
0.6
(0.8)
\u2013
(0.2)
1.9
(0.3)
\u2013
1.6
Actuarial (gains)/losses \u2013 financial
(17.3)
(2.1)
0.1
(19.3)
4.7
(0.9)
0.1
3.9
Actuarial losses/(gains) \u2013 demographic
2.6
\u2013
\u2013
2.6
(3.0)
\u2013
\u2013
(3.0)
Benefits paid
(12.0)
(3.3)
(0.4)
(15.7)
(12.1)
(3.0)
(0.5)
(15.6)
Settlement
\u2013
\u2013
\u2013
\u2013
\u2013
(8.1)
\u2013
(8.1)
Exchange differences
\u2013
0.5
(0.1)
0.4
\u2013
(2.1)
(0.1)
(2.2)
At 31 December
181.9
33.5
5.4
220.8
199.2
37.3
5.2
241.7
d) Movements in the fair value of plan assets were as follows:
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
247.7
34.5
\u2013
282.2
250.2
42.7
\u2013
292.9
Interest on plan assets
11.0
1.6
\u2013
12.6
11.8
1.7
\u2013
13.5
Actual return on plan assets less interest
(20.1)
(1.6)
\u2013
(21.7)
(1.4)
1.3
\u2013
(0.1)
Contributions from employer
\u2013
0.4
\u2013
0.4
\u2013
1.5
\u2013
1.5
Benefits paid
(12.0)
(3.3)
\u2013
(15.3)
(12.1)
(3.0)
\u2013
(15.1)
Running costs
(1.2)
\u2013
\u2013
(1.2)
(0.8)
\u2013
\u2013
(0.8)
Settlement
\u2013
\u2013
\u2013
\u2013
\u2013
(7.8)
\u2013
(7.8)
Exchange differences
\u2013
0.5
\u2013
0.5
\u2013
(1.9)
\u2013
(1.9)
At 31 December
225.4
32 .1
\u2013
257.5
247.7
34.5
\u2013
282.2
e) Amounts recognised in the Consolidated Income Statement in respect of these defined benefit schemes are as follows:
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost included within operating
profit
\u2013
0.2
0.5
0.7
\u2013
0.3
0.2
0.5
Running costs
1.2
\u2013
\u2013
1.2
0.8
\u2013
\u2013
0.8
Charge included within operating profit
1.2
0.2
0.5
1.9
0.8
0.3
0.2
1.3
Included within finance income
(2.2)
0.1
0.1
(2.0)
(2.5)
0.3
0.1
(2.1)
Amount recognised in the Income Statement
(1.0)
0.3
0.6
(0.1)
(1.7)
0.6
0.3
(0.8)
f) Amounts recognised in other comprehensive income are as follows:
31 December 2024
31 December 2023
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net actuarial gain/(losses) in the year due to:
\u2013 Change in financial assumptions
17.3
2.1
(0.1)
19.3
(4.7)
0.9
(0.1)
(3.9)
\u2013 Change in demographic assumptions
(2.6)
\u2013
\u2013
(2.6)
3.0
\u2013
\u2013
3.0
\u2013 Experience adjustments on benefit obligations
(0.6)
0.8
\u2013
0.2
(1.9)
0.3
\u2013
(1.6)
Actual return on plan assets less interest on
benefit obligations
(20.1)
(1.6)
\u2013
(21.7)
(1.4)
1.3
\u2013
(0.1)
(Losses)/gains recognised in other
comprehensive income
(6.0)
1.3
(0.1)
(4.8)
(5.0)
2.5
(0.1)
(2.6)
Actuarial losses of \u00a34.8m (2023 \u2013 \u00a32.6m) have been recognised in the Statement of Comprehensive Income. The cumulative amount of actuarial losses recognised in the Statement of Comprehensive Income as at 31 December 2024 is \u00a353.5m (2023 \u2013 \u00a348.7m). g) Assets and assumptions in funded plans
UK plans funded
US plans funded
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
Bonds
99.4
105.7
32.1
34.5
Gilts
118.0
136.0
\u2013
\u2013
Cash and net current assets
8.0
6.0
\u2013
\u2013
Total
225.4
247.7
32.1
34.5
Actual return on plan assets
(9.1)
10.4
\u2013
3.0
The UK Plan\u2019s assets are invested in pooled funds, which are invested exclusively within instruments with quoted market prices in an active market, with the exception of the Plan\u2019s holdings in insurance annuity policies which are included in cash and net current assets, valued at \u00a33.1m (2023 \u2013 \u00a33.6m). The value of the invested assets has been measured at bid value and the value of the scheme benefits covered by the insurance annuity policies has been set equal to the value of the corresponding obligations. The Plan\u2019s corporate bond allocation is split between an actively managed mandate and a \"buy and maintain\" mandate, which seeks to hold a high quality portfolio while minimising portfolio turnover. Both mandates are predominantly invested in investment grade UK corporate bonds and are exposed to a fairly typical range of UK businesses. The majority of the Plan\u2019s gilts are passively invested in a range of UK fixed-interest and index-linked government bonds, with the remainder actively invested in a range of swap instruments linked to movements in government bond prices. The risks associated with the Plan\u2019s bond and gilt investments are largely offset by corresponding risks present within the pricing of the Plan\u2019s benefit obligations. The UK Plan does not invest directly in property occupied by the Company or in financial securities issued by the Company.
UK plans funded
US plans funded
2024
2023
2024
2023
Major assumptions (per annum %)
Inflation
3.30%
3.20%
N/A
N/A
Increase in salaries
N/A
N/A
N/A
N/A
Increase in pensions
3.10%
3.00%
0.00%
0.00%
Increase in deferred pensions
3.30%
3.20%
0.00%
0.00%
Rate used to discount plan liabilities
5.40%
4.50%
5.63%
5.00%
Life expectancy of a male aged 65 at the year-end
20.3
20.2
19.8
19.7
Life expectancy of a male aged 65, 20 years after the year-end
21.7
21.6
21.4
21.3
Benefits under the US funded plans are not linked to inflation. The UK Plan retirement benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on high quality corporate bonds. Estimation is required when setting the criteria for bonds to be included in the population from which the yield curve is derived. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality of the bonds and the identification of outliers which are excluded. The assumption for estimating future Retail Price Index (RPI) inflation is based on the difference in yields on fixed- interest and index-linked gilts. Demographic assumptions are set broadly in line with the most recent actuarial valuation of the UK plan. The mortality assumption is 95% of standard mortality tables with an allowance for future improvements in line with the CMI 2023 enhanced projections, with a long-term annual rate of improvement of 1.25% for males and for females, with no weighting on 2020 and 2021 mortality data and a 20% weighting on each of 2022 and 2023 mortality data to make an allowance for the longer term impact of Covid-19 and other factors. For the UK Plan, the estimated impact on the plan surplus at 31 December 2024 for changes in assumptions is as follows:
Increase/
(decrease)
in plan surplus
\u00a3m
0.5% decrease in the discount rate
(9.1)
One-year increase in life expectancy
(7.5)
0.5% increase in inflation
(5.4)
These sensitivities have been calculated to show the movement in the surplus, including allowance for an increase to the value of insured annuity assets, but assuming no other changes in assets as at 31 December 2024. This is unlikely in practice \u2013 for example, a change in discount rate is unlikely to occur without any movement in the value of the assets held by the Plan. h) Other post-retirement liabilities This balance comprises an unfunded German pension plan of \u00a32.5m (2023 \u2013 \u00a32.6m), unfunded closed pension and post-retirement healthcare plans in the US of \u00a30.4m (2023 \u2013 \u00a30.4m), a provision for post-retirement payments in France of \u00a31.4m (2023 \u2013 \u00a31.4m) and \u00a31.1m for post-retirement payments in Thailand (2023 \u2013 \u00a30.8m). The closed pension and post-retirement healthcare plans in the US have been valued on a Projected Unit Method using a discount rate of 5.63% (2023 \u2013 5.0%). No participants were eligible for medical benefits under the healthcare plan in 2024. The German plan has been subject to formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 3.17%, salary growth nil% and pension increase 2.2% (2023 \u2013 3.7%, nil% and 2.2%). In France, the provision arises from a legal obligation to make payments to retirees in the first two years post- retirement. Hence, it is not subject to discounting to the same extent as the other longer-term post-retirement liabilities. The Thailand plan has been subject to a formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 3.75%, inflation rate 3.0% and salary growth 6.0% (2023 \u2013 3.75%, 3.0% and 6.0%).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "
34. Contingent liabilities
The Group is subject to various claims which arise from time to time in the course of its business including, for example, in relation to commercial
matters, product quality or liability, and tax audits. Where the Board has assessed there to be a more likely than not outflow of economic benefits,
provision has been made for the best estimate as at 31 December 2024 (see Note 24). For all other matters, the Board has concluded that it is not
more likely than not that there will be an economic outflow of benefits. While the outcome of some of these matters cannot be predicted with any
certainty, the Directors do not expect any of these arrangements, legal actions or claims, after allowing for provisions already made where appropriate,
to result in significant loss to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "59/61 High Street, Rickmansworth, Hertfordshire WD3 1RH", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }