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General information
Telecom Plus PLC (the \u2018Company\u2019) is a company domiciled in the United Kingdom. The
consolidated financial statements of the Company for the year ended 31 March 2026 comprise
the Company and its subsidiaries (together referred to as the \u2018Group\u2019) and the Group\u2019s interest
in associates.
The financial statements were authorised for issue by the directors on 22 June 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-293": { "value": "Telecom Plus PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-297": { "value": "Telecom Plus PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-3": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-294": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-298": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-347": { "value": "The financial statements were authorised for issue by the directors on 22 June 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-301": { "value": "
Presentation of financial statements
As a result of the relative size and historical volatility of share incentive scheme charges it has
been decided to separately disclose the amounts on the face of the Consolidated Statement of
Comprehensive Income.
In view of the size and nature of the charge as a non-cash item, the amortisation of energy
supply contract intangible asset has also been separately disclosed on the face of the
Consolidated Statement of Comprehensive Income for the period. More information regarding
the intangible asset is set out in note 7 of these financial statements.
Due to the relative size and non-recurring nature of restructuring charges these have also been
separately disclosed on the face of the Consolidated Statement of Comprehensive Income.
In this document references to \u201cshort term\u201d, \u201cmedium term\u201d and \u201clong term\u201d mean one to two
years, five to seven years, and over seven years respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-299": { "value": "
Material accounting policies
(a) Statement of compliance
These Group and parent company financial statements were prepared in accordance with UK-
adopted international accounting standards (\u201cUK-adopted IFRS\u201d), including FRS 101 Reduced
Disclosure Framework.
(b) Basis of preparation
The Company\u2019s business activities, together with the factors likely to affect its future
development, performance and position are set out in the Strategic Report on pages 2 to 66.
The financial position of the Company, its cash flows, liquidity position and borrowing facilities
are described in the Financial Review on pages 21 to 24 and within notes 15 and 22 to the
financial statements. In addition, notes 15 and 22 include the Company\u2019s objectives, policies
and processes for managing its capital; its financial risk management objectives; details of its
financial instruments; and its exposures to credit risk and liquidity risk.
Under the revised energy supply arrangements which were effective from 1 December
2013, E.ON (formerly npower) is responsible for energy volume purchases and for carrying
out any hedging required, thus protecting the Company from short term wholesale price
movements. The agreement also allows the Company to match the payment profile for
wholesale energy to E.ON to the collections from its customers each month. This includes
customers who pay for their energy in equal monthly instalments throughout the year,
thereby avoiding significant seasonal cashflow swings.
Going concern
As a result of its wholesale supply agreement with E.ON the Group is not directly exposed
to short-term fluctuations in the energy wholesale markets with E.ON undertaking the
required hedging.
The Group has total revolving credit facilities of \u00a3205.0 million with Barclays Bank PLC,
Lloyds Bank PLC, HSBC Bank PLC and Danske Bank PLC for the period to 17 November
2028 (\u201cRCF\u201d) and private placement debt facilities with Pricoa and Metlife of \u00a375.0 million
for the period to 17 November 2030 and an additional \u00a350 million for the period to 31
March 2032 (\u201cPPF\u201d). As at 31 March 2026 \u00a3108,550,000 of the RCF facilities was drawn
down (2025: \u00a368,550,000) and \u00a3125,000,000 of the PPF was drawn down (2025:
\u00a3125,000,000). Further detail regarding the maturity and applicable covenants is disclosed
in note 15.
The directors have prepared base and sensitised forecasts for a period of at least 12
months from the date of authorisation of these financial statements, including the effect of
severe, but plausible, downside scenarios. Those forecasts indicate that the Group can
continue to operate within the terms of its existing bank facilities. Furthermore, the
directors have considered the possibility of taking mitigating action, such as the temporary
reduction or cancellation of the annual dividend, in the event of any severe but plausible
scenarios. The Director's going concern assessment includes range of investment envelopes
that the Company could consider over the viability period.
Consequently, the directors have a reasonable expectation that the Group and Company will
have sufficient funds to continue to meet its liabilities as they fall due for at least twelve
months from the date of approval of the financial statements and therefore have prepared the
financial statements on a going concern basis.
The accounting policies set out below have been consistently applied to both years presented,
unless otherwise stated. The financial statements have been prepared on a historical costs
basis.
Critical accounting estimates, judgements and assumptions
In the process of applying the Group\u2019s accounting policies, which are described below, the
Directors have made judgements, estimations and assumptions regarding the future. The
judgements, estimations, and assumptions that have the most significant impact on the
amounts recognised in the financial statements are detailed below.
Estimates and judgements are evaluated based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the
circumstances. In future, actual results may differ from these estimates and assumptions.
Significant estimates
Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions
recognised in the year in which the estimates are revised and in any future years affected. The
areas involving significant risk resulting in a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are as follows:
Recoverability of trade receivables
At each reporting date, the Group evaluates the estimated recoverability of trade receivables
and records allowances for expected credit losses based on experience. Estimates associated
with these allowances are based on, among other things, the historical collection experience of
those categories (principally whether the indebted customer remains with the Group or not,
whether the indebted customer has a repayment plan or prepayment meter in place or not, and
the age of the debt). During the period the ramp-up of the involuntary prepayment meter
process has continued more slowly than expected, and therefore the Group has estimated the
potential impact of this on expected eventual recoveries.
The Group also makes an assessment of the impact of prevailing factors on expected future
losses where appropriate. Such factors include customer churn levels, customer demographic
information, monthly bill direct debit rejection levels, regulatory changes, and broader
macroeconomic data. In the light of these assessments, and where appropriate, recovery
expectations are adjusted. Whilst calculated expected collection levels have remained broadly
consistent in the current period, inevitably some risks remain in relation to whether collection
rates will be sustainable through periods of economic uncertainty.
Receivables settled by direct debit are deemed to present a lower credit risk than those settled
by cash or bank transfer. This is reflected in the lower provision held against the monthly
accrued income balance relative to trade receivables.
The actual level of trade receivables collected may differ from the estimated levels of recovery,
which could impact operating results positively or negatively.
At 31 March 2026, the allowance for expected credit losses relating to customer invoicing was
\u00a371.2m (2025: \u00a362.6m). If the collection experience was to improve/decline by an indicative
sensitivity of +/- 8% (2025: 8%) (based on observing the range of recovery rates in the past 3
years and factoring reasonable information regarding current circumstances and economic
forecasts), this would increase / decrease the provision by +/- \u00a39.3m (2025: \u00a38.0m)
accordingly.
Other estimates
Revenue recognition
The Group recognises energy revenues on an individual meter-by-meter basis. These revenues
are recognised on the basis of actual meter readings where these are available at each month
end, and estimation for each meter where meter readings are not available. Each month
customers are sent a bill setting out the amount of energy that they have used, based either on
actual or estimated meter readings. These amounts of individual customer billed usage form
the basis of the recognition of energy revenues.
The Group is among the leaders in the energy industry for smart meter installations and has a
very high penetration of smart meters within its customer base of approximately 77% (2025:
75%) at the year end. Smart meters are able to remotely feedback actual meter readings at
period ends to suppliers. Actual meter readings received from smart meters at each period end
are therefore used to recognise a large portion of energy revenues.
In relation to the estimation of revenues from non-smart meter customers, where meter
readings have not been communicated through a manual meter reading, the Group estimates
the amount of energy consumed by each meter. These estimations are based on observed
historical consumption patterns. The Group uses assumptions provided by the relevant industry
databases, being a combination of the expected annual quantities of usage on a meter-by-
meter basis (\u201cAnnual Quantities\u201d or \u201dAQ\u2019s\u201d for gas and \u201cEstimated Annual Consumption\u201d or
\u201cEAC\u2019s\u201d for electricity); a regional profiling factor to allocate the annual quantity per month,
accounting for historic seasonality; and for gas meters, a further regional adjustment for the
impact on usage of weather.
As consumer behaviour changes, e.g. reducing usage during periods of high prices, there is a
lag before the meter-by-meter industry-calculated AQ\u2019s and EAC\u2019s reflect true consumption.
The Group therefore refines its estimations to reflect the lag in the impact on AQ\u2019s and EACs
from changes in behaviour. As a result of smart meters making up 77% (2025: 75%) of the
Group\u2019s customer base, the Group assumes that customers without operating smart meters are
on average using the same amount of energy as their smart equivalents in each region. These
refinements are only applied in instances where customers have an estimated bill.
The amount of estimated energy revenue recognised from non-smart meters in the year ended
31 March 2026 was \u00a3100.8m (2025: \u00a3130.9m). The observed difference between the
estimated non-smart meters and the actual meter readers received from customers on smart
meters in the same region is +\u00a36.4m (2025: \u00a37.1m). This difference has decreased partly due
to the continued increase in the number of customers on smart meters each year. There is not
considered to be a significant risk of a material change in the estimated energy recognised from
non-smart meters in the next financial year.
Significant judgements
There following key judgements have been made by management in the process of applying
the Group\u2019s accounting policies.
IFRS 17 Insurance Contracts adoption
In the financial year to 31 March 2024, the Group began directly underwriting insurance policies
through its wholly-owned subsidiary UWI Limited (\u201cUWI\u201d). The nature of the insurance services
provided by UWI (i.e. short-tailed, with significant reinsurance where appropriate to limit
exposure), have lead the Group to conclude that the disclosures required by IFRS 17 could not
reasonably be expected to influence the decisions made by the primary users of the financial
statements.
The insurance services provided by UWI are not currently considered material to the results of
the Group, with total written premiums of \u00a315.2m (2025: \u00a317.4m), and with an exposure to
the Group of \u00a3183,303 (2025: \u00a3133,000), for claims incurred that are not reported to UWI at
the year end. Significant reinsurance is in place to limit exposure to claims volatility on the
home insurance books.
The Group has therefore concluded that it is not relevant to provide the separate disclosures
relating to insurance services required by IFRS 17 for the year ended 31 March 2026.
Nonetheless, at the end of each financial year, management will perform an assessment of
changes in the size and/or nature of the individual insurance services to establish whether there
is any material impact on the understandability of the Group financial statements from not
providing the detailed disclosure required by IFRS 17. The assessment will focus on the total
amount of written premiums, related assets/liabilities, the magnitude of claims, and any
changes in the nature of possible uncertainties. Management has reviewed the other activities
of the Group and not identified any other material arrangements requiring the application of
IFRS 17.
(c) Basis of consolidation
(i) Subsidiaries
The Group\u2019s financial statements consolidate the financial statements of Telecom Plus PLC and
its subsidiaries. Subsidiaries are consolidated from the date on which control transfers to the
Group and are included until the date on which the Group ceases to control them.
Control is recognised where an investor is expected to receive, or has rights to, variable returns
from its investment in the investee and has the ability to affect these returns through its power
over the relevant activities of the investee. Transactions between Group companies are
eliminated on consolidation.
(ii) Employee benefit trusts
In accordance with IFRS 10 Consolidated Financial Statements, the assets and liabilities of
employee benefit trusts are consolidated in the Group financial statements. Employee benefit
trusts are treated as a legal entity separate from the Company but as subsidiaries of the
Company.
Any loans made by the Company to employee benefit trusts are accounted for as loans in
accordance with the relevant terms. When the trust transfers shares to employees to satisfy
share incentive scheme awards, this is considered to be, in substance, two transactions: a
distribution of the shares from the employee benefit trust back to the Company as treasury
shares, followed by a distribution of those shares to the employees.
(d) Revenue
Overview
Revenue is the value of goods and services supplied to external customers and Partners
excluding value added tax and other sales related taxes. For each of the Group\u2019s main income
streams from the provision of fixed line telephony, broadband, mobile telephony, gas and
electricity services, transactions are recorded as sales in the month when the transfer of those
services or the supply of goods takes place. The Group\u2019s customers are invoiced in the month
following that in which the services are provided. Tariffs are set by customer, by service, and
these can vary depending on the number of services provided. Each element of any package is
considered independently for the purposes of a performance obligation to determine how the
price is derived.
The Group also generates revenue as a result of providing bill payment protection and
accidental death cover to customers for a monthly fee. The Group also offers home insurance
and boiler cover services to customers.
Revenue recognition - agent versus principal
Management assesses the revenue recognition of each of the Group\u2019s service offerings on either
an agent or principal basis. The identification of the principal in the contract is not always clear,
specifically whether the Group controls the service prior to transfer to the customer. The
determination of whether the Group is a principal or an agent for each service offering is
evaluated by establishing which entity is responsible for providing the specified goods or
services against a list of indicators that could indicate an agency relationship. These include:
(i) Evaluating which entity is primarily responsible for providing the specified goods or
services.
(ii) Evaluating whether the Group has inventory risk.
(iii) Evaluating whether the Group has the discretion to establish the pricing structure.
The Group primarily acts as a reseller of utilities and in supplying the majority of these services
to customers the Group is considered to be primarily responsible for fulfilment of the service
and has the discretion to establish pricing and key terms. Revenue for these services is
therefore recognised as a principal.
Revenue recognition \u2013 Energy services
The recognition of revenue associated with the provision of gas and electricity services to
customers on non-smart meters by the Group relies on estimates of usage where meter
readings are not available. These estimations are based on observed historical seasonal meter-
by-meter consumption patterns which are adjusted for the actual impact on usage of weather
(using third-party information provided by the energy industry and information from smart
meters). Revenue is recognised over time during the period in which the Group transfers
control of the services to the customer as the customer simultaneously receives and consumes
the benefits provided by the entity performance. Any unbilled revenue is accrued at each
period end.
Revenue recognition \u2013 Telephony services
The Group principally generates revenue from providing the following telecommunications
services where it is responsible to the customer for rendering the underlying services: (i) fixed
telephony line rental, call and broadband data charges; (ii) mobile telephony call and data
charges; and (iii) mobile handset sales. Both the handset and service are priced on the relative
standalone selling prices of each distinct performance obligation. The contract terms for certain
fibre broadband services are 18 months and for mobile handsets 24 months. In relation to
items (i) and (ii), revenue is recognised over time during the period in which the Group
transfers control of the services to the customer as the customer simultaneously receives and
consumes the benefits provided by the entity performance. Any unbilled revenue is accrued at
each period end. Revenue for mobile handset sales are considered a separate performance
obligation recognised at the point in time when the Group transfers control of the devices to the
end user.
In the provision of broadband services, the Group provides customers with a broadband router
at the start of their contract. The terms and conditions under which broadband routers are
supplied to customers mean that routers are accounted for as finance leases. The Group
therefore recognises the sale of the router at the retail price and creates a finance lease asset
on the balance sheet for the routers shipped to customers at the point in time in a given month.
Over the average customer lifetime of 7 years, the Group accrues finance income on the asset
at the rate of interest that causes the present value of the future lease payments to equal the
sum of the fair value of the asset. Part of the receipts under the service contract are then
allocated between reducing the net asset and recognising finance income, resulting in the
derecognition of the asset at the end of the 7 year life. The Group regularly reviews the
average customer lifetime to ensure it remains appropriate.
Revenue recognition \u2013 Cashback Card services
The Company offers a Cashback Card service which is a prepaid payment card allowing
customers to earn a discount on their bills through spending on the card. In relation to
Cashback Cards, the following revenue streams are recognised by the Group at the time the
services are supplied and charged to customers: (i) a small fixed monthly fee to cover provision
of card management services; and (ii) transaction fees to cover the facilitation of the top-up of
customer cards. The majority of the Cashback received from the Cashback Card programme
manager is passed to customers to reduce the payment they are required to make to the Group
for their monthly utilities. The amounts are allocated as below the line payments on customers\u2019
bills and the direct debit payment collected from customers is therefore commensurately
reduced. Revenue for utilities is recognised over time gross of the cashback passed to
customers during the period in which the Group transfers control of utility services. Any
unbilled revenue is accrued at each period end. The Cashback Card issuer is PSI-Pay Ltd, an
authorised e-money institution which is responsible for underlying customer funds.
In addition, the Group charges a small administrative fee for facilitating the issue of each
Cashback Card. Under IFRS 15, as the initial application fee is considered to be a non-
refundable upfront fee that does not relate to the transfer of a promised good or services, the
associated fee is therefore recognised over the expected life of the customer.
Revenue recognition \u2013 Bill protection and life cover, home insurance and boiler cover services
The Group charges customers a small monthly fee for bill payment protection in the event of
redundancy and for a small amount of monthly life insurance cover. The Group also offers home
insurance services to customers. Revenue is recognised over time during the period in which
the Group transfers control of the services to the customer as the customer simultaneously
receives and consumes the benefits provided by the entity performance.
Revenue recognition \u2013 Other services
The Group also generates revenues from providing customers with paper bills and from
charging customers late payment fees. In addition, the Group generates revenues from
providing services to its network of Partners. Revenue is recognised over time during the
period in which the Group transfers control of the services to the customer, or the late payment
fees are incurred, and any unbilled revenue is accrued at each period end.
(e) Distributor commissions
The Group\u2019s Partners earn commissions mainly on the referral of new customers to the Group
(\u2018upfront commissions\u2019) and on the ongoing monthly use of the Group\u2019s services by the
customers they have referred (\u2018trailing commissions\u2019). Trailing commissions are recognised in
the Statement of Comprehensive Income as they are earned by distributors on an accruals
basis. Under IFRS 15, upfront commissions are capitalised and amortised over the expected
life of the customer.
In relation to certain multiservice customers, distributors are able to bring forward the payment
of a limited number of future monthly trailing commission payments expected to be due on the
usage of customers they have referred. These advanced commission payments are shown on
the Balance Sheet within costs to obtain contracts and are amortised on a straight-line basis
through the Statement of Comprehensive Income over the period during which they are earned
and would otherwise have been paid had the payment not been brought forward.
(f) Financial income and expenses
Financial income comprises interest income and is recognised in the Statement of
Comprehensive Income as it accrues, using the effective interest rate method. Financial
expenses comprise interest and non-utilisation fees associated with the Company\u2019s debt
facilities.
(g) Leases
As a lessee
Recognition of a lease
The contracts are assessed by the Group to determine whether a contract is, or contains, a
lease. In general, contracts are deemed to contain a lease when the following apply:
Conveys the right to control the use of an identified asset for a certain period in
exchange for consideration;
The Group has substantially all economic benefits from the use of the asset; and
The Group can direct the use of the identified asset.
This policy is applied to contracts entered into, or changed, on or after 1 April 2019. At
commencement or on modification of a contract that contains a lease component, the Group
recognises a right-of-use asset and a lease liability at the lease commencement date.
As a lessor
Where the Group is a lessor, it determines at inception whether the lease is a finance or an
operating lease. When a lease transfers substantially all the risks and rewards of ownership of
the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease.
Income from operating leases is recognised on a straight-line basis over the lease term. Income
from finance leases is recognised at lease commencement with interest income recognised over
the lease term. Where a lease term is not specified, the average customer lifetime is used.
Right-of-use asset
The right-of-use asset is initially measured at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments made at or before the commencement date, plus
any initial direct costs incurred, less any lease incentives received. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date to the
end of the lease term, unless the lease transfers ownership of the underlying asset to the Group
by the end of the lease term, or the cost of the right-of-use asset reflects that the Group will
exercise a purchase option. In that case the right-of-use asset will be depreciated over the
useful life of the underlying asset, which is determined on the same basis as those of property
and equipment. In addition, the right-of-use asset is periodically reduced by impairment
losses, if any, and adjusted for certain remeasurements of the lease liability.
Lease Liability
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's incremental borrowing rate.
The Group includes right-of-use assets within property, plant and equipment and the
corresponding lease liabilities in 'lease liabilities' on the balance sheet.
Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for lease of low- value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (h) Hire purchase agreements Hire purchase agreements relate to leases of assets where the Group has passed on substantially all the risks and rewards of ownership and are therefore classified as finance leases. When assets are leased out under finance leases, the present value of the minimum lease payments is recognised as a receivable. (i) Taxation The tax charge for the year comprises current and deferred tax. Taxation is recognised in the Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised, based on the balance sheet liability method, on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
(j) Property, plant and equipment
Property, plant and equipment is stated at cost less a provision for depreciation. Depreciation is
calculated so as to write off the cost less estimated residual value of the assets in equal
instalments over their expected useful lives. No depreciation is provided on freehold land.
Depreciation is provided on other assets at the following rates:
Freehold buildings
50 years
Freehold and leasehold improvements
3 to 25 years
Plant and machinery
15 years
Fixtures, fittings and office equipment
-
Fixtures and fittings
7 to 10 years
-
Computer and office equipment 3 to 5 years
Motor vehicles
3 to 4 years
The carrying amounts of property, plant and equipment are reviewed for impairment when
there is an indication that they may be impaired.
(k) Investment properties
Investment properties are properties which are held either to earn rental income or for capital
appreciation or for both. Investment properties are stated at cost less accumulated
depreciation. Rental income from investment properties is accounted for on an accruals basis.
(l) Intangible assets
Intangible assets which arise (e.g. on the entering into of significant commercial contractual
arrangements) are capitalised and amortised over the shorter of their useful life and the term
of any contractual arrangement.
IT, software and web development costs are capitalised as intangible assets to the extent that
certain projects can be separately identified and involve the production of new and/or enhanced
systems that the Company will use over the medium-term. It must also be considered
probable that the asset will generate future economic benefits, and the development cost can
be measured reliably. Where these conditions are not met, development expenditure is
recognised as an expense in the year in which it is incurred.
Directly attributable costs that are capitalised include employee and external costs specifically
incurred in the development of the intangible asset. These costs are amortised on a straight-
line basis over their estimated useful economic lives of up to 10 years when each system is
brought into use by the Company.
Intangible assets that arise from the acquisition of customer contracts are capitalised and
amortised over the average lifetime of the Group\u2019s customers of 7 years.
(m) Goodwill
Goodwill arising on the acquisition of a business, representing the difference between the fair
value of consideration and the fair value of the separable net assets acquired is capitalised and
is subject to impairment review, both annually and when there are indications that the carrying
amount may not be recoverable.
(n) Impairment
The carrying amounts of the Group\u2019s assets, other than inventories, are reviewed at each
balance sheet date to determine whether there is any indication of impairment. If any such
indication exists, the asset\u2019s recoverable amount is estimated. The recoverable amount of
assets is the greater of their fair value less costs to sell and value in use.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-
generating unit exceeds its recoverable amount. Impairment losses are recognised in the
Statement of Comprehensive Income.
An impairment loss is reversed if there has been a change in the estimates used to determine
the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation, if no impairment loss had been recognised.
(o) Investments
In the Company\u2019s accounts, investments in subsidiary and associated undertakings are initially
stated at cost. Provision is made for any impairment in the value of these investments. In the
Group accounts investments in associated undertakings are shown at cost plus accumulated
profits less any dividends received from the associated undertakings.
(p) Inventories
Inventories principally include mobile telephones and other electronic equipment and are valued
at the lower of cost and net realisable value. Cost is measured on a first in, first out basis. Net
realisable value represents the estimated selling price less all costs to be incurred in marketing,
selling and distribution.
(q) Financial instruments
The Group classifies financial instruments, or their component parts, on initial recognition as a
financial asset, a financial liability or an equity instrument in accordance with the substance of
the contractual arrangement.
Financial instruments are recognised on the trade date when the Group becomes a party to the
contractual provisions of the instrument. Financial instruments are recognised initially at fair
value plus, in the case of a financial instrument not at fair value through profit and loss,
transaction costs that are directly attributable to the acquisition, or issue, of the financial
instrument. A trade receivable without a significant financing component is initially measured at
the transaction price.
Financial instruments are derecognised on the trade date when the Group is no longer a party
to the contractual provisions of the instrument.
(r) Trade receivables
Trade receivables are stated at their nominal value as reduced by expected lifetime credit
losses in accordance with IFRS 9. Trade receivables are not considered to contain a significant
financing component and therefore the simplified approach for Expected Credit Losses is
applied.
(s) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits with banks and payment card
receipts.
(t) Borrowings
Short and long-term borrowings comprise revolving credit facilities, private placement facilities
and bank loans. The fees associated with entering into borrowing facilities are capitalised and
netted off against borrowings and amortised over the term of the borrowings.
(u) Trade payables
Trade payables are stated at their nominal value, as the interest that would be recognised from
discounting future cash payments over the short payment period is not considered to be
material.
(v) Share based payments
The fair value at the date of grant of share-based remuneration, principally share options, is
calculated using a binomial pricing model (LTIP 2016: Monte-Carlo model) and is charged to the
Statement of Comprehensive Income on a straight-line basis over the vesting period of the
award. The charge to the Statement of Comprehensive Income takes account of the estimated
number of shares that will vest. All share option-based remuneration is equity settled. The
Parent company is a settling rather than receiving entity in relation to share incentive awards.
The Parent company therefore recognises a share based payments credit in reserves and a
commensurate increase in the Investments in subsidiary undertakings on the Balance Sheet.
(w) Segmental reporting
The Group has as one operating segment. This reflects the fact that the chief operating
decision makers consider the performance of the Group as a whole, particularly given the
nature of the Group\u2019s bundled service offering.
(x) Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event,
and it is probable that the Group will be required to settle that obligation. Provisions are
measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at
the balance sheet date, and are discounted to present value where the effect is material.
(y) Pensions
The Group makes contributions to certain employees\u2019 personal pension plans. These are
charged to the Statement of Comprehensive Income in the year in which they become payable.
(z) Dividends
Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the
Group\u2019s financial statements in the period in which the dividends are approved by the
Company\u2019s shareholders. Interim dividends are recognised when paid.
(aa) Business Combinations
The Group applies IFRS 3 Business combinations when assessing whether transactions are
business combinations or asset acquisitions. Key judgements in this regard revolve around the
nature of the assets and/or entities being acquired, and whether substantially all of the fair
value of the gross assets being acquired is concentrated in a single identifiable asset, or a
group of similar identifiable assets. If all of the fair value of the gross assets being acquired is
concentrated in a single identifiable asset, or a group of similar identifiable assets, then the
acquisition is deemed not to be a business and rather an acquisition of assets. In this instance
no goodwill in relation to the transaction is recognised and the assets acquired are recognised
at fair value.
(ab) New accounting standards
The Group notes the recent amendments to IAS 1 Presentation of Financial Statements
focussing on clarifying the classification of liabilities, particularly those with covenants, as
current or non-current and amendments to IAS 7 and IFRS 7 regarding supplier finance
arrangement, which require additional disclosures to enhance the transparency and their effect
on the on the liabilities and cash flows. These minor amendments, effective for reporting
periods beginning on or after 1 January 2024, have not had a material impact on the financial
statements of the Group.
(ac) New standards issued but not yet effective
In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 -
Presentation and Disclosure in Financial Statements to replace IAS 1. The standard is effective
for reporting periods beginning on or after 1 January 2027 and will be adopted by Group for the
year ending 31 March 2028. The Group is currently assessing the potential impact on the
presentation of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-302": { "value": "(a) Statement of compliance These Group and parent company financial statements were prepared in accordance with UK- adopted international accounting standards (\u201cUK-adopted IFRS\u201d), including FRS 101 Reduced Disclosure Framework. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-303": { "value": "(b) Basis of preparation The Company\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 2 to 66. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are described in the Financial Review on pages 21 to 24 and within notes 15 and 22 to the financial statements. In addition, notes 15 and 22 include the Company\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk. Under the revised energy supply arrangements which were effective from 1 December 2013, E.ON (formerly npower) is responsible for energy volume purchases and for carrying out any hedging required, thus protecting the Company from short term wholesale price movements. The agreement also allows the Company to match the payment profile for wholesale energy to E.ON to the collections from its customers each month. This includes customers who pay for their energy in equal monthly instalments throughout the year, thereby avoiding significant seasonal cashflow swings. Going concern As a result of its wholesale supply agreement with E.ON the Group is not directly exposed to short-term fluctuations in the energy wholesale markets with E.ON undertaking the required hedging. The Group has total revolving credit facilities of \u00a3205.0 million with Barclays Bank PLC, Lloyds Bank PLC, HSBC Bank PLC and Danske Bank PLC for the period to 17 November 2028 (\u201cRCF\u201d) and private placement debt facilities with Pricoa and Metlife of \u00a375.0 million for the period to 17 November 2030 and an additional \u00a350 million for the period to 31 March 2032 (\u201cPPF\u201d). As at 31 March 2026 \u00a3108,550,000 of the RCF facilities was drawn down (2025: \u00a368,550,000) and \u00a3125,000,000 of the PPF was drawn down (2025: \u00a3125,000,000). Further detail regarding the maturity and applicable covenants is disclosed in note 15. The directors have prepared base and sensitised forecasts for a period of at least 12 months from the date of authorisation of these financial statements, including the effect of severe, but plausible, downside scenarios. Those forecasts indicate that the Group can continue to operate within the terms of its existing bank facilities. Furthermore, the directors have considered the possibility of taking mitigating action, such as the temporary reduction or cancellation of the annual dividend, in the event of any severe but plausible scenarios. The Director's going concern assessment includes range of investment envelopes that the Company could consider over the viability period. Consequently, the directors have a reasonable expectation that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. The accounting policies set out below have been consistently applied to both years presented, unless otherwise stated. The financial statements have been prepared on a historical costs basis. Critical accounting estimates, judgements and assumptions In the process of applying the Group\u2019s accounting policies, which are described below, the Directors have made judgements, estimations and assumptions regarding the future. The judgements, estimations, and assumptions that have the most significant impact on the amounts recognised in the financial statements are detailed below. Estimates and judgements are evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In future, actual results may differ from these estimates and assumptions. Significant estimates Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the year in which the estimates are revised and in any future years affected. The areas involving significant risk resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Recoverability of trade receivables At each reporting date, the Group evaluates the estimated recoverability of trade receivables and records allowances for expected credit losses based on experience. Estimates associated with these allowances are based on, among other things, the historical collection experience of those categories (principally whether the indebted customer remains with the Group or not, whether the indebted customer has a repayment plan or prepayment meter in place or not, and the age of the debt). During the period the ramp-up of the involuntary prepayment meter process has continued more slowly than expected, and therefore the Group has estimated the potential impact of this on expected eventual recoveries. The Group also makes an assessment of the impact of prevailing factors on expected future losses where appropriate. Such factors include customer churn levels, customer demographic information, monthly bill direct debit rejection levels, regulatory changes, and broader macroeconomic data. In the light of these assessments, and where appropriate, recovery expectations are adjusted. Whilst calculated expected collection levels have remained broadly consistent in the current period, inevitably some risks remain in relation to whether collection rates will be sustainable through periods of economic uncertainty. Receivables settled by direct debit are deemed to present a lower credit risk than those settled by cash or bank transfer. This is reflected in the lower provision held against the monthly accrued income balance relative to trade receivables. The actual level of trade receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively. At 31 March 2026, the allowance for expected credit losses relating to customer invoicing was \u00a371.2m (2025: \u00a362.6m). If the collection experience was to improve/decline by an indicative sensitivity of +/- 8% (2025: 8%) (based on observing the range of recovery rates in the past 3 years and factoring reasonable information regarding current circumstances and economic forecasts), this would increase / decrease the provision by +/- \u00a39.3m (2025: \u00a38.0m) accordingly. Other estimates Revenue recognition The Group recognises energy revenues on an individual meter-by-meter basis. These revenues are recognised on the basis of actual meter readings where these are available at each month end, and estimation for each meter where meter readings are not available. Each month customers are sent a bill setting out the amount of energy that they have used, based either on actual or estimated meter readings. These amounts of individual customer billed usage form the basis of the recognition of energy revenues. The Group is among the leaders in the energy industry for smart meter installations and has a very high penetration of smart meters within its customer base of approximately 77% (2025: 75%) at the year end. Smart meters are able to remotely feedback actual meter readings at period ends to suppliers. Actual meter readings received from smart meters at each period end are therefore used to recognise a large portion of energy revenues. In relation to the estimation of revenues from non-smart meter customers, where meter readings have not been communicated through a manual meter reading, the Group estimates the amount of energy consumed by each meter. These estimations are based on observed historical consumption patterns. The Group uses assumptions provided by the relevant industry databases, being a combination of the expected annual quantities of usage on a meter-by- meter basis (\u201cAnnual Quantities\u201d or \u201dAQ\u2019s\u201d for gas and \u201cEstimated Annual Consumption\u201d or \u201cEAC\u2019s\u201d for electricity); a regional profiling factor to allocate the annual quantity per month, accounting for historic seasonality; and for gas meters, a further regional adjustment for the impact on usage of weather. As consumer behaviour changes, e.g. reducing usage during periods of high prices, there is a lag before the meter-by-meter industry-calculated AQ\u2019s and EAC\u2019s reflect true consumption. The Group therefore refines its estimations to reflect the lag in the impact on AQ\u2019s and EACs from changes in behaviour. As a result of smart meters making up 77% (2025: 75%) of the Group\u2019s customer base, the Group assumes that customers without operating smart meters are on average using the same amount of energy as their smart equivalents in each region. These refinements are only applied in instances where customers have an estimated bill. The amount of estimated energy revenue recognised from non-smart meters in the year ended 31 March 2026 was \u00a3100.8m (2025: \u00a3130.9m). The observed difference between the estimated non-smart meters and the actual meter readers received from customers on smart meters in the same region is +\u00a36.4m (2025: \u00a37.1m). This difference has decreased partly due to the continued increase in the number of customers on smart meters each year. There is not considered to be a significant risk of a material change in the estimated energy recognised from non-smart meters in the next financial year. Significant judgements There following key judgements have been made by management in the process of applying the Group\u2019s accounting policies. IFRS 17 Insurance Contracts adoption In the financial year to 31 March 2024, the Group began directly underwriting insurance policies through its wholly-owned subsidiary UWI Limited (\u201cUWI\u201d). The nature of the insurance services provided by UWI (i.e. short-tailed, with significant reinsurance where appropriate to limit exposure), have lead the Group to conclude that the disclosures required by IFRS 17 could not reasonably be expected to influence the decisions made by the primary users of the financial statements. The insurance services provided by UWI are not currently considered material to the results of the Group, with total written premiums of \u00a315.2m (2025: \u00a317.4m), and with an exposure to the Group of \u00a3183,303 (2025: \u00a3133,000), for claims incurred that are not reported to UWI at the year end. Significant reinsurance is in place to limit exposure to claims volatility on the home insurance books. The Group has therefore concluded that it is not relevant to provide the separate disclosures relating to insurance services required by IFRS 17 for the year ended 31 March 2026. Nonetheless, at the end of each financial year, management will perform an assessment of changes in the size and/or nature of the individual insurance services to establish whether there is any material impact on the understandability of the Group financial statements from not providing the detailed disclosure required by IFRS 17. The assessment will focus on the total amount of written premiums, related assets/liabilities, the magnitude of claims, and any changes in the nature of possible uncertainties. Management has reviewed the other activities of the Group and not identified any other material arrangements requiring the application of IFRS 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-348": { "value": "Going concern As a result of its wholesale supply agreement with E.ON the Group is not directly exposed to short-term fluctuations in the energy wholesale markets with E.ON undertaking the required hedging. The Group has total revolving credit facilities of \u00a3205.0 million with Barclays Bank PLC, Lloyds Bank PLC, HSBC Bank PLC and Danske Bank PLC for the period to 17 November 2028 (\u201cRCF\u201d) and private placement debt facilities with Pricoa and Metlife of \u00a375.0 million for the period to 17 November 2030 and an additional \u00a350 million for the period to 31 March 2032 (\u201cPPF\u201d). As at 31 March 2026 \u00a3108,550,000 of the RCF facilities was drawn down (2025: \u00a368,550,000) and \u00a3125,000,000 of the PPF was drawn down (2025: \u00a3125,000,000). Further detail regarding the maturity and applicable covenants is disclosed in note 15. The directors have prepared base and sensitised forecasts for a period of at least 12 months from the date of authorisation of these financial statements, including the effect of severe, but plausible, downside scenarios. Those forecasts indicate that the Group can continue to operate within the terms of its existing bank facilities. Furthermore, the directors have considered the possibility of taking mitigating action, such as the temporary reduction or cancellation of the annual dividend, in the event of any severe but plausible scenarios. The Director's going concern assessment includes range of investment envelopes that the Company could consider over the viability period. Consequently, the directors have a reasonable expectation that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. The accounting policies set out below have been consistently applied to both years presented, unless otherwise stated. The financial statements have been prepared on a historical costs basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-397": { "value": "Critical accounting estimates, judgements and assumptions In the process of applying the Group\u2019s accounting policies, which are described below, the Directors have made judgements, estimations and assumptions regarding the future. The judgements, estimations, and assumptions that have the most significant impact on the amounts recognised in the financial statements are detailed below. Estimates and judgements are evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In future, actual results may differ from these estimates and assumptions. Significant estimates Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the year in which the estimates are revised and in any future years affected. The areas involving significant risk resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Recoverability of trade receivables At each reporting date, the Group evaluates the estimated recoverability of trade receivables and records allowances for expected credit losses based on experience. Estimates associated with these allowances are based on, among other things, the historical collection experience of those categories (principally whether the indebted customer remains with the Group or not, whether the indebted customer has a repayment plan or prepayment meter in place or not, and the age of the debt). During the period the ramp-up of the involuntary prepayment meter process has continued more slowly than expected, and therefore the Group has estimated the potential impact of this on expected eventual recoveries. The Group also makes an assessment of the impact of prevailing factors on expected future losses where appropriate. Such factors include customer churn levels, customer demographic information, monthly bill direct debit rejection levels, regulatory changes, and broader macroeconomic data. In the light of these assessments, and where appropriate, recovery expectations are adjusted. Whilst calculated expected collection levels have remained broadly consistent in the current period, inevitably some risks remain in relation to whether collection rates will be sustainable through periods of economic uncertainty. Receivables settled by direct debit are deemed to present a lower credit risk than those settled by cash or bank transfer. This is reflected in the lower provision held against the monthly accrued income balance relative to trade receivables. The actual level of trade receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively. At 31 March 2026, the allowance for expected credit losses relating to customer invoicing was \u00a371.2m (2025: \u00a362.6m). If the collection experience was to improve/decline by an indicative sensitivity of +/- 8% (2025: 8%) (based on observing the range of recovery rates in the past 3 years and factoring reasonable information regarding current circumstances and economic forecasts), this would increase / decrease the provision by +/- \u00a39.3m (2025: \u00a38.0m) accordingly. Other estimates Revenue recognition The Group recognises energy revenues on an individual meter-by-meter basis. These revenues are recognised on the basis of actual meter readings where these are available at each month end, and estimation for each meter where meter readings are not available. Each month customers are sent a bill setting out the amount of energy that they have used, based either on actual or estimated meter readings. These amounts of individual customer billed usage form the basis of the recognition of energy revenues. The Group is among the leaders in the energy industry for smart meter installations and has a very high penetration of smart meters within its customer base of approximately 77% (2025: 75%) at the year end. Smart meters are able to remotely feedback actual meter readings at period ends to suppliers. Actual meter readings received from smart meters at each period end are therefore used to recognise a large portion of energy revenues. In relation to the estimation of revenues from non-smart meter customers, where meter readings have not been communicated through a manual meter reading, the Group estimates the amount of energy consumed by each meter. These estimations are based on observed historical consumption patterns. The Group uses assumptions provided by the relevant industry databases, being a combination of the expected annual quantities of usage on a meter-by- meter basis (\u201cAnnual Quantities\u201d or \u201dAQ\u2019s\u201d for gas and \u201cEstimated Annual Consumption\u201d or \u201cEAC\u2019s\u201d for electricity); a regional profiling factor to allocate the annual quantity per month, accounting for historic seasonality; and for gas meters, a further regional adjustment for the impact on usage of weather. As consumer behaviour changes, e.g. reducing usage during periods of high prices, there is a lag before the meter-by-meter industry-calculated AQ\u2019s and EAC\u2019s reflect true consumption. The Group therefore refines its estimations to reflect the lag in the impact on AQ\u2019s and EACs from changes in behaviour. As a result of smart meters making up 77% (2025: 75%) of the Group\u2019s customer base, the Group assumes that customers without operating smart meters are on average using the same amount of energy as their smart equivalents in each region. These refinements are only applied in instances where customers have an estimated bill. The amount of estimated energy revenue recognised from non-smart meters in the year ended 31 March 2026 was \u00a3100.8m (2025: \u00a3130.9m). The observed difference between the estimated non-smart meters and the actual meter readers received from customers on smart meters in the same region is +\u00a36.4m (2025: \u00a37.1m). This difference has decreased partly due to the continued increase in the number of customers on smart meters each year. There is not considered to be a significant risk of a material change in the estimated energy recognised from non-smart meters in the next financial year. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-349": { "value": "Critical accounting estimates, judgements and assumptions In the process of applying the Group\u2019s accounting policies, which are described below, the Directors have made judgements, estimations and assumptions regarding the future. The judgements, estimations, and assumptions that have the most significant impact on the amounts recognised in the financial statements are detailed below. Estimates and judgements are evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In future, actual results may differ from these estimates and assumptions. Significant estimates Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the year in which the estimates are revised and in any future years affected. The areas involving significant risk resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Recoverability of trade receivables At each reporting date, the Group evaluates the estimated recoverability of trade receivables and records allowances for expected credit losses based on experience. Estimates associated with these allowances are based on, among other things, the historical collection experience of those categories (principally whether the indebted customer remains with the Group or not, whether the indebted customer has a repayment plan or prepayment meter in place or not, and the age of the debt). During the period the ramp-up of the involuntary prepayment meter process has continued more slowly than expected, and therefore the Group has estimated the potential impact of this on expected eventual recoveries. The Group also makes an assessment of the impact of prevailing factors on expected future losses where appropriate. Such factors include customer churn levels, customer demographic information, monthly bill direct debit rejection levels, regulatory changes, and broader macroeconomic data. In the light of these assessments, and where appropriate, recovery expectations are adjusted. Whilst calculated expected collection levels have remained broadly consistent in the current period, inevitably some risks remain in relation to whether collection rates will be sustainable through periods of economic uncertainty. Receivables settled by direct debit are deemed to present a lower credit risk than those settled by cash or bank transfer. This is reflected in the lower provision held against the monthly accrued income balance relative to trade receivables. The actual level of trade receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively. At 31 March 2026, the allowance for expected credit losses relating to customer invoicing was \u00a371.2m (2025: \u00a362.6m). If the collection experience was to improve/decline by an indicative sensitivity of +/- 8% (2025: 8%) (based on observing the range of recovery rates in the past 3 years and factoring reasonable information regarding current circumstances and economic forecasts), this would increase / decrease the provision by +/- \u00a39.3m (2025: \u00a38.0m) accordingly. Other estimates Revenue recognition The Group recognises energy revenues on an individual meter-by-meter basis. These revenues are recognised on the basis of actual meter readings where these are available at each month end, and estimation for each meter where meter readings are not available. Each month customers are sent a bill setting out the amount of energy that they have used, based either on actual or estimated meter readings. These amounts of individual customer billed usage form the basis of the recognition of energy revenues. The Group is among the leaders in the energy industry for smart meter installations and has a very high penetration of smart meters within its customer base of approximately 77% (2025: 75%) at the year end. Smart meters are able to remotely feedback actual meter readings at period ends to suppliers. Actual meter readings received from smart meters at each period end are therefore used to recognise a large portion of energy revenues. In relation to the estimation of revenues from non-smart meter customers, where meter readings have not been communicated through a manual meter reading, the Group estimates the amount of energy consumed by each meter. These estimations are based on observed historical consumption patterns. The Group uses assumptions provided by the relevant industry databases, being a combination of the expected annual quantities of usage on a meter-by- meter basis (\u201cAnnual Quantities\u201d or \u201dAQ\u2019s\u201d for gas and \u201cEstimated Annual Consumption\u201d or \u201cEAC\u2019s\u201d for electricity); a regional profiling factor to allocate the annual quantity per month, accounting for historic seasonality; and for gas meters, a further regional adjustment for the impact on usage of weather. As consumer behaviour changes, e.g. reducing usage during periods of high prices, there is a lag before the meter-by-meter industry-calculated AQ\u2019s and EAC\u2019s reflect true consumption. The Group therefore refines its estimations to reflect the lag in the impact on AQ\u2019s and EACs from changes in behaviour. As a result of smart meters making up 77% (2025: 75%) of the Group\u2019s customer base, the Group assumes that customers without operating smart meters are on average using the same amount of energy as their smart equivalents in each region. These refinements are only applied in instances where customers have an estimated bill. The amount of estimated energy revenue recognised from non-smart meters in the year ended 31 March 2026 was \u00a3100.8m (2025: \u00a3130.9m). The observed difference between the estimated non-smart meters and the actual meter readers received from customers on smart meters in the same region is +\u00a36.4m (2025: \u00a37.1m). This difference has decreased partly due to the continued increase in the number of customers on smart meters each year. There is not considered to be a significant risk of a material change in the estimated energy recognised from non-smart meters in the next financial year. Significant judgements There following key judgements have been made by management in the process of applying the Group\u2019s accounting policies. IFRS 17 Insurance Contracts adoption In the financial year to 31 March 2024, the Group began directly underwriting insurance policies through its wholly-owned subsidiary UWI Limited (\u201cUWI\u201d). The nature of the insurance services provided by UWI (i.e. short-tailed, with significant reinsurance where appropriate to limit exposure), have lead the Group to conclude that the disclosures required by IFRS 17 could not reasonably be expected to influence the decisions made by the primary users of the financial statements. The insurance services provided by UWI are not currently considered material to the results of the Group, with total written premiums of \u00a315.2m (2025: \u00a317.4m), and with an exposure to the Group of \u00a3183,303 (2025: \u00a3133,000), for claims incurred that are not reported to UWI at the year end. Significant reinsurance is in place to limit exposure to claims volatility on the home insurance books. The Group has therefore concluded that it is not relevant to provide the separate disclosures relating to insurance services required by IFRS 17 for the year ended 31 March 2026. Nonetheless, at the end of each financial year, management will perform an assessment of changes in the size and/or nature of the individual insurance services to establish whether there is any material impact on the understandability of the Group financial statements from not providing the detailed disclosure required by IFRS 17. The assessment will focus on the total amount of written premiums, related assets/liabilities, the magnitude of claims, and any changes in the nature of possible uncertainties. Management has reviewed the other activities of the Group and not identified any other material arrangements requiring the application of IFRS 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-380": { "value": "Significant estimates Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the year in which the estimates are revised and in any future years affected. The areas involving significant risk resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Recoverability of trade receivables At each reporting date, the Group evaluates the estimated recoverability of trade receivables and records allowances for expected credit losses based on experience. Estimates associated with these allowances are based on, among other things, the historical collection experience of those categories (principally whether the indebted customer remains with the Group or not, whether the indebted customer has a repayment plan or prepayment meter in place or not, and the age of the debt). During the period the ramp-up of the involuntary prepayment meter process has continued more slowly than expected, and therefore the Group has estimated the potential impact of this on expected eventual recoveries. The Group also makes an assessment of the impact of prevailing factors on expected future losses where appropriate. Such factors include customer churn levels, customer demographic information, monthly bill direct debit rejection levels, regulatory changes, and broader macroeconomic data. In the light of these assessments, and where appropriate, recovery expectations are adjusted. Whilst calculated expected collection levels have remained broadly consistent in the current period, inevitably some risks remain in relation to whether collection rates will be sustainable through periods of economic uncertainty. Receivables settled by direct debit are deemed to present a lower credit risk than those settled by cash or bank transfer. This is reflected in the lower provision held against the monthly accrued income balance relative to trade receivables. The actual level of trade receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively. At 31 March 2026, the allowance for expected credit losses relating to customer invoicing was \u00a371.2m (2025: \u00a362.6m). If the collection experience was to improve/decline by an indicative sensitivity of +/- 8% (2025: 8%) (based on observing the range of recovery rates in the past 3 years and factoring reasonable information regarding current circumstances and economic forecasts), this would increase / decrease the provision by +/- \u00a39.3m (2025: \u00a38.0m) accordingly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-304": { "value": "(c) Basis of consolidation (i) Subsidiaries The Group\u2019s financial statements consolidate the financial statements of Telecom Plus PLC and its subsidiaries. Subsidiaries are consolidated from the date on which control transfers to the Group and are included until the date on which the Group ceases to control them. Control is recognised where an investor is expected to receive, or has rights to, variable returns from its investment in the investee and has the ability to affect these returns through its power over the relevant activities of the investee. Transactions between Group companies are eliminated on consolidation. (ii) Employee benefit trusts In accordance with IFRS 10 Consolidated Financial Statements, the assets and liabilities of employee benefit trusts are consolidated in the Group financial statements. Employee benefit trusts are treated as a legal entity separate from the Company but as subsidiaries of the Company. Any loans made by the Company to employee benefit trusts are accounted for as loans in accordance with the relevant terms. When the trust transfers shares to employees to satisfy share incentive scheme awards, this is considered to be, in substance, two transactions: a distribution of the shares from the employee benefit trust back to the Company as treasury shares, followed by a distribution of those shares to the employees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-350": { "value": "(i) Subsidiaries The Group\u2019s financial statements consolidate the financial statements of Telecom Plus PLC and its subsidiaries. Subsidiaries are consolidated from the date on which control transfers to the Group and are included until the date on which the Group ceases to control them. Control is recognised where an investor is expected to receive, or has rights to, variable returns from its investment in the investee and has the ability to affect these returns through its power over the relevant activities of the investee. Transactions between Group companies are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-305": { "value": "(d) Revenue Overview Revenue is the value of goods and services supplied to external customers and Partners excluding value added tax and other sales related taxes. For each of the Group\u2019s main income streams from the provision of fixed line telephony, broadband, mobile telephony, gas and electricity services, transactions are recorded as sales in the month when the transfer of those services or the supply of goods takes place. The Group\u2019s customers are invoiced in the month following that in which the services are provided. Tariffs are set by customer, by service, and these can vary depending on the number of services provided. Each element of any package is considered independently for the purposes of a performance obligation to determine how the price is derived. The Group also generates revenue as a result of providing bill payment protection and accidental death cover to customers for a monthly fee. The Group also offers home insurance and boiler cover services to customers. Revenue recognition - agent versus principal Management assesses the revenue recognition of each of the Group\u2019s service offerings on either an agent or principal basis. The identification of the principal in the contract is not always clear, specifically whether the Group controls the service prior to transfer to the customer. The determination of whether the Group is a principal or an agent for each service offering is evaluated by establishing which entity is responsible for providing the specified goods or services against a list of indicators that could indicate an agency relationship. These include: (i) Evaluating which entity is primarily responsible for providing the specified goods or services. (ii) Evaluating whether the Group has inventory risk. (iii) Evaluating whether the Group has the discretion to establish the pricing structure. The Group primarily acts as a reseller of utilities and in supplying the majority of these services to customers the Group is considered to be primarily responsible for fulfilment of the service and has the discretion to establish pricing and key terms. Revenue for these services is therefore recognised as a principal. Revenue recognition \u2013 Energy services The recognition of revenue associated with the provision of gas and electricity services to customers on non-smart meters by the Group relies on estimates of usage where meter readings are not available. These estimations are based on observed historical seasonal meter- by-meter consumption patterns which are adjusted for the actual impact on usage of weather (using third-party information provided by the energy industry and information from smart meters). Revenue is recognised over time during the period in which the Group transfers control of the services to the customer as the customer simultaneously receives and consumes the benefits provided by the entity performance. Any unbilled revenue is accrued at each period end. Revenue recognition \u2013 Telephony services The Group principally generates revenue from providing the following telecommunications services where it is responsible to the customer for rendering the underlying services: (i) fixed telephony line rental, call and broadband data charges; (ii) mobile telephony call and data charges; and (iii) mobile handset sales. Both the handset and service are priced on the relative standalone selling prices of each distinct performance obligation. The contract terms for certain fibre broadband services are 18 months and for mobile handsets 24 months. In relation to items (i) and (ii), revenue is recognised over time during the period in which the Group transfers control of the services to the customer as the customer simultaneously receives and consumes the benefits provided by the entity performance. Any unbilled revenue is accrued at each period end. Revenue for mobile handset sales are considered a separate performance obligation recognised at the point in time when the Group transfers control of the devices to the end user. In the provision of broadband services, the Group provides customers with a broadband router at the start of their contract. The terms and conditions under which broadband routers are supplied to customers mean that routers are accounted for as finance leases. The Group therefore recognises the sale of the router at the retail price and creates a finance lease asset on the balance sheet for the routers shipped to customers at the point in time in a given month. Over the average customer lifetime of 7 years, the Group accrues finance income on the asset at the rate of interest that causes the present value of the future lease payments to equal the sum of the fair value of the asset. Part of the receipts under the service contract are then allocated between reducing the net asset and recognising finance income, resulting in the derecognition of the asset at the end of the 7 year life. The Group regularly reviews the average customer lifetime to ensure it remains appropriate. Revenue recognition \u2013 Cashback Card services The Company offers a Cashback Card service which is a prepaid payment card allowing customers to earn a discount on their bills through spending on the card. In relation to Cashback Cards, the following revenue streams are recognised by the Group at the time the services are supplied and charged to customers: (i) a small fixed monthly fee to cover provision of card management services; and (ii) transaction fees to cover the facilitation of the top-up of customer cards. The majority of the Cashback received from the Cashback Card programme manager is passed to customers to reduce the payment they are required to make to the Group for their monthly utilities. The amounts are allocated as below the line payments on customers\u2019 bills and the direct debit payment collected from customers is therefore commensurately reduced. Revenue for utilities is recognised over time gross of the cashback passed to customers during the period in which the Group transfers control of utility services. Any unbilled revenue is accrued at each period end. The Cashback Card issuer is PSI-Pay Ltd, an authorised e-money institution which is responsible for underlying customer funds. In addition, the Group charges a small administrative fee for facilitating the issue of each Cashback Card. Under IFRS 15, as the initial application fee is considered to be a non- refundable upfront fee that does not relate to the transfer of a promised good or services, the associated fee is therefore recognised over the expected life of the customer. Revenue recognition \u2013 Bill protection and life cover, home insurance and boiler cover services The Group charges customers a small monthly fee for bill payment protection in the event of redundancy and for a small amount of monthly life insurance cover. The Group also offers home insurance services to customers. Revenue is recognised over time during the period in which the Group transfers control of the services to the customer as the customer simultaneously receives and consumes the benefits provided by the entity performance. Revenue recognition \u2013 Other services The Group also generates revenues from providing customers with paper bills and from charging customers late payment fees. In addition, the Group generates revenues from providing services to its network of Partners. Revenue is recognised over time during the period in which the Group transfers control of the services to the customer, or the late payment fees are incurred, and any unbilled revenue is accrued at each period end. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-307": { "value": "(e) Distributor commissions The Group\u2019s Partners earn commissions mainly on the referral of new customers to the Group (\u2018upfront commissions\u2019) and on the ongoing monthly use of the Group\u2019s services by the customers they have referred (\u2018trailing commissions\u2019). Trailing commissions are recognised in the Statement of Comprehensive Income as they are earned by distributors on an accruals basis. Under IFRS 15, upfront commissions are capitalised and amortised over the expected life of the customer. In relation to certain multiservice customers, distributors are able to bring forward the payment of a limited number of future monthly trailing commission payments expected to be due on the usage of customers they have referred. These advanced commission payments are shown on the Balance Sheet within costs to obtain contracts and are amortised on a straight-line basis through the Statement of Comprehensive Income over the period during which they are earned and would otherwise have been paid had the payment not been brought forward. ", "dimensions": { "concept": "telecomplusplc:DescriptionOfAccountingPolicyForDistributorCommissions", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-306": { "value": "(f) Financial income and expenses Financial income comprises interest income and is recognised in the Statement of Comprehensive Income as it accrues, using the effective interest rate method. Financial expenses comprise interest and non-utilisation fees associated with the Company\u2019s debt facilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-351": { "value": "(f) Financial income and expenses Financial income comprises interest income and is recognised in the Statement of Comprehensive Income as it accrues, using the effective interest rate method. Financial expenses comprise interest and non-utilisation fees associated with the Company\u2019s debt facilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-381": { "value": "(f) Financial income and expenses Financial income comprises interest income and is recognised in the Statement of Comprehensive Income as it accrues, using the effective interest rate method. Financial expenses comprise interest and non-utilisation fees associated with the Company\u2019s debt facilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-308": { "value": "(g) Leases As a lessee Recognition of a lease The contracts are assessed by the Group to determine whether a contract is, or contains, a lease. In general, contracts are deemed to contain a lease when the following apply: Conveys the right to control the use of an identified asset for a certain period in exchange for consideration; The Group has substantially all economic benefits from the use of the asset; and The Group can direct the use of the identified asset. This policy is applied to contracts entered into, or changed, on or after 1 April 2019. At commencement or on modification of a contract that contains a lease component, the Group recognises a right-of-use asset and a lease liability at the lease commencement date. As a lessor Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease. Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised at lease commencement with interest income recognised over the lease term. Where a lease term is not specified, the average customer lifetime is used. Right-of-use asset The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Lease Liability 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's incremental borrowing rate. The Group includes right-of-use assets within property, plant and equipment and the corresponding lease liabilities in 'lease liabilities' on the balance sheet. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for lease of low- value assets and short-term leases. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (h) Hire purchase agreements Hire purchase agreements relate to leases of assets where the Group has passed on substantially all the risks and rewards of ownership and are therefore classified as finance leases. When assets are leased out under finance leases, the present value of the minimum lease payments is recognised as a receivable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-309": { "value": "
(i) Taxation
The tax charge for the year comprises current and deferred tax. Taxation is recognised in the
Statement of Comprehensive Income except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates
enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable
in respect of previous years.
Deferred tax is recognised, based on the balance sheet liability method, on temporary
differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The amount of deferred tax provided is
based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable
profits will be available against which the asset can be utilised. Deferred tax assets are reduced
to the extent that it is no longer probable that the related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-352": { "value": "(i) Taxation The tax charge for the year comprises current and deferred tax. Taxation is recognised in the Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised, based on the balance sheet liability method, on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-353": { "value": "(j) Property, plant and equipment Property, plant and equipment is stated at cost less a provision for depreciation. Depreciation is calculated so as to write off the cost less estimated residual value of the assets in equal instalments over their expected useful lives. No depreciation is provided on freehold land. Depreciation is provided on other assets at the following rates:
Freehold buildings
50 years
Freehold and leasehold improvements
3 to 25 years
Plant and machinery
15 years
Fixtures, fittings and office equipment
-
Fixtures and fittings
7 to 10 years
-
Computer and office equipment 3 to 5 years
Motor vehicles
3 to 4 years
The carrying amounts of property, plant and equipment are reviewed for impairment when there is an indication that they may be impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-310": { "value": "(j) Property, plant and equipment Property, plant and equipment is stated at cost less a provision for depreciation. Depreciation is calculated so as to write off the cost less estimated residual value of the assets in equal instalments over their expected useful lives. No depreciation is provided on freehold land. Depreciation is provided on other assets at the following rates:
Freehold buildings
50 years
Freehold and leasehold improvements
3 to 25 years
Plant and machinery
15 years
Fixtures, fittings and office equipment
-
Fixtures and fittings
7 to 10 years
-
Computer and office equipment 3 to 5 years
Motor vehicles
3 to 4 years
The carrying amounts of property, plant and equipment are reviewed for impairment when there is an indication that they may be impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-311": { "value": "(k) Investment properties Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are stated at cost less accumulated depreciation. Rental income from investment properties is accounted for on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-354": { "value": "(l) Intangible assets Intangible assets which arise (e.g. on the entering into of significant commercial contractual arrangements) are capitalised and amortised over the shorter of their useful life and the term of any contractual arrangement. IT, software and web development costs are capitalised as intangible assets to the extent that certain projects can be separately identified and involve the production of new and/or enhanced systems that the Company will use over the medium-term. It must also be considered probable that the asset will generate future economic benefits, and the development cost can be measured reliably. Where these conditions are not met, development expenditure is recognised as an expense in the year in which it is incurred. Directly attributable costs that are capitalised include employee and external costs specifically incurred in the development of the intangible asset. These costs are amortised on a straight- line basis over their estimated useful economic lives of up to 10 years when each system is brought into use by the Company. Intangible assets that arise from the acquisition of customer contracts are capitalised and amortised over the average lifetime of the Group\u2019s customers of 7 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-312": { "value": "(l) Intangible assets Intangible assets which arise (e.g. on the entering into of significant commercial contractual arrangements) are capitalised and amortised over the shorter of their useful life and the term of any contractual arrangement. IT, software and web development costs are capitalised as intangible assets to the extent that certain projects can be separately identified and involve the production of new and/or enhanced systems that the Company will use over the medium-term. It must also be considered probable that the asset will generate future economic benefits, and the development cost can be measured reliably. Where these conditions are not met, development expenditure is recognised as an expense in the year in which it is incurred. Directly attributable costs that are capitalised include employee and external costs specifically incurred in the development of the intangible asset. These costs are amortised on a straight- line basis over their estimated useful economic lives of up to 10 years when each system is brought into use by the Company. Intangible assets that arise from the acquisition of customer contracts are capitalised and amortised over the average lifetime of the Group\u2019s customers of 7 years. (m) Goodwill Goodwill arising on the acquisition of a business, representing the difference between the fair value of consideration and the fair value of the separable net assets acquired is capitalised and is subject to impairment review, both annually and when there are indications that the carrying amount may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-382": { "value": "(m) Goodwill Goodwill arising on the acquisition of a business, representing the difference between the fair value of consideration and the fair value of the separable net assets acquired is capitalised and is subject to impairment review, both annually and when there are indications that the carrying amount may not be recoverable. (aa) Business Combinations The Group applies IFRS 3 Business combinations when assessing whether transactions are business combinations or asset acquisitions. Key judgements in this regard revolve around the nature of the assets and/or entities being acquired, and whether substantially all of the fair value of the gross assets being acquired is concentrated in a single identifiable asset, or a group of similar identifiable assets. If all of the fair value of the gross assets being acquired is concentrated in a single identifiable asset, or a group of similar identifiable assets, then the acquisition is deemed not to be a business and rather an acquisition of assets. In this instance no goodwill in relation to the transaction is recognised and the assets acquired are recognised at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-355": { "value": "(m) Goodwill Goodwill arising on the acquisition of a business, representing the difference between the fair value of consideration and the fair value of the separable net assets acquired is capitalised and is subject to impairment review, both annually and when there are indications that the carrying amount may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-383": { "value": "(n) Impairment The carrying amounts of the Group\u2019s assets, other than inventories, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. The recoverable amount of assets is the greater of their fair value less costs to sell and value in use. An impairment loss is recognised whenever the carrying amount of an asset or its cash- generating unit exceeds its recoverable amount. Impairment losses are recognised in the Statement of Comprehensive Income. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-356": { "value": "(n) Impairment The carrying amounts of the Group\u2019s assets, other than inventories, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. The recoverable amount of assets is the greater of their fair value less costs to sell and value in use. An impairment loss is recognised whenever the carrying amount of an asset or its cash- generating unit exceeds its recoverable amount. Impairment losses are recognised in the Statement of Comprehensive Income. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-313": { "value": "(n) Impairment The carrying amounts of the Group\u2019s assets, other than inventories, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. The recoverable amount of assets is the greater of their fair value less costs to sell and value in use. An impairment loss is recognised whenever the carrying amount of an asset or its cash- generating unit exceeds its recoverable amount. Impairment losses are recognised in the Statement of Comprehensive Income. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-357": { "value": "(o) Investments In the Company\u2019s accounts, investments in subsidiary and associated undertakings are initially stated at cost. Provision is made for any impairment in the value of these investments. In the Group accounts investments in associated undertakings are shown at cost plus accumulated profits less any dividends received from the associated undertakings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-314": { "value": "(o) Investments In the Company\u2019s accounts, investments in subsidiary and associated undertakings are initially stated at cost. Provision is made for any impairment in the value of these investments. In the Group accounts investments in associated undertakings are shown at cost plus accumulated profits less any dividends received from the associated undertakings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-315": { "value": "(p) Inventories Inventories principally include mobile telephones and other electronic equipment and are valued at the lower of cost and net realisable value. Cost is measured on a first in, first out basis. Net realisable value represents the estimated selling price less all costs to be incurred in marketing, selling and distribution.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-316": { "value": "(q) Financial instruments The Group classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement. Financial instruments are recognised on the trade date when the Group becomes a party to the contractual provisions of the instrument. Financial instruments are recognised initially at fair value plus, in the case of a financial instrument not at fair value through profit and loss, transaction costs that are directly attributable to the acquisition, or issue, of the financial instrument. A trade receivable without a significant financing component is initially measured at the transaction price. Financial instruments are derecognised on the trade date when the Group is no longer a party to the contractual provisions of the instrument. (t) Borrowings Short and long-term borrowings comprise revolving credit facilities, private placement facilities and bank loans. The fees associated with entering into borrowing facilities are capitalised and netted off against borrowings and amortised over the term of the borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-384": { "value": "Financial instruments are derecognised on the trade date when the Group is no longer a party to the contractual provisions of the instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-317": { "value": "(r) Trade receivables Trade receivables are stated at their nominal value as reduced by expected lifetime credit losses in accordance with IFRS 9. Trade receivables are not considered to contain a significant financing component and therefore the simplified approach for Expected Credit Losses is applied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-318": { "value": "(s) Cash and cash equivalents Cash and cash equivalents comprise cash in hand, deposits with banks and payment card receipts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-385": { "value": "(t) Borrowings Short and long-term borrowings comprise revolving credit facilities, private placement facilities and bank loans. The fees associated with entering into borrowing facilities are capitalised and netted off against borrowings and amortised over the term of the borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-358": { "value": "(t) Borrowings Short and long-term borrowings comprise revolving credit facilities, private placement facilities and bank loans. The fees associated with entering into borrowing facilities are capitalised and netted off against borrowings and amortised over the term of the borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-319": { "value": "(u) Trade payables Trade payables are stated at their nominal value, as the interest that would be recognised from discounting future cash payments over the short payment period is not considered to be material.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-320": { "value": "(v) Share based payments The fair value at the date of grant of share-based remuneration, principally share options, is calculated using a binomial pricing model (LTIP 2016: Monte-Carlo model) and is charged to the Statement of Comprehensive Income on a straight-line basis over the vesting period of the award. The charge to the Statement of Comprehensive Income takes account of the estimated number of shares that will vest. All share option-based remuneration is equity settled. The Parent company is a settling rather than receiving entity in relation to share incentive awards. The Parent company therefore recognises a share based payments credit in reserves and a commensurate increase in the Investments in subsidiary undertakings on the Balance Sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-321": { "value": "(w) Segmental reporting The Group has as one operating segment. This reflects the fact that the chief operating decision makers consider the performance of the Group as a whole, particularly given the nature of the Group\u2019s bundled service offering. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-322": { "value": "(x) Provisions Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-323": { "value": "(y) Pensions The Group makes contributions to certain employees\u2019 personal pension plans. These are charged to the Statement of Comprehensive Income in the year in which they become payable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-324": { "value": "(z) Dividends Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-325": { "value": "(aa) Business Combinations The Group applies IFRS 3 Business combinations when assessing whether transactions are business combinations or asset acquisitions. Key judgements in this regard revolve around the nature of the assets and/or entities being acquired, and whether substantially all of the fair value of the gross assets being acquired is concentrated in a single identifiable asset, or a group of similar identifiable assets. If all of the fair value of the gross assets being acquired is concentrated in a single identifiable asset, or a group of similar identifiable assets, then the acquisition is deemed not to be a business and rather an acquisition of assets. In this instance no goodwill in relation to the transaction is recognised and the assets acquired are recognised at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-359": { "value": "(ab) New accounting standards The Group notes the recent amendments to IAS 1 Presentation of Financial Statements focussing on clarifying the classification of liabilities, particularly those with covenants, as current or non-current and amendments to IAS 7 and IFRS 7 regarding supplier finance arrangement, which require additional disclosures to enhance the transparency and their effect on the on the liabilities and cash flows. These minor amendments, effective for reporting periods beginning on or after 1 January 2024, have not had a material impact on the financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-326": { "value": "(ab) New accounting standards The Group notes the recent amendments to IAS 1 Presentation of Financial Statements focussing on clarifying the classification of liabilities, particularly those with covenants, as current or non-current and amendments to IAS 7 and IFRS 7 regarding supplier finance arrangement, which require additional disclosures to enhance the transparency and their effect on the on the liabilities and cash flows. These minor amendments, effective for reporting periods beginning on or after 1 January 2024, have not had a material impact on the financial statements of the Group. (ac) New standards issued but not yet effective In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 - Presentation and Disclosure in Financial Statements to replace IAS 1. The standard is effective for reporting periods beginning on or after 1 January 2027 and will be adopted by Group for the year ending 31 March 2028. The Group is currently assessing the potential impact on the presentation of the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-360": { "value": "(ac) New standards issued but not yet effective In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18 - Presentation and Disclosure in Financial Statements to replace IAS 1. The standard is effective for reporting periods beginning on or after 1 January 2027 and will be adopted by Group for the year ending 31 March 2028. The Group is currently assessing the potential impact on the presentation of the financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-361": { "value": "
1. Revenue and Alternative Performance Measures disclosure
Revenue by service
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Electricity 953,975 903,069
Gas 609,884 629,301
Landline and broadband 203,746 153,244
Mobile 98,324 84,230
Other 75,128 68,312
1,941,057 1,838,156
The Group operates solely in the United Kingdom, other than through UWI Limited, a subsidiary
set up to write insurance business with passporting rights into the UK.
Revenue from the sale of mobile handsets is included in \u2018Other\u2019 revenues in the table above as
this is seen as distinct from the provision of mobile line rental services.
Other income in the Consolidated Statement of Comprehensive Income primarily relates to rental
income from the Group\u2019s former head office building (see note 11).
Contract balances
The following table provides the information about contract liabilities from contracts with
customers.
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Contract liabilities, which are included in deferred income 1,516 1,592
The Group has implemented an expected credit loss impairment model with respect to
contract assets. This and any significant changes in contract assets and liabilities are
disclosed in note 13. There are no contract balances from contracts with customers in the
Company. Accrued income arising from revenue yet to be invoiced and unbilled energy debtors
are considered to represent unbilled receivables under IFRS 9.
Alternative Performance Measures disclosure Throughout this document the Group presents various alternative performance measures (\u2018APMs\u2019) in addition to those reported under IFRS. The measures presented are those adopted by the Chief Operating Decision Maker ('CODM'), deemed to be the Chief Executive Officer, together with the main Board, and analysts who follow the Group in assessing the performance of the business. Adjusted pre-tax profit Adjusted pre-tax profit and adjusted basic EPS exclude share incentive scheme charges, the amortisation of the intangible asset arising from entering into the energy supply arrangements with npower in December 2013 and restructuring costs; this decision reflects the relative size, non-recurring, and non-cash nature of these charges as appropriate. In the current year adjusted pre-tax profit and adjusted basic EPS also exclude energy platform set up costs ahead of Market Wide Half Hourly Settlement (\u201cMHHS\u201d) due to the one-off non-recurring nature of these charges.
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Statutory profit before tax 112,984 105,949
Adjusted for:
Amortisation of energy supply contract intangible assets 11,228 11,228
Share incentive scheme charges 4,847 3,409
Restructuring costs 691 5,717
Energy platform set up costs 2,429 -
Adjusted pre-tax profit 132,179 126,303
Adjusted EBITDA Adjusted EBITDA excludes share incentive scheme charges. This decision reflects the non-cash nature of these charges. In the current year adjusted EBITDA also excludes energy platform set up costs ahead of Market Wide Half Hourly Settlement (\u201cMHHS\u201d) due to the one-off non- recurring nature of these charges.
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Operating profit 125,412 115,891
Adjusted for:
Depreciation, amortisation and impairment 28,461 23,078
EBITDA 153,873 138,969
Energy platform set up costs 2,429 -
Restructuring costs 691 5,717
Share incentive scheme charges 4,847 3,409
Adjusted EBITDA 161,840 148,095
Net debt/Adjusted EBITDA ratio
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Long-term borrowings (232,261) (191,717)
Lease liabilities (2,263) (3,168)
Less
Cash on balance sheet 91,452 79,020
Net debt (143,072) (115,865)
Adjusted EBITDA 161,840 148,095
Net debt/adjusted EBITDA 0.9x 0.8x
Return On Capital Employed (\u201cROCE\u201d) The Group measures ROCE as adjusted EBIT/Total Equity + Net debt.
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Operating profit 125,412 115,891
Adjusted for:
Energy platform set up costs 2,429 -
Restructuring costs 691 5,717
Share incentive scheme charges 4,847 3,409
Adjusted EBIT 133,379 125,017
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Long-term borrowings 232,261 191,717
Lease liabilities 2,263 3,168
Less
Cash on balance sheet (91,452) (79,020)
Net debt 143,072 115,865
Total equity 266,771 251,510
Total equity + Net debt 409,843 367,375
Adjusted EBIT 133,379 125,017
ROCE 32.5% 34.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-327": { "value": "1. Revenue and Alternative Performance Measures disclosure Revenue by service
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Electricity 953,975 903,069
Gas 609,884 629,301
Landline and broadband 203,746 153,244
Mobile 98,324 84,230
Other 75,128 68,312
1,941,057 1,838,156
The Group operates solely in the United Kingdom, other than through UWI Limited, a subsidiary set up to write insurance business with passporting rights into the UK. Revenue from the sale of mobile handsets is included in \u2018Other\u2019 revenues in the table above as this is seen as distinct from the provision of mobile line rental services. Other income in the Consolidated Statement of Comprehensive Income primarily relates to rental income from the Group\u2019s former head office building (see note 11). Contract balances The following table provides the information about contract liabilities from contracts with customers.
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Contract liabilities, which are included in deferred income 1,516 1,592
The Group has implemented an expected credit loss impairment model with respect to contract assets. This and any significant changes in contract assets and liabilities are disclosed in note 13. There are no contract balances from contracts with customers in the Company. Accrued income arising from revenue yet to be invoiced and unbilled energy debtors are considered to represent unbilled receivables under IFRS 9.
Alternative Performance Measures disclosure
Throughout this document the Group presents various alternative performance measures
(\u2018APMs\u2019) in addition to those reported under IFRS. The measures presented are those adopted
by the Chief Operating Decision Maker ('CODM'), deemed to be the Chief Executive Officer,
together with the main Board, and analysts who follow the Group in assessing the performance
of the business.
Adjusted pre-tax profit
Adjusted pre-tax profit and adjusted basic EPS exclude share incentive scheme charges, the
amortisation of the intangible asset arising from entering into the energy supply arrangements
with npower in December 2013 and restructuring costs; this decision reflects the relative size,
non-recurring, and non-cash nature of these charges as appropriate. In the current year
adjusted pre-tax profit and adjusted basic EPS also exclude energy platform set up costs ahead
of Market Wide Half Hourly Settlement (\u201cMHHS\u201d) due to the one-off non-recurring nature of
these charges.
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Statutory profit before tax 112,984 105,949
Adjusted for:
Amortisation of energy supply contract intangible assets 11,228 11,228
Share incentive scheme charges 4,847 3,409
Restructuring costs 691 5,717
Energy platform set up costs 2,429 -
Adjusted pre-tax profit 132,179 126,303
Adjusted EBITDA
Adjusted EBITDA excludes share incentive scheme charges. This decision reflects the non-cash
nature of these charges. In the current year adjusted EBITDA also excludes energy platform
set up costs ahead of Market Wide Half Hourly Settlement (\u201cMHHS\u201d) due to the one-off non-
recurring nature of these charges.
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Operating profit 125,412 115,891
Adjusted for:
Depreciation, amortisation and impairment 28,461 23,078
EBITDA 153,873 138,969
Energy platform set up costs 2,429 -
Restructuring costs 691 5,717
Share incentive scheme charges 4,847 3,409
Adjusted EBITDA 161,840 148,095
Net debt/Adjusted EBITDA ratio
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Long-term borrowings (232,261) (191,717)
Lease liabilities (2,263) (3,168)
Less
Cash on balance sheet 91,452 79,020
Net debt (143,072) (115,865)
Adjusted EBITDA 161,840 148,095
Net debt/adjusted EBITDA 0.9x 0.8x
Return On Capital Employed (\u201cROCE\u201d)
The Group measures ROCE as adjusted EBIT/Total Equity + Net debt.
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Operating profit 125,412 115,891
Adjusted for:
Energy platform set up costs 2,429 -
Restructuring costs 691 5,717
Share incentive scheme charges 4,847 3,409
Adjusted EBIT 133,379 125,017
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Long-term borrowings 232,261 191,717
Lease liabilities 2,263 3,168
Less
Cash on balance sheet (91,452) (79,020)
Net debt 143,072 115,865
Total equity 266,771 251,510
Total equity + Net debt 409,843 367,375
Adjusted EBIT 133,379 125,017
ROCE 32.5% 34.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-328": { "value": "
2. Operating profit
Operating profit is stated after charging/(crediting):
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Depreciation and amortisation 28,461 23,078
Profit on disposal of fixed assets (12) -
Auditor\u2019s remuneration - audit of Company and consolidated accounts 687 716
- audit of UK subsidiaries of the Company 38 35
- audit of overseas subsidiaries of the Company 137 130
- audit related assurance services - Interim Review 62 60
- audit related assurance services - Other - 80
Inventories expensed 15,189 12,932
Trade receivables and accrued income impairment loss
41,207
33,389
Rental income (931) (1,012)
Total fees paid to the auditor KPMG LLP during the year were \u00a3924,000 (2025: \u00a31,021,000),
including non-audit services of \u00a362,000 (2025: \u00a3140,000). Included within the Group audit fees
during the year were \u00a353,058 billed in respect of the March 2025 audit (2025: \u00a3106,000
included in respect of the March 2024 audit).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-398": { "value": "2. Operating profit Operating profit is stated after charging/(crediting):
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Depreciation and amortisation 28,461 23,078
Profit on disposal of fixed assets (12) -
Auditor\u2019s remuneration - audit of Company and consolidated accounts 687 716
- audit of UK subsidiaries of the Company 38 35
- audit of overseas subsidiaries of the Company 137 130
- audit related assurance services - Interim Review 62 60
- audit related assurance services - Other - 80
Inventories expensed 15,189 12,932
Trade receivables and accrued income impairment loss
41,207
33,389
Rental income (931) (1,012)
Total fees paid to the auditor KPMG LLP during the year were \u00a3924,000 (2025: \u00a31,021,000), including non-audit services of \u00a362,000 (2025: \u00a3140,000). Included within the Group audit fees during the year were \u00a353,058 billed in respect of the March 2025 audit (2025: \u00a3106,000 included in respect of the March 2024 audit). 4. Personnel expenses
2026
2025
\u00a3\u2019000
\u00a3\u2019000
The total charge in the Statement of Comprehensive Income
comprised the following:
Wages and salaries
92,041
106,634
Social security costs 10,811 9,647
Pension contributions 3,560 3,797
106,412 120,078
Share incentive scheme charges
4,847
3,409
111,259 123,487
Average number employed by the Group during the year (excluding directors):
2026
2025
Employees
2,061
2,291
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-386": { "value": "2. Operating profit Operating profit is stated after charging/(crediting):
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Depreciation and amortisation 28,461 23,078
Profit on disposal of fixed assets (12) -
Auditor\u2019s remuneration - audit of Company and consolidated accounts 687 716
- audit of UK subsidiaries of the Company 38 35
- audit of overseas subsidiaries of the Company 137 130
- audit related assurance services - Interim Review 62 60
- audit related assurance services - Other - 80
Inventories expensed 15,189 12,932
Trade receivables and accrued income impairment loss
41,207
33,389
Rental income (931) (1,012)
Total fees paid to the auditor KPMG LLP during the year were \u00a3924,000 (2025: \u00a31,021,000), including non-audit services of \u00a362,000 (2025: \u00a3140,000). Included within the Group audit fees during the year were \u00a353,058 billed in respect of the March 2025 audit (2025: \u00a3106,000 included in respect of the March 2024 audit).
6. Property, plant and equipment
Fixtures,
Freehold Leasehold Freehold & fittings &
Investment land & land & leasehold Plant & office Motor
property buildings buildings improvements machinery equipment vehicles Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2026
Cost
At 1 April 2025
14,141
26,980 4,641 808 800 22,179 735 70,284
Additions
100
57 - 26 67 198 - 448
Disposals
-
- (94) - - - (53) (147)
At 31 March 2026
14,241
27,037 4,547 834 867 22,377 682 70,585
Depreciation
At 1 April 2025
(6,246)
(8,556) (1,537) (430) (488) (20,977) (632) (38,866)
Charge for the year
(134)
(854) (812) (183) (59) (937) (59) (3,038)
Disposals
-
- - - - - 51 51
At 31 March 2026
(6,380)
(9,410) (2,349) (613) (547) (21,914) (640) (41,853)
Net book amounts
At 31 March 2025
7,895
18,424 3,104 378 312 1,202 103 31,418
At 31 March 2026
7,861
17,627 2,198 221 320 463 42 28,732
The balances in leasehold land & buildings comprise right of use assets with a net book value of \u00a32.1m (2025: \u00a33.1m). The Company no longer
holds any property, plant and equipment following the Group reorganisation in April 2017.
Fixtures,
Freehold Leasehold Freehold & fittings &
Investment land & land & leasehold Plant & office Motor
property buildings buildings improvements machinery equipment vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Group
2025
Cost
At 1 April 2024
14,141
26,958 4,500 631 800 21,985 735 69,750
Additions
-
22 141 177 - 194 - 534
Disposals
-
- - - - - - -
At 31 March 2025
14,141
26,980 4,641 808 800 22,179 735 70,284
Depreciation
At 1 April 2024
(6,092)
(7,705) (714) (280) (435) (19,136) (566) (34,928)
Charge for the year
(154)
(851) (823) (150) (53) (1,841) (66) (3,938)
Disposals
-
- - - - - - -
At 31 March 2025
(6,246)
(8,556) (1,537) (430) (488) (20,977) (632) (38,866)
Net book amounts
At 31 March 2024
8,049
19,253 3,786 351 365 2,849 169 34,822
At 31 March 2025
7,895
18,424 3,104 378 312 1,202 103 31,418
7. Intangible assets
Group IT Software &
Energy Supply Customer Web
Contract Contracts Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2026
Cost
At 1 April 2025
224,563
5,298 65,543 295,404
Additions
-
46,325 16,863 63,188
Impairment
-
- (2) (2)
At 31 March 2026
224,563
51,623 82,404 358,590
Amortisation
At 1 April 2025
(127,251)
- (34,738) (161,989)
Charge for the period
(11,228)
(5,159) (9,036) (25,423)
Impairment
-
- - -
At 31 March 2026
(138,479)
(5,159) (43,774) (187,412)
Net book amount at 31 86,084 46,464 38,630 171,178
March 2026
Group IT Software &
Energy Supply Customer Web
Contract Contracts Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
Cost
At 1 April 2024
224,563
- 54,575 279,138
Additions
-
5,298 11,472 16,770
Disposals
-
- (504) (504)
At 31 March 2025
224,563
5,298 65,543 295,404
Amortisation
At 1 April 2024
(116,023)
- (27,330) (143,353)
Charge for the period
(11,228)
- (7,912) (19,140)
Disposals
-
- 504 504
At 31 March 2025
(127,251)
- (34,738) (161,989)
Net book amount at 31 97,312 5,298 30,805 133,415
March 2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-362": { "value": "2. Operating profit Operating profit is stated after charging/(crediting):
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Depreciation and amortisation 28,461 23,078
Profit on disposal of fixed assets (12) -
Auditor\u2019s remuneration - audit of Company and consolidated accounts 687 716
- audit of UK subsidiaries of the Company 38 35
- audit of overseas subsidiaries of the Company 137 130
- audit related assurance services - Interim Review 62 60
- audit related assurance services - Other - 80
Inventories expensed 15,189 12,932
Trade receivables and accrued income impairment loss
41,207
33,389
Rental income (931) (1,012)
Total fees paid to the auditor KPMG LLP during the year were \u00a3924,000 (2025: \u00a31,021,000), including non-audit services of \u00a362,000 (2025: \u00a3140,000). Included within the Group audit fees during the year were \u00a353,058 billed in respect of the March 2025 audit (2025: \u00a3106,000 included in respect of the March 2024 audit). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-329": { "value": "
3. Financial expenses
An analysis of financial expenses included in the Statement of Comprehensive Income is set out
below.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Interest costs on bank loans and overdrafts 15,237 13,018
Interest costs on lease liabilities 62 85
Total financial expenses 15,299 13,103
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-387": { "value": "3. Financial expenses An analysis of financial expenses included in the Statement of Comprehensive Income is set out below.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Interest costs on bank loans and overdrafts 15,237 13,018
Interest costs on lease liabilities 62 85
Total financial expenses 15,299 13,103
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-399": { "value": "3. Financial expenses An analysis of financial expenses included in the Statement of Comprehensive Income is set out below.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Interest costs on bank loans and overdrafts 15,237 13,018
Interest costs on lease liabilities 62 85
Total financial expenses 15,299 13,103
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-363": { "value": "3. Financial expenses An analysis of financial expenses included in the Statement of Comprehensive Income is set out below.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Interest costs on bank loans and overdrafts 15,237 13,018
Interest costs on lease liabilities 62 85
Total financial expenses 15,299 13,103
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-330": { "value": "
4. Personnel expenses
2026
2025
\u00a3\u2019000
\u00a3\u2019000
The total charge in the Statement of Comprehensive Income
comprised the following:
Wages and salaries
92,041
106,634
Social security costs 10,811 9,647
Pension contributions 3,560 3,797
106,412 120,078
Share incentive scheme charges
4,847
3,409
111,259 123,487
Average number employed by the Group during the year
(excluding directors):
2026
2025
Employees
2,061
2,291
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-331": { "value": "
5. Taxation
(i) Recognised in the Income Statement
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Current tax charge
Current year \u2013 UK tax 31,834 29,270
Current year \u2013 Foreign tax 779 564
UK corporation tax on CFC deemed income 406 -
Adjustments in respect of prior years (502) (330)
32,517 29,504
Deferred tax charge
Decelerated capital allowances (1,695) (456)
Other timing differences 752 (148)
Adjustment in respect of prior years 740 952
(203) 348
Total tax charge 32,314 29,852
(ii) Reconciliation of total tax charge
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Profit before tax 112,984 105,949
Corporation tax using the UK corporation tax rate of 25% (2025: 28,246 26,487
25%)
Expenses not deductible for taxation purposes 3,002 2,928
Foreign tax (495) (515)
Assets ineligible for capital allowances 270 274
Adjustment in respect of share options - 56
Adjustments in respect of prior years - current tax (514) (330)
- deferred tax 740 952
Deferred tax not recognised (1) -
Other deferred tax adjustments 1,372 -
R&D expenditure credits (306) -
Total tax charge 32,314 29,852
The UK corporation tax rate during the period from 1 April 2025 was 25% (2025: 25%). The
deferred tax balance at 31 March 2026 has been calculated at 25% (2025: 25%).
The Group is within the scope of the OECD Pillar Two rules as enacted into UK legislation which
came into effect from 31 December 2023, and applied to the Group with effect from 1 April
2024. The first return for the year end to 31 March 2025 is due for submission by 30
September 2026.
Under the legislation, the Group is liable to pay a top-up tax on adjusted jurisdictional profits
for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum
rate. Based on the Pillar Two assessment undertaken by the Group using the relevant
information for the year to 31 March 2025, the Group expects to be able to apply the
transitional CbCR safe harbour in the UK and Spain. As such, the Group does not expect top up
tax to arise to arise in these jurisdictions. The transitional CbCR safe harbour is not expected
to apply in Gibraltar. However, the amount of top up tax arising in Gibraltar is expected to be
full offset by the Controlled Foreign Company (CFC) charge paid by the UK parent for the year
to 31 March 2025 (as per the UK Corporation Tax return) within the Pillar 2 Gibraltar filing.
We are currently reviewing options from providers to be able to submit the necessary reporting
under Pillar 2 in time for the 30 September 2026 filing deadline. The deadline for submission
for year end 31 March 2026 is 30 June 2027.
10. Deferred tax
The deferred tax liability recognised in the financial statements is as follows:
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Tax effect of temporary differences:
Accelerated capital allowances
(2,479)
(3,464) - -
Other short term temporary differences
27
27 - -
Transitional tax adjustments relating to IFRS 9
21
32 - -
Share based payments
1,158
1,910 - -
Transfers from acquisitions
-
- - -
Transfers to liabilities classified as held for sale
-
30 - -
(1,273) (1,465) - -
Group
Company
2026
2025
2026
2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April
(1,465)
(1,106) - -
Charged to the Statement of Comprehensive Income 203 (348) - -
Taken to equity (11) (11) - -
At 31 March
(1,273)
(1,465) - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-364": { "value": "5. Taxation (i) Recognised in the Income Statement
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Current tax charge
Current year \u2013 UK tax 31,834 29,270
Current year \u2013 Foreign tax 779 564
UK corporation tax on CFC deemed income 406 -
Adjustments in respect of prior years (502) (330)
32,517 29,504
Deferred tax charge
Decelerated capital allowances (1,695) (456)
Other timing differences 752 (148)
Adjustment in respect of prior years 740 952
(203) 348
Total tax charge 32,314 29,852
(ii) Reconciliation of total tax charge
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Profit before tax 112,984 105,949
Corporation tax using the UK corporation tax rate of 25% (2025: 28,246 26,487
25%)
Expenses not deductible for taxation purposes 3,002 2,928
Foreign tax (495) (515)
Assets ineligible for capital allowances 270 274
Adjustment in respect of share options - 56
Adjustments in respect of prior years - current tax (514) (330)
- deferred tax 740 952
Deferred tax not recognised (1) -
Other deferred tax adjustments 1,372 -
R&D expenditure credits (306) -
Total tax charge 32,314 29,852
The UK corporation tax rate during the period from 1 April 2025 was 25% (2025: 25%). The deferred tax balance at 31 March 2026 has been calculated at 25% (2025: 25%). The Group is within the scope of the OECD Pillar Two rules as enacted into UK legislation which came into effect from 31 December 2023, and applied to the Group with effect from 1 April 2024. The first return for the year end to 31 March 2025 is due for submission by 30 September 2026. Under the legislation, the Group is liable to pay a top-up tax on adjusted jurisdictional profits for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. Based on the Pillar Two assessment undertaken by the Group using the relevant information for the year to 31 March 2025, the Group expects to be able to apply the transitional CbCR safe harbour in the UK and Spain. As such, the Group does not expect top up tax to arise to arise in these jurisdictions. The transitional CbCR safe harbour is not expected to apply in Gibraltar. However, the amount of top up tax arising in Gibraltar is expected to be full offset by the Controlled Foreign Company (CFC) charge paid by the UK parent for the year to 31 March 2025 (as per the UK Corporation Tax return) within the Pillar 2 Gibraltar filing. We are currently reviewing options from providers to be able to submit the necessary reporting under Pillar 2 in time for the 30 September 2026 filing deadline. The deadline for submission for year end 31 March 2026 is 30 June 2027. 10. Deferred tax The deferred tax liability recognised in the financial statements is as follows:
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Tax effect of temporary differences:
Accelerated capital allowances
(2,479)
(3,464) - -
Other short term temporary differences
27
27 - -
Transitional tax adjustments relating to IFRS 9
21
32 - -
Share based payments
1,158
1,910 - -
Transfers from acquisitions
-
- - -
Transfers to liabilities classified as held for sale
-
30 - -
(1,273) (1,465) - -
Group
Company
2026
2025
2026
2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 April
(1,465)
(1,106) - -
Charged to the Statement of Comprehensive Income 203 (348) - -
Taken to equity (11) (11) - -
At 31 March
(1,273)
(1,465) - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-388": { "value": "The Group is within the scope of the OECD Pillar Two rules as enacted into UK legislation which came into effect from 31 December 2023, and applied to the Group with effect from 1 April 2024. The first return for the year end to 31 March 2025 is due for submission by 30 September 2026. Under the legislation, the Group is liable to pay a top-up tax on adjusted jurisdictional profits for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. Based on the Pillar Two assessment undertaken by the Group using the relevant information for the year to 31 March 2025, the Group expects to be able to apply the transitional CbCR safe harbour in the UK and Spain. As such, the Group does not expect top up tax to arise to arise in these jurisdictions. The transitional CbCR safe harbour is not expected to apply in Gibraltar. However, the amount of top up tax arising in Gibraltar is expected to be full offset by the Controlled Foreign Company (CFC) charge paid by the UK parent for the year to 31 March 2025 (as per the UK Corporation Tax return) within the Pillar 2 Gibraltar filing. We are currently reviewing options from providers to be able to submit the necessary reporting under Pillar 2 in time for the 30 September 2026 filing deadline. The deadline for submission for year end 31 March 2026 is 30 June 2027. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-332": { "value": "6. Property, plant and equipment
Fixtures,
Freehold Leasehold Freehold & fittings &
Investment land & land & leasehold Plant & office Motor
property buildings buildings improvements machinery equipment vehicles Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2026
Cost
At 1 April 2025
14,141
26,980 4,641 808 800 22,179 735 70,284
Additions
100
57 - 26 67 198 - 448
Disposals
-
- (94) - - - (53) (147)
At 31 March 2026
14,241
27,037 4,547 834 867 22,377 682 70,585
Depreciation
At 1 April 2025
(6,246)
(8,556) (1,537) (430) (488) (20,977) (632) (38,866)
Charge for the year
(134)
(854) (812) (183) (59) (937) (59) (3,038)
Disposals
-
- - - - - 51 51
At 31 March 2026
(6,380)
(9,410) (2,349) (613) (547) (21,914) (640) (41,853)
Net book amounts
At 31 March 2025
7,895
18,424 3,104 378 312 1,202 103 31,418
At 31 March 2026
7,861
17,627 2,198 221 320 463 42 28,732
The balances in leasehold land & buildings comprise right of use assets with a net book value of \u00a32.1m (2025: \u00a33.1m). The Company no longer holds any property, plant and equipment following the Group reorganisation in April 2017.
Fixtures,
Freehold Leasehold Freehold & fittings &
Investment land & land & leasehold Plant & office Motor
property buildings buildings improvements machinery equipment vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Group
2025
Cost
At 1 April 2024
14,141
26,958 4,500 631 800 21,985 735 69,750
Additions
-
22 141 177 - 194 - 534
Disposals
-
- - - - - - -
At 31 March 2025
14,141
26,980 4,641 808 800 22,179 735 70,284
Depreciation
At 1 April 2024
(6,092)
(7,705) (714) (280) (435) (19,136) (566) (34,928)
Charge for the year
(154)
(851) (823) (150) (53) (1,841) (66) (3,938)
Disposals
-
- - - - - - -
At 31 March 2025
(6,246)
(8,556) (1,537) (430) (488) (20,977) (632) (38,866)
Net book amounts
At 31 March 2024
8,049
19,253 3,786 351 365 2,849 169 34,822
At 31 March 2025
7,895
18,424 3,104 378 312 1,202 103 31,418
The operations of the Company were transferred into new head offices at Merit House in 2015
and the former head office building, Southon House, was vacated. Southon House is held as an
investment property and separately disclosed on the balance sheet of the Company.
An independent valuation of Southon House was conducted on 26 May 2026 in accordance with
RICS Valuation \u2013 Global Standards effective from 31 January 2025 (the Red Book). The
independent market value of Southon House was determined to be \u00a310.8 million based on the
inputs to the valuation technique used. The valuation was prepared on a Market Value basis as
defined in the Valuation Standards and was primarily derived from using comparable market
transactions carried out on an arm\u2019s length basis. These inputs are deemed unobservable. The
directors believe that there have not been any material changes in circumstances that would
lead to a significant reduction in the market valuation of Southon House from \u00a310.8m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-333": { "value": "
7. Intangible assets
Group IT Software &
Energy Supply Customer Web
Contract Contracts Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2026
Cost
At 1 April 2025
224,563
5,298 65,543 295,404
Additions
-
46,325 16,863 63,188
Impairment
-
- (2) (2)
At 31 March 2026
224,563
51,623 82,404 358,590
Amortisation
At 1 April 2025
(127,251)
- (34,738) (161,989)
Charge for the period
(11,228)
(5,159) (9,036) (25,423)
Impairment
-
- - -
At 31 March 2026
(138,479)
(5,159) (43,774) (187,412)
Net book amount at 31 86,084 46,464 38,630 171,178
March 2026
Group IT Software &
Energy Supply Customer Web
Contract Contracts Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
Cost
At 1 April 2024
224,563
- 54,575 279,138
Additions
-
5,298 11,472 16,770
Disposals
-
- (504) (504)
At 31 March 2025
224,563
5,298 65,543 295,404
Amortisation
At 1 April 2024
(116,023)
- (27,330) (143,353)
Charge for the period
(11,228)
- (7,912) (19,140)
Disposals
-
- 504 504
At 31 March 2025
(127,251)
- (34,738) (161,989)
Net book amount at 31 97,312 5,298 30,805 133,415
March 2025
The Energy Supply Contract intangible asset relates to the entering into of the energy
supply arrangements with npower (now owned by E.ON) on improved commercial terms
through the acquisition by the Company of Electricity Plus Supply Limited and Gas Plus
Supply Limited (\u2018the Companies\u2019) from npower Limited having effect from 1 December 2013
(\u2018the Transaction\u2019). There were no processes acquired as a result of the Transaction and it
was therefore treated as an asset acquisition. The principal asset acquired was the supply
contract with npower Limited.
The total consideration for the Transaction comprised a payment to npower of \u00a3196.5
million on 20 December 2013, a deferred amount of \u00a321.5 million paid in December 2016
and a payment of \u00a32.5 million made in January 2014 for the net assets acquired in the
Companies which comprised cash and short-term working capital balances.
The addition to intangible assets of \u00a3221.6 million in 2014 therefore represented the total
consideration paid and payable to npower, excluding the payment for net assets acquired in
the Companies, plus certain transaction costs of \u00a33.6 million which in accordance with the
relevant accounting standards were recognised as a cost of acquisition.
The intangible asset is being amortised evenly over the 20-year life of the new energy
supply agreement reflecting the period over which the Company will benefit from the
agreement. The Group expects to either renew the supply agreement with E.ON, or source
energy from another wholesale supplier, beyond 2033. The Group does not currently
envisage any challenges with this given the attractiveness of its customer base to wholesale
suppliers.
The IT Software and Web Development intangible asset relates to the capitalisation of certain costs associated with the development of new IT and web systems. Approximately \u00a313.2m (2025: \u00a35.2m) of the additions during the year relate to IT systems which remain under construction. The Company does not hold any intangible assets. 8. Goodwill
Group
2026 \u00a3\u2019000
Cost
At 1 April 2025 and 31 March 2026 3,742
Impairment
At 1 April 2025 and 31 March 2026 -
Carrying amounts
At 31 March 2026
3,742
2025 \u00a3\u2019000
Cost
At 1 April 2024 and 31 March 2025 3,742
Impairment
At 1 April 2024 and 31 March 2025 -
Carrying amounts
At 31 March 2025
3,742
Goodwill relates to the Company\u2019s subsidiary Telecommunications Management Limited (\u2018TML\u2019) cash generating unit.
The Group regularly monitors the carrying amount of its goodwill. A review was undertaken
at 31 March 2026, to assess whether the carrying amount of assets was supported by their
value in use determined by the net present value of the future cash flows derived from the
assets using cash flow projections from internal forecasts based on current levels of
profitability and expectations of growth in the business.
In relation to TML, a pre-tax discount rate of 16.1% (2025: 17.9%) into perpetuity was
used based on a premium to the Group WACC of 12.3% (2025: 14.1%). This was
considered appropriate given the relatively small size and maturity of the business, offset
by the growth opportunity in mobile telephony, and the expectation that, for the
foreseeable future, TML will continue to operate as a going concern. Cashflows were
predicted over a five-year period and thereafter a growth rate of 2.0% (2025: 2.0%) into
perpetuity was also used. The result of the review undertaken at 31 March 2026 indicated
that no impairment was necessary. No reasonably possible change in the assumptions
used in the impairment calculation would give rise to an impairment of goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-365": { "value": "7. Intangible assets
Group IT Software &
Energy Supply Customer Web
Contract Contracts Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2026
Cost
At 1 April 2025
224,563
5,298 65,543 295,404
Additions
-
46,325 16,863 63,188
Impairment
-
- (2) (2)
At 31 March 2026
224,563
51,623 82,404 358,590
Amortisation
At 1 April 2025
(127,251)
- (34,738) (161,989)
Charge for the period
(11,228)
(5,159) (9,036) (25,423)
Impairment
-
- - -
At 31 March 2026
(138,479)
(5,159) (43,774) (187,412)
Net book amount at 31 86,084 46,464 38,630 171,178
March 2026
Group IT Software &
Energy Supply Customer Web
Contract Contracts Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
Cost
At 1 April 2024
224,563
- 54,575 279,138
Additions
-
5,298 11,472 16,770
Disposals
-
- (504) (504)
At 31 March 2025
224,563
5,298 65,543 295,404
Amortisation
At 1 April 2024
(116,023)
- (27,330) (143,353)
Charge for the period
(11,228)
- (7,912) (19,140)
Disposals
-
- 504 504
At 31 March 2025
(127,251)
- (34,738) (161,989)
Net book amount at 31 97,312 5,298 30,805 133,415
March 2025
The Energy Supply Contract intangible asset relates to the entering into of the energy supply arrangements with npower (now owned by E.ON) on improved commercial terms through the acquisition by the Company of Electricity Plus Supply Limited and Gas Plus Supply Limited (\u2018the Companies\u2019) from npower Limited having effect from 1 December 2013 (\u2018the Transaction\u2019). There were no processes acquired as a result of the Transaction and it was therefore treated as an asset acquisition. The principal asset acquired was the supply contract with npower Limited. The total consideration for the Transaction comprised a payment to npower of \u00a3196.5 million on 20 December 2013, a deferred amount of \u00a321.5 million paid in December 2016 and a payment of \u00a32.5 million made in January 2014 for the net assets acquired in the Companies which comprised cash and short-term working capital balances. The addition to intangible assets of \u00a3221.6 million in 2014 therefore represented the total consideration paid and payable to npower, excluding the payment for net assets acquired in the Companies, plus certain transaction costs of \u00a33.6 million which in accordance with the relevant accounting standards were recognised as a cost of acquisition. The intangible asset is being amortised evenly over the 20-year life of the new energy supply agreement reflecting the period over which the Company will benefit from the agreement. The Group expects to either renew the supply agreement with E.ON, or source energy from another wholesale supplier, beyond 2033. The Group does not currently envisage any challenges with this given the attractiveness of its customer base to wholesale suppliers.
The IT Software and Web Development intangible asset relates to the capitalisation of
certain costs associated with the development of new IT and web systems. Approximately
\u00a313.2m (2025: \u00a35.2m) of the additions during the year relate to IT systems which remain
under construction.
The Company does not hold any intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-389": { "value": "
8. Goodwill
Group
2026 \u00a3\u2019000
Cost
At 1 April 2025 and 31 March 2026 3,742
Impairment
At 1 April 2025 and 31 March 2026 -
Carrying amounts
At 31 March 2026
3,742
2025 \u00a3\u2019000
Cost
At 1 April 2024 and 31 March 2025 3,742
Impairment
At 1 April 2024 and 31 March 2025 -
Carrying amounts
At 31 March 2025
3,742
Goodwill relates to the Company\u2019s subsidiary Telecommunications Management Limited
(\u2018TML\u2019) cash generating unit.
The Group regularly monitors the carrying amount of its goodwill. A review was undertaken at 31 March 2026, to assess whether the carrying amount of assets was supported by their value in use determined by the net present value of the future cash flows derived from the assets using cash flow projections from internal forecasts based on current levels of profitability and expectations of growth in the business. In relation to TML, a pre-tax discount rate of 16.1% (2025: 17.9%) into perpetuity was used based on a premium to the Group WACC of 12.3% (2025: 14.1%). This was considered appropriate given the relatively small size and maturity of the business, offset by the growth opportunity in mobile telephony, and the expectation that, for the foreseeable future, TML will continue to operate as a going concern. Cashflows were predicted over a five-year period and thereafter a growth rate of 2.0% (2025: 2.0%) into perpetuity was also used. The result of the review undertaken at 31 March 2026 indicated that no impairment was necessary. No reasonably possible change in the assumptions used in the impairment calculation would give rise to an impairment of goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-366": { "value": "8. Goodwill
Group
2026 \u00a3\u2019000
Cost
At 1 April 2025 and 31 March 2026 3,742
Impairment
At 1 April 2025 and 31 March 2026 -
Carrying amounts
At 31 March 2026
3,742
2025 \u00a3\u2019000
Cost
At 1 April 2024 and 31 March 2025 3,742
Impairment
At 1 April 2024 and 31 March 2025 -
Carrying amounts
At 31 March 2025
3,742
Goodwill relates to the Company\u2019s subsidiary Telecommunications Management Limited (\u2018TML\u2019) cash generating unit. The Group regularly monitors the carrying amount of its goodwill. A review was undertaken at 31 March 2026, to assess whether the carrying amount of assets was supported by their value in use determined by the net present value of the future cash flows derived from the assets using cash flow projections from internal forecasts based on current levels of profitability and expectations of growth in the business. In relation to TML, a pre-tax discount rate of 16.1% (2025: 17.9%) into perpetuity was used based on a premium to the Group WACC of 12.3% (2025: 14.1%). This was considered appropriate given the relatively small size and maturity of the business, offset by the growth opportunity in mobile telephony, and the expectation that, for the foreseeable future, TML will continue to operate as a going concern. Cashflows were predicted over a five-year period and thereafter a growth rate of 2.0% (2025: 2.0%) into perpetuity was also used. The result of the review undertaken at 31 March 2026 indicated that no impairment was necessary. No reasonably possible change in the assumptions used in the impairment calculation would give rise to an impairment of goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-334": { "value": "
9. Investments
Investment in subsidiary companies
The cost of investment in subsidiary undertakings on the Company balance sheet of
\u00a3290.0 million as at 31 March 2026 (2025: \u00a3285.0m) represents the Company\u2019s
investment in Utility Warehouse Limited.
Utility Warehouse Limited owns 100% of the ordinary share capital of Telecommunications
Management Limited (\u2018TML\u2019), being two \u00a31 shares. The principal activities of TML are the
supply of fixed wire and mobile telecommunication services to business and public sector
customers, and the supply of prepaid mobile services to retail customers.
Utility Warehouse Limited also owns 100% of the ordinary share capital of Utilities Plus Limited (\u2018Utilities Plus\u2019), being two \u00a31 shares. Utilities Plus is an FCA Consumer Credit Act licensed entity which provides loans and hire purchase agreements to employees and Partners. Utility Warehouse Limited also owns 100% of the ordinary share capital of Electricity Plus Supply Limited (\u2018Electricity Plus\u2019) and Gas Plus Supply Limited (\u2018Gas Plus\u2019), being one \u00a31 share in each company. The principal activity of Electricity Plus and Gas Plus is to hold the licences for the supply of energy services to residential and business customers in the UK. Utility Warehouse Limited owns 100% of the ordinary share capital of UW Spain S.L.U. being 3,000 \u20ac1 shares. UW Spain S.L.U. is a subsidiary set up to employ people resident in Spain. Utility Warehouse Limited owns 100% of the ordinary share capital of UWI Limited being 9,600 \u00a31 shares. UWI Limited is a subsidiary set up to write insurance business from Gibraltar with passporting rights into the UK. As at 31 March 2026, Utility Warehouse Limited also owned 100% of the ordinary share capital of sixteen dormant non-trading subsidiaries as listed below: Freetalk Limited Mobile Xtra Limited Savings Plus Limited The Peoples Champion Limited Utility Debt Collectors Limited Utility House Limited Value Group Limited Value Plus Limited UW Energy Limited UW Financial Services Limited UW Mobile Limited UW Broadband Limited UW Multiservice Limited UW Plus Limited UW Limited Free Energy Club Limited As at 31 March 2026, TML owned 100% of the ordinary share capital of the following eight dormant non-trading subsidiaries: 1p Mobile Limited One Penny Mobile Limited One Penny Telecoms Limited Penny Mobile Limited Penny Telecom Limited 1p Broadband Limited One Penny Broadband Limited Penny Broadband Limited The registered office of each company referred to in this note is: Network HQ, 508 Edgware Road, London, NW9 5AB. The registered office of UW Spain is C/Bac de Roda, 64, edif. D, planta 3a, 08019, Barcelona, B10575538. The registered office of UWI Limited is 3.3 Madison Building Midtown, Gibraltar, GX11 1AA. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-367": { "value": "9. Investments Investment in subsidiary companies The cost of investment in subsidiary undertakings on the Company balance sheet of \u00a3290.0 million as at 31 March 2026 (2025: \u00a3285.0m) represents the Company\u2019s investment in Utility Warehouse Limited. Utility Warehouse Limited owns 100% of the ordinary share capital of Telecommunications Management Limited (\u2018TML\u2019), being two \u00a31 shares. The principal activities of TML are the supply of fixed wire and mobile telecommunication services to business and public sector customers, and the supply of prepaid mobile services to retail customers.
Utility Warehouse Limited also owns 100% of the ordinary share capital of Utilities Plus
Limited (\u2018Utilities Plus\u2019), being two \u00a31 shares. Utilities Plus is an FCA Consumer Credit Act
licensed entity which provides loans and hire purchase agreements to employees and
Partners.
Utility Warehouse Limited also owns 100% of the ordinary share capital of Electricity Plus
Supply Limited (\u2018Electricity Plus\u2019) and Gas Plus Supply Limited (\u2018Gas Plus\u2019), being one \u00a31
share in each company. The principal activity of Electricity Plus and Gas Plus is to hold the
licences for the supply of energy services to residential and business customers in the UK.
Utility Warehouse Limited owns 100% of the ordinary share capital of UW Spain S.L.U.
being 3,000 \u20ac1 shares. UW Spain S.L.U. is a subsidiary set up to employ people resident
in Spain.
Utility Warehouse Limited owns 100% of the ordinary share capital of UWI Limited being
9,600 \u00a31 shares. UWI Limited is a subsidiary set up to write insurance business from
Gibraltar with passporting rights into the UK.
As at 31 March 2026, Utility Warehouse Limited also owned 100% of the ordinary share
capital of sixteen dormant non-trading subsidiaries as listed below:
Freetalk Limited
Mobile Xtra Limited
Savings Plus Limited
The Peoples Champion Limited
Utility Debt Collectors Limited
Utility House Limited
Value Group Limited
Value Plus Limited
UW Energy Limited
UW Financial Services Limited
UW Mobile Limited
UW Broadband Limited
UW Multiservice Limited
UW Plus Limited
UW Limited
Free Energy Club Limited
As at 31 March 2026, TML owned 100% of the ordinary share capital of the following
eight dormant non-trading subsidiaries:
1p Mobile Limited
One Penny Mobile Limited
One Penny Telecoms Limited
Penny Mobile Limited
Penny Telecom Limited
1p Broadband Limited
One Penny Broadband Limited
Penny Broadband Limited
The registered office of each company referred to in this note is: Network HQ, 508
Edgware Road, London, NW9 5AB. The registered office of UW Spain is C/Bac de
Roda, 64, edif. D, planta 3a, 08019, Barcelona, B10575538. The registered office of
UWI Limited is 3.3 Madison Building Midtown, Gibraltar, GX11 1AA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-335": { "value": "11. Leases as lessor Finance leases In the provision of broadband services, the Group provides customers with a broadband router at the start of their contract. The terms and conditions under which broadband routers are supplied to customers mean that routers are accounted for as finance leases. To manage the risks associated with their rights to the underlying right of use assets pertaining to the finance lease, the agreement stipulates that routers must be returned or else a termination fee will apply. This termination fee reduces by 50% after two years, but there is no expiry date. Interest income of \u00a36.3m (2025: \u00a34.6m) has been recognised in profit or loss in respect of finance leases.
The following table sets out a maturity analysis of lease receivables, showing the undiscounted
lease payments to be received after the reporting date:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Less than one year 16,079 7,748
Between one and two years 14,637 7,748
Between two and three years 13,134 7,748
Between three and four years 11,346 7,748
Between four and five years 7,243 3,043
More than five years 7,188 2,598
Total undiscounted lease receivable 69,627 36,633
Unearned finance lease income (25,781) (6,627)
Net investment in finance leases 43,846 30,006
Hire purchase agreements
The following table sets out a maturity analysis of hire purchase agreements receivables,
showing the undiscounted payments to be received after the reporting date:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Less than one year 1,115 1,071
Between one and two years 1,164 1,215
Between two and three years 1,502 1,023
Between three and four years 1,275 1,478
Between four and five years 580 1,085
More than five years 64 152
Total undiscounted hire purchase agreement receivable 5,700 6,024
Hire purchase agreements relate to branded vehicles supplied to distributors on hire purchase
agreements.
Operating leases
The Company\u2019s former head office building, Southon House, is held as an investment property
and rented to third-party tenants. During the year \u00a30.9m (2025: \u00a31.0m) was recognised as
rental income by the Group.
The following table sets out a maturity analysis of the lease payments due to be received from
the tenants of Southon House, showing the undiscounted lease payments to be received after
the reporting date.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Less than one year 989 920
Between one and two years 734 989
Between two and three years 525 883
Between three and four years 525 355
Between four and five years 525 259
More than five years 525 1,813
3,823 5,219
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-368": { "value": "
12. Other non-current assets
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Hire purchase agreements receivable
4,585
4,953 - -
Finance lease assets
44,406
29,561 - -
Loan to JSOP Share Trust
-
- 2,275 2,275
Trade receivables
33,684
25,551 - -
Loan receivable
6,450
6,450 - -
Other non-current receivables
1,418
1,820 - -
Total other non-current assets
90,543
68,335 2,275 2,275
Hire purchase agreements receivable relates to branded vehicles supplied to distributors on hire
purchase agreements (see note 11). The loan receivable from the JSOP Share Trust does not
bear interest and is repayable on demand. There is no current expectation that the loan will be
recalled by the Company within the next 12 months. Finance lease assets represent assets
where the Company is the lessor. Non-current assets include Expected Credit Losses of \u00a319.3m
(2025: \u00a315.2m) against trade receivables. The Expected Credit Losses on all other non-current
assets are not material as the balances are not overdue. The loan receivable relates to amounts
owed by former subsidiary Glow Green. The repayment of the loan has been personally
guaranteed by Charles Wigoder.
14. Costs to obtain contracts The Group has the following assets at the reporting date in relation to contract costs:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Commissions paid to acquire contracts 15,630 6,466
Commissions paid in advance 19,907 20,108
35,537 26,574
Commissions paid to acquire contracts represent up-front commissions paid to Partners for referring customers to the Group and are amortised when the related revenues are recognised over the average lifetime of the Group's customers of 7 years. In the current period the amount of amortisation was \u00a32.1m (2025: \u00a31.2m). Partners also earn commission on the ongoing monthly use of the Group\u2019s services by customers they have referred (\u201ctrailing commissions\u201d). Trailing commissions are recognised in the Statement of Comprehensive Income as they are earned by Partners on an accruals basis. In the current period the amount of trailing commissions was \u00a327.8m (2025: \u00a324.3m).
Commissions paid in advance represent the bringing forward of certain future trailing
commission payments expected to be due on customers Partners have referred. These
advance commission payments are amortised on a straight-line basis through the Statement of
Comprehensive Income over the period during which they are earned and would otherwise have
been paid had the payment not been brought forward. In the current period the amount of
amortisation was \u00a311.1m (2025: \u00a311.1m). See accounting policies note (e).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-336": { "value": "12. Other non-current assets
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Hire purchase agreements receivable
4,585
4,953 - -
Finance lease assets
44,406
29,561 - -
Loan to JSOP Share Trust
-
- 2,275 2,275
Trade receivables
33,684
25,551 - -
Loan receivable
6,450
6,450 - -
Other non-current receivables
1,418
1,820 - -
Total other non-current assets
90,543
68,335 2,275 2,275
Hire purchase agreements receivable relates to branded vehicles supplied to distributors on hire purchase agreements (see note 11). The loan receivable from the JSOP Share Trust does not bear interest and is repayable on demand. There is no current expectation that the loan will be recalled by the Company within the next 12 months. Finance lease assets represent assets where the Company is the lessor. Non-current assets include Expected Credit Losses of \u00a319.3m (2025: \u00a315.2m) against trade receivables. The Expected Credit Losses on all other non-current assets are not material as the balances are not overdue. The loan receivable relates to amounts owed by former subsidiary Glow Green. The repayment of the loan has been personally guaranteed by Charles Wigoder.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-337": { "value": "
13. Receivables and accrued income
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade receivables
109,546
97,002 - -
Other receivables
19,566
20,304 1,569 32
Hire purchase agreements receivable
1,115
1,071 - -
Trade and other receivables
130,227
118,377 1,569 32
Accrued income
233,335
236,798 - -
Trade and other receivables
130,227
118,377 1,569 32
Accrued income
233,335
236,798 - -
Receivables and accrued income (net)
363,562
355,175 1,569 32
Accrued income represents unbilled receivables. Gross accrued income of \u00a3236,730,000 (2025:
\u00a3239,906,000) has offset against it an allowance for bad debts of \u00a33,395,000 (2025:
\u00a33,108,000), resulting in a net balance of \u00a3233,335,000 (2025: \u00a3236,798,000). Gross accrued
income includes: \u00a3133,987,000 (2025: \u00a3134,668,000) revenue yet to be invoiced mainly
relating to March usage; plus unbilled energy debtors of \u00a3102,744,000 (2025: \u00a3105,238,000).
Unbilled energy debtors represent amounts owed by customers who pay for their energy in
fixed monthly amounts, rather than paying for actual energy usage, with the balance expected
to equalise over the course of a year.
The hire purchase agreements receivable shown separately in the above table relates to the
provision of branded vehicles to Partners. The majority of the vehicles are supplied on interest-
free hire purchase agreements and therefore there are no reconciling items to disclose between
the present value of the minimum lease payments and gross investment in the leases.
Allowance for credit losses on trade receivables and accrued income from customer
invoicing
In accordance with note (r) of the Significant Accounting Policies, trade receivables are stated
at their nominal value as reduced by the expected lifetime credit losses. The Expected Credit
Loss model is applied to trade receivables from customer invoicing with credit losses measured
using a provisioning metric, adjusted where required, to take into account current macro-
economic factors. The Group do not consider any current or non-current assets to contain a
significant financing component and therefore have applied the simplified approach for
Expected Credit Losses. The Group assesses the expected recoverability of trade receivables
based on a categorisation matrix and applies a provision against such trade receivables based
on the historical collection experience of those categories (principally whether the indebted
customer remains with the Group or not, and the age of the debt). The Group also assesses
the latest information it has available on customer collections post the balance sheet date in
order to evaluate whether there has been any impact on its customers from changes in the
prevailing macroeconomic situation.
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Allowances as at 1 April
62,628
59,020 - -
Additions \u2013 charged to consolidated income
statement 41,207 33,389 - -
Allowances used on fully written down
receivables
(32,607) (29,781) - -
Allowances as at 31 March
71,228
62,628 - -
Analysis of trade receivables and accrued income from customer invoicing
The tables below show an aged debt analysis between debts owed by customers who are still
supplied by the Group (\u201cLive\u201d) and customers who are no longer supplied by the group
(\u201cClosed\u201d).
As at 31 March
Live
Closed
Total
2026 Gross Allowance Gross Allowance Gross Allowance Net
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Accrued income -
not past due
236,730 (3,395) - - 236,730 (3,395) 233,335
Trade receivables - past due
0-30 days
11,415
(2,769)
1,802
(785)
13,217
(3,554)
9,663
31-90 days
24,014
(5,701)
4,296
(3,468)
28,310
(9,169)
19,141
>91 days
97,641
(19,612)
18,865
(16,152)
116,506
(35,764)
80,742
Total past due
133,070
(28,082)
24,963
(20,405)
158,033
(48,487)
109,546
Trade receivables
Total due in over 1
53,030
(19,346)
-
-
53,030
(19,346)
33,684
year
Total trade
186,100
(47,428)
24,963
(20,405)
211,063
(67,833)
143,230
receivables
Total
422,830
(50,823)
24,963
(20,405)
447,793
(71,228)
376,565
As at 31 March
Live
Closed
Total
2025 Gross Allowance Gross Allowance Gross Allowance Net
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Accrued income -
not past due
239,906 (3,108) - - 239,906 (3,108) 236,798
Trade receivables - past due
0-30 days
10,919
(2,581)
1,779
(814)
12,698
(3,395)
9,303
31-90 days
21,470
(5,060)
3,460
(2,846)
24,930
(7,906)
17,024
>91 days
87,893
(19,315)
15,759
(13,662)
103,652
(32,977)
70,675
Total past due
120,282
(26,956)
20,998
(17,322)
141,280
(44,278)
97,002
Trade receivables
Total due in over
1 year
40,793
(15,242)
-
-
40,793
(15,242)
25,551
Total trade
161,075
(42,198)
20,998
(17,322)
182,073
(59,520)
122,553
receivables
Total
400,981
(45,306)
20,998
(17,322)
421,979
(62,628)
359,351
As at 31 March 2026 and 31 March 2025 the Group had made provision for past due debts and
therefore has no material exposure to trade receivables that were passed due and not
individually impaired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-390": { "value": "Allowance for credit losses on trade receivables and accrued income from customer invoicing In accordance with note (r) of the Significant Accounting Policies, trade receivables are stated at their nominal value as reduced by the expected lifetime credit losses. The Expected Credit Loss model is applied to trade receivables from customer invoicing with credit losses measured using a provisioning metric, adjusted where required, to take into account current macro- economic factors. The Group do not consider any current or non-current assets to contain a significant financing component and therefore have applied the simplified approach for Expected Credit Losses. The Group assesses the expected recoverability of trade receivables based on a categorisation matrix and applies a provision against such trade receivables based on the historical collection experience of those categories (principally whether the indebted customer remains with the Group or not, and the age of the debt). The Group also assesses the latest information it has available on customer collections post the balance sheet date in order to evaluate whether there has been any impact on its customers from changes in the prevailing macroeconomic situation.
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Allowances as at 1 April
62,628
59,020 - -
Additions \u2013 charged to consolidated income
statement 41,207 33,389 - -
Allowances used on fully written down
receivables
(32,607) (29,781) - -
Allowances as at 31 March
71,228
62,628 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-338": { "value": "
14. Costs to obtain contracts
The Group has the following assets at the reporting date in relation to contract costs:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Commissions paid to acquire contracts 15,630 6,466
Commissions paid in advance 19,907 20,108
35,537 26,574
Commissions paid to acquire contracts represent up-front commissions paid to Partners for
referring customers to the Group and are amortised when the related revenues are recognised
over the average lifetime of the Group's customers of 7 years. In the current period the
amount of amortisation was \u00a32.1m (2025: \u00a31.2m). Partners also earn commission on the
ongoing monthly use of the Group\u2019s services by customers they have referred (\u201ctrailing
commissions\u201d). Trailing commissions are recognised in the Statement of Comprehensive
Income as they are earned by Partners on an accruals basis. In the current period the amount
of trailing commissions was \u00a327.8m (2025: \u00a324.3m).
Commissions paid in advance represent the bringing forward of certain future trailing commission payments expected to be due on customers Partners have referred. These advance commission payments are amortised on a straight-line basis through the Statement of Comprehensive Income over the period during which they are earned and would otherwise have been paid had the payment not been brought forward. In the current period the amount of amortisation was \u00a311.1m (2025: \u00a311.1m). See accounting policies note (e). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-369": { "value": "
15. Interest bearing loans and borrowings
Loans \u2013 changes in liabilities from financing activities
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
As at 1 April 191,717 176,509
Changes from financing cashflows
Drawdown of bank loans 120,000 5,000
Drawdown of private placement loans - 50,000
Repayment of bank loans (80,000) (40,000)
Interest paid (13,733) (14,400)
Total changes from financing cashflows 26,267 600
Interest payments due during the period 13,733 14,400
Other changes - arrangement fees
Additions (30) (584)
Amortisation 574 792
Total other changes 544 208
Total long-term borrowings as at 31 March 232,261 191,717
Interest expense 15,299 13,103
Interest paid (13,733) (14,400)
Due within one year - -
Due after one year 233,550 193,550
233,550 193,550
The bank loans, when drawn down, are stated net of unamortised arrangement fees of
\u00a31,289,000 (2025: \u00a31,833,000) on the face of the Balance sheet. These costs have been
capitalised and are being amortised over the term of the bank loans.
In December 2024 the Group agreed to extend its revolving bank debt facilities to \u00a3205,000,000 with Barclays Bank PLC, Lloyds Bank PLC, HSBC PLC and Danske Bank PLC (\u2018the Revolving Debt Facilities\u2019) for the period to 17 November 2028. The Group has private placement debt facilities of \u00a375,000,000 with MetLife and Pricoa for the period to 17 November 2030. In March 2025 the Group increased private placement debt facilities by \u00a350,000,000 for the period to Mar 2032. The debt facilities are subject to two financial covenants: (i) Net debt/EBITDA of not more than 3.0:1; and (ii) EBITDA/net finance charges of not less than 3.0:1. The covenants are tested twice per year and the Group has significant headroom to the covenant limits under both these measures. The Group draws down on the revolving debt facilities in tranches as funds are required. The interest period on the drawn tranches is typically one month and the tranches automatically rollover at the end of each interest period unless the Group, at its discretion, decides to repay the tranche. The private placement facilities were fully drawn down at the start of the agreements and interest is payable at a fixed rate over the term of the facilities. In addition, as at 31 March 2026 the Group had letters of credit in place relating to certain energy distribution charges with a total value covered of \u00a39,150,000 (2025: \u00a35,800,000). All bank loans are secured through a floating charge on the assets of the Group. Maturity analysis
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Due in one year or less 14,000 20,490
Due in more than one year but not more than two years 14,000 20,490
Due in more than two years but not more than five years
262,731
374,234
290,731 415,214
The analysis of maturity above includes interest to be paid during the term of the loans in accordance with IFRS 7 Financial Instruments: Disclosures. Lease liabilities - changes in liabilities from financing activities
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
As at 1 April 3,168 3,821
Additional lease liability - 141
Lease modification (103) -
Gain on lease modification 9 -
Changes from financing cashflows
Payment of lease liabilities (811) (794)
Interest relating to lease liabilities (62) (85)
Total changes from financing cashflows (873) (879)
Interest relating to lease liabilities 62 85
As at 31 March 2,263 3,168
Maturity analysis
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Due in one year or less 781 863
Due in more than one year but not more than two years 1,550 2,436
Due in more than two years but not more than five years - 26
2,331 3,325
The analysis of maturity above shows the contractual undiscounted cashflows associated with lease liabilities. There are no lease liabilities in the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-339": { "value": "15. Interest bearing loans and borrowings Loans \u2013 changes in liabilities from financing activities
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
As at 1 April 191,717 176,509
Changes from financing cashflows
Drawdown of bank loans 120,000 5,000
Drawdown of private placement loans - 50,000
Repayment of bank loans (80,000) (40,000)
Interest paid (13,733) (14,400)
Total changes from financing cashflows 26,267 600
Interest payments due during the period 13,733 14,400
Other changes - arrangement fees
Additions (30) (584)
Amortisation 574 792
Total other changes 544 208
Total long-term borrowings as at 31 March 232,261 191,717
Interest expense 15,299 13,103
Interest paid (13,733) (14,400)
Due within one year - -
Due after one year 233,550 193,550
233,550 193,550
The bank loans, when drawn down, are stated net of unamortised arrangement fees of \u00a31,289,000 (2025: \u00a31,833,000) on the face of the Balance sheet. These costs have been capitalised and are being amortised over the term of the bank loans.
In December 2024 the Group agreed to extend its revolving bank debt facilities to
\u00a3205,000,000 with Barclays Bank PLC, Lloyds Bank PLC, HSBC PLC and Danske Bank PLC (\u2018the
Revolving Debt Facilities\u2019) for the period to 17 November 2028. The Group has private
placement debt facilities of \u00a375,000,000 with MetLife and Pricoa for the period to 17 November
2030. In March 2025 the Group increased private placement debt facilities by \u00a350,000,000 for
the period to Mar 2032. The debt facilities are subject to two financial covenants: (i) Net
debt/EBITDA of not more than 3.0:1; and (ii) EBITDA/net finance charges of not less than
3.0:1. The covenants are tested twice per year and the Group has significant headroom to the
covenant limits under both these measures. The Group draws down on the revolving debt
facilities in tranches as funds are required. The interest period on the drawn tranches is
typically one month and the tranches automatically rollover at the end of each interest period
unless the Group, at its discretion, decides to repay the tranche. The private placement
facilities were fully drawn down at the start of the agreements and interest is payable at a fixed
rate over the term of the facilities.
In addition, as at 31 March 2026 the Group had letters of credit in place relating to certain
energy distribution charges with a total value covered of \u00a39,150,000 (2025: \u00a35,800,000).
All bank loans are secured through a floating charge on the assets of the Group.
Maturity analysis
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Due in one year or less 14,000 20,490
Due in more than one year but not more than two years 14,000 20,490
Due in more than two years but not more than five years
262,731
374,234
290,731 415,214
The analysis of maturity above includes interest to be paid during the term of the loans in
accordance with IFRS 7 Financial Instruments: Disclosures.
Lease liabilities - changes in liabilities from financing activities
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
As at 1 April 3,168 3,821
Additional lease liability - 141
Lease modification (103) -
Gain on lease modification 9 -
Changes from financing cashflows
Payment of lease liabilities (811) (794)
Interest relating to lease liabilities (62) (85)
Total changes from financing cashflows (873) (879)
Interest relating to lease liabilities 62 85
As at 31 March 2,263 3,168
Maturity analysis
Group 2026 2025
\u00a3\u2019000 \u00a3\u2019000
Due in one year or less 781 863
Due in more than one year but not more than two years 1,550 2,436
Due in more than two years but not more than five years - 26
2,331 3,325
The analysis of maturity above shows the contractual undiscounted cashflows associated with
lease liabilities. There are no lease liabilities in the Company.
22. Financial instruments
Treasury activities take place under procedures and policies approved and monitored by the
Board. They are designed to minimise the financial risks faced by the Group which primarily
arise from credit, interest rate and liquidity risks.
Carrying amounts of financial instruments
All financial assets, which include cash, trade and other receivables and accrued income,
are held at amortised cost, with a total value for the Group of \u00a3565,463,000 (2025:
\u00a3522,638,000) and for the Company of \u00a33,856,000 (2025: \u00a32,495,000).
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Other non-current assets
90,543
68,335 2,275 2,275
Trade and other receivables
150,133
138,485 1,569 32
Accrued income
233,335
236,798 - -
Cash and cash equivalents
91,452
79,020 12 188
565,463 522,638 3,856 2,495
All financial liabilities, which include trade and other payables and accrued expenditure, are
held at amortised cost with a total value for the Group of \u00a3507,024,000 (2025:
\u00a3469,759,000) and for the Company \u00a3187,000 (2025: \u00a316,943,000).
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Trade and other payables
42,900
39,831 151 16,913
Accrued expenses
231,863
238,211 36 30
Long term borrowings
232,261
191,717 - -
507,024 469,759 187 16,943
Credit risk
All customers are invoiced monthly and approximately 90% pay by direct debit; accordingly
credit risk in respect of trade receivables is considered relatively low due to the large
number of customers supplied, each of whom represents an insignificant proportion of total
revenue.
The Company has a universal supply obligation in relation to the provision of energy to
domestic customers. This means that although the Company is entitled to request a
reasonable deposit from a potential new customer who is not considered creditworthy, the
Company is obliged to supply domestic energy to anyone who submits a properly
completed application form. Where such customers subsequently fail to pay for the energy
they have used, there is likely to be a delay before the Company is able to eliminate its
exposure to future bad debt from them by either installing a pre-payment meter or
disconnecting their supply, and the costs associated with preventing such customers from
increasing their indebtedness are not always fully recoverable.
Trade receivables are stated at their nominal value as reduced by the expected lifetime credit
losses. The Expected Credit Loss model is applied to trade receivables from customer
invoicing with credit losses measured using a provisioning metric, adjusted where required, to
take into account current macro-economic factors. The Group applies judgement to assess
the expected credit loss, taking into account historical collection patterns and prevailing
economic conditions.
The maximum credit risk for the Group is \u00a3565,463,000 (2025: \u00a3522,638,000) and for the
Company \u00a33,856,000 (2025: \u00a32,495,000).
Interest rate risk
The Group finances its day-to-day operations primarily through cash generated within the
business. Cash surpluses are placed on deposit with Barclays Bank PLC and Lloyds Bank
PLC at money market rates to maximise returns. As set out in note 15, the interest
charged on the Group\u2019s RCF borrowing facilities varies according to the prevailing 3-month
SONIA rate. The Group\u2019s profit and equity for the current year will not be significantly
affected by changes in the UK base rate of +/- 1% from current levels. Interest payable on
the Group\u2019s private placement borrowing facilities is fixed.
Commodity price risk
The Group is not materially exposed to any fluctuations in commodity prices due to the
nature of the agreements with wholesale providers of telephony and energy services and its
ability to pass the effect of any such fluctuations through to its customers.
Liquidity risk The Group\u2019s treasury management policies are designed to ensure continuity of funding. In the light of its track record, strong cash generation and continued prospects, the Group has been consistently successful in refinancing the debt facilities detailed in note 15. As a result of predictable cashflows and an asset-light operating model, the Group is able to maintain relatively conservative gearing levels which remain well within the covenants detailed in note 15. The covenants are formally tested twice per year and regular communication is maintained with the lenders. Any drawdowns and repayments of the Company\u2019s debt facilities are small in number, typically made at broadly the same time each year, and approved by the executive directors. Foreign currency risk The Group does not have any significant foreign currency exposure. Interest rate and currency profile of financial assets and liabilities All financial assets and liabilities are denominated in Sterling. Receivables due after one year include \u00a34,606,000 (2025: \u00a34,987,000) due mainly from distributors, elements of which earn interest at varying rates above Base Rate. Borrowing facilities At 31 March 2026, the Group had total revolving credit facilities of \u00a3205,000,000 (2025: \u00a3205,000,000) (\u201cRCF\u201d) and private placement facilities of \u00a3125,000,000 (2025: \u00a3125,000,000) (\u201cPPF\u201d). The RCF facilities are available to the Group until 17 November 2028, with \u00a375m of the PPF for the period to 17 November 2030 and \u00a350m of the PPF for the period to 31 March 2032. As at 31 March 2026 \u00a3108,550,000 of the RCF facilities was drawn down (2025: \u00a368,550,000 drawn down) and \u00a3125,000,000 of the PPF was drawn down (2025: \u00a3125,000,000). As at 31 March 2026 the Group also had letters of credit in place relating to certain energy distribution charges with a total value covered of \u00a39,150,000 (2025: \u00a35,800,000). The facilities are secured by fixed and floating charges over the assets of the Group and through cross guarantees with the subsidiaries Utility Warehouse Limited, Electricity Plus Supply Limited, Gas Plus Supply Limited, Utilities Plus Limited and Telecommunications Management Limited. Further details of the facilities are set out in note 15 of these financial statements.
Fair values
There is not considered to be any material difference between the fair value of any financial
instruments and their net book amount due to the short-term maturity of the instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-340": { "value": "
16. Trade and other payables
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
42,900
37,183 64 21
Inter-company payables
-
- 87 16,836
Other taxation and social security
20,356
11,548 - -
63,256 48,731 151 16,857
The contractual maturities for trade payables fall within one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-391": { "value": "16. Trade and other payables
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
42,900
37,183 64 21
Inter-company payables
-
- 87 16,836
Other taxation and social security
20,356
11,548 - -
63,256 48,731 151 16,857
The contractual maturities for trade payables fall within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-370": { "value": "16. Trade and other payables
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
42,900
37,183 64 21
Inter-company payables
-
- 87 16,836
Other taxation and social security
20,356
11,548 - -
63,256 48,731 151 16,857
The contractual maturities for trade payables fall within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-341": { "value": "
17. Accrued expenses and deferred income
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Accrued expenses
185,997
187,899 36 30
Energy payment on account creditors
34,536
38,421 - -
Insurance technical provisions
11,330
11,891 - -
Deferred income
1,516
1,592 - -
233,379 239,803 36 30
The contractual maturities of accrued expenses fall within one year. Accrued expenses mainly
represent supplier accruals for wholesale costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-371": { "value": "17. Accrued expenses and deferred income
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Accrued expenses
185,997
187,899 36 30
Energy payment on account creditors
34,536
38,421 - -
Insurance technical provisions
11,330
11,891 - -
Deferred income
1,516
1,592 - -
233,379 239,803 36 30
The contractual maturities of accrued expenses fall within one year. Accrued expenses mainly represent supplier accruals for wholesale costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-342": { "value": "
18. Capital and reserves
Issued share capital
2026
2025
Number Number
(\u2018000) \u00a3\u2019000 (\u2018000) \u00a3\u2019000
Authorised ordinary shares of 5p each in the Company
160,000
8,000 160,000 8,000
Allotted, called up and fully paid ordinary share capital:
At 1 April
80,716
4,036 80,016 4,001
Issue of new ordinary shares
504
25 700 35
At 31 March
81,220
4,061 80,716 4,036
Authorised \u2018B\u2019 shares of 2p each in subsidiary
650
13 650 13
Allotted and fully paid \u2018B\u2019 share capital:
At 1 April
330
6 330 6
Cancellation of \u2018B\u2019 shares
(57)
(1)
At 31 March
273
5 330 6
Total Group share capital at 31 March 4,066 4,042
At the year end the Company\u2019s share price was 1,292p and the range during the financial
year was 1,256p to 2,085p.
At 31 March 2026, the Company had 81,220,382 (2025: 80,716,767) shares in issue. The total
number of voting rights of 5p ordinary shares in the Company was 80,087,677 (2025:
79,584,062), excluding shares held in treasury. Since the year end, a further 351 shares have
been issued to satisfy the exercise of employee and distributor share options, increasing the
total number of voting rights of 5p ordinary shares in the Company to 80,088,028.
As at 31 March 2026 there were 1,132,705 ordinary shares held in treasury (2025: 1,132,705).
There are 252,638 ordinary shares held in the JSOP Share Trust, representing approximately
0.3% of issued share capital, on which voting and dividend rights have been waived. These
shares are included in the above total voting rights figure of 80,088,028. The JSOP reserve in
the Group accounts represents ordinary shares in the Company held by the JSOP Share Trust.
As at 31 March 2026, the total \u2018B\u2019 share capital in Utility Warehouse Limited was \u00a35,458 (2025:
\u00a36,000) and therefore the total Group share capital is \u00a34,066,000 (2025: \u00a34,042,000). This \u2018B\u2019
share capital represents the capital contributions from employees for subscriptions to the LTIP
2016 - growth shares incentive scheme detailed in note 21.
Capital management
The Group's overall objective when managing capital is to continue to provide attractive returns
to shareholders.
Total shareholder equity at 31 March 2026 was \u00a3266.8m (2025: \u00a3251.5m).
The Group's current capital management strategy is to retain sufficient working capital for day-
to-day operating requirements. The Group\u2019s capital management strategy is also to ensure
that interest costs are minimised.
Under the Group\u2019s energy supply arrangements, E.ON (formerly npower) is responsible for
funding the principal working capital requirements relating to the supply of energy to the
Company\u2019s customers. This includes funding the Budget Plans of customers who pay for their
energy in equal monthly instalments.
Dividends
2026
2025
\u00a3\u2019000 \u00a3\u2019000
Prior year final paid 57p (2025: 47p) per share 45,459 37,145
Interim paid 38p (2025: 37p) per share 30,335 29,292
The Directors have proposed a final dividend of 12p per ordinary share totalling approximately
\u00a39.6m, payable on 28 August 2026, to shareholders on the register at the close of business on
7 August 2026. In accordance with the Group\u2019s accounting policies the dividend has not been
included as a liability as at 31 March 2026. This dividend will be subject to income tax at each
recipient\u2019s individual marginal income tax rate. The Group has also allocated a further \u00a340m to
share buybacks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-372": { "value": "Issued share capital
2026
2025
Number Number
(\u2018000) \u00a3\u2019000 (\u2018000) \u00a3\u2019000
Authorised ordinary shares of 5p each in the Company
160,000
8,000 160,000 8,000
Allotted, called up and fully paid ordinary share capital:
At 1 April
80,716
4,036 80,016 4,001
Issue of new ordinary shares
504
25 700 35
At 31 March
81,220
4,061 80,716 4,036
Authorised \u2018B\u2019 shares of 2p each in subsidiary
650
13 650 13
Allotted and fully paid \u2018B\u2019 share capital:
At 1 April
330
6 330 6
Cancellation of \u2018B\u2019 shares
(57)
(1)
At 31 March
273
5 330 6
Total Group share capital at 31 March 4,066 4,042
At the year end the Company\u2019s share price was 1,292p and the range during the financial year was 1,256p to 2,085p. At 31 March 2026, the Company had 81,220,382 (2025: 80,716,767) shares in issue. The total number of voting rights of 5p ordinary shares in the Company was 80,087,677 (2025: 79,584,062), excluding shares held in treasury. Since the year end, a further 351 shares have been issued to satisfy the exercise of employee and distributor share options, increasing the total number of voting rights of 5p ordinary shares in the Company to 80,088,028. As at 31 March 2026 there were 1,132,705 ordinary shares held in treasury (2025: 1,132,705). There are 252,638 ordinary shares held in the JSOP Share Trust, representing approximately 0.3% of issued share capital, on which voting and dividend rights have been waived. These shares are included in the above total voting rights figure of 80,088,028. The JSOP reserve in the Group accounts represents ordinary shares in the Company held by the JSOP Share Trust. As at 31 March 2026, the total \u2018B\u2019 share capital in Utility Warehouse Limited was \u00a35,458 (2025: \u00a36,000) and therefore the total Group share capital is \u00a34,066,000 (2025: \u00a34,042,000). This \u2018B\u2019 share capital represents the capital contributions from employees for subscriptions to the LTIP 2016 - growth shares incentive scheme detailed in note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-392": { "value": "As at 31 March 2026 there were 1,132,705 ordinary shares held in treasury (2025: 1,132,705).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-393": { "value": "There are 252,638 ordinary shares held in the JSOP Share Trust, representing approximately 0.3% of issued share capital, on which voting and dividend rights have been waived. These shares are included in the above total voting rights figure of 80,088,028. The JSOP reserve in the Group accounts represents ordinary shares in the Company held by the JSOP Share Trust. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-373": { "value": "Capital management The Group's overall objective when managing capital is to continue to provide attractive returns to shareholders. Total shareholder equity at 31 March 2026 was \u00a3266.8m (2025: \u00a3251.5m). The Group's current capital management strategy is to retain sufficient working capital for day- to-day operating requirements. The Group\u2019s capital management strategy is also to ensure that interest costs are minimised. Under the Group\u2019s energy supply arrangements, E.ON (formerly npower) is responsible for funding the principal working capital requirements relating to the supply of energy to the Company\u2019s customers. This includes funding the Budget Plans of customers who pay for their energy in equal monthly instalments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-374": { "value": "Dividends
2026
2025
\u00a3\u2019000 \u00a3\u2019000
Prior year final paid 57p (2025: 47p) per share 45,459 37,145
Interim paid 38p (2025: 37p) per share 30,335 29,292
The Directors have proposed a final dividend of 12p per ordinary share totalling approximately \u00a39.6m, payable on 28 August 2026, to shareholders on the register at the close of business on 7 August 2026. In accordance with the Group\u2019s accounting policies the dividend has not been included as a liability as at 31 March 2026. This dividend will be subject to income tax at each recipient\u2019s individual marginal income tax rate. The Group has also allocated a further \u00a340m to share buybacks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-394": { "value": "0.12", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-343": { "value": "
19. Earnings per share
The calculation of basic and diluted earnings per share (\u201cEPS\u201d) is based on the following data:
2026 2025
\u00a3'000 \u00a3'000
Earnings for the purpose of basic and diluted EPS 80,670 76,097
Share incentive scheme charges (net of tax) 3,655 2,566
Restructuring costs (net of tax) 518 4,288
Energy platform set up costs (net of tax) 1,821 -
Amortisation of energy supply contract intangible asset 11,228 11,228
Earnings
per share based on adjusted profit post tax
for the
purpose of adjusted basic and diluted EPS
97,892 94,179
Number Number
(\u2018000s) (\u2018000s)
Weighted average number of ordinary shares for the
purpose of basic EPS
79,728 79,002
Effect of dilutive potential ordinary shares (share incentive 1,012 1,042
awards)
Weighted average number of ordinary shares for the
purpose of diluted EPS
80,740 80,044
Adjusted basic EPS
1
 122.8p 119.2p
Basic EPS
101.2p
96.3p
Adjusted diluted EPS
1
121.2p 117.7p
Diluted EPS
99.9p
95.1p
It has been deemed appropriate to present the analysis of adjusted EPS excluding share
incentive scheme charges due to the relative size and historical volatility of the charges. In
view of the size and nature of the charge as a non-cash item the amortisation of intangible
assets arising from the energy supply agreement with E.ON has also been adjusted. In 2026 it
has also been deemed appropriate to exclude energy platform set up costs due to MHHS given
the one-off non-recurring nature of these charges. The amortisation of the energy supply
contract intangible asset has not been adjusted for taxation as this item does not impact the
amount of corporation tax paid by the Group.
1
Adjusted basic and diluted EPS exclude share incentive scheme charges, the amortisation of the intangible asset
recognised as a result of the new energy supply arrangements entered into with npower in December 2013, energy
platform set up costs and restructuring costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-344": { "value": "
20. Commitments
Capital commitments
As at 31 March 2026 the Company had no significant capital commitments.
Energy supply arrangements
The Group entered into a 20-year energy supply agreement with npower (\u2018the SSA\u2019) on 20
December 2013. Following the merger between npower and E.ON\u2019s UK operations the supply
contract was novated to E.ON in 2021. The terms of the supply agreement were not changed
as a result of this novation.
In the event that the SSA is terminated by E.ON in certain circumstances, including on a
material breach by the Group or on the insolvency of the Company, additional consideration of
up to \u00a3111m may become payable by the Company to E.ON. Full details of the termination
provisions of the SSA were set out in paragraph 4 of Part VIII on page 38 of the prospectus
issued to shareholders on 20 November 2013.
However, given the energy supply agreement termination rights are either, in the directors\u2019
view, very unlikely to occur or entirely within the control of the Group, the directors believe the
likelihood of this type of termination event is remote.
The amount of the additional consideration reduces from \u00a3111m to \u00a311m over the remaining
life of the supply agreement. Furthermore, depending on the circumstances giving rise to a
termination event, the additional consideration (if payable) may be spread over the unexpired
term of the supply agreement. Following any such termination event, the Group would have
direct access to the wholesale energy markets and the opportunity to earn additional margin
from sourcing energy directly for the Group\u2019s customer base.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-375": { "value": "20. Commitments Capital commitments As at 31 March 2026 the Company had no significant capital commitments. Energy supply arrangements The Group entered into a 20-year energy supply agreement with npower (\u2018the SSA\u2019) on 20 December 2013. Following the merger between npower and E.ON\u2019s UK operations the supply contract was novated to E.ON in 2021. The terms of the supply agreement were not changed as a result of this novation. In the event that the SSA is terminated by E.ON in certain circumstances, including on a material breach by the Group or on the insolvency of the Company, additional consideration of up to \u00a3111m may become payable by the Company to E.ON. Full details of the termination provisions of the SSA were set out in paragraph 4 of Part VIII on page 38 of the prospectus issued to shareholders on 20 November 2013. However, given the energy supply agreement termination rights are either, in the directors\u2019 view, very unlikely to occur or entirely within the control of the Group, the directors believe the likelihood of this type of termination event is remote. The amount of the additional consideration reduces from \u00a3111m to \u00a311m over the remaining life of the supply agreement. Furthermore, depending on the circumstances giving rise to a termination event, the additional consideration (if payable) may be spread over the unexpired term of the supply agreement. Following any such termination event, the Group would have direct access to the wholesale energy markets and the opportunity to earn additional margin from sourcing energy directly for the Group\u2019s customer base.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-345": { "value": "
21. Share-based payments
Share options
The Company has three share option plans, two of which are available to employees, the
other to distributors of the Company. The Company also has a Save As You Earn share
option plan (\u2018the 2025 Employee SAYE Share Option Plan\u2019) for employees. A Deferred
Share Bonus Plan (\u2018DBP\u2019) is in place for the senior employees and the Telecom Plus
Incentive Plan (\u201cTPIP\u201d) is in place for executive directors (see Directors\u2019 Remuneration
Report).
New employees who have passed the requisite probationary period are issued with options
over shares in the Company, further options are also granted to existing employees
depending on their seniority and length of service (\u2018The Telecom Plus PLC 2017 Employee
Share Option Plan\u2019 and the \u2018Omnibus Share Option Plan\u2019). The 2025 Employee SAYE Share
Option Plan enables employees of the group to acquire shares in the Company in a tax
efficient manner using monies saved from salary over a three-year period.
The distributor scheme (\u2018The Telecom Plus PLC 2017 Networkers and Consultants Share
Option Plan\u2019) exists to provide incentives to the people who are most successful in
gathering new customers for the Company. As it is not possible to measure directly the
benefit received from these activities, the fair value of the benefit received has been
measured by reference to the fair value of the equity instruments granted.
A reconciliation of movements in the numbers of share options for the Group can be
summarised as follows:
2026
2025
Number Weighted Number Weighted
average average
exercise exercise
price price
At 1 April
3,585,981
1,416p 4,458,015 1,648p
Options granted
258,036
167p 513,546 136p
Options exercised
(494,865)
1,133p (488,592) 1,245p
Options lapsed/expired (restated*)
(304,605)
1,711p (896,988) 1,931p
At 31 March (restated*)
3,044,547
1,327p 3,585,981 1,416p
The weighted average share price at the date of exercise for the options exercised during the
year was 1,937.4p (2025: 1,772.2p).
*The prior year comparative for options lapsed/expired has been restated to include 6,100 options which had lapsed in
the prior year and which had previously been omitted. The total number of options at 31 March 2025 has therefore been
restated from 3,592,081 to 3,585,981. The effect of this change is not considered to be material.
During the current year ended 31 March 2026 and prior year ended 31 March 2025, the Group
issued share options to employees on the occasions set out below. No share options were
issued to distributors during these periods.
Share
price at Exercise Expected Risk free Dividend Fair value
grant date price volatility Option life rate yield per option
Grant date (pence) (pence) (%) (years) (%) (%) (pence)
Omnibus Share Option Plan
19/07/2024
1,784
5 32.53 10 3.75 4.65 1,117
10/12/2024
1,756
5 29.17 10 4.06 4.73 1,091
18/07/2025 1,984 5 26.84 10 3.93 4.74 1,232
10/12/2025 1,378 5 27.49 10 3.50 6.82 693
Deferred Shares Bonus Plan
19/07/2024
1,784
5 n/a 10 n/a n/a n/a
18/07/2025 1,984 5 n/a 10 n/a n/a n/a
2015
Employee SAYE Share Option Plan
15/08/2024
1,826
1,786 32.87 3.5 3.75 4.65 414
15/08/2025 1,870 2,003 26.66 3.5 3.79 5.03 299
Telecom Plus Incentive Plan
19/07/2024
1,784
5 29.17 10 3.75 4.65 1,117
01/07/2025 1,928 5 26.86 10 3.79 4.88 1,180
The Group has used a binomial model to value its share options, with account being taken of
vesting conditions where these were considered material. The expected volatility for the share
option arrangements is based on historical volatility determined by the analysis of daily share
price movements over the previous 12 months.
The options outstanding at the end of the year relating to employees are as follows:
Exercise
Number Number price per
1 April 2025 31 March 2026
share
Exercisable from
Expiry date
2007
Employee Share Option Plan
13 Jul 2015 67,875 - 985.0p
13 Jul 2018
12 Jul 2025
10 Dec 2015 1,579 - 1,074.0p
10 Dec 2018
09 Dec 2025
22 Jul 2016 53,000 51,500 1,047.0p
22 Jul 2019
21 Jul 2026
08 Dec 2016 16,885 7,000 1,209.0p
08 Dec 2019
07 Dec 2026
20 Jul 2017 27,226 26,052 1,117.0p
20 Jul 2020
19 Jul 2027
12 Dec 2017 14,790 11,540 1,181.0p
12 Dec 2020
11 Dec 2027
26 Jul 2018 39,458 23,080 1,057.0p
26 Jul 2021
25 Jul 2028
13 Dec 2018 21,661 11,361 1,370.0p
13 Dec 2021
12 Dec 2028
25 Jul 2019 76,635 66,560 1,342.0p
25 Jul 2022
24 Jul 2029
16 Dec 2019 53,720 33,932 1,383.0p
16 Dec 2022
15 Dec 2029
23 Jul 2020 99,200 43,170 1,382.0p
23 Jul 2023
22 Jul 2030
16 Dec 2020 70,415 36,300 1,474.0p
16 Dec 2023
15 Dec 2030
22 Jul 2021 95,005 57,430 1,045.0p
22 Jul 2024
21 Jul 2031
16 Dec 2021 299,366 148,635 1,520.0p
16 Dec 2024
15 Dec 2031
26 Jul 2022 351,545 315,295 2,178.0p
26 Jul 2025
25 Jul 2032
15 Dec 2022 427,485 362,255 2,247.0p
15 Dec 2025
14 Dec 2032
04 Aug 2023 888,400 785,300 1,647.0p
04 Aug 2026
03 Aug 2033
12 Dec 2023 325,840 280,650 1,523.0p
12 Dec 2026
11 Dec 2033
Deferred Shares Bonus Plan
22 Jul 2021 21,080 1,987
5.0p
22 Jul 2023
22 Jul 2031
26 Jul 2022 11,923 1,058
5.0p
26 Jul 2024
26 Jul 2032
04 Aug 2023 55,044 33,692
5.0p
04 Aug 2025
04 Aug 2033
19 Jul 2024 16,130 12,998
5.0p
19 Jul 2025
19 Jul 2034
18 Jul 2025 - 13,037
5.0p
18 Jul 2027
18 Jul 2035
2015
Employee SAYE Share Option Plan
18 Aug 2021 7,447 -
1,036.0p
01 Nov 2024
30 Apr 2025
18 Aug 2022 8,813 7,857
2,156.0p
01 Nov 2025
30 Apr 2026
17 Aug 2023 30,274 22,811
1,718.0p
01 Nov 2026
30 Apr 2027
15 Aug 2024 31,853 23,285
1,786.0p
01 Nov 2027
30 Apr 2028
15 Aug 2025 - 18,038
2,003.0p
01 Nov 2028
30 Apr 2029
Telecom Plus Incentive Plan
19 Jul 2024 215,682 215,682
5.0p
19 Jul 2026
19 Jul 2034
01 Jul 2025 - 90,741
5.0p
01 Jul 2028
01 Jul 2035
Exercise
Number Number price per
1 April 2025 31 March 2026 share
Exercisable from
Expiry date
Omnibus Share Option Plan
19 Jul 2024 200,850 177,951 5.0p
19 Jul 2027
19 Jul 2034
10 Dec 2024 36,700 35,650 5.0p
10 Dec 2027
10 Dec 2034
18 Jul 2025 - 94,100 5.0p
18 Jul 2028
18 Jul 2035
10 Dec 2025 - 34,100 5.0p
10 Dec 2028
10 Dec 2035
Total employee options 3,565,881 3,043,047
Weighted average
exercise price
1,419.0p
1,327.4p
The options outstanding at the end of the year relating to distributors are as follows:
Exercise
Number Number price per
1 April 2025 31 March 2026
share
Exercisable from
Expiry date
2007
Networkers and Consultants Share Option Plan
13 Jul 2015 18,600 -
985.0p
13 Jul 2018
12 Jul 2025
22 Jul 2016 1,500 1,500
1,047.0p
22 Jul 2019
21 Jul 2026
Total distributor options 20,100 1,500
Weighted average
exercise price
989.6p
1,047.0p
As at 31 March 2026, a total of 1,240,204 share options were exercisable (2025: 997,365)
at a weighted average exercise price of 1,818.57p (2025: 1,267.17p). The average
remaining contractual life of the outstanding options was 6.8 years (2025: 7.2 years).
LTIP 2016 \u2013 growth shares
The LTIP 2016 comprises the issue to participants of a class of \u2018growth\u2019 shares in Utility
Warehouse Limited (\u201cB shares\u201d), which potentially become convertible into ordinary shares in
the Company over a period of typically 3-10 years following the achievement of stretching
targets. If these targets are not achieved, then the growth shares lapse with no value to
participants.
The first awards of growth shares (\u201cB1 shares\u201d) were made to initial participants in the scheme
on 4 April 2017; these included the Chief Executive Officer and Chief Financial Officer of the
Company. In total 325,000 growth shares were issued to the directors and certain senior
employees on 4 April 2017, of which 128,500 have lapsed due to leavers. As set out in the
Directors\u2019 Remuneration Report for the year ended 31 March 2021, a further 37,500 held by
directors were lapsed due to the introduction of the Deferred Share Bonus Plan.
On 30 July 2018 and 20 November 2018, further awards of growth shares were made to certain
senior employees (\u201cB2 shares\u201d). In total 61,500 and 18,000 growth shares were issued
respectively on these dates, of those issued on 30 July 2018 47,500 have lapsed due to leavers
and of those issued on 20 November 2018 13,000 have lapsed.
No further awards will be made under the LTIP 2016.
The fair value of the growth shares issued for the purposes of IFRS 2 has been based on a
Monte-Carlo model and the key assumptions are set out below.
B1 shares \u2013 April 2017
Tranche 1
Tranche 2 Tranche 3 Tranche 4
Fair value (per share granted)
\u00a316.51
\u00a317.71 \u00a318.07 \u00a317.08
Number of awards granted
81,250
81,250 81,250 81,250
Key assumptions
Share price at grant
\u00a312.10
Exercise price
Nil
Dividend yield
4.5%
Expected term
2.3 to 9.3 years
Risk free rate
0.11%
to 0.99%
Share price volatility of the Company
33.2%
Discount for post vesting transfer restrictions for Tranches 1, 2 and 3
awards 6.3%
Discount for post vesting transfer restrictions for Tranche 4 awards
11.2%
B2 shares \u2013 July 2018
Tranche 1
Tranche 2 Tranche 3 Tranche 4
Fair value (per share granted)
\u00a310.14
\u00a310.70 \u00a310.79 \u00a39.68
Number of awards granted
15,375
15,375 15,375 15,375
Key assumptions
Share price at grant
\u00a310.36
Exercise price
Nil
Dividend yield
4.9%
Expected term
3 to 10 years
Risk free rate
0.86%
to 1.48%
Share price volatility of the Company
30.9%
Discount for post vesting transfer restrictions for Tranches 1, 2 and 3
awards 5.9%
Discount for post vesting transfer restrictions for Tranche 4 awards
10.3%
B2 shares \u2013 November 2018
Tranche 1
Tranche 2 Tranche 3 Tranche 4
Fair value (per share granted)
\u00a318.23
\u00a319.39 \u00a319.17 \u00a317.39
Number of awards granted
4,500
4,500 4,500 4,500
Key assumptions
Share price at grant
\u00a313.24
Exercise price
Nil
Dividend yield
4.5%
Expected term
2.7 to 9.7 years
Risk free rate
0.78%
to 1.35%
Share price volatility of the Company
29.9%
Discount for post vesting transfer restrictions for Tranches 1, 2 and 3
awards 5.7%
Discount for post vesting transfer restrictions for Tranche 4 awards
10.1%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-395": { "value": "22. Financial instruments Treasury activities take place under procedures and policies approved and monitored by the Board. They are designed to minimise the financial risks faced by the Group which primarily arise from credit, interest rate and liquidity risks. Carrying amounts of financial instruments All financial assets, which include cash, trade and other receivables and accrued income, are held at amortised cost, with a total value for the Group of \u00a3565,463,000 (2025: \u00a3522,638,000) and for the Company of \u00a33,856,000 (2025: \u00a32,495,000).
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Other non-current assets
90,543
68,335 2,275 2,275
Trade and other receivables
150,133
138,485 1,569 32
Accrued income
233,335
236,798 - -
Cash and cash equivalents
91,452
79,020 12 188
565,463 522,638 3,856 2,495
All financial liabilities, which include trade and other payables and accrued expenditure, are held at amortised cost with a total value for the Group of \u00a3507,024,000 (2025: \u00a3469,759,000) and for the Company \u00a3187,000 (2025: \u00a316,943,000).
Group
Company
2026 2025 2026 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Trade and other payables
42,900
39,831 151 16,913
Accrued expenses
231,863
238,211 36 30
Long term borrowings
232,261
191,717 - -
507,024 469,759 187 16,943
Credit risk All customers are invoiced monthly and approximately 90% pay by direct debit; accordingly credit risk in respect of trade receivables is considered relatively low due to the large number of customers supplied, each of whom represents an insignificant proportion of total revenue. The Company has a universal supply obligation in relation to the provision of energy to domestic customers. This means that although the Company is entitled to request a reasonable deposit from a potential new customer who is not considered creditworthy, the Company is obliged to supply domestic energy to anyone who submits a properly completed application form. Where such customers subsequently fail to pay for the energy they have used, there is likely to be a delay before the Company is able to eliminate its exposure to future bad debt from them by either installing a pre-payment meter or disconnecting their supply, and the costs associated with preventing such customers from increasing their indebtedness are not always fully recoverable. Trade receivables are stated at their nominal value as reduced by the expected lifetime credit losses. The Expected Credit Loss model is applied to trade receivables from customer invoicing with credit losses measured using a provisioning metric, adjusted where required, to take into account current macro-economic factors. The Group applies judgement to assess the expected credit loss, taking into account historical collection patterns and prevailing economic conditions. The maximum credit risk for the Group is \u00a3565,463,000 (2025: \u00a3522,638,000) and for the Company \u00a33,856,000 (2025: \u00a32,495,000). Interest rate risk The Group finances its day-to-day operations primarily through cash generated within the business. Cash surpluses are placed on deposit with Barclays Bank PLC and Lloyds Bank PLC at money market rates to maximise returns. As set out in note 15, the interest charged on the Group\u2019s RCF borrowing facilities varies according to the prevailing 3-month SONIA rate. The Group\u2019s profit and equity for the current year will not be significantly affected by changes in the UK base rate of +/- 1% from current levels. Interest payable on the Group\u2019s private placement borrowing facilities is fixed. Commodity price risk The Group is not materially exposed to any fluctuations in commodity prices due to the nature of the agreements with wholesale providers of telephony and energy services and its ability to pass the effect of any such fluctuations through to its customers. Liquidity risk The Group\u2019s treasury management policies are designed to ensure continuity of funding. In the light of its track record, strong cash generation and continued prospects, the Group has been consistently successful in refinancing the debt facilities detailed in note 15. As a result of predictable cashflows and an asset-light operating model, the Group is able to maintain relatively conservative gearing levels which remain well within the covenants detailed in note 15. The covenants are formally tested twice per year and regular communication is maintained with the lenders. Any drawdowns and repayments of the Company\u2019s debt facilities are small in number, typically made at broadly the same time each year, and approved by the executive directors. Foreign currency risk The Group does not have any significant foreign currency exposure. Interest rate and currency profile of financial assets and liabilities All financial assets and liabilities are denominated in Sterling. Receivables due after one year include \u00a34,606,000 (2025: \u00a34,987,000) due mainly from distributors, elements of which earn interest at varying rates above Base Rate. Borrowing facilities At 31 March 2026, the Group had total revolving credit facilities of \u00a3205,000,000 (2025: \u00a3205,000,000) (\u201cRCF\u201d) and private placement facilities of \u00a3125,000,000 (2025: \u00a3125,000,000) (\u201cPPF\u201d). The RCF facilities are available to the Group until 17 November 2028, with \u00a375m of the PPF for the period to 17 November 2030 and \u00a350m of the PPF for the period to 31 March 2032. As at 31 March 2026 \u00a3108,550,000 of the RCF facilities was drawn down (2025: \u00a368,550,000 drawn down) and \u00a3125,000,000 of the PPF was drawn down (2025: \u00a3125,000,000). As at 31 March 2026 the Group also had letters of credit in place relating to certain energy distribution charges with a total value covered of \u00a39,150,000 (2025: \u00a35,800,000). The facilities are secured by fixed and floating charges over the assets of the Group and through cross guarantees with the subsidiaries Utility Warehouse Limited, Electricity Plus Supply Limited, Gas Plus Supply Limited, Utilities Plus Limited and Telecommunications Management Limited. Further details of the facilities are set out in note 15 of these financial statements. Fair values There is not considered to be any material difference between the fair value of any financial instruments and their net book amount due to the short-term maturity of the instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-376": { "value": "Credit risk All customers are invoiced monthly and approximately 90% pay by direct debit; accordingly credit risk in respect of trade receivables is considered relatively low due to the large number of customers supplied, each of whom represents an insignificant proportion of total revenue. The Company has a universal supply obligation in relation to the provision of energy to domestic customers. This means that although the Company is entitled to request a reasonable deposit from a potential new customer who is not considered creditworthy, the Company is obliged to supply domestic energy to anyone who submits a properly completed application form. Where such customers subsequently fail to pay for the energy they have used, there is likely to be a delay before the Company is able to eliminate its exposure to future bad debt from them by either installing a pre-payment meter or disconnecting their supply, and the costs associated with preventing such customers from increasing their indebtedness are not always fully recoverable. Trade receivables are stated at their nominal value as reduced by the expected lifetime credit losses. The Expected Credit Loss model is applied to trade receivables from customer invoicing with credit losses measured using a provisioning metric, adjusted where required, to take into account current macro-economic factors. The Group applies judgement to assess the expected credit loss, taking into account historical collection patterns and prevailing economic conditions. The maximum credit risk for the Group is \u00a3565,463,000 (2025: \u00a3522,638,000) and for the Company \u00a33,856,000 (2025: \u00a32,495,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-377": { "value": "Interest rate risk The Group finances its day-to-day operations primarily through cash generated within the business. Cash surpluses are placed on deposit with Barclays Bank PLC and Lloyds Bank PLC at money market rates to maximise returns. As set out in note 15, the interest charged on the Group\u2019s RCF borrowing facilities varies according to the prevailing 3-month SONIA rate. The Group\u2019s profit and equity for the current year will not be significantly affected by changes in the UK base rate of +/- 1% from current levels. Interest payable on the Group\u2019s private placement borrowing facilities is fixed. Commodity price risk The Group is not materially exposed to any fluctuations in commodity prices due to the nature of the agreements with wholesale providers of telephony and energy services and its ability to pass the effect of any such fluctuations through to its customers.
Foreign currency risk
The Group does not have any significant foreign currency exposure.
Interest rate and currency profile of financial assets and liabilities
All financial assets and liabilities are denominated in Sterling. Receivables due after one
year include \u00a34,606,000 (2025: \u00a34,987,000) due mainly from distributors, elements of
which earn interest at varying rates above Base Rate.
Borrowing facilities
At 31 March 2026, the Group had total revolving credit facilities of \u00a3205,000,000 (2025:
\u00a3205,000,000) (\u201cRCF\u201d) and private placement facilities of \u00a3125,000,000 (2025:
\u00a3125,000,000) (\u201cPPF\u201d). The RCF facilities are available to the Group until 17 November
2028, with \u00a375m of the PPF for the period to 17 November 2030 and \u00a350m of the PPF for
the period to 31 March 2032. As at 31 March 2026 \u00a3108,550,000 of the RCF facilities was
drawn down (2025: \u00a368,550,000 drawn down) and \u00a3125,000,000 of the PPF was drawn
down (2025: \u00a3125,000,000). As at 31 March 2026 the Group also had letters of credit in
place relating to certain energy distribution charges with a total value covered of
\u00a39,150,000 (2025: \u00a35,800,000).
The facilities are secured by fixed and floating charges over the assets of the Group and
through cross guarantees with the subsidiaries Utility Warehouse Limited, Electricity Plus
Supply Limited, Gas Plus Supply Limited, Utilities Plus Limited and Telecommunications
Management Limited. Further details of the facilities are set out in note 15 of these
financial statements.
Fair values There is not considered to be any material difference between the fair value of any financial instruments and their net book amount due to the short-term maturity of the instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-378": { "value": "Liquidity risk The Group\u2019s treasury management policies are designed to ensure continuity of funding. In the light of its track record, strong cash generation and continued prospects, the Group has been consistently successful in refinancing the debt facilities detailed in note 15. As a result of predictable cashflows and an asset-light operating model, the Group is able to maintain relatively conservative gearing levels which remain well within the covenants detailed in note 15. The covenants are formally tested twice per year and regular communication is maintained with the lenders. Any drawdowns and repayments of the Company\u2019s debt facilities are small in number, typically made at broadly the same time each year, and approved by the executive directors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-400": { "value": "Fair values There is not considered to be any material difference between the fair value of any financial instruments and their net book amount due to the short-term maturity of the instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-346": { "value": "
23. Related parties
Identity of related parties
The Company has related party relationships with its subsidiaries (see note 9) and with its
directors and executive officers.
Transactions with key management personnel
Directors of the Company and their immediate relatives control approximately 10.8% of the
voting shares of the Company. No other employees are considered to meet the definition
of key management personnel other than those disclosed in the Directors\u2019 Remuneration
Report.
Details of the total remuneration paid to the directors of the Company as key management
personnel for qualifying services are set out below:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
2,780
2,715
Social security costs
426
361
Post-employment benefits
56
118
3,262 3,194
Share incentive scheme charges
996
797
4,258
3,991
Aggregate Directors\u2019 emoluments
The table below analyses the total amount of Directors\u2019 remuneration in accordance with
Schedule 5 to the Accounting Regulations.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Salaries, fees, bonuses and benefits in kind
2,780
2,715
Gains on exercise of share options
594
-
Pension contributions
56
118
3,430
2,833
As at 31 March 2026 two (2025: two) directors had retirement benefits accruing under
money purchase pension schemes. Further information about the individual remuneration
of Directors is provided in the audited section of the Directors\u2019 Remuneration Report.
During the year ended 31 March 2026, the Group made sales to Glow Green worth
\u00a3578,000 (2025: \u00a3809,000). Glow Green is a former subsidiary and now owned by Charles
Wigoder, the Non-Executive Chairman of the Group. There is an outstanding loan
receivable owed by Glow Green to the Group of \u00a36,450,000 (2025: \u00a36,450,000). The loan
receivable is repayable in full on 1 April 2027 and attracts interest at SONIA +2.5%. This
loan receivable has been personally guaranteed by Charles Wigoder.
During the year directors purchased goods and services on behalf of the Group worth
\u00a330,000 (2025: \u00a316,000). The directors were fully reimbursed for the purchases and no
amounts were owing to the directors by the Group as at 31 March 2026. During the year
the directors purchased goods and services from the Group worth approximately \u00a317,000
(2025: \u00a383,000) and persons closely connected with the directors earned commissions as
Partners for the Group of approximately \u00a34,000 (2025: \u00a311,000).
Subsidiary companies
During the year ended 31 March 2026, the subsidiaries purchased goods and services
from the Company in the amount of \u00a358,000 (2025: \u00a351,000 purchased by the
subsidiaries from the Company).
During the year ended 31 March 2026 the Company also received distributions from
subsidiaries of \u00a390,000,000 (2025: \u00a370,000,000). At 31 March 2026 the Company owed
the subsidiaries \u00a387,000 which is recognised within trade payables (2025: \u00a316,836,000
owed by the Company to the subsidiaries).
All related party transactions were conducted on terms equivalent to those prevailing in
arm\u2019s length transactions where relevant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-396": { "value": "23. Related parties Identity of related parties The Company has related party relationships with its subsidiaries (see note 9) and with its directors and executive officers. Transactions with key management personnel Directors of the Company and their immediate relatives control approximately 10.8% of the voting shares of the Company. No other employees are considered to meet the definition of key management personnel other than those disclosed in the Directors\u2019 Remuneration Report. Details of the total remuneration paid to the directors of the Company as key management personnel for qualifying services are set out below:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
2,780
2,715
Social security costs
426
361
Post-employment benefits
56
118
3,262 3,194
Share incentive scheme charges
996
797
4,258
3,991
Aggregate Directors\u2019 emoluments The table below analyses the total amount of Directors\u2019 remuneration in accordance with Schedule 5 to the Accounting Regulations.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Salaries, fees, bonuses and benefits in kind
2,780
2,715
Gains on exercise of share options
594
-
Pension contributions
56
118
3,430
2,833
As at 31 March 2026 two (2025: two) directors had retirement benefits accruing under money purchase pension schemes. Further information about the individual remuneration of Directors is provided in the audited section of the Directors\u2019 Remuneration Report. During the year ended 31 March 2026, the Group made sales to Glow Green worth \u00a3578,000 (2025: \u00a3809,000). Glow Green is a former subsidiary and now owned by Charles Wigoder, the Non-Executive Chairman of the Group. There is an outstanding loan receivable owed by Glow Green to the Group of \u00a36,450,000 (2025: \u00a36,450,000). The loan receivable is repayable in full on 1 April 2027 and attracts interest at SONIA +2.5%. This loan receivable has been personally guaranteed by Charles Wigoder. During the year directors purchased goods and services on behalf of the Group worth \u00a330,000 (2025: \u00a316,000). The directors were fully reimbursed for the purchases and no amounts were owing to the directors by the Group as at 31 March 2026. During the year the directors purchased goods and services from the Group worth approximately \u00a317,000 (2025: \u00a383,000) and persons closely connected with the directors earned commissions as Partners for the Group of approximately \u00a34,000 (2025: \u00a311,000). Subsidiary companies During the year ended 31 March 2026, the subsidiaries purchased goods and services from the Company in the amount of \u00a358,000 (2025: \u00a351,000 purchased by the subsidiaries from the Company). During the year ended 31 March 2026 the Company also received distributions from subsidiaries of \u00a390,000,000 (2025: \u00a370,000,000). At 31 March 2026 the Company owed the subsidiaries \u00a387,000 which is recognised within trade payables (2025: \u00a316,836,000 owed by the Company to the subsidiaries). All related party transactions were conducted on terms equivalent to those prevailing in arm\u2019s length transactions where relevant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "fact-379": { "value": "Transactions with key management personnel Directors of the Company and their immediate relatives control approximately 10.8% of the voting shares of the Company. No other employees are considered to meet the definition of key management personnel other than those disclosed in the Directors\u2019 Remuneration Report. Details of the total remuneration paid to the directors of the Company as key management personnel for qualifying services are set out below:
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits
2,780
2,715
Social security costs
426
361
Post-employment benefits
56
118
3,262 3,194
Share incentive scheme charges
996
797
4,258
3,991
Aggregate Directors\u2019 emoluments The table below analyses the total amount of Directors\u2019 remuneration in accordance with Schedule 5 to the Accounting Regulations.
2026 2025
\u00a3\u2019000 \u00a3\u2019000
Salaries, fees, bonuses and benefits in kind
2,780
2,715
Gains on exercise of share options
594
-
Pension contributions
56
118
3,430
2,833
As at 31 March 2026 two (2025: two) directors had retirement benefits accruing under money purchase pension schemes. Further information about the individual remuneration of Directors is provided in the audited section of the Directors\u2019 Remuneration Report. During the year ended 31 March 2026, the Group made sales to Glow Green worth \u00a3578,000 (2025: \u00a3809,000). Glow Green is a former subsidiary and now owned by Charles Wigoder, the Non-Executive Chairman of the Group. There is an outstanding loan receivable owed by Glow Green to the Group of \u00a36,450,000 (2025: \u00a36,450,000). The loan receivable is repayable in full on 1 April 2027 and attracts interest at SONIA +2.5%. This loan receivable has been personally guaranteed by Charles Wigoder. During the year directors purchased goods and services on behalf of the Group worth \u00a330,000 (2025: \u00a316,000). The directors were fully reimbursed for the purchases and no amounts were owing to the directors by the Group as at 31 March 2026. During the year the directors purchased goods and services from the Group worth approximately \u00a317,000 (2025: \u00a383,000) and persons closely connected with the directors earned commissions as Partners for the Group of approximately \u00a34,000 (2025: \u00a311,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300QGHDX5UKE58G86", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }