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"86770000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-274": { "value": "77926000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-275": { "value": "26392000", "decimals": -3, "dimensions": { "concept": "paypointplc:CorporateCashFromContinuingOperations", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-276": { "value": "22546000", "decimals": -3, "dimensions": { "concept": "paypointplc:CorporateCashFromContinuingOperations", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-277": { "value": "60378000", "decimals": -3, "dimensions": { "concept": "paypointplc:ClientsFundsAndRetailerPartnersDepositsFromContinuingOperations", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "55905000", "decimals": -3, "dimensions": { "concept": "paypointplc:ClientsFundsAndRetailerPartnersDepositsFromContinuingOperations", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-280": { "value": "525000", "decimals": -3, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "86770000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "77926000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "
1. Signi\ufb01cant Accounting policies
Basis of preparation
PayPoint Plc (\u2018PayPoint\u2019 or the \u2018Company\u2019) is a public limited company and is incorporated and registered
in England in the UK under the Companies Act 2006. The Company\u2019s ordinary shares are traded on
the London Stock Exchange. The Group and Company \ufb01nancial statements have been prepared in
accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IFRS\u201d) and with the
requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
These \ufb01nancial statements are presented in Pounds Sterling rounded to thousands (\u00a3\u2019000). The Pound
Sterling is the currency of the primary economic environment in which the Group operates.
Adoption of standards and policies
The accounting policies adopted by the Group in the \ufb01nancial statements for the year ended 31 March
2024 have been applied consistently to all periods set out in these group \ufb01nancial statements.
New and revised IFRS in issue but not yet effective
No new standards or interpretations have been adopted in the Group\u2019s accounting policies in the year
ended 31 March 2024.
Revised standards issued but not yet effective
At the date of authorisation of these \ufb01nancial statements, revised standards issued but not yet effective
are set out below. It is anticipated the adoption of these standards and interpretations in future periods
will have no material impact on the \ufb01nancial statements of the Group. These have not been adopted in
the Group\u2019s accounting policies:
\u2022 Amendment to IAS1: Presentation of Financial Statements and IFRS Practice Statement 2: Making
Materiality Judgements \u2013 Non-current liabilities with covenants (effective date 1 January 2024).
\u2022 Amendments to IFRS16 Leases \u2013 Lease liability in a sale and leaseback (effective date 1 January 2024).
\u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classi\ufb01cation of liabilities as current or
non-current (effective date 1 January 2024).
\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments \u2013 Disclosures:
supplier \ufb01nance arrangements (effective date 1 January 2024).
New standards issued but not yet effective
IFRS18 Presentation and disclosure in the Financial Statements has been issued and is effective from 1
January 2024. It will replace IAS1 Presentation of Financial Statements and will have an impact on the
presentation of the Group\u2019s Consolidated statement of pro\ufb01t or loss, with new statutory pro\ufb01t or loss
sub-totals and income and expenses classi\ufb01ed into Operating, Investing and Financing categories.
Restatement of comparative \ufb01gures in the Consolidated statement of cash \ufb02ows,
and the related note, for the recognition of acquired cash and cash equivalents in
Appreciate Group PLC
On 28 February 2023 the Group acquired Appreciate Group PLC for consideration of \u00a379,181,000,
comprising cash of \u00a361,925,000 plus equity of \u00a317,256,000. In its Consolidated statement of cash
\ufb02ows for the year ended 31 March 2023, the Group reported a net cash and cash equivalent out\ufb02ow of
\u00a3(45,580,000) for Acquisitions of subsidiaries net of cash acquired. This \ufb01gure was the net of the cash
out\ufb02ow of the \u00a361,925,000 referred to above less \u00a316,345,000 corporate cash and bank overdraft
acquired from Appreciate.
The acquired cash and cash equivalents should also have included \u00a364,960,000 of Appreciate\u2019s
non-corporate cash and cash equivalents, comprising Gift card voucher cash and Prepay savers\u2019
cash. The total cash and cash equivalents acquired should therefore have been \u00a381,305,000, and the
Acquisitions of subsidiaries net of cash acquired a net in\ufb02ow of \u00a319,380,000, rather than a net out\ufb02ow
of \u00a3(45,580,000). The Movement in clients\u2019 funds, retailer partners\u2019 deposits and card and voucher
deposits in the prior year note to the Consolidated statement of cash \ufb02ows should have excluded the
\u00a364,960,000 of acquired non-corporate cash and cash equivalents and should therefore have been
reported as an out\ufb02ow of \u00a3(25,701,000) rather than an in\ufb02ow of \u00a339,259,000.
The restatement of the comparative \ufb01gures in the Group\u2019s Consolidated statement of cash \ufb02ows and
the related note reduces Cash generated from operations by \u00a364,960,000. It has no impact on the
Group\u2019s opening cash and cash equivalents, net assets or retained earnings. The re-presentation of the
comparative \ufb01gures in the Group Consolidated statement of cash \ufb02ows and the related note, arising
from the changes explained below to the treatment of the movements in Restricted funds held on
deposit (non-corporate) and in Payables \u2013 non-corporate, increases Cash generated from operations
by \u00a325,701,000. The net impact of the restatement and the re-presentation is therefore a reduction of
\u00a339,259,000, from the in\ufb02ow of \u00a3102,182,000 reported in the prior year \ufb01nancial statements, to the
in\ufb02ow of \u00a362,923,000 reported as the comparative \ufb01gure in the current year \ufb01nancial statements.
Re-presentation of comparative \ufb01gures
Consolidated statement of \ufb01nancial position and Company statement of \ufb01nancial position
In its \ufb01nancial statements for the year ended 31 March 2023, the Group classi\ufb01ed its revolving credit
facility as a current liability. The Group reclassi\ufb01ed the liability to non-current as at 31 March 2024, having
adopted early the International Accounting Standard Board\u2019s Non-current Liabilities with Covenants,
which amended IAS 1 Presentation of Financial Statements.
Consolidated statement of cash \ufb02ows and Note to consolidated statement of cash \ufb02ows
In its \ufb01nancial statements for the year ended 31 March 2023, the Group did not show separately
Movement in Restricted funds held on deposit (non-corporate) and in Movement in payables \u2013 non-
corporate. Their inclusion in the current year improves the year-on-year comparability of Cash generated
from operations by excluding movements in Cash and cash equivalents \u2013 non-corporate and in Restricted
funds held on deposit (non-corporate).
Note 20. Trade and other payables and note 28. Financial instruments and risk
In its \ufb01nancial statements for the year-ended 31 March 2023, the Group included payables in respect
of prepay savers within Trade payables. In the current year, it has included payables in respect of prepay
savers within Payables in respect of gift card vouchers and prepay savers. Trade payables \u2013 corporate
therefore represents amounts due unrelated to Cash and cash equivalents \u2013 non-corporate and
Restricted funds held on deposit (non-corporate). Additionally, the Group included the net liability in
respect of day one discounts to Love2shop corporate customers and deferred income on Love2shop
service fees within Trade payables. In the current year it has included the net amount within Deferred
income and re-presented the prior year amount.
Going concern
The \ufb01nancial statements have been prepared on a going concern basis. The Group manages its capital
to ensure that entities in the Group will be able to continue as a going concern while maximising the
return to shareholders through the optimisation of the debt-to-equity balance. The capital structure
of the Group consists of debt, cash and cash equivalents, restricted funds held on deposit and equity
attributable to equity holders of the parent company comprising capital, reserves and retained earnings.
The Group\u2019s policy is to borrow centrally to meet anticipated funding requirements. Our cash and
borrowing capacity provides sufficient funds to meet the foreseeable needs of the Group. At 31 March
2024, the Group had corporate cash of \u00a326.4 million.
The Group carried out a re\ufb01nancing, completed on 6 June 2024, following which its borrowing facilities
consist of:
\u2022 a \u00a345.0 million non-amortising term loan expiring in June 2028;
\u2022 a \u00a390.0 million unsecured revolving credit facility expiring in June 2028; and
\u2022 a \u00a330.0 million accordion facility (uncommitted) expiring in June 2028 with an option, subject to lender
approval, to extend by a further year.
At 31 March 2024, \u00a357.5 million (2023: \u00a346.5 million) was drawn down from the previous \u00a390.0 million
revolving credit facility and the outstanding balance of the previous amortising term loan was \u00a336.0 million.
The Group has a strengthened statement of \ufb01nancial position, with net assets of \u00a3121.2 million as at
31 March 2024 (\u00a3111.7 million as at 31 March 2023), having made a pro\ufb01t for the year of \u00a335.7 million
(2023: \u00a334.7 million) and generated cash from operations of \u00a365.7 million for the year then ended (2023:
\u00a362.9 million). The Group had net current liabilities of \u00a34.4 million (2023 re-presented: \u00a316.8 million).
The Directors have prepared cash \ufb02ow forecast scenarios for a period of 3 years from the date of
approval of these \ufb01nancial statements, which take into account the Group\u2019s current \ufb01nancial and trading
position, the principal risks and uncertainties and the strategic plans that are reviewed at least annually
by the Board. In this \u2018base case\u2019 scenario, the cash \ufb02ow forecasts show considerable liquidity headroom
and debt covenants will be met throughout the period.
Additionally, the Directors have carried out an assessment of the principal risks and uncertainties and
applied severe but plausible scenarios to test further the Group going concern assumption. These
scenarios included a reduction in the volume of transactions caused by a severe economic downturn,
transformation and growth plans not delivering intended bene\ufb01ts and material one-off impacts of
regulatory, IT or credit loss events. As mitigating actions, we have assumed achievable reductions in
expenditure and a reduction in the level of future dividends following the payment of the \ufb01nal dividend
of 19.2 pence per share declared in respect of the \ufb01nancial year ended 31 March 2024. The cash
\ufb02ow forecasts included an analysis and stress test for the above scenarios to ensure working capital
movements within a reporting period do not trigger a covenant breach.
Based on this assessment, the Directors con\ufb01rm that they have a reasonable expectation that the Group
will be able to continue in operation and meet its liabilities as they fall due over the period of not less
than 12 months from the date of approval of these \ufb01nancial statements and therefore have prepared the
\ufb01nancial statements on a going concern basis.
Use of judgements and estimates
In the application of the Group\u2019s accounting policies, the Directors are required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered relevant. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the
period of the revision and future periods if the revision affects both current and future periods.
Critical judgement: recognition of cash and cash equivalents and restricted funds held on deposit
The nature of payments and banking services means that PayPoint collects and holds funds on behalf
of clients as those funds pass through the settlement process and retains retailer partners\u2019 deposits
as security for those collections. Following the Appreciate acquisition, it also holds, in trust, gift card
voucher deposits on behalf of agents, cardholders and redeemers and prepay savers\u2019 cash on behalf
of savers.
A critical judgement in this area is whether each of the above categories of funds, and restricted funds
held on deposit, are recognised on the consolidated statement of \ufb01nancial position, and whether they are
included in cash and cash equivalents for the purpose of the Statement of consolidated cash \ufb02ows. This
includes evaluating:
(a) the existence of a binding agreement, such as a legal trust, clearly identifying the bene\ufb01ciary of the funds;
(b) the identi\ufb01cation of funds, ability to allocate and separability of funds;
(c) the identi\ufb01cation of the holder of those funds at any point in time; and
(d) whether the Group bears the credit risk.
Where there is a binding agreement specifying that PayPoint holds funds on behalf of the client (i.e.
acting in the capacity of a trustee) and those funds have been separately identi\ufb01ed as belonging to that
bene\ufb01ciary, the cash (referred to as \u2018Clients\u2019 own funds\u2019) and the related liability are not included on the
consolidated statement of \ufb01nancial position.
In all other cases, the Group has access to the interest on such monies and can, having met certain
conditions, withdraw the funds. The cash and corresponding liability are therefore recognised on the
consolidated statement of \ufb01nancial position. Corporate cash and cash equivalents consists of cash
freely available to the Group for use in its daily operations and is presented as a separate line item on the
consolidated statement of \ufb01nancial position from non-corporate cash and cash equivalents, which is not
freely available to the Group, either because of self-regulation and segregation or due to contractual or
regulatory requirements. Non-corporate cash and cash equivalents comprises:
\u2022 Clients\u2019 cash \u2013 cash collected on behalf of clients from retailer partners but not yet transferred to
clients. Clients\u2019 cash is held in PayPoint\u2019s bank accounts.
\u2022 Gift card voucher cash \u2013 cash collected on the issue of gift card vouchers which have not yet expired
or been redeemed.
\u2022 Prepay savers\u2019 cash \u2013 cash received from customers under a prepayment scheme accumulating
towards their selected savings target. It is converted to gift card vouchers once the target is reached.
\u2022 Retailer partners\u2019 deposits \u2013 cash received from retailers held as security against their default.
Both corporate cash and non-corporate cash are included within cash and cash equivalents on the
Consolidated statement of cash \ufb02ows.
Restricted funds held on deposit (non-corporate), comprises gift card voucher cash and prepay savers\u2019
cash. However, unlike the gift card voucher cash and prepay savers\u2019 cash included in non-corporate cash
and cash equivalents, restricted funds held on deposit (non-corporate) may only be accessed after
a minimum of three months. Consequently, they are excluded from cash and cash equivalents on the
Statement of \ufb01nancial position and the Consolidated statement of cash \ufb02ows.
The amounts recognised on the Statement of \ufb01nancial position as at 31 March 2024 are as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Corporate cash
26,392
22,546
Bank overdraft
\u2013
(525)
Clients\u2019 cash
17,276
12,041
GIft card voucher cash
9,779
29,527
Prepay savers\u2019 cash
27,368
8,181
Retailer partners\u2019 deposits
5,955
6,156
Sub-total: non-corporate cash
60,378
55,905
Total cash and cash equivalents
86,770
77,926
Restricted funds held on deposit (non-corporate)
78,198
82,000
Clients\u2019 own funds
Clients\u2019 cash held in trust off the Consolidated statement of \ufb01nancial position as at 31 March 2024 is
\u00a360.5 million (2023: \u00a3124.3 million).
Critical judgement: reassessment of the Group\u2019s Cards division cash generating units (CGUs)
As explained in note 12, management reassessed its CGUs during the current period, prompted by the
signing of a new partnership with Lloyds Banking Group\u2019s \u201cCardnet\u201d division in March 2024. This resulted
in the creation of a new Cards CGU, comprising the former Handepay CGU and Merchant Rentals CGU
plus the pre-existing PayPoint cards business.
Consequently, at 31 March 2024, the Group tested for impairment the aggregate goodwill of \u00a345.2
million which arose on the acquisitions of Handepay and Merchant Rentals, by comparing the new,
enlarged Cards CGU\u2019s recoverable amount to its carrying value. That impairment test gave signi\ufb01cant
headroom, with no reasonably possible changes in any of the discounted cash \ufb02ow assumptions causing
the Cards CGU\u2019s carrying value to exceed its recoverable amount.
At 31 March 2023, prior to this CGU reassessment, the Group performed separate impairment tests on the
goodwill which arose on the Handepay and Merchant Rentals acquisitions (\u00a335.6 million and \u00a39.6 million
respectively) by comparing the recoverable amounts to the carrying values for each of the Handepay and
Merchant Rentals CGUs. The valuation of the goodwill relating to the Handepay CGU was a critical estimate
in the \ufb01nancial year ended 31 March 2023, given that reasonably possible changes in the key assumptions
used to calculate the Handepay CGU\u2019s recoverable amount could have resulted in goodwill impairment.
Critical estimate: valuation of de\ufb01ned bene\ufb01t pension scheme obligations
The Group has an obligation to pay pension bene\ufb01ts to members of the de\ufb01ned bene\ufb01t pension scheme
in its Love2shop segment. The present value of the obligations associated with these future bene\ufb01ts
depends on the assumptions selected for several factors, including the following:
\u2022 Discount rate
\u2022 Rate of in\ufb02ation
\u2022 Life expectancy
At each reporting period, management selects appropriate actuarial assumptions for each factor,
based on historical and current trends and with input from a quali\ufb01ed actuary. These assumptions
are set out in note 16 for both the current and prior reporting periods. Using the set of assumptions
selected by management at 31 March 2024, the net de\ufb01ned bene\ufb01t pension scheme asset is \u00a3286,000
(31 March 2023: \u00a3411,000). This comprises scheme assets with a fair value of \u00a316,224,000 less
obligations of \u00a315,938,000 (31 March 2023: assets of \u00a317,752,000 less obligations of \u00a317,341,000).
Relatively small changes to one or more of the above assumptions could result in signi\ufb01cant changes to
the fair value of the scheme obligations and hence the net scheme asset or liability, as follows:
PF scheme
Change in assumption
Change in liabilities
Discount rate
decrease of 0.50% p.a.
increase by \u00a31,068,000
Discount rate
increase of 0.50% p.a.
decrease by \u00a3972,000
Rate of in\ufb02ation
decrease by 0.25% p.a.
decrease by \u00a3319,000
Rate of in\ufb02ation
increase by 0.25% p.a.
increase by \u00a3367,000
Rate of mortality
decrease in life expectancy of 1 year
increase by \u00a3414,000
Rate of mortality
increase in life expectancy of 1 year
decrease by \u00a3383,000
Prior year critical judgements and estimates
As explained above, the impact of the Group\u2019s reassessment of its Cards CGUs is that the valuation of
the goodwill relating to the Handepay CGU, which was a critical estimate in the \ufb01nancial year ended 31
March 2023, is no longer considered a critical estimate at 31 March 2024.
Alternative performance measures
Non-IFRS measures or alternative performance measures are used by the Directors and management for
performance analysis, planning, reporting and incentive-setting purposes. They have remained consistent
with the prior year. These measures are included in these \ufb01nancial statements to provide additional useful
information on performance and trends to shareholders.
These measures are not de\ufb01ned terms under IFRS and therefore they may not be comparable with similarly
titled measures reported by other companies. They are not intended to be a substitute for IFRS measures.
Underlying performance measures (non-IFRS measures)
Underlying performance measures allow shareholders to understand the operational performance in the
year, to facilitate comparison with prior years and to assess trends in \ufb01nancial performance. They usually
exclude the impact of one-off, non-recurring and exceptional items and the amortisation of intangible
assets arising on acquisition, such as brands and customer relationships.
Love2shop billings (non-IFRS measure relating solely to the Love2shop segment)
Billings represents the value of goods and services shipped and invoiced to customers during the year
and is recorded net of VAT, rebates and discounts. Billings is an alternative performance measure, which
the directors believe provides an additional measure of the level of activity other than total revenue. This
is due to revenue from multi-retailer redemption products being reported on a \u2018net\u2019 basis, whilst revenue
from single-retailer redemption products and other goods are reported on a \u2018gross\u2019 basis.
Net revenue (non-IFRS measure)
Net revenue is total revenue less commissions paid (to retailer partners and Park Christmas agents)
and the cost of revenue for items where the Group acts in the capacity as principal (including single-
retailer vouchers and SIM cards). This re\ufb02ects the bene\ufb01t attributable to the Group\u2019s performance,
eliminating pass-through costs to create comparability of performance under both the agent and
principal revenue models. It is a key consistent measure of the overall success of the Group\u2019s strategy.
A reconciliation from total revenue to net revenue is included in note 4.
Adjusting items (non-IFRS measure)
Adjusting items consist of exceptional items, amortisation of intangible assets arising on acquisition and
movements on convertible loan notes. These items are presented as adjusting items in the consolidated
statement of pro\ufb01t or loss, as they do not re\ufb02ect the operational performance of the Group.
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Exceptional items \u2013 legal fees
2,143
\u2013
Exceptional items \u2013 restructuring costs
1,977
\u2013
Exceptional items \u2013 acquisition costs expensed
\u2013
4,065
Exceptional items \u2013 impairment loss on reclassi\ufb01cation of investment in
associate to asset held for sale
\u2013
1,252
Sub-total: exceptional items \u2013 administrative expenses
4,120
5,317
Exceptional items \u2013 \ufb01nance costs
1,099
287
Amortisation of intangible assets arising on acquisition
8,076
2,574
Net movement on convertible loan notes
186
\u2013
Total adjusting items
13,481
8,178
Total costs (non-IFRS measure)
Total costs comprise other cost of revenue (note 5), administrative expenses, \ufb01nance income and \ufb01nance
costs. Total costs exclude adjusting items, being exceptional costs and amortisation of intangible assets
arising on acquisition.
Earnings before interest, tax, depreciation and amortisation (EBITDA) (non-IFRS measure)
The Group now presents EBITDA as it is widely used by investors, analysts and other interested parties
to evaluate pro\ufb01tability of companies. This measures earnings before interest, tax, depreciation and
amortisation. See page 70 for a reconciliation from pro\ufb01t before tax to EBITDA.
Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA)
(non-IFRS measure)
The Group also now presents adjusted EBITDA, which comprises EBITDA, as de\ufb01ned above, excluding
exceptional items. See page 70 for a reconciliation from pro\ufb01t before tax to adjusted EBITDA.
Underlying earnings per share (non-IFRS measure)
Underlying earnings per share is calculated by dividing the net pro\ufb01t before exceptional items,
amortisation of intangible assets arising on acquisition and movement on convertible loan notes
attributable to equity holders of the parent by the basic or diluted weighted average number of ordinary
shares in issue.
Underlying pro\ufb01t before tax (non-IFRS measure)
The calculation of underlying pro\ufb01t before tax is as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Pro\ufb01t before tax
48,182
42,574
Total adjusting items
13,481
8,178
Underlying pro\ufb01t before tax
61,663
50,752
Underlying pro\ufb01t after tax (non-IFRS measure)
The calculation of underlying pro\ufb01t after tax is as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Pro\ufb01t after tax
35,687
34,710
Total adjusting items
13,481
8,178
Tax on adjusting items
(3,370)
(644)
Underlying pro\ufb01t after tax
45,798
42,244
Net corporate debt (non-IFRS measure) Net corporate debt represents corporate cash and cash equivalents less bank overdraft and amounts borrowed under \ufb01nancing facilities (excluding IFRS 16 liabilities). The reconciliation of corporate cash and cash equivalents to net corporate debt is as follows:
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents \u2013 corporate cash
26,392
22,546
Less:
Bank overdraft
\u2013
(525)
Loans and borrowings (note 24)
(93,935)
(94,415)
Net corporate debt
(67,543)
(72,394)
Signi\ufb01cant accounting policies Basis of consolidation PayPoint Plc (the \u2018Company\u2019) acts as a holding company. The accounts of the Company and its investments in entities controlled by the Company (its subsidiaries) are consolidated in the Group accounts. Control is achieved when the Company has power over an entity, exposure to variable returns and the ability to use that power to affect its returns from the entity. The Company reassesses its control over an entity if facts and circumstances indicate that there is a change to any of the three elements of control listed above. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control exists. All inter-group transactions, balances, income and expenses are eliminated on consolidation. All the subsidiaries in the Group, a list of which are presented in note 14 of the \ufb01nancial statements, apply accounting policies which are consistent with those of the Group. In the prior year, the Company disposed of its investment in an associate over which it had signi\ufb01cant in\ufb02uence but not control. The results of the associate prior to disposal were not consolidated, but instead accounted for using the equity method as disclosed in the accounting policy for investments in associates. Revenue Revenue, as reported in the Consolidated statement of pro\ufb01t or loss, is derived from contracts with customers. It represents the value of services and goods delivered or sold to clients, retailer partners and SME partners. It is measured using the fair value of the consideration received or receivable, net of value added tax. Performance obligations are identi\ufb01ed at contract inception and the revenue is recognised once the performance obligations are satis\ufb01ed. Upfront payments for management fees and set-up and development fees in respect of contracts with clients, retailer partners and SME partners are deferred and recognised on a straight-line basis over the contracted period, which appropriately re\ufb02ects that the clients, retailer partners and SME partners receive and consume the bene\ufb01ts of those performance obligations evenly throughout the contract. Principal and Agent Under IFRS15, the Group is a principal (and records revenue on a gross basis) if it controls the promised good or service before transferring it to the customer. The Group is an agent (and records as revenue the net amount that it retains for its agency services) if its role is to arrange for another entity to provide the good or service. The Group acts as principal for the following Love2shop services: \u2022 Single-retailer redemption products. \u2022 Administrative support for multi-redemption cardholders. \u2022 Multi-redemption non-redemption income. and for the sale of SIM cards and some e-money through PayPoint. The Group acts as agent for all services provided through PayPoint, other than the sale of SIM cards and some e-money, and for the following multi-retailer Love2shop redemption products: \u2022 Love2shop vouchers. \u2022 Flexecash \u00a9 cards and e-codes. \u2022 Mastercards. Timing of revenue recognition 1. Shopping and e-commerce The Group provides shopping and e-commerce services to retailer partners, which form part of PayPoint\u2019s network, and SME partners. Shopping (retail services) revenue comprises: \u2022 Service fees from retailers that use PayPoint One, legacy terminals and EPoS, all of which are charged for on a weekly or monthly basis and recognised on a straight-line basis over the period of the contract. Retailers simultaneously receive and consume the bene\ufb01ts related to the services fee; therefore, a straight-line approach appropriately re\ufb02ects the transfer of the service. \u2022 ATM and Counter Cash transaction fees which are recognised when each transaction is processed. \u2022 Home delivery revenue from PayPoint\u2019s partnership with Snappy Shopper which enables local store to door delivery and click and collect for retailer partners. PayPoint earns a commission on the turnover which is recognised when the corresponding transactions are processed. \u2022 Fees for receipt advertising and FMCG revenue from digital vouchering, digital screen advertising, sales data, and PayPoint\u2019s retailer engagement channels which are recognised over the period of the campaign on a straight-line basis. \u2022 Operating lease income from ATMs which is recognised on a straight-line basis over the expected lease term. \u2022 Other retail services revenue including failed Direct Debits which are recognised at the time the transaction occurs. Shopping (card payments) revenue comprises: \u2022 Commissions and fees from card payments which are recognised when each transaction is processed. \u2022 Finance lease income from card terminals is recognised over the expected lease term using the sum of digits method. \u2022 Operating lease income from card terminals which is recognised on a straight-line basis over the expected lease term. \u2022 Commissions from PayPoint\u2019s Business Finance products in partnership with YouLend which is earned on the loan amounts outstanding from card payment retailers and recognised when the loan is granted to the retailer. e-commerce revenue comprises: \u2022 Fees earned for processing parcels which are recognised when each parcel has been delivered or returned through the PayPoint network. \u2022 Royalty income from the Collect+ brand which is recognised as the parcels are processed. 2. Payments and banking Payments and banking revenue is recognised as performance obligations are satis\ufb01ed which is usually at the point in time each transaction is processed. Other than for the sale of SIM cards as principal, PayPoint is contracted as agent in the supply of payments and banking services and accordingly the commission earned from clients for processing transactions is recognised as revenue when each transaction is processed. Payments and banking revenue comprises: \u2022 Cash bill payments: customers of PayPoint\u2019s clients can pay their bills (due to the client) over-the- counter at any of PayPoint\u2019s retailer partners. PayPoint provides the technology for recording the payment of bills and transmission of that payment data to the client. PayPoint then collects bill payment funds from retailer partners and remits those funds to clients. \u2022 Cash top-ups: customers of PayPoint\u2019s clients can top up their mobiles over-the-counter at any of PayPoint\u2019s retailer partners. This category also includes revenue from the sale of SIM cards which is primarily earned from the mobile operators based on the value of top-ups after the initial activation. This revenue is contingent on the customer actions and is recognised at the point in time when the consumer tops up the SIM card. PayPoint contracts as principal for SIM card sales as it obtains control of the SIM cards before transferring control to the customer, therefore revenue is recognised at the gross sale price and cost of revenue includes the related cost. \u2022 Digital payments: MultiPay is an integrated solution offering a full suite of digital payments. It enables transactions online and through smartphone apps and text messages, as well as event payments, over the counter, over the phone and via interactive voice response (IVR) systems. It also supports a full range of Direct Debit options, including scheduling collections, as well as new product developments such as PayByLink, recurring payments and Event Streamer. CashOut enables the rapid dispersal of funds through secure digital channels, including the Payment Exception Service which is run for the Department for Work and Pensions by i-movo, delivering payments to those without access to a standard bank account. i-movo also issues digital newspaper vouchers which enable newspaper publishers to digitise consumer subscription services and home news delivery in local convenience stores. \u2022 Cash through to digital: PayPoint provides the physical network of retail locations for consumers to convert cash into electronic funds with online organisations. Consumers pay for a \u2018pin on receipt\u2019 code in any of PayPoint\u2019s retail locations and then can use that value online with their chosen digital brand or service across a comprehensive portfolio of banking, e-commerce, gaming and loyalty card partners. 3. Love2shop Love2shop revenue comprises: \u2022 Multi-retailer redemption products (Love2shop vouchers, Flexecash\u00ae cards and e-codes, and Mastercards). Service fees earned from the retailers are recognised when the products are redeemed. \u2022 Single-retailer redemption products (Third party vouchers, cards and e-codes). Revenue is recognised on despatch. \u2022 Multi-retailer cardholder fees, earned for services provided to cardholders such as issue, dealing with lost, stolen or damaged cards and post-expiry fees. Revenue is recognised when the fees are levied. Other revenue Other revenue, as reported in the Consolidated statement of pro\ufb01t or loss, is IFRS9 revenue. It comprises: 1. Payments and Banking \u2022 Interest earned on clients\u2018 funds and retailer partners\u2019 deposits. 2. Love2shop \u2022 Multi-retailer non-redemption revenue (where the end-user has the right of refund), recognised when the product has expired and the right of refund lapsed. \u2022 Multi-retailer non-redemption revenue (where the end-user has no right of refund), recognised on expiry. \u2022 Interest generated by investing cash received from customers. This applies both to cash received for the Park Christmas Saver business where customers save with the Group throughout the year, and to all other pre-paid products. Funds associated with customers are included in both restricted funds held on deposit and cash and cash equivalents. Non-redemption income represents the unused amount (i.e. the non-refundable unredeemed or unspent funds) on a voucher, card or e-code at expiry, where there is no right of refund, or on expiry and lapse of the refund period, where there is a right of refund. Cost of revenue Cost of revenue primarily consists of expenses related to delivering our services and products. These include retailer commissions, the cost of single-retailer vouchers, cards and codes, SIM cards and e-money (where the Group is principal), depreciation and amortisation of assets used to deliver services, \ufb01eld sales costs, transaction costs, terminal and ATM maintenance costs and telecommunications costs. Retailer partner commission costs Retailer partner commission costs represent the fees due to PayPoint\u2019s retailer partners for providing PayPoint\u2019s services in their store. These costs are recognised as an expense within cost of revenue when the transaction or parcel is processed. Foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the statement of \ufb01nancial position date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currency are translated at the rates prevailing at the date when fair value was determined. Gains and losses arising on translation are included in net pro\ufb01t or loss for the year. Pension costs De\ufb01ned bene\ufb01t plan The fair value of the plan assets less the present value of the de\ufb01ned bene\ufb01t obligation is recognised in the Consolidated statement of \ufb01nancial position as the retirement bene\ufb01t asset, after applying the asset ceiling test. The limit on the recognition of a de\ufb01ned bene\ufb01t pension asset is measured as the value of economic bene\ufb01t available to the Group in the form of refunds or reductions in future contributions, in accordance with the rules of the pension schemes. Regular valuations are prepared by independent professionally quali\ufb01ed actuaries on the projected unit credit method. The valuations are carried out every three years and updated on a yearly basis for accounting purposes. These determine the level of contribution required to fund the bene\ufb01ts set out in the rules of the plans and allow for the periodic increase of pensions in payment. The scheme is closed to future years\u2019 service but pensions are still dependent on actual \ufb01nal salaries. Consequently, the Group may have an amendment in future where salary rises differ from those projected. For any related plan amendment, these are recognised immediately in the statement of pro\ufb01t or loss. Remeasurements comprise actuarial gains and losses on the obligations and the return on scheme assets (excluding interest). They are recognised immediately in other comprehensive income in the Consolidated statement of comprehensive income. Net interest cost is calculated by applying the discount rate on liabilities to the net pension liability or asset (adjusted for cash \ufb02ows over the accounting period) and is recognised within administrative expenses. De\ufb01ned contribution plans The Group makes payments to a number of de\ufb01ned contribution pension schemes. Pension costs are recognised as an expense when employees have rendered services entitling them to the contributions. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the statement of \ufb01nancial position . Share-based payments Equity-settled share-based payments are measured at fair value at the date of grant. The fair value at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period and adjusted for non-market-based conditions where they will not vest (i.e. leavers). The fair value of equity-settled share-based payment arrangements where no market-based vesting conditions exist is based on the share price at the date of the grant. Cash-settled share-based payments represents PAYE and NI paid by the Group to HMRC on behalf of employees receiving share awards. The number of shares issued by the Group to such employees is correspondingly less than that which would have been issued had the employees settled their income tax liability themselves. Finance income Finance income comprises bank deposit interest received on corporate cash and cash equivalents and interest income on de\ufb01ned bene\ufb01t pension scheme assets. Interest is recognised as earned, which re\ufb02ects the effective interest rate method. Finance costs Finance costs comprises interest costs on loans and borrowings and bank overdrafts and interest expense on the de\ufb01ned bene\ufb01t pension scheme obligations and leases. Finance costs are recognised as an expense in the period in which they are incurred. Exceptional items Exceptional items are those which are considered signi\ufb01cant by virtue of their nature, size or incidence. These items are presented as exceptional within their relevant income statement categories to assist in the understanding of the performance and \ufb01nancial results of the Group, as they do not form part of the underlying business. The current year exceptional items are: \u2022 \u00a32.0 million restructuring costs related to the Group\u2019s organisational design announced on 8 March 2024. \u2022 \u00a32.1 million legal fees in conjunction with the matter referred to in note 31. \u2022 \u00a31.1 million re\ufb01nancing costs related to the Group\u2019s renewal of its borrowing facilities. Taxation The Group\u2019s policy is to pay tax when due but to minimise tax payments where practically possible, without engaging in aggressive tax schemes. The tax expense represents the amount payable in respect of the year under review based on the taxable pro\ufb01t for the year and the provision for deferred tax. Taxable pro\ufb01t differs from net pro\ufb01t as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and items that are not taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that are applicable to the current year. Deferred tax is provided in full on taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is calculated using tax rates that have been substantively enacted by the statement of \ufb01nancial position date. Deferred tax assets are recognised on deductible temporary differences to the extent that it is probable that future taxable pro\ufb01t will be available against which the tax asset will be realised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited in the statement of pro\ufb01t or loss, except when it relates to items charged or credited to other comprehensive income or equity, in which case the deferred tax is recorded in other comprehensive income or equity. Financial instruments The \ufb01nancial asset or liability is initially recognised when the Group becomes party to the contractual instrument. The Group classi\ufb01es its derivative \ufb01nancial instruments, which consist of convertible loan note instruments, as held at fair value through pro\ufb01t or loss. The Group discloses the fair value measurements of \ufb01nancial assets and liabilities using three levels as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Financial liabilities Multi-retailer products can be exchanged for goods or services with redemption partners at any point until they are fully utilised or they expire. Redemption partners are paid the value of the product redeemed, less the commission earned by the Group. Multi-retailer products are accounted for as a \ufb01nancial liability under IFRS 9 as there is a contractual obligation to deliver cash to the redemption partners on behalf of the cardholder and there is no unconditional right to avoid delivering cash to settle this contractual obligation. A \ufb01nancial liability equivalent to the value of the card is recognised at the point of sale. The \ufb01nancial liability is reduced as funds are settled to the redemption partner after the value, part or whole, is spent with the relevant redemption partner. Pro\ufb01ts on products that expire without being redeemed are recognised in income after the expiry date of the redemption rights, at which point the \ufb01nancial liability is also derecognised. Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. Acquisition-related costs are recognised in pro\ufb01t or loss as incurred. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. The acquired identi\ufb01able assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date. When the initial accounting for a business combination is determined, it is done so on a provisional basis. Measurement period adjustments to these provisional values may be made within 12 months of the acquisition date and are effective as at the acquisition date, if new information about facts and circumstances that existed at the acquisition date is obtained and, if known, would have resulted in the recognition of those assets and liabilities at that date. Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities of a subsidiary at the date of acquisition. Goodwill is not amortised and is measured at the amount initially recognised less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units or groups of cash-generating units. The cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication of impairment. This is done by determining the recoverable amount. If the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised by \ufb01rst allocating the impairment to goodwill and then to the other assets on a pro-rata basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised immediately in pro\ufb01t or loss and is not reversed in subsequent years. On disposal of a cash-generating unit, the related goodwill is included in the determination of the pro\ufb01t or loss on disposal. Intangible assets Recognition on acquisition The Group has recognised acquired brands, customer relationships and developed technology intangible assets at fair value in accordance with IAS 38 Intangible Assets, which are amortised over their estimated useful economic lives as follows: Brands \u2013 11 to 15 years Customer relationships \u2013 3 to 13 years Developed technology \u2013 1 to 7 years Acquired brands are valued using the relief-from-royalty method using an estimation of future revenues and a market-based royalty rate that an acquirer would pay in an arm\u2019s length licensing arrangement to secure access to the same rights. The theoretical royalty payments are discounted to obtain the cash \ufb02ows to determine the present asset value. A tax amortisation bene\ufb01t is applied to re\ufb02ect the present value of the expected bene\ufb01ts of amortising the value of the intangible asset over its useful tax life. Acquired customer relationships are valued using the multi-period excess earnings method (\u2018MEEM approach\u2019) by estimating the total expected income streams from customer relationships and deducting portions of the cash \ufb02ow that can be attributed to supporting or contributory assets (including workforce). The residual income streams are discounted. No tax amortisation bene\ufb01t is applied. Acquired developed technology is valued using a depreciated replacement cost method, which requires an estimate of all the costs a typical market participant would incur to generate an exact replica of the intangible asset in the context of the acquired business. The depreciated replacement cost method takes into account factors including economic and technological obsolescence. The useful life of acquired intangible assets is based on factors including the expected usage of the asset, typical product lifecycles for the asset (re\ufb02ecting the ability to generate the expected future economic bene\ufb01ts with reasonably low levels of required maintenance expenditure), technical, technological, commercial or other types of obsolescence, expected actions by competitors and the period of the contractual or other legal rights over which the entity expects to use the asset including renewal, which determines future amortisation charges. Development expenditure The Group develops software and other intangible assets including EPoS services and the digital payments platform which generate future economic bene\ufb01ts through cost savings or revenue from clients, retailer partners and SME partners. Development expenditure on large projects is recognised as an intangible asset if the product or process is technically and commercially feasible and the Group intends to and has the technical ability and sufficient resources to complete development, future economic bene\ufb01ts are probable and if the Group can measure reliably the expenditure attributable to the intangible asset during its development. The costs that are capitalised are the directly attributable costs necessary to create and prepare the asset for operations. Development costs recognised as an intangible asset are amortised on a straight-line basis over its useful life, which is between three and ten years. Other software costs are recognised in administrative expenses when incurred. Costs incurred in the con\ufb01guration and customisation of cloud-hosted SaaS arrangements are expensed where they do not give rise to an identi\ufb01able intangible asset which the Group controls. Amounts paid to the cloud vendor for con\ufb01guration and customisation that are not distinct from access to the cloud software are expensed over the SaaS contract term. In limited circumstances, con\ufb01guration and customisation costs may give rise to an identi\ufb01able intangible asset, for example, where code is created that is controlled by the Group. Investments Investments in subsidiaries in the Company accounts are stated at cost, including acquisition expenses, less accumulated impairments. Investments in convertible debt instruments in the Group and Company accounts are stated at fair value. Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation and impairment. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life. The estimated useful lives are as follows and are reviewed on an annual basis: Freehold land \u2013 not depreciated Freehold building \u2013 40 to 50 years Leasehold improvements \u2013 over the lease term or the useful economic life of 3 to 15 years, whichever is lower PayPoint terminals \u2013 5 to 7 years Card terminals \u2013 3 to 7 years Other terminals \u2013 5 years ATMs \u2013 5 years Other classes of assets \u2013 3 to 5 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 and is recognised in pro\ufb01t or loss. Impairment of property, plant and equipment and intangible assets At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment 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 \ufb02ows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an inde\ufb01nite useful life and intangible assets not yet available for use are tested for impairment annually and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. The reversal of any impairment loss is limited by the net book value to which the relevant asset would have been reduced, had no impairment occurred. A reversal of an impairment loss is recognised as income. Inventories Inventories comprises Love2shop cards, stocks of SIM cards and card terminals. These are stated at the lower of cost or net realisable value. Net realisable value is based on estimated selling price in the ordinary course of business less cost of disposal having regard to the age, saleability and condition of the inventory. Where the Group trades as principal for the sale of Love2shop cards and SIM cards, the cost of these is included in inventories. Where the Group acts as an agent, the cost of these is not included in inventories. Trade and other receivables Trade receivables are initially recorded at fair value and represent the amount of commission and fees due from clients, fees from retailers and monies due from entities for card and voucher purchases, for which payment has not been received, less an allowance for doubtful accounts that is estimated based on factors such as the credit rating of the customer, historical trends, the current economic environment and other information. The Group has used the expected credit loss (\u2018ECL\u2019) model and has adopted an allowance matrix for trade receivables, whereby these are segmented according to number of days outstanding and an appropriate probability of impairment is applied to each category based on historical loss experience and adjusted for information about current and reasonable supportable future conditions. Items in the course of collection represent gross transaction values received by retailer partners for clients which have not yet been collected by the Group, which bears the credit risk for these amounts. Accrued income Unbilled revenue is a receivable and is presented as accrued income on the balance sheet. Cash and cash equivalents For the purpose of the statement of cash \ufb02ows and statement of \ufb01nancial position, cash and cash equivalents comprise cash at bank and in hand and short-term deposits with original maturity of less than three months. Cash and cash equivalents are subject to insigni\ufb01cant risk of changes in value. Cash and cash equivalents subject to trust are recognised on the statement of \ufb01nancial position where the Group: 1) has the ability to control the cash; 2) is entitled to the interest earned on balances; and 3) bears the credit risk. Where these conditions are not met, the funds are not are recognised on the statement of \ufb01nancial position and are referred to as \u201cclients\u2019 own funds\u201d. Cash and cash equivalents are classi\ufb01ed as either corporate or non-corporate. Corporate cash and cash equivalents consists of cash freely available to the Group for use in its daily operations. Non-corporate cash and cash equivalents consist of cash which is not freely available to the Group, either because of self-regulation and segregation or due to contractual or regulatory requirements. Non-corporate cash comprises: \u2022 Clients\u2019 cash \u2013 cash collected on behalf of clients from retailer partners but not yet transferred to clients. Clients\u2019 cash is held in PayPoint\u2019s bank accounts. \u2022 Gift card voucher cash \u2013 cash collected on the issue of gift card vouchers which have not yet expired or been redeemed. \u2022 Prepay savers\u2019 cash \u2013 cash received from customers under a prepayment scheme accumulating towards their selected savings target. It is converted to gift card vouchers once the target is reached. \u2022 Retailer partners\u2019 deposits \u2013 cash received from retailers held as security against their default. Restricted funds held on deposit (non-corporate) These are \ufb01xed-term bank deposits with original maturity of more than three months. Such funds are recognised on the statement of \ufb01nancial position as the Group has access to the interest on these monies and can, having met certain conditions, withdraw the funds. However, given the time restrictions over these monies, they are not included in cash and cash equivalents for the purposes of the statement of cash \ufb02ows and statement of \ufb01nancial position. Trade and other payables Trade payables are initially recorded at fair value and represent the value of invoices received from suppliers for purchases of goods and services for which payment has not been made. Settlement payables represent gross transaction values received by retail agents that have not yet been settled to clients. An equivalent balance \u201cItems in the course of collection\u201d is held within Trade and other receivables (note 18). Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an out\ufb02ow of resources will be required to settle the obligation and the amount can be reliably estimated. Deferred consideration Where a business combination agreement provides for an adjustment to the consideration, the Group accrues the fair value, based on the estimated additional consideration payable as a liability at the acquisition date. To the extent that the consideration is payable after more than one year from the acquisition date, the consideration is discounted at an appropriate interest rate and carried at net present value in the consolidated statement of \ufb01nancial position. The discount component is then unwound as a \ufb01nance cost in the consolidated statement of pro\ufb01t or loss over the life of the earnout. Where the deferred consideration is contingent on future performance over the contractual earnout period, the liability is measured against the contractually agreed performance targets at each subsequent reporting date with any adjustments recognised in the consolidated statement of pro\ufb01t or loss. Where the contingent consideration is contractually linked to ongoing employment of the founders over the contractual period it is treated as an expense and recognised in the consolidated statement of pro\ufb01t or loss. Loans and borrowings Loans and borrowings are initially measured at fair value, net of any attributable transaction costs, and are subsequently measured at amortised cost using the effective interest rate method. Leases The Group assesses whether a contract is, or contains, a lease at inception of the contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on their relative standalone price. However, for leases of land and buildings in which it is a lessee, the Group has elected not to segregate non-lease components and account for the lease and non-lease components as a single lease component. As a lessee Where the Group is lessee, it recognises a right-of-use asset and a corresponding lease liability, except for short-term leases and leases of low value assets. For these leases, the Group recognises the lease payment as an operating expense on a straight-line basis over the term of the lease. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease and decreased by payments made. The lease liability is presented as a separate line in the consolidated statement of \ufb01nancial position. The Group remeasures the lease liability and makes a corresponding adjustment to the right-of-use asset whenever there has been a lease payment change, the lease contract is modi\ufb01ed or any other signi\ufb01cant event. The right-of-use asset is initially measured at cost and subsequently recognised at cost less accumulated depreciation and impairment losses. The right-of-use asset is depreciated using the straight-line method over the shorter of the period of the expected lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use asset is presented within property, plant and equipment. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identi\ufb01ed loss as described in the \u2018Property, plant and equipment\u2019 policy. As a lessor Where the Group leases assets to a third party as a lessor, the Group assesses whether the contract is a \ufb01nance lease or operating lease, depending on whether the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset. Where the lease is a \ufb01nance lease, the Group recognises as a receivable an amount equal to the net investment in the \ufb01nance lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. Incremental initial direct costs of obtaining the lease are included in the initial measurement of the net investment in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease. The terminal lease income is recognised over the expected lease term. Where the lease is an operating lease, lease payments are recognised as income on a straight-line basis which re\ufb02ects the pattern in which economic bene\ufb01ts from leasing the underlying asset are derived. The underlying asset is capitalised as property, plant and equipment and costs, including depreciation, incurred in earning the lease income are recognised as an expense. Initial direct costs incurred in obtaining the operating lease are added to the carrying amount of the underlying asset and recognised as an expense over the expected lease term on the same basis as the lease income. Dividends Final dividends on ordinary shares are recognised in equity in the year in which they are approved by the Company\u2019s shareholders. Interim ordinary dividends are recognised when paid. In the Company accounts, dividend income from investments is recognised when the shareholders\u2019 rights to receive payment have been established. Merger reserve Merger reserve represents amounts in excess of the nominal value of shares issued, where shares are issued in part or full consideration of an acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-286": { "value": "Basis of preparation PayPoint Plc (\u2018PayPoint\u2019 or the \u2018Company\u2019) is a public limited company and is incorporated and registered in England in the UK under the Companies Act 2006. The Company\u2019s ordinary shares are traded on the London Stock Exchange. The Group and Company \ufb01nancial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IFRS\u201d) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. These \ufb01nancial statements are presented in Pounds Sterling rounded to thousands (\u00a3\u2019000). The Pound Sterling is the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-341": { "value": "PayPoint Plc (\u2018PayPoint\u2019 or the \u2018Company\u2019) is a public limited company and is incorporated and registered in England in the UK under the Companies Act 2006. The Company\u2019s ordinary shares are traded on the London Stock Exchange. The Group and Company \ufb01nancial statements have been prepared in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IFRS\u201d) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-3": { "value": "PayPoint Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-283": { "value": "PayPoint Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-284": { "value": "England ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-5": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-342": { "value": "These \ufb01nancial statements are presented in Pounds Sterling rounded to thousands (\u00a3\u2019000). The Pound Sterling is the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-287": { "value": "Adoption of standards and policies The accounting policies adopted by the Group in the \ufb01nancial statements for the year ended 31 March 2024 have been applied consistently to all periods set out in these group \ufb01nancial statements. New and revised IFRS in issue but not yet effective No new standards or interpretations have been adopted in the Group\u2019s accounting policies in the year ended 31 March 2024. Revised standards issued but not yet effective At the date of authorisation of these \ufb01nancial statements, revised standards issued but not yet effective are set out below. It is anticipated the adoption of these standards and interpretations in future periods will have no material impact on the \ufb01nancial statements of the Group. These have not been adopted in the Group\u2019s accounting policies: \u2022 Amendment to IAS1: Presentation of Financial Statements and IFRS Practice Statement 2: Making Materiality Judgements \u2013 Non-current liabilities with covenants (effective date 1 January 2024). \u2022 Amendments to IFRS16 Leases \u2013 Lease liability in a sale and leaseback (effective date 1 January 2024). \u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classi\ufb01cation of liabilities as current or non-current (effective date 1 January 2024). \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments \u2013 Disclosures: supplier \ufb01nance arrangements (effective date 1 January 2024). New standards issued but not yet effective IFRS18 Presentation and disclosure in the Financial Statements has been issued and is effective from 1 January 2024. It will replace IAS1 Presentation of Financial Statements and will have an impact on the presentation of the Group\u2019s Consolidated statement of pro\ufb01t or loss, with new statutory pro\ufb01t or loss sub-totals and income and expenses classi\ufb01ed into Operating, Investing and Financing categories. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-343": { "value": "Adoption of standards and policies The accounting policies adopted by the Group in the \ufb01nancial statements for the year ended 31 March 2024 have been applied consistently to all periods set out in these group \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-344": { "value": "New and revised IFRS in issue but not yet effective No new standards or interpretations have been adopted in the Group\u2019s accounting policies in the year ended 31 March 2024. Revised standards issued but not yet effective At the date of authorisation of these \ufb01nancial statements, revised standards issued but not yet effective are set out below. It is anticipated the adoption of these standards and interpretations in future periods will have no material impact on the \ufb01nancial statements of the Group. These have not been adopted in the Group\u2019s accounting policies: \u2022 Amendment to IAS1: Presentation of Financial Statements and IFRS Practice Statement 2: Making Materiality Judgements \u2013 Non-current liabilities with covenants (effective date 1 January 2024). \u2022 Amendments to IFRS16 Leases \u2013 Lease liability in a sale and leaseback (effective date 1 January 2024). \u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classi\ufb01cation of liabilities as current or non-current (effective date 1 January 2024). \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments \u2013 Disclosures: supplier \ufb01nance arrangements (effective date 1 January 2024). New standards issued but not yet effective IFRS18 Presentation and disclosure in the Financial Statements has been issued and is effective from 1 January 2024. It will replace IAS1 Presentation of Financial Statements and will have an impact on the presentation of the Group\u2019s Consolidated statement of pro\ufb01t or loss, with new statutory pro\ufb01t or loss sub-totals and income and expenses classi\ufb01ed into Operating, Investing and Financing categories. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-289": { "value": "Restatement of comparative \ufb01gures in the Consolidated statement of cash \ufb02ows, and the related note, for the recognition of acquired cash and cash equivalents in Appreciate Group PLC On 28 February 2023 the Group acquired Appreciate Group PLC for consideration of \u00a379,181,000, comprising cash of \u00a361,925,000 plus equity of \u00a317,256,000. In its Consolidated statement of cash \ufb02ows for the year ended 31 March 2023, the Group reported a net cash and cash equivalent out\ufb02ow of \u00a3(45,580,000) for Acquisitions of subsidiaries net of cash acquired. This \ufb01gure was the net of the cash out\ufb02ow of the \u00a361,925,000 referred to above less \u00a316,345,000 corporate cash and bank overdraft acquired from Appreciate. The acquired cash and cash equivalents should also have included \u00a364,960,000 of Appreciate\u2019s non-corporate cash and cash equivalents, comprising Gift card voucher cash and Prepay savers\u2019 cash. The total cash and cash equivalents acquired should therefore have been \u00a381,305,000, and the Acquisitions of subsidiaries net of cash acquired a net in\ufb02ow of \u00a319,380,000, rather than a net out\ufb02ow of \u00a3(45,580,000). The Movement in clients\u2019 funds, retailer partners\u2019 deposits and card and voucher deposits in the prior year note to the Consolidated statement of cash \ufb02ows should have excluded the \u00a364,960,000 of acquired non-corporate cash and cash equivalents and should therefore have been reported as an out\ufb02ow of \u00a3(25,701,000) rather than an in\ufb02ow of \u00a339,259,000. The restatement of the comparative \ufb01gures in the Group\u2019s Consolidated statement of cash \ufb02ows and the related note reduces Cash generated from operations by \u00a364,960,000. It has no impact on the Group\u2019s opening cash and cash equivalents, net assets or retained earnings. The re-presentation of the comparative \ufb01gures in the Group Consolidated statement of cash \ufb02ows and the related note, arising from the changes explained below to the treatment of the movements in Restricted funds held on deposit (non-corporate) and in Payables \u2013 non-corporate, increases Cash generated from operations by \u00a325,701,000. The net impact of the restatement and the re-presentation is therefore a reduction of \u00a339,259,000, from the in\ufb02ow of \u00a3102,182,000 reported in the prior year \ufb01nancial statements, to the in\ufb02ow of \u00a362,923,000 reported as the comparative \ufb01gure in the current year \ufb01nancial statements. Re-presentation of comparative \ufb01gures Consolidated statement of \ufb01nancial position and Company statement of \ufb01nancial position In its \ufb01nancial statements for the year ended 31 March 2023, the Group classi\ufb01ed its revolving credit facility as a current liability. The Group reclassi\ufb01ed the liability to non-current as at 31 March 2024, having adopted early the International Accounting Standard Board\u2019s Non-current Liabilities with Covenants, which amended IAS 1 Presentation of Financial Statements. Consolidated statement of cash \ufb02ows and Note to consolidated statement of cash \ufb02ows In its \ufb01nancial statements for the year ended 31 March 2023, the Group did not show separately Movement in Restricted funds held on deposit (non-corporate) and in Movement in payables \u2013 non- corporate. Their inclusion in the current year improves the year-on-year comparability of Cash generated from operations by excluding movements in Cash and cash equivalents \u2013 non-corporate and in Restricted funds held on deposit (non-corporate). Note 20. Trade and other payables and note 28. Financial instruments and risk In its \ufb01nancial statements for the year-ended 31 March 2023, the Group included payables in respect of prepay savers within Trade payables. In the current year, it has included payables in respect of prepay savers within Payables in respect of gift card vouchers and prepay savers. Trade payables \u2013 corporate therefore represents amounts due unrelated to Cash and cash equivalents \u2013 non-corporate and Restricted funds held on deposit (non-corporate). Additionally, the Group included the net liability in respect of day one discounts to Love2shop corporate customers and deferred income on Love2shop service fees within Trade payables. In the current year it has included the net amount within Deferred income and re-presented the prior year amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-288": { "value": "Going concern The \ufb01nancial statements have been prepared on a going concern basis. The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt-to-equity balance. The capital structure of the Group consists of debt, cash and cash equivalents, restricted funds held on deposit and equity attributable to equity holders of the parent company comprising capital, reserves and retained earnings. The Group\u2019s policy is to borrow centrally to meet anticipated funding requirements. Our cash and borrowing capacity provides sufficient funds to meet the foreseeable needs of the Group. At 31 March 2024, the Group had corporate cash of \u00a326.4 million. The Group carried out a re\ufb01nancing, completed on 6 June 2024, following which its borrowing facilities consist of: \u2022 a \u00a345.0 million non-amortising term loan expiring in June 2028; \u2022 a \u00a390.0 million unsecured revolving credit facility expiring in June 2028; and \u2022 a \u00a330.0 million accordion facility (uncommitted) expiring in June 2028 with an option, subject to lender approval, to extend by a further year. At 31 March 2024, \u00a357.5 million (2023: \u00a346.5 million) was drawn down from the previous \u00a390.0 million revolving credit facility and the outstanding balance of the previous amortising term loan was \u00a336.0 million. The Group has a strengthened statement of \ufb01nancial position, with net assets of \u00a3121.2 million as at 31 March 2024 (\u00a3111.7 million as at 31 March 2023), having made a pro\ufb01t for the year of \u00a335.7 million (2023: \u00a334.7 million) and generated cash from operations of \u00a365.7 million for the year then ended (2023: \u00a362.9 million). The Group had net current liabilities of \u00a34.4 million (2023 re-presented: \u00a316.8 million). The Directors have prepared cash \ufb02ow forecast scenarios for a period of 3 years from the date of approval of these \ufb01nancial statements, which take into account the Group\u2019s current \ufb01nancial and trading position, the principal risks and uncertainties and the strategic plans that are reviewed at least annually by the Board. In this \u2018base case\u2019 scenario, the cash \ufb02ow forecasts show considerable liquidity headroom and debt covenants will be met throughout the period. Additionally, the Directors have carried out an assessment of the principal risks and uncertainties and applied severe but plausible scenarios to test further the Group going concern assumption. These scenarios included a reduction in the volume of transactions caused by a severe economic downturn, transformation and growth plans not delivering intended bene\ufb01ts and material one-off impacts of regulatory, IT or credit loss events. As mitigating actions, we have assumed achievable reductions in expenditure and a reduction in the level of future dividends following the payment of the \ufb01nal dividend of 19.2 pence per share declared in respect of the \ufb01nancial year ended 31 March 2024. The cash \ufb02ow forecasts included an analysis and stress test for the above scenarios to ensure working capital movements within a reporting period do not trigger a covenant breach. Based on this assessment, the Directors con\ufb01rm that they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period of not less than 12 months from the date of approval of these \ufb01nancial statements and therefore have prepared the \ufb01nancial statements on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-345": { "value": "Use of judgements and estimates In the application of the Group\u2019s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgement: recognition of cash and cash equivalents and restricted funds held on deposit The nature of payments and banking services means that PayPoint collects and holds funds on behalf of clients as those funds pass through the settlement process and retains retailer partners\u2019 deposits as security for those collections. Following the Appreciate acquisition, it also holds, in trust, gift card voucher deposits on behalf of agents, cardholders and redeemers and prepay savers\u2019 cash on behalf of savers. A critical judgement in this area is whether each of the above categories of funds, and restricted funds held on deposit, are recognised on the consolidated statement of \ufb01nancial position, and whether they are included in cash and cash equivalents for the purpose of the Statement of consolidated cash \ufb02ows. This includes evaluating: (a) the existence of a binding agreement, such as a legal trust, clearly identifying the bene\ufb01ciary of the funds; (b) the identi\ufb01cation of funds, ability to allocate and separability of funds; (c) the identi\ufb01cation of the holder of those funds at any point in time; and (d) whether the Group bears the credit risk. Where there is a binding agreement specifying that PayPoint holds funds on behalf of the client (i.e. acting in the capacity of a trustee) and those funds have been separately identi\ufb01ed as belonging to that bene\ufb01ciary, the cash (referred to as \u2018Clients\u2019 own funds\u2019) and the related liability are not included on the consolidated statement of \ufb01nancial position. In all other cases, the Group has access to the interest on such monies and can, having met certain conditions, withdraw the funds. The cash and corresponding liability are therefore recognised on the consolidated statement of \ufb01nancial position. Corporate cash and cash equivalents consists of cash freely available to the Group for use in its daily operations and is presented as a separate line item on the consolidated statement of \ufb01nancial position from non-corporate cash and cash equivalents, which is not freely available to the Group, either because of self-regulation and segregation or due to contractual or regulatory requirements. Non-corporate cash and cash equivalents comprises: \u2022 Clients\u2019 cash \u2013 cash collected on behalf of clients from retailer partners but not yet transferred to clients. Clients\u2019 cash is held in PayPoint\u2019s bank accounts. \u2022 Gift card voucher cash \u2013 cash collected on the issue of gift card vouchers which have not yet expired or been redeemed. \u2022 Prepay savers\u2019 cash \u2013 cash received from customers under a prepayment scheme accumulating towards their selected savings target. It is converted to gift card vouchers once the target is reached. \u2022 Retailer partners\u2019 deposits \u2013 cash received from retailers held as security against their default. Both corporate cash and non-corporate cash are included within cash and cash equivalents on the Consolidated statement of cash \ufb02ows. Restricted funds held on deposit (non-corporate), comprises gift card voucher cash and prepay savers\u2019 cash. However, unlike the gift card voucher cash and prepay savers\u2019 cash included in non-corporate cash and cash equivalents, restricted funds held on deposit (non-corporate) may only be accessed after a minimum of three months. Consequently, they are excluded from cash and cash equivalents on the Statement of \ufb01nancial position and the Consolidated statement of cash \ufb02ows. The amounts recognised on the Statement of \ufb01nancial position as at 31 March 2024 are as follows: Year ended Year ended 31 March 2024 31 March 2023 \u00a3\u2019000 \u00a3\u2019000 Corporate cash 26,392 22,546 Bank overdraft \u2013 (525) Clients\u2019 cash 17,276 12,041 GIft card voucher cash 9,779 29,527 Prepay savers\u2019 cash 27,368 8,181 Retailer partners\u2019 deposits 5,955 6,156 Sub-total: non-corporate cash 60,378 55,905 Total cash and cash equivalents 86,770 77,926 Restricted funds held on deposit (non-corporate) 78,198 82,000 Clients\u2019 own funds Clients\u2019 cash held in trust off the Consolidated statement of \ufb01nancial position as at 31 March 2024 is \u00a360.5 million (2023: \u00a3124.3 million). Critical judgement: reassessment of the Group\u2019s Cards division cash generating units (CGUs) As explained in note 12, management reassessed its CGUs during the current period, prompted by the signing of a new partnership with Lloyds Banking Group\u2019s \u201cCardnet\u201d division in March 2024. This resulted in the creation of a new Cards CGU, comprising the former Handepay CGU and Merchant Rentals CGU plus the pre-existing PayPoint cards business. Consequently, at 31 March 2024, the Group tested for impairment the aggregate goodwill of \u00a345.2 million which arose on the acquisitions of Handepay and Merchant Rentals, by comparing the new, enlarged Cards CGU\u2019s recoverable amount to its carrying value. That impairment test gave signi\ufb01cant headroom, with no reasonably possible changes in any of the discounted cash \ufb02ow assumptions causing the Cards CGU\u2019s carrying value to exceed its recoverable amount. At 31 March 2023, prior to this CGU reassessment, the Group performed separate impairment tests on the goodwill which arose on the Handepay and Merchant Rentals acquisitions (\u00a335.6 million and \u00a39.6 million respectively) by comparing the recoverable amounts to the carrying values for each of the Handepay and Merchant Rentals CGUs. The valuation of the goodwill relating to the Handepay CGU was a critical estimate in the \ufb01nancial year ended 31 March 2023, given that reasonably possible changes in the key assumptions used to calculate the Handepay CGU\u2019s recoverable amount could have resulted in goodwill impairment. Critical estimate: valuation of de\ufb01ned bene\ufb01t pension scheme obligations The Group has an obligation to pay pension bene\ufb01ts to members of the de\ufb01ned bene\ufb01t pension scheme in its Love2shop segment. The present value of the obligations associated with these future bene\ufb01ts depends on the assumptions selected for several factors, including the following: \u2022 Discount rate \u2022 Rate of in\ufb02ation \u2022 Life expectancy At each reporting period, management selects appropriate actuarial assumptions for each factor, based on historical and current trends and with input from a quali\ufb01ed actuary. These assumptions are set out in note 16 for both the current and prior reporting periods. Using the set of assumptions selected by management at 31 March 2024, the net de\ufb01ned bene\ufb01t pension scheme asset is \u00a3286,000 (31 March 2023: \u00a3411,000). This comprises scheme assets with a fair value of \u00a316,224,000 less obligations of \u00a315,938,000 (31 March 2023: assets of \u00a317,752,000 less obligations of \u00a317,341,000). Relatively small changes to one or more of the above assumptions could result in signi\ufb01cant changes to the fair value of the scheme obligations and hence the net scheme asset or liability, as follows: PF scheme Change in assumption Change in liabilities Discount rate decrease of 0.50% p.a. increase by \u00a31,068,000 Discount rate increase of 0.50% p.a. decrease by \u00a3972,000 Rate of in\ufb02ation decrease by 0.25% p.a. decrease by \u00a3319,000 Rate of in\ufb02ation increase by 0.25% p.a. increase by \u00a3367,000 Rate of mortality decrease in life expectancy of 1 year increase by \u00a3414,000 Rate of mortality increase in life expectancy of 1 year decrease by \u00a3383,000 Prior year critical judgements and estimates As explained above, the impact of the Group\u2019s reassessment of its Cards CGUs is that the valuation of the goodwill relating to the Handepay CGU, which was a critical estimate in the \ufb01nancial year ended 31 March 2023, is no longer considered a critical estimate at 31 March 2024. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-290": { "value": "Use of judgements and estimates In the application of the Group\u2019s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgement: recognition of cash and cash equivalents and restricted funds held on deposit The nature of payments and banking services means that PayPoint collects and holds funds on behalf of clients as those funds pass through the settlement process and retains retailer partners\u2019 deposits as security for those collections. Following the Appreciate acquisition, it also holds, in trust, gift card voucher deposits on behalf of agents, cardholders and redeemers and prepay savers\u2019 cash on behalf of savers. A critical judgement in this area is whether each of the above categories of funds, and restricted funds held on deposit, are recognised on the consolidated statement of \ufb01nancial position, and whether they are included in cash and cash equivalents for the purpose of the Statement of consolidated cash \ufb02ows. This includes evaluating: (a) the existence of a binding agreement, such as a legal trust, clearly identifying the bene\ufb01ciary of the funds; (b) the identi\ufb01cation of funds, ability to allocate and separability of funds; (c) the identi\ufb01cation of the holder of those funds at any point in time; and (d) whether the Group bears the credit risk. Where there is a binding agreement specifying that PayPoint holds funds on behalf of the client (i.e. acting in the capacity of a trustee) and those funds have been separately identi\ufb01ed as belonging to that bene\ufb01ciary, the cash (referred to as \u2018Clients\u2019 own funds\u2019) and the related liability are not included on the consolidated statement of \ufb01nancial position. In all other cases, the Group has access to the interest on such monies and can, having met certain conditions, withdraw the funds. The cash and corresponding liability are therefore recognised on the consolidated statement of \ufb01nancial position. Corporate cash and cash equivalents consists of cash freely available to the Group for use in its daily operations and is presented as a separate line item on the consolidated statement of \ufb01nancial position from non-corporate cash and cash equivalents, which is not freely available to the Group, either because of self-regulation and segregation or due to contractual or regulatory requirements. Non-corporate cash and cash equivalents comprises: \u2022 Clients\u2019 cash \u2013 cash collected on behalf of clients from retailer partners but not yet transferred to clients. Clients\u2019 cash is held in PayPoint\u2019s bank accounts. \u2022 Gift card voucher cash \u2013 cash collected on the issue of gift card vouchers which have not yet expired or been redeemed. \u2022 Prepay savers\u2019 cash \u2013 cash received from customers under a prepayment scheme accumulating towards their selected savings target. It is converted to gift card vouchers once the target is reached. \u2022 Retailer partners\u2019 deposits \u2013 cash received from retailers held as security against their default. Both corporate cash and non-corporate cash are included within cash and cash equivalents on the Consolidated statement of cash \ufb02ows. Restricted funds held on deposit (non-corporate), comprises gift card voucher cash and prepay savers\u2019 cash. However, unlike the gift card voucher cash and prepay savers\u2019 cash included in non-corporate cash and cash equivalents, restricted funds held on deposit (non-corporate) may only be accessed after a minimum of three months. Consequently, they are excluded from cash and cash equivalents on the Statement of \ufb01nancial position and the Consolidated statement of cash \ufb02ows. The amounts recognised on the Statement of \ufb01nancial position as at 31 March 2024 are as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Corporate cash
26,392
22,546
Bank overdraft
\u2013
(525)
Clients\u2019 cash
17,276
12,041
GIft card voucher cash
9,779
29,527
Prepay savers\u2019 cash
27,368
8,181
Retailer partners\u2019 deposits
5,955
6,156
Sub-total: non-corporate cash
60,378
55,905
Total cash and cash equivalents
86,770
77,926
Restricted funds held on deposit (non-corporate)
78,198
82,000
Clients\u2019 own funds Clients\u2019 cash held in trust off the Consolidated statement of \ufb01nancial position as at 31 March 2024 is \u00a360.5 million (2023: \u00a3124.3 million). Critical judgement: reassessment of the Group\u2019s Cards division cash generating units (CGUs) As explained in note 12, management reassessed its CGUs during the current period, prompted by the signing of a new partnership with Lloyds Banking Group\u2019s \u201cCardnet\u201d division in March 2024. This resulted in the creation of a new Cards CGU, comprising the former Handepay CGU and Merchant Rentals CGU plus the pre-existing PayPoint cards business. Consequently, at 31 March 2024, the Group tested for impairment the aggregate goodwill of \u00a345.2 million which arose on the acquisitions of Handepay and Merchant Rentals, by comparing the new, enlarged Cards CGU\u2019s recoverable amount to its carrying value. That impairment test gave signi\ufb01cant headroom, with no reasonably possible changes in any of the discounted cash \ufb02ow assumptions causing the Cards CGU\u2019s carrying value to exceed its recoverable amount. At 31 March 2023, prior to this CGU reassessment, the Group performed separate impairment tests on the goodwill which arose on the Handepay and Merchant Rentals acquisitions (\u00a335.6 million and \u00a39.6 million respectively) by comparing the recoverable amounts to the carrying values for each of the Handepay and Merchant Rentals CGUs. The valuation of the goodwill relating to the Handepay CGU was a critical estimate in the \ufb01nancial year ended 31 March 2023, given that reasonably possible changes in the key assumptions used to calculate the Handepay CGU\u2019s recoverable amount could have resulted in goodwill impairment. Critical estimate: valuation of de\ufb01ned bene\ufb01t pension scheme obligations The Group has an obligation to pay pension bene\ufb01ts to members of the de\ufb01ned bene\ufb01t pension scheme in its Love2shop segment. The present value of the obligations associated with these future bene\ufb01ts depends on the assumptions selected for several factors, including the following: \u2022 Discount rate \u2022 Rate of in\ufb02ation \u2022 Life expectancy At each reporting period, management selects appropriate actuarial assumptions for each factor, based on historical and current trends and with input from a quali\ufb01ed actuary. These assumptions are set out in note 16 for both the current and prior reporting periods. Using the set of assumptions selected by management at 31 March 2024, the net de\ufb01ned bene\ufb01t pension scheme asset is \u00a3286,000 (31 March 2023: \u00a3411,000). This comprises scheme assets with a fair value of \u00a316,224,000 less obligations of \u00a315,938,000 (31 March 2023: assets of \u00a317,752,000 less obligations of \u00a317,341,000). Relatively small changes to one or more of the above assumptions could result in signi\ufb01cant changes to the fair value of the scheme obligations and hence the net scheme asset or liability, as follows:
PF scheme
Change in assumption
Change in liabilities
Discount rate
decrease of 0.50% p.a.
increase by \u00a31,068,000
Discount rate
increase of 0.50% p.a.
decrease by \u00a3972,000
Rate of in\ufb02ation
decrease by 0.25% p.a.
decrease by \u00a3319,000
Rate of in\ufb02ation
increase by 0.25% p.a.
increase by \u00a3367,000
Rate of mortality
decrease in life expectancy of 1 year
increase by \u00a3414,000
Rate of mortality
increase in life expectancy of 1 year
decrease by \u00a3383,000
Prior year critical judgements and estimates As explained above, the impact of the Group\u2019s reassessment of its Cards CGUs is that the valuation of the goodwill relating to the Handepay CGU, which was a critical estimate in the \ufb01nancial year ended 31 March 2023, is no longer considered a critical estimate at 31 March 2024. Alternative performance measures Non-IFRS measures or alternative performance measures are used by the Directors and management for performance analysis, planning, reporting and incentive-setting purposes. They have remained consistent with the prior year. These measures are included in these \ufb01nancial statements to provide additional useful information on performance and trends to shareholders. These measures are not de\ufb01ned terms under IFRS and therefore they may not be comparable with similarly titled measures reported by other companies. They are not intended to be a substitute for IFRS measures. Underlying performance measures (non-IFRS measures) Underlying performance measures allow shareholders to understand the operational performance in the year, to facilitate comparison with prior years and to assess trends in \ufb01nancial performance. They usually exclude the impact of one-off, non-recurring and exceptional items and the amortisation of intangible assets arising on acquisition, such as brands and customer relationships. Love2shop billings (non-IFRS measure relating solely to the Love2shop segment) Billings represents the value of goods and services shipped and invoiced to customers during the year and is recorded net of VAT, rebates and discounts. Billings is an alternative performance measure, which the directors believe provides an additional measure of the level of activity other than total revenue. This is due to revenue from multi-retailer redemption products being reported on a \u2018net\u2019 basis, whilst revenue from single-retailer redemption products and other goods are reported on a \u2018gross\u2019 basis. Net revenue (non-IFRS measure) Net revenue is total revenue less commissions paid (to retailer partners and Park Christmas agents) and the cost of revenue for items where the Group acts in the capacity as principal (including single- retailer vouchers and SIM cards). This re\ufb02ects the bene\ufb01t attributable to the Group\u2019s performance, eliminating pass-through costs to create comparability of performance under both the agent and principal revenue models. It is a key consistent measure of the overall success of the Group\u2019s strategy. A reconciliation from total revenue to net revenue is included in note 4. Adjusting items (non-IFRS measure) Adjusting items consist of exceptional items, amortisation of intangible assets arising on acquisition and movements on convertible loan notes. These items are presented as adjusting items in the consolidated statement of pro\ufb01t or loss, as they do not re\ufb02ect the operational performance of the Group.
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Exceptional items \u2013 legal fees
2,143
\u2013
Exceptional items \u2013 restructuring costs
1,977
\u2013
Exceptional items \u2013 acquisition costs expensed
\u2013
4,065
Exceptional items \u2013 impairment loss on reclassi\ufb01cation of investment in
associate to asset held for sale
\u2013
1,252
Sub-total: exceptional items \u2013 administrative expenses
4,120
5,317
Exceptional items \u2013 \ufb01nance costs
1,099
287
Amortisation of intangible assets arising on acquisition
8,076
2,574
Net movement on convertible loan notes
186
\u2013
Total adjusting items
13,481
8,178
Total costs (non-IFRS measure) Total costs comprise other cost of revenue (note 5), administrative expenses, \ufb01nance income and \ufb01nance costs. Total costs exclude adjusting items, being exceptional costs and amortisation of intangible assets arising on acquisition. Earnings before interest, tax, depreciation and amortisation (EBITDA) (non-IFRS measure) The Group now presents EBITDA as it is widely used by investors, analysts and other interested parties to evaluate pro\ufb01tability of companies. This measures earnings before interest, tax, depreciation and amortisation. See page 70 for a reconciliation from pro\ufb01t before tax to EBITDA. Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) (non-IFRS measure) The Group also now presents adjusted EBITDA, which comprises EBITDA, as de\ufb01ned above, excluding exceptional items. See page 70 for a reconciliation from pro\ufb01t before tax to adjusted EBITDA. Underlying earnings per share (non-IFRS measure) Underlying earnings per share is calculated by dividing the net pro\ufb01t before exceptional items, amortisation of intangible assets arising on acquisition and movement on convertible loan notes attributable to equity holders of the parent by the basic or diluted weighted average number of ordinary shares in issue. Underlying pro\ufb01t before tax (non-IFRS measure) The calculation of underlying pro\ufb01t before tax is as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Pro\ufb01t before tax
48,182
42,574
Total adjusting items
13,481
8,178
Underlying pro\ufb01t before tax
61,663
50,752
Underlying pro\ufb01t after tax (non-IFRS measure) The calculation of underlying pro\ufb01t after tax is as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Pro\ufb01t after tax
35,687
34,710
Total adjusting items
13,481
8,178
Tax on adjusting items
(3,370)
(644)
Underlying pro\ufb01t after tax
45,798
42,244
Net corporate debt (non-IFRS measure)
Net corporate debt represents corporate cash and cash equivalents less bank overdraft and amounts
borrowed under \ufb01nancing facilities (excluding IFRS 16 liabilities). The reconciliation of corporate cash and
cash equivalents to net corporate debt is as follows:
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents \u2013 corporate cash
26,392
22,546
Less:
Bank overdraft
\u2013
(525)
Loans and borrowings (note 24)
(93,935)
(94,415)
Net corporate debt
(67,543)
(72,394)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-291": { "value": "
Basis of consolidation
PayPoint Plc (the \u2018Company\u2019) acts as a holding company. The accounts of the Company and its
investments in entities controlled by the Company (its subsidiaries) are consolidated in the Group
accounts. Control is achieved when the Company has power over an entity, exposure to variable returns
and the ability to use that power to affect its returns from the entity. The Company reassesses its control
over an entity if facts and circumstances indicate that there is a change to any of the three elements of
control listed above. The results of subsidiaries acquired or sold are consolidated for the periods from
or to the date on which control exists. All inter-group transactions, balances, income and expenses are
eliminated on consolidation. All the subsidiaries in the Group, a list of which are presented in note 14 of
the \ufb01nancial statements, apply accounting policies which are consistent with those of the Group.
In the prior year, the Company disposed of its investment in an associate over which it had signi\ufb01cant
in\ufb02uence but not control. The results of the associate prior to disposal were not consolidated, but
instead accounted for using the equity method as disclosed in the accounting policy for investments
in associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-292": { "value": "Revenue Revenue, as reported in the Consolidated statement of pro\ufb01t or loss, is derived from contracts with customers. It represents the value of services and goods delivered or sold to clients, retailer partners and SME partners. It is measured using the fair value of the consideration received or receivable, net of value added tax. Performance obligations are identi\ufb01ed at contract inception and the revenue is recognised once the performance obligations are satis\ufb01ed. Upfront payments for management fees and set-up and development fees in respect of contracts with clients, retailer partners and SME partners are deferred and recognised on a straight-line basis over the contracted period, which appropriately re\ufb02ects that the clients, retailer partners and SME partners receive and consume the bene\ufb01ts of those performance obligations evenly throughout the contract. Principal and Agent Under IFRS15, the Group is a principal (and records revenue on a gross basis) if it controls the promised good or service before transferring it to the customer. The Group is an agent (and records as revenue the net amount that it retains for its agency services) if its role is to arrange for another entity to provide the good or service. The Group acts as principal for the following Love2shop services: \u2022 Single-retailer redemption products. \u2022 Administrative support for multi-redemption cardholders. \u2022 Multi-redemption non-redemption income. and for the sale of SIM cards and some e-money through PayPoint. The Group acts as agent for all services provided through PayPoint, other than the sale of SIM cards and some e-money, and for the following multi-retailer Love2shop redemption products: \u2022 Love2shop vouchers. \u2022 Flexecash \u00a9 cards and e-codes. \u2022 Mastercards. Timing of revenue recognition 1. Shopping and e-commerce The Group provides shopping and e-commerce services to retailer partners, which form part of PayPoint\u2019s network, and SME partners. Shopping (retail services) revenue comprises: \u2022 Service fees from retailers that use PayPoint One, legacy terminals and EPoS, all of which are charged for on a weekly or monthly basis and recognised on a straight-line basis over the period of the contract. Retailers simultaneously receive and consume the bene\ufb01ts related to the services fee; therefore, a straight-line approach appropriately re\ufb02ects the transfer of the service. \u2022 ATM and Counter Cash transaction fees which are recognised when each transaction is processed. \u2022 Home delivery revenue from PayPoint\u2019s partnership with Snappy Shopper which enables local store to door delivery and click and collect for retailer partners. PayPoint earns a commission on the turnover which is recognised when the corresponding transactions are processed. \u2022 Fees for receipt advertising and FMCG revenue from digital vouchering, digital screen advertising, sales data, and PayPoint\u2019s retailer engagement channels which are recognised over the period of the campaign on a straight-line basis. \u2022 Operating lease income from ATMs which is recognised on a straight-line basis over the expected lease term. \u2022 Other retail services revenue including failed Direct Debits which are recognised at the time the transaction occurs. Shopping (card payments) revenue comprises: \u2022 Commissions and fees from card payments which are recognised when each transaction is processed. \u2022 Finance lease income from card terminals is recognised over the expected lease term using the sum of digits method. \u2022 Operating lease income from card terminals which is recognised on a straight-line basis over the expected lease term. \u2022 Commissions from PayPoint\u2019s Business Finance products in partnership with YouLend which is earned on the loan amounts outstanding from card payment retailers and recognised when the loan is granted to the retailer.
e-commerce revenue comprises:
\u2022 Fees earned for processing parcels which are recognised when each parcel has been delivered or
returned through the PayPoint network.
\u2022 Royalty income from the Collect+ brand which is recognised as the parcels are processed.
2. Payments and banking
Payments and banking revenue is recognised as performance obligations are satis\ufb01ed which is usually at
the point in time each transaction is processed. Other than for the sale of SIM cards as principal, PayPoint is
contracted as agent in the supply of payments and banking services and accordingly the commission earned
from clients for processing transactions is recognised as revenue when each transaction is processed.
Payments and banking revenue comprises:
\u2022 Cash bill payments: customers of PayPoint\u2019s clients can pay their bills (due to the client) over-the-
counter at any of PayPoint\u2019s retailer partners. PayPoint provides the technology for recording the
payment of bills and transmission of that payment data to the client. PayPoint then collects bill
payment funds from retailer partners and remits those funds to clients.
\u2022 Cash top-ups: customers of PayPoint\u2019s clients can top up their mobiles over-the-counter at any of
PayPoint\u2019s retailer partners. This category also includes revenue from the sale of SIM cards which is
primarily earned from the mobile operators based on the value of top-ups after the initial activation.
This revenue is contingent on the customer actions and is recognised at the point in time when the
consumer tops up the SIM card. PayPoint contracts as principal for SIM card sales as it obtains control
of the SIM cards before transferring control to the customer, therefore revenue is recognised at the
gross sale price and cost of revenue includes the related cost.
\u2022 Digital payments: MultiPay is an integrated solution offering a full suite of digital payments. It enables
transactions online and through smartphone apps and text messages, as well as event payments, over
the counter, over the phone and via interactive voice response (IVR) systems. It also supports a full range
of Direct Debit options, including scheduling collections, as well as new product developments such as
PayByLink, recurring payments and Event Streamer. CashOut enables the rapid dispersal of funds through
secure digital channels, including the Payment Exception Service which is run for the Department for
Work and Pensions by i-movo, delivering payments to those without access to a standard bank account.
i-movo also issues digital newspaper vouchers which enable newspaper publishers to digitise consumer
subscription services and home news delivery in local convenience stores.
\u2022 Cash through to digital: PayPoint provides the physical network of retail locations for consumers to
convert cash into electronic funds with online organisations. Consumers pay for a \u2018pin on receipt\u2019 code
in any of PayPoint\u2019s retail locations and then can use that value online with their chosen digital brand or
service across a comprehensive portfolio of banking, e-commerce, gaming and loyalty card partners.
3. Love2shop
Love2shop revenue comprises:
\u2022 Multi-retailer redemption products (Love2shop vouchers, Flexecash\u00ae cards and e-codes, and
Mastercards). Service fees earned from the retailers are recognised when the products are redeemed.
\u2022 Single-retailer redemption products (Third party vouchers, cards and e-codes). Revenue is recognised
on despatch.
\u2022 Multi-retailer cardholder fees, earned for services provided to cardholders such as issue, dealing with
lost, stolen or damaged cards and post-expiry fees. Revenue is recognised when the fees are levied.
Other revenue
Other revenue, as reported in the Consolidated statement of pro\ufb01t or loss, is IFRS9 revenue. It comprises:
1. Payments and Banking
\u2022 Interest earned on clients\u2018 funds and retailer partners\u2019 deposits.
2. Love2shop
\u2022 Multi-retailer non-redemption revenue (where the end-user has the right of refund), recognised when
the product has expired and the right of refund lapsed.
\u2022 Multi-retailer non-redemption revenue (where the end-user has no right of refund), recognised
on expiry.
\u2022 Interest generated by investing cash received from customers. This applies both to cash received for
the Park Christmas Saver business where customers save with the Group throughout the year, and to
all other pre-paid products. Funds associated with customers are included in both restricted funds
held on deposit and cash and cash equivalents.
Non-redemption income represents the unused amount (i.e. the non-refundable unredeemed or unspent
funds) on a voucher, card or e-code at expiry, where there is no right of refund, or on expiry and lapse of
the refund period, where there is a right of refund.
Cost of revenue
Cost of revenue primarily consists of expenses related to delivering our services and products. These
include retailer commissions, the cost of single-retailer vouchers, cards and codes, SIM cards and
e-money (where the Group is principal), depreciation and amortisation of assets used to deliver services,
\ufb01eld sales costs, transaction costs, terminal and ATM maintenance costs and telecommunications costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-293": { "value": "Retailer partner commission costs Retailer partner commission costs represent the fees due to PayPoint\u2019s retailer partners for providing PayPoint\u2019s services in their store. These costs are recognised as an expense within cost of revenue when the transaction or parcel is processed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-294": { "value": "
Foreign currency
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transaction. At each reporting date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates prevailing on the statement of \ufb01nancial
position date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign
currency are translated at the rates prevailing at the date when fair value was determined. Gains and
losses arising on translation are included in net pro\ufb01t or loss for the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-298": { "value": "Pension costs De\ufb01ned bene\ufb01t plan The fair value of the plan assets less the present value of the de\ufb01ned bene\ufb01t obligation is recognised in the Consolidated statement of \ufb01nancial position as the retirement bene\ufb01t asset, after applying the asset ceiling test. The limit on the recognition of a de\ufb01ned bene\ufb01t pension asset is measured as the value of economic bene\ufb01t available to the Group in the form of refunds or reductions in future contributions, in accordance with the rules of the pension schemes. Regular valuations are prepared by independent professionally quali\ufb01ed actuaries on the projected unit credit method. The valuations are carried out every three years and updated on a yearly basis for accounting purposes. These determine the level of contribution required to fund the bene\ufb01ts set out in the rules of the plans and allow for the periodic increase of pensions in payment. The scheme is closed to future years\u2019 service but pensions are still dependent on actual \ufb01nal salaries. Consequently, the Group may have an amendment in future where salary rises differ from those projected. For any related plan amendment, these are recognised immediately in the statement of pro\ufb01t or loss. Remeasurements comprise actuarial gains and losses on the obligations and the return on scheme assets (excluding interest). They are recognised immediately in other comprehensive income in the Consolidated statement of comprehensive income. Net interest cost is calculated by applying the discount rate on liabilities to the net pension liability or asset (adjusted for cash \ufb02ows over the accounting period) and is recognised within administrative expenses. De\ufb01ned contribution plans The Group makes payments to a number of de\ufb01ned contribution pension schemes. Pension costs are recognised as an expense when employees have rendered services entitling them to the contributions. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the statement of \ufb01nancial position ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-295": { "value": "
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant. The fair value at
the grant date of the equity-settled share-based payments is expensed on a straight-line basis over
the vesting period and adjusted for non-market-based conditions where they will not vest (i.e. leavers).
The fair value of equity-settled share-based payment arrangements where no market-based vesting
conditions exist is based on the share price at the date of the grant.
Cash-settled share-based payments represents PAYE and NI paid by the Group to HMRC on behalf
of employees receiving share awards. The number of shares issued by the Group to such employees is
correspondingly less than that which would have been issued had the employees settled their income tax
liability themselves.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-296": { "value": "
Finance income
Finance income comprises bank deposit interest received on corporate cash and cash equivalents and
interest income on de\ufb01ned bene\ufb01t pension scheme assets. Interest is recognised as earned, which
re\ufb02ects the effective interest rate method.
Finance costs
Finance costs comprises interest costs on loans and borrowings and bank overdrafts and interest
expense on the de\ufb01ned bene\ufb01t pension scheme obligations and leases. Finance costs are recognised as
an expense in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-372": { "value": "Finance income Finance income comprises bank deposit interest received on corporate cash and cash equivalents and interest income on de\ufb01ned bene\ufb01t pension scheme assets. Interest is recognised as earned, which re\ufb02ects the effective interest rate method. Finance costs Finance costs comprises interest costs on loans and borrowings and bank overdrafts and interest expense on the de\ufb01ned bene\ufb01t pension scheme obligations and leases. Finance costs are recognised as an expense in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-346": { "value": "Finance costs Finance costs comprises interest costs on loans and borrowings and bank overdrafts and interest expense on the de\ufb01ned bene\ufb01t pension scheme obligations and leases. Finance costs are recognised as an expense in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-297": { "value": "Exceptional items Exceptional items are those which are considered signi\ufb01cant by virtue of their nature, size or incidence. These items are presented as exceptional within their relevant income statement categories to assist in the understanding of the performance and \ufb01nancial results of the Group, as they do not form part of the underlying business. The current year exceptional items are: \u2022 \u00a32.0 million restructuring costs related to the Group\u2019s organisational design announced on 8 March 2024. \u2022 \u00a32.1 million legal fees in conjunction with the matter referred to in note 31. \u2022 \u00a31.1 million re\ufb01nancing costs related to the Group\u2019s renewal of its borrowing facilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-299": { "value": "
Taxation
The Group\u2019s policy is to pay tax when due but to minimise tax payments where practically possible,
without engaging in aggressive tax schemes.
The tax expense represents the amount payable in respect of the year under review based on the taxable
pro\ufb01t for the year and the provision for deferred tax. Taxable pro\ufb01t differs from net pro\ufb01t as reported in
the income statement because it excludes items of income or expense that are taxable or deductible in
other years and items that are not taxable or deductible.
The Group\u2019s liability for current tax is calculated using tax rates that are applicable to the current year.
Deferred tax is provided in full on taxable temporary differences between the tax bases of assets and liabilities
and their carrying amounts. Deferred tax is calculated using tax rates that have been substantively enacted
by the statement of \ufb01nancial position date. Deferred tax assets are recognised on deductible temporary
differences to the extent that it is probable that future taxable pro\ufb01t will be available against which the tax
asset will be realised. Deferred tax liabilities are recognised for taxable temporary differences arising on
investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference
and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of
the asset to be recovered. Deferred tax is charged or credited in the statement of pro\ufb01t or loss, except
when it relates to items charged or credited to other comprehensive income or equity, in which case the
deferred tax is recorded in other comprehensive income or equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-347": { "value": "Deferred tax is provided in full on taxable temporary differences between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is calculated using tax rates that have been substantively enacted by the statement of \ufb01nancial position date. Deferred tax assets are recognised on deductible temporary differences to the extent that it is probable that future taxable pro\ufb01t will be available against which the tax asset will be realised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is charged or credited in the statement of pro\ufb01t or loss, except when it relates to items charged or credited to other comprehensive income or equity, in which case the deferred tax is recorded in other comprehensive income or equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-300": { "value": "
Financial instruments
The \ufb01nancial asset or liability is initially recognised when the Group becomes party to the contractual
instrument. The Group classi\ufb01es its derivative \ufb01nancial instruments, which consist of convertible loan
note instruments, as held at fair value through pro\ufb01t or loss.
The Group discloses the fair value measurements of \ufb01nancial assets and liabilities using three levels
as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting
period during which the change has occurred.
Financial liabilities
Multi-retailer products can be exchanged for goods or services with redemption partners at any
point until they are fully utilised or they expire. Redemption partners are paid the value of the product
redeemed, less the commission earned by the Group. Multi-retailer products are accounted for as a
\ufb01nancial liability under IFRS 9 as there is a contractual obligation to deliver cash to the redemption
partners on behalf of the cardholder and there is no unconditional right to avoid delivering cash to settle
this contractual obligation.
A \ufb01nancial liability equivalent to the value of the card is recognised at the point of sale. The \ufb01nancial
liability is reduced as funds are settled to the redemption partner after the value, part or whole, is spent
with the relevant redemption partner. Pro\ufb01ts on products that expire without being redeemed are
recognised in income after the expiry date of the redemption rights, at which point the \ufb01nancial liability is
also derecognised.
Loans and borrowings
Loans and borrowings are initially measured at fair value, net of any attributable transaction costs, and are
subsequently measured at amortised cost using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-349": { "value": "Financial instruments The \ufb01nancial asset or liability is initially recognised when the Group becomes party to the contractual instrument. The Group classi\ufb01es its derivative \ufb01nancial instruments, which consist of convertible loan note instruments, as held at fair value through pro\ufb01t or loss. The Group discloses the fair value measurements of \ufb01nancial assets and liabilities using three levels as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-348": { "value": "Financial liabilities Multi-retailer products can be exchanged for goods or services with redemption partners at any point until they are fully utilised or they expire. Redemption partners are paid the value of the product redeemed, less the commission earned by the Group. Multi-retailer products are accounted for as a \ufb01nancial liability under IFRS 9 as there is a contractual obligation to deliver cash to the redemption partners on behalf of the cardholder and there is no unconditional right to avoid delivering cash to settle this contractual obligation. A \ufb01nancial liability equivalent to the value of the card is recognised at the point of sale. The \ufb01nancial liability is reduced as funds are settled to the redemption partner after the value, part or whole, is spent with the relevant redemption partner. Pro\ufb01ts on products that expire without being redeemed are recognised in income after the expiry date of the redemption rights, at which point the \ufb01nancial liability is also derecognised. Loans and borrowings Loans and borrowings are initially measured at fair value, net of any attributable transaction costs, and are subsequently measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-350": { "value": "
Business combinations
The acquisition of subsidiaries is accounted for using the acquisition method. Acquisition-related costs
are recognised in pro\ufb01t or loss as incurred. The cost of the acquisition is measured at the aggregate
of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity
instruments issued by the Group in exchange for control of the acquiree. The acquired identi\ufb01able
assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair value at the acquisition date.
When the initial accounting for a business combination is determined, it is done so on a provisional
basis. Measurement period adjustments to these provisional values may be made within 12 months
of the acquisition date and are effective as at the acquisition date, if new information about facts and
circumstances that existed at the acquisition date is obtained and, if known, would have resulted in the
recognition of those assets and liabilities at that date.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest
in the fair value of the identi\ufb01able assets and liabilities of a subsidiary at the date of acquisition. Goodwill is
not amortised and is measured at the amount initially recognised less any accumulated impairment losses.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating
units or groups of cash-generating units. The cash-generating units to which goodwill has been allocated
are tested for impairment annually, or more frequently when there is an indication of impairment. This
is done by determining the recoverable amount. If the recoverable amount of the cash-generating unit
is less than the carrying amount, an impairment loss is recognised by \ufb01rst allocating the impairment to
goodwill and then to the other assets on a pro-rata basis of the carrying amount of each asset in the
unit. Any impairment loss for goodwill is recognised immediately in pro\ufb01t or loss and is not reversed in
subsequent years.
On disposal of a cash-generating unit, the related goodwill is included in the determination of the pro\ufb01t
or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-301": { "value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. Acquisition-related costs are recognised in pro\ufb01t or loss as incurred. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. The acquired identi\ufb01able assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date. When the initial accounting for a business combination is determined, it is done so on a provisional basis. Measurement period adjustments to these provisional values may be made within 12 months of the acquisition date and are effective as at the acquisition date, if new information about facts and circumstances that existed at the acquisition date is obtained and, if known, would have resulted in the recognition of those assets and liabilities at that date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-373": { "value": "Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities of a subsidiary at the date of acquisition. Goodwill is not amortised and is measured at the amount initially recognised less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units or groups of cash-generating units. The cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication of impairment. This is done by determining the recoverable amount. If the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised by \ufb01rst allocating the impairment to goodwill and then to the other assets on a pro-rata basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised immediately in pro\ufb01t or loss and is not reversed in subsequent years. On disposal of a cash-generating unit, the related goodwill is included in the determination of the pro\ufb01t or loss on disposal. Intangible assets Recognition on acquisition The Group has recognised acquired brands, customer relationships and developed technology intangible assets at fair value in accordance with IAS 38 Intangible Assets, which are amortised over their estimated useful economic lives as follows: Brands \u2013 11 to 15 years Customer relationships \u2013 3 to 13 years Developed technology \u2013 1 to 7 years Acquired brands are valued using the relief-from-royalty method using an estimation of future revenues and a market-based royalty rate that an acquirer would pay in an arm\u2019s length licensing arrangement to secure access to the same rights. The theoretical royalty payments are discounted to obtain the cash \ufb02ows to determine the present asset value. A tax amortisation bene\ufb01t is applied to re\ufb02ect the present value of the expected bene\ufb01ts of amortising the value of the intangible asset over its useful tax life. Acquired customer relationships are valued using the multi-period excess earnings method (\u2018MEEM approach\u2019) by estimating the total expected income streams from customer relationships and deducting portions of the cash \ufb02ow that can be attributed to supporting or contributory assets (including workforce). The residual income streams are discounted. No tax amortisation bene\ufb01t is applied. Acquired developed technology is valued using a depreciated replacement cost method, which requires an estimate of all the costs a typical market participant would incur to generate an exact replica of the intangible asset in the context of the acquired business. The depreciated replacement cost method takes into account factors including economic and technological obsolescence. The useful life of acquired intangible assets is based on factors including the expected usage of the asset, typical product lifecycles for the asset (re\ufb02ecting the ability to generate the expected future economic bene\ufb01ts with reasonably low levels of required maintenance expenditure), technical, technological, commercial or other types of obsolescence, expected actions by competitors and the period of the contractual or other legal rights over which the entity expects to use the asset including renewal, which determines future amortisation charges. Development expenditure The Group develops software and other intangible assets including EPoS services and the digital payments platform which generate future economic bene\ufb01ts through cost savings or revenue from clients, retailer partners and SME partners. Development expenditure on large projects is recognised as an intangible asset if the product or process is technically and commercially feasible and the Group intends to and has the technical ability and sufficient resources to complete development, future economic bene\ufb01ts are probable and if the Group can measure reliably the expenditure attributable to the intangible asset during its development. The costs that are capitalised are the directly attributable costs necessary to create and prepare the asset for operations. Development costs recognised as an intangible asset are amortised on a straight-line basis over its useful life, which is between three and ten years. Other software costs are recognised in administrative expenses when incurred. Costs incurred in the con\ufb01guration and customisation of cloud-hosted SaaS arrangements are expensed where they do not give rise to an identi\ufb01able intangible asset which the Group controls. Amounts paid to the cloud vendor for con\ufb01guration and customisation that are not distinct from access to the cloud software are expensed over the SaaS contract term. In limited circumstances, con\ufb01guration and customisation costs may give rise to an identi\ufb01able intangible asset, for example, where code is created that is controlled by the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-302": { "value": "Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities of a subsidiary at the date of acquisition. Goodwill is not amortised and is measured at the amount initially recognised less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units or groups of cash-generating units. The cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication of impairment. This is done by determining the recoverable amount. If the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised by \ufb01rst allocating the impairment to goodwill and then to the other assets on a pro-rata basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised immediately in pro\ufb01t or loss and is not reversed in subsequent years. On disposal of a cash-generating unit, the related goodwill is included in the determination of the pro\ufb01t or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-303": { "value": "
Intangible assets
Recognition on acquisition
The Group has recognised acquired brands, customer relationships and developed technology intangible
assets at fair value in accordance with IAS 38 Intangible Assets, which are amortised over their estimated
useful economic lives as follows:
Brands \u2013 11 to 15 years
Customer relationships \u2013 3 to 13 years
Developed technology \u2013 1 to 7 years
Acquired brands are valued using the relief-from-royalty method using an estimation of future revenues
and a market-based royalty rate that an acquirer would pay in an arm\u2019s length licensing arrangement to
secure access to the same rights. The theoretical royalty payments are discounted to obtain the cash
\ufb02ows to determine the present asset value. A tax amortisation bene\ufb01t is applied to re\ufb02ect the present
value of the expected bene\ufb01ts of amortising the value of the intangible asset over its useful tax life.
Acquired customer relationships are valued using the multi-period excess earnings method (\u2018MEEM
approach\u2019) by estimating the total expected income streams from customer relationships and deducting
portions of the cash \ufb02ow that can be attributed to supporting or contributory assets (including
workforce). The residual income streams are discounted. No tax amortisation bene\ufb01t is applied.
Acquired developed technology is valued using a depreciated replacement cost method, which requires
an estimate of all the costs a typical market participant would incur to generate an exact replica of the
intangible asset in the context of the acquired business. The depreciated replacement cost method takes
into account factors including economic and technological obsolescence.
The useful life of acquired intangible assets is based on factors including the expected usage of
the asset, typical product lifecycles for the asset (re\ufb02ecting the ability to generate the expected
future economic bene\ufb01ts with reasonably low levels of required maintenance expenditure), technical,
technological, commercial or other types of obsolescence, expected actions by competitors and the
period of the contractual or other legal rights over which the entity expects to use the asset including
renewal, which determines future amortisation charges.
Development expenditure
The Group develops software and other intangible assets including EPoS services and the digital
payments platform which generate future economic bene\ufb01ts through cost savings or revenue from
clients, retailer partners and SME partners. Development expenditure on large projects is recognised
as an intangible asset if the product or process is technically and commercially feasible and the Group
intends to and has the technical ability and sufficient resources to complete development, future
economic bene\ufb01ts are probable and if the Group can measure reliably the expenditure attributable to the
intangible asset during its development. The costs that are capitalised are the directly attributable costs
necessary to create and prepare the asset for operations. Development costs recognised as an intangible
asset are amortised on a straight-line basis over its useful life, which is between three and ten years.
Other software costs are recognised in administrative expenses when incurred.
Costs incurred in the con\ufb01guration and customisation of cloud-hosted SaaS arrangements are expensed
where they do not give rise to an identi\ufb01able intangible asset which the Group controls. Amounts
paid to the cloud vendor for con\ufb01guration and customisation that are not distinct from access to the
cloud software are expensed over the SaaS contract term. In limited circumstances, con\ufb01guration and
customisation costs may give rise to an identi\ufb01able intangible asset, for example, where code is created
that is controlled by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-307": { "value": "Investments Investments in subsidiaries in the Company accounts are stated at cost, including acquisition expenses, less accumulated impairments. Investments in convertible debt instruments in the Group and Company accounts are stated at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-304": { "value": "
Property, plant and equipment
Property, plant and equipment are carried at cost less accumulated depreciation and impairment.
Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each
asset on a straight-line basis over its expected useful life. The estimated useful lives are as follows and
are reviewed on an annual basis:
Freehold land \u2013 not depreciated
Freehold building \u2013 40 to 50 years
Leasehold improvements \u2013 over the lease term or the useful economic life of 3 to 15 years,
whichever is lower
PayPoint terminals \u2013 5 to 7 years
Card terminals \u2013 3 to 7 years
Other terminals \u2013 5 years
ATMs \u2013 5 years
Other classes of assets \u2013 3 to 5 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 and is recognised in pro\ufb01t or loss.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment 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 \ufb02ows that are independent
from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the
asset belongs. An intangible asset with an inde\ufb01nite useful life and intangible assets not yet available for use
are tested for impairment annually and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that
re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for
which the estimates of future cash \ufb02ows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately.
The reversal of any impairment loss is limited by the net book value to which the relevant asset would have
been reduced, had no impairment occurred. A reversal of an impairment loss is recognised as income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-351": { "value": "Impairment of property, plant and equipment and intangible assets At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment 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 \ufb02ows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an inde\ufb01nite useful life and intangible assets not yet available for use are tested for impairment annually and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. The reversal of any impairment loss is limited by the net book value to which the relevant asset would have been reduced, had no impairment occurred. A reversal of an impairment loss is recognised as income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-305": { "value": "Inventories Inventories comprises Love2shop cards, stocks of SIM cards and card terminals. These are stated at the lower of cost or net realisable value. Net realisable value is based on estimated selling price in the ordinary course of business less cost of disposal having regard to the age, saleability and condition of the inventory. Where the Group trades as principal for the sale of Love2shop cards and SIM cards, the cost of these is included in inventories. Where the Group acts as an agent, the cost of these is not included in inventories.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-306": { "value": "
Trade and other receivables
Trade receivables are initially recorded at fair value and represent the amount of commission and fees due
from clients, fees from retailers and monies due from entities for card and voucher purchases, for which
payment has not been received, less an allowance for doubtful accounts that is estimated based on
factors such as the credit rating of the customer, historical trends, the current economic environment
and other information.
The Group has used the expected credit loss (\u2018ECL\u2019) model and has adopted an allowance matrix for
trade receivables, whereby these are segmented according to number of days outstanding and an
appropriate probability of impairment is applied to each category based on historical loss experience and
adjusted for information about current and reasonable supportable future conditions.
Items in the course of collection represent gross transaction values received by retailer partners for
clients which have not yet been collected by the Group, which bears the credit risk for these amounts.
Accrued income
Unbilled revenue is a receivable and is presented as accrued income on the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-312": { "value": "
Cash and cash equivalents
For the purpose of the statement of cash \ufb02ows and statement of \ufb01nancial position, cash and cash
equivalents comprise cash at bank and in hand and short-term deposits with original maturity of less than
three months. Cash and cash equivalents are subject to insigni\ufb01cant risk of changes in value.
Cash and cash equivalents subject to trust are recognised on the statement of \ufb01nancial position where
the Group:
1) has the ability to control the cash;
2) is entitled to the interest earned on balances; and
3) bears the credit risk.
Where these conditions are not met, the funds are not are recognised on the statement of \ufb01nancial
position and are referred to as \u201cclients\u2019 own funds\u201d.
Cash and cash equivalents are classi\ufb01ed as either corporate or non-corporate.
Corporate cash and cash equivalents consists of cash freely available to the Group for use in its
daily operations.
Non-corporate cash and cash equivalents consist of cash which is not freely available to the Group, either
because of self-regulation and segregation or due to contractual or regulatory requirements.
Non-corporate cash comprises:
\u2022 Clients\u2019 cash \u2013 cash collected on behalf of clients from retailer partners but not yet transferred to
clients. Clients\u2019 cash is held in PayPoint\u2019s bank accounts.
\u2022 Gift card voucher cash \u2013 cash collected on the issue of gift card vouchers which have not yet expired
or been redeemed.
\u2022 Prepay savers\u2019 cash \u2013 cash received from customers under a prepayment scheme accumulating
towards their selected savings target. It is converted to gift card vouchers once the target is reached.
\u2022 Retailer partners\u2019 deposits \u2013 cash received from retailers held as security against their default.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-311": { "value": "Restricted funds held on deposit (non-corporate) These are \ufb01xed-term bank deposits with original maturity of more than three months. Such funds are recognised on the statement of \ufb01nancial position as the Group has access to the interest on these monies and can, having met certain conditions, withdraw the funds. However, given the time restrictions over these monies, they are not included in cash and cash equivalents for the purposes of the statement of cash \ufb02ows and statement of \ufb01nancial position. ", "dimensions": { "concept": "paypointplc:DescriptionOfAccountingPolicyForMoniesHeldInTrust", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-313": { "value": "
Trade and other payables
Trade payables are initially recorded at fair value and represent the value of invoices received from
suppliers for purchases of goods and services for which payment has not been made.
Settlement payables represent gross transaction values received by retail agents that have not yet been
settled to clients. An equivalent balance \u201cItems in the course of collection\u201d is held within Trade and other
receivables (note 18).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-308": { "value": "
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
a past event, it is probable that an out\ufb02ow of resources will be required to settle the obligation and the
amount can be reliably estimated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-309": { "value": "Deferred consideration Where a business combination agreement provides for an adjustment to the consideration, the Group accrues the fair value, based on the estimated additional consideration payable as a liability at the acquisition date. To the extent that the consideration is payable after more than one year from the acquisition date, the consideration is discounted at an appropriate interest rate and carried at net present value in the consolidated statement of \ufb01nancial position. The discount component is then unwound as a \ufb01nance cost in the consolidated statement of pro\ufb01t or loss over the life of the earnout. Where the deferred consideration is contingent on future performance over the contractual earnout period, the liability is measured against the contractually agreed performance targets at each subsequent reporting date with any adjustments recognised in the consolidated statement of pro\ufb01t or loss. Where the contingent consideration is contractually linked to ongoing employment of the founders over the contractual period it is treated as an expense and recognised in the consolidated statement of pro\ufb01t or loss. ", "dimensions": { "concept": "paypointplc:DescriptionOfAccountingPolicyForDeferredConsideration", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-374": { "value": "Loans and borrowings Loans and borrowings are initially measured at fair value, net of any attributable transaction costs, and are subsequently measured at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-310": { "value": "
Leases
The Group assesses whether a contract is, or contains, a lease at inception of the contract. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period
of time in exchange for consideration.
At inception or on reassessment of a contract that contains a lease component, the Group allocates the
consideration in the contract to each lease component based on their relative standalone price. However,
for leases of land and buildings in which it is a lessee, the Group has elected not to segregate non-lease
components and account for the lease and non-lease components as a single lease component.
As a lessee
Where the Group is lessee, it recognises a right-of-use asset and a corresponding lease liability, except
for short-term leases and leases of low value assets. For these leases, the Group recognises the lease
payment as an operating expense on a straight-line basis over the term of the lease.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the Group\u2019s incremental borrowing rate. The lease liability is subsequently increased
by the interest cost on the lease and decreased by payments made. The lease liability is presented as a
separate line in the consolidated statement of \ufb01nancial position. The Group remeasures the lease liability
and makes a corresponding adjustment to the right-of-use asset whenever there has been a lease
payment change, the lease contract is modi\ufb01ed or any other signi\ufb01cant event.
The right-of-use asset is initially measured at cost and subsequently recognised at cost less accumulated
depreciation and impairment losses. The right-of-use asset is depreciated using the straight-line method
over the shorter of the period of the expected lease term and useful life of the underlying asset. The
depreciation starts at the commencement date of the lease. The right-of-use asset is presented within
property, plant and equipment. The Group applies IAS 36 to determine whether a right-of-use asset is
impaired and accounts for any identi\ufb01ed loss as described in the \u2018Property, plant and equipment\u2019 policy.
As a lessor
Where the Group leases assets to a third party as a lessor, the Group assesses whether the contract is
a \ufb01nance lease or operating lease, depending on whether the lease transfers substantially all the risks
and rewards incidental to ownership of the underlying asset.
Where the lease is a \ufb01nance lease, the Group recognises as a receivable an amount equal to the net
investment in the \ufb01nance lease i.e. the minimum lease payments receivable under the lease discounted
at the interest rate implicit in the lease. Incremental initial direct costs of obtaining the lease are
included in the initial measurement of the net investment in the lease. This receivable is reduced as
the lessee makes capital payments over the term of the lease. The terminal lease income is recognised
over the expected lease term.
Where the lease is an operating lease, lease payments are recognised as income on a straight-line
basis which re\ufb02ects the pattern in which economic bene\ufb01ts from leasing the underlying asset are
derived. The underlying asset is capitalised as property, plant and equipment and costs, including
depreciation, incurred in earning the lease income are recognised as an expense. Initial direct costs
incurred in obtaining the operating lease are added to the carrying amount of the underlying asset and
recognised as an expense over the expected lease term on the same basis as the lease income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-314": { "value": "
Dividends
Final dividends on ordinary shares are recognised in equity in the year in which they are approved by the
Company\u2019s shareholders. Interim ordinary dividends are recognised when paid.
In the Company accounts, dividend income from investments is recognised when the shareholders\u2019 rights
to receive payment have been established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-315": { "value": "Merger reserve Merger reserve represents amounts in excess of the nominal value of shares issued, where shares are issued in part or full consideration of an acquisition.", "dimensions": { "concept": "paypointplc:DescriptionOfAccountingPolicyForMergerReserve", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-316": { "value": "
2. Segmental reporting
Segmental information
The Group considers its Love2shop business to be a separate segment from its legacy PayPoint
business, since discrete \ufb01nancial information is prepared for Love2shop and it offers different products
and services. Furthermore, the chief operating decision maker (CODM) reviews separate monthly internal
management reports (including \ufb01nancial information) for both Love2shop and PayPoint to allocate
resources and assess performance.
The material products and services offered by each segment are as follows:
PayPoint
\u2022 Card payment services to retailers, including leased payment devices.
\u2022 ATM cash machines.
\u2022 Bill payment services and cash top-ups to individual consumers, through a network of retailers.
\u2022 Parcel delivery and collection.
\u2022 Retailer service fees.
\u2022 Digital payments.
Love2shop
\u2022 Shopping vouchers, cards and e-codes which customers may redeem with participating retailers.
These are either \u2018single-retailer\u2019 or \u2018multi-retailer\u2019. The former may only be used at the speci\ufb01ed retailer,
whilst the latter may be redeemed at one or more of over 200 retailers.
\u2022 Christmas savings club, to which customers make regular payments throughout the year to help spread
the cost of Christmas, before converting to a voucher.
Information related to each reportable segment is set out below. Segment pro\ufb01t/(loss) before tax and
adjusting items is used to measure performance because management believes that this information
is the most relevant in evaluating the results of the respective segments relative to other entities that
operate in the same industries.
PayPoint Love2shop To ta l
Year-ended 31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
167,717
110,099
277,816
Other revenue
2,013
26,538
28,551
Segment revenue
169,730
136,637
306,367
Segment pro\ufb01t before tax and adjusting items
50,487
11,176
61,663
Exceptional items
(4,369)
(850)
(5,219)
Amortisation of intangible assets arising on acquisition
(2,137)
(5,939)
(8,076)
Net movement in convertible loan notes
(186)
\u2013
(186)
Segment pro\ufb01t before tax
43,795
4,387
48,182
Interest income
163
1,227
1,390
Interest expense
3,065
5,343
8,408
Depreciation and amortisation
12,206
8,459
20,665
Capital expenditure
13,628
2,578
16,206
Segment assets
271,068
248,042
519,110
Segment liabilities
173,280
224,670
397,950
Segment equity
97,788
23,372
121,160
A business division analysis of revenue has been provided in note 3. The \u00a3306.4 million (2023: \u00a3167.7 million) total revenue and \u00a3222.5 million (2023: \u00a3228.1 million) non-current assets at 31 March 2024 are geographically located within the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-352": { "value": "
3. Revenue
Disaggregation of revenue
Revenue
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Shopping
Service fees
19,653
17,947
Card payments
23,998
24,293
Card terminal leases
8,708
7,542
ATMs
11,805
12,920
Other shopping
4,071
3,355
Shopping total
68,235
66,057
e-commerce total
31,754
20,183
Payments and banking
Cash \u2013 bill payments
31,264
34,135
Cash \u2013 top-ups
11,434
11,959
Digital
16,197
18,081
Cash through to digital
7,658
7,769
Other payments and banking
1,175
1,347
Payments and banking total
67,728
73,291
Love2shop total \u2013 voucher and card service fee
110,099
5,689
Revenue
277,816
165,220
Service fee revenue of \u00a319.7 million (2023: \u00a317.9 million) and management fees, set-up fees and upfront
lump sum payments of \u00a31.3 million (2023: \u00a30.7 million) are recognised on a straight-line basis over the
period of the contract. Card terminal leasing revenue of \u00a38.7 million (2023: \u00a37.5 million) is recognised
over the expected lease term using the sum of digits method for \ufb01nance leases and on a straight-line
basis for operating leases. Multi-retailer voucher, card and e-code service fee revenue is recognised on
redemption by the customer. The remainder of revenue is recognised at the point in time when each
transaction is processed. The usual timing of payment by PayPoint customers is on fourteen-day terms.
The usual timing of Love2shop\u2019s corporate customers is 15 day terms; its consumer 14 pay on ordering .
Revenue subject to variable consideration of \u00a313.6 million (2023: \u00a313.5 million) exists where the
consideration to which the Group is entitled varies according to transaction volumes processed and rate
per transaction. Management estimates the total transaction price using the expected value method
at contract inception, which is reassessed at the end of each reporting period, by applying a blended
rate per transaction to estimated transaction volumes. Any required adjustment is made against the
transaction price in the period to which it relates. The revenue is recognised at the constrained amount
to the extent that it is highly probable that the inclusion will not result in a signi\ufb01cant revenue reversal
in the future, with the estimates based on projected transaction volumes and historical experience. The
potential range in outcomes for revenue subject to variable consideration resulting from changes in these
estimates is not material.
Love2shop revenue is recorded net of corporate discounts.
Other Revenue
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Payments and banking
Interest revenue
2,013
575
Love2shop
Interest revenue
6,453
325
Non-redemption revenue
20,085
1,603
Love2shop total
26,538
1,928
Total other revenue
28,551
2,503
Other revenue comprises:
\u2022 Multi-retailer voucher and card non-redemption revenue is recognised on expiry (where the customer
has no right of refund) or on expiry and lapse of the refund period (where the customer has a right
of refund).
\u2022 Interest revenue generated by investing clients\u2019 funds, retailer partners\u2019 deposits, gift card cash, prepay
savers\u2019 cash and restricted funds held on deposit.
Contract balances
Notes
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
18
23,666
17,703
Net investment in \ufb01nance lease receivables
23
1,837
3,855
Accrued income
18
3,250
5,241
Contract assets \u2013 capitalisation of ful\ufb01lment costs
18
3,446
2,910
Contract liabilities \u2013 deferral of set-up and development fees
20
(267)
(710)
Deferred income (31 March 2023 re-presented
1
)
20
(3,960)
(3,363)
1 See note 1 for an explanation of the re-presentation.
The Group\u2019s balances arise from differences between timing of cash \ufb02ow and revenue recognition, which
is usually at the point in time each transaction is processed or on a straight-line basis over the contracted
period for management fees, set-up fees or upfront lump sum payments.
\u2022 The trade receivables represent the Group\u2019s entitlement to consideration from clients and SME and
retailer partners for services and goods delivered and invoiced at the reporting date, where the right
to payment is unconditional except for the passage of time. The signi\ufb01cant increase in the balance
compared with prior year is principally due to the change in billing a major customer from weekly to
monthly invoices.
\u2022 The net investment in \ufb01nance lease receivables balance represents the total minimum lease payments
receivable by PayPoint as lessor under \ufb01nance leases, adjusted for the incremental initial direct costs
of obtaining that lease, discounted at the interest rate implicit in those leases, with corresponding
card terminal \ufb01nance leasing revenue recognised over the expected lease term using the sum of digits
method. The signi\ufb01cant decrease in the balance compared with prior year is due to the fact that most
new sales are now operating leases.
\u2022 The accrued income is a receivable which represents the Group\u2019s entitlement to consideration from
clients and SME and retailer partners for services and goods delivered but not yet invoiced at the
reporting date, as well as accrued interest on restricted funds held on deposit.
\u2022 The contract assets are mainly capitalised employee costs directly relating to the implementation
services which are expected to be recovered from the customer and are amortised on a straight-line
basis over the period of the contract.
\u2022 The contract liabilities represent set-up and development fees which are released on a straight-line
basis over the period of the contract.
\u2022 The deferred income is a contract liability which represents advance consideration received at
the reporting date, which is released with revenue recognised upon delivery of the performance
obligations. The consideration is received from clients, SME and retailer partners.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-317": { "value": "3. Revenue Disaggregation of revenue Revenue
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Shopping
Service fees
19,653
17,947
Card payments
23,998
24,293
Card terminal leases
8,708
7,542
ATMs
11,805
12,920
Other shopping
4,071
3,355
Shopping total
68,235
66,057
e-commerce total
31,754
20,183
Payments and banking
Cash \u2013 bill payments
31,264
34,135
Cash \u2013 top-ups
11,434
11,959
Digital
16,197
18,081
Cash through to digital
7,658
7,769
Other payments and banking
1,175
1,347
Payments and banking total
67,728
73,291
Love2shop total \u2013 voucher and card service fee
110,099
5,689
Revenue
277,816
165,220
Service fee revenue of \u00a319.7 million (2023: \u00a317.9 million) and management fees, set-up fees and upfront lump sum payments of \u00a31.3 million (2023: \u00a30.7 million) are recognised on a straight-line basis over the period of the contract. Card terminal leasing revenue of \u00a38.7 million (2023: \u00a37.5 million) is recognised over the expected lease term using the sum of digits method for \ufb01nance leases and on a straight-line basis for operating leases. Multi-retailer voucher, card and e-code service fee revenue is recognised on redemption by the customer. The remainder of revenue is recognised at the point in time when each transaction is processed. The usual timing of payment by PayPoint customers is on fourteen-day terms. The usual timing of Love2shop\u2019s corporate customers is 15 day terms; its consumer 14 pay on ordering Revenue subject to variable consideration of \u00a313.6 million (2023: \u00a313.5 million) exists where the consideration to which the Group is entitled varies according to transaction volumes processed and rate per transaction. Management estimates the total transaction price using the expected value method at contract inception, which is reassessed at the end of each reporting period, by applying a blended rate per transaction to estimated transaction volumes. Any required adjustment is made against the transaction price in the period to which it relates. The revenue is recognised at the constrained amount to the extent that it is highly probable that the inclusion will not result in a signi\ufb01cant revenue reversal in the future, with the estimates based on projected transaction volumes and historical experience. The potential range in outcomes for revenue subject to variable consideration resulting from changes in these estimates is not material. Love2shop revenue is recorded net of corporate discounts. Other Revenue
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Payments and banking
Interest revenue
2,013
575
Love2shop
Interest revenue
6,453
325
Non-redemption revenue
20,085
1,603
Love2shop total
26,538
1,928
Total other revenue
28,551
2,503
Other revenue comprises: \u2022 Multi-retailer voucher and card non-redemption revenue is recognised on expiry (where the customer has no right of refund) or on expiry and lapse of the refund period (where the customer has a right of refund). \u2022 Interest revenue generated by investing clients\u2019 funds, retailer partners\u2019 deposits, gift card cash, prepay savers\u2019 cash and restricted funds held on deposit. Contract balances Notes
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
18
23,666
17,703
Net investment in \ufb01nance lease receivables
23
1,837
3,855
Accrued income
18
3,250
5,241
Contract assets \u2013 capitalisation of ful\ufb01lment costs
18
3,446
2,910
Contract liabilities \u2013 deferral of set-up and development fees
20
(267)
(710)
Deferred income (31 March 2023 re-presented
1
)
20
(3,960)
(3,363)
1 See note 1 for an explanation of the re-presentation. The Group\u2019s balances arise from differences between timing of cash \ufb02ow and revenue recognition, which is usually at the point in time each transaction is processed or on a straight-line basis over the contracted period for management fees, set-up fees or upfront lump sum payments. \u2022 The trade receivables represent the Group\u2019s entitlement to consideration from clients and SME and retailer partners for services and goods delivered and invoiced at the reporting date, where the right to payment is unconditional except for the passage of time. The signi\ufb01cant increase in the balance compared with prior year is principally due to the change in billing a major customer from weekly to monthly invoices. \u2022 The net investment in \ufb01nance lease receivables balance represents the total minimum lease payments receivable by PayPoint as lessor under \ufb01nance leases, adjusted for the incremental initial direct costs of obtaining that lease, discounted at the interest rate implicit in those leases, with corresponding card terminal \ufb01nance leasing revenue recognised over the expected lease term using the sum of digits method. The signi\ufb01cant decrease in the balance compared with prior year is due to the fact that most new sales are now operating leases. \u2022 The accrued income is a receivable which represents the Group\u2019s entitlement to consideration from clients and SME and retailer partners for services and goods delivered but not yet invoiced at the reporting date, as well as accrued interest on restricted funds held on deposit. \u2022 The contract assets are mainly capitalised employee costs directly relating to the implementation services which are expected to be recovered from the customer and are amortised on a straight-line basis over the period of the contract. \u2022 The contract liabilities represent set-up and development fees which are released on a straight-line basis over the period of the contract. \u2022 The deferred income is a contract liability which represents advance consideration received at the reporting date, which is released with revenue recognised upon delivery of the performance obligations. The consideration is received from clients, SME and retailer partners.
5. Cost of revenue
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Retailer partners\u2019 commissions
41,829
34,369
Cost of single-retailer cards and vouchers
83,403
4,208
Cost of SIM card and e-money sales as principal
163
199
Total cost of revenue deducted for net revenue
125,395
38,776
Depreciation and amortisation
9,694
7,18
6
Field sales costs
9,025
8,876
Transaction costs
5,062
3,477
ATM costs
1,195
1,148
Card fees
996
1,096
Other
7,597
3,698
Total other costs of revenue
33,569
25,481
Total cost of revenue
158,964
64,257
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-318": { "value": "4. Alternative performance measures Net revenue The reconciliation between total revenue and net revenue is as follows: Year ended Year ended 31 March 2024 31 March 2023 \u00a3\u2019000 \u00a3\u2019000 Service revenue \u2013 Shopping 68,235 66,057 Service revenue \u2013 e-commerce 24,946 16,085 Service revenue \u2013 Payments and banking 66,579 71,994 Service revenue \u2013 multi-retailer redemption products 18,145 1,217 Service revenue \u2013 other 4,281 128 Sale of goods \u2013 single-retailer redemption products 87,554 4,325 Sale of goods \u2013 other 1,268 1,316 Royalties \u2013 e-commerce 6,808 4,098 Other revenue \u2013 multi-retailer non-redemption income 20,085 1,603 Other revenue \u2013 interest on clients\u2019 funds, retailer partners\u2019 deposits, gift card cash, prepay savers\u2019 cash and restricted funds held on deposit 8,466 900 Total revenue 306,367 167,723 less: Retailer partners\u2019 commissions (41,829) (34,369) Cost of single-retailer cards and vouchers (83,403) (4,208) Cost of SIM card and e-money sales as principal (163) (199) Total net revenue 180,972 128,947 Total costs Total costs, excluding adjusting items, comprises: Year ended Year ended 31 March 2024 31 March 2023 \u00a3\u2019000 \u00a3\u2019000 Other costs of revenue (note 5) 33,569 25,481 Administrative expenses \u2013 excluding adjusting items 78,722 50,083 Finance income (note 9) (1,390) (87) Finance costs (note 9) 8,408 2,718 Total costs 119,309 78,195", "dimensions": { "concept": "paypointplc:DisclosureOfAlternativePerformanceMeasure", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-319": { "value": "6. Exceptional items Year ended Year ended 31 March 2024 31 March 2023 \u00a3\u2019000 \u00a3\u2019000 Legal fees \u2013 administrative expenses 2,143 \u2013 Restructuring costs \u2013 administrative expenses 1,977 \u2013 Acquisition costs expensed \u2013 administrative expenses \u2013 4,065 Impairment loss on reclassi\ufb01cation of investment in associate to asset held for sale \u2013 1,252 Total exceptional items included in operating pro\ufb01t 4,120 5,317 Re\ufb01nancing costs expensed \u2013 \ufb01nance costs 1,099 287 Total exceptional items included in pro\ufb01t or loss 5,219 5,604 The tax impact of the exceptional items is \u00a31,305,000 (2023: \u00a3nil). Exceptional items are those which are considered signi\ufb01cant by virtue of their nature, size or incidence. These items are presented as exceptional within their relevant income statement categories to assist in the understanding of the performance and \ufb01nancial results of the Group, as they do not form part of the underlying business. The current period legal fees relate to the Group\u2019s defence of two claims served on a number of its companies in connection with issues addressed by commitments accepted by Ofgem as a resolution of its concerns raised in Ofgem\u2019s Statement of Objections received by the Group in September 2020. The Group remains con\ufb01dent that it will successfully defend both claims. See note 31. The current period restructuring costs relate to the organisational design of the Group communicated by management to all staff on 6 March 2024. See note 21. The current period re\ufb01nancing costs comprise legal and professional fees incurred by the Group in respect of its new borrowing facilities referred to in note 1, and the write-off of the unamortised balance of capitalised costs arising on the previous re\ufb01nancing exercise.", "dimensions": { "concept": "paypointplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-320": { "value": "
7. Employee information
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Average number of employees
Sales, distribution and marketing
236
199
Operations and administration
732
506
Total
968
705
Employee costs during the year (including Directors)
Wages and salaries
47,612
32,257
Social security costs
4,767
3,303
Pension costs
3,765
2,588
Redundancy and termination costs
957
86
Total
57,101
38,234
Directors\u2019 emoluments, pension contributions and share options are disclosed in the Remuneration
Committee Report on pages 100 to 119. See note 29 for Directors\u2019 remuneration costs.
Included within wages and salaries is a share-based payment charge of \u00a31.7 million (2023: \u00a31.3 million.)
Refer to note 26 for disclosure of share awards made in the year.
Pension arrangements
The Group administers a number of de\ufb01ned contribution schemes for employees, including those taken
on following the acquisition of Appreciate Group PLC. The pension charge for the year for the de\ufb01ned
contribution schemes was \u00a33.6 million (2023: \u00a32.5 million).
The accrual for de\ufb01ned contribution pension contributions at the statement of \ufb01nancial position date
was \u00a30.4 million (2023: \u00a30.1 million).
Following the acquisition of Appreciate Group PLC, the Group also operates a de\ufb01ned bene\ufb01t scheme
at 31 March 2024 (see note 16). The pension charge for the year for the de\ufb01ned bene\ufb01t scheme was
\u00a30.2 million (2023: \u00a30.1 million).
16. Pensions
De\ufb01ned bene\ufb01t plans
Following the acquisition of Appreciate Group PLC, the Group took on the operation of two de\ufb01ned
bene\ufb01t pension schemes, Park Food Group plc Pension Scheme (PF) and Park Group Pension Scheme
(PG). With the exception of \u00a3543,000 of assets and \u00a3284,000 of winding up lump sum payment
liabilities, the PG scheme assets and liabilities were transferred into the PF scheme on 30 March 2023.
In the current period, the assets left behind in the PG scheme were used to pay bene\ufb01ts owed, winding
up costs and the winding up lump sums referred to above. The remaining \u00a324,000 cash balance was
transferred to the PF scheme on winding up of the PG scheme.
The PF scheme (\u201cthe scheme\u201d) provides bene\ufb01ts based on \ufb01nal pensionable pay and is closed to
future accrual of bene\ufb01t based on service. The assets of the scheme are held separately from those of
Appreciate Group Ltd in trustee-administered funds. Contributions to the scheme are determined by
a quali\ufb01ed actuary on the basis of triennial valuations, the most recent being the scheme\u2019s statutory
funding valuation as at 31 March 2023.
The scheme is subject to the funding legislation which came into force on 30 December 2005, outlined
in the Pensions Act 2004. This, together with documents issued by the Pensions Regulator and the
Guidance Notes adopted by the Financial Reporting Council, set out the framework for funding de\ufb01ned
bene\ufb01t occupational pension plans in the UK. The trustees of the scheme are required to act in the
best interests of the scheme\u2019s bene\ufb01ciaries and are responsible for setting the investment, funding and
governance policies of the funds. The scheme is administered by an independent trustee appointed by
the Group. Appointment of the trustees is determined by the scheme\u2019s trust documentation.
The Group has applied IAS19 Employee Bene\ufb01ts (revised 2011) and the following disclosures relate to
this standard. The present value of scheme liabilities is measured by discounting the best estimate of
future cash\ufb02ows to be paid out of the schemes using the projected unit credit method. All actuarial gains
and losses have been recognised in the period in which they occur in other comprehensive income.
For the purposes of IAS19, the results of the scheme valuation as at 31 March 2023, which was carried
out by a quali\ufb01ed independent actuary, have been updated on an approximate basis to 31 March 2024.
There have been no changes in the valuation methodology adopted for this year\u2019s disclosures compared
to the previous year.
The scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary
growth risk, mortality risk and longevity risk.
The amounts recognised in the Statement of \ufb01nancial position are as follows:
PF scheme
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Fair value of scheme assets
16,224
17,752
Present value of pension obligation
(15,938)
(17,341)
Net pension surplus
286
411
Comprising:
Schemes in asset surplus
286
411
The charges/(credits) recognised in the Consolidated statement of pro\ufb01t or loss are as follows:
PF and PG schemes combined
Year ended 1 month to
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Past service cost
\u2013
123
Administrative costs borne by the PG scheme
164
\u2013
Net interest credit
(17)
(3)
Total
147
120
The administrative costs borne by the PG scheme relate to the merger with the PF scheme referred to
above. Those costs, along with the prior period past service cost, are recognised within administration
expenses in the Consolidated statement of pro\ufb01t or loss. The net interest credit comprises interest
receivable on scheme assets and interest payable on scheme obligations, which are reported within
Finance income and Finance costs respectively in the Consolidated statement of pro\ufb01t or loss.
Analysis of amounts recognised in Other comprehensive income:
PF and PG schemes combined
Year ended 1 month to
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
(Loss)/gain on scheme assets
(1,519)
675
Experience gains arising on the de\ufb01ned bene\ufb01t obligation
694
1
Gains arising from changes in the demographic assumptions underlying
the present value of the de\ufb01ned bene\ufb01t obligation
416
141
Gains/(losses) arising from changes in the \ufb01nancial assumptions
underlying the present value of the de\ufb01ned bene\ufb01t obligation
81
(464)
Total
(328)
353
Scheme assets
It is the policy of the scheme trustees to review the investment strategy at the time of each funding
valuation. The trustees\u2019 investment objectives and the processes undertaken to measure and manage
the risks inherent in the scheme\u2019s investment strategy are documented in the scheme\u2019s Statement of
Investment Principles.
Fair value of scheme assets: PF scheme
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Fixed Interest Gilt Fund
1,241
1,305
Diversi\ufb01ed Growth Assets (DGA)
506
781
Gilts
2,264
2,430
LDI
2,149
2,042
Loan Fund
1,984
1,805
Multi Asset Credit
2,053
2,155
Index Linked Gilts
3,234
3,683
Cash and other
2,793
3,551
Total assets
16,224
17,752
None of the fair values of the assets shown above includes any of the Group\u2019s own \ufb01nancial instruments or any property occupied by, or other assets used by the Group. None of the scheme assets has a quoted market price in an active market. The movement in the fair value of scheme assets is as follows: PF and PG schemes combined
Year ended 1 month to
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the period
17,752
\u2013
Fair value of scheme assets on acquisition of Appreciate Group PLC
\u2013
17,058
Interest income
836
58
Return on scheme assets
(1,519)
675
Bene\ufb01ts paid
(1,031)
(39)
Administrative costs borne by the PG scheme
(164)
\u2013
Employer contributions
350
\u2013
Balance at the end of the period
16,224
17,752
For the PG scheme, actual return on scheme assets, including interest income, for the year ended 31 March 2024 was \u00a31,000 (1 month to 31 March 2023: \u00a3578,000). For the PF scheme, actual return on scheme assets, including interest income, for the year-ended 31 March 2024 was \u00a3(684,000) (1 month to 31 March 2023: \u00a397,000). Present value of obligations The movement in the present value of the de\ufb01ned bene\ufb01t obligation is as follows: PF and PG schemes combined
Year ended 1 month to
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the period
17,341
\u2013
Fair value of scheme obligations on acquisition of Appreciate Group PLC
\u2013
16,880
Interest cost
819
55
Actuarial gains due to scheme experience
(694)
(1)
Actuarial gains due to changes in demographic assumptions
(416)
(141)
Actuarial (gains)/losses due to changes in \ufb01nancial assumptions
(81)
464
Bene\ufb01ts paid
(1,031)
(39)
Past service costs
\u2013
123
Balance at the end of the period
15,938
17,341
The average duration of the PF scheme de\ufb01ned bene\ufb01t obligation at 31 March 2024 is 14 years. Signi\ufb01cant actuarial assumptions The following are the principal actuarial assumptions at the reporting date (expressed as weighted averages): PF scheme
31 March 2024 31 March 2023
% per annum % per annum
Financial and related actuarial assumptions:
Discount rate
4.90
4.90
In\ufb02ation (RPI)
3.10
3.20
Allowance for revaluation of deferred pensions of CPI or 8.5% p.a. if less
3.30
3.20
The mortality assumptions adopted for the PF scheme are 94% (males) and 85% (females) of the standard tables S2PxA, year of birth, no age rating for males and females, projected using Continuous Mortality Investigation (CMI) 2021 converging to 1.25% pa. These imply the following life expectancies:
31 March 2024 31 March 2023
PF scheme Years Years
Life expectancy at age 65 for:
Male \u2013 retiring in 2024
21.7
23.9
Female \u2013 retiring in 2024
23.7
26.1
Male \u2013 retiring in 2044
23.0
25.2
Female \u2013 retiring in 2044
25.2
27.5
Sensitivity analysis on signi\ufb01cant actuarial assumptions
The following table summarises the impact on the scheme de\ufb01ned bene\ufb01t obligation at the end of the
reporting period, if each of the signi\ufb01cant actuarial assumptions above were changed, in isolation. The
in\ufb02ation sensitivity includes the impact of changes to the assumptions for revaluation, pension increases
and salary growth. The sensitivities shown below are approximate.
PF scheme
Change in assumption
Change in liabilities
Discount rate
decrease of 0.50% p.a.
increase by 6.7%
Discount rate
increase of 0.50% p.a.
decrease by 6.1%
Rate of in\ufb02ation
decrease by 0.25% p.a.
decrease by 2.0%
Rate of in\ufb02ation
increase by 0.25% p.a.
increase by 2.3%
Rate of mortality
decrease in life expectancy of 1 year
increase by 2.6%
Rate of mortality
increase in life expectancy of 1 year
decrease by 2.4%
The sensitivity assumption used in the year was 0.25% for the price in\ufb02ation rate and 0.5% for the
discount rate This is in line with the standard sensitivity analysis used by pension advice providers in their
disclosures to clients.
The scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary
growth risk, mortality risk and longevity risk. A decrease in corporate bond yields, a rise in in\ufb02ation or an
increase in life expectancy would result in an increase to the schemes liabilities. This would detrimentally
impact on the Statement of \ufb01nancial position and may give rise to increased charges in future income
statements. This effect would be partially offset by an increase in the value of the schemes\u2019 bond
holdings. Additionally, caps on in\ufb02ationary increases are in place to protect the scheme against
extreme in\ufb02ation.
Funding
The Group expects to contribute \u00a3150,000 to the scheme for the accounting period commencing
1 April 2024. This is based upon the current schedule of contributions following the pension merger
and the actuarial valuation carried out as at 31 March 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-354": { "value": "7. Employee information
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Average number of employees
Sales, distribution and marketing
236
199
Operations and administration
732
506
Total
968
705
Employee costs during the year (including Directors)
Wages and salaries
47,612
32,257
Social security costs
4,767
3,303
Pension costs
3,765
2,588
Redundancy and termination costs
957
86
Total
57,101
38,234
Directors\u2019 emoluments, pension contributions and share options are disclosed in the Remuneration Committee Report on pages 100 to 119. See note 29 for Directors\u2019 remuneration costs. Included within wages and salaries is a share-based payment charge of \u00a31.7 million (2023: \u00a31.3 million.) Refer to note 26 for disclosure of share awards made in the year. Pension arrangements The Group administers a number of de\ufb01ned contribution schemes for employees, including those taken on following the acquisition of Appreciate Group PLC. The pension charge for the year for the de\ufb01ned contribution schemes was \u00a33.6 million (2023: \u00a32.5 million). The accrual for de\ufb01ned contribution pension contributions at the statement of \ufb01nancial position date was \u00a30.4 million (2023: \u00a30.1 million). Following the acquisition of Appreciate Group PLC, the Group also operates a de\ufb01ned bene\ufb01t scheme at 31 March 2024 (see note 16). The pension charge for the year for the de\ufb01ned bene\ufb01t scheme was \u00a30.2 million (2023: \u00a30.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-375": { "value": "8. Pro\ufb01t for the year
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Pro\ufb01t is after charging:
Depreciation on property, plant and equipment \u2013 cost of revenue
(5,927)
(4,336)
Amortisation of intangible assets \u2013 cost of revenue
(3,767)
(2,850)
Depreciation of property, plant and equipment \u2013 administrative expenses
(1,391)
(586)
Amortisation of intangible assets \u2013 administrative expenses
(9,580)
(2,705)
Loss on disposal of property, plant and equipment \u2013
administrative expenses
(111)
(1,090)
Research and development costs \u2013 administrative expenses
(318)
(350)
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Auditor\u2019s remuneration:
Fees payable to the Company\u2019s auditor for the
audit of the Company\u2019s annual accounts
300
250
Fees payable to the Company\u2019s auditor for the
audit of the Company\u2019s subsidiaries
1,290
1,300
Additional fees payable to the Company\u2019s auditor
in respect of prior years\u2019 audits
\u2013
167
Total audit fees
1,590
1,717
Fees payable to the Group\u2019s auditor for the review of the interim results
60
50
Audit-related assurance services
60
50
Total auditor\u2019s remuneration
1,650
1,767
A description of the work of the Audit Committee is set out on pages 94 to 99 and includes an explanation of how auditor independence is safeguarded by limitation of non-audit services.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-321": { "value": "8. Pro\ufb01t for the year
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Pro\ufb01t is after charging:
Depreciation on property, plant and equipment \u2013 cost of revenue
(5,927)
(4,336)
Amortisation of intangible assets \u2013 cost of revenue
(3,767)
(2,850)
Depreciation of property, plant and equipment \u2013 administrative expenses
(1,391)
(586)
Amortisation of intangible assets \u2013 administrative expenses
(9,580)
(2,705)
Loss on disposal of property, plant and equipment \u2013
administrative expenses
(111)
(1,090)
Research and development costs \u2013 administrative expenses
(318)
(350)
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Auditor\u2019s remuneration:
Fees payable to the Company\u2019s auditor for the
audit of the Company\u2019s annual accounts
300
250
Fees payable to the Company\u2019s auditor for the
audit of the Company\u2019s subsidiaries
1,290
1,300
Additional fees payable to the Company\u2019s auditor
in respect of prior years\u2019 audits
\u2013
167
Total audit fees
1,590
1,717
Fees payable to the Group\u2019s auditor for the review of the interim results
60
50
Audit-related assurance services
60
50
Total auditor\u2019s remuneration
1,650
1,767
A description of the work of the Audit Committee is set out on pages 94 to 99 and includes an explanation of how auditor independence is safeguarded by limitation of non-audit services.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-353": { "value": "ear ended Year ended 31 March 2024 31 March 2023 \u00a3\u2019000 \u00a3\u2019000 Pro\ufb01t is after charging: Depreciation on property, plant and equipment \u2013 cost of revenue (5,927) (4,336) Amortisation of intangible assets \u2013 cost of revenue (3,767) (2,850) Depreciation of property, plant and equipment \u2013 administrative expenses (1,391) (586) Amortisation of intangible assets \u2013 administrative expenses (9,580) (2,705) Loss on disposal of property, plant and equipment \u2013 administrative expenses (111) (1,090) Research and development costs \u2013 administrative expenses (318) (350) ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-355": { "value": "
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Auditor\u2019s remuneration:
Fees payable to the Company\u2019s auditor for the
audit of the Company\u2019s annual accounts
300
250
Fees payable to the Company\u2019s auditor for the
audit of the Company\u2019s subsidiaries
1,290
1,300
Additional fees payable to the Company\u2019s auditor
in respect of prior years\u2019 audits
\u2013
167
Total audit fees
1,590
1,717
Fees payable to the Group\u2019s auditor for the review of the interim results
60
50
Audit-related assurance services
60
50
Total auditor\u2019s remuneration
1,650
1,767
A description of the work of the Audit Committee is set out on pages 94 to 99 and includes an
explanation of how auditor independence is safeguarded by limitation of non-audit services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-322": { "value": "
9. Finance income and costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest receivable and other
554
29
Interest income on de\ufb01ned bene\ufb01t pension scheme assets
836
58
1,390
87
Finance costs
Interest on loans
7,228
2,612
Bank interest payable
86
19
Interest expense on de\ufb01ned bene\ufb01t pension scheme obligations
819
55
Lease and other interest
275
32
Total \ufb01nance costs
8,408
2,718
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-392": { "value": "9. Finance income and costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest receivable and other
554
29
Interest income on de\ufb01ned bene\ufb01t pension scheme assets
836
58
1,390
87
Finance costs
Interest on loans
7,228
2,612
Bank interest payable
86
19
Interest expense on de\ufb01ned bene\ufb01t pension scheme obligations
819
55
Lease and other interest
275
32
Total \ufb01nance costs
8,408
2,718
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-390": { "value": "9. Finance income and costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest receivable and other
554
29
Interest income on de\ufb01ned bene\ufb01t pension scheme assets
836
58
1,390
87
Finance costs
Interest on loans
7,228
2,612
Bank interest payable
86
19
Interest expense on de\ufb01ned bene\ufb01t pension scheme obligations
819
55
Lease and other interest
275
32
Total \ufb01nance costs
8,408
2,718
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-388": { "value": "9. Finance income and costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest receivable and other
554
29
Interest income on de\ufb01ned bene\ufb01t pension scheme assets
836
58
1,390
87
Finance costs
Interest on loans
7,228
2,612
Bank interest payable
86
19
Interest expense on de\ufb01ned bene\ufb01t pension scheme obligations
819
55
Lease and other interest
275
32
Total \ufb01nance costs
8,408
2,718
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-376": { "value": "9. Finance income and costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest receivable and other
554
29
Interest income on de\ufb01ned bene\ufb01t pension scheme assets
836
58
1,390
87
Finance costs
Interest on loans
7,228
2,612
Bank interest payable
86
19
Interest expense on de\ufb01ned bene\ufb01t pension scheme obligations
819
55
Lease and other interest
275
32
Total \ufb01nance costs
8,408
2,718
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-356": { "value": "9. Finance income and costs
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Finance income
Bank interest receivable and other
554
29
Interest income on de\ufb01ned bene\ufb01t pension scheme assets
836
58
1,390
87
Finance costs
Interest on loans
7,228
2,612
Bank interest payable
86
19
Interest expense on de\ufb01ned bene\ufb01t pension scheme obligations
819
55
Lease and other interest
275
32
Total \ufb01nance costs
8,408
2,718
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-323": { "value": "
10. Tax
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Current tax
Charge for current year
9,293
7,829
Adjustment in respect of prior years
(131)
(806)
Current tax charge
9,162
7,023
Deferred tax
Charge for current year
3,083
1,144
Adjustment in respect of prior years
250
(303)
Deferred tax charge
3,333
841
Total income tax charge
12,495
7, 86 4
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Tax charged directly to other comprehensive income
Deferred tax on movement on de\ufb01ned bene\ufb01t pension scheme asset
(82)
86
The income tax charge is based on the UK statutory rate of corporation tax for the year of 25%
(2023: 19%). Deferred tax has been calculated using the enacted tax rates that are expected to apply
when the liability is settled, or the asset realised. During the prior \ufb01nancial year, an increase in the main
rate of UK corporation tax from 19% to 25% with effect from 1 April 2023 was enacted. Deferred tax has
been calculated based on the rate applicable at the date timing differences are expected to reverse.
The income tax charge of \u00a312.5 million (2023: \u00a37.9 million) on pro\ufb01t before tax of \u00a348.2 million
(2023: \u00a342.6 million) represents an effective tax rate
1
of 25.9% (2023: 18.5%). This is higher than the UK
statutory rate of 25% due to adjustments in respect of share-based payments, disallowable expenses
and prior year adjustments.
The tax charge for the year is reconciled to pro\ufb01t before tax, as set out in the consolidated statement of
pro\ufb01t or loss, as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Pro\ufb01t before tax
48,182
42,574
Tax at the UK corporation tax rate of 25% (2023: 19%)
12,046
8,089
Tax effects of:
Disallowable expense \u2013 exceptional items
\u2013
1,119
Disallowable expense \u2013 other
138
1
Adjustments in respect of prior years
119
(1,109)
Capital allowance super deduction
\u2013
(390)
Tax impact of share-based payments
192
(121)
Revaluation of deferred tax liability
\u2013
275
Actual amount of tax charge
12,495
7,864
1 Effective tax rate is the tax cost as a percentage of pro\ufb01t before tax.
22. Deferred tax liability
(Charge)/
credit to
consolidated
Acquisition statement of Charge to
31 March 2023 of business pro\ufb01t or loss OCI 31 March 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
223
\u2013
(2,334)
\u2013
(2,111)
Intangible assets
(15,676)
\u2013
1,908
\u2013
(13,768)
De\ufb01ned bene\ufb01t pension
scheme
(89)
\u2013
(51)
82
(58)
Share-based payments
409
\u2013
(31)
\u2013
378
Short-term temporary
differences
2,918
\u2013
(2,825)
\u2013
93
Total
(12,215)
\u2013
(3,333)
82
(15,466)
(Charge)/
credit to
Acquisitions/ consolidated
disposals of statement of Charge to
31 March 2022 businesses pro\ufb01t or loss OCI 31 March 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and
equipment
1,222
194
(1,193)
\u2013
223
Intangible assets
(5,306)
(10,736)
366
\u2013
(15,676)
De\ufb01ned bene\ufb01t pension
scheme
\u2013
(29)
26
(86)
(89)
Share-based payments
190
\u2013
219
\u2013
409
Short-term temporary
differences
188
2,989
(259)
\u2013
2,918
Total
(3,706)
(7,582)
(841)
(86)
(12,215)
At the statement of \ufb01nancial position date, the Group had recognised unused tax losses of \u00a3nil
(2023: \u00a311.4 million) from Love2shop.
Deferred tax assets have not been provided on brought forward trading losses of \u00a320.7 million
(2023: \u00a320.7 million) arising from the Love2shop acquisition as, at the year end, the Group does not
believe it is probable that the entities in which these losses reside will be able to utilise them against
future taxable income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-357": { "value": "10. Tax
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Current tax
Charge for current year
9,293
7,829
Adjustment in respect of prior years
(131)
(806)
Current tax charge
9,162
7,023
Deferred tax
Charge for current year
3,083
1,144
Adjustment in respect of prior years
250
(303)
Deferred tax charge
3,333
841
Total income tax charge
12,495
7, 86 4
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Tax charged directly to other comprehensive income
Deferred tax on movement on de\ufb01ned bene\ufb01t pension scheme asset
(82)
86
The income tax charge is based on the UK statutory rate of corporation tax for the year of 25% (2023: 19%). Deferred tax has been calculated using the enacted tax rates that are expected to apply when the liability is settled, or the asset realised. During the prior \ufb01nancial year, an increase in the main rate of UK corporation tax from 19% to 25% with effect from 1 April 2023 was enacted. Deferred tax has been calculated based on the rate applicable at the date timing differences are expected to reverse. The income tax charge of \u00a312.5 million (2023: \u00a37.9 million) on pro\ufb01t before tax of \u00a348.2 million (2023: \u00a342.6 million) represents an effective tax rate 1 of 25.9% (2023: 18.5%). This is higher than the UK statutory rate of 25% due to adjustments in respect of share-based payments, disallowable expenses and prior year adjustments. The tax charge for the year is reconciled to pro\ufb01t before tax, as set out in the consolidated statement of pro\ufb01t or loss, as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Pro\ufb01t before tax
48,182
42,574
Tax at the UK corporation tax rate of 25% (2023: 19%)
12,046
8,089
Tax effects of:
Disallowable expense \u2013 exceptional items
\u2013
1,119
Disallowable expense \u2013 other
138
1
Adjustments in respect of prior years
119
(1,109)
Capital allowance super deduction
\u2013
(390)
Tax impact of share-based payments
192
(121)
Revaluation of deferred tax liability
\u2013
275
Actual amount of tax charge
12,495
7,864
1 Effective tax rate is the tax cost as a percentage of pro\ufb01t before tax. 22. Deferred tax liability
(Charge)/
credit to
consolidated
Acquisition statement of Charge to
31 March 2023 of business pro\ufb01t or loss OCI 31 March 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
223
\u2013
(2,334)
\u2013
(2,111)
Intangible assets
(15,676)
\u2013
1,908
\u2013
(13,768)
De\ufb01ned bene\ufb01t pension
scheme
(89)
\u2013
(51)
82
(58)
Share-based payments
409
\u2013
(31)
\u2013
378
Short-term temporary
differences
2,918
\u2013
(2,825)
\u2013
93
Total
(12,215)
\u2013
(3,333)
82
(15,466)
(Charge)/
credit to
Acquisitions/ consolidated
disposals of statement of Charge to
31 March 2022 businesses pro\ufb01t or loss OCI 31 March 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and
equipment
1,222
194
(1,193)
\u2013
223
Intangible assets
(5,306)
(10,736)
366
\u2013
(15,676)
De\ufb01ned bene\ufb01t pension
scheme
\u2013
(29)
26
(86)
(89)
Share-based payments
190
\u2013
219
\u2013
409
Short-term temporary
differences
188
2,989
(259)
\u2013
2,918
Total
(3,706)
(7,582)
(841)
(86)
(12,215)
At the statement of \ufb01nancial position date, the Group had recognised unused tax losses of \u00a3nil (2023: \u00a311.4 million) from Love2shop. Deferred tax assets have not been provided on brought forward trading losses of \u00a320.7 million (2023: \u00a320.7 million) arising from the Love2shop acquisition as, at the year end, the Group does not believe it is probable that the entities in which these losses reside will be able to utilise them against future taxable income.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-324": { "value": "
11. Earnings per share
Basic and diluted earnings per share are calculated on the following pro\ufb01t and number of shares.
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Basic
Total pro\ufb01t for basic and diluted earnings per share is the net pro\ufb01t
attributable to equity holders of the parent
35,687
34,710
Underlying
Underlying pro\ufb01t for basic and diluted earnings per share is the net
pro\ufb01t before adjusting items attributable to equity holders of the
parent (note 1)
45,798
42,244
31 March 2024 31 March 2023
Number Number
of shares of shares
Thousands Thousands
Weighted average number of ordinary shares in issue
(for basic earnings per share)
72,642
69,281
Potential dilutive ordinary shares:
Restricted share awards
670
588
Deferred annual bonus scheme
184
104
SIP and other
Weighted average number of ordinary shares in issue
89
60
(for diluted earnings per share)
73,585
70,033
The SIP and other dilutive shares only have a passage of time restriction on them, hence are included
above but not in the total number of outstanding share awards at the end of the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-325": { "value": "
12. Goodwill
The Group tests goodwill for impairment annually and more frequently if there are indicators of
impairment as set out in note 1. The Group\u2019s cash-generating units (\u2018CGUs\u2019) have been assessed based
on independently managed cash \ufb02ows.
During the year management reassessed the composition of CGUs in its Cards division. Handepay and
Merchant Rentals had, since their acquisition in February 2021, become increasingly integrated with the
Group\u2019s pre-existing Cards business. A new partnership with Lloyds Banking Group\u2019s \u201cCardnet\u201d Division,
signed in March 2024, cemented the trend. Furthermore, the card acquiring revenue stream of Handepay
and terminal rental revenue of Merchant Rentals are inextricably linked, with the same merchant customer
base. Management therefore deems it appropriate to recognise a single Cards CGU with effect from
March 2024, covering the activities of Handepay, Merchant Rentals and its pre-existing Cards business.
When testing for impairment, recoverable amounts for the Group\u2019s CGUs are measured at their value-
in-use by discounting the future expected cash \ufb02ows from the assets in the CGUs. The Group prepares
\ufb01ve-year cash \ufb02ow forecasts derived from the most recent three-year \ufb01nancial budgets approved by
the Board which are extrapolated for a further two years and subsequently extended to perpetuity. A
key source of estimation in the impairment tests is the short-term growth revenue rates applied within
the cash \ufb02ow forecasts, which are determined using an estimate of future results based on the latest
business forecasts and appropriately re\ufb02ect expected performance of the CGU. The estimates of future
cash \ufb02ows are based on past experience, adjusted for estimates of future performance, including the
continued shift from cash to digital payments.
Terminal values are based on long-term growth rates that do not exceed 2%, which appropriately re\ufb02ects
the expected long-term rate of GDP growth in the UK. The pre-tax risk-adjusted discount rates have
been used to discount the forecast cash \ufb02ows calculated by reference to the weighted average cost of
capital (\u2018WACC\u2019) of each CGU.
All CGUs assessed generate value-in-use in excess of their carrying values. No reasonably possible
change in any of the assumptions would cause their carrying values to exceed their recoverable amounts.
Management does not consider that climate change factors would adversely impact its goodwill
impairment assessments.
Merchant Digital
Love2shop i-movo Handepay Rentals Cards payments To ta l
Group \u2013 goodwill CGU CGU CGU CGU CGU CGU CGUs
values \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2022
\u2013
6,867
35,632
9,586
\u2013
5,583
57,668
Acquisition of
business
59,759
\u2013
\u2013
\u2013
\u2013
\u2013
59,759
At 31 March 2023
59,759
6,867
35,632
9,586
\u2013
5,583
117,427
Reclassi\ufb01cation in
the year
\u2013
\u2013
(35,632)
(9,586)
45,218
\u2013
\u2013
At 31 March 2024
59,759
6,867
\u2013
\u2013
45,218
5,583
117,427
The key assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represent management\u2019s assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources. Assumptions used for annual impairment tests
Merchant Digital
Love2shop i-movo Handepay Rentals Cards Payments
CGU CGU CGU CGU CGU CGU
At 31 March 2024
Carrying value of cash
generating unit
\u00a368.0m
\u00a39.1m
\u2013
\u2013
\u00a372.8m
\u00a311.3m
Pre-tax risk adjusted
discount rate
17.1%
17.5%
\u2013
\u2013
17.6%
17.1%
Terminal growth rate
2.0%
(8.0)%\u20132.0%
\u2013
\u2013
2.0%
2.0%
At 31 March 2023
Carrying value of cash
generating unit
\u00a368.0m
\u00a38.6m
\u00a345.6m
\u00a323.7m
\u2013
\u00a311.7m
Pre-tax risk adjusted
discount rate
16.0%
16.6%
15.7%
14.6%
\u2013
15.1%
Terminal growth rate
2.0%
(8.0)%\u20132.0%
2.0%
2.0%
\u2013
2.0%
The terminal growth rate assumption applied to the i-movo CGU in the current and prior periods re\ufb02ects the c. 8% p.a. revenue decline from a signi\ufb01cant customer of that business. 13. Other intangible assets Group
Development Customer Brands and Regulatory Developed
costs relationships trademarks licences technology Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 31 March
2023
34,782
40,256
20,741
236
7,647
103,662
Additions
3,087
\u2013
\u2013
\u2013
2,019
5,106
Disposals
(6,007)
\u2013
\u2013
\u2013
\u2013
(6,007)
At 31 March
2024
31,862
40,256
20,741
236
9,666
102,761
Accumulated
amortisation
At 31 March
2023
21,378
4,345
2,042
48
556
28,369
Charge for the
year \u2013 acquired
intangible assets
\u2013
6,929
1,123
24
\u2013
8,076
Charge for the
year \u2013 other
intangible assets
3,263
\u2013
504
\u2013
1,504
5,271
Disposals
(6,007)
\u2013
\u2013
\u2013
\u2013
(6,007)
At 31 March
2024
18,634
11,274
3,669
72
2,060
35,709
Carrying
amount
At 31 March
2024
13,228
28,982
17,072
164
7,606
67,052
At 31 March
2023
13,404
35,911
18,699
188
7,091
75,293
Included within development costs at 31 March 2024 are \u00a31.7 million (2023: \u00a33.3 million) of assets under construction which were not being amortised at 31 March 2024. At 31 March 2024, the Group had entered into contractual commitments for development cost additions amounting to \u00a30.6 million (2023: \u00a30.2 million). Group
Development Customer Brands and Regulatory Developed
costs relationships trademarks licences technology To ta l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 31 March
2022
32,146
18,608
8,951
236
306
60,247
Acquisition of
business
\u2013
21,648
11,790
\u2013
7,006
40,444
Additions
4,079
\u2013
\u2013
\u2013
335
4,414
Disposals
(1,443)
\u2013
\u2013
\u2013
\u2013
(1,443)
At 31 March
2023
34,782
40,256
20,741
236
7,647
103,662
Accumulated
amortisation
At 31 March
2022
20,477
2,198
1,252
24
306
24,257
Charge for the
year \u2013 acquired
intangible assets
\u2013
2,147
286
24
117
2,574
Charge for the
year \u2013 other
intangible assets
2,344
\u2013
504
\u2013
133
2,981
Disposals
(1,443)
\u2013
\u2013
\u2013
\u2013
(1,443)
At 31 March
2023
21,378
4,345
2,042
48
556
28,369
Carrying amount
At 31 March
2023
13,404
35,911
18,699
188
7,091
75,293
At 31 March
2022
11,669
16,410
7,699
212
\u2013
35,990
Acquisition of business in the prior year relates to Appreciate Group PLC.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-358": { "value": "12. Goodwill The Group tests goodwill for impairment annually and more frequently if there are indicators of impairment as set out in note 1. The Group\u2019s cash-generating units (\u2018CGUs\u2019) have been assessed based on independently managed cash \ufb02ows. During the year management reassessed the composition of CGUs in its Cards division. Handepay and Merchant Rentals had, since their acquisition in February 2021, become increasingly integrated with the Group\u2019s pre-existing Cards business. A new partnership with Lloyds Banking Group\u2019s \u201cCardnet\u201d Division, signed in March 2024, cemented the trend. Furthermore, the card acquiring revenue stream of Handepay and terminal rental revenue of Merchant Rentals are inextricably linked, with the same merchant customer base. Management therefore deems it appropriate to recognise a single Cards CGU with effect from March 2024, covering the activities of Handepay, Merchant Rentals and its pre-existing Cards business. When testing for impairment, recoverable amounts for the Group\u2019s CGUs are measured at their value- in-use by discounting the future expected cash \ufb02ows from the assets in the CGUs. The Group prepares \ufb01ve-year cash \ufb02ow forecasts derived from the most recent three-year \ufb01nancial budgets approved by the Board which are extrapolated for a further two years and subsequently extended to perpetuity. A key source of estimation in the impairment tests is the short-term growth revenue rates applied within the cash \ufb02ow forecasts, which are determined using an estimate of future results based on the latest business forecasts and appropriately re\ufb02ect expected performance of the CGU. The estimates of future cash \ufb02ows are based on past experience, adjusted for estimates of future performance, including the continued shift from cash to digital payments. Terminal values are based on long-term growth rates that do not exceed 2%, which appropriately re\ufb02ects the expected long-term rate of GDP growth in the UK. The pre-tax risk-adjusted discount rates have been used to discount the forecast cash \ufb02ows calculated by reference to the weighted average cost of capital (\u2018WACC\u2019) of each CGU. All CGUs assessed generate value-in-use in excess of their carrying values. No reasonably possible change in any of the assumptions would cause their carrying values to exceed their recoverable amounts. Management does not consider that climate change factors would adversely impact its goodwill impairment assessments.
Merchant Digital
Love2shop i-movo Handepay Rentals Cards payments To ta l
Group \u2013 goodwill CGU CGU CGU CGU CGU CGU CGUs
values \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2022
\u2013
6,867
35,632
9,586
\u2013
5,583
57,668
Acquisition of
business
59,759
\u2013
\u2013
\u2013
\u2013
\u2013
59,759
At 31 March 2023
59,759
6,867
35,632
9,586
\u2013
5,583
117,427
Reclassi\ufb01cation in
the year
\u2013
\u2013
(35,632)
(9,586)
45,218
\u2013
\u2013
At 31 March 2024
59,759
6,867
\u2013
\u2013
45,218
5,583
117,427
The key assumptions used in the estimation of the recoverable amount are set out below. The values
assigned to the key assumptions represent management\u2019s assessment of future trends in the relevant
industries and have been based on historical data from both external and internal sources.
Assumptions used for annual impairment tests
Merchant Digital
Love2shop i-movo Handepay Rentals Cards Payments
CGU CGU CGU CGU CGU CGU
At 31 March 2024
Carrying value of cash
generating unit
\u00a368.0m
\u00a39.1m
\u2013
\u2013
\u00a372.8m
\u00a311.3m
Pre-tax risk adjusted
discount rate
17.1%
17.5%
\u2013
\u2013
17.6%
17.1%
Terminal growth rate
2.0%
(8.0)%\u20132.0%
\u2013
\u2013
2.0%
2.0%
At 31 March 2023
Carrying value of cash
generating unit
\u00a368.0m
\u00a38.6m
\u00a345.6m
\u00a323.7m
\u2013
\u00a311.7m
Pre-tax risk adjusted
discount rate
16.0%
16.6%
15.7%
14.6%
\u2013
15.1%
Terminal growth rate
2.0%
(8.0)%\u20132.0%
2.0%
2.0%
\u2013
2.0%
The terminal growth rate assumption applied to the i-movo CGU in the current and prior periods re\ufb02ects
the c. 8% p.a. revenue decline from a signi\ufb01cant customer of that business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-359": { "value": "
13. Other intangible assets
Group
Development Customer Brands and Regulatory Developed
costs relationships trademarks licences technology Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 31 March
2023
34,782
40,256
20,741
236
7,647
103,662
Additions
3,087
\u2013
\u2013
\u2013
2,019
5,106
Disposals
(6,007)
\u2013
\u2013
\u2013
\u2013
(6,007)
At 31 March
2024
31,862
40,256
20,741
236
9,666
102,761
Accumulated
amortisation
At 31 March
2023
21,378
4,345
2,042
48
556
28,369
Charge for the
year \u2013 acquired
intangible assets
\u2013
6,929
1,123
24
\u2013
8,076
Charge for the
year \u2013 other
intangible assets
3,263
\u2013
504
\u2013
1,504
5,271
Disposals
(6,007)
\u2013
\u2013
\u2013
\u2013
(6,007)
At 31 March
2024
18,634
11,274
3,669
72
2,060
35,709
Carrying
amount
At 31 March
2024
13,228
28,982
17,072
164
7,606
67,052
At 31 March
2023
13,404
35,911
18,699
188
7,091
75,293
Included within development costs at 31 March 2024 are \u00a31.7 million (2023: \u00a33.3 million) of assets under
construction which were not being amortised at 31 March 2024.
At 31 March 2024, the Group had entered into contractual commitments for development cost additions
amounting to \u00a30.6 million (2023: \u00a30.2 million).
Group
Development Customer Brands and Regulatory Developed
costs relationships trademarks licences technology To ta l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 31 March
2022
32,146
18,608
8,951
236
306
60,247
Acquisition of
business
\u2013
21,648
11,790
\u2013
7,006
40,444
Additions
4,079
\u2013
\u2013
\u2013
335
4,414
Disposals
(1,443)
\u2013
\u2013
\u2013
\u2013
(1,443)
At 31 March
2023
34,782
40,256
20,741
236
7,647
103,662
Accumulated
amortisation
At 31 March
2022
20,477
2,198
1,252
24
306
24,257
Charge for the
year \u2013 acquired
intangible assets
\u2013
2,147
286
24
117
2,574
Charge for the
year \u2013 other
intangible assets
2,344
\u2013
504
\u2013
133
2,981
Disposals
(1,443)
\u2013
\u2013
\u2013
\u2013
(1,443)
At 31 March
2023
21,378
4,345
2,042
48
556
28,369
Carrying amount
At 31 March
2023
13,404
35,911
18,699
188
7,091
75,293
At 31 March
2022
11,669
16,410
7,699
212
\u2013
35,990
Acquisition of business in the prior year relates to Appreciate Group PLC.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-326": { "value": "
14. Investments
The Company, a holding company, has investments (directly or indirectly) in wholly owned subsidiaries
and convertible loan notes, as follows:
A) Investments in wholly owned subsidiaries
Active companies
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
Appreciate Ltd
Direct
Holding company (Valley Road, Birkenhead, Merseyside, CH41
England
7ED) and Wales
Collect+ Brand Limited
Indirect
Holder of Collect+ brand (1 The Boulevard, Shire Park,
England
Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Collect+ Holdings
Direct
Holding company (1 The Boulevard, Shire Park,
England
Limited Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Event Payment
Indirect
Provision of business support services (1 The Boulevard,
England
Services Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Handepay Limited
Direct
Sales business in merchant acquiring industry (1 The Boulevard,
England
Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
i-movo Holdings
Direct
Holding company (1 The Boulevard, Shire Park, Welwyn Garden
England
Limited City, Hertfordshire AL7 1EL) and Wales
i-movo Limited
Indirect
Provision of digital voucher service (1 The Boulevard, Shire Park,
England
Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
MBL Holdco Limited
Indirect
Holding company (Valley Road, Birkenhead, Merseyside, CH41
England
7ED) and Wales
MBL Solutions Limited
Indirect
Gift card processing (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Merchant Rentals
Direct
Provision of asset \ufb01nance and leasing solutions to merchant
England
Limited acquiring industry (1 The Boulevard, Shire Park, Welwyn Garden and Wales
City, Hertfordshire AL7 1EL)
Park Card Marketing
Indirect
Card administration support services (Valley Road, Birkenhead,
England
Services Limited Merseyside, CH41 7ED) and Wales
Park Card Services
Indirect
Electronic money issuer (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Direct Credit
Indirect
Debt collection services (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Financial Services
Indirect
Insurance broking services (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Group UK Limited
Indirect
Holding company (Valley Road, Birkenhead, Merseyside, CH41
England
7ED) and Wales
Park Retail Limited
Indirect
Gifting and prepayment (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
PayPoint Collections
Direct
Provision of a payment collection service (1 The Boulevard,
England
Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
PayPoint Network
Direct
Management of an electronic payment service (1 The Boulevard,
England
Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
PayPoint Payment
Direct
Provision of regulated payments services (1 The Boulevard,
England
Services Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
PayPoint Retail
Direct
Provision of retail services (1 The Boulevard, Shire Park, Welwyn
England
Solutions Limited Garden City, Hertfordshire AL7 1EL) and Wales
RSM 2000
Limited
Direct
Provision of regulated payments services (1 The Boulevard,
England
Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
The following wholly owned UK subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006 for the year ended 31 March 2024. \u2022 MBL Holdco Limited \u2022 MBL Solutions Limited \u2022 Park Direct Credit Limited \u2022 Park Financial Services Limited \u2022 Park Group UK Limited The Company will guarantee the debts and liabilities of the above UK subsidiary undertakings at 31 March 2024 in accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss under the guarantee as remote. Dormant companies
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
Agency Administration
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Brightdot Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Cheshire Bank Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Cheshire Securities
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Country Christmas
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Savings Club Limited CH41 7ED) and Wales
Family Hampers
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Handling Solutions
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Heritage Hampers
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England and
Limited CH41 7ED) Wales
High Street Vouchers
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Maxim B2B Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
Opal Loans Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Park Christmas
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Savings Club Limited CH41 7ED) and Wales
Park.com Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Park Connect Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Park Food
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
(Warrington) Limited CH41 7ED) and Wales
Park Group Secretaries
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Hamper Company
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Travel Services
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
PayPoint Trust
Indirect
Dormant company (1 The Boulevard, Shire Park, Welwyn Garden
England
Managers Limited City, Hertfordshire AL7 1EL) and Wales
The Perfect Hamper
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Co. Limited CH41 7ED) and Wales
Wirral Cold Store
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Movement in investments in wholly owned subsidiaries Company
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
221,837
139,105
Acquisitions of wholly owned subsidiaries
\u2013
82,732
Balance at the end of the year
221,837
221,837
In the prior year, PayPoint acquired 100% of the share capital of Appreciate Group PLC for consideration of \u00a379.2million, comprising cash of \u00a361.9 million plus equity of \u00a317.3 million in the form of 3.6 million issued shares and based on the closing share price of \u00a34.84 per share at 28 February 2023. An impairment test was performed on the Company\u2019s investments in subsidiaries which indicated that no impairment was required. Recoverable amounts for the Company\u2019s investments are measured at their value-in-use by discounting the future expected cash \ufb02ows, derived from the most recent \ufb01nancial budgets approved by the Board which are extended to perpetuity. The estimates of future cash \ufb02ows are based on past experience adjusted for management\u2019s expectations of future performance. B) Convertible loan notes The movements in the fair values of the convertible loan note investments in the prior and current years are as follows:
Optus Homes OBConnect Tota l
Group and Company Ltd \u00a3\u2019000 Ltd \u00a3\u2019000 \u00a3\u2019000
At 31 March 2022
750
\u2013
750
Addition in the year
\u2013
3,000
3,000
At 31 March 2023
750
3,000
3,750
Addition in the year
125
\u2013
125
Fair value (loss)/gain through pro\ufb01t or loss account
(875)
689
(186)
At 31 March 2024
\u2013
3,689
3,689
No unrealised gains or losses arose in the current or prior year. Optus Homes Ltd The Company purchased a convertible loan note of nominal amount \u00a3750,000 from Optus Homes Ltd on 25 March 2022, with an additional amount of \u00a3125,000 on 15 November 2023. Optus has developed in-house software which facilitates property maintenance for the bene\ufb01t of landlords and tenants. Landlords using the \u2018App\u2019 are charged a monthly fee per tenant, on a sliding scale. The investment is structured as a two-year, zero-coupon convertible loan note of \u00a3750,000 (with a potential extension of up to an additional \u00a3500,000 funding subject to the Company\u2019s approval) which will be settled into a variable number of Optus\u2019s equity shares on 1 April 2025. Upon maturity, the Company\u2019s equity holding will be determined by the value of the loan as a proportion of the Optus valuation post-conversion, based on a \u2018cap and \ufb02oor\u2019 method, falling between 20%\u201337% (based on an investment of \u00a3750,000) or 29%\u201340% (based on an investment of \u00a31,250,000). In turn, the proportional share depends on the number of landlords at the conversion date. Based on the key terms of the convertible loan note and investment agreement, the investment is recognised at fair value, with any gains or losses recognised through the statement of pro\ufb01t or loss. The fair value is determined by using a discounted cash \ufb02ow valuation applied to a 5-year forecast extrapolated to perpetuity, using the following \ufb01nancial assumptions. The discount rate re\ufb02ects management\u2019s view of the level of risk associated with the business:
31 March 2024
31 March 2023
Discount rate
23.4%
25.0%
Corporation tax rate
25.0%
25.0%
Terminal growth rate
2.0%
2.0%
The discounted cash \ufb02ow valuation derived from the 5-year forecast and the above assumptions are such that management has written off to the statement of pro\ufb01t or loss the entire \u00a3875,000 carrying value in the current year, reported within adjusting items. OBConnect Ltd The Company purchased a convertible loan note of nominal amount \u00a33.0 million on 7 July 2022 from OBConnect Ltd, which provides open banking services to banks and other \ufb01nancial institutions. The loan converts into a 22.5% equity stake in OBConnect Ltd\u2019s ordinary shares on 7 July 2025. Based on the key terms of the convertible loan note and investment agreement, the investment is recognised at fair value, with any gains or losses recognised through the statement of pro\ufb01t or loss. The current year discounted cash \ufb02ow valuation is based on a 5-year forecast extrapolated to perpetuity, using the following \ufb01nancial assumptions. The discount rate re\ufb02ects management\u2019s view of the level of risk associated with the business:
31 March 2024
31 March 2023
Discount rate
18.9%
20.0%
Corporation tax rate
25.0%
25.0%
Terminal growth rate
2.0%
2.0%
The fair value as at 31 March 2024 determined using the discounted cash \ufb02ow method was \u00a33,689,000. Management has therefore recognised a \u00a3689,000 gain in the statement of pro\ufb01t or loss in the current year, reported within adjusting items. C) Other investment In the prior period the Company acquired 2.5% of the ordinary share capital of OBConnect Ltd for consideration of \u00a3251,000. This is in addition to the convertible loan note in OBConnect Ltd referred to above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-360": { "value": "14. Investments The Company, a holding company, has investments (directly or indirectly) in wholly owned subsidiaries and convertible loan notes, as follows: A) Investments in wholly owned subsidiaries Active companies
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
Appreciate Ltd
Direct
Holding company (Valley Road, Birkenhead, Merseyside, CH41
England
7ED) and Wales
Collect+ Brand Limited
Indirect
Holder of Collect+ brand (1 The Boulevard, Shire Park,
England
Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Collect+ Holdings
Direct
Holding company (1 The Boulevard, Shire Park,
England
Limited Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Event Payment
Indirect
Provision of business support services (1 The Boulevard,
England
Services Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Handepay Limited
Direct
Sales business in merchant acquiring industry (1 The Boulevard,
England
Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
i-movo Holdings
Direct
Holding company (1 The Boulevard, Shire Park, Welwyn Garden
England
Limited City, Hertfordshire AL7 1EL) and Wales
i-movo Limited
Indirect
Provision of digital voucher service (1 The Boulevard, Shire Park,
England
Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
MBL Holdco Limited
Indirect
Holding company (Valley Road, Birkenhead, Merseyside, CH41
England
7ED) and Wales
MBL Solutions Limited
Indirect
Gift card processing (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Merchant Rentals
Direct
Provision of asset \ufb01nance and leasing solutions to merchant
England
Limited acquiring industry (1 The Boulevard, Shire Park, Welwyn Garden and Wales
City, Hertfordshire AL7 1EL)
Park Card Marketing
Indirect
Card administration support services (Valley Road, Birkenhead,
England
Services Limited Merseyside, CH41 7ED) and Wales
Park Card Services
Indirect
Electronic money issuer (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Direct Credit
Indirect
Debt collection services (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Financial Services
Indirect
Insurance broking services (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Group UK Limited
Indirect
Holding company (Valley Road, Birkenhead, Merseyside, CH41
England
7ED) and Wales
Park Retail Limited
Indirect
Gifting and prepayment (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
PayPoint Collections
Direct
Provision of a payment collection service (1 The Boulevard,
England
Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
PayPoint Network
Direct
Management of an electronic payment service (1 The Boulevard,
England
Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
PayPoint Payment
Direct
Provision of regulated payments services (1 The Boulevard,
England
Services Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
PayPoint Retail
Direct
Provision of retail services (1 The Boulevard, Shire Park, Welwyn
England
Solutions Limited Garden City, Hertfordshire AL7 1EL) and Wales
RSM 2000
Limited
Direct
Provision of regulated payments services (1 The Boulevard,
England
Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
The following wholly owned UK subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006 for the year ended 31 March 2024. \u2022 MBL Holdco Limited \u2022 MBL Solutions Limited \u2022 Park Direct Credit Limited \u2022 Park Financial Services Limited \u2022 Park Group UK Limited The Company will guarantee the debts and liabilities of the above UK subsidiary undertakings at 31 March 2024 in accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss under the guarantee as remote. Dormant companies
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
Agency Administration
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Brightdot Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Cheshire Bank Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Cheshire Securities
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Country Christmas
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Savings Club Limited CH41 7ED) and Wales
Family Hampers
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Handling Solutions
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Heritage Hampers
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England and
Limited CH41 7ED) Wales
High Street Vouchers
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Maxim B2B Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
Opal Loans Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Park Christmas
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Savings Club Limited CH41 7ED) and Wales
Park.com Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Park Connect Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Park Food
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
(Warrington) Limited CH41 7ED) and Wales
Park Group Secretaries
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Hamper Company
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Travel Services
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
PayPoint Trust
Indirect
Dormant company (1 The Boulevard, Shire Park, Welwyn Garden
England
Managers Limited City, Hertfordshire AL7 1EL) and Wales
The Perfect Hamper
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Co. Limited CH41 7ED) and Wales
Wirral Cold Store
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Movement in investments in wholly owned subsidiaries Company
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
221,837
139,105
Acquisitions of wholly owned subsidiaries
\u2013
82,732
Balance at the end of the year
221,837
221,837
In the prior year, PayPoint acquired 100% of the share capital of Appreciate Group PLC for consideration of \u00a379.2million, comprising cash of \u00a361.9 million plus equity of \u00a317.3 million in the form of 3.6 million issued shares and based on the closing share price of \u00a34.84 per share at 28 February 2023. An impairment test was performed on the Company\u2019s investments in subsidiaries which indicated that no impairment was required. Recoverable amounts for the Company\u2019s investments are measured at their value-in-use by discounting the future expected cash \ufb02ows, derived from the most recent \ufb01nancial budgets approved by the Board which are extended to perpetuity. The estimates of future cash \ufb02ows are based on past experience adjusted for management\u2019s expectations of future performance.
B) Convertible loan notes
The movements in the fair values of the convertible loan note investments in the prior and current years
are as follows:
Optus Homes OBConnect Tota l
Group and Company Ltd \u00a3\u2019000 Ltd \u00a3\u2019000 \u00a3\u2019000
At 31 March 2022
750
\u2013
750
Addition in the year
\u2013
3,000
3,000
At 31 March 2023
750
3,000
3,750
Addition in the year
125
\u2013
125
Fair value (loss)/gain through pro\ufb01t or loss account
(875)
689
(186)
At 31 March 2024
\u2013
3,689
3,689
No unrealised gains or losses arose in the current or prior year.
Optus Homes Ltd
The Company purchased a convertible loan note of nominal amount \u00a3750,000 from Optus Homes Ltd
on 25 March 2022, with an additional amount of \u00a3125,000 on 15 November 2023. Optus has developed
in-house software which facilitates property maintenance for the bene\ufb01t of landlords and tenants.
Landlords using the \u2018App\u2019 are charged a monthly fee per tenant, on a sliding scale.
The investment is structured as a two-year, zero-coupon convertible loan note of \u00a3750,000 (with
a potential extension of up to an additional \u00a3500,000 funding subject to the Company\u2019s approval)
which will be settled into a variable number of Optus\u2019s equity shares on 1 April 2025. Upon maturity,
the Company\u2019s equity holding will be determined by the value of the loan as a proportion of the Optus
valuation post-conversion, based on a \u2018cap and \ufb02oor\u2019 method, falling between 20%\u201337% (based on an
investment of \u00a3750,000) or 29%\u201340% (based on an investment of \u00a31,250,000). In turn, the proportional
share depends on the number of landlords at the conversion date.
Based on the key terms of the convertible loan note and investment agreement, the investment is
recognised at fair value, with any gains or losses recognised through the statement of pro\ufb01t or loss.
The fair value is determined by using a discounted cash \ufb02ow valuation applied to a 5-year forecast
extrapolated to perpetuity, using the following \ufb01nancial assumptions. The discount rate re\ufb02ects
management\u2019s view of the level of risk associated with the business:
31 March 2024
31 March 2023
Discount rate
23.4%
25.0%
Corporation tax rate
25.0%
25.0%
Terminal growth rate
2.0%
2.0%
The discounted cash \ufb02ow valuation derived from the 5-year forecast and the above assumptions are
such that management has written off to the statement of pro\ufb01t or loss the entire \u00a3875,000 carrying
value in the current year, reported within adjusting items.
OBConnect Ltd
The Company purchased a convertible loan note of nominal amount \u00a33.0 million on 7 July 2022 from
OBConnect Ltd, which provides open banking services to banks and other \ufb01nancial institutions. The loan
converts into a 22.5% equity stake in OBConnect Ltd\u2019s ordinary shares on 7 July 2025.
Based on the key terms of the convertible loan note and investment agreement, the investment is
recognised at fair value, with any gains or losses recognised through the statement of pro\ufb01t or loss.
The current year discounted cash \ufb02ow valuation is based on a 5-year forecast extrapolated to perpetuity,
using the following \ufb01nancial assumptions. The discount rate re\ufb02ects management\u2019s view of the level of
risk associated with the business:
31 March 2024
31 March 2023
Discount rate
18.9%
20.0%
Corporation tax rate
25.0%
25.0%
Terminal growth rate
2.0%
2.0%
The fair value as at 31 March 2024 determined using the discounted cash \ufb02ow method was \u00a33,689,000.
Management has therefore recognised a \u00a3689,000 gain in the statement of pro\ufb01t or loss in the current
year, reported within adjusting items.
C) Other investment
In the prior period the Company acquired 2.5% of the ordinary share capital of OBConnect Ltd for
consideration of \u00a3251,000. This is in addition to the convertible loan note in OBConnect Ltd referred
to above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-377": { "value": "A) Investments in wholly owned subsidiaries Active companies
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
Appreciate Ltd
Direct
Holding company (Valley Road, Birkenhead, Merseyside, CH41
England
7ED) and Wales
Collect+ Brand Limited
Indirect
Holder of Collect+ brand (1 The Boulevard, Shire Park,
England
Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Collect+ Holdings
Direct
Holding company (1 The Boulevard, Shire Park,
England
Limited Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Event Payment
Indirect
Provision of business support services (1 The Boulevard,
England
Services Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Handepay Limited
Direct
Sales business in merchant acquiring industry (1 The Boulevard,
England
Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
i-movo Holdings
Direct
Holding company (1 The Boulevard, Shire Park, Welwyn Garden
England
Limited City, Hertfordshire AL7 1EL) and Wales
i-movo Limited
Indirect
Provision of digital voucher service (1 The Boulevard, Shire Park,
England
Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
MBL Holdco Limited
Indirect
Holding company (Valley Road, Birkenhead, Merseyside, CH41
England
7ED) and Wales
MBL Solutions Limited
Indirect
Gift card processing (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Merchant Rentals
Direct
Provision of asset \ufb01nance and leasing solutions to merchant
England
Limited acquiring industry (1 The Boulevard, Shire Park, Welwyn Garden and Wales
City, Hertfordshire AL7 1EL)
Park Card Marketing
Indirect
Card administration support services (Valley Road, Birkenhead,
England
Services Limited Merseyside, CH41 7ED) and Wales
Park Card Services
Indirect
Electronic money issuer (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Direct Credit
Indirect
Debt collection services (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Financial Services
Indirect
Insurance broking services (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Park Group UK Limited
Indirect
Holding company (Valley Road, Birkenhead, Merseyside, CH41
England
7ED) and Wales
Park Retail Limited
Indirect
Gifting and prepayment (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
PayPoint Collections
Direct
Provision of a payment collection service (1 The Boulevard,
England
Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
PayPoint Network
Direct
Management of an electronic payment service (1 The Boulevard,
England
Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
PayPoint Payment
Direct
Provision of regulated payments services (1 The Boulevard,
England
Services Limited Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
PayPoint Retail
Direct
Provision of retail services (1 The Boulevard, Shire Park, Welwyn
England
Solutions Limited Garden City, Hertfordshire AL7 1EL) and Wales
RSM 2000
Limited
Direct
Provision of regulated payments services (1 The Boulevard,
England
Shire Park, Welwyn Garden City, Hertfordshire AL7 1EL) and Wales
The following wholly owned UK subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006 for the year ended 31 March 2024. \u2022 MBL Holdco Limited \u2022 MBL Solutions Limited \u2022 Park Direct Credit Limited \u2022 Park Financial Services Limited \u2022 Park Group UK Limited The Company will guarantee the debts and liabilities of the above UK subsidiary undertakings at 31 March 2024 in accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss under the guarantee as remote. Dormant companies
Direct or
indirect Country of
Company name
investment
Principal activity (registered address)
registration
Agency Administration
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Brightdot Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Cheshire Bank Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Cheshire Securities
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Country Christmas
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Savings Club Limited CH41 7ED) and Wales
Family Hampers
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Handling Solutions
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Heritage Hampers
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England and
Limited CH41 7ED) Wales
High Street Vouchers
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
Limited CH41 7ED) and Wales
Maxim B2B Limited
Indirect
Dormant company (Valley Road, Birkenhead, Merseyside,
England
CH41 7ED) and Wales
Direct or indirect Country of Company name investment Principal activity (registered address) registration Opal Loans Limited Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England CH41 7ED) and Wales Park Christmas Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England Savings Club Limited CH41 7ED) and Wales Park.com Limited Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England CH41 7ED) and Wales Park Connect Limited Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England CH41 7ED) and Wales Park Food Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England (Warrington) Limited CH41 7ED) and Wales Park Group Secretaries Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England Limited CH41 7ED) and Wales Park Hamper Company Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England Limited CH41 7ED) and Wales Park Travel Services Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England Limited CH41 7ED) and Wales PayPoint Trust Indirect Dormant company (1 The Boulevard, Shire Park, Welwyn GardenEngland Managers Limited City, Hertfordshire AL7 1EL) and Wales The Perfect Hamper Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England Co. Limited CH41 7ED) and Wales Wirral Cold Store Indirect Dormant company (Valley Road, Birkenhead, Merseyside, England Limited CH41 7ED) and Wales Movement in investments in wholly owned subsidiaries Company
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
221,837
139,105
Acquisitions of wholly owned subsidiaries
\u2013
82,732
Balance at the end of the year
221,837
221,837
In the prior year, PayPoint acquired 100% of the share capital of Appreciate Group PLC for consideration of \u00a379.2million, comprising cash of \u00a361.9 million plus equity of \u00a317.3 million in the form of 3.6 million issued shares and based on the closing share price of \u00a34.84 per share at 28 February 2023. An impairment test was performed on the Company\u2019s investments in subsidiaries which indicated that no impairment was required. Recoverable amounts for the Company\u2019s investments are measured at their value-in-use by discounting the future expected cash \ufb02ows, derived from the most recent \ufb01nancial budgets approved by the Board which are extended to perpetuity. The estimates of future cash \ufb02ows are based on past experience adjusted for management\u2019s expectations of future performance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-327": { "value": "
15. Property, plant and equipment
Terminals
Terminals and ATMs
and ATMs \u2013 \u2013 non-
Operating operating Fixtures,
lease lease \ufb01ttings and Leasehold Land and Right-of-
assets assets equipment improvements buildings use assets Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 31 March 2023
5,139
40,828
4,112
1,169
11,097
4,589
66,934
Additions
7,565
2,818
717
\u2013
\u2013
410
11,510
Disposals
(94)
(4,772)
\u2013
\u2013
\u2013
(138)
(5,004)
Transfer
\u2013
429
(429)
\u2013
\u2013
\u2013
\u2013
Remeasurement of
leased asset
\u2013
\u2013
\u2013
\u2013
\u2013
(46)
(46)
At 31 March 2024
12,610
39,303
4,400
1,169
11,097
4,815
73,394
Accumulated
depreciation
At 31 March 2023
806
31,951
2,102
9
2,362
447
37,677
Charge for the year
2,456
3,258
369
102
225
908
7,318
Disposals
(18)
(4,737)
\u2013
\u2013
\u2013
(138)
(4,893)
Transfer
\u2013
(803)
825
\u2013
(22)
\u2013
\u2013
At 31 March 2024
3,244
29,669
3,296
111
2,565
1,217
40,102
Carrying amount
At 31 March 2024
9,366
9,634
1,104
1,058
8,532
3,598
33,292
At 31 March 2023
4,333
8,877
2,010
1,160
8,735
4,142
29,257
The remeasurement of leased asset relates to hosting services in the Love2shop segment. There is a
corresponding reduction in the lease liability (see note 23).
At 31 March 2024, the Group had no contractual commitments for the acquisition of property, plant and
equipment (2023: \u00a31.0 million).
At 31 March 2024, the Group had no assets under construction which were not being depreciated
(2023: \u00a31.4 million).
Restated
Terminals
Terminals and ATMs
and ATMs \u2013 \u2013 non-
Operating operating Fixtures,
lease lease \ufb01ttings and Leasehold Land and Right-of-
assets assets equipment improvements buildings use assets To ta l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 31 March 2022
1,501
39,837
3,673
\u2013
11,081
462
56,554
Acquisition of
business
\u2013
\u2013
328
1,169
16
4,118
5,631
Additions
4,694
3,042
111
\u2013
\u2013
9
7,856
Disposals
(1,056)
(2,051)
\u2013
\u2013
\u2013
\u2013
(3,107)
At 31 March 2023
5,139
40,828
4,112
1,169
11,097
4,589
66,934
Accumulated
depreciation
At 31 March 2022
101
30,434
1,922
\u2013
2,101
214
34,772
Charge for the year
827
3,412
180
9
261
233
4,922
Disposals
(122)
(1,895)
\u2013
\u2013
\u2013
\u2013
(2,017)
At 31 March 2023
806
31,951
2,102
9
2,362
447
37,677
Carrying amount
At 31 March 2023
4,333
8,877
2,010
1,160
8,735
4,142
29,257
At 31 March 2022
1,400
9,403
1,751
\u2013
8,980
248
21,782
\u00b9
1 In the \ufb01nancial statements for the year ended 31 March 2023, Terminals and ATMs were not sub-divided between assets leased
out under operating leases and other assets. The restated treatment is the result of the Financial Reporting Council\u2019s review of the
Group\u2019s \ufb01nancial statements for that \ufb01nancial year.
Acquisition of business in the prior year relates to Appreciate Group PLC.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-361": { "value": "De\ufb01ned bene\ufb01t plans Following the acquisition of Appreciate Group PLC, the Group took on the operation of two de\ufb01ned bene\ufb01t pension schemes, Park Food Group plc Pension Scheme (PF) and Park Group Pension Scheme (PG). With the exception of \u00a3543,000 of assets and \u00a3284,000 of winding up lump sum payment liabilities, the PG scheme assets and liabilities were transferred into the PF scheme on 30 March 2023. In the current period, the assets left behind in the PG scheme were used to pay bene\ufb01ts owed, winding up costs and the winding up lump sums referred to above. The remaining \u00a324,000 cash balance was transferred to the PF scheme on winding up of the PG scheme. The PF scheme (\u201cthe scheme\u201d) provides bene\ufb01ts based on \ufb01nal pensionable pay and is closed to future accrual of bene\ufb01t based on service. The assets of the scheme are held separately from those of Appreciate Group Ltd in trustee-administered funds. Contributions to the scheme are determined by a quali\ufb01ed actuary on the basis of triennial valuations, the most recent being the scheme\u2019s statutory funding valuation as at 31 March 2023. The scheme is subject to the funding legislation which came into force on 30 December 2005, outlined in the Pensions Act 2004. This, together with documents issued by the Pensions Regulator and the Guidance Notes adopted by the Financial Reporting Council, set out the framework for funding de\ufb01ned bene\ufb01t occupational pension plans in the UK. The trustees of the scheme are required to act in the best interests of the scheme\u2019s bene\ufb01ciaries and are responsible for setting the investment, funding and governance policies of the funds. The scheme is administered by an independent trustee appointed by the Group. Appointment of the trustees is determined by the scheme\u2019s trust documentation. The Group has applied IAS19 Employee Bene\ufb01ts (revised 2011) and the following disclosures relate to this standard. The present value of scheme liabilities is measured by discounting the best estimate of future cash\ufb02ows to be paid out of the schemes using the projected unit credit method. All actuarial gains and losses have been recognised in the period in which they occur in other comprehensive income. For the purposes of IAS19, the results of the scheme valuation as at 31 March 2023, which was carried out by a quali\ufb01ed independent actuary, have been updated on an approximate basis to 31 March 2024. There have been no changes in the valuation methodology adopted for this year\u2019s disclosures compared to the previous year. The scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary growth risk, mortality risk and longevity risk. The amounts recognised in the Statement of \ufb01nancial position are as follows: PF scheme
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Fair value of scheme assets
16,224
17,752
Present value of pension obligation
(15,938)
(17,341)
Net pension surplus
286
411
Comprising:
Schemes in asset surplus
286
411
The charges/(credits) recognised in the Consolidated statement of pro\ufb01t or loss are as follows: PF and PG schemes combined
Year ended 1 month to
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Past service cost
\u2013
123
Administrative costs borne by the PG scheme
164
\u2013
Net interest credit
(17)
(3)
Total
147
120
The administrative costs borne by the PG scheme relate to the merger with the PF scheme referred to above. Those costs, along with the prior period past service cost, are recognised within administration expenses in the Consolidated statement of pro\ufb01t or loss. The net interest credit comprises interest receivable on scheme assets and interest payable on scheme obligations, which are reported within Finance income and Finance costs respectively in the Consolidated statement of pro\ufb01t or loss. Analysis of amounts recognised in Other comprehensive income: PF and PG schemes combined
Year ended 1 month to
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
(Loss)/gain on scheme assets
(1,519)
675
Experience gains arising on the de\ufb01ned bene\ufb01t obligation
694
1
Gains arising from changes in the demographic assumptions underlying
the present value of the de\ufb01ned bene\ufb01t obligation
416
141
Gains/(losses) arising from changes in the \ufb01nancial assumptions
underlying the present value of the de\ufb01ned bene\ufb01t obligation
81
(464)
Total
(328)
353
Scheme assets It is the policy of the scheme trustees to review the investment strategy at the time of each funding valuation. The trustees\u2019 investment objectives and the processes undertaken to measure and manage the risks inherent in the scheme\u2019s investment strategy are documented in the scheme\u2019s Statement of Investment Principles.
Fair value of scheme assets:
PF scheme
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Fixed Interest Gilt Fund
1,241
1,305
Diversi\ufb01ed Growth Assets (DGA)
506
781
Gilts
2,264
2,430
LDI
2,149
2,042
Loan Fund
1,984
1,805
Multi Asset Credit
2,053
2,155
Index Linked Gilts
3,234
3,683
Cash and other
2,793
3,551
Total assets
16,224
17,752
None of the fair values of the assets shown above includes any of the Group\u2019s own \ufb01nancial instruments
or any property occupied by, or other assets used by the Group. None of the scheme assets has a quoted
market price in an active market.
The movement in the fair value of scheme assets is as follows:
PF and PG schemes combined
Year ended 1 month to
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the period
17,752
\u2013
Fair value of scheme assets on acquisition of Appreciate Group PLC
\u2013
17,058
Interest income
836
58
Return on scheme assets
(1,519)
675
Bene\ufb01ts paid
(1,031)
(39)
Administrative costs borne by the PG scheme
(164)
\u2013
Employer contributions
350
\u2013
Balance at the end of the period
16,224
17,752
For the PG scheme, actual return on scheme assets, including interest income, for the year ended
31 March 2024 was \u00a31,000 (1 month to 31 March 2023: \u00a3578,000). For the PF scheme, actual return
on scheme assets, including interest income, for the year-ended 31 March 2024 was \u00a3(684,000)
(1 month to 31 March 2023: \u00a397,000).
Present value of obligations
The movement in the present value of the de\ufb01ned bene\ufb01t obligation is as follows:
PF and PG schemes combined
Year ended 1 month to
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the period
17,341
\u2013
Fair value of scheme obligations on acquisition of Appreciate Group PLC
\u2013
16,880
Interest cost
819
55
Actuarial gains due to scheme experience
(694)
(1)
Actuarial gains due to changes in demographic assumptions
(416)
(141)
Actuarial (gains)/losses due to changes in \ufb01nancial assumptions
(81)
464
Bene\ufb01ts paid
(1,031)
(39)
Past service costs
\u2013
123
Balance at the end of the period
15,938
17,341
The average duration of the PF scheme de\ufb01ned bene\ufb01t obligation at 31 March 2024 is 14 years.
Signi\ufb01cant actuarial assumptions
The following are the principal actuarial assumptions at the reporting date (expressed as
weighted averages):
PF scheme
31 March 2024 31 March 2023
% per annum % per annum
Financial and related actuarial assumptions:
Discount rate
4.90
4.90
In\ufb02ation (RPI)
3.10
3.20
Allowance for revaluation of deferred pensions of CPI or 8.5% p.a. if less
3.30
3.20
The mortality assumptions adopted for the PF scheme are 94% (males) and 85% (females) of the
standard tables S2PxA, year of birth, no age rating for males and females, projected using Continuous
Mortality Investigation (CMI) 2021 converging to 1.25% pa. These imply the following life expectancies:
31 March 2024 31 March 2023
PF scheme Years Years
Life expectancy at age 65 for:
Male \u2013 retiring in 2024
21.7
23.9
Female \u2013 retiring in 2024
23.7
26.1
Male \u2013 retiring in 2044
23.0
25.2
Female \u2013 retiring in 2044
25.2
27.5
Sensitivity analysis on signi\ufb01cant actuarial assumptions The following table summarises the impact on the scheme de\ufb01ned bene\ufb01t obligation at the end of the reporting period, if each of the signi\ufb01cant actuarial assumptions above were changed, in isolation. The in\ufb02ation sensitivity includes the impact of changes to the assumptions for revaluation, pension increases and salary growth. The sensitivities shown below are approximate.
PF scheme
Change in assumption
Change in liabilities
Discount rate
decrease of 0.50% p.a.
increase by 6.7%
Discount rate
increase of 0.50% p.a.
decrease by 6.1%
Rate of in\ufb02ation
decrease by 0.25% p.a.
decrease by 2.0%
Rate of in\ufb02ation
increase by 0.25% p.a.
increase by 2.3%
Rate of mortality
decrease in life expectancy of 1 year
increase by 2.6%
Rate of mortality
increase in life expectancy of 1 year
decrease by 2.4%
The sensitivity assumption used in the year was 0.25% for the price in\ufb02ation rate and 0.5% for the discount rate This is in line with the standard sensitivity analysis used by pension advice providers in their disclosures to clients. The scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary growth risk, mortality risk and longevity risk. A decrease in corporate bond yields, a rise in in\ufb02ation or an increase in life expectancy would result in an increase to the schemes liabilities. This would detrimentally impact on the Statement of \ufb01nancial position and may give rise to increased charges in future income statements. This effect would be partially offset by an increase in the value of the schemes\u2019 bond holdings. Additionally, caps on in\ufb02ationary increases are in place to protect the scheme against extreme in\ufb02ation. Funding The Group expects to contribute \u00a3150,000 to the scheme for the accounting period commencing 1 April 2024. This is based upon the current schedule of contributions following the pension merger and the actuarial valuation carried out as at 31 March 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-378": { "value": "Sensitivity analysis on signi\ufb01cant actuarial assumptions The following table summarises the impact on the scheme de\ufb01ned bene\ufb01t obligation at the end of the reporting period, if each of the signi\ufb01cant actuarial assumptions above were changed, in isolation. The in\ufb02ation sensitivity includes the impact of changes to the assumptions for revaluation, pension increases and salary growth. The sensitivities shown below are approximate.
PF scheme
Change in assumption
Change in liabilities
Discount rate
decrease of 0.50% p.a.
increase by 6.7%
Discount rate
increase of 0.50% p.a.
decrease by 6.1%
Rate of in\ufb02ation
decrease by 0.25% p.a.
decrease by 2.0%
Rate of in\ufb02ation
increase by 0.25% p.a.
increase by 2.3%
Rate of mortality
decrease in life expectancy of 1 year
increase by 2.6%
Rate of mortality
increase in life expectancy of 1 year
decrease by 2.4%
The sensitivity assumption used in the year was 0.25% for the price in\ufb02ation rate and 0.5% for the discount rate This is in line with the standard sensitivity analysis used by pension advice providers in their disclosures to clients. The scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary growth risk, mortality risk and longevity risk. A decrease in corporate bond yields, a rise in in\ufb02ation or an increase in life expectancy would result in an increase to the schemes liabilities. This would detrimentally impact on the Statement of \ufb01nancial position and may give rise to increased charges in future income statements. This effect would be partially offset by an increase in the value of the schemes\u2019 bond holdings. Additionally, caps on in\ufb02ationary increases are in place to protect the scheme against extreme in\ufb02ation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-328": { "value": "
17. Inventories
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Finished goods \u2013 cards and vouchers
2,276
2,854
Finished goods \u2013 terminals
984
298
Total
3,260
3,152
The cost of inventories recognised as an expense in the year is \u00a383.6 million (2023: \u00a34.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-329": { "value": "
18. Trade and other receivables
Group
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Items in the course of collection
84,215
47,771
Trade receivables
23,666
17,703
Revenue allowance for expected credit losses
(1,545)
(1,058)
Trade receivables net of revenue allowance for expected credit losses
22,121
16,645
Other receivables
4,151
1,822
Net investment in \ufb01nance lease receivables (note 23)
1,325
2,144
Contract assets \u2013 capitalisation of ful\ufb01lment costs
3,446
2,910
Accrued income
3,250
5,241
Prepayments
4,442
5,522
Sub-total: trade and other receivables \u2013 corporate
38,735
34,284
Total
122,950
82,055
1
1 Items in the course of collection represent amounts collected for clients by retailer partners. An equivalent balance is included
within trade and other payables (settlement payables). Refer to note 20.
The Group\u2019s exposure to the credit risk inherent in its trade and other receivables is discussed in note 28.
The Group reviews trade receivables past due but not impaired on a regular basis and in determining the
recoverability of the trade receivables the Group considers any change in the credit quality of the trade
receivables from the date credit was initially granted up to the reporting date.
Included in trade receivables are past due debtors with a carrying amount of \u00a32.1 million
(2023: \u00a32.9 million). The ageing of the trade receivables past due is as follows:
Less than More than
1 month 1\u20132 months 2\u20133 months 3 months Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Carrying value at 31 March 2024
1,241
347
386
175
2,149
Carrying value at 31 March 2023
1,258
551
232
894
2,935
The expected credit losses associated with accrued income balances are immaterial based on historical
loss experience for those customers, adjusted for information about current and reasonable supportable
future conditions.
Movement in the revenue allowance
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
1,058
1,058
Acquisition of business
\u2013
251
Amounts utilised in the year
(644)
(878)
Increase in allowance
1,131
627
Balance at the end of the year
1,545
1,058
Age of revenue allowance
Less than More than
1 month 1\u20132 months 2\u20133 months 3 months Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Carrying value at 31 March 2024
289
120
106
1,030
1,545
Carrying value at 31 March 2023
230
110
116
602
1,058
The expected credit losses associated with items in the course of collection are immaterial.
Company
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts owed by Group companies (non-current)
12,025
11,477
Trade and other receivables (non-current)
12,025
11,477
Amounts owed by Group companies (current)
\u2013
1,548
Accrued income
\u2013
12
Prepayments
75
970
Trade and other receivables (current)
12,100
2,530
Total
12,100
14,007
Amounts owed by subsidiaries are unsecured, have no \ufb01xed date of repayment and are repayable on
demand. Expected credit losses are immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-391": { "value": "18. Trade and other receivables Group
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Items in the course of collection
84,215
47,771
Trade receivables
23,666
17,703
Revenue allowance for expected credit losses
(1,545)
(1,058)
Trade receivables net of revenue allowance for expected credit losses
22,121
16,645
Other receivables
4,151
1,822
Net investment in \ufb01nance lease receivables (note 23)
1,325
2,144
Contract assets \u2013 capitalisation of ful\ufb01lment costs
3,446
2,910
Accrued income
3,250
5,241
Prepayments
4,442
5,522
Sub-total: trade and other receivables \u2013 corporate
38,735
34,284
Total
122,950
82,055
1 1 Items in the course of collection represent amounts collected for clients by retailer partners. An equivalent balance is included within trade and other payables (settlement payables). Refer to note 20. The Group\u2019s exposure to the credit risk inherent in its trade and other receivables is discussed in note 28. The Group reviews trade receivables past due but not impaired on a regular basis and in determining the recoverability of the trade receivables the Group considers any change in the credit quality of the trade receivables from the date credit was initially granted up to the reporting date. Included in trade receivables are past due debtors with a carrying amount of \u00a32.1 million (2023: \u00a32.9 million). The ageing of the trade receivables past due is as follows:
Less than More than
1 month 1\u20132 months 2\u20133 months 3 months Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Carrying value at 31 March 2024
1,241
347
386
175
2,149
Carrying value at 31 March 2023
1,258
551
232
894
2,935
The expected credit losses associated with accrued income balances are immaterial based on historical loss experience for those customers, adjusted for information about current and reasonable supportable future conditions. Movement in the revenue allowance
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
1,058
1,058
Acquisition of business
\u2013
251
Amounts utilised in the year
(644)
(878)
Increase in allowance
1,131
627
Balance at the end of the year
1,545
1,058
Age of revenue allowance
Less than More than
1 month 1\u20132 months 2\u20133 months 3 months Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Carrying value at 31 March 2024
289
120
106
1,030
1,545
Carrying value at 31 March 2023
230
110
116
602
1,058
The expected credit losses associated with items in the course of collection are immaterial. Company
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts owed by Group companies (non-current)
12,025
11,477
Trade and other receivables (non-current)
12,025
11,477
Amounts owed by Group companies (current)
\u2013
1,548
Accrued income
\u2013
12
Prepayments
75
970
Trade and other receivables (current)
12,100
2,530
Total
12,100
14,007
Amounts owed by subsidiaries are unsecured, have no \ufb01xed date of repayment and are repayable on demand. Expected credit losses are immaterial. 22. Deferred tax liability
(Charge)/
credit to
consolidated
Acquisition statement of Charge to
31 March 2023 of business pro\ufb01t or loss OCI 31 March 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
223
\u2013
(2,334)
\u2013
(2,111)
Intangible assets
(15,676)
\u2013
1,908
\u2013
(13,768)
De\ufb01ned bene\ufb01t pension
scheme
(89)
\u2013
(51)
82
(58)
Share-based payments
409
\u2013
(31)
\u2013
378
Short-term temporary
differences
2,918
\u2013
(2,825)
\u2013
93
Total
(12,215)
\u2013
(3,333)
82
(15,466)
(Charge)/
credit to
Acquisitions/ consolidated
disposals of statement of Charge to
31 March 2022 businesses pro\ufb01t or loss OCI 31 March 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and
equipment
1,222
194
(1,193)
\u2013
223
Intangible assets
(5,306)
(10,736)
366
\u2013
(15,676)
De\ufb01ned bene\ufb01t pension
scheme
\u2013
(29)
26
(86)
(89)
Share-based payments
190
\u2013
219
\u2013
409
Short-term temporary
differences
188
2,989
(259)
\u2013
2,918
Total
(3,706)
(7,582)
(841)
(86)
(12,215)
At the statement of \ufb01nancial position date, the Group had recognised unused tax losses of \u00a3nil (2023: \u00a311.4 million) from Love2shop. Deferred tax assets have not been provided on brought forward trading losses of \u00a320.7 million (2023: \u00a320.7 million) arising from the Love2shop acquisition as, at the year end, the Group does not believe it is probable that the entities in which these losses reside will be able to utilise them against future taxable income.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-362": { "value": "18. Trade and other receivables Group
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Items in the course of collection
84,215
47,771
Trade receivables
23,666
17,703
Revenue allowance for expected credit losses
(1,545)
(1,058)
Trade receivables net of revenue allowance for expected credit losses
22,121
16,645
Other receivables
4,151
1,822
Net investment in \ufb01nance lease receivables (note 23)
1,325
2,144
Contract assets \u2013 capitalisation of ful\ufb01lment costs
3,446
2,910
Accrued income
3,250
5,241
Prepayments
4,442
5,522
Sub-total: trade and other receivables \u2013 corporate
38,735
34,284
Total
122,950
82,055
1 1 Items in the course of collection represent amounts collected for clients by retailer partners. An equivalent balance is included within trade and other payables (settlement payables). Refer to note 20. The Group\u2019s exposure to the credit risk inherent in its trade and other receivables is discussed in note 28. The Group reviews trade receivables past due but not impaired on a regular basis and in determining the recoverability of the trade receivables the Group considers any change in the credit quality of the trade receivables from the date credit was initially granted up to the reporting date. Included in trade receivables are past due debtors with a carrying amount of \u00a32.1 million (2023: \u00a32.9 million). The ageing of the trade receivables past due is as follows:
Less than More than
1 month 1\u20132 months 2\u20133 months 3 months Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Carrying value at 31 March 2024
1,241
347
386
175
2,149
Carrying value at 31 March 2023
1,258
551
232
894
2,935
The expected credit losses associated with accrued income balances are immaterial based on historical loss experience for those customers, adjusted for information about current and reasonable supportable future conditions. Movement in the revenue allowance
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
1,058
1,058
Acquisition of business
\u2013
251
Amounts utilised in the year
(644)
(878)
Increase in allowance
1,131
627
Balance at the end of the year
1,545
1,058
Age of revenue allowance
Less than More than
1 month 1\u20132 months 2\u20133 months 3 months Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Carrying value at 31 March 2024
289
120
106
1,030
1,545
Carrying value at 31 March 2023
230
110
116
602
1,058
The expected credit losses associated with items in the course of collection are immaterial. Company
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts owed by Group companies (non-current)
12,025
11,477
Trade and other receivables (non-current)
12,025
11,477
Amounts owed by Group companies (current)
\u2013
1,548
Accrued income
\u2013
12
Prepayments
75
970
Trade and other receivables (current)
12,100
2,530
Total
12,100
14,007
Amounts owed by subsidiaries are unsecured, have no \ufb01xed date of repayment and are repayable on demand. Expected credit losses are immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-330": { "value": "
19. Cash and cash equivalents and restricted funds held on deposit (non-
corporate)
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Corporate cash
26,392
22,546
Clients\u2019 funds
17,276
12,041
Gift card voucher cash
9,779
29,527
Prepay savers cash
27,368
8,181
Retailer partners\u2019 deposits
5,955
6,156
Sub-total: non-corporate cash
60,378
55,905
Cash and cash equivalent \u2013 assets
86,770
78,451
Bank overdraft
\u2013
(525)
Total
86,770
77,926
During the year the Group operated cash pooling amongst certain corporate cash accounts, whereby
individual accounts could be overdrawn without penalty provided the overall position was in credit.
Restricted funds held on deposit (non-corporate)
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Prepay savers\u2019 cash\u00b9
23,179
42,000
Gift card voucher cash\u00b2
55,019
40,000
Total
78,198
82,000
1 On 13 August 2007 a declaration of trust constituted the Park Prepayment Protection Trust (PPPT) to hold customer
prepayments. Park Prepayments Trustee Company Limited, as trustee of the trust, holds this money on behalf of the agents.
The conditions of the trust that allow the release of cash to the Group are summarised below:
1. Purchase of products to be supplied to customers.
2. Supply of products to customers less any amounts already received under condition 1 (above).
3. Amounts required as a security deposit to any credit card company or other surety.
4. Amounts payable for VAT.
5. Amount equal to any bond required by the Christmas Prepayments Association (CPA).
6. Residual amounts upon completion of despatch of all orders in full.
Products for this purpose means goods, vouchers, prepaid cards or other products ordered by customers. Prior to any such release
of monies under condition 6 above, the trustees of PPPT require a statement of adequacy of working capital from the directors of
Park Retail Limited, stating that it will have sufficient working capital for the year. A summary of the main provision of the deeds and
a copy of the trust deed is available at www.getpark.co.uk.
2 On 16 February 2010 a declaration of trust constituted the Park Card Services E-money Trust (PCSET) to hold the e-money \ufb02oat in
accordance with regulatory requirements. The e-money \ufb02oat represents the value of the obligations of Love2shop to cardholders
and redeemers.
Restricted funds held on deposit (non-corporate) are largely invested in deposit accounts with maturity dates of up to one year.
The timing of the release of the monies to the Group from PPPT is as detailed above and is expected to be within 12 months of the
year end. The release of monies from the e-money Trust occurs as the obligations fall due.
Clients\u2019 own funds Clients\u2019 own funds held in trust but not recognised on the Consolidated statement of \ufb01nancial position amounted to \u00a360.5 million (2023: \u00a3124.3 million) and relate to Payments and Banking revenue streams, other than Digital (see note 3)", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-363": { "value": "19. Cash and cash equivalents and restricted funds held on deposit (non- corporate)
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Corporate cash
26,392
22,546
Clients\u2019 funds
17,276
12,041
Gift card voucher cash
9,779
29,527
Prepay savers cash
27,368
8,181
Retailer partners\u2019 deposits
5,955
6,156
Sub-total: non-corporate cash
60,378
55,905
Cash and cash equivalent \u2013 assets
86,770
78,451
Bank overdraft
\u2013
(525)
Total
86,770
77,926
During the year the Group operated cash pooling amongst certain corporate cash accounts, whereby individual accounts could be overdrawn without penalty provided the overall position was in credit. Restricted funds held on deposit (non-corporate)
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Prepay savers\u2019 cash\u00b9
23,179
42,000
Gift card voucher cash\u00b2
55,019
40,000
Total
78,198
82,000
1 On 13 August 2007 a declaration of trust constituted the Park Prepayment Protection Trust (PPPT) to hold customer prepayments. Park Prepayments Trustee Company Limited, as trustee of the trust, holds this money on behalf of the agents. The conditions of the trust that allow the release of cash to the Group are summarised below: 1. Purchase of products to be supplied to customers. 2. Supply of products to customers less any amounts already received under condition 1 (above). 3. Amounts required as a security deposit to any credit card company or other surety. 4. Amounts payable for VAT. 5. Amount equal to any bond required by the Christmas Prepayments Association (CPA). 6. Residual amounts upon completion of despatch of all orders in full. Products for this purpose means goods, vouchers, prepaid cards or other products ordered by customers. Prior to any such release of monies under condition 6 above, the trustees of PPPT require a statement of adequacy of working capital from the directors of Park Retail Limited, stating that it will have sufficient working capital for the year. A summary of the main provision of the deeds and a copy of the trust deed is available at www.getpark.co.uk. 2 On 16 February 2010 a declaration of trust constituted the Park Card Services E-money Trust (PCSET) to hold the e-money \ufb02oat in accordance with regulatory requirements. The e-money \ufb02oat represents the value of the obligations of Love2shop to cardholders and redeemers. Restricted funds held on deposit (non-corporate) are largely invested in deposit accounts with maturity dates of up to one year. The timing of the release of the monies to the Group from PPPT is as detailed above and is expected to be within 12 months of the year end. The release of monies from the e-money Trust occurs as the obligations fall due. lients\u2019 own funds Clients\u2019 own funds held in trust but not recognised on the Consolidated statement of \ufb01nancial position amounted to \u00a360.5 million (2023: \u00a3124.3 million) and relate to Payments and Banking revenue streams, other than Digital (see note 3).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-364": { "value": "
20. Trade and other payables
Re-presented
31 March 2024 31 March 2023
Group \u00a3\u2019000 \u00a3\u2019000
Settlement payables
84,215
47,771
Payables in respect of clients\u2019 funds and retailer partners\u2019 deposits
23,231
18,197
Payables in respect of gift card vouchers and prepay savers
113,829
118,954
Sub-total: trade payables \u2013 non-corporate
137,060
137,151
Trade payables \u2013 corporate
34,735
42,484
Other taxes and social security
3,236
4,874
Other payables
4,072
4,117
Accruals
14,320
15,171
Deferred income
3,959
3,363
Contract liabilities \u2013 deferral of set-up and development fees
267
710
Sub-total: trade and other payables \u2013 corporate
60.589
70,719
Total
281 ,864
255,641
Disclosed as:
Current
281,864
255,526
Non-current (payables in respect of vouchers and cards)
\u2013
115
Total
281 ,864
255,641
1
2
3
4
1 See note 1 for explanations of the re-presentations.
2 Payable in respect of amounts collected for clients by retailer partners. An equivalent balance is included within trade and other
receivables (items in the course of collection). Refer to note 18.
3 Relates to monies collected on behalf of clients where the Group has title to the funds (clients\u2019 funds and retailer partners\u2019
deposits). An equivalent balance is included within cash and cash equivalents (note 19).
4 Payables in respect of gift card vouchers include balances due to both customers and retailers in respect of \ufb02execash \u00a9 cards
and amounts due to retailers for Love2shop vouchers and cards. Payables in respect of prepay savers include Love2shop savers\u2019
prepayment balances for products that will be supplied prior to Christmas 2024, upon con\ufb01rmation of order. Until orders are
con\ufb01rmed, savers\u2019 prepayments are repayable on demand.
Revenue is deferred for service fees, net of discount.
The movement in deferred income is as follows:
Re-presented
1
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
3,363
4,039
Revenue deferred in the year
13,427
814
Revenue recognised in the year
(12,831)
(1,490)
Balance at the end of the year
3,959
3,363
1 See note 1 for an explanation of the re-presentation.
Company (Current)
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts owed to Group companies
21,893
77,909
Other payables
313
1,439
Accruals
4,416
3,950
Total
26,622
83,298
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-393": { "value": "20. Trade and other payables
Re-presented
31 March 2024 31 March 2023
Group \u00a3\u2019000 \u00a3\u2019000
Settlement payables
84,215
47,771
Payables in respect of clients\u2019 funds and retailer partners\u2019 deposits
23,231
18,197
Payables in respect of gift card vouchers and prepay savers
113,829
118,954
Sub-total: trade payables \u2013 non-corporate
137,060
137,151
Trade payables \u2013 corporate
34,735
42,484
Other taxes and social security
3,236
4,874
Other payables
4,072
4,117
Accruals
14,320
15,171
Deferred income
3,959
3,363
Contract liabilities \u2013 deferral of set-up and development fees
267
710
Sub-total: trade and other payables \u2013 corporate
60.589
70,719
Total
281 ,864
255,641
Disclosed as:
Current
281,864
255,526
Non-current (payables in respect of vouchers and cards)
\u2013
115
Total
281 ,864
255,641
1 2 3 4 1 See note 1 for explanations of the re-presentations. 2 Payable in respect of amounts collected for clients by retailer partners. An equivalent balance is included within trade and other receivables (items in the course of collection). Refer to note 18. 3 Relates to monies collected on behalf of clients where the Group has title to the funds (clients\u2019 funds and retailer partners\u2019 deposits). An equivalent balance is included within cash and cash equivalents (note 19). 4 Payables in respect of gift card vouchers include balances due to both customers and retailers in respect of \ufb02execash \u00a9 cards and amounts due to retailers for Love2shop vouchers and cards. Payables in respect of prepay savers include Love2shop savers\u2019 prepayment balances for products that will be supplied prior to Christmas 2024, upon con\ufb01rmation of order. Until orders are con\ufb01rmed, savers\u2019 prepayments are repayable on demand. Revenue is deferred for service fees, net of discount. The movement in deferred income is as follows:
Re-presented
1
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
3,363
4,039
Revenue deferred in the year
13,427
814
Revenue recognised in the year
(12,831)
(1,490)
Balance at the end of the year
3,959
3,363
1 See note 1 for an explanation of the re-presentation. Company (Current)
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts owed to Group companies
21,893
77,909
Other payables
313
1,439
Accruals
4,416
3,950
Total
26,622
83,298
22. Deferred tax liability
(Charge)/
credit to
consolidated
Acquisition statement of Charge to
31 March 2023 of business pro\ufb01t or loss OCI 31 March 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
223
\u2013
(2,334)
\u2013
(2,111)
Intangible assets
(15,676)
\u2013
1,908
\u2013
(13,768)
De\ufb01ned bene\ufb01t pension
scheme
(89)
\u2013
(51)
82
(58)
Share-based payments
409
\u2013
(31)
\u2013
378
Short-term temporary
differences
2,918
\u2013
(2,825)
\u2013
93
Total
(12,215)
\u2013
(3,333)
82
(15,466)
(Charge)/
credit to
Acquisitions/ consolidated
disposals of statement of Charge to
31 March 2022 businesses pro\ufb01t or loss OCI 31 March 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and
equipment
1,222
194
(1,193)
\u2013
223
Intangible assets
(5,306)
(10,736)
366
\u2013
(15,676)
De\ufb01ned bene\ufb01t pension
scheme
\u2013
(29)
26
(86)
(89)
Share-based payments
190
\u2013
219
\u2013
409
Short-term temporary
differences
188
2,989
(259)
\u2013
2,918
Total
(3,706)
(7,582)
(841)
(86)
(12,215)
At the statement of \ufb01nancial position date, the Group had recognised unused tax losses of \u00a3nil (2023: \u00a311.4 million) from Love2shop. Deferred tax assets have not been provided on brought forward trading losses of \u00a320.7 million (2023: \u00a320.7 million) arising from the Love2shop acquisition as, at the year end, the Group does not believe it is probable that the entities in which these losses reside will be able to utilise them against future taxable income.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-379": { "value": "20. Trade and other payables
Re-presented
31 March 2024 31 March 2023
Group \u00a3\u2019000 \u00a3\u2019000
Settlement payables
84,215
47,771
Payables in respect of clients\u2019 funds and retailer partners\u2019 deposits
23,231
18,197
Payables in respect of gift card vouchers and prepay savers
113,829
118,954
Sub-total: trade payables \u2013 non-corporate
137,060
137,151
Trade payables \u2013 corporate
34,735
42,484
Other taxes and social security
3,236
4,874
Other payables
4,072
4,117
Accruals
14,320
15,171
Deferred income
3,959
3,363
Contract liabilities \u2013 deferral of set-up and development fees
267
710
Sub-total: trade and other payables \u2013 corporate
60.589
70,719
Total
281 ,864
255,641
Disclosed as:
Current
281,864
255,526
Non-current (payables in respect of vouchers and cards)
\u2013
115
Total
281 ,864
255,641
1 2 3 4 1 See note 1 for explanations of the re-presentations. 2 Payable in respect of amounts collected for clients by retailer partners. An equivalent balance is included within trade and other receivables (items in the course of collection). Refer to note 18. 3 Relates to monies collected on behalf of clients where the Group has title to the funds (clients\u2019 funds and retailer partners\u2019 deposits). An equivalent balance is included within cash and cash equivalents (note 19). 4 Payables in respect of gift card vouchers include balances due to both customers and retailers in respect of \ufb02execash \u00a9 cards and amounts due to retailers for Love2shop vouchers and cards. Payables in respect of prepay savers include Love2shop savers\u2019 prepayment balances for products that will be supplied prior to Christmas 2024, upon con\ufb01rmation of order. Until orders are con\ufb01rmed, savers\u2019 prepayments are repayable on demand. Revenue is deferred for service fees, net of discount. The movement in deferred income is as follows:
Re-presented
1
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
3,363
4,039
Revenue deferred in the year
13,427
814
Revenue recognised in the year
(12,831)
(1,490)
Balance at the end of the year
3,959
3,363
1 See note 1 for an explanation of the re-presentation. Company (Current)
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts owed to Group companies
21,893
77,909
Other payables
313
1,439
Accruals
4,416
3,950
Total
26,622
83,298
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-331": { "value": "20. Trade and other payables
Re-presented
31 March 2024 31 March 2023
Group \u00a3\u2019000 \u00a3\u2019000
Settlement payables
84,215
47,771
Payables in respect of clients\u2019 funds and retailer partners\u2019 deposits
23,231
18,197
Payables in respect of gift card vouchers and prepay savers
113,829
118,954
Sub-total: trade payables \u2013 non-corporate
137,060
137,151
Trade payables \u2013 corporate
34,735
42,484
Other taxes and social security
3,236
4,874
Other payables
4,072
4,117
Accruals
14,320
15,171
Deferred income
3,959
3,363
Contract liabilities \u2013 deferral of set-up and development fees
267
710
Sub-total: trade and other payables \u2013 corporate
60.589
70,719
Total
281 ,864
255,641
Disclosed as:
Current
281,864
255,526
Non-current (payables in respect of vouchers and cards)
\u2013
115
Total
281 ,864
255,641
1 2 3 4 1 See note 1 for explanations of the re-presentations. 2 Payable in respect of amounts collected for clients by retailer partners. An equivalent balance is included within trade and other receivables (items in the course of collection). Refer to note 18. 3 Relates to monies collected on behalf of clients where the Group has title to the funds (clients\u2019 funds and retailer partners\u2019 deposits). An equivalent balance is included within cash and cash equivalents (note 19). 4 Payables in respect of gift card vouchers include balances due to both customers and retailers in respect of \ufb02execash \u00a9 cards and amounts due to retailers for Love2shop vouchers and cards. Payables in respect of prepay savers include Love2shop savers\u2019 prepayment balances for products that will be supplied prior to Christmas 2024, upon con\ufb01rmation of order. Until orders are con\ufb01rmed, savers\u2019 prepayments are repayable on demand. Revenue is deferred for service fees, net of discount. The movement in deferred income is as follows:
Re-presented
1
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
3,363
4,039
Revenue deferred in the year
13,427
814
Revenue recognised in the year
(12,831)
(1,490)
Balance at the end of the year
3,959
3,363
1 See note 1 for an explanation of the re-presentation. Company (Current)
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts owed to Group companies
21,893
77,909
Other payables
313
1,439
Accruals
4,416
3,950
Total
26,622
83,298
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-389": { "value": "
21. Provisions
Group
31 March 2024
\u00a3\u2019000
Balance at the beginning of the year
\u2013
Provision recognised in relation to the group restructuring
1,850
Balance at the end of the year
1,850
Company
31 March 2024
\u00a3\u2019000
Balance at the beginning of the year
\u2013
Provision recognised in relation to the group restructuring
230
Balance at the end of the year
230
During the year PayPoint conducted a group-wide review of its organisational structure to identify
efficiencies which will enable future reinvestment in the business. The review resulted in the redundancy
of 75 roles across both segments, announced to employees on 8 March 2024. Following this, the Group
initiated, on 15 March, a 1-month consultation period for employees impacted by the restructuring. All
related payments are to be made to those employees between April and October 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-380": { "value": "22. Deferred tax liability
(Charge)/
credit to
consolidated
Acquisition statement of Charge to
31 March 2023 of business pro\ufb01t or loss OCI 31 March 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
223
\u2013
(2,334)
\u2013
(2,111)
Intangible assets
(15,676)
\u2013
1,908
\u2013
(13,768)
De\ufb01ned bene\ufb01t pension
scheme
(89)
\u2013
(51)
82
(58)
Share-based payments
409
\u2013
(31)
\u2013
378
Short-term temporary
differences
2,918
\u2013
(2,825)
\u2013
93
Total
(12,215)
\u2013
(3,333)
82
(15,466)
(Charge)/
credit to
Acquisitions/ consolidated
disposals of statement of Charge to
31 March 2022 businesses pro\ufb01t or loss OCI 31 March 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Property, plant and
equipment
1,222
194
(1,193)
\u2013
223
Intangible assets
(5,306)
(10,736)
366
\u2013
(15,676)
De\ufb01ned bene\ufb01t pension
scheme
\u2013
(29)
26
(86)
(89)
Share-based payments
190
\u2013
219
\u2013
409
Short-term temporary
differences
188
2,989
(259)
\u2013
2,918
Total
(3,706)
(7,582)
(841)
(86)
(12,215)
At the statement of \ufb01nancial position date, the Group had recognised unused tax losses of \u00a3nil (2023: \u00a311.4 million) from Love2shop. Deferred tax assets have not been provided on brought forward trading losses of \u00a320.7 million (2023: \u00a320.7 million) arising from the Love2shop acquisition as, at the year end, the Group does not believe it is probable that the entities in which these losses reside will be able to utilise them against future taxable income.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-332": { "value": "23. Leases a) Finance lease liabilities
Plant and
Property Equipment Vehicles Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2024
Current balance
438
305
136
879
Non-current balance
3,611
223
122
3,956
Total lease liabilities
4,049
528
258
4,835
Interest charge for the year (note 9)
230
24
21
275
At 31 March 2023
Current balance
479
371
12
862
Non-current balance
4,049
568
\u2013
4,617
Total lease liabilities
4,528
939
12
5,479
Interest charge for the year
28
3
1
32
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at beginning of year
5,479
260
Acquisition in the year
\u2013
5,448
Additions in the year
410
\u2013
Payment of lease liabilities (\ufb01nancing cash \ufb02ows) - principal
(1,008)
(229)
Payment of lease liabilities - interest
(275)
(32)
Interest on unwind of lease liabilities
275
32
Remeasurement in the year
(46)
\u2013
Balance at end of year
4,835
5,479
The remeasurement in the year relates to hosting services in the Love2shop segment (see note 15). b) Right-of-use assets
Plant and
Property equipment Vehicles Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2024
2,799
526
273
3,598
Depreciation charge for the year ended 31 March 2024
(401)
(370)
(137)
(908)
At 31 March 2023
3,178
946
18
4,142
Depreciation charge for the year ended 31 March 2023
(159)
(33)
(41)
(233)
The right of use assets are shown within Property and Plant and equipment in note 15.
c) Net investment in \ufb01nance lease receivables
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current balance
1,325
2,144
Non-current balance
512
1,711
Total net investment in \ufb01nance lease receivables
1,837
3,855
Interest income (revenue) on net investment in \ufb01nance lease receivables
1,059
1,140
The decrease in the net investment in \ufb01nance lease receivables and interest income on net investment in
\ufb01nance lease receivables in the current year is due to the fact that most new sales are now operating leases.
Age of allowance for net investment in \ufb01nance lease receivables
Less than More than
1 month 1\u20133 months 3\u20136 months 6 months Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Carrying value at 31 March 2024
67
128
180
522
897
Carrying value at 31 March 2023
42
72
22
818
954
Contractual undiscounted cash \ufb02ows for net investment in \ufb01nance lease receivables
Undiscounted lease receivables
Unearned Less More
\ufb01nance than 1\u20133 3\u20136 6 months 1 years 3 years than 5
income 1 month months months \u2013 1 year \u2013 3 years \u2013 5 years years Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
31 March 2024
(469)
172
330
462
699
616
27
\u2013
1,837
31 March 2023
(898)
106
181
530
702
1,124
1,978
132
3,885
d) Operating lease receivables
Contractual undiscounted cash \ufb02ows for operating lease receivables
Undiscounted lease
receivables
Less than
1 year 1\u20132 years Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
31 March 2024
2,329
794
3,123
31 March 2023
620
328
948
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-365": { "value": "
b) Right-of-use assets
Plant and
Property equipment Vehicles Tota l
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 March 2024
2,799
526
273
3,598
Depreciation charge for the year ended 31 March 2024
(401)
(370)
(137)
(908)
At 31 March 2023
3,178
946
18
4,142
Depreciation charge for the year ended 31 March 2023
(159)
(33)
(41)
(233)
The right of use assets are shown within Property and Plant and equipment in note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-333": { "value": "
24. Loans and borrowings and lease liabilities
Group
Loans and Lease
borrowings liabilities
\u00a3\u2019000 \u00a3\u2019000
At 31 March 2023
94,415
5,479
Drawdowns on revolving credit facility
44,500
\u2013
Repayments of revolving credit facility
(33,500)
\u2013
Repayment of amortising term loan
(10,833)
\u2013
Repayment of block loans
(627)
\u2013
Sub-total: repayments
(44,960)
\u2013
Interest charge
7,228
\u2013
Interest paid
(7,248)
\u2013
Lease liability acquired in the year
\u2013
410
Payment of lease liabilities
\u2013
(1,283)
Interest on unwind of lease liabilities
\u2013
275
Reassessment of lease liability in the year
\u2013
(46)
At 31 March 2024
93,935
4,835
Disclosed as:
Current
Amortising term loan
16,000
\u2013
Accrued interest
435
\u2013
Lease liabilities
\u2013
879
Total \u2013 current
16,435
879
Non-current
Revolving credit facility
57,500
\u2013
Amortising term loan
20,000
\u2013
Lease liabilities
\u2013
3,956
Total \u2013 non-current
77,500
3,956
Balance at end of year
93,935
4,835
Other liability-related changes
Interest paid
(7,248)
\u2013
At 31 March 2024 the Group reclassi\ufb01ed its revolving credit facility from a current liability to a
non-current liability, having adopted early the International Accounting Standard Board\u2019s Non-current
Liabilities with Covenants, which amended IAS 1 Presentation of Financial Statements.
Group
Re-presented
Loans and
borrowings Lease liabilities
\u00a3\u2019000 \u00a3\u2019000
At 31 March 2022
51,534
260
Drawdowns on revolving credit facility
28,500
\u2013
Drawdown of new amortising term loan
36,000
\u2013
Sub-total: borrowings
64,500
\u2013
Repayments of revolving credit facility
(9,000)
\u2013
Repayment of amortising term loan
(10,833)
\u2013
Repayment of block loans
(2,241)
\u2013
Sub-total: repayments
(22,074)
Interest charge
2,612
\u2013
Interest paid
(2,157)
\u2013
Lease liability acquired in the year
\u2013
5,448
Payment of lease liabilities
\u2013
(261)
Interest on unwind of lease liabilities
\u2013
32
At 31 March 2023
94,415
5,479
Disclosed as:
Current
Amortising term loan
10,833
\u2013
Accrued interest
455
\u2013
Block loans
457
\u2013
Lease liabilities
\u2013
862
Total \u2013 current
11,745
862
Non-current
Revolving credit facility
46,500
\u2013
Amortising term loan
36,000
\u2013
Block loans
170
\u2013
Lease liabilities
\u2013
4,617
Total \u2013 non-current
82,670
4,617
Balance at end of year
94,415
5,479
Other liability-related changes
Interest paid
(2,157)
\u2013
1 1 See note 1 for an explanation of the re-presentation. Company loans and borrowings
Re-presented
1
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
93,788
48,666
Drawdowns on revolving credit facility
44,500
28,500
Drawdown of new amortising term loan
\u2013
36,000
Sub-total: borrowings
44,500
64,500
Repayments of revolving credit facility
(33,500)
(9,000)
Repayment of amortising term loan
(10,833)
(10,833)
Sub-total: repayments
(44,333)
(19,833)
Interest charge
7,205
2,498
Interest paid
(7,225)
(2,043)
Balance at the end of the year
93,935
93,788
Disclosed as:
Current
Amortising term loan
16,000
10,833
Accrued interest
435
455
Total \u2013 current
16,435
11,288
Non-current
Revolving credit facility
57,500
46,500
Amortising term loan
20,000
36,000
Total \u2013 non-current
77,500
82,500
Balance at end of year
93,935
93,788
Other liability-related changes
Interest paid
(7,225)
(2,043)
1 See note 1 for an explanation of the re-presentation. 28. Financial instruments and risk The Group\u2019s \ufb01nancial instruments comprise cash and cash equivalents, monies held in trust, trade and other receivables, convertible loan notes, net investment in \ufb01nance lease receivables, trade and other payables, payables in respect of cards and vouchers, loans and borrowings and lease liabilities, which arise directly from the Group\u2019s operations. The Group\u2019s policy is not to undertake speculative trading in \ufb01nancial instruments. The main risks arising from the Group\u2019s \ufb01nancial instruments are credit risk, liquidity risk and foreign exchange. The Directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged during the year. The Group uses hedges to manage the foreign exchange risk of purchasing PayPoint One terminals and card terminals. The \ufb01nancial assets and liabilities of the Group and Company are detailed below:
31 March 2024 31 March 2023
Group Note \u00a3\u2019000 \u00a3\u2019000
Financial assets
Restricted funds held on deposit (non-corporate)
19
78,198
82,000
Cash and cash equivalents
19
86,770
78,451
Net investment in \ufb01nance lease
23
1,837
3,855
Convertible loan notes
14
3,689
3,750
Items in the course of collection
18
84,215
47,771
Trade receivables net of revenue allowance for expected
credit losses
18
22,121
16,645
Contract assets
18
3,446
2,910
Other receivables
18
4,151
1,822
284,427
237,204
Re-presented
\u00b9
31 March 2024 31 March 2023
Group Note \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Revolving credit facility
57,797
46,701
Amortising term loans
36,138
47,087
Block loans
\u2013
627
Loans and borrowings
93,935
94,415
Payables in respect of clients\u2019 cash and retailer partners\u2019
deposits
20
23,231
18,197
Payables in respect of gift card vouchers and prepay savers
20
113,829
118,954
Trade payables \u2013 corporate
20
34,735
42,484
Other payables
20
4,071
4,117
Lease liabilities
23
4,835
5,479
Bank overdraft
19
\u2013
525
274,636
284,171
1 See note 1 for explanations of the re-presentations Company Note
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Amounts owed by group companies (non-current)
18
12,025
11,477
Financial assets (non-current)
12,025
11,477
Convertible loan notes
14
3,689
3,750
Cash and cash equivalents
7
1,186
Other receivables
\u2013
982
Amounts owed by group companies (current)
18
\u2013
1,548
Financial assets (current)
3,696
7,466
Total
15,721
18,943
31 March 2024 31 March 2023
Company
Note
\u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Revolving credit facility \u2013 non-current
24
57,500
\u2013
Amortising term loan \u2013 non-current
24
20,000
36,000
Financial liabilities (non-current)
77,500
36,000
Revolving credit facility \u2013 current
24
297
46,701
Amortising term loans \u2013 current
24
16,138
11,087
Trade and other payables
\u2013
4,889
Amounts owed to group companies
21,893
77,909
Financial liabilities (current)
38,328
140,586
Total
115,828
176,586
(a) Credit risk The Group\u2019s \ufb01nancial assets are cash and cash equivalents, monies held in trust, trade and other receivables, convertible loan notes and net investment in \ufb01nance lease receivables. The Group\u2019s credit risk is primarily attributable to its trade and other receivables and net investment in \ufb01nance lease receivables. To mitigate against credit risk, PayPoint credit checks clients, SME and retailer partners, holds retailer security deposits, operates terminal limits, monitors clients and retailer partners for changes in payment pro\ufb01les and in certain circumstances, has the right to set-off monies due against funds collected. Additionally, the majority of Love2shop\u2019s trade receivables are subject to credit insurance, further reducing the Group\u2019s risk. The Group\u2019s maximum exposure, at 31 March 2024, was \u00a3284.4 million (2023: \u00a3237.2 million). The Group has treasury policies in place which manage the concentration of risk with individual bank counterparties. Each counterparty has an individual limit determined by their credit ratings. In accordance with the Group\u2019s treasury policies and exposure management practices, counterparty credit exposure limits are monitored and no individual exposure is considered signi\ufb01cant in the ordinary course of treasury management activity. The Company does not expect any signi\ufb01cant losses from non-performance by these counterparties. The Company, PayPoint Plc, has issued parental guarantees in favour of clients of its subsidiaries under which it has guaranteed amounts due to clients, by the subsidiaries, for settlement of funds collected by retailer partners. (b) Liquidity risk The Group\u2019s policy throughout the year ended 31 March 2024 regarding funds placed on deposit has been to maximise the return on funds whilst minimising the associated risk. Refer to part (e) of this note for details of the Group\u2019s borrowing facilities. The following shows the exposure to liquidity risk. The amounts are gross and undiscounted, and include contractual interest payments: Contractual cash \ufb02ows 31 March 2024 Carrying 2 months 2\u201312 1\u20132 2\u20135 5 years \u00a3\u2019000 amount Tota l or less months years years or more Non-derivative \ufb01nancial liabilities Revolving credit facility 57,797 65,679 968 3,354 61,357 \u2013 \u2013 Amortising term loans 36,138 38,723 4,535 13,517 20,671 \u2013 \u2013 Lease liabilities 4,835 6,047 128 977 912 1,606 2,424 Payables in respect of clients\u2019 cash and retailer partners\u2019 deposits 23,231 23,231 23,231 \u2013 \u2013 \u2013 \u2013 Payables in respect of gift card vouchers and prepay savers 113,829 113,829 113,829 \u2013 \u2013 \u2013 \u2013 Trade payables \u2013 corporate 34,735 34,735 34,735 \u2013 \u2013 \u2013 \u2013 Other payables 4,071 4,071 4,071
Contractual cash \ufb02ows
31 March 2023 Carrying 2 months 2\u201312 1\u20132 2\u20135 5 years
\u00a3\u2019000 amount To ta l or less months years years or more
Non-derivative
\ufb01nancial liabilities
Revolving credit
facility
46,701
56,331
744
2,713
3,255
49,619
\u2013
Amortising
term loan
47,087
50,874
3,469
10,284
37,121
\u2013
\u2013
Block loans
627
654
81
403
170
\u2013
\u2013
Lease liabilities
5,479
6,954
248
887
982
1,893
2,944
Payables in respect
of clients\u2019 cash and
retailer partners\u2019
deposits
18,197
18,197
18,197
\u2013
\u2013
\u2013
\u2013
Payables in
respect of gift
card vouchers and
prepay savers
118,954
118,954
118,820
19
\u2013
34
81
Trade payables \u2013
corporate
42,484
42,484
42,484
\u2013
\u2013
\u2013
\u2013
Other payables
4,117
4,117
4,117
\u2013
\u2013
\u2013
\u2013
1 1 1 See note 1 for an explanation of the re-presentation. (c) Foreign exchange risk The Group\u2019s currency exposures comprise those transactional exposures that give rise to the net currency gains and losses recognised in the statement of pro\ufb01t or loss. Such exposures comprise the monetary assets and monetary liabilities of the Group that are not denominated in the operating (or functional) currency of the operating unit involved. At 31 March 2024, these exposures were \u00a3nil (2023: \u00a3nil). The Group uses hedges to manage the foreign exchange risk related to PayPoint One terminal and card terminal purchases. (d) Interest rate risk The Group\u2019s interest-bearing \ufb01nancial assets at 31 March 2024 comprised cash and cash equivalents which totalled \u00a386.8 million (2023: \u00a377.9 million) and restricted funds held on deposit (non-corporate) \u00a378.2 million (2023: \u00a382.0 million). The Group is also exposed to interest rate risk through use of its \ufb01nancing facility which incurs interest charges based on SONIA plus 1.75% (2023: SONIA plus 1.75%). All funds earn interest at the prevailing rate. Cash and cash equivalents are deposited on short-term deposits (normally weekly or monthly) or held in current accounts. The majority of restricted funds held on deposit are held in deposit accounts. The Group seeks to maximise interest receipts within these parameters. The Group also minimises interest cost by effective central management of cash resources to minimise the need for utilisation of the \ufb01nancing facility. (e) Borrowing facilities The Group carried out a re\ufb01nancing, completed on 6 June 2024, following which its borrowing facilities consist of: \u2022 a \u00a345.0 million non-amortising term loan expiring in June 2028; \u2022 a \u00a390.0 million unsecured revolving credit facility expiring in June 2028; and \u2022 a \u00a330.0 million accordion facility (uncommitted) expiring in June 2028 with an option, subject to lender approval, to extend by a further year. At 31 March 2024, \u00a357.8 million (2023: \u00a346.7 million) was drawn down from the previous \u00a390.0 million revolving credit facility, including accrued interest of \u00a30.3 million. The outstanding balance of the previous amortising term loan was \u00a336.0 million, plus accrued interest at the year-end of \u00a30.1 million. In the prior year the Group also had \u00a30.6 million of outstanding block loan balances, which were repaid in full in the current year. Interest is payable at SONIA plus 1.75% (2023: SONIA plus 1.75%). The Group has the ability to roll over the revolving credit facility drawdown for an additional period between one and six months. The Group is required to adhere to a net debt leverage of no more than three times EBITDA and an interest cover of no less than four times. The Group operated within these limits during the \ufb01nancial year ended 31 March 2024. (f) Fair value of \ufb01nancial assets and liabilities The following \ufb01nancial assets/liabilities are measured at fair value through the pro\ufb01t or loss: convertible loan note instruments purchased from Optus Homes and OBConnect (classi\ufb01ed as Level 3). The fair values of the convertible loan note instruments were measured using the income approach (discounted cash \ufb02ow) \u2013 see note 14. There have been no transfers between Level 1, 2 or 3 in the current year or prior year. The aggregate amount of the Group\u2019s day one discounts yet to be recognised in the Statement of consolidated pro\ufb01t or loss is \u00a32.5 million, comprising \u00a32.8 million at 31 March 2023, \u00a37.3 million generated in the year, less \u00a37.6 million released in the year. The fair value of this \ufb01nancial liability differs from the transaction price due to the discounts offered to corporate customers. The Directors consider there to be no material difference between the book value and the fair value of the Group\u2019s \ufb01nancial instruments at 31 March 2024, or 31 March 2023. (g) Market price risk The Group\u2019s exposure to market price risk comprises interest rate and currency market exposure. Excess Group funds are invested in money market cash deposits with the objective of maintaining a balance between accessibility of funds and competitive rates of return. (h) Capital risk management The Group\u2019s objectives when managing capital (the de\ufb01nition of which is consistent with prior year and is the Group\u2019s assets and liabilities including cash) are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for shareholders and bene\ufb01ts for other stakeholders. The Group manages its capital by continued focus on free cash \ufb02ow generation and managing the level of capital investment in the business. The \ufb01nal dividend for the year ensures a prudent level of earnings coverage for the dividend and that leverage is not substantially increased. (i) Financial instrument sensitivities Financial instruments affected by market risk include deposits, hedges, trade receivables and trade payables. Any changes in market variables (exchange rates and interest rates) will have an immaterial effect on these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-366": { "value": "24. Loans and borrowings and lease liabilities Group
Loans and Lease
borrowings liabilities
\u00a3\u2019000 \u00a3\u2019000
At 31 March 2023
94,415
5,479
Drawdowns on revolving credit facility
44,500
\u2013
Repayments of revolving credit facility
(33,500)
\u2013
Repayment of amortising term loan
(10,833)
\u2013
Repayment of block loans
(627)
\u2013
Sub-total: repayments
(44,960)
\u2013
Interest charge
7,228
\u2013
Interest paid
(7,248)
\u2013
Lease liability acquired in the year
\u2013
410
Payment of lease liabilities
\u2013
(1,283)
Interest on unwind of lease liabilities
\u2013
275
Reassessment of lease liability in the year
\u2013
(46)
At 31 March 2024
93,935
4,835
Disclosed as:
Current
Amortising term loan
16,000
\u2013
Accrued interest
435
\u2013
Lease liabilities
\u2013
879
Total \u2013 current
16,435
879
Non-current
Revolving credit facility
57,500
\u2013
Amortising term loan
20,000
\u2013
Lease liabilities
\u2013
3,956
Total \u2013 non-current
77,500
3,956
Balance at end of year
93,935
4,835
Other liability-related changes
Interest paid
(7,248)
\u2013
At 31 March 2024 the Group reclassi\ufb01ed its revolving credit facility from a current liability to a non-current liability, having adopted early the International Accounting Standard Board\u2019s Non-current Liabilities with Covenants, which amended IAS 1 Presentation of Financial Statements. Group
Re-presented
Loans and
borrowings Lease liabilities
\u00a3\u2019000 \u00a3\u2019000
At 31 March 2022
51,534
260
Drawdowns on revolving credit facility
28,500
\u2013
Drawdown of new amortising term loan
36,000
\u2013
Sub-total: borrowings
64,500
\u2013
Repayments of revolving credit facility
(9,000)
\u2013
Repayment of amortising term loan
(10,833)
\u2013
Repayment of block loans
(2,241)
\u2013
Sub-total: repayments
(22,074)
Interest charge
2,612
\u2013
Interest paid
(2,157)
\u2013
Lease liability acquired in the year
\u2013
5,448
Payment of lease liabilities
\u2013
(261)
Interest on unwind of lease liabilities
\u2013
32
At 31 March 2023
94,415
5,479
Disclosed as:
Current
Amortising term loan
10,833
\u2013
Accrued interest
455
\u2013
Block loans
457
\u2013
Lease liabilities
\u2013
862
Total \u2013 current
11,745
862
Non-current
Revolving credit facility
46,500
\u2013
Amortising term loan
36,000
\u2013
Block loans
170
\u2013
Lease liabilities
\u2013
4,617
Total \u2013 non-current
82,670
4,617
Balance at end of year
94,415
5,479
Other liability-related changes
Interest paid
(2,157)
\u2013
1 1 See note 1 for an explanation of the re-presentation. Company loans and borrowings
Re-presented
1
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Balance at the beginning of the year
93,788
48,666
Drawdowns on revolving credit facility
44,500
28,500
Drawdown of new amortising term loan
\u2013
36,000
Sub-total: borrowings
44,500
64,500
Repayments of revolving credit facility
(33,500)
(9,000)
Repayment of amortising term loan
(10,833)
(10,833)
Sub-total: repayments
(44,333)
(19,833)
Interest charge
7,205
2,498
Interest paid
(7,225)
(2,043)
Balance at the end of the year
93,935
93,788
Disclosed as:
Current
Amortising term loan
16,000
10,833
Accrued interest
435
455
Total \u2013 current
16,435
11,288
Non-current
Revolving credit facility
57,500
46,500
Amortising term loan
20,000
36,000
Total \u2013 non-current
77,500
82,500
Balance at end of year
93,935
93,788
Other liability-related changes
Interest paid
(7,225)
(2,043)
1 See note 1 for an explanation of the re-presentation", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-334": { "value": "
25. Share capital, share premium and merger reserve
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Called up, allotted and fully paid share capital
72,693,673
(2023:
72,563,234) ordinary shares of 1/3p each
242
242
The increase in share capital in the current year resulted from 95,854 shares issued (of 1/3p each) for
share awards which vested in the year and 34,585 matching shares issued (of 1/3p each) under the
Employee Share Incentive Plan.
The share premium of \u00a31.0 million (2023: \u00a31.0 million) represents the payment of deferred, contingent
share consideration in excess of the nominal value of shares issued in relation to the i-movo acquisition.
The merger reserve of \u00a318.2 million (2023: \u00a318.2 million) comprises \u00a31.0 million initial share
consideration in excess of the nominal value of shares issued on the initial acquisition of i-movo and
\u00a317.2 million share consideration in excess of the nominal value of shares issued in relation to the
Appreciate acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-367": { "value": "25. Share capital, share premium and merger reserve
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Called up, allotted and fully paid share capital
72,693,673
(2023:
72,563,234) ordinary shares of 1/3p each
242
242
The increase in share capital in the current year resulted from 95,854 shares issued (of 1/3p each) for share awards which vested in the year and 34,585 matching shares issued (of 1/3p each) under the Employee Share Incentive Plan. The share premium of \u00a31.0 million (2023: \u00a31.0 million) represents the payment of deferred, contingent share consideration in excess of the nominal value of shares issued in relation to the i-movo acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-368": { "value": "The merger reserve of \u00a318.2 million (2023: \u00a318.2 million) comprises \u00a31.0 million initial share consideration in excess of the nominal value of shares issued on the initial acquisition of i-movo and \u00a317.2 million share consideration in excess of the nominal value of shares issued in relation to the Appreciate acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-335": { "value": "
26. Share-based payments
The Group\u2019s share schemes are described in the Directors\u2019 Remuneration Report on pages 100 to 199
and consist of the LTIP, DABS and RSA equity-settled share schemes.
284,735 share awards were issued under the RSA scheme in the year (2023: 237,476), vesting over one
to three years, between 1 August 2024 and 8 September 2026 subject to continued employment. The
RSAs do not contain any performance conditions other than to complete the required period of service.
84,649 share awards were issued under the DABS scheme in the year (2023: 55,374), vesting over three
years to 31 July 2026 subject to continued employment. The DABS do not contain any performance
conditions other than to complete the required period of service.
The share-based payments charge in the statement of pro\ufb01t or loss in the year was \u00a31.7 million
(2023: \u00a31.3 million). Of this, \u00a30.2 million (2023: \u00a30.1 million) related to the Employee Share Incentive
Plan. For each share purchased by the employee under the Employee Share Incentive Plan, the Company
issues a free matching share which will vest subject to the employee remaining employed with the Group
for three years from the date each share was purchased by the employee.
A total charge of \u00a31.0 million (2023: \u00a30.6 million), which was previously recognised directly in equity, for
schemes which have now lapsed or vested, was transferred from the share-based payments reserve to
retained earnings during the year. Of this, \u00a30.1 million (2023: \u00a30.1 million) related to shares which vested
under the Employee Share Incentive Plan.
Share awards movement during the year
Number of shares
31 March 2024
31 March 2023
Outstanding at the beginning of the year
691,326
502,167
Granted
369,384
292,850
Lapsed
\u2013
(59,350)
Exercised
(67,361)
(35,589)
Forfeited
(139,563)
(8,752)
Outstanding at end of the year
853,786
691,326
Remaining vesting period of outstanding share awards
Number of shares
31 March 31 March
2024 2023
Within one year
278,838
139,563
One to two years
195,835
269,094
Two to three years
361,544
213,907
Three years or more
17,569
68,762
Outstanding at end of the year
853,786
691,326
The fair value of the equity instruments granted during the year was determined based on the share price
on the date of the grant. All awards granted and in issue are for free shares and therefore the weighted
average exercise price for all outstanding schemes is \u00a3nil.
Number of
Awards
Grant date
shares
Fair value (\u00a3)
Vesting date
RSA \u2013 1 year
1 August 2023
2,253
5.34
1 August 2024
RSA \u2013 2 years
1 August 2023
2,253
5.34
1 August 2025
RSA \u2013 2 years
8 September 2023
23,575
5.58
8 September 2025
RSA \u2013 3 years
8 September 2023
256,654
5.58
8 September 2026
DABS
31 July 2023
84,649
4.89
31 July 2026
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-336": { "value": "
27. Dividends
Year ended 31 March 2024
Year ended 31 March 2023
\u00a3\u2019000
pence per share
\u00a3\u2019000
pence per share
Dividends paid on ordinary shares:
Final ordinary dividend for the prior year
13,516
18.6
12,414
18.0
Interim dividend for the current year
13,809
19.0
12,693
18.4
Total ordinary dividends paid
(\ufb01nancing cash \ufb02ows)
27,325
3 7 .6
25,107
36 .4
Number of shares in issue used for
proposed \ufb01nal ordinary dividend per
share calculation
72,693,673
72,563,234
The proposed \ufb01nal ordinary dividend is subject to approval by shareholders at the Annual General
Meeting and has not been included as a liability in these \ufb01nancial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-7": { "value": "0.376", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-6": { "value": "0.364", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-369": { "value": "28. Financial instruments and risk The Group\u2019s \ufb01nancial instruments comprise cash and cash equivalents, monies held in trust, trade and other receivables, convertible loan notes, net investment in \ufb01nance lease receivables, trade and other payables, payables in respect of cards and vouchers, loans and borrowings and lease liabilities, which arise directly from the Group\u2019s operations. The Group\u2019s policy is not to undertake speculative trading in \ufb01nancial instruments. The main risks arising from the Group\u2019s \ufb01nancial instruments are credit risk, liquidity risk and foreign exchange. The Directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged during the year. The Group uses hedges to manage the foreign exchange risk of purchasing PayPoint One terminals and card terminals. The \ufb01nancial assets and liabilities of the Group and Company are detailed below:
31 March 2024 31 March 2023
Group Note \u00a3\u2019000 \u00a3\u2019000
Financial assets
Restricted funds held on deposit (non-corporate)
19
78,198
82,000
Cash and cash equivalents
19
86,770
78,451
Net investment in \ufb01nance lease
23
1,837
3,855
Convertible loan notes
14
3,689
3,750
Items in the course of collection
18
84,215
47,771
Trade receivables net of revenue allowance for expected
credit losses
18
22,121
16,645
Contract assets
18
3,446
2,910
Other receivables
18
4,151
1,822
284,427
237,204
Re-presented
\u00b9
31 March 2024 31 March 2023
Group Note \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Revolving credit facility
57,797
46,701
Amortising term loans
36,138
47,087
Block loans
\u2013
627
Loans and borrowings
93,935
94,415
Payables in respect of clients\u2019 cash and retailer partners\u2019
deposits
20
23,231
18,197
Payables in respect of gift card vouchers and prepay savers
20
113,829
118,954
Trade payables \u2013 corporate
20
34,735
42,484
Other payables
20
4,071
4,117
Lease liabilities
23
4,835
5,479
Bank overdraft
19
\u2013
525
274,636
284,171
1 See note 1 for explanations of the re-presentations Company Note
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Amounts owed by group companies (non-current)
18
12,025
11,477
Financial assets (non-current)
12,025
11,477
Convertible loan notes
14
3,689
3,750
Cash and cash equivalents
7
1,186
Other receivables
\u2013
982
Amounts owed by group companies (current)
18
\u2013
1,548
Financial assets (current)
3,696
7,466
Total
15,721
18,943
31 March 2024 31 March 2023
Company
Note
\u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Revolving credit facility \u2013 non-current
24
57,500
\u2013
Amortising term loan \u2013 non-current
24
20,000
36,000
Financial liabilities (non-current)
77,500
36,000
Revolving credit facility \u2013 current
24
297
46,701
Amortising term loans \u2013 current
24
16,138
11,087
Trade and other payables
\u2013
4,889
Amounts owed to group companies
21,893
77,909
Financial liabilities (current)
38,328
140,586
Total
115,828
176,586
(a) Credit risk The Group\u2019s \ufb01nancial assets are cash and cash equivalents, monies held in trust, trade and other receivables, convertible loan notes and net investment in \ufb01nance lease receivables. The Group\u2019s credit risk is primarily attributable to its trade and other receivables and net investment in \ufb01nance lease receivables. To mitigate against credit risk, PayPoint credit checks clients, SME and retailer partners, holds retailer security deposits, operates terminal limits, monitors clients and retailer partners for changes in payment pro\ufb01les and in certain circumstances, has the right to set-off monies due against funds collected. Additionally, the majority of Love2shop\u2019s trade receivables are subject to credit insurance, further reducing the Group\u2019s risk. The Group\u2019s maximum exposure, at 31 March 2024, was \u00a3284.4 million (2023: \u00a3237.2 million). The Group has treasury policies in place which manage the concentration of risk with individual bank counterparties. Each counterparty has an individual limit determined by their credit ratings. In accordance with the Group\u2019s treasury policies and exposure management practices, counterparty credit exposure limits are monitored and no individual exposure is considered signi\ufb01cant in the ordinary course of treasury management activity. The Company does not expect any signi\ufb01cant losses from non-performance by these counterparties. The Company, PayPoint Plc, has issued parental guarantees in favour of clients of its subsidiaries under which it has guaranteed amounts due to clients, by the subsidiaries, for settlement of funds collected by retailer partners. (b) Liquidity risk The Group\u2019s policy throughout the year ended 31 March 2024 regarding funds placed on deposit has been to maximise the return on funds whilst minimising the associated risk. Refer to part (e) of this note for details of the Group\u2019s borrowing facilities. The following shows the exposure to liquidity risk. The amounts are gross and undiscounted, and include contractual interest payments: Contractual cash \ufb02ows 31 March 2024 Carrying 2 months 2\u201312 1\u20132 2\u20135 5 years \u00a3\u2019000 amount Tota l or less months years years or more Non-derivative \ufb01nancial liabilities Revolving credit facility 57,797 65,679 968 3,354 61,357 \u2013 \u2013 Amortising term loans 36,138 38,723 4,535 13,517 20,671 \u2013 \u2013 Lease liabilities 4,835 6,047 128 977 912 1,606 2,424 Payables in respect of clients\u2019 cash and retailer partners\u2019 deposits 23,231 23,231 23,231 \u2013 \u2013 \u2013 \u2013 Payables in respect of gift card vouchers and prepay savers 113,829 113,829 113,829 \u2013 \u2013 \u2013 \u2013 Trade payables \u2013 corporate 34,735 34,735 34,735 \u2013 \u2013 \u2013 \u2013 Other payables 4,071 4,071 4,071
Contractual cash \ufb02ows
31 March 2023 Carrying 2 months 2\u201312 1\u20132 2\u20135 5 years
\u00a3\u2019000 amount To ta l or less months years years or more
Non-derivative
\ufb01nancial liabilities
Revolving credit
facility
46,701
56,331
744
2,713
3,255
49,619
\u2013
Amortising
term loan
47,087
50,874
3,469
10,284
37,121
\u2013
\u2013
Block loans
627
654
81
403
170
\u2013
\u2013
Lease liabilities
5,479
6,954
248
887
982
1,893
2,944
Payables in respect
of clients\u2019 cash and
retailer partners\u2019
deposits
18,197
18,197
18,197
\u2013
\u2013
\u2013
\u2013
Payables in
respect of gift
card vouchers and
prepay savers
118,954
118,954
118,820
19
\u2013
34
81
Trade payables \u2013
corporate
42,484
42,484
42,484
\u2013
\u2013
\u2013
\u2013
Other payables
4,117
4,117
4,117
\u2013
\u2013
\u2013
\u2013
1 1 1 See note 1 for an explanation of the re-presentation. (c) Foreign exchange risk The Group\u2019s currency exposures comprise those transactional exposures that give rise to the net currency gains and losses recognised in the statement of pro\ufb01t or loss. Such exposures comprise the monetary assets and monetary liabilities of the Group that are not denominated in the operating (or functional) currency of the operating unit involved. At 31 March 2024, these exposures were \u00a3nil (2023: \u00a3nil). The Group uses hedges to manage the foreign exchange risk related to PayPoint One terminal and card terminal purchases. (d) Interest rate risk The Group\u2019s interest-bearing \ufb01nancial assets at 31 March 2024 comprised cash and cash equivalents which totalled \u00a386.8 million (2023: \u00a377.9 million) and restricted funds held on deposit (non-corporate) \u00a378.2 million (2023: \u00a382.0 million). The Group is also exposed to interest rate risk through use of its \ufb01nancing facility which incurs interest charges based on SONIA plus 1.75% (2023: SONIA plus 1.75%). All funds earn interest at the prevailing rate. Cash and cash equivalents are deposited on short-term deposits (normally weekly or monthly) or held in current accounts. The majority of restricted funds held on deposit are held in deposit accounts. The Group seeks to maximise interest receipts within these parameters. The Group also minimises interest cost by effective central management of cash resources to minimise the need for utilisation of the \ufb01nancing facility. (e) Borrowing facilities The Group carried out a re\ufb01nancing, completed on 6 June 2024, following which its borrowing facilities consist of: \u2022 a \u00a345.0 million non-amortising term loan expiring in June 2028; \u2022 a \u00a390.0 million unsecured revolving credit facility expiring in June 2028; and \u2022 a \u00a330.0 million accordion facility (uncommitted) expiring in June 2028 with an option, subject to lender approval, to extend by a further year. At 31 March 2024, \u00a357.8 million (2023: \u00a346.7 million) was drawn down from the previous \u00a390.0 million revolving credit facility, including accrued interest of \u00a30.3 million. The outstanding balance of the previous amortising term loan was \u00a336.0 million, plus accrued interest at the year-end of \u00a30.1 million. In the prior year the Group also had \u00a30.6 million of outstanding block loan balances, which were repaid in full in the current year. Interest is payable at SONIA plus 1.75% (2023: SONIA plus 1.75%). The Group has the ability to roll over the revolving credit facility drawdown for an additional period between one and six months. The Group is required to adhere to a net debt leverage of no more than three times EBITDA and an interest cover of no less than four times. The Group operated within these limits during the \ufb01nancial year ended 31 March 2024. (f) Fair value of \ufb01nancial assets and liabilities The following \ufb01nancial assets/liabilities are measured at fair value through the pro\ufb01t or loss: convertible loan note instruments purchased from Optus Homes and OBConnect (classi\ufb01ed as Level 3). The fair values of the convertible loan note instruments were measured using the income approach (discounted cash \ufb02ow) \u2013 see note 14. There have been no transfers between Level 1, 2 or 3 in the current year or prior year. The aggregate amount of the Group\u2019s day one discounts yet to be recognised in the Statement of consolidated pro\ufb01t or loss is \u00a32.5 million, comprising \u00a32.8 million at 31 March 2023, \u00a37.3 million generated in the year, less \u00a37.6 million released in the year. The fair value of this \ufb01nancial liability differs from the transaction price due to the discounts offered to corporate customers. The Directors consider there to be no material difference between the book value and the fair value of the Group\u2019s \ufb01nancial instruments at 31 March 2024, or 31 March 2023. (g) Market price risk The Group\u2019s exposure to market price risk comprises interest rate and currency market exposure. Excess Group funds are invested in money market cash deposits with the objective of maintaining a balance between accessibility of funds and competitive rates of return. (h) Capital risk management The Group\u2019s objectives when managing capital (the de\ufb01nition of which is consistent with prior year and is the Group\u2019s assets and liabilities including cash) are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for shareholders and bene\ufb01ts for other stakeholders. The Group manages its capital by continued focus on free cash \ufb02ow generation and managing the level of capital investment in the business. The \ufb01nal dividend for the year ensures a prudent level of earnings coverage for the dividend and that leverage is not substantially increased. (i) Financial instrument sensitivities Financial instruments affected by market risk include deposits, hedges, trade receivables and trade payables. Any changes in market variables (exchange rates and interest rates) will have an immaterial effect on these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-381": { "value": "
31 March 2024 31 March 2023
Group Note \u00a3\u2019000 \u00a3\u2019000
Financial assets
Restricted funds held on deposit (non-corporate)
19
78,198
82,000
Cash and cash equivalents
19
86,770
78,451
Net investment in \ufb01nance lease
23
1,837
3,855
Convertible loan notes
14
3,689
3,750
Items in the course of collection
18
84,215
47,771
Trade receivables net of revenue allowance for expected
credit losses
18
22,121
16,645
Contract assets
18
3,446
2,910
Other receivables
18
4,151
1,822
284,427
237,204
Company Note
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Amounts owed by group companies (non-current)
18
12,025
11,477
Financial assets (non-current)
12,025
11,477
Convertible loan notes
14
3,689
3,750
Cash and cash equivalents
7
1,186
Other receivables
\u2013
982
Amounts owed by group companies (current)
18
\u2013
1,548
Financial assets (current)
3,696
7,466
Total
15,721
18,943
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-382": { "value": "
Re-presented
\u00b9
31 March 2024 31 March 2023
Group Note \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Revolving credit facility
57,797
46,701
Amortising term loans
36,138
47,087
Block loans
\u2013
627
Loans and borrowings
93,935
94,415
Payables in respect of clients\u2019 cash and retailer partners\u2019
deposits
20
23,231
18,197
Payables in respect of gift card vouchers and prepay savers
20
113,829
118,954
Trade payables \u2013 corporate
20
34,735
42,484
Other payables
20
4,071
4,117
Lease liabilities
23
4,835
5,479
Bank overdraft
19
\u2013
525
274,636
284,171
31 March 2024 31 March 2023
Company
Note
\u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Revolving credit facility \u2013 non-current
24
57,500
\u2013
Amortising term loan \u2013 non-current
24
20,000
36,000
Financial liabilities (non-current)
77,500
36,000
Revolving credit facility \u2013 current
24
297
46,701
Amortising term loans \u2013 current
24
16,138
11,087
Trade and other payables
\u2013
4,889
Amounts owed to group companies
21,893
77,909
Financial liabilities (current)
38,328
140,586
Total
115,828
176,586
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-383": { "value": "(a) Credit risk The Group\u2019s \ufb01nancial assets are cash and cash equivalents, monies held in trust, trade and other receivables, convertible loan notes and net investment in \ufb01nance lease receivables. The Group\u2019s credit risk is primarily attributable to its trade and other receivables and net investment in \ufb01nance lease receivables. To mitigate against credit risk, PayPoint credit checks clients, SME and retailer partners, holds retailer security deposits, operates terminal limits, monitors clients and retailer partners for changes in payment pro\ufb01les and in certain circumstances, has the right to set-off monies due against funds collected. Additionally, the majority of Love2shop\u2019s trade receivables are subject to credit insurance, further reducing the Group\u2019s risk. The Group\u2019s maximum exposure, at 31 March 2024, was \u00a3284.4 million (2023: \u00a3237.2 million). The Group has treasury policies in place which manage the concentration of risk with individual bank counterparties. Each counterparty has an individual limit determined by their credit ratings. In accordance with the Group\u2019s treasury policies and exposure management practices, counterparty credit exposure limits are monitored and no individual exposure is considered signi\ufb01cant in the ordinary course of treasury management activity. The Company does not expect any signi\ufb01cant losses from non-performance by these counterparties. The Company, PayPoint Plc, has issued parental guarantees in favour of clients of its subsidiaries under which it has guaranteed amounts due to clients, by the subsidiaries, for settlement of funds collected by retailer partners.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-384": { "value": "(b) Liquidity risk The Group\u2019s policy throughout the year ended 31 March 2024 regarding funds placed on deposit has been to maximise the return on funds whilst minimising the associated risk. Refer to part (e) of this note for details of the Group\u2019s borrowing facilities. The following shows the exposure to liquidity risk. The amounts are gross and undiscounted, and include contractual interest payments: Contractual cash \ufb02ows 31 March 2024 Carrying 2 months 2\u201312 1\u20132 2\u20135 5 years \u00a3\u2019000 amount Tota l or less months years years or more Non-derivative \ufb01nancial liabilities Revolving credit facility 57,797 65,679 968 3,354 61,357 \u2013 \u2013 Amortising term loans 36,138 38,723 4,535 13,517 20,671 \u2013 \u2013 Lease liabilities 4,835 6,047 128 977 912 1,606 2,424 Payables in respect of clients\u2019 cash and retailer partners\u2019 deposits 23,231 23,231 23,231 \u2013 \u2013 \u2013 \u2013 Payables in respect of gift card vouchers and prepay savers 113,829 113,829 113,829 \u2013 \u2013 \u2013 \u2013 Trade payables \u2013 corporate 34,735 34,735 34,735 \u2013 \u2013 \u2013 \u2013 Other payables 4,071 4,071 4,071
Contractual cash \ufb02ows
31 March 2023 Carrying 2 months 2\u201312 1\u20132 2\u20135 5 years
\u00a3\u2019000 amount To ta l or less months years years or more
Non-derivative
\ufb01nancial liabilities
Revolving credit
facility
46,701
56,331
744
2,713
3,255
49,619
\u2013
Amortising
term loan
47,087
50,874
3,469
10,284
37,121
\u2013
\u2013
Block loans
627
654
81
403
170
\u2013
\u2013
Lease liabilities
5,479
6,954
248
887
982
1,893
2,944
Payables in respect
of clients\u2019 cash and
retailer partners\u2019
deposits
18,197
18,197
18,197
\u2013
\u2013
\u2013
\u2013
Payables in
respect of gift
card vouchers and
prepay savers
118,954
118,954
118,820
19
\u2013
34
81
Trade payables \u2013
corporate
42,484
42,484
42,484
\u2013
\u2013
\u2013
\u2013
Other payables
4,117
4,117
4,117
\u2013
\u2013
\u2013
\u2013
1
1
1 See note 1 for an explanation of the re-presentation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-385": { "value": "
(c) Foreign exchange risk
The Group\u2019s currency exposures comprise those transactional exposures that give rise to the net
currency gains and losses recognised in the statement of pro\ufb01t or loss. Such exposures comprise
the monetary assets and monetary liabilities of the Group that are not denominated in the operating
(or functional) currency of the operating unit involved. At 31 March 2024, these exposures were \u00a3nil
(2023: \u00a3nil).
The Group uses hedges to manage the foreign exchange risk related to PayPoint One terminal and card
terminal purchases.
(d) Interest rate risk
The Group\u2019s interest-bearing \ufb01nancial assets at 31 March 2024 comprised cash and cash equivalents
which totalled \u00a386.8 million (2023: \u00a377.9 million) and restricted funds held on deposit (non-corporate)
\u00a378.2 million (2023: \u00a382.0 million). The Group is also exposed to interest rate risk through use of its
\ufb01nancing facility which incurs interest charges based on SONIA plus 1.75% (2023: SONIA plus 1.75%).
All funds earn interest at the prevailing rate. Cash and cash equivalents are deposited on short-term
deposits (normally weekly or monthly) or held in current accounts. The majority of restricted funds held
on deposit are held in deposit accounts. The Group seeks to maximise interest receipts within these
parameters. The Group also minimises interest cost by effective central management of cash resources
to minimise the need for utilisation of the \ufb01nancing facility.
(e) Borrowing facilities
The Group carried out a re\ufb01nancing, completed on 6 June 2024, following which its borrowing facilities
consist of:
\u2022 a \u00a345.0 million non-amortising term loan expiring in June 2028;
\u2022 a \u00a390.0 million unsecured revolving credit facility expiring in June 2028; and
\u2022 a \u00a330.0 million accordion facility (uncommitted) expiring in June 2028 with an option, subject to lender
approval, to extend by a further year.
At 31 March 2024, \u00a357.8 million (2023: \u00a346.7 million) was drawn down from the previous \u00a390.0 million
revolving credit facility, including accrued interest of \u00a30.3 million. The outstanding balance of the previous
amortising term loan was \u00a336.0 million, plus accrued interest at the year-end of \u00a30.1 million. In the prior
year the Group also had \u00a30.6 million of outstanding block loan balances, which were repaid in full in the
current year.
Interest is payable at SONIA plus 1.75% (2023: SONIA plus 1.75%). The Group has the ability to roll over
the revolving credit facility drawdown for an additional period between one and six months.
The Group is required to adhere to a net debt leverage of no more than three times EBITDA and an
interest cover of no less than four times. The Group operated within these limits during the \ufb01nancial year
ended 31 March 2024.
(g) Market price risk
The Group\u2019s exposure to market price risk comprises interest rate and currency market exposure. Excess
Group funds are invested in money market cash deposits with the objective of maintaining a balance
between accessibility of funds and competitive rates of return.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-386": { "value": "
(f) Fair value of \ufb01nancial assets and liabilities
The following \ufb01nancial assets/liabilities are measured at fair value through the pro\ufb01t or loss: convertible
loan note instruments purchased from Optus Homes and OBConnect (classi\ufb01ed as Level 3). The fair values
of the convertible loan note instruments were measured using the income approach (discounted cash
\ufb02ow) \u2013 see note 14. There have been no transfers between Level 1, 2 or 3 in the current year or prior year.
The aggregate amount of the Group\u2019s day one discounts yet to be recognised in the Statement
of consolidated pro\ufb01t or loss is \u00a32.5 million, comprising \u00a32.8 million at 31 March 2023, \u00a37.3 million
generated in the year, less \u00a37.6 million released in the year. The fair value of this \ufb01nancial liability differs
from the transaction price due to the discounts offered to corporate customers.
The Directors consider there to be no material difference between the book value and the fair value of
the Group\u2019s \ufb01nancial instruments at 31 March 2024, or 31 March 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-387": { "value": "(h) Capital risk management The Group\u2019s objectives when managing capital (the de\ufb01nition of which is consistent with prior year and is the Group\u2019s assets and liabilities including cash) are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for shareholders and bene\ufb01ts for other stakeholders. The Group manages its capital by continued focus on free cash \ufb02ow generation and managing the level of capital investment in the business. The \ufb01nal dividend for the year ensures a prudent level of earnings coverage for the dividend and that leverage is not substantially increased.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-337": { "value": "
29. Related-party transactions
Remuneration of the Executive Directors, who are the key management of the Group, was as follows
during the year:
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short-term bene\ufb01ts and bonus
1,647
1,615
Pension costs
43
39
Long-term incentives
658
503
Other
4
4
Total
2,352
2,161
1
2
3
1 Includes salary, taxable bene\ufb01ts and annual bonus award.
2 Pension contributions.
3 Long-term incentives represents the current year charge to the Statement of pro\ufb01t or loss.
Directors\u2019 remuneration is disclosed on page 108 of the Directors\u2019 Remuneration Report.
Company related-party transactions
The following balances existed between the Company and its wholly owned subsidiaries:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts owed by subsidiaries
12,025
13,025
Amounts owed to subsidiaries
(21,893)
(77,909)
Interest paid to subsidiaries
(4,837)
(2,052)
Interest received from subsidiaries
383
702
Cash dividends received from subsidiaries
3,500
\u2013
As an associate of PayPoint Plc, Snappy Shopper was a related party prior to its disposal in the prior year.
In the period up to the disposal date, related-party transactions consisted of \u00a3155,204 revenue, with
\u00a338,850 of accrued revenue at 31 March 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-370": { "value": "29. Related-party transactions Remuneration of the Executive Directors, who are the key management of the Group, was as follows during the year:
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short-term bene\ufb01ts and bonus
1,647
1,615
Pension costs
43
39
Long-term incentives
658
503
Other
4
4
Total
2,352
2,161
1 2 3 1 Includes salary, taxable bene\ufb01ts and annual bonus award. 2 Pension contributions. 3 Long-term incentives represents the current year charge to the Statement of pro\ufb01t or loss. Directors\u2019 remuneration is disclosed on page 108 of the Directors\u2019 Remuneration Report. Company related-party transactions The following balances existed between the Company and its wholly owned subsidiaries:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Amounts owed by subsidiaries
12,025
13,025
Amounts owed to subsidiaries
(21,893)
(77,909)
Interest paid to subsidiaries
(4,837)
(2,052)
Interest received from subsidiaries
383
702
Cash dividends received from subsidiaries
3,500
\u2013
As an associate of PayPoint Plc, Snappy Shopper was a related party prior to its disposal in the prior year. In the period up to the disposal date, related-party transactions consisted of \u00a3155,204 revenue, with \u00a338,850 of accrued revenue at 31 March 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-338": { "value": "
30. Notes to the statements of cash flow
Group Note
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Profit before tax
48,182
42,574
Adjustments for:
Depreciation of property, plant and equipment
15
7, 318
4,922
Amortisation of intangible assets
13
13,347
5,555
Exceptional item \u2013 non-cash movement on convertible
loan note
186
\u2013
Exceptional item \u2013 non-cash impairment loss on
reclassification of investment in associate to asset
held for sale
14
\u2013
1,252
Loss on disposal of fixed assets
111
1,090
Finance income
9
(1,390)
(987)
Finance costs
9
8,408
2,718
Share-based payment charge
26
1,669
1,330
Cash-settled share-based remuneration
(339)
\u2013
Operating cash flows before movements in working capital
77,492
58,454
Movement in inventories
(108)
737
Movement in trade and other receivables
(4,638)
(1,301)
Movement in finance lease receivables
2,018
2,366
Movement in contract assets
(536)
(853)
Movement in contract liabilities
(443)
(78)
Movement in provisions
1,850
\u2013
Movement in trade and other payables \u2013 corporate
(9,929)
3,688
Movement in lease liabilities
\u2013
(90)
Movement in working capital \u2013 corporate
(11,786)
4,469
Cash generated from operations
65,706
62,923
Company Note
Year ended Year ended
31 March 31 March
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Profit/(loss) before tax
79,148
(1,261)
Adjustments for:
Exceptional item \u2013 non-cash movement on convertible loan note
186
\u2013
Exceptional item \u2013 non-cash impairment loss on reclassification
of investment in associate to asset held for sale
14
\u2013
1,252
Non-cash dividends from subsidiaries
(98,000)
\u2013
Finance income
(383)
(703)
Finance costs
12,043
4,549
Share-based payment charge
1,112
923
Operating cash movement before movements
in working capital
(5,894)
4,760
Movement in receivables
2,561
16,610
Movement in payables
36,452
25,288
Movement in provisions
230
\u2013
Cash generated from operations
33,349
46,658
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-339": { "value": "
31. Contingent liability
Ofgem Statement of objections
In FY24, a number of companies in the PayPoint Group, including PayPoint Plc, received two claims
relating to issues addressed by commitments accepted by Ofgem in November 2021 as a resolution of
Ofgem\u2019s concerns raised in its Statement of Objections received by the PayPoint Group in September
2020. The Ofgem resolution did not include any infringement findings.
The first claim was served by Utilita Energy Limited and Utilita Services Limited (subsequently renamed
Luxion Sales Limited) (\u201cUtilita\u201d) on 16 June 2023. The second claim was served by Global-365 plc and Global
Prepaid Solution Limited (\u201cGlobal 365\u201d) on 18 July 2023. PayPoint can confirm that a first Case Management
Conference (CMC) was held on 31 October 2023 at the Competition Appeal Tribunal relating to these
claims. The focus of the first CMC was to agree disclosure and a timetable for proceedings. PayPoint can also
confirm that a second CMC was held on 26 April 2024 to agree further disclosure and the appointment of
expert witnesses for all parties. A provisional date for a third CMC was set for 28 October 2024. Both claims
have been listed for a joint trial at the Competition Appeal Tribunal starting on 10 June 2025.
The Group\u2019s position remains unchanged: it is confident that it will successfully defend the claim by
Utilita, which does not provide any clear evidence to support the cause of action or the amount claimed,
and also that it will successfully defend the claim by Global 365, which fundamentally misunderstands
the energy market and the relationships between the relevant Group companies and the major energy
providers, whilst also over-estimating the opportunity available, if any, for the products offered by Global
365. As a result, no accounting provision has been made for these claims.
The Group will continue to update the market on a quarterly basis as part of its financial reporting cycle.
HMRC assessment In February 2024, HMRC raised an assessment on the Group\u2019s tax position for the accounting period ended 31 March 2021. The Group has appealed the assessment on the grounds that it is not valid from a tax technical and administrative perspective and no provision has therefore been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-371": { "value": "31. Contingent liability Ofgem Statement of objections In FY24, a number of companies in the PayPoint Group, including PayPoint Plc, received two claims relating to issues addressed by commitments accepted by Ofgem in November 2021 as a resolution of Ofgem\u2019s concerns raised in its Statement of Objections received by the PayPoint Group in September 2020. The Ofgem resolution did not include any infringement findings. The first claim was served by Utilita Energy Limited and Utilita Services Limited (subsequently renamed Luxion Sales Limited) (\u201cUtilita\u201d) on 16 June 2023. The second claim was served by Global-365 plc and Global Prepaid Solution Limited (\u201cGlobal 365\u201d) on 18 July 2023. PayPoint can confirm that a first Case Management Conference (CMC) was held on 31 October 2023 at the Competition Appeal Tribunal relating to these claims. The focus of the first CMC was to agree disclosure and a timetable for proceedings. PayPoint can also confirm that a second CMC was held on 26 April 2024 to agree further disclosure and the appointment of expert witnesses for all parties. A provisional date for a third CMC was set for 28 October 2024. Both claims have been listed for a joint trial at the Competition Appeal Tribunal starting on 10 June 2025. The Group\u2019s position remains unchanged: it is confident that it will successfully defend the claim by Utilita, which does not provide any clear evidence to support the cause of action or the amount claimed, and also that it will successfully defend the claim by Global 365, which fundamentally misunderstands the energy market and the relationships between the relevant Group companies and the major energy providers, whilst also over-estimating the opportunity available, if any, for the products offered by Global 365. As a result, no accounting provision has been made for these claims. The Group will continue to update the market on a quarterly basis as part of its financial reporting cycle.
HMRC assessment
In February 2024, HMRC raised an assessment on the Group\u2019s tax position for the accounting period
ended 31 March 2021. The Group has appealed the assessment on the grounds that it is not valid from a
tax technical and administrative perspective and no provision has therefore been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-340": { "value": "
32. Events after the reporting date
Share buy-back
On 13 June 2024, the Group announced a share buy-back programme of at least \u00a320 million over the
next 12 months. See page 75 for details of the programme. This is a non-adjusting event, having no
impact on the current period financial statements.
Investment in Aperidata Limited
On 20 May 2024, the Group acquired, for consideration of \u00a30.2 million, a 19.9% equity stake in the
ordinary shares of Aperidata Limited, which provides its customers with credit rating and open banking
services. On 23 May 2024 the Group purchased a convertible loan note of nominal amount \u00a31.0 million
from Aperidata Limited. The loan note has the option to convert into ordinary shares on 23 May 2027,
increasing the Group\u2019s stake to 42.8%. The May 2024 transactions referred to above are non-adjusting
events, having no impact on the current period financial statements.
Refinancing
On 6 June 2024, the Group completed a refinancing, which provides total financing facilities of
\u00a3135 million. Details of the facility are set out in note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-8": { "value": "1 The Boulevard Shire Park Welwyn Garden City Hertfordshire AL7 1EL United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493004YKWI8U0GDD138", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }