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"value": "1. Accounting policies Where accounting policies are particular to an individual note, narrative regarding the policy is included with the relevant note; for example, the accounting policy in relation to inventory is detailed in Note 17 (Inventories). (a) General information TheWorks.co.uk plc is a leading UK multi-channel value retailer of arts and crafts, stationery, toys, games and books, offering customers a differentiated proposition as a value alternative to full price specialist retailers. The Group operates a network of over 500 stores in the UK & Ireland and online. TheWorks.co.uk plc (the \u2018Company\u2019) is a UK-based public limited company (11325534) with its registered office at Boldmere House, Faraday Avenue, Hams Hall Distribution Park, Coleshill, Birmingham B46 1AL. These consolidated financial statements for the 52 weeks ended 30 April 2023 (FY23 or the \u2018Period\u2019) comprise the results of the Company and its subsidiaries (together referred to as the \u2018Group\u2019) and are presented in pounds sterling. All values are rounded to the nearest thousand (\u00a3000), except when otherwise indicated. (b) Basis of preparation The Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies, and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience, future budgets and forecasts, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Group\u2019s significant judgements and estimates relate to going concern and fixed asset impairment; these are described in Note 1(f). (i) Going concern The financial statements have been prepared on a going concern basis, which the Directors consider appropriate for the reasons set out below. The Directors have assessed the prospects of the Group, taking into account its current position and the potential impact of the principal risks documented in the Strategic report on pages 1 to 57. The financial statements have been prepared on a going concern basis, which the Directors consider appropriate having made this assessment. The Group has prepared cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements (the going concern assessment period), based on the Board\u2019s forecast for FY24 and its 3 Year Plan, referred to as the \u2018Base Case\u2019 scenario. In addition, a \u2018severe but plausible\u2019 \u2018Downside Case\u2019 sensitivity has been prepared to support the Board\u2019s conclusion regarding going concern, by stress testing the Base Case to indicate the financial headroom resulting from applying more pessimistic assumptions. In assessing the basis of preparation the Directors have considered: \u2022 the external environment; \u2022 the Group\u2019s financial position including the quantum and expectations regarding availability of bank facilities; \u2022 the potential impact on financial performance of the risks described in the Strategic report; \u2022 the output of the Base Case scenario, which mirrors the Group\u2019s 3 year plan and therefore represents their estimate of the most likely financial performance over the forecast period; \u2022 measures to maintain or increase liquidity in the event of a significant downturn in trading; \u2022 the resilience of the Group to these risks having a more severe impact, evaluated via the Downside Case which shows the impact on the Group\u2019s cash flows, bank facility headroom and covenants. These factors are described below. External environment The risks which are considered the most significant to this evaluation relate to the economy and the market, specifically their effect on the strength of trading conditions, and the Group\u2019s ability to successfully execute its strategy. The risk of weaker consumer demand is considered to be the greater of these risks, due to the continued high level of inflation and its potential effect on economic growth and consumer spending. An emerging risk has been noted in relation to the possible effects of climate change, but this is not expected to have a material financial impact on the Group during the forecast period. Financial position and bank facilities At the end of FY23 the Group held net cash at bank of \u00a310.2m (FY22: net cash at bank of \u00a316.3m). After the Period end, the Group extended the tenor of its bank facility by one year and it now expires on 30 November 2026. At the same time, following a review of the historic utilisation of the facility, the Group\u2019s anticipated future cash requirements, and the costs of maintaining the facility, the Group requested that HSBC reduce the size of the facility from \u00a330m to \u00a320m. The facility includes two financial covenants which are tested quarterly: 1. the \u201cLeverage Ratio\u201d or level of net debt to LTM (last twelve months\u2019) EBITDA must not exceed 2.5 times during the life of the facility. 2. the \u201cFixed Charge Cover\u201d or ratio of LTM EBITDA prior to deducting rent and interest, to LTM rent and interest. This covenant increases in steps to reflect the expectation of progressively improving financial performance during the life of the facility, as follows: until October 2023, the ratio must be at least 1.20 times; for the following 12 months the ratio must be at least 1.25 times, and thereafter at least 1.30 times. The Group expects to be able to operate and have sufficient headroom within these covenants during the forecast period. Potential impact of risks on financial scenarios It is considered unlikely that all the risks described in the Strategic report would manifest themselves to adversely affect the business at the same time. The Base Case scenario/the Group\u2019s 3 year financial plan, implicitly already takes into account the risks described, and assumes that they manifest themselves in a way or to an extent that might be considered \u201cneutral\u201d. The Downside Case scenario assumes that there are more severely negative effects than in the Base Case. In particular, the Downside Case assumptions are that macroeconomic conditions are significantly worse, resulting in reduced consumer spending and lower sales. It should be noted that the Base Case already takes into account the current subdued consumer market conditions. The Downside Case assumes that conditions become worse still from the second half of the FY24 financial year. Base Case scenario The Base Case scenario assumptions reflect the following factors: \u2022 Store sales (which represent over 85% of total sales) during the first part of FY24 are above the Base Case requirement but online sales are below it. The Group is implementing plans to improve its online profitability in the medium term; in the short term, costs relating to the online business are being tightly controlled to ensure that they reflect the reduced sales level. \u2022 The Base Case gross margin percentage reflects the expected full year effect in FY24 of targeted price increases applied since the beginning of 2023 and also significantly lower ocean container freight costs. These favourable factors are partially offset by a less favourable hedged FX rate than in FY23. \u2022 Anticipated further inflationary effects, in particular the increase in the National Living Wage. In respect of other costs, notably property occupancy costs, it is not expected that there will be further significant inflationary effects during FY24 and FY25, following the significant increases (for example in electricity costs) already experienced during FY23. \u2022 Capital expenditure levels are in line with the Group\u2019s strategic plan. A significant proportion of the Group\u2019s capital expenditure is discretionary, particularly over a short-term time period. As a result, if required, it can therefore be reduced substantially, for example, in the event the Group needing to preserve cash. \u2022 The anticipated costs of the Group\u2019s net zero climate change commitments have been incorporated within the Base Case model. As set out in the climate related disclosures on pages 36 to 44, the impact on the Group\u2019s financial performance and position is not expected to be material in the short term. \u2022 The plan makes provision for dividend payments. Under the Base Case scenario, the Group expects to make routine operational use of its bank facility each year as stock levels are increased in September-October, prior to peak sales occurring. This is consistent with the normal pattern experienced prior to COVID-19. The output of the Base Case model scenario indicates that the Group has sufficient financial resources to continue to operate as a going concern and for the financial statements to be prepared on this basis. Measures to maintain or increase liquidity in circumstances such as are described below If necessary, mitigating actions can and would be taken in response to a significant downturn in trading such as is described below, which would increase liquidity. These include, for example, delaying and reducing stock purchases, stock liquidation, reductions in capital expenditure, the review of payment terms and the review of dividend levels. Some of these potential mitigations have been built into the Downside Case model, and some are additional measures that would be available in the event of that scenario, or worse, actually occurring. Severe but plausible Downside Case scenario The Downside Case makes the following assumptions to reflect more adverse macroeconomic conditions compared to the Base Case: \u2022 Store LFL sales are assumed to be 5% lower than in the Base Case from October 2023 until January 2025. \u2022 In this scenario online sales are assumed to be lower than in the Base Case during FY24 despite the Group\u2019s attempts to increase them, but show recovery in FY25. \u2022 The product gross margin assumptions are the same as in the Base Case other than in January 2024 when it is lower, to allow for the clearance of stock which is assumed would have accumulated due to the inability to reduce stock purchases immediately in response to the lower sales level. Expected FX requirements are hedged until mid FY25, and freight rates are hedged until the end of 2023. Beyond that time, it is not anticipated that there will be any interruption to global freight systems as was experienced as a result of the COVID pandemic, which were a consequence of unique circumstances. Other gross margin inputs are relatively controllable, including via the setting of selling prices to reflect any systematic changes in the cost price of goods bought for resale. \u2022 Volume related costs in the Downside Case are lowered where they logically alter in a direct relationship with sales levels, for example, forecast online fulfilment and marketing costs. The model also reflects certain steps which could be taken to mitigate the effect of lower sales, depending on management\u2019s assessment of the situation at the time. These include adjustments to stock purchases, reducing capital expenditure, reductions in labour usage, a reduction in discounts allowed as part of the Group\u2019s loyalty scheme and the suspension of dividend payments. \u2022 The combined financial effect of the modified assumptions in this scenario compared with the Base Case, during FY24 and FY25, including implementing some of the mitigating activities available, would result in: \u2022 a reduction in store net sales of approximately \u00a334m. \u2022 a reduction in online net sales of approximately \u00a31m. \u2022 a reduction to EBITDA of approximately \u00a39m. Under this scenario the Group will draw on its bank facility prior to Christmas 2023 but, as a result of the mitigating actions that would be taken in H2 FY24 in response to a downturn in sales, particularly in reducing the value of stock bought for resale, it would not make subsequent use of the bank facility. The bank facility financial covenants are complied with during the pre-Christmas 2023 period when the facility is being used, but the forecast indicates that the Fixed Charge covenant will not be complied with throughout FY25, although at this time, the facility is not expected to be in use under this scenario. On the basis of this Downside Case scenario with the \u201csevere but plausible\u201d set of assumptions as described, the business would continue to have adequate resources to continue in operation. However, the cash headroom at the quarterly covenant testing points in FY25 falling within the going concern period is limited, and there are reasonably plausible scenarios in which this headroom could be eroded and create a borrowing requirement. For example, if sales decreased by a further 1% during the going concern period compared with the Downside Case, a small borrowing requirement could arise. The Group has a strong relationship with its bank, HSBC, and has a recent track record of working collaboratively with the bank to resolve potential covenant issues, for example, a waiver was agreed by HSBC in 2021 as noted in the Group\u2019s FY21 Annual Report. Despite this strong relationship with the bank and the recent evidence of successfully managing comparable situations, if a borrowing requirement arose when the financial covenants are not complied with, there is a risk that the Group would not be able to utilise its borrowing facilities if required. The Directors believe that, should such a situation arise in practice, it would have time before a potential breach to mitigate further, and potentially to make arrangements with the bank, as has occurred previously, to adjust the covenant levels to prevent a breach. Furthermore, the Group has successfully managed through challenging conditions during the recent COVID pandemic, and the Directors believe it unlikely that comparably challenging conditions will be experienced during the forecast period, despite the concerns regarding the current macroeconomic conditions. Nevertheless, despite the Directors\u2019 confidence in relation to these matters, there is no certainty as to whether the mitigating actions would provide the level of liquidity required in the time available to implement them, nor whether the bank would make adjustments to the financial covenants. Going concern and basis of preparation conclusion Based on all of the above considerations the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Group\u2019s and the Company\u2019s ability to continue as a going concern and, therefore, that the Group and Company may be unable to realise their assets and discharge their liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. (ii) New accounting standards The Group has applied the following new standards and interpretations for the first time for the annual reporting period commencing 2 May 2022: \u2022 Annual Improvements to IFRS 2018-2020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41) \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16) \u2022 References to the Conceptual Framework (Amendments to IFRS 3) \u2022 COVID-19 Related Rent Concessions beyond 30 June 2021 (Amendments to IFRS 16) The adoption of the standards and interpretations listed above has not led to any changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. As at the date of approval of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue, but not yet effective: \u2022 Insurance Contracts (IFRS 17) \u2022 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17) \u2022 Extension to the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) \u2022 Disclosure of Accounting Policies (Amendments to IAS 1) \u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) The adoption of the standards and interpretations listed above is not expected to have a material impact on the financial position or performance of the Group. (c) Accounting convention The consolidated financial statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities (including derivative instruments), which are held at fair value. (d) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to direct the activities that affect those returns through its power over the entity. Consolidation of a subsidiary begins from the date control commences and continues until control ceases. The Company reassesses whether or not it controls an investee if circumstances indicate that there are changes to the elements of control detailed above. An Employee Benefit Trust operated on the Group\u2019s behalf (EBT) is acting as an agent of the Company, therefore the assets and liabilities of the EBT are aggregated into the Company balance sheet and shares held by the EBT in the Company are presented as a deduction from equity. (e) Business combinations Subject to the transitional relief in IFRS 1, all business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group measures goodwill at the acquisition date as the fair value of the consideration transferred, less the fair value of identifiable assets acquired and liabilities assumed. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition are expensed to the income statement as incurred. (f) Key sources of estimation uncertainty The preparation of consolidated financial statements requires the Group to make estimates and judgements that affect the application of policies and reported amounts. Critical judgements represent key decisions made by management in the application of the Group\u2019s accounting policies. Where a significant risk of materially different outcomes exists, this will represent a key source of estimation uncertainty. Estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Key sources of estimation uncertainty which are material to the financial statements are described in the context of the matters to which they relate, in the following notes: Description Note Page Going concern 1(b)(i) 103 to 105 Impairment of intangible assets, property, plant and equipment and right-of-use assets 13, 14 113 to 118 Accounting policy Revenue comprises receipts from the sale of goods, less deductions for actual and expected returns, discounts and vouchers redeemable by members of the Group\u2019s loyalty scheme and is stated net of value added tax and other sales taxes. Revenue is recognised at the point of completing the physical sale in stores, and when the goods have been delivered to the customer in the case of online sales. These are the points when IFRS 15 \u2018performance obligations\u2019 are deemed to have been satisfied. Transactions that result in customers earning points subsequently exchangeable for discounts under the Group\u2019s loyalty scheme are accounted for as multiple element revenue transactions. The fair value of the consideration received is allocated between the goods supplied and the points granted. The consideration allocated to the points is measured by reference to their fair value \u2013 the amount for which the points could theoretically be sold separately. The consideration allocated to the points is not recognised as revenue at the time of the initial sale transaction, but is deferred, and recognised as revenue when the points are redeemed and the Group\u2019s obligations have been fulfilled. Accounting policy The business was classified as a \u2018non-essential retailer\u2019 during the COVID-19 pandemic and was therefore required to close its shops during periods of lockdown in the FY20 and FY21 financial years. Accordingly, the Group made full use of the support schemes available from the Government to partially mitigate the loss of profit caused by the various periods of closure of the retail stores. The \u00a3119k charge noted in the prior period is to correct an immaterial overstatement of the Coronavirus Job Retention Scheme (CJRS) income reported in respect of FY21. The COVID-19 business rates relief received during the year was \u00a3227k (FY22: \u00a35,828k), which is included within cost of sales. Accounting policy The Group tracks a number of APMs in managing its business, which are not defined or specified under the requirements of IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS or are calculated using financial measures that are not calculated in accordance with IFRS. The Group believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the business. They are consistent with how the business performance is planned and reported internally and are also consistent with how these measures have been reported historically. Some of the APMs are also used for the purpose of setting remuneration targets. The APMs should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated financial statements prepared in accordance with IFRS. The Group believes that the APMs are useful indicators of its performance but they may not be comparable with similarly titled measures reported by other companies due to the possibility of differences in the way they are calculated. Accounting policy Finance expense comprises interest charges and amortised facility fee costs. Finance income comprises interest income and is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest is recognised in profit as it accrues, using the effective interest method. Accounting policy The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Accounting policy At the balance sheet date, dividends are only recognised as a liability if they are appropriately authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. Accounting policy Goodwill Goodwill arising on consolidation represents any excess of the consideration paid and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. Goodwill was fully impaired in FY20. Software Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services (such as consultancy), as well as internal payroll related costs for employees who are directly working on the project. Internal payroll related costs are capitalised if the recognition criteria of IAS 38 Intangible Assets are met or are expensed as incurred otherwise. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and seven years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement and treated as an Adjusting item. Accounting policy Items of property, plant and equipment are stated at their cost of acquisition or production, less accumulated depreciation and accumulated impairment losses. Depreciation is charged on a straight-line basis over the estimated useful lives as follows: \u2022 Leasehold property improvements: over the life of the lease. \u2022 Fixtures and fittings: 15% per annum straight line or depreciated on a straight-line basis over the remaining life of the lease, whichever is shorter. \u2022 Computer equipment: 25 to 50% per annum straight-line. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in profit or loss. IFRS 16 IFRS 16 creates the concept of right-of-use assets. The accounting policy and description of the accounting treatment in respect of IFRS 16 is included within Note 15. Impairment of tangible and intangible assets The carrying amounts of the Group\u2019s tangible and intangible assets with a measurable useful life are reviewed at each balance sheet date to determine whether there is any indication of impairment to their value. If such an indication exists, the asset\u2019s recoverable amount is estimated and compared to its carrying value. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The Directors consider an individual retail store to be a cash generating unit (CGU), as well as the Company\u2019s website. The recoverable amount of an asset is the greater of its fair value less disposal cost and its value in use (the present value of the future cash flows that the asset is expected to generate). In determining value in use, the present value of future cash flows is discounted using a discount rate that reflects current market assessments of the time value of money in relation to the period of the investment and the risks specific to the asset concerned. The carrying value represents each CGU\u2019s specific assets, as well as the IFRS 16 right-of-use asset, plus an allocation of corporate assets where these assets can be allocated on a reasonable and consistent basis. Where the carrying value exceeds the recoverable amount an impairment loss is established with a charge being made to the income statement. When the reasons for a write down no longer exist, the write down is reversed in the income statement up to the net book value that the relevant asset would have had if it had not been written down and if it had been depreciated. Measuring recoverable amounts The Group estimates the recoverable amount of each CGU based on the greater of its fair value less disposal cost and its value in use (VIU), derived from a discounted cash flow model which excludes IFRS 16 lease payments. In assessing the fair value less disposal cost the ability to sublease each store has been considered and it is concluded that this is not applicable for the majority of the store estate. Where it is deemed reasonable to assume the ability to sublet the potential cash inflows generated are insignificant, therefore the VIU calculation is used for all stores. A proportion of \u2018click and collect\u2019 sales are included in store cash flows to reflect the contribution stores make to fulfilling such orders. The key assumptions applied by management in the VIU calculations are those regarding the growth rates of sales and gross margins, medium-term growth rates, central overhead allocation and the discount rate used to discount the assumed cash flows to present value. Projected cash flows for each store are limited to the useful life of each store as determined by its current lease term unless a lease has already expired or is due to expire within 12 months of 30 April 2023 where the intention is to remain in the store and renew the lease. For these leases, an average lease term is used for cash flow projections. Projected cash flows for the website are limited to 60 months as this is in line with the average useful economic life of the assets assigned to the web CGU. Impairment triggers Due to the challenging macroeconomic environment and the existence of a material brought forwards impairment charge, all CGUs other than stores which have been open for less than 12 months have been assessed for impairment. Key assumptions The key financial assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represent management\u2019s assessment of current market conditions and future trends and have been based on historic data from external and internal sources. Management determined the values assigned to these financial assumptions as follows: The pre-tax discount rate is derived from the Group\u2019s weighted average cost of capital, which has been estimated using the capital asset pricing model, the inputs of which include a company risk-free rate, equity risk premium, Group size premium, a forecasting risk premium and a risk adjustment (beta). The discount rate is compared to the published discount rates of comparable businesses and relevant industry data prior to being adopted. The FY23 pre-tax discount rate has been calculated on a post-IFRS 16 basis. FY22\u2019s originally reported impairment was calculated on a pre-IFRS 16 basis discounted using a pre-IFRS 16 WACC of 17.9%; however, when the prior year restatements documented below were calculated, the cash flows were produced on a post-IFRS 16 basis and discounted using a post IFRS 16 WACC to ensure consistency of approach. Accounting policy IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases. IFRS 16 requires the use of a single definition of leases, which recognises a right-of-use asset (RoUA) and a lease liability for all leases, with exceptions only permitted for short-term and low-value leases. Accordingly, the impact of IFRS 16 is to require recognition of a lease liability and a corresponding RoUA in relation to leases previously classified as operating leases, which were hitherto accounted for via a single charge to the profit and loss account. The most significant impact is that the Group\u2019s retail store operating leases are recognised on the balance sheet as right-of-use assets representing the economic benefits of the Group\u2019s right to use the underlying leased assets, together with the associated future lease liabilities. Under IFRS 16, the Group recognises right-of-use assets and lease liabilities at the lease commencement date. Identifying an IFRS 16 lease At the inception of a contract, the Group assesses whether it is, or contains, a lease. A contract is, or contains, a lease if it conveys the right to control the use of an asset for a period of time, in exchange for consideration. Control is conveyed where the Group has both the right to direct the asset\u2019s use and to obtain substantially all the economic benefits from that use. For each lease or lease component, the Group follows the lease accounting model as per IFRS 16, unless the permitted recognition exceptions can be used. Recognition exceptions The Group leases many assets, including properties, IT equipment and warehouse equipment. The Group has elected to account for lease payments as an expense on a straight-line basis over the lease term or another systematic basis for the following types of leases: (i) Leases with a term of 12 months or less. (ii) Leases where the underlying asset has a low value. (iii) Concession leases where the landlord has substantial substitution rights. For leases where the Group has taken the short-term lease recognition exemption and there are any changes to the lease term or the lease is modified, the Group accounts for the lease as a new lease. For leases where the Group has taken a recognition exemption as detailed above, rentals payable under these leases are charged to income on a straight-line basis over the term of the relevant lease except, where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. Variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability and are initially measured using the index or rate as at the commencement date. Amounts expected to be payable by the Group under residual value guarantees are also included. Variable lease payments that are not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers payment occurs unless the costs are included in the carrying amount of another asset under another accounting standard. The Group has applied judgement to determine the lease term for some lease contracts that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the value of lease liabilities and right-of-use assets recognised. The payments related to leases are presented under cash flows from financing activities and cash flows from operating activities in the cash flow statement. Subsequent measurement After lease commencement, the Group values right-of-use assets using a cost model. Under the cost model, a right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is re-measured to reflect changes in: the lease term (using a revised discount rate); the assessment of a purchase option (using a revised discount rate); the amounts expected to be payable under residual value guarantees (using an unchanged discount rate); and future lease payments resulting from a change in an index or a rate used to determine those payments (using an unchanged discount rate). The re-measurements are matched by adjustments to the right-of-use asset. Lease modifications may also prompt re-measurement of the lease liability unless they are determined to be separate leases. Depreciation of right-of-use assets The right-of-use asset is subsequently depreciated using the straight-line method, from the commencement date to the earlier of either the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Determining the lease term Termination options are included in a number of property leases across the Group. These terms are used to maximise operational flexibility. At the commencement date of property leases, the Group determines the lease term to be the full term of the lease, assuming that any option to break or extend the lease is unlikely to be exercised. Leases will be revalued if it becomes likely that a break clause is to be exercised. In determining the likelihood of the exercise of a break option, management considers all facts and circumstances that create an economic incentive to exercise the termination option. For property leases, the following factors are the most relevant: \u2022 The profitability of the leased store and future plans for the business. \u2022 If there are any significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend. COVID-19 concessions The Group elected to account for qualifying COVID-19 related rent concessions as variable lease payments, recognising the concession in the period in which the event or condition that triggers the payments occurs. Rent concessions are qualifying if the following conditions are met: (i) The concession is a direct consequence of the COVID-19 pandemic. (ii) The change in lease payments resulted in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change. (iii) The reduction in lease payments only affects payments due on or before 30 June 2022. (iv) There is no substantive change to other terms and conditions of the lease. The Group has applied this practical expedient consistently to all lease contracts with similar characteristics and in similar circumstances. Accounting policy Inventories comprise stocks of finished goods for resale and are valued on a weighted average cost basis and carried at the lower of cost and net realisable value. \u2018Cost\u2019 includes all direct expenditure and other attributable costs incurred in bringing inventories to their present location and condition. The process of purchasing inventories may include the use of cash flow hedges to manage foreign exchange risk. Where hedge accounting applies, an adjustment is applied such that the cost of stock reflects the hedged exchange rate. Shrinkage provision
During the prior financial year, the Group carried out \u2018tactical\u2019 (perpetual inventory basis) stock counts in its retail stores on a regular basis, such
that at the end of the financial year a significant proportion of stock in stores had been counted and stock file adjustments made to correct
errors indicated by the counts. In addition, full four wall counts (i.e. a controlled count of all stock in a store) had been performed in 71 stores
during the last 6 weeks of the financial year, with an additional 53 four wall counts performed in the month following the financial year end.
During FY23, full four wall counts were performed in 524 stores during the last 13 weeks of the financial year. Through these counts, the
Group established that its accounting records reflected the actual quantities of stock in stores. This process also provides the Group with
an indication of the typical percentage of stock loss, which is used to calculate, by extrapolation, unrecognised shrinkage at the balance
sheet date. The stock records were updated to reflect the results of the stock counts, which occurred nearer to the end of the financial
year than the counts undertaken in FY22, as a result of which, the provision required for unrecognised shrinkage materially decreased
compared with the value at the end of FY22, by \u00a31.4m to \u00a30.4m.
The unrecognised shrinkage provision was \u00a30.4m at the Period end (FY22: \u00a31.9m), representing 1.9% of gross store stock (FY22: 8.6%). The
provision relates to store stock with a value of \u00a320.9m (FY22: \u00a322.2m). This represents management\u2019s best estimate of the likely level of
stock losses experienced.
Obsolescence provision
Generally, the Group\u2019s inventory does not comprise a large proportion of stock with a \u2018shelf life\u2019. Stock lines which are slow selling because they
have been less successful than planned or which have sold successfully and become fragmented as they reach the natural end of their planned
selling period, are usually discounted and sold during \u2018sale\u2019 events, for example the January sale. This stock is referred to as terminal stock.
During FY23, a high degree of focus has been placed on clearing terminal stock and at the period end the Group held significantly less
terminal stock than the prior year. Consequently, the obsolescence provision has reduced by \u00a30.7m to \u00a30.6m.
The Group has considered the impact of customer preferences and ESG considerations on potential stock obsolescence, and these
factors are not deemed to have a material impact on the level of provision required.
Accounting policy Interest-bearing bank loans and overdrafts, loan notes and other loans are recognised in the balance sheet at amortised cost. Finance charges associated with arranging non-equity funding are recognised in the income statement over the life of the facility. All other borrowing costs are recognised in the income statement in accordance with the effective interest rate method. A summary of the Group\u2019s objectives, policies, procedures and strategies with regard to financial instruments and capital management can be found in Note 25. At 30 April 2023, all borrowings were denominated in sterling (FY22: sterling). Accounting policy 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 the best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. Accounting policy A defined contribution pension plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to \u00a3890k (FY22: \u00a3777k). At the end of the year contributions of \u00a3243k (FY22: \u00a3155k) were outstanding. Accounting policy The following describes the nature and purpose of each reserve within equity: \u2022 Share premium account: Proceeds received in excess of the nominal value of shares issued, net of any transaction costs. \u2022 Hedging reserve: Cumulative gains and losses on hedging instruments deemed effective in cash flow hedges. \u2022 Merger reserve: Created in 2018 on the formation of TheWorks.co.uk plc, it represents the difference between the cost of the investment in The Works Investment Limited (and its subsidiaries, The Works Stores Limited and The Works Online Limited) of \u00a351,499,891 and the nominal value of the ordinary shares issued in exchange of \u00a3109. \u2022 Share based payment reserve: Represents the cumulative charges to income under IFRS 2 Share-based Payments on all share options and schemes granted, net of share option exercises. \u2022 Retained earnings: All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere. Ordinary shares are classified as equity. Accounting policy Non-derivative financial assets Non-derivative financial assets comprise trade and other receivables and cash and cash equivalents. The Group classifies all its non- derivative financial assets as financial assets at amortised cost. Financial assets at amortised cost are initially measured at fair value plus directly attributable transaction costs, except for trade and other receivables without a significant financing component that are initially measured at transaction price. Subsequent to initial recognition, non-derivative financial assets are carried at amortised cost using the effective interest method, subject to impairment. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is \u2018credit impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Group measures loss allowances at an amount equal to lifetime expected credit loss. Cash and cash equivalents comprise cash in hand, at bank and on short-term deposit for less than three months. Bank overdrafts, within borrowings, that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purposes of the cash flow statement. Non-derivative financial liabilities Non-derivative financial liabilities comprise bank borrowings and trade and other payables. Non-derivative financial liabilities are initially recognised at fair value, less any directly attributable transaction costs, and subsequently stated at amortised cost using the effective interest method. Derivative financial instruments Derivative financial instruments are mandatorily categorised as fair value through profit or loss (FVTPL), except to the extent they are part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative contracts to manage the foreign exchange risk on future US dollar denominated purchases. Gains and losses in respect of foreign exchange derivative financial instruments that are not part of an effective hedging relationship are recognised within cost of sales and net finance expense. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income (OCI) and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships and applies a hedge ratio of 1:1. The change in fair value of the forward element of forward exchange contracts (forward points) is separately accounted for as a cost of hedging and recognised in the hedging reserve separately as costs of hedging. When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory. Hedging gains and losses and costs of hedging transferred to the cost of inventory in the year were \u00a3175k (FY22: (\u00a3441k). If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Fair value estimation The techniques applied in determining the fair values of financial assets and liabilities are disclosed below. Foreign currency The consolidated financial statements are presented in pounds sterling, which is the functional currency of the Group. Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. The majority of currency transactions that are not in the functional currency of the trading entity relate to inventory purchases. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement within cost of sales, except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign currency gains and losses are reported on a net basis. The Group is exposed to foreign currency risk, most significantly to the US dollar as a result of sourcing certain products which are paid for predominantly in US dollars. The Group hedges these exposures using forward foreign exchange contracts and hedge accounting is applied when the requirements of IFRS 9 are met, which include that a forecast transaction must be \u2018highly probable\u2019. The Group has applied judgement in assessing whether the forecast purchases remain \u2018highly probable\u2019. The Group\u2019s policy is that approximately 50% of the forecast purchase requirements are initially hedged, approximately 12 months prior, with incremental hedges taken out over time, as the buying period approaches and therefore as certainty increases over the forecast purchases. As a result of this progressive strategy, reducing the supply pipeline of inventory, should this occur, does not immediately lead to over-hedging and the disqualification of \u2018highly probable\u2019. If the forecast transactions were no longer expected to occur, any accumulated gain or loss on the hedging instruments would be immediately reclassified to profit or loss. Accounting policy The Group operates an equity-settled share-based compensation plan. The cost of the awards to employees is expensed to the income statement, together with a corresponding adjustment to equity, on a straight-line basis over the vesting period of the award. The total income statement charge is based on the Company\u2019s estimate of the number of share awards that will eventually vest in accordance with the vesting conditions. The awards granted during FY23 include market-based vesting conditions. At each balance sheet date, the Company revises its estimate of the number of awards that are expected to vest. Any revision to estimates is recognised in the income statement, with a corresponding adjustment to equity. During FY23, the Group had three (FY22: three) share-based payment schemes, which are described below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-392": {
"value": "1. Accounting policies Where accounting policies are particular to an individual note, narrative regarding the policy is included with the relevant note; for example, the accounting policy in relation to inventory is detailed in Note 17 (Inventories). (a) General information TheWorks.co.uk plc is a leading UK multi-channel value retailer of arts and crafts, stationery, toys, games and books, offering customers a differentiated proposition as a value alternative to full price specialist retailers. The Group operates a network of over 500 stores in the UK & Ireland and online. TheWorks.co.uk plc (the \u2018Company\u2019) is a UK-based public limited company (11325534) with its registered office at Boldmere House, Faraday Avenue, Hams Hall Distribution Park, Coleshill, Birmingham B46 1AL. These consolidated financial statements for the 52 weeks ended 30 April 2023 (FY23 or the \u2018Period\u2019) comprise the results of the Company and its subsidiaries (together referred to as the \u2018Group\u2019) and are presented in pounds sterling. All values are rounded to the nearest thousand (\u00a3000), except when otherwise indicated. (b) Basis of preparation The Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies, and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience, future budgets and forecasts, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Group\u2019s significant judgements and estimates relate to going concern and fixed asset impairment; these are described in Note 1(f). (i) Going concern The financial statements have been prepared on a going concern basis, which the Directors consider appropriate for the reasons set out below. The Directors have assessed the prospects of the Group, taking into account its current position and the potential impact of the principal risks documented in the Strategic report on pages 1 to 57. The financial statements have been prepared on a going concern basis, which the Directors consider appropriate having made this assessment. The Group has prepared cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements (the going concern assessment period), based on the Board\u2019s forecast for FY24 and its 3 Year Plan, referred to as the \u2018Base Case\u2019 scenario. In addition, a \u2018severe but plausible\u2019 \u2018Downside Case\u2019 sensitivity has been prepared to support the Board\u2019s conclusion regarding going concern, by stress testing the Base Case to indicate the financial headroom resulting from applying more pessimistic assumptions. In assessing the basis of preparation the Directors have considered: \u2022 the external environment; \u2022 the Group\u2019s financial position including the quantum and expectations regarding availability of bank facilities; \u2022 the potential impact on financial performance of the risks described in the Strategic report; \u2022 the output of the Base Case scenario, which mirrors the Group\u2019s 3 year plan and therefore represents their estimate of the most likely financial performance over the forecast period; \u2022 measures to maintain or increase liquidity in the event of a significant downturn in trading; \u2022 the resilience of the Group to these risks having a more severe impact, evaluated via the Downside Case which shows the impact on the Group\u2019s cash flows, bank facility headroom and covenants. These factors are described below. External environment The risks which are considered the most significant to this evaluation relate to the economy and the market, specifically their effect on the strength of trading conditions, and the Group\u2019s ability to successfully execute its strategy. The risk of weaker consumer demand is considered to be the greater of these risks, due to the continued high level of inflation and its potential effect on economic growth and consumer spending. An emerging risk has been noted in relation to the possible effects of climate change, but this is not expected to have a material financial impact on the Group during the forecast period. Notes to the consolidated financial statements (Forming part of the financial statements) Financial position and bank facilities At the end of FY23 the Group held net cash at bank of \u00a310.2m (FY22: net cash at bank of \u00a316.3m). After the Period end, the Group extended the tenor of its bank facility by one year and it now expires on 30 November 2026. At the same time, following a review of the historic utilisation of the facility, the Group\u2019s anticipated future cash requirements, and the costs of maintaining the facility, the Group requested that HSBC reduce the size of the facility from \u00a330m to \u00a320m. The facility includes two financial covenants which are tested quarterly: 1. the \u201cLeverage Ratio\u201d or level of net debt to LTM (last twelve months\u2019) EBITDA must not exceed 2.5 times during the life of the facility. 2. the \u201cFixed Charge Cover\u201d or ratio of LTM EBITDA prior to deducting rent and interest, to LTM rent and interest. This covenant increases in steps to reflect the expectation of progressively improving financial performance during the life of the facility, as follows: until October 2023, the ratio must be at least 1.20 times; for the following 12 months the ratio must be at least 1.25 times, and thereafter at least 1.30 times. The Group expects to be able to operate and have sufficient headroom within these covenants during the forecast period. Potential impact of risks on financial scenarios It is considered unlikely that all the risks described in the Strategic report would manifest themselves to adversely affect the business at the same time. The Base Case scenario/the Group\u2019s 3 year financial plan, implicitly already takes into account the risks described, and assumes that they manifest themselves in a way or to an extent that might be considered \u201cneutral\u201d. The Downside Case scenario assumes that there are more severely negative effects than in the Base Case. In particular, the Downside Case assumptions are that macroeconomic conditions are significantly worse, resulting in reduced consumer spending and lower sales. It should be noted that the Base Case already takes into account the current subdued consumer market conditions. The Downside Case assumes that conditions become worse still from the second half of the FY24 financial year. Base Case scenario The Base Case scenario assumptions reflect the following factors: \u2022 Store sales (which represent over 85% of total sales) during the first part of FY24 are above the Base Case requirement but online sales are below it. The Group is implementing plans to improve its online profitability in the medium term; in the short term, costs relating to the online business are being tightly controlled to ensure that they reflect the reduced sales level. \u2022 The Base Case gross margin percentage reflects the expected full year effect in FY24 of targeted price increases applied since the beginning of 2023 and also significantly lower ocean container freight costs. These favourable factors are partially offset by a less favourable hedged FX rate than in FY23. \u2022 Anticipated further inflationary effects, in particular the increase in the National Living Wage. In respect of other costs, notably property occupancy costs, it is not expected that there will be further significant inflationary effects during FY24 and FY25, following the significant increases (for example in electricity costs) already experienced during FY23. \u2022 Capital expenditure levels are in line with the Group\u2019s strategic plan. A significant proportion of the Group\u2019s capital expenditure is discretionary, particularly over a short-term time period. As a result, if required, it can therefore be reduced substantially, for example, in the event the Group needing to preserve cash. \u2022 The anticipated costs of the Group\u2019s net zero climate change commitments have been incorporated within the Base Case model. As set out in the climate related disclosures on pages 36 to 44, the impact on the Group\u2019s financial performance and position is not expected to be material in the short term. \u2022 The plan makes provision for dividend payments. Under the Base Case scenario, the Group expects to make routine operational use of its bank facility each year as stock levels are increased in September-October, prior to peak sales occurring. This is consistent with the normal pattern experienced prior to COVID-19. The output of the Base Case model scenario indicates that the Group has sufficient financial resources to continue to operate as a going concern and for the financial statements to be prepared on this basis. Measures to maintain or increase liquidity in circumstances such as are described below If necessary, mitigating actions can and would be taken in response to a significant downturn in trading such as is described below, which would increase liquidity. These include, for example, delaying and reducing stock purchases, stock liquidation, reductions in capital expenditure, the review of payment terms and the review of dividend levels. Some of these potential mitigations have been built into the Downside Case model, and some are additional measures that would be available in the event of that scenario, or worse, actually occurring. Severe but plausible Downside Case scenario
The Downside Case makes the following assumptions to reflect more adverse macroeconomic conditions compared to the Base Case:
\u2022 Store LFL sales are assumed to be 5% lower than in the Base Case from October 2023 until January 2025.
\u2022 In this scenario online sales are assumed to be lower than in the Base Case during FY24 despite the Group\u2019s attempts to increase them,
but show recovery in FY25.
\u2022 The product gross margin assumptions are the same as in the Base Case other than in January 2024 when it is lower, to allow for the
clearance of stock which is assumed would have accumulated due to the inability to reduce stock purchases immediately in response
to the lower sales level. Expected FX requirements are hedged until mid FY25, and freight rates are hedged until the end of 2023. Beyond
that time, it is not anticipated that there will be any interruption to global freight systems as was experienced as a result of the COVID
pandemic, which were a consequence of unique circumstances. Other gross margin inputs are relatively controllable, including via the
setting of selling prices to reflect any systematic changes in the cost price of goods bought for resale.
\u2022 Volume related costs in the Downside Case are lowered where they logically alter in a direct relationship with sales levels, for example,
forecast online fulfilment and marketing costs. The model also reflects certain steps which could be taken to mitigate the effect of lower
sales, depending on management\u2019s assessment of the situation at the time. These include adjustments to stock purchases, reducing
capital expenditure, reductions in labour usage, a reduction in discounts allowed as part of the Group\u2019s loyalty scheme and the
suspension of dividend payments.
\u2022 The combined financial effect of the modified assumptions in this scenario compared with the Base Case, during FY24 and FY25,
including implementing some of the mitigating activities available, would result in:
\u2022 a reduction in store net sales of approximately \u00a334m.
\u2022 a reduction in online net sales of approximately \u00a31m.
\u2022 a reduction to EBITDA of approximately \u00a39m.
Under this scenario the Group will draw on its bank facility prior to Christmas 2023 but, as a result of the mitigating actions that would
be taken in H2 FY24 in response to a downturn in sales, particularly in reducing the value of stock bought for resale, it would not make
subsequent use of the bank facility.
The bank facility financial covenants are complied with during the pre-Christmas 2023 period when the facility is being used, but the
forecast indicates that the Fixed Charge covenant will not be complied with throughout FY25, although at this time, the facility is not
expected to be in use under this scenario.
On the basis of this Downside Case scenario with the \u201csevere but plausible\u201d set of assumptions as described, the business would continue
to have adequate resources to continue in operation.
However, the cash headroom at the quarterly covenant testing points in FY25 falling within the going concern period is limited, and there
are reasonably plausible scenarios in which this headroom could be eroded and create a borrowing requirement. For example, if sales
decreased by a further 1% during the going concern period compared with the Downside Case, a small borrowing requirement could arise.
The Group has a strong relationship with its bank, HSBC, and has a recent track record of working collaboratively with the bank to resolve
potential covenant issues, for example, a waiver was agreed by HSBC in 2021 as noted in the Group\u2019s FY21 Annual Report. Despite this
strong relationship with the bank and the recent evidence of successfully managing comparable situations, if a borrowing requirement
arose when the financial covenants are not complied with, there is a risk that the Group would not be able to utilise its borrowing facilities
if required.
The Directors believe that, should such a situation arise in practice, it would have time before a potential breach to mitigate further,
and potentially to make arrangements with the bank, as has occurred previously, to adjust the covenant levels to prevent a breach.
Furthermore, the Group has successfully managed through challenging conditions during the recent COVID pandemic, and the Directors
believe it unlikely that comparably challenging conditions will be experienced during the forecast period, despite the concerns regarding
the current macroeconomic conditions. Nevertheless, despite the Directors\u2019 confidence in relation to these matters, there is no certainty
as to whether the mitigating actions would provide the level of liquidity required in the time available to implement them, nor whether the
bank would make adjustments to the financial covenants.
Going concern and basis of preparation conclusion
Based on all of the above considerations the Directors believe that it remains appropriate to prepare the financial statements on a
going concern basis. However, these circumstances indicate the existence of a material uncertainty related to events or conditions that
may cast significant doubt on the Group\u2019s and the Company\u2019s ability to continue as a going concern and, therefore, that the Group and
Company may be unable to realise their assets and discharge their liabilities in the normal course of business. The financial statements do
not include any adjustments that would result from the basis of preparation being inappropriate.
(ii) New accounting standards
The Group has applied the following new standards and interpretations for the first time for the annual reporting period commencing
2 May 2022:
\u2022 Annual Improvements to IFRS 2018-2020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41)
\u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37)
\u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16)
\u2022 References to the Conceptual Framework (Amendments to IFRS 3)
\u2022 COVID-19 Related Rent Concessions beyond 30 June 2021 (Amendments to IFRS 16)
The adoption of the standards and interpretations listed above has not led to any changes to the Group\u2019s accounting policies or had any
other material impact on the financial position or performance of the Group.
As at the date of approval of these financial statements, the following standards and interpretations, which have not been applied in
these financial statements, were in issue, but not yet effective:
\u2022 Insurance Contracts (IFRS 17)
\u2022 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17)
\u2022 Extension to the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)
\u2022 Disclosure of Accounting Policies (Amendments to IAS 1)
\u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)
\u2022 Definition of Accounting Estimates (Amendments to IAS 8)
The adoption of the standards and interpretations listed above is not expected to have a material impact on the financial position or
performance of the Group.
(c) Accounting convention
The consolidated financial statements have been prepared under the historical cost convention, except for certain financial assets and
financial liabilities (including derivative instruments), which are held at fair value.
(d) Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved when the Group is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to direct the activities that affect those returns through its power over the entity. Consolidation of a subsidiary begins
from the date control commences and continues until control ceases. The Company reassesses whether or not it controls an investee if
circumstances indicate that there are changes to the elements of control detailed above.
An Employee Benefit Trust operated on the Group\u2019s behalf (EBT) is acting as an agent of the Company, therefore the assets and liabilities
of the EBT are aggregated into the Company balance sheet and shares held by the EBT in the Company are presented as a deduction
from equity.
(e) Business combinations
Subject to the transitional relief in IFRS 1, all business combinations are accounted for by applying the acquisition method. Business
combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred
to the Group.
The Group measures goodwill at the acquisition date as the fair value of the consideration transferred, less the fair value of identifiable
assets acquired and liabilities assumed. Any contingent consideration payable is recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition are
expensed to the income statement as incurred.
(f) Key sources of estimation uncertainty The preparation of consolidated financial statements requires the Group to make estimates and judgements that affect the application of policies and reported amounts. Critical judgements represent key decisions made by management in the application of the Group\u2019s accounting policies. Where a significant risk of materially different outcomes exists, this will represent a key source of estimation uncertainty. Estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Key sources of estimation uncertainty which are material to the financial statements are described in the context of the matters to which they relate, in the following notes: Description Note Page Going concern 1(b)(i) 103 to 105 Impairment of intangible assets, property, plant and equipment and right-of-use assets 13, 14 113 to 118 2. Segmental reporting IFRS 8 requires segment information to be presented on the same basis as is used by the Chief Operating Decision Maker for assessing performance and allocating resources. The Group has one operating segment with two revenue streams, bricks and mortar stores and online. This reflects the Group\u2019s management and reporting structure as viewed by the Board of Directors, which is considered to be the Group\u2019s Chief Operating Decision Maker. Aggregation is deemed appropriate due to both operating segments having similar economic characteristics, similar products on offer and a similar customer base. 3. Revenue Accounting policy Revenue comprises receipts from the sale of goods, less deductions for actual and expected returns, discounts and vouchers redeemable by members of the Group\u2019s loyalty scheme and is stated net of value added tax and other sales taxes. Revenue is recognised at the point of completing the physical sale in stores, and when the goods have been delivered to the customer in the case of online sales. These are the points when IFRS 15 \u2018performance obligations\u2019 are deemed to have been satisfied. Transactions that result in customers earning points subsequently exchangeable for discounts under the Group\u2019s loyalty scheme are accounted for as multiple element revenue transactions. The fair value of the consideration received is allocated between the goods supplied and the points granted. The consideration allocated to the points is measured by reference to their fair value \u2013 the amount for which the points could theoretically be sold separately. The consideration allocated to the points is not recognised as revenue at the time of the initial sale transaction, but is deferred, and recognised as revenue when the points are redeemed and the Group\u2019s obligations have been fulfilled. FY23 \u00a3000 FY22 \u00a3000 Sale of goods UK 275,305 260,087 EU 4,797 4,543 Total revenues 280,102 264,630 Seasonality of operations The Group\u2019s revenue is subject to seasonal fluctuations as a result of peaking during the approach to Christmas, from October to December. Therefore, the first half of the financial year, from April to October, typically produces lower revenue and profit than the second half. 4. Other operating income/(expense) Accounting policy The business was classified as a \u2018non-essential retailer\u2019 during the COVID-19 pandemic and was therefore required to close its shops during periods of lockdown in the FY20 and FY21 financial years. Accordingly, the Group made full use of the support schemes available from the Government to partially mitigate the loss of profit caused by the various periods of closure of the retail stores. The \u00a3119k charge noted in the prior period is to correct an immaterial overstatement of the Coronavirus Job Retention Scheme (CJRS) income reported in respect of FY21. The COVID-19 business rates relief received during the year was \u00a3227k (FY22: \u00a35,828k), which is included within cost of sales. FY23 \u00a3000 FY22 \u00a3000 COVID-19 furlough scheme grants receivable \u2014 (119) Rent receivable 8 8 8 (111) 5. Alternative performance measures (APMs) Accounting policy The Group tracks a number of APMs in managing its business, which are not defined or specified under the requirements of IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS or are calculated using financial measures that are not calculated in accordance with IFRS. The Group believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the business. They are consistent with how the business performance is planned and reported internally and are also consistent with how these measures have been reported historically. Some of the APMs are also used for the purpose of setting remuneration targets. The APMs should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated financial statements prepared in accordance with IFRS. The Group believes that the APMs are useful indicators of its performance but they may not be comparable with similarly titled measures reported by other companies due to the possibility of differences in the way they are calculated. Like-for-like (LFL) sales The FY23 like-for-like (LFL) sales increase has been calculated with reference to the FY22 comparative sales figures. In FY22\u2019s Annual Report, two-year comparatives were used because the use of a normal one-year LFL comparative was prevented by the various disruptions to store trading brought about by COVID-19 restrictions in the FY21 comparative period. Furthermore, for the last five weeks of FY22, it was necessary to calculate the LFL percentages with reference to the corresponding weeks in FY19, because the equivalent weeks during FY20 were also affected by enforced store closures. Similar comparison periods were also used for the total sales growth figures. LFL sales are defined by the Group as the year-on-year growth in gross sales from stores which have been trading for a full financial year prior to the current year and have been trading throughout the current financial period being reported on, and from the Company\u2019s online store, calculated on a calendar week basis. The measure is used widely in the retail industry as an indicator of sales performance. LFL sales are calculated on a gross basis to ensure that fluctuations in the VAT rates of products sold are excluded from the like-for-like sales growth percentage figure. A reconciliation of IFRS revenue to sales on an LFL basis is set out below: FY23 \u00a3000 FY22 \u00a3000 Total LFL sales 297,009 285,012 Non-LFL store sales 19,621 13,359 Total gross sales 316,630 298,371 VAT (35,144) (33,467) Loyalty points (1,384) (274) Revenue per consolidated income statement 280,102 264,630 Pre-IFRS 16 Adjusted EBITDA (EBITDA) and Adjusted profit after tax EBITDA is defined by the Group as pre-IFRS 16 earnings before interest, tax, depreciation, amortisation and profit/loss on the disposal of fixed assets, after adding back or deducting Adjusting items. See Note 6 for a description of Adjusting items. Pre-IFRS 16 EBITDA is used for the bank facility LTM EBITDA covenant calculations. The table provides a reconciliation of pre-IFRS 16 EBITDA to profit/(loss) after tax and the impact of IFRS 16: FY23 \u00a3000 FY22 (Restated \u2013 Note 14) \u00a3000 Pre-IFRS 16 Adjusted EBITDA 1 9,000 16,562 Income statement rental charges not recognised under IFRS 16 24,865 24,434 Foreign exchange difference on euro leases (152) 120 Post-IFRS 16 Adjusted EBITDA 1 33,713 41,116 Profit on disposal of right-of-use assets and lease liability recognised under IFRS 16 1,105 441 Loss on disposal of property, plant and equipment (149) (179) Loss on disposal of intangible assets (14) \u2014 Depreciation of property, plant and equipment (4,458) (4,040) Depreciation of right-of-use assets (14,840) (15,094) Amortisation (878) (567) Finance expenses (4,648) (5,192) Finance income 227 16 Tax credit/(charge) 265 (276) Adjusted profit after tax 10,323 16,225 Adjusting items (including impairment charges and reversals) (5,052) (2,262) Tax charge \u2014 \u2014 Profit after tax 5,271 13,963 1 Also adjusted for profit and loss on disposal of right-of-use assets and liabilities, property, plant and equipment and intangible assets Profit before tax and IFRS 16 The table provides a reconciliation of profit/(loss) before tax and IFRS 16 adjustments to profit/(loss) before tax. FY23 FY22 (Restated \u2014 Note 14) Adjusted \u00a3000 Adjusting items \u00a3000 Total \u00a3000 Adjusted \u00a3000 Adjusting items \u00a3000 Total \u00a3000 Profit/(loss) before tax and IFRS 16 adjustments 3,025 (1,488) 1,537 10,980 (2,191) 8,789 Remove rental charges not recognised under IFRS 16 24,737 \u2014 24,737 24,308 \u2014 24,308 Remove hire costs from hire of equipment 128 \u2014 128 126 \u2014 126 Remove depreciation charged on the existing assets 151 \u2014 151 89 \u2014 89 Remove interest charged on the existing liability 34 \u2014 34 31 \u2014 31 Depreciation charge on right-of-use assets (14,840) \u2014 (14,840) (15,094) \u2014 (15,094) Interest cost on lease liability (4,130) \u2014 (4,130) (4,500) \u2014 (4,500) Loss on disposal of right-of-use assets (297) \u2014 (297) (1,899) \u2014 (1,899) Profit on disposal of lease liability 1,402 \u2014 1,402 2,340 \u2014 2,340 Foreign exchange difference on euro leases (152) \u2014 (152) 120 \u2014 120 Additional impairment charge under IAS 36 \u2014 (3,564) (3,564) \u2014 (71) (71) Net impact on profit/(loss) 7,033 (3,564) 3,469 5,521 (71) 5,450 Profit/(loss) before tax 10,058 (5,052) 5,006 16,501 (2,262) 14,239 Adjusted profit metrics Profit measures including operating profit, profit before tax, profit for the period and earnings per share are calculated on an adjusted basis by adding back or deducting Adjusting items. These adjusted metrics are included within the consolidated income statement and consolidated statement of other comprehensive income, with further details of Adjusting items included in Note 6. 6. Adjusting items Adjusting items are unusual in nature or incidence and sufficiently material in size that in the judgement of the Directors merit disclosure separately on the face of the financial statements to ensure that the reader has a proper understanding of the Group\u2019s financial performance and that there is comparability of financial performance between periods. The Directors believe that the Adjusted profit and earnings per share measures included in this report provide additional useful information to users of the accounts. These measures are consistent with how business performance is measured internally. The profit before tax and Adjusting items measure is not a recognised profit measure under IFRS and may not be directly comparable with adjusted profit measures used by other companies. If a transaction or related series of transactions has been treated as an Adjusting item in one accounting period, the same treatment will be applied consistently year on year. In relation to FY23, the items classified as \u2018Adjusting\u2019, as shown below, were related to transactions that had been treated as Adjusting in prior periods. FY23 \u00a3000 FY22 (Restated \u2013 Note 14) \u00a3000 Cost of sales Impairment charges 1 8,188 8,929 Impairment reversals 1 (3,136) (6,667) Total cost of sales 5,052 2,262 Total Adjusting items 5,052 2,262 1 These relate to fixed asset impairment charges and reversals of prior year impairment charges. 7. Operating profit Operating profit before Adjusting items is stated after charging/(crediting) the following items: FY23 \u00a3000 FY22 (Restated \u2014 Note 14) \u00a3000 Loss on disposal of property, plant and equipment 149 179 Loss on disposal of intangible assets 14 \u2014 Profit on disposal of right-of-use assets and lease liability (1,105) (441) Depreciation 19,298 19,134 Amortisation 878 567 Operating lease payments: \u2013 Hire of plant and machinery 1 371 389 \u2013 Other operating leases 1 2,136 1,549 Net foreign exchange loss/(gain) 392 (128) Cost of inventories recognised as an expense 119,085 106,954 Staff costs 62,235 60,031 1 These balances relate to non-IFRS 16 operating lease rentals during the year; please refer to Note 15 for further details of these balances. Auditor\u2019s remuneration: FY23 \u00a3000 FY22 \u00a3000 Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts 500 450 Amounts payable in respect of other services to the Company and its subsidiaries Audit of the accounts of subsidiaries 40 40 Audit related assurance services (provision of turnover certificates required under certain leases) 1 1 Total services 541 491 Please refer to the Audit Committee report for details regarding the safeguarding of auditor objectivity and independence. 8. Staff numbers and costs The average number of people employed by the Group (including Directors) during the year, analysed by category, was as follows: Number of employees FY23 FY22 Store support centre colleagues 243 216 Store colleagues 3,564 3,468 Warehouse and distribution colleagues 147 140 3,954 3,824 The corresponding aggregate payroll costs were as follows: FY23 \u00a3000 FY22 \u00a3000 Wages and salaries 57,189 55,600 Social security costs 4,156 3,654 Contributions to defined contribution pension schemes 890 777 Total employee costs 62,235 60,031 Agency labour costs 2,035 1,505 Total staff costs 64,270 61,536 The Directors\u2019 remuneration for the year was as follows: FY23 \u00a3000 FY22 \u00a3000 Directors\u2019 remuneration 759 1,118 Contributions to defined contribution plans 15 15 774 1,133 The following number of Directors were members of: FY23 FY22 Company defined contribution scheme 6 6 6 6 The highest paid Director\u2019s remuneration during the year was as follows: FY23 \u00a3000 FY22 \u00a3000 Directors\u2019 remuneration 331 585 331 585 9. Finance income and expense Accounting policy Finance expense comprises interest charges and amortised facility fee costs. Finance income comprises interest income and is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest is recognised in profit as it accrues, using the effective interest method. Recognised in consolidated statement of comprehensive income FY23 \u00a3000 FY22 \u00a3000 Finance income Bank interest receivable 227 16 Total finance income 227 16 Finance expense Bank interest payable (295) (401) Other interest payable (223) (291) Interest on lease liabilities (4,130) (4,500) Total finance expense (4,648) (5,192) Net financing expense (4,421) (5,176) 10. Taxation Accounting policy The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Recognised in consolidated income statement FY23 \u00a3000 FY22 (Restated 1 ) \u00a3000 Current tax expense Current year 230 1,288 Adjustments for prior years (611) 3 Current tax (credit)/expense (381) 1,291 Deferred tax credit Origination and reversal of temporary differences (212) (111) Increase in tax rate (172) (1,120) Adjustments for prior years 500 216 Deferred tax credit 116 (1,015) Total tax expense (265) 276 1 The FY22 corporation tax charge has been restated to reflect the tax impact of the restatements documented in Note 14. The UK corporation tax rate for FY23 was 19.5% on average with the UK corporation tax rate changing from 19.0% to 25.0% 11 months into the financial year (FY22: 19.0%). Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. An increase in the UK corporation rate from 19.0% to 25.0% (effective 1 April 2023) was substantively enacted on 24 May 2021. As the deferred tax assets and liabilities should be recognised based on the corporation tax rate applicable when they are anticipated to unwind, the assets and liabilities on UK operations have been recognised at a rate of 25.0% (FY22: 25.0%). Assets and liabilities arising on foreign operations have been recognised at the applicable overseas tax rates. Reconciliation of effective tax rate FY23 \u00a3000 FY22 (Restated \u2013 see above) \u00a3000 Profit for the year 5,006 14,239 Tax using the UK corporation tax rate of 19.5% (FY22: 19.0%) 976 2,705 Non-deductible expenses 147 182 Effect of tax rates in foreign jurisdictions (13) (40) Tax (over)/under provided in prior periods (111) 219 Utilisation of unrecognised tax losses brought forward (1,211) (1,756) Deferred tax not recognised (18) 86 Losses carried forwards 137 \u2014 Change in tax rate (172) (1,120) Total tax (credit)/expense (265) 276 The Group\u2019s total income tax credit in respect of the period was \u00a3265k (FY22: expense of \u00a3276k). The effective tax rate on the total profit before tax was (5.3)% (FY22: 1.9% on the profit before tax) whilst the effective tax rate on the total profit before Adjusted items was (2.6)% (FY22: 1.7% on the profit before Adjusted items). The difference between the total effective tax rate and the Adjusted tax rate relates to fixed asset impairment charges and reversals within Adjusting items being non-deductible for tax purposes. The current year tax credit recognised above relates to an adjustment to the prior year corporation tax creditor recognised; this was higher than the corporation tax payable when the FY22 corporation tax computations were finalised due to the inclusion of the super deduction in the final year-end tax computations. 11. Dividends Accounting policy At the balance sheet date, dividends are only recognised as a liability if they are appropriately authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. Pence per share FY23 \u00a3000 FY22 \u00a3000 Final dividend for the year ended 1 May 2022 2.4p 1,492 \u2014 Total dividend paid to shareholders during the year 1,492 \u2014 Dividend equivalents totalling \u00a3603k (FY22: \u00a3375k) were accrued in the year in relation to share-based long-term incentive schemes. The Board has recommended the payment of a 1.6 pence per share final dividend in respect of FY23 (FY22: 2.4 pence). 12. Earnings per share Basic earnings per share is calculated by dividing the profit or loss for the period, attributable to ordinary shareholders, by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is based on the weighted average number of shares in issue for the period, adjusted for the dilutive effect of potential ordinary shares. Potential ordinary shares represent shares that may be issued in connection with employee share incentive awards. The Group has chosen to present an Adjusted earnings per share measure, with profit adjusted for Adjusting items (see Note 6 for further details) to reflect the Group\u2019s underlying profit for the year. FY23 Number FY22 Number Number of shares in issue 62,500,000 62,500,000 Number of dilutive share options 621,130 940,673 Number of shares for diluted earnings per share 63,121,130 63,440,673 \u00a3000 \u00a3000 (Restated \u2013 Note 14) Total profit for the financial period 5,271 13,963 Adjusting items 5,052 2,262 Adjusted profit for Adjusted earnings per share 10,323 16,225 Pence Pence (Restated \u2013 Note 14) Basic earnings per share 8.4 22.3 Diluted earnings per share 8.4 22.0 Adjusted basic earnings per share 16.5 26.0 Adjusted diluted earnings per share 16.4 25.6 13. Intangible assets Accounting policy Goodwill Goodwill arising on consolidation represents any excess of the consideration paid and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. Goodwill was fully impaired in FY20. Software Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services (such as consultancy), as well as internal payroll related costs for employees who are directly working on the project. Internal payroll related costs are capitalised if the recognition criteria of IAS 38 Intangible Assets are met or are expensed as incurred otherwise. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and seven years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement and treated as an Adjusting item. Goodwill
\u00a3000
Software
\u00a3000
Total
\u00a3000
Cost
Balance at 1 May 2022 16,180 9,058 25,238
Additions \u2014 1,309 1,309
Disposals \u2014 (1,057) (1,057)
Balance at 30 April 2023 16,180 9,310 25,490
Amortisation and impairment
Balance at 1 May 2022 16,180 7,441 23,621
Amortisation charge for the year \u2014 878 878
Impairment charges \u2014 1,118 1,118
Disposals
1
\u2014 (1,043) (1,043)
Balance at 30 April 2023 16,180 8,394 24,574
Net book value
At 1 May 2022 \u2014 1,617 1,617
At 30 April 2023 \u2014 916 916
1 During FY23 the Group reviewed assets on the fixed asset register with a nil net book value. Following this review intangible assets with a cost and
accumulated depreciation of \u00a31,043k were deemed to no longer be in use by the Group and have therefore been disposed of.
Goodwill
\u00a3000
Software
\u00a3000
Total
\u00a3000
Cost
Balance at 3 May 2021 16,180 8,043 24,223
Additions \u2014 1,015 1,015
Balance at 1 May 2022 16,180 9,058 25,238
Amortisation and impairment
Balance at 3 May 2021 (Restated
2
) 16,180 5,499 21,679
Amortisation charge for the year (Restated
2
) \u2014 567 567
Impairment charge (Restated
2
) \u2014 1,375 1,375
Balance at 1 May 2022 (Restated
2
) 16,180 7,441 23,621
Net book value
At 3 May 2021 (Restated
2
) \u2014 2,544 2,544
At 1 May 2022 (Restated
2
) \u2014 1,617 1,617
2 These balances have been restated to reflect the impact of the prior period restatements in Note 14.
Goodwill impairment testing
Goodwill of \u00a316.2m was impaired to \u00a3Nil in FY20; therefore, no further impairment testing is necessary in relation to this.
Impairment of other intangible assets
Please refer to Note 14 for details of impairment of tangible and intangible assets.
14. Property, plant and equipment Accounting policy Items of property, plant and equipment are stated at their cost of acquisition or production, less accumulated depreciation and accumulated impairment losses. Depreciation is charged on a straight-line basis over the estimated useful lives as follows: \u2022 Leasehold property improvements: over the life of the lease. \u2022 Fixtures and fittings: 15% per annum straight line or depreciated on a straight-line basis over the remaining life of the lease, whichever is shorter. \u2022 Computer equipment: 25 to 50% per annum straight-line. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in profit or loss. IFRS 16 IFRS 16 creates the concept of right-of-use assets. The accounting policy and description of the accounting treatment in respect of IFRS 16 is included within Note 15. Impairment of tangible and intangible assets The carrying amounts of the Group\u2019s tangible and intangible assets with a measurable useful life are reviewed at each balance sheet date to determine whether there is any indication of impairment to their value. If such an indication exists, the asset\u2019s recoverable amount is estimated and compared to its carrying value. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The Directors consider an individual retail store to be a cash generating unit (CGU), as well as the Company\u2019s website. The recoverable amount of an asset is the greater of its fair value less disposal cost and its value in use (the present value of the future cash flows that the asset is expected to generate). In determining value in use, the present value of future cash flows is discounted using a discount rate that reflects current market assessments of the time value of money in relation to the period of the investment and the risks specific to the asset concerned. The carrying value represents each CGU\u2019s specific assets, as well as the IFRS 16 right-of-use asset, plus an allocation of corporate assets where these assets can be allocated on a reasonable and consistent basis. Where the carrying value exceeds the recoverable amount an impairment loss is established with a charge being made to the income statement. When the reasons for a write down no longer exist, the write down is reversed in the income statement up to the net book value that the relevant asset would have had if it had not been written down and if it had been depreciated. Measuring recoverable amounts The Group estimates the recoverable amount of each CGU based on the greater of its fair value less disposal cost and its value in use (VIU), derived from a discounted cash flow model which excludes IFRS 16 lease payments. In assessing the fair value less disposal cost the ability to sublease each store has been considered and it is concluded that this is not applicable for the majority of the store estate. Where it is deemed reasonable to assume the ability to sublet the potential cash inflows generated are insignificant, therefore the VIU calculation is used for all stores. A proportion of \u2018click and collect\u2019 sales are included in store cash flows to reflect the contribution stores make to fulfilling such orders. The key assumptions applied by management in the VIU calculations are those regarding the growth rates of sales and gross margins, medium-term growth rates, central overhead allocation and the discount rate used to discount the assumed cash flows to present value. Projected cash flows for each store are limited to the useful life of each store as determined by its current lease term unless a lease has already expired or is due to expire within 12 months of 30 April 2023 where the intention is to remain in the store and renew the lease. For these leases, an average lease term is used for cash flow projections. Projected cash flows for the website are limited to 60 months as this is in line with the average useful economic life of the assets assigned to the web CGU. Impairment triggers Due to the challenging macroeconomic environment and the existence of a material brought forwards impairment charge, all CGUs other than stores which have been open for less than 12 months have been assessed for impairment. Key assumptions The key financial assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represent management\u2019s assessment of current market conditions and future trends and have been based on historic data from external and internal sources. Management determined the values assigned to these financial assumptions as follows: The pre-tax discount rate is derived from the Group\u2019s weighted average cost of capital, which has been estimated using the capital asset pricing model, the inputs of which include a company risk-free rate, equity risk premium, Group size premium, a forecasting risk premium and a risk adjustment (beta). The discount rate is compared to the published discount rates of comparable businesses and relevant industry data prior to being adopted. The FY23 pre-tax discount rate has been calculated on a post-IFRS 16 basis. FY22\u2019s originally reported impairment was calculated on a pre-IFRS 16 basis discounted using a pre-IFRS 16 WACC of 17.9%; however, when the prior year restatements documented below were calculated, the cash flows were produced on a post-IFRS 16 basis and discounted using a post IFRS 16 WACC to ensure consistency of approach. FY23 FY22 (Restated) Pre-tax discount rate 12.78% 11.48% Medium-term growth rate 1.0% 2.0% While the online CGU is in a different stage of establishment to that of the store CGUs, the same pre-tax discount rate has been used in the impairment assessment. Given that the website is not performing in line with expectations, all assets relating to the web CGU are fully impaired, as such an increase in the pre-tax discount rate used for the web assessment would not increase the impairment charge recognised. Cash flow forecasts are derived from the most recent Board-approved corporate plans that form the Base Case on which the VIU calculations are based. These are described in Note 1(b)(i) (Going concern). The assumptions used in the estimation of future cash flows are: \u2022 rates of growth in sales and gross margins, which have been determined on the basis of the factors described in Note 1(b)(i) (Going concern); \u2022 central costs are reviewed to identify amounts which are necessarily incurred to generate the CGU cash flows. As a result of the analysis performed at the end of FY23, 87% (FY22: 91%) of central costs have been allocated by category using appropriate volumetrics. Cash flows beyond the corporate plan period (2027 and beyond) have been determined using the medium-term growth rate; this is based on management\u2019s future expectations, reflecting, amongst other things, current market conditions and expected future trends and has been based on historical data from both external and internal sources. Immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the cash flows. The useful economic lives of store assets are short in the context of climate change scenario models therefore no medium to long-term effects have been considered. Impairment charge During FY23, an impairment charge of \u00a37,572k was recognised against 209 stores with a recoverable amount of \u00a324,055k, and an impairment charge of \u00a3616k was recognised against the website (FY22 restated: an impairment charge of \u00a37,540k was recognised against 200 stores with a recoverable amount of \u00a326,528k, and an impairment charge of \u00a31,389k was recognised against the website). An impairment reversal of \u00a33,136k has been recognised in FY23 relating to 100 stores with a recoverable amount of \u00a318,090k as at 30 April 2023 (FY22 restated: an impairment reversal of \u00a36,667k was recognised relating to 108 stores with a recoverable amount of \u00a324,950k). A net impairment charge of \u00a35,052k (FY22 restated: \u00a32,262k) has therefore been shown on the face of the consolidated income statement. In line with the previously adopted treatment, impairment charges and reversals have been shown as Adjusting items. Sensitivity analysis Whilst the Directors believe the assumptions adopted are realistic, reasonably possible changes in key assumptions could still occur, which could cause the recoverable amount of certain stores to be lower or higher than the carrying amount. The impact on the net impairment charge recognised from reasonably possible changes in assumption are detailed below: \u2022 a reduction in sales of 5% from the Base Case plan to reflect a potential Downside Scenario would result in an increase in the net impairment charge of \u00a38,981k. An increase in sales of 5% from the Base Case plan would decrease the net impairment charge by \u00a35,827k; \u2022 a reduction in gross margin of 2% would result in an increase in the net impairment charge of \u00a32,320k. An increase in gross margin of 2% would decrease the net impairment charge by \u00a32,063k; \u2022 a 200 basis point increase in the pre-tax discount rate would result in an increase in the net impairment charge of \u00a31,412k, while a 200 basis point decrease in the pre-tax discount rate would result in a decrease in the net impairment charge of \u00a31,387k; \u2022 a 100 basis point decrease in the medium-term growth rate would result in an increase in the net impairment charge of \u00a3493k, while a 100 basis point increase in the medium-term growth rate would result in an increase in the net impairment charge of \u00a3481k; \u2022 increasing the percentage of central costs allocated across CGUs from 87% to 97% would result in an increase in the net impairment charge of \u00a32,234k. Decreasing the percentage of central costs allocated across CGUs from 87% to 77% would result in a decrease in the net impairment charge of \u00a32,000k . Whilst the Directors consider their assumptions to be realistic, should actual results be different from expectations, then it is possible that
the value of property, plant and equipment included in the balance sheet could become materially different to the estimates used.
RoUA \u2013
property
\u00a3000
RoUA \u2013
plant and
equipment
\u00a3000
Leasehold
improvements
\u00a3000
Plant and
equipment
\u00a3000
Fixtures and
fittings
\u00a3000
Total
\u00a3000
Cost
Balance at 1 May 2022 (Restated
2
) 151,091 2,421 10,729 3,818 27,259 195,318
Additions 9,530 13 933 1,109 4,772 16,357
Disposals
1
(6,570) \u2014 (4,254) (1,271) (12,836) (24,931)
Balance at 30 April 2023 154,051 2,434 7,408 3,656 19,195 186,744
Depreciation and impairment
Balance at 1 May 2022 (Restated
2
) 75,483 1,408 8,686 3,507 19,717 108,801
Depreciation charge for the year 14,483 357 1,315 307 2,836 19,298
Impairment charge 6,126 \u2014 9 388 547 7,070
Impairment reversals (2,562) \u2014 (172) \u2014 (402) (3,136)
Disposals (6,273) \u2014 (4,190) (1,230) (12,792) (24,485)
At 30 April 2023 87,257 1,765 5,648 2,972 9,906 107,548
Net book value
At 1 May 2022 (Restated
2
) 75,608 1,013 2,043 311 7,542 86,517
At 30 April 2023 66,794 669 1,760 684 9,289 79,196
1 During FY23 the Group reviewed assets on the fixed asset register with a nil net book value. Following this review, fixed assets with a cost and accumulated
depreciation of \u00a317,502k were deemed to no longer be in use by the Group and have therefore been disposed of. The totals disposed of by category were
as follows: \u00a33,995k leasehold improvements, \u00a31,172k plant and equipment, \u00a312,375k fixtures and fittings.
2 These balances have been restated to reflect the impact of the prior period restatements discussed below.
RoUA \u2013
property
\u00a3000
RoUA \u2013
plant and
equipment
\u00a3000
Leasehold
improvements
\u00a3000
Plant and
equipment
\u00a3000
Fixtures and
fittings
\u00a3000
Total
\u00a3000
Cost
Balance at 3 May 2021 (Restated
2
) 154,319 1,913 10,410 3,376 26,167 196,185
Additions (Restated
2
) 2,540 508 548 476 1,499 5,571
Disposals (5,768) \u2014 (229) (34) (407) (6,438)
Balance at 1 May 2022 (Restated
2
) 151,091 2,421 10,729 3,818 27,259 195,318
Depreciation and impairment
Balance at 3 May 2021 (Restated
2
) 64,619 976 7,712 2,784 17,049 93,140
Depreciation charge for the year (Restated
2
) 14,662 432 1,268 341 2,431 19,134
Impairment charge (Restated
2
) 6,165 \u2014 134 411 844 7,554
Impairment reversals (Restated
2
) (6,094) \u2014 (252) (8) (313) (6,667)
Disposals (3,869) \u2014 (176) (21) (294) (4,360)
Balance at 1 May 2022 75,483 1,408 8,686 3,507 19,717 108,801
Net book value
At 3 May 2021 (Restated
2
) 89,700 937 2,698 592 9,118 103,045
At 1 May 2022 (Restated
2
) 75,608 1,013 2,043 311 7,542 86,517
2 These balances have been restated to reflect the impact of the prior period restatements discussed below.
Prior period restatements
Leasehold assets useful economic lives
In prior years, leasehold assets were being depreciated over a life longer than the life of the lease they relate to. To correct this, leasehold
improvements depreciation has been restated. The FY21 closing accumulated depreciation has been increased by \u00a31,768k with a
corresponding decrease in closing FY21 reserves.
The FY22 in year depreciation charge has increased by \u00a3537k, reducing adjusted profit before tax and closing property, plant and
equipment net book value. In the consolidated cash flow statement, the FY22 adjustment has increased the \u2018depreciation of property,
plant and equipment\u2019 by \u00a3537k, however there is no overall impact on net cash flows from operating, financing and investing activities or
on \u2018net increase in cash and cash equivalents\u2019.
Lease incentives received and initial direct costs incurred at the inception of a lease
In prior years, landlord capital contributions, and capitalised legal fees incurred upon negotiation of lease agreements were recorded
within leasehold improvements rather than included within the initial measurement of the IFRS 16 right-of-use asset. Therefore, the
costs and accumulated depreciation amounts relating to these assets have been reclassified from \u2018leasehold improvements\u2019 into
\u2018RoUA property\u2019, resulting in a \u00a3344k reduction in the right-of-use asset NBV at 3 May 2021, and a \u00a3743k reduction at 1 May 2022, with
a corresponding increase in the NBV of leasehold assets. This adjustment has no impact on the consolidated income statement or
consolidated cash flow statement.
Central cost allocation within fixed asset impairment assessment
In prior years, when assessing the impairment of right-of-use assets, property, plant and equipment and intangible assets, central costs
were not allocated to each cash generating unit (CGU). During the current year, the directors have reconsidered the allocation of central
costs and based on the existence of a consistent store estate and cost base, concluded that certain costs can be allocated to individual
CGUs on a reasonable and consistent basis. The directors additionally considered whether a consistent allocation was appropriate in
earlier periods and concluded that an allocation became appropriate following the change in strategy to \u201cBetter not just Bigger\u201d, the
implementation of which occurred following the appointment of Gavin Peck as CEO in January 2020 over a protracted period as a result
of COVID-19, that ultimately resulted in a more consistent store estate and cost base. The directors have applied judgement to conclude
that the effect of the revised allocation of central costs in 2023 should be reflected by restating the impairment opening balances at 2
May 2021 and 1 May 2022.
The FY21 closing impairment balance relating to right-of-use assets has increased by \u00a326,681k, the closing impairment balance relating to
property, plant and equipment has increased by \u00a35,638k, and the closing impairment balance relating to intangible assets has increased
by \u00a3281k. The adjustment to closing FY21 reserves is therefore \u00a332,600k.
The FY22 reassessment resulted in a \u00a3173k higher net impairment charge relating to right-of-use assets, a \u00a3479k higher net impairment
charge relating to property, plant and equipment, and a \u00a31,375k higher net impairment charge relating to intangible assets. Therefore, the
reduction in total profit before tax relating to FY22 impairment charges is \u00a32,027k. These adjustments have resulted in the restatement of a
number of reconciling items in the consolidated cash flow statement relating to impairment charges, reversal of impairment charges, and
profit / loss on disposal of fixed assets, however they have no overall impact on net cash flows from operating, financing and investing
activities or on \u2018net increase in cash and cash equivalents\u2019.
Depreciation reduction due to impairment restatement
As a result of the impairment adjustment detailed above the net book value of fixed assets was lower at the start of the FY21 and FY22,
resulting in the depreciation charge in FY21 and FY22 being overstated. The FY21 closing accumulated depreciation has been reduced by
\u00a35,120k relating to right-of-use assets, \u00a31,946k relating to property, plant and equipment and \u00a3362k relating to intangible assets, with a
corresponding increase in closing FY21 reserves.
The FY22 in year depreciation charge has decreased by \u00a34,748k relating to right-of-use assets, \u00a31,658k relating to property, plant and
equipment, and \u00a3239k relating to intangible assets, increasing adjusted profit before tax by \u00a36,645k. These adjustments decrease the
\u2018depreciation of property, plant and equipment\u2019, \u2018depreciation of right-of-use assets\u2019 and \u2018amortisation of intangible assets\u2019 balances in
the consolidated cash flow statement, however there is no overall impact on \u2018net increase in cash and cash equivalents\u2019.
Corporation tax restatement
The above adjustments have resulted in restatements to the corporation tax charges, current tax assets / liabilities and the deferred tax
asset. Please refer to notes 10 and 16 for restated taxation disclosures.
The following tables summarise the impact of the above restatements on the Group\u2019s consolidated financial statements including the
impact of current and deferred corporation tax.
Summarised consolidated income statement
Adjustments
Per FY22
financial
statements
Leasehold asset
useful economic
life reduction
Landlord
contributions
and legal fees
incorporation
within RoUA
Impairment
charge
increase
Depreciation
charge
reduction
Taxation impact
of restatements
FY22
restated
balance
Income statement
Revenue 264,630 \u2014 \u2014 \u2014 \u2014 \u2014 264,630
Profit before tax (216,053) (425) \u2014 (2,027) 6,645 \u2014 (211,860)
Gross profit 48,577 (425) \u2014 (2,027) 6,645 \u2014 52,770
Other operating income (111) \u2014 \u2014 \u2014 \u2014 \u2014 (111)
Distribution expenses (9,128) \u2014 \u2014 \u2014 \u2014 \u2014 (9,128)
Administrative expenses (24,004) (112) \u2014 \u2014 \u2014 \u2014 (24,116)
Operating profit 15,334 (537) \u2014 (2,027) 6,645 \u2014 19,415
Net financing expense (5,176) \u2014 \u2014 \u2014 \u2014 \u2014 (5,176)
Profit before tax 10,158 (537) \u2014 (2,027) 6,645 \u2014 14,239
Taxation (1,436) \u2014 \u2014 \u2014 \u2014 1,160 (276)
Profit after tax 8,722 (537) \u2014 (2,027) 6,645 1,160 13,963
Summarised consolidated statement of financial position
Adjustments
Per FY22
financial
statements
Leasehold asset
useful economic
life reduction
Landlord
contributions
and legal fees
incorporation
within RoUA
Impairment
charge
increase
Depreciation
charge
reduction
Taxation impact
of restatements
FY22
restated
balance
Non-current assets
Intangible assets 2,672 \u2014 \u2014 (1,657) 602 \u2014 1,617
Property, plant and equipment 13,970 (2,304) 743 (6,117) 3,604 \u2014 9,896
Right-of-use assets 94,351 \u2014 (743) (26,853) 9,866 \u2014 76,621
Deferred tax assets 3,477 \u2014 \u2014 \u2014 \u2014 1,231 4,708
114,470 (2,304) \u2014 (34,627) 14,072 1,231 92,842
Current assets 56,487 - \u2014 - \u2014 \u2014 56,487
Total assets 170,957 (2,304) \u2014 (34,627) 14,072 1,231 149,329
Liabilities
Tax liability (1,115) \u2014 \u2014 \u2014 \u2014 375 (740)
Other liabilities (148,211) \u2014 \u2014 \u2014 \u2014 \u2014 (148,211)
Total liabilities (149,326) \u2014 \u2014 \u2014 \u2014 375 (148,951)
Net assets 21,631 (2,304) \u2014 (34,627) 14,072 1,606 378
Equity attributable to equity
holders of the Parent
Retained earnings (11,741) (2,304) \u2014 (34,627) 14,072 1,606 (32,994)
Other reserves 33,372 \u2014 \u2014 \u2014 \u2014 \u2014 33,372
Total equity 21,631 (2,304) \u2014 (34,627) 14,072 1,606 378
Adjustments
Per FY21
financial
statements
Leasehold asset
useful economic
life reduction
Landlord
contributions
and legal fees
incorporation
within RoUA
Impairment
charge
increase
Depreciation
charge
reduction
Taxation impact
of restatements
FY21
restated
balance
Non-current assets
Intangible assets 2,463 \u2014 \u2014 (281) 362 \u2014 2,544
Property, plant and equipment 17,524 (1,768) 344 (5,638) 1,946 \u2014 12,408
Right-of-use assets 112,542 \u2014 (344) (26,681) 5,120 \u2014 90,637
Deferred tax assets 2,852 \u2014 \u2014 \u2014 \u2014 842 3,694
135,381 (1,768) \u2014 (32,600) 7,428 842 109,283
Current assets
Tax asset 704 \u2014 \u2014 \u2014 \u2014 (396) 308
Other current assets 44,360 \u2014 \u2014 \u2014 \u2014 \u2014 44,360
45,064 \u2014 \u2014 \u2014 \u2014 (396) 44,668
Total assets 180,445 (1,768) \u2014 (32,600) 7,428 446 153,951
Total liabilities (171,617) \u2014 \u2014 \u2014 \u2014 \u2014 (171,617)
Net assets 8,828 (1,768) \u2014 (32,600) 7,428 446 (17,666)
Equity attributable to equity
holders of the Parent
Retained earnings (20,463) (1,768) \u2014 (32,600) 7,428 446 (46,957)
Other reserves 29,291 \u2014 \u2014 \u2014 \u2014 \u2014 29,291
Total equity 8,828 (1,768) \u2014 (32,600) 7,428 446 (17,666)
Summarised consolidated statement of changes in equity
Attributable to equity holders of the Company
Share
capital
\u00a3000
Share
premium
\u00a3000
Merger
reserve
\u00a3000
Share-based
payment
reserve
\u00a3000
Hedging
reserve
1
\u00a3000
Retained
earnings
\u00a3000
Total
equity
\u00a3000
Reported balance at 1 May 2022 625 28,322 (54) 2,252 2,227 (11,741) 21,631
Cumulative adjustment \u2014 \u2014 \u2014 \u2014 \u2014 (21,253) (21,253)
Restated balance at 1 May 2022 625 28,322 (54) 2,252 2,227 (32,994) 378
Attributable to equity holders of the Company
Share
capital
\u00a3000
Share
premium
\u00a3000
Merger
reserve
\u00a3000
Share-based
payment
reserve
\u00a3000
Hedging
reserve
1
\u00a3000
Retained
earnings
\u00a3000
Total
equity
\u00a3000
Reported balance at 2 May 2021 625 28,322 (54) 1,601 (1,203) (20,463) 8,828
Cumulative adjustment \u2014 \u2014 \u2014 \u2014 \u2014 (26,494) (26,494)
Restated balance at 2 May 2021 625 28,322 (54) 1,601 (1,203) (46,957) (17,666)
15. IFRS 16
Accounting policy
IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases.
IFRS 16 requires the use of a single definition of leases, which recognises a right-of-use asset (RoUA) and a lease liability for all leases,
with exceptions only permitted for short-term and low-value leases. Accordingly, the impact of IFRS 16 is to require recognition of a lease
liability and a corresponding RoUA in relation to leases previously classified as operating leases, which were hitherto accounted for via a
single charge to the profit and loss account.
The most significant impact is that the Group\u2019s retail store operating leases are recognised on the balance sheet as right-of-use
assets representing the economic benefits of the Group\u2019s right to use the underlying leased assets, together with the associated future
lease liabilities.
Under IFRS 16, the Group recognises right-of-use assets and lease liabilities at the lease commencement date.
Identifying an IFRS 16 lease
At the inception of a contract, the Group assesses whether it is, or contains, a lease. A contract is, or contains, a lease if it conveys the
right to control the use of an asset for a period of time, in exchange for consideration. Control is conveyed where the Group has both the
right to direct the asset\u2019s use and to obtain substantially all the economic benefits from that use. For each lease or lease component, the
Group follows the lease accounting model as per IFRS 16, unless the permitted recognition exceptions can be used.
Recognition exceptions
The Group leases many assets, including properties, IT equipment and warehouse equipment.
The Group has elected to account for lease payments as an expense on a straight-line basis over the lease term or another systematic
basis for the following types of leases:
(i) Leases with a term of 12 months or less.
(ii) Leases where the underlying asset has a low value.
(iii) Concession leases where the landlord has substantial substitution rights.
For leases where the Group has taken the short-term lease recognition exemption and there are any changes to the lease term or the
lease is modified, the Group accounts for the lease as a new lease.
For leases where the Group has taken a recognition exemption as detailed above, rentals payable under these leases are charged to
income on a straight-line basis over the term of the relevant lease except, where another more systematic basis is more representative of
the time pattern in which economic benefits from the lease asset are consumed.
Lessee accounting under IFRS 16
Upon lease commencement, the Group recognises a right-of-use asset and a lease liability.
Initial measurement
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 and an estimate of costs to dismantle and
remove the underlying asset, or to restore the underlying asset or the site on which it is located at the end of the lease, less any lease
incentives received.
The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the
incremental borrowing rate as the rate implicit in the lease cannot be readily determined.
Variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability and are initially
measured using the index or rate as at the commencement date. Amounts expected to be payable by the Group under residual value
guarantees are also included. Variable lease payments that are not included in the measurement of the lease liability are recognised
in profit or loss in the period in which the event or condition that triggers payment occurs unless the costs are included in the carrying
amount of another asset under another accounting standard.
The Group has applied judgement to determine the lease term for some lease contracts that include renewal options. The assessment
of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the value of lease
liabilities and right-of-use assets recognised.
The payments related to leases are presented under cash flows from financing activities and cash flows from operating activities in the
cash flow statement.
Subsequent measurement
After lease commencement, the Group values right-of-use assets using a cost model. Under the cost model, a right-of-use asset is
measured at cost less accumulated depreciation and accumulated impairment.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is
re-measured to reflect changes in: the lease term (using a revised discount rate); the assessment of a purchase option (using a revised
discount rate); the amounts expected to be payable under residual value guarantees (using an unchanged discount rate); and future
lease payments resulting from a change in an index or a rate used to determine those payments (using an unchanged discount rate).
The re-measurements are matched by adjustments to the right-of-use asset. Lease modifications may also prompt re-measurement of
the lease liability unless they are determined to be separate leases.
Depreciation of right-of-use assets
The right-of-use asset is subsequently depreciated using the straight-line method, from the commencement date to the earlier of either
the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are
determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset is reduced by impairment
losses, if any, and adjusted for certain re-measurements of the lease liability.
Determining the lease term
Termination options are included in a number of property leases across the Group. These terms are used to maximise operational
flexibility. At the commencement date of property leases, the Group determines the lease term to be the full term of the lease, assuming
that any option to break or extend the lease is unlikely to be exercised. Leases will be revalued if it becomes likely that a break clause is
to be exercised. In determining the likelihood of the exercise of a break option, management considers all facts and circumstances that
create an economic incentive to exercise the termination option. For property leases, the following factors are the most relevant:
\u2022 The profitability of the leased store and future plans for the business.
\u2022 If there are any significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend.
COVID-19 concessions
The Group elected to account for qualifying COVID-19 related rent concessions as variable lease payments, recognising the concession
in the period in which the event or condition that triggers the payments occurs. Rent concessions are qualifying if the following
conditions are met:
(i) The concession is a direct consequence of the COVID-19 pandemic.
(ii) The change in lease payments resulted in revised consideration for the lease that is substantially the same as, or less than, the
consideration for the lease immediately preceding the change.
(iii) The reduction in lease payments only affects payments due on or before 30 June 2022.
(iv) There is no substantive change to other terms and conditions of the lease.
The Group has applied this practical expedient consistently to all lease contracts with similar characteristics and in similar circumstances.
Amounts recognised in the statement of financial position
Right-of-use assets
FY23
\u00a3000
FY22
(Restated \u2013
Note 14)
\u00a3000
Land and buildings 66,794 75,608
Plant and equipment 669 1,013
Total right-of-use assets 67,463 76,621
Additions to the right-of-use assets during FY23 were \u00a39,543k (FY22: \u00a33,048k).
Lease liabilities
Lease liabilities included in the statement of financial position as at the financial year end:
FY23
\u00a3000
FY22
\u00a3000
Current 23,449 25,434
Non-current 74,766 85,702
98,215 111,136
Maturity analysis \u2013 contractual undiscounted cash flows:
FY23
\u00a3000
FY22
\u00a3000
Less than one year 27,163 31,592
One to two years 22,926 27,283
Two to three years 18,039 23,655
Three to four years 12,944 18,977
Four to five years 9,185 13,102
More than five years 21,718 21,862
Total undiscounted lease liabilities 111,975 136,471
Amounts recognised in the statement of profit and loss
FY23
\u00a3000
FY22
(Restated \u2013
Note 14)
\u00a3000
Depreciation charge on right-of-use assets (RoUA) 14,840 15,094
Interest cost on lease liability 4,130 4,500
Profit on disposal of RoUA / lease liability (1,105) (441)
Foreign exchange difference on euro leases (152) 120
Additional impairment charge under IAS 36 3,564 71
Operating lease rentals \u2013 hire of plant, equipment and motor vehicles
\u2013 Low-value leases 371 389
Total plant, equipment and motor vehicle operating lease rentals 371 389
Operating lease rentals \u2013 store leases
\u2013 Stores with variable lease rentals 877 454
\u2013 Concession leases (the landlord has substantial substitution rights) 977 943
\u2013 Low-value leases 13 (11)
\u2013 Lease is expiring within 12 months or has rolling break clauses 53 87
\u2013 Lease has expired 397 484
\u2013 Variable lease payments as a result of COVID-19 concessions (181) (408)
Total store operating lease rentals 2,136 1,549
Depreciation of right-of-use asset by class:
FY23
\u00a3000
FY22
(Restated \u2013
Note 14)
\u00a3000
Land and buildings 14,483 14,662
Plant and equipment 357 432
Total right-of-use asset depreciation 14,840 15,094
16. Deferred tax assets
Recognised deferred tax assets
Deferred tax assets are attributable to the following:
Assets Liabilities
FY23
\u00a3000
FY22
(Restated
1
)
\u00a3000
FY23
\u00a3000
FY22
(Restated
1
)
\u00a3000
Property, plant and equipment 2,876 2,868 \u2014 \u2014
Leases 1,362 1,645 \u2014 \u2014
Temporary timing differences 354 195 \u2014 \u2014
Financial assets/liabilities 262 \u2014 \u2014 \u2014
Tax assets 4,854 4,708 \u2014 \u2014
Movement in deferred tax during the year
Fixed assets
\u00a3000
Leases
\u00a3000
Temporary
timing
differences
\u00a3000
Financial
assets/
liabilities
\u00a3000
Total
\u00a3000
At 1 May 2022 (Restated
1
) 2,868 1,645 195 \u2014 4,708
Adjustment in respect of prior years (499) \u2014 \u2014 (598) (1,097)
Deferred tax (charge)/credit to profit and loss 507 (283) 159 \u2014 383
Deferred tax credit in equity profit and loss \u2014 \u2014 860 860
At 30 April 2023 2,876 1,362 354 262 4,854
1 The FY22 deferred tax asset has been restated to reflect the tax impact of the restatements documented in Note 14.
Movement in deferred tax during the year
Fixed assets
\u00a3000
Leases
\u00a3000
Temporary
timing
differences
\u00a3000
Financial
assets/
liabilities
\u00a3000
Total
\u00a3000
At 1 May 2022 (Restated
1
) 1,574 1,420 372 328 3,694
Adjustment in respect of prior years \u2014 \u2014 (216) \u2014 (216)
Deferred tax (charge)/credit to profit and loss (Restated
1
) 1,294 225 39 (328) 1,230
Deferred tax credit in equity profit and loss \u2014 \u2014 \u2014 \u2014 \u2014
At 1 May 2022 (Restated
1
) 2,868 1,645 195 \u2014 4,708
1 The FY22 deferred tax asset has been restated to reflect the tax impact of the restatements documented in Note 14.
Tax losses carried forward for which no deferred tax asset has been recognised total \u00a39,273k (FY22: \u00a314,288k) with an expiry date of
April 2024.
17. Inventories
Accounting policy
Inventories comprise stocks of finished goods for resale and are valued on a weighted average cost basis and carried at the lower of cost
and net realisable value. \u2018Cost\u2019 includes all direct expenditure and other attributable costs incurred in bringing inventories to their present
location and condition.
The process of purchasing inventories may include the use of cash flow hedges to manage foreign exchange risk. Where hedge
accounting applies, an adjustment is applied such that the cost of stock reflects the hedged exchange rate.
Inventory summary
FY23
\u00a3000
FY22
\u00a3000
Gross stock value 31,278 29,817
Less: stock provisions for shrinkage and obsolescence (1,037) (3,252)
Goods for resale net of provisions 30,241 26,565
Stock in transit 3,200 2,822
Inventory 33,441 29,387
The cost of inventories recognised as an expense during the period was \u00a3119.1m (FY22: \u00a3107.7m).
Stock provisions
The Group makes provisions in relation to stock quantities, due to potential stock losses not yet reflected in the accounting records,
commonly referred to as unrecognised shrinkage and, in relation to stock value, where the net realisable value of an item is expected to
be lower than its cost, due to obsolescence.
Shrinkage provision During the prior financial year, the Group carried out \u2018tactical\u2019 (perpetual inventory basis) stock counts in its retail stores on a regular basis, such that at the end of the financial year a significant proportion of stock in stores had been counted and stock file adjustments made to correct errors indicated by the counts. In addition, full four wall counts (i.e. a controlled count of all stock in a store) had been performed in 71 stores during the last 6 weeks of the financial year, with an additional 53 four wall counts performed in the month following the financial year end. During FY23, full four wall counts were performed in 524 stores during the last 13 weeks of the financial year. Through these counts, the Group established that its accounting records reflected the actual quantities of stock in stores. This process also provides the Group with an indication of the typical percentage of stock loss, which is used to calculate, by extrapolation, unrecognised shrinkage at the balance sheet date. The stock records were updated to reflect the results of the stock counts, which occurred nearer to the end of the financial year than the counts undertaken in FY22, as a result of which, the provision required for unrecognised shrinkage materially decreased compared with the value at the end of FY22, by \u00a31.4m to \u00a30.4m. The unrecognised shrinkage provision was \u00a30.4m at the Period end (FY22: \u00a31.9m), representing 1.9% of gross store stock (FY22: 8.6%). The provision relates to store stock with a value of \u00a320.9m (FY22: \u00a322.2m). This represents management\u2019s best estimate of the likely level of stock losses experienced. Obsolescence provision Generally, the Group\u2019s inventory does not comprise a large proportion of stock with a \u2018shelf life\u2019. Stock lines which are slow selling because they have been less successful than planned or which have sold successfully and become fragmented as they reach the natural end of their planned selling period, are usually discounted and sold during \u2018sale\u2019 events, for example the January sale. This stock is referred to as terminal stock. During FY23, a high degree of focus has been placed on clearing terminal stock and at the period end the Group held significantly less terminal stock than the prior year. Consequently, the obsolescence provision has reduced by \u00a30.7m to \u00a30.6m. The Group has considered the impact of customer preferences and ESG considerations on potential stock obsolescence, and these factors are not deemed to have a material impact on the level of provision required. 18. Trade and other receivables FY23 \u00a3000 FY22 \u00a3000 Current Trade receivables 2,864 2,606 Other receivables 359 1,793 Prepayments 4,284 4,028 Trade and other receivables 7,507 8,427 Trade receivables are attributable to sales which are paid for by credit card and are classified as finance assets at amortised cost; they are all current. No credit is provided to customers. The value and nature of trade receivables is such that no material credit losses occur; therefore, no loss allowance has been recorded at the period end (FY22: \u00a3Nil). Other receivables relate to stock on water deposits paid, and other accounts payable debit balances. Prepayments relate to prepaid property costs and other expenses. 19. Cash and cash equivalents FY23 \u00a3000 FY22 \u00a3000 Cash and cash equivalents per balance sheet 10,196 16,280 Net cash and cash equivalents 10,196 16,280 The Group\u2019s cash and cash equivalents are denominated in the following currencies: FY23 \u00a3000 FY22 \u00a3000 Sterling 8,208 12,198 Euro 1,949 3,102 US dollar 39 980 Net cash and cash equivalents 10,196 16,280 At 30 April 2023, the Group held net cash (excluding lease liabilities) of \u00a310.2m (FY22: net cash (excluding lease liabilities) of \u00a316.3m). This comprised cash of \u00a310.2m (FY22: cash of \u00a316.3m). For the year ended 30 April 2023, the Group\u2019s bank facilities comprise an RCF of \u00a330.0m expiring 30 November 2025. Since the Period end, the facility was extended by a year and reduced in size by \u00a310.0m. The facility includes financial covenants in relation to the level of net debt to LTM EBITDA and \u2018Fixed Charge Cover\u2019 or ratio of LTM EBITDA prior to deducting rent and interest, to LTM rent and interest. None of the Group\u2019s cash and cash equivalents (FY22: \u00a3Nil) is held by the trustee of the Group\u2019s employee benefit trust in relation to the share schemes for employees. 20. Borrowings
Accounting policy
Interest-bearing bank loans and overdrafts, loan notes and other loans are recognised in the balance sheet at amortised cost. Finance
charges associated with arranging non-equity funding are recognised in the income statement over the life of the facility. All other
borrowing costs are recognised in the income statement in accordance with the effective interest rate method. A summary of the Group\u2019s
objectives, policies, procedures and strategies with regard to financial instruments and capital management can be found in Note 25. At
30 April 2023, all borrowings were denominated in sterling (FY22: sterling).
FY23
\u00a3000
FY22
\u00a3000
Non-current liabilities
Lease liabilities 74,766 85,702
Non-current liabilities 74,766 85,702
Current liabilities
Lease liabilities 23,449 25,434
Current liabilities 23,449 25,434
Reconciliation of borrowings to cash flows arising from financing activities
FY23
\u00a3000
FY22
\u00a3000
Borrowings at start of year (excluding overdrafts) 111,136 143,009
Changes from financing cash flows
Payment of lease liabilities (capital) (22,672) (25,969)
Payment of lease liabilities (interest) (4,130) (4,500)
Proceeds from loans and borrowings
1
4,000 \u2014
Repayment of bank borrowings
1
(4,000) (7,500)
Total changes from financing cash flows (26,802) (37,969)
Other changes
Lease liability additions 10,991 3,634
Disposal of lease liabilities (1,402) (2,340)
The effect of changes in foreign exchange rates 152 (120)
Interest expense 4,140 4,922
Total other changes 13,881 6,096
Borrowings at end of year (excluding overdrafts) 98,215 111,136
1 \u00a34.0m was drawn under the Group\u2019s RCF from 29 September 2022 until 31 October 2022.
Net debt reconciliation
FY23
\u00a3000
FY22
\u00a3000
Net debt (excluding unamortised debt costs)
Cash and cash equivalents (10,196) (16,280)
Net bank cash (10,196) (16,280)
Non-IFRS 16 lease liabilities 268 485
Non-IFRS 16 net cash (9,928) (15,795)
IFRS 16 lease liabilities 97,946 110,651
Net debt including IFRS 16 lease liabilities 88,018 94,856
21. Trade and other payables
FY23
\u00a3000
FY22
\u00a3000
Current
Trade payables 22,960 20,091
Other tax and social security 2,610 2,792
Accrued expenses 8,909 13,075
Trade and other payables 34,479 35,958
Trade payables and accruals principally comprise amounts outstanding for trade purchases and operating costs. The Group has financial
risk management policies in place to ensure that all payables are paid within agreed credit terms.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Accrued expenses comprise various accrued property costs, payroll costs and other expenses, including \u00a3484k (FY22: \u00a3453k) of deferred
income in relation to the customer loyalty scheme. The decrease in the balance from FY22 is due to a decrease in the bonus accrual held
at year end.
The Group has net US dollar denominated trade and other payables of \u00a36.6m (FY22: \u00a34.9m).
22. Provisions and contingent liabilities
Accounting policy
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 the best estimate of the expenditure required to settle the obligation at the end of the
reporting period and are discounted to present value where the effect is material.
HMRC VAT
\u00a3000
Property
\u00a3000
Total
\u00a3000
Balance as at 3 May 2021 \u2014 718 718
Provisions made during the year \u2014 399 399
Balance as at 1 May 2022 \u2014 1,117 1,117
Provisions made during the year 514 450 964
Provisions used during the year \u2014 (218) (218)
Balance as at 30 April 2023 514 1,349 1,863
Maturity analysis of cash flows:
HMRC VAT
\u00a3000
Property
\u00a3000
Total
\u00a3000
Due in less than one year 514 51 565
Due between one and five years \u2014 760 760
Due in more than five years \u2014 538 538
514 1,349 1,863
Property provision
In accordance with IAS 37 Provisions, the Group recognises provisions for the cost of reinstating certain Group properties at the end of their
lease term, based on the conditions set out in the terms of the individual leases. The timing of the outflows will match the ends of the relevant
leases, which range from 1 to 10 years for stores and 13.2 years for the head office. The average remaining term of the store estate is 4.8 years.
HMRC VAT provision
HMRC initiated a VAT review in August 2022 in respect of FY19 to FY22 and have reviewed 4 years of sales data. In the initial output of their
review, HMRC have identified a number of areas where they disagree with the VAT treatment applied by the business.
Management accepts that there is a possibility that the VAT rate charged is incorrect for some SKUs under review, predominantly activity
sets that include books and activity resources, and that the rate may be concluded to be mixed or standard rate. HMRCs view is that
these rates are not zero, and therefore we believe it appropriate to recognise a provision for a potential liability for \u00a3514k on the basis that
50% of the SKUs under review are concluded to be standard rated, and the 50% mixed rated.
23. Defined contribution pension plans
Accounting policy
A defined contribution pension plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate
entity and will have no obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are
recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.
The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by
the Group to the scheme and amounted to \u00a3890k (FY22: \u00a3777k).
At the end of the year contributions of \u00a3243k (FY22: \u00a3155k) were outstanding.
24. Share capital and share premium
Accounting policy
The following describes the nature and purpose of each reserve within equity:
\u2022 Share premium account: Proceeds received in excess of the nominal value of shares issued, net of any transaction costs.
\u2022 Hedging reserve: Cumulative gains and losses on hedging instruments deemed effective in cash flow hedges.
\u2022 Merger reserve: Created in 2018 on the formation of TheWorks.co.uk plc, it represents the difference between the cost of the investment
in The Works Investment Limited (and its subsidiaries, The Works Stores Limited and The Works Online Limited) of \u00a351,499,891 and the
nominal value of the ordinary shares issued in exchange of \u00a3109.
\u2022 Share based payment reserve: Represents the cumulative charges to income under IFRS 2 Share-based Payments on all share options
and schemes granted, net of share option exercises.
\u2022 Retained earnings: All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere.
Ordinary shares are classified as equity.
FY23
Number
000
FY22
Number
000
Share capital
Allotted, called up and fully paid ordinary shares of 1p:
At the start of the period 62,500 62,500
Issued in the period \u2014 \u2014
At the end of the period 62,500 62,500
FY23
\u00a3000
FY22
\u00a3000
Share capital
At the start of the period 625 625
Issued in the period \u2014 \u2014
At the end of the period 625 625
Share premium
At the start of the period 28,322 28,322
Issued in the period \u2014 \u2014
At the end of the period 28,322 28,322
During the year, the Employee Benefit Trust purchased \u00a3473k (FY22: \u00a3Nil) of the Company\u2019s shares for the purpose of satisfying future
employee share-based payment awards.
Investment in own shares
At 30 April 2023, the Employee Benefit Trust held 1,240,577 (FY22: Nil) of the Company\u2019s shares.
The Trust has waived any entitlement to the receipt of dividends in respect of its holding of the Company\u2019s ordinary shares. The market
value of these shares at 30 April 2023 was \u00a3390,161 (FY22: \u00a3Nil). In the current period, 1,408,086 (FY22: Nil) were repurchased and transferred
into the Trust, with 167,491 (FY22: Nil) reissued on exercise of share options.
25. Financial instruments
Accounting policy
Non-derivative financial assets
Non-derivative financial assets comprise trade and other receivables and cash and cash equivalents. The Group classifies all its non-
derivative financial assets as financial assets at amortised cost. Financial assets at amortised cost are initially measured at fair value plus
directly attributable transaction costs, except for trade and other receivables without a significant financing component that are initially
measured at transaction price. Subsequent to initial recognition, non-derivative financial assets are carried at amortised cost using the
effective interest method, subject to impairment.
At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is
\u2018credit impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have
occurred. The Group measures loss allowances at an amount equal to lifetime expected credit loss.
Cash and cash equivalents comprise cash in hand, at bank and on short-term deposit for less than three months. Bank overdrafts, within
borrowings, that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of
cash and cash equivalents for the purposes of the cash flow statement.
Non-derivative financial liabilities
Non-derivative financial liabilities comprise bank borrowings and trade and other payables. Non-derivative financial liabilities are initially
recognised at fair value, less any directly attributable transaction costs, and subsequently stated at amortised cost using the effective
interest method.
Derivative financial instruments
Derivative financial instruments are mandatorily categorised as fair value through profit or loss (FVTPL), except to the extent they are
part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative
contracts to manage the foreign exchange risk on future US dollar denominated purchases.
Gains and losses in respect of foreign exchange derivative financial instruments that are not part of an effective hedging relationship are
recognised within cost of sales and net finance expense.
Cash flow hedges
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative
is recognised in other comprehensive income (OCI) and accumulated in the hedging reserve. The effective portion of changes in the
fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on
a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised
immediately in profit or loss.
The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash
flow hedging relationships and applies a hedge ratio of 1:1. The change in fair value of the forward element of forward exchange contracts
(forward points) is separately accounted for as a cost of hedging and recognised in the hedging reserve separately as costs of hedging.
When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the
hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory.
Hedging gains and losses and costs of hedging transferred to the cost of inventory in the year were \u00a3175k (FY22: (\u00a3441k).
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised,
then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has
been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve
and the cost of hedging reserve are immediately reclassified to profit or loss.
Fair value estimation
The techniques applied in determining the fair values of financial assets and liabilities are disclosed below.
Foreign currency
The consolidated financial statements are presented in pounds sterling, which is the functional currency of the Group.
Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange
prevailing on the dates of the transactions. The majority of currency transactions that are not in the functional currency of the trading
entity relate to inventory purchases. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income
statement within cost of sales, except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign currency
gains and losses are reported on a net basis.
The Group is exposed to foreign currency risk, most significantly to the US dollar as a result of sourcing certain products which are paid
for predominantly in US dollars. The Group hedges these exposures using forward foreign exchange contracts and hedge accounting
is applied when the requirements of IFRS 9 are met, which include that a forecast transaction must be \u2018highly probable\u2019. The Group has
applied judgement in assessing whether the forecast purchases remain \u2018highly probable\u2019.
The Group\u2019s policy is that approximately 50% of the forecast purchase requirements are initially hedged, approximately 12 months prior,
with incremental hedges taken out over time, as the buying period approaches and therefore as certainty increases over the forecast
purchases. As a result of this progressive strategy, reducing the supply pipeline of inventory, should this occur, does not immediately
lead to over-hedging and the disqualification of \u2018highly probable\u2019. If the forecast transactions were no longer expected to occur, any
accumulated gain or loss on the hedging instruments would be immediately reclassified to profit or loss.
Financial risk management
The Board has overall responsibility for managing risks and uncertainties and these are reviewed on an ongoing basis. The principal
financial risks faced by the Group include market risk, currency risk, cash flow interest rate risk, credit risk and liquidity risk.
In order to manage the Group\u2019s exposure to these risks, in particular the Group\u2019s exposure to currency risk, the Group enters into forward
foreign currency contracts. No transactions in derivatives are undertaken for speculative purposes.
Further details of the Group\u2019s approach to managing risk are included in the \u2018Principal Risks and Uncertainties\u2019 section of the Strategic
report and in the Corporate governance report.
(a) Market risk
The Group\u2019s activities expose it to two types of market risk, being currency risk and cash flow interest rate risk. The Group\u2019s policies for
managing currency risk and interest rate risk are set out below.
(i) Currency risk
The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales,
purchases, receivables and borrowings are denominated. A significant proportion of the Group\u2019s retail products are procured from
overseas suppliers in transactions denominated in US dollars.
The Group uses foreign currency derivative contracts and US dollar denominated cash balances to manage the foreign exchange risk on
US dollar denominated inventory purchases.
As described above, the Group takes a prudent, but flexible, approach to hedging the risk of exchange rate fluctuations. At 30 April 2023,
the Group held forward contracts with a nominal value of $40.0m (FY22: $30.0m), all with maturity dates of less than one year. These
contracts have an average forward rate of $1.2183 (FY22: $1.3964).
Exposure to currency risk The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows: Liabilities Assets FY23 \u00a3000 FY22 \u00a3000 FY23 \u00a3000 FY22 \u00a3000 US dollar 6,552 4,905 39 980 Euro 352 454 1,958 3,092 Currency sensitivity analysis The Group is exposed to the US dollar and, to a significantly lesser extent, the euro. The following table details the Group\u2019s sensitivity to a 10% increase or decrease in sterling against the relevant foreign currencies. 10% represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit and other equity where sterling strengthens 10% against the relevant currency. For a 10% weakening of sterling against the relevant currency, there would be a comparable impact on the profit and other equity, and the balances below would be negative. USD impact Euro impact FY23 \u00a3000 FY22 \u00a3000 FY23 \u00a3000 FY22 \u00a3000 Profit/(loss) for the period 592 357 (146) (240) This is mainly attributable to the exposure outstanding on US dollar and euro cash balances held, trade payables and other accruals at the reporting date. The sensitivity analysis above represents the inherent foreign exchange risk as at the year end, but is not reflective of the exposure, and therefore the profit impact, to foreign currency exchange movements during the year. (ii) Interest rate risk The Group is also exposed to the effects of fluctuations in the interest rate on its banking facility. The sensitivity analysis below has been determined based on an increase in the interest rate of 1.0% on the average cash balances throughout the year. FY23 \u00a3000 FY22 \u00a3000 Variable rate instruments (100 bp increase) 132 123 Variable rate instruments (100 bp decrease) (132) (123) (b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group does not offer any credit to customers; therefore, the credit risk with respect to exposure to customers is low. The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are related entities. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The carrying amount of the financial assets recorded in the financial statements represents the Group\u2019s and the Company\u2019s exposure to credit risk. (c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The following tables detail the Group\u2019s remaining contractual maturity for its financial assets and liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows, excluding interest, based on the earliest date on which the Group can be required to pay. Contractual maturity of financial liabilities
Within 1 year
\u00a3000
1-5 years
\u00a3000
5+ years
\u00a3000
Total
\u00a3000
30 April 2023
Interest bearing \u2014 \u2014 \u2014 \u2014
Non-interest bearing 31,950 760 538 33,248
Finance lease liability (undiscounted cash flows) 27,163 63,094 21,718 111,975
Derivative
Forward currency contracts 1,048 \u2014 \u2014 1,048
60,161 63,854 22,256 146,271
1 May 2022
Interest bearing \u2014 \u2014 \u2014 \u2014
Non-interest bearing 32,917 913 \u2014 33,830
Finance lease liability (undiscounted cash flows) 31,592 83,017 21,862 136,471
Derivative
Forward currency contracts \u2014 \u2014 \u2014 \u2014
64,509 83,930 21,862 170,301
Hedge accounting
IFRS 9 requires the Group to ensure that hedge accounting relationships are aligned with the Group\u2019s risk management objectives and
strategy and to apply a qualitative and forward-looking approach to assessing hedge effectiveness.
The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based
on the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each
hedging relationship is expected to be, and has been, effective in offsetting cash flows of the hedged item using the hypothetical
derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u2022 The effect of counterparties and the Group\u2019s own credit risk on the fair value of the forward foreign exchange contracts, which is not
reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates.
\u2022 Changes in the timing of the hedged transactions.
Fair value measurements
Financial instruments carried at fair value are measured by reference to the following fair value hierarchy, based on the degree to which
the fair value is observable:
\u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for
the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
\u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not
based on observable market data (unobservable inputs).
Derivative financial instruments are carried at fair value under a Level 2 valuation method. All other financial instruments carried at fair
value are measured using the Level 1 valuation method.
There were no transfers between the levels during the current or prior year.
Derivative financial instruments
The fair value of derivative financial instruments at the balance sheet date is as follows:
FY23
\u00a3000
FY22
\u00a3000
Net derivative financial instruments
Foreign exchange contracts (1,048) 2,393
Classification of financial instruments
The table below shows the classification of financial assets and liabilities as at 30 April 2023.
The fair value of financial instruments has been assessed as approximating to their carrying value.
Mandatorily
at FVTPL
\u00a3000
Cash flow
hedging
instruments
\u00a3000
Financial
assets at
amortised
cost
\u00a3000
Other
financial
liabilities
\u00a3000
As at 30 April 2023
Financial assets measured at fair value
Derivative financial instruments \u2014 \u2014 \u2014 \u2014
Financial assets not measured at fair value
Trade and other receivables \u2014 \u2014 7,507 \u2014
Cash and cash equivalents \u2014 \u2014 10,196 \u2014
Financial liabilities measured at fair value
Derivative financial instruments \u2014 (1,048) \u2014 \u2014
Financial liabilities not measured at fair value
Unsecured bank loans \u2014 \u2014 \u2014 \u2014
Lease liabilities \u2014 \u2014 \u2014 (98,215)
Trade and other payables \u2014 \u2014 \u2014 (34,479)
As at 30 April 2023 \u2014 (1,048) 17,703 (132,694)
Mandatorily
at FVTPL
\u00a3000
Cash flow
hedging
instruments
\u00a3000
Financial
assets at
amortised
cost
\u00a3000
Other
financial
liabilities
\u00a3000
As at 1 May 2022
Financial assets measured at fair value
Derivative financial instruments \u2014 2,393 \u2014 \u2014
Financial assets not measured at fair value
Trade and other receivables \u2014 \u2014 8,427 \u2014
Cash and cash equivalents \u2014 \u2014 16,280 \u2014
Financial liabilities measured at fair value
Derivative financial instruments \u2014 \u2014 \u2014 \u2014
Financial liabilities not measured at fair value
Unsecured bank loans \u2014 \u2014 \u2014 \u2014
Lease liabilities \u2014 \u2014 \u2014 (111,136)
Trade and other payables \u2014 \u2014 \u2014 (35,958)
As at 1 May 2022 \u2014 2,393 24,707 (147,094)
26. Equity-settled share-based payment arrangements
Accounting policy
The Group operates an equity-settled share-based compensation plan.
The cost of the awards to employees is expensed to the income statement, together with a corresponding adjustment to equity, on a
straight-line basis over the vesting period of the award. The total income statement charge is based on the Company\u2019s estimate of the
number of share awards that will eventually vest in accordance with the vesting conditions. The awards granted during FY23 include
market-based vesting conditions. At each balance sheet date, the Company revises its estimate of the number of awards that are
expected to vest. Any revision to estimates is recognised in the income statement, with a corresponding adjustment to equity.
During FY23, the Group had three (FY22: three) share-based payment schemes, which are described below.
TheWorks.co.uk Long-Term Incentive Plan (LTIP)
Further details of the Group\u2019s LTIP arrangements are included in the Directors\u2019 remuneration report. The LTIP rules provide for the grant of
performance related and restricted awards.
The LTIP awards are subject to a three-year vesting period and will usually only vest following the satisfaction of performance conditions.
Vested shares will not be released until the end of an additional holding period of two years beginning on the vesting date. Performance
measures under the LTIP are based on financial measures. For FY23, the vesting conditions require three years\u2019 service from the grant
date and the achievement of an EPS target, and a share price target (FY22 awards: three years\u2019 service from the grant date and the
achievement of an EPS target, and a share price target).
Restricted stock awards (RSA)
Restricted stock awards have previously been granted to certain employees, with a three-year vesting period. Restricted share awards
are not subject to performance conditions.
Save As You Earn Scheme (SAYE) A Save As You Earn Scheme is established which is a UK tax-qualified scheme under which eligible employees (including Directors) may save up to a maximum monthly limit of \u00a3250 (as determined by the Remuneration Committee) over a period of three years. Participants are granted an option to acquire shares at up to a 20% discount to the price as at the date of grant. The number of shares under option is that which can be acquired at that price using savings made. LTIP RSA SAYE Number of share options Outstanding at 1 May 2022 2,720,807 1,525,242 2,064,003 Granted 2,682,726 1,097,879 2,349,307 Forfeited (181,818) (192,598) (1,641,100) Lapsed (485,828) \u2014 (1,009,860) Exercised (206,266) (66,773) \u2014 Outstanding at 30 April 2023 4,529,621 2,363,750 1,762,350 LTIP RSA SAYE Weighted average exercise price (\u00a3) Outstanding at 1 May 2022 \u2014 \u2014 0.56 Granted \u2014 \u2014 0.36 Forfeited \u2014 \u2014 0.41 Lapsed \u2014 \u2014 0.58 Exercised \u2014 \u2014 \u2014 Outstanding at 30 April 2023 \u2014 \u2014 0.43 Weighted average remaining contractual life (years) 3.85 2.48 2.13 The exercise prices of outstanding share options as at 30 April 2023 range from \u00a30.21 to \u00a30.81. Expense recognised in the income statement FY23 \u00a3000 FY22 \u00a3000 LTIP \u2013 share-based payment expense 275 486 RSA \u2013 share based payment expense 199 98 SAYE \u2013 share-based payment expense 54 67 Total IFRS 2 charges 528 651 27. Capital commitments At 30 April 2023 the Group had capital commitments of \u00a3368k (FY22: \u00a3139k). 28. Related party transactions Identity of related parties with which the Group has transacted Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates are disclosed below. Transactions with key management personnel The compensation of key management personnel (including the Directors) is as follows: FY23 \u00a3000 FY22 \u00a3000 Key management remuneration - including social security costs 3,132 2,077 Pension contributions 184 134 Long-Term Incentive Plan - including social security costs 313 621 Total transactions with key management personnel 3,629 2,832 Further details on the compensation of key management personnel who are Directors are provided in the Group\u2019s Directors\u2019 remuneration report. 29. Subsidiary undertakings The results of all subsidiary undertakings are included in the consolidated financial statements. The principal place of business and the registered office addresses for the subsidiaries are the same as for the Company. Company Active/ dormant Direct/ indirect control Registered number Class of shares held Ownership The Works Investments Limited Active Direct 09073458 Ordinary 100% The Works Stores Limited Active Indirect 06557400 Ordinary 100% The Works Online Limited Dormant Indirect 08040244 Ordinary 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-393": {
"value": "(a) General information
TheWorks.co.uk plc is a leading UK multi-channel value retailer of arts and crafts, stationery, toys, games and books, offering customers a
differentiated proposition as a value alternative to full price specialist retailers. The Group operates a network of over 500 stores in the UK
& Ireland and online.
TheWorks.co.uk plc (the \u2018Company\u2019) is a UK-based public limited company (11325534) with its registered office at Boldmere House, Faraday
Avenue, Hams Hall Distribution Park, Coleshill, Birmingham B46 1AL.
These consolidated financial statements for the 52 weeks ended 30 April 2023 (FY23 or the \u2018Period\u2019) comprise the results of the Company
and its subsidiaries (together referred to as the \u2018Group\u2019) and are presented in pounds sterling. All values are rounded to the nearest
thousand (\u00a3000), except when otherwise indicated.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-394": {
"value": "(a) General information TheWorks.co.uk plc is a leading UK multi-channel value retailer of arts and crafts, stationery, toys, games and books, offering customers a differentiated proposition as a value alternative to full price specialist retailers. The Group operates a network of over 500 stores in the UK & Ireland and online",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-395": {
"value": "TheWorks.co.uk plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-396": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-397": {
"value": "Boldmere House, Faraday Avenue, Hams Hall Distribution Park, Coleshill, Birmingham B46 1AL",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-398": {
"value": "(b) Basis of preparation The Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies, and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience, future budgets and forecasts, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Group\u2019s significant judgements and estimates relate to going concern and fixed asset impairment; these are described in Note 1(f). (i) Going concern The financial statements have been prepared on a going concern basis, which the Directors consider appropriate for the reasons set out below. The Directors have assessed the prospects of the Group, taking into account its current position and the potential impact of the principal risks documented in the Strategic report on pages 1 to 57. The financial statements have been prepared on a going concern basis, which the Directors consider appropriate having made this assessment. The Group has prepared cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements (the going concern assessment period), based on the Board\u2019s forecast for FY24 and its 3 Year Plan, referred to as the \u2018Base Case\u2019 scenario. In addition, a \u2018severe but plausible\u2019 \u2018Downside Case\u2019 sensitivity has been prepared to support the Board\u2019s conclusion regarding going concern, by stress testing the Base Case to indicate the financial headroom resulting from applying more pessimistic assumptions. In assessing the basis of preparation the Directors have considered: \u2022 the external environment; \u2022 the Group\u2019s financial position including the quantum and expectations regarding availability of bank facilities; \u2022 the potential impact on financial performance of the risks described in the Strategic report; \u2022 the output of the Base Case scenario, which mirrors the Group\u2019s 3 year plan and therefore represents their estimate of the most likely financial performance over the forecast period; \u2022 measures to maintain or increase liquidity in the event of a significant downturn in trading; \u2022 the resilience of the Group to these risks having a more severe impact, evaluated via the Downside Case which shows the impact on the Group\u2019s cash flows, bank facility headroom and covenants. These factors are described below. External environment The risks which are considered the most significant to this evaluation relate to the economy and the market, specifically their effect on the strength of trading conditions, and the Group\u2019s ability to successfully execute its strategy. The risk of weaker consumer demand is considered to be the greater of these risks, due to the continued high level of inflation and its potential effect on economic growth and consumer spending. An emerging risk has been noted in relation to the possible effects of climate change, but this is not expected to have a material financial impact on the Group during the forecast period. Financial position and bank facilities At the end of FY23 the Group held net cash at bank of \u00a310.2m (FY22: net cash at bank of \u00a316.3m). After the Period end, the Group extended the tenor of its bank facility by one year and it now expires on 30 November 2026. At the same time, following a review of the historic utilisation of the facility, the Group\u2019s anticipated future cash requirements, and the costs of maintaining the facility, the Group requested that HSBC reduce the size of the facility from \u00a330m to \u00a320m. The facility includes two financial covenants which are tested quarterly: 1. the \u201cLeverage Ratio\u201d or level of net debt to LTM (last twelve months\u2019) EBITDA must not exceed 2.5 times during the life of the facility. 2. the \u201cFixed Charge Cover\u201d or ratio of LTM EBITDA prior to deducting rent and interest, to LTM rent and interest. This covenant increases in steps to reflect the expectation of progressively improving financial performance during the life of the facility, as follows: until October 2023, the ratio must be at least 1.20 times; for the following 12 months the ratio must be at least 1.25 times, and thereafter at least 1.30 times. The Group expects to be able to operate and have sufficient headroom within these covenants during the forecast period. Potential impact of risks on financial scenarios It is considered unlikely that all the risks described in the Strategic report would manifest themselves to adversely affect the business at the same time. The Base Case scenario/the Group\u2019s 3 year financial plan, implicitly already takes into account the risks described, and assumes that they manifest themselves in a way or to an extent that might be considered \u201cneutral\u201d. The Downside Case scenario assumes that there are more severely negative effects than in the Base Case. In particular, the Downside Case assumptions are that macroeconomic conditions are significantly worse, resulting in reduced consumer spending and lower sales. It should be noted that the Base Case already takes into account the current subdued consumer market conditions. The Downside Case assumes that conditions become worse still from the second half of the FY24 financial year. Base Case scenario The Base Case scenario assumptions reflect the following factors: \u2022 Store sales (which represent over 85% of total sales) during the first part of FY24 are above the Base Case requirement but online sales are below it. The Group is implementing plans to improve its online profitability in the medium term; in the short term, costs relating to the online business are being tightly controlled to ensure that they reflect the reduced sales level. \u2022 The Base Case gross margin percentage reflects the expected full year effect in FY24 of targeted price increases applied since the beginning of 2023 and also significantly lower ocean container freight costs. These favourable factors are partially offset by a less favourable hedged FX rate than in FY23. \u2022 Anticipated further inflationary effects, in particular the increase in the National Living Wage. In respect of other costs, notably property occupancy costs, it is not expected that there will be further significant inflationary effects during FY24 and FY25, following the significant increases (for example in electricity costs) already experienced during FY23. \u2022 Capital expenditure levels are in line with the Group\u2019s strategic plan. A significant proportion of the Group\u2019s capital expenditure is discretionary, particularly over a short-term time period. As a result, if required, it can therefore be reduced substantially, for example, in the event the Group needing to preserve cash. \u2022 The anticipated costs of the Group\u2019s net zero climate change commitments have been incorporated within the Base Case model. As set out in the climate related disclosures on pages 36 to 44, the impact on the Group\u2019s financial performance and position is not expected to be material in the short term. \u2022 The plan makes provision for dividend payments. Under the Base Case scenario, the Group expects to make routine operational use of its bank facility each year as stock levels are increased in September-October, prior to peak sales occurring. This is consistent with the normal pattern experienced prior to COVID-19. The output of the Base Case model scenario indicates that the Group has sufficient financial resources to continue to operate as a going concern and for the financial statements to be prepared on this basis. Measures to maintain or increase liquidity in circumstances such as are described below If necessary, mitigating actions can and would be taken in response to a significant downturn in trading such as is described below, which would increase liquidity. These include, for example, delaying and reducing stock purchases, stock liquidation, reductions in capital expenditure, the review of payment terms and the review of dividend levels. Some of these potential mitigations have been built into the Downside Case model, and some are additional measures that would be available in the event of that scenario, or worse, actually occurring. Severe but plausible Downside Case scenario The Downside Case makes the following assumptions to reflect more adverse macroeconomic conditions compared to the Base Case: \u2022 Store LFL sales are assumed to be 5% lower than in the Base Case from October 2023 until January 2025. \u2022 In this scenario online sales are assumed to be lower than in the Base Case during FY24 despite the Group\u2019s attempts to increase them, but show recovery in FY25. \u2022 The product gross margin assumptions are the same as in the Base Case other than in January 2024 when it is lower, to allow for the clearance of stock which is assumed would have accumulated due to the inability to reduce stock purchases immediately in response to the lower sales level. Expected FX requirements are hedged until mid FY25, and freight rates are hedged until the end of 2023. Beyond that time, it is not anticipated that there will be any interruption to global freight systems as was experienced as a result of the COVID pandemic, which were a consequence of unique circumstances. Other gross margin inputs are relatively controllable, including via the setting of selling prices to reflect any systematic changes in the cost price of goods bought for resale. \u2022 Volume related costs in the Downside Case are lowered where they logically alter in a direct relationship with sales levels, for example, forecast online fulfilment and marketing costs. The model also reflects certain steps which could be taken to mitigate the effect of lower sales, depending on management\u2019s assessment of the situation at the time. These include adjustments to stock purchases, reducing capital expenditure, reductions in labour usage, a reduction in discounts allowed as part of the Group\u2019s loyalty scheme and the suspension of dividend payments. \u2022 The combined financial effect of the modified assumptions in this scenario compared with the Base Case, during FY24 and FY25, including implementing some of the mitigating activities available, would result in: \u2022 a reduction in store net sales of approximately \u00a334m. \u2022 a reduction in online net sales of approximately \u00a31m. \u2022 a reduction to EBITDA of approximately \u00a39m. Under this scenario the Group will draw on its bank facility prior to Christmas 2023 but, as a result of the mitigating actions that would be taken in H2 FY24 in response to a downturn in sales, particularly in reducing the value of stock bought for resale, it would not make subsequent use of the bank facility. The bank facility financial covenants are complied with during the pre-Christmas 2023 period when the facility is being used, but the forecast indicates that the Fixed Charge covenant will not be complied with throughout FY25, although at this time, the facility is not expected to be in use under this scenario. On the basis of this Downside Case scenario with the \u201csevere but plausible\u201d set of assumptions as described, the business would continue to have adequate resources to continue in operation. However, the cash headroom at the quarterly covenant testing points in FY25 falling within the going concern period is limited, and there are reasonably plausible scenarios in which this headroom could be eroded and create a borrowing requirement. For example, if sales decreased by a further 1% during the going concern period compared with the Downside Case, a small borrowing requirement could arise. The Group has a strong relationship with its bank, HSBC, and has a recent track record of working collaboratively with the bank to resolve potential covenant issues, for example, a waiver was agreed by HSBC in 2021 as noted in the Group\u2019s FY21 Annual Report. Despite this strong relationship with the bank and the recent evidence of successfully managing comparable situations, if a borrowing requirement arose when the financial covenants are not complied with, there is a risk that the Group would not be able to utilise its borrowing facilities if required. The Directors believe that, should such a situation arise in practice, it would have time before a potential breach to mitigate further, and potentially to make arrangements with the bank, as has occurred previously, to adjust the covenant levels to prevent a breach. Furthermore, the Group has successfully managed through challenging conditions during the recent COVID pandemic, and the Directors believe it unlikely that comparably challenging conditions will be experienced during the forecast period, despite the concerns regarding the current macroeconomic conditions. Nevertheless, despite the Directors\u2019 confidence in relation to these matters, there is no certainty as to whether the mitigating actions would provide the level of liquidity required in the time available to implement them, nor whether the bank would make adjustments to the financial covenants. Going concern and basis of preparation conclusion Based on all of the above considerations the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Group\u2019s and the Company\u2019s ability to continue as a going concern and, therefore, that the Group and Company may be unable to realise their assets and discharge their liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. (ii) New accounting standards The Group has applied the following new standards and interpretations for the first time for the annual reporting period commencing 2 May 2022: \u2022 Annual Improvements to IFRS 2018-2020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41) \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16) \u2022 References to the Conceptual Framework (Amendments to IFRS 3) \u2022 COVID-19 Related Rent Concessions beyond 30 June 2021 (Amendments to IFRS 16) The adoption of the standards and interpretations listed above has not led to any changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. As at the date of approval of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue, but not yet effective: \u2022 Insurance Contracts (IFRS 17) \u2022 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17) \u2022 Extension to the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) \u2022 Disclosure of Accounting Policies (Amendments to IAS 1) \u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) The adoption of the standards and interpretations listed above is not expected to have a material impact on the financial position or performance of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-399": {
"value": "(i) Going concern The financial statements have been prepared on a going concern basis, which the Directors consider appropriate for the reasons set out below. The Directors have assessed the prospects of the Group, taking into account its current position and the potential impact of the principal risks documented in the Strategic report on pages 1 to 57. The financial statements have been prepared on a going concern basis, which the Directors consider appropriate having made this assessment. The Group has prepared cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements (the going concern assessment period), based on the Board\u2019s forecast for FY24 and its 3 Year Plan, referred to as the \u2018Base Case\u2019 scenario. In addition, a \u2018severe but plausible\u2019 \u2018Downside Case\u2019 sensitivity has been prepared to support the Board\u2019s conclusion regarding going concern, by stress testing the Base Case to indicate the financial headroom resulting from applying more pessimistic assumptions. In assessing the basis of preparation the Directors have considered: \u2022 the external environment; \u2022 the Group\u2019s financial position including the quantum and expectations regarding availability of bank facilities; \u2022 the potential impact on financial performance of the risks described in the Strategic report; \u2022 the output of the Base Case scenario, which mirrors the Group\u2019s 3 year plan and therefore represents their estimate of the most likely financial performance over the forecast period; \u2022 measures to maintain or increase liquidity in the event of a significant downturn in trading; \u2022 the resilience of the Group to these risks having a more severe impact, evaluated via the Downside Case which shows the impact on the Group\u2019s cash flows, bank facility headroom and covenants. These factors are described below. External environment The risks which are considered the most significant to this evaluation relate to the economy and the market, specifically their effect on the strength of trading conditions, and the Group\u2019s ability to successfully execute its strategy. The risk of weaker consumer demand is considered to be the greater of these risks, due to the continued high level of inflation and its potential effect on economic growth and consumer spending. An emerging risk has been noted in relation to the possible effects of climate change, but this is not expected to have a material financial impact on the Group during the forecast period. Financial position and bank facilities At the end of FY23 the Group held net cash at bank of \u00a310.2m (FY22: net cash at bank of \u00a316.3m). After the Period end, the Group extended the tenor of its bank facility by one year and it now expires on 30 November 2026. At the same time, following a review of the historic utilisation of the facility, the Group\u2019s anticipated future cash requirements, and the costs of maintaining the facility, the Group requested that HSBC reduce the size of the facility from \u00a330m to \u00a320m. The facility includes two financial covenants which are tested quarterly: 1. the \u201cLeverage Ratio\u201d or level of net debt to LTM (last twelve months\u2019) EBITDA must not exceed 2.5 times during the life of the facility. 2. the \u201cFixed Charge Cover\u201d or ratio of LTM EBITDA prior to deducting rent and interest, to LTM rent and interest. This covenant increases in steps to reflect the expectation of progressively improving financial performance during the life of the facility, as follows: until October 2023, the ratio must be at least 1.20 times; for the following 12 months the ratio must be at least 1.25 times, and thereafter at least 1.30 times. The Group expects to be able to operate and have sufficient headroom within these covenants during the forecast period. Potential impact of risks on financial scenarios It is considered unlikely that all the risks described in the Strategic report would manifest themselves to adversely affect the business at the same time. The Base Case scenario/the Group\u2019s 3 year financial plan, implicitly already takes into account the risks described, and assumes that they manifest themselves in a way or to an extent that might be considered \u201cneutral\u201d. The Downside Case scenario assumes that there are more severely negative effects than in the Base Case. In particular, the Downside Case assumptions are that macroeconomic conditions are significantly worse, resulting in reduced consumer spending and lower sales. It should be noted that the Base Case already takes into account the current subdued consumer market conditions. The Downside Case assumes that conditions become worse still from the second half of the FY24 financial year. Base Case scenario The Base Case scenario assumptions reflect the following factors: \u2022 Store sales (which represent over 85% of total sales) during the first part of FY24 are above the Base Case requirement but online sales are below it. The Group is implementing plans to improve its online profitability in the medium term; in the short term, costs relating to the online business are being tightly controlled to ensure that they reflect the reduced sales level. \u2022 The Base Case gross margin percentage reflects the expected full year effect in FY24 of targeted price increases applied since the beginning of 2023 and also significantly lower ocean container freight costs. These favourable factors are partially offset by a less favourable hedged FX rate than in FY23. \u2022 Anticipated further inflationary effects, in particular the increase in the National Living Wage. In respect of other costs, notably property occupancy costs, it is not expected that there will be further significant inflationary effects during FY24 and FY25, following the significant increases (for example in electricity costs) already experienced during FY23. \u2022 Capital expenditure levels are in line with the Group\u2019s strategic plan. A significant proportion of the Group\u2019s capital expenditure is discretionary, particularly over a short-term time period. As a result, if required, it can therefore be reduced substantially, for example, in the event the Group needing to preserve cash. \u2022 The anticipated costs of the Group\u2019s net zero climate change commitments have been incorporated within the Base Case model. As set out in the climate related disclosures on pages 36 to 44, the impact on the Group\u2019s financial performance and position is not expected to be material in the short term. \u2022 The plan makes provision for dividend payments. Under the Base Case scenario, the Group expects to make routine operational use of its bank facility each year as stock levels are increased in September-October, prior to peak sales occurring. This is consistent with the normal pattern experienced prior to COVID-19. The output of the Base Case model scenario indicates that the Group has sufficient financial resources to continue to operate as a going concern and for the financial statements to be prepared on this basis. Measures to maintain or increase liquidity in circumstances such as are described below If necessary, mitigating actions can and would be taken in response to a significant downturn in trading such as is described below, which would increase liquidity. These include, for example, delaying and reducing stock purchases, stock liquidation, reductions in capital expenditure, the review of payment terms and the review of dividend levels. Some of these potential mitigations have been built into the Downside Case model, and some are additional measures that would be available in the event of that scenario, or worse, actually occurring. Severe but plausible Downside Case scenario The Downside Case makes the following assumptions to reflect more adverse macroeconomic conditions compared to the Base Case: \u2022 Store LFL sales are assumed to be 5% lower than in the Base Case from October 2023 until January 2025. \u2022 In this scenario online sales are assumed to be lower than in the Base Case during FY24 despite the Group\u2019s attempts to increase them, but show recovery in FY25. \u2022 The product gross margin assumptions are the same as in the Base Case other than in January 2024 when it is lower, to allow for the clearance of stock which is assumed would have accumulated due to the inability to reduce stock purchases immediately in response to the lower sales level. Expected FX requirements are hedged until mid FY25, and freight rates are hedged until the end of 2023. Beyond that time, it is not anticipated that there will be any interruption to global freight systems as was experienced as a result of the COVID pandemic, which were a consequence of unique circumstances. Other gross margin inputs are relatively controllable, including via the setting of selling prices to reflect any systematic changes in the cost price of goods bought for resale. \u2022 Volume related costs in the Downside Case are lowered where they logically alter in a direct relationship with sales levels, for example, forecast online fulfilment and marketing costs. The model also reflects certain steps which could be taken to mitigate the effect of lower sales, depending on management\u2019s assessment of the situation at the time. These include adjustments to stock purchases, reducing capital expenditure, reductions in labour usage, a reduction in discounts allowed as part of the Group\u2019s loyalty scheme and the suspension of dividend payments. \u2022 The combined financial effect of the modified assumptions in this scenario compared with the Base Case, during FY24 and FY25, including implementing some of the mitigating activities available, would result in: \u2022 a reduction in store net sales of approximately \u00a334m. \u2022 a reduction in online net sales of approximately \u00a31m. \u2022 a reduction to EBITDA of approximately \u00a39m. Under this scenario the Group will draw on its bank facility prior to Christmas 2023 but, as a result of the mitigating actions that would be taken in H2 FY24 in response to a downturn in sales, particularly in reducing the value of stock bought for resale, it would not make subsequent use of the bank facility. The bank facility financial covenants are complied with during the pre-Christmas 2023 period when the facility is being used, but the forecast indicates that the Fixed Charge covenant will not be complied with throughout FY25, although at this time, the facility is not expected to be in use under this scenario. On the basis of this Downside Case scenario with the \u201csevere but plausible\u201d set of assumptions as described, the business would continue to have adequate resources to continue in operation. However, the cash headroom at the quarterly covenant testing points in FY25 falling within the going concern period is limited, and there are reasonably plausible scenarios in which this headroom could be eroded and create a borrowing requirement. For example, if sales decreased by a further 1% during the going concern period compared with the Downside Case, a small borrowing requirement could arise. The Group has a strong relationship with its bank, HSBC, and has a recent track record of working collaboratively with the bank to resolve potential covenant issues, for example, a waiver was agreed by HSBC in 2021 as noted in the Group\u2019s FY21 Annual Report. Despite this strong relationship with the bank and the recent evidence of successfully managing comparable situations, if a borrowing requirement arose when the financial covenants are not complied with, there is a risk that the Group would not be able to utilise its borrowing facilities if required. The Directors believe that, should such a situation arise in practice, it would have time before a potential breach to mitigate further, and potentially to make arrangements with the bank, as has occurred previously, to adjust the covenant levels to prevent a breach. Furthermore, the Group has successfully managed through challenging conditions during the recent COVID pandemic, and the Directors believe it unlikely that comparably challenging conditions will be experienced during the forecast period, despite the concerns regarding the current macroeconomic conditions. Nevertheless, despite the Directors\u2019 confidence in relation to these matters, there is no certainty as to whether the mitigating actions would provide the level of liquidity required in the time available to implement them, nor whether the bank would make adjustments to the financial covenants. Going concern and basis of preparation conclusion Based on all of the above considerations the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Group\u2019s and the Company\u2019s ability to continue as a going concern and, therefore, that the Group and Company may be unable to realise their assets and discharge their liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-400": {
"value": "(ii) New accounting standards The Group has applied the following new standards and interpretations for the first time for the annual reporting period commencing 2 May 2022: \u2022 Annual Improvements to IFRS 2018-2020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41) \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16) \u2022 References to the Conceptual Framework (Amendments to IFRS 3) \u2022 COVID-19 Related Rent Concessions beyond 30 June 2021 (Amendments to IFRS 16) The adoption of the standards and interpretations listed above has not led to any changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-401": {
"value": "(ii) New accounting standards The Group has applied the following new standards and interpretations for the first time for the annual reporting period commencing 2 May 2022: \u2022 Annual Improvements to IFRS 2018-2020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41) \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16) \u2022 References to the Conceptual Framework (Amendments to IFRS 3) \u2022 COVID-19 Related Rent Concessions beyond 30 June 2021 (Amendments to IFRS 16) The adoption of the standards and interpretations listed above has not led to any changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. As at the date of approval of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue, but not yet effective: \u2022 Insurance Contracts (IFRS 17) \u2022 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17) \u2022 Extension to the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) \u2022 Disclosure of Accounting Policies (Amendments to IAS 1) \u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) The adoption of the standards and interpretations listed above is not expected to have a material impact on the financial position or performance of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-402": {
"value": "As at the date of approval of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue, but not yet effective: \u2022 Insurance Contracts (IFRS 17) \u2022 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17) \u2022 Extension to the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4) \u2022 Disclosure of Accounting Policies (Amendments to IAS 1) \u2022 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) The adoption of the standards and interpretations listed above is not expected to have a material impact on the financial position or performance of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-403": {
"value": "(c) Accounting convention The consolidated financial statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities (including derivative instruments), which are held at fair value. ",
"dimensions": {
"concept": "theworkscoukplc:DescriptionOfAccountingPolicyForAccountingConvention",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-404": {
"value": "(d) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to direct the activities that affect those returns through its power over the entity. Consolidation of a subsidiary begins from the date control commences and continues until control ceases. The Company reassesses whether or not it controls an investee if circumstances indicate that there are changes to the elements of control detailed above. An Employee Benefit Trust operated on the Group\u2019s behalf (EBT) is acting as an agent of the Company, therefore the assets and liabilities of the EBT are aggregated into the Company balance sheet and shares held by the EBT in the Company are presented as a deduction from equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-405": {
"value": "(e) Business combinations Subject to the transitional relief in IFRS 1, all business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group measures goodwill at the acquisition date as the fair value of the consideration transferred, less the fair value of identifiable assets acquired and liabilities assumed. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition are expensed to the income statement as incurred. Goodwill Goodwill arising on consolidation represents any excess of the consideration paid and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. Goodwill was fully impaired in FY20. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-406": {
"value": "(e) Business combinations Subject to the transitional relief in IFRS 1, all business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group measures goodwill at the acquisition date as the fair value of the consideration transferred, less the fair value of identifiable assets acquired and liabilities assumed. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition are expensed to the income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-407": {
"value": "(e) Business combinations Subject to the transitional relief in IFRS 1, all business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group measures goodwill at the acquisition date as the fair value of the consideration transferred, less the fair value of identifiable assets acquired and liabilities assumed. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Costs related to the acquisition are expensed to the income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-408": {
"value": "(f) Key sources of estimation uncertainty The preparation of consolidated financial statements requires the Group to make estimates and judgements that affect the application of policies and reported amounts. Critical judgements represent key decisions made by management in the application of the Group\u2019s accounting policies. Where a significant risk of materially different outcomes exists, this will represent a key source of estimation uncertainty. Estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Key sources of estimation uncertainty which are material to the financial statements are described in the context of the matters to which they relate, in the following notes: Description Note Page Going concern 1(b)(i) 103 to 105 Impairment of intangible assets, property, plant and equipment and right-of-use assets 13, 14 113",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-409": {
"value": "2. Segmental reporting IFRS 8 requires segment information to be presented on the same basis as is used by the Chief Operating Decision Maker for assessing performance and allocating resources. The Group has one operating segment with two revenue streams, bricks and mortar stores and online. This reflects the Group\u2019s management and reporting structure as viewed by the Board of Directors, which is considered to be the Group\u2019s Chief Operating Decision Maker. Aggregation is deemed appropriate due to both operating segments having similar economic characteristics, similar products on offer and a similar customer base. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-410": {
"value": "3. Revenue Accounting policy Revenue comprises receipts from the sale of goods, less deductions for actual and expected returns, discounts and vouchers redeemable by members of the Group\u2019s loyalty scheme and is stated net of value added tax and other sales taxes. Revenue is recognised at the point of completing the physical sale in stores, and when the goods have been delivered to the customer in the case of online sales. These are the points when IFRS 15 \u2018performance obligations\u2019 are deemed to have been satisfied. Transactions that result in customers earning points subsequently exchangeable for discounts under the Group\u2019s loyalty scheme are accounted for as multiple element revenue transactions. The fair value of the consideration received is allocated between the goods supplied and the points granted. The consideration allocated to the points is measured by reference to their fair value \u2013 the amount for which the points could theoretically be sold separately. The consideration allocated to the points is not recognised as revenue at the time of the initial sale transaction, but is deferred, and recognised as revenue when the points are redeemed and the Group\u2019s obligations have been fulfilled. FY23 \u00a3000 FY22 \u00a3000 Sale of goods UK 275,305 260,087 EU 4,797 4,543 Total revenues 280,102 264,630 Seasonality of operations The Group\u2019s revenue is subject to seasonal fluctuations as a result of peaking during the approach to Christmas, from October to December. Therefore, the first half of the financial year, from April to October, typically produces lower revenue and profit than the second half. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-411": {
"value": "Accounting policy Revenue comprises receipts from the sale of goods, less deductions for actual and expected returns, discounts and vouchers redeemable by members of the Group\u2019s loyalty scheme and is stated net of value added tax and other sales taxes. Revenue is recognised at the point of completing the physical sale in stores, and when the goods have been delivered to the customer in the case of online sales. These are the points when IFRS 15 \u2018performance obligations\u2019 are deemed to have been satisfied. Transactions that result in customers earning points subsequently exchangeable for discounts under the Group\u2019s loyalty scheme are accounted for as multiple element revenue transactions. The fair value of the consideration received is allocated between the goods supplied and the points granted. The consideration allocated to the points is measured by reference to their fair value \u2013 the amount for which the points could theoretically be sold separately. The consideration allocated to the points is not recognised as revenue at the time of the initial sale transaction, but is deferred, and recognised as revenue when the points are redeemed and the Group\u2019s obligations have been fulfilled. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-412": {
"value": "4. Other operating income/(expense) Accounting policy The business was classified as a \u2018non-essential retailer\u2019 during the COVID-19 pandemic and was therefore required to close its shops during periods of lockdown in the FY20 and FY21 financial years. Accordingly, the Group made full use of the support schemes available from the Government to partially mitigate the loss of profit caused by the various periods of closure of the retail stores. The \u00a3119k charge noted in the prior period is to correct an immaterial overstatement of the Coronavirus Job Retention Scheme (CJRS) income reported in respect of FY21. The COVID-19 business rates relief received during the year was \u00a3227k (FY22: \u00a35,828k), which is included within cost of sales. FY23 \u00a3000 FY22 \u00a3000 COVID-19 furlough scheme grants receivable \u2014 (119) Rent receivable 8 8 8 (111) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-413": {
"value": "Accounting policy The business was classified as a \u2018non-essential retailer\u2019 during the COVID-19 pandemic and was therefore required to close its shops during periods of lockdown in the FY20 and FY21 financial years. Accordingly, the Group made full use of the support schemes available from the Government to partially mitigate the loss of profit caused by the various periods of closure of the retail stores. The \u00a3119k charge noted in the prior period is to correct an immaterial overstatement of the Coronavirus Job Retention Scheme (CJRS) income reported in respect of FY21. The COVID-19 business rates relief received during the year was \u00a3227k (FY22: \u00a35,828k), which is included within cost of sales. ",
"dimensions": {
"concept": "theworkscoukplc:DescriptionOfAccountingPolicyForOtherOperatingIncome",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-414": {
"value": "5. Alternative performance measures (APMs) Accounting policy The Group tracks a number of APMs in managing its business, which are not defined or specified under the requirements of IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS or are calculated using financial measures that are not calculated in accordance with IFRS. The Group believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the business. They are consistent with how the business performance is planned and reported internally and are also consistent with how these measures have been reported historically. Some of the APMs are also used for the purpose of setting remuneration targets. The APMs should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated financial statements prepared in accordance with IFRS. The Group believes that the APMs are useful indicators of its performance but they may not be comparable with similarly titled measures reported by other companies due to the possibility of differences in the way they are calculated. Like-for-like (LFL) sales The FY23 like-for-like (LFL) sales increase has been calculated with reference to the FY22 comparative sales figures. In FY22\u2019s Annual Report, two-year comparatives were used because the use of a normal one-year LFL comparative was prevented by the various disruptions to store trading brought about by COVID-19 restrictions in the FY21 comparative period. Furthermore, for the last five weeks of FY22, it was necessary to calculate the LFL percentages with reference to the corresponding weeks in FY19, because the equivalent weeks during FY20 were also affected by enforced store closures. Similar comparison periods were also used for the total sales growth figures. LFL sales are defined by the Group as the year-on-year growth in gross sales from stores which have been trading for a full financial year prior to the current year and have been trading throughout the current financial period being reported on, and from the Company\u2019s online store, calculated on a calendar week basis. The measure is used widely in the retail industry as an indicator of sales performance. LFL sales are calculated on a gross basis to ensure that fluctuations in the VAT rates of products sold are excluded from the like-for-like sales growth percentage figure. A reconciliation of IFRS revenue to sales on an LFL basis is set out below: FY23 \u00a3000 FY22 \u00a3000 Total LFL sales 297,009 285,012 Non-LFL store sales 19,621 13,359 Total gross sales 316,630 298,371 VAT (35,144) (33,467) Loyalty points (1,384) (274) Revenue per consolidated income statement 280,102 264,630 Pre-IFRS 16 Adjusted EBITDA (EBITDA) and Adjusted profit after tax EBITDA is defined by the Group as pre-IFRS 16 earnings before interest, tax, depreciation, amortisation and profit/loss on the disposal of fixed assets, after adding back or deducting Adjusting items. See Note 6 for a description of Adjusting items. Pre-IFRS 16 EBITDA is used for the bank facility LTM EBITDA covenant calculations. The table provides a reconciliation of pre-IFRS 16 EBITDA to profit/(loss) after tax and the impact of IFRS 16: FY23 \u00a3000 FY22 (Restated \u2013 Note 14) \u00a3000 Pre-IFRS 16 Adjusted EBITDA 1 9,000 16,562 Income statement rental charges not recognised under IFRS 16 24,865 24,434 Foreign exchange difference on euro leases (152) 120 Post-IFRS 16 Adjusted EBITDA 1 33,713 41,116 Profit on disposal of right-of-use assets and lease liability recognised under IFRS 16 1,105 441 Loss on disposal of property, plant and equipment (149) (179) Loss on disposal of intangible assets (14) \u2014 Depreciation of property, plant and equipment (4,458) (4,040) Depreciation of right-of-use assets (14,840) (15,094) Amortisation (878) (567) Finance expenses (4,648) (5,192) Finance income 227 16 Tax credit/(charge) 265 (276) Adjusted profit after tax 10,323 16,225 Adjusting items (including impairment charges and reversals) (5,052) (2,262) Tax charge \u2014 \u2014 Profit after tax 5,271 13,963 1 Also adjusted for profit and loss on disposal of right-of-use assets and liabilities, property, plant and equipment and intangible assets . Profit before tax and IFRS 16 The table provides a reconciliation of profit/(loss) before tax and IFRS 16 adjustments to profit/(loss) before tax. FY23 FY22 (Restated \u2014 Note 14) Adjusted \u00a3000 Adjusting items \u00a3000 Total \u00a3000 Adjusted \u00a3000 Adjusting items \u00a3000 Total \u00a3000 Profit/(loss) before tax and IFRS 16 adjustments 3,025 (1,488) 1,537 10,980 (2,191) 8,789 Remove rental charges not recognised under IFRS 16 24,737 \u2014 24,737 24,308 \u2014 24,308 Remove hire costs from hire of equipment 128 \u2014 128 126 \u2014 126 Remove depreciation charged on the existing assets 151 \u2014 151 89 \u2014 89 Remove interest charged on the existing liability 34 \u2014 34 31 \u2014 31 Depreciation charge on right-of-use assets (14,840) \u2014 (14,840) (15,094) \u2014 (15,094) Interest cost on lease liability (4,130) \u2014 (4,130) (4,500) \u2014 (4,500) Loss on disposal of right-of-use assets (297) \u2014 (297) (1,899) \u2014 (1,899) Profit on disposal of lease liability 1,402 \u2014 1,402 2,340 \u2014 2,340 Foreign exchange difference on euro leases (152) \u2014 (152) 120 \u2014 120 Additional impairment charge under IAS 36 \u2014 (3,564) (3,564) \u2014 (71) (71) Net impact on profit/(loss) 7,033 (3,564) 3,469 5,521 (71) 5,450 Profit/(loss) before tax 10,058 (5,052) 5,006 16,501 (2,262) 14,239 Adjusted profit metrics Profit measures including operating profit, profit before tax, profit for the period and earnings per share are calculated on an adjusted basis by adding back or deducting Adjusting items. These adjusted metrics are included within the consolidated income statement and consolidated statement of other comprehensive income, with further details of Adjusting items included in Note 6. ",
"dimensions": {
"concept": "theworkscoukplc:DisclosureOfAlternativePerformanceMeasuresAPMs",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-415": {
"value": "Accounting policy The Group tracks a number of APMs in managing its business, which are not defined or specified under the requirements of IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS or are calculated using financial measures that are not calculated in accordance with IFRS. The Group believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the business. They are consistent with how the business performance is planned and reported internally and are also consistent with how these measures have been reported historically. Some of the APMs are also used for the purpose of setting remuneration targets. The APMs should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated financial statements prepared in accordance with IFRS. The Group believes that the APMs are useful indicators of its performance but they may not be comparable with similarly titled measures reported by other companies due to the possibility of differences in the way they are calculated. ",
"dimensions": {
"concept": "theworkscoukplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMs",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-416": {
"value": "6. Adjusting items Adjusting items are unusual in nature or incidence and sufficiently material in size that in the judgement of the Directors merit disclosure separately on the face of the financial statements to ensure that the reader has a proper understanding of the Group\u2019s financial performance and that there is comparability of financial performance between periods. The Directors believe that the Adjusted profit and earnings per share measures included in this report provide additional useful information to users of the accounts. These measures are consistent with how business performance is measured internally. The profit before tax and Adjusting items measure is not a recognised profit measure under IFRS and may not be directly comparable with adjusted profit measures used by other companies. If a transaction or related series of transactions has been treated as an Adjusting item in one accounting period, the same treatment will be applied consistently year on year. In relation to FY23, the items classified as \u2018Adjusting\u2019, as shown below, were related to transactions that had been treated as Adjusting in prior periods. FY23 \u00a3000 FY22 (Restated \u2013 Note 14) \u00a3000 Cost of sales Impairment charges 1 8,188 8,929 Impairment reversals 1 (3,136) (6,667) Total cost of sales 5,052 2,262 Total Adjusting items 5,052 2,262 1 These relate to fixed asset impairment charges and reversals of prior year impairment charges. ",
"dimensions": {
"concept": "theworkscoukplc:DisclosureOfAdjustingItems",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-417": {
"value": "7. Operating profit Operating profit before Adjusting items is stated after charging/(crediting) the following items: FY23 \u00a3000 FY22 (Restated \u2014 Note 14) \u00a3000 Loss on disposal of property, plant and equipment 149 179 Loss on disposal of intangible assets 14 \u2014 Profit on disposal of right-of-use assets and lease liability (1,105) (441) Depreciation 19,298 19,134 Amortisation 878 567 Operating lease payments: \u2013 Hire of plant and machinery 1 371 389 \u2013 Other operating leases 1 2,136 1,549 Net foreign exchange loss/(gain) 392 (128) Cost of inventories recognised as an expense 119,085 106,954 Staff costs 62,235 60,031 1 These balances relate to non-IFRS 16 operating lease rentals during the year; please refer to Note 15 for further details of these balances. Auditor\u2019s remuneration: FY23 \u00a3000 FY22 \u00a3000 Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts 500 450 Amounts payable in respect of other services to the Company and its subsidiaries Audit of the accounts of subsidiaries 40 40 Audit related assurance services (provision of turnover certificates required under certain leases) 1 1 Total services 541 491 Please refer to the Audit Committee report for details regarding the safeguarding of auditor objectivity and independence. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-418": {
"value": "Auditor\u2019s remuneration: FY23 \u00a3000 FY22 \u00a3000 Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s annual accounts 500 450 Amounts payable in respect of other services to the Company and its subsidiaries Audit of the accounts of subsidiaries 40 40 Audit related assurance services (provision of turnover certificates required under certain leases) 1 1 Total services 541 491 Please refer to the Audit Committee report for details regarding the safeguarding of auditor objectivity and independence. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-419": {
"value": "8. Staff numbers and costs The average number of people employed by the Group (including Directors) during the year, analysed by category, was as follows: Number of employees FY23 FY22 Store support centre colleagues 243 216 Store colleagues 3,564 3,468 Warehouse and distribution colleagues 147 140 3,954 3,824 The corresponding aggregate payroll costs were as follows: FY23 \u00a3000 FY22 \u00a3000 Wages and salaries 57,189 55,600 Social security costs 4,156 3,654 Contributions to defined contribution pension schemes 890 777 Total employee costs 62,235 60,031 Agency labour costs 2,035 1,505 Total staff costs 64,270 61,536 The Directors\u2019 remuneration for the year was as follows: FY23 \u00a3000 FY22 \u00a3000 Directors\u2019 remuneration 759 1,118 Contributions to defined contribution plans 15 15 774 1,133 TheWor The following number of Directors were members of: FY23 FY22 Company defined contribution scheme 6 6 6 6 The highest paid Director\u2019s remuneration during the year was as follows: FY23 \u00a3000 FY22 \u00a3000 Directors\u2019 remuneration 331 585 331 585 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-420": {
"value": "9. Finance income and expense Accounting policy Finance expense comprises interest charges and amortised facility fee costs. Finance income comprises interest income and is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest is recognised in profit as it accrues, using the effective interest method. Recognised in consolidated statement of comprehensive income FY23 \u00a3000 FY22 \u00a3000 Finance income Bank interest receivable 227 16 Total finance income 227 16 Finance expense Bank interest payable (295) (401) Other interest payable (223) (291) Interest on lease liabilities (4,130) (4,500) Total finance expense (4,648) (5,192) Net financing expense (4,421) (5,176) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-421": {
"value": "9. Finance income and expense Accounting policy Finance expense comprises interest charges and amortised facility fee costs. Finance income comprises interest income and is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest is recognised in profit as it accrues, using the effective interest method. Recognised in consolidated statement of comprehensive income FY23 \u00a3000 FY22 \u00a3000 Finance income Bank interest receivable 227 16 Total finance income 227 16 Finance expense Bank interest payable (295) (401) Other interest payable (223) (291) Interest on lease liabilities (4,130) (4,500) Total finance expense (4,648) (5,192) Net financing expense (4,421) (5,176) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-422": {
"value": "9. Finance income and expense Accounting policy Finance expense comprises interest charges and amortised facility fee costs. Finance income comprises interest income and is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest is recognised in profit as it accrues, using the effective interest method. Recognised in consolidated statement of comprehensive income FY23 \u00a3000 FY22 \u00a3000 Finance income Bank interest receivable 227 16 Total finance income 227 16 Finance expense Bank interest payable (295) (401) Other interest payable (223) (291) Interest on lease liabilities (4,130) (4,500) Total finance expense (4,648) (5,192) Net financing expense (4,421) (5,176) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-423": {
"value": "Accounting policy Finance expense comprises interest charges and amortised facility fee costs. Finance income comprises interest income and is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest is recognised in profit as it accrues, using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-424": {
"value": "Accounting policy Finance expense comprises interest charges and amortised facility fee costs. Finance income comprises interest income and is recognised when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably. Interest is recognised in profit as it accrues, using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-425": {
"value": "10. Taxation Accounting policy The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Recognised in consolidated income statement FY23 \u00a3000 FY22 (Restated 1 ) \u00a3000 Current tax expense Current year 230 1,288 Adjustments for prior years (611) 3 Current tax (credit)/expense (381) 1,291 Deferred tax credit Origination and reversal of temporary differences (212) (111) Increase in tax rate (172) (1,120) Adjustments for prior years 500 216 Deferred tax credit 116 (1,015) Total tax expense (265) 276 1 The FY22 corporation tax charge has been restated to reflect the tax impact of the restatements documented in Note 14. The UK corporation tax rate for FY23 was 19.5% on average with the UK corporation tax rate changing from 19.0% to 25.0% 11 months into the financial year (FY22: 19.0%). Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. An increase in the UK corporation rate from 19.0% to 25.0% (effective 1 April 2023) was substantively enacted on 24 May 2021. As the deferred tax assets and liabilities should be recognised based on the corporation tax rate applicable when they are anticipated to unwind, the assets and liabilities on UK operations have been recognised at a rate of 25.0% (FY22: 25.0%). Assets and liabilities arising on foreign operations have been recognised at the applicable overseas tax rates. Reconciliation of effective tax rate FY23 \u00a3000 FY22 (Restated \u2013 see above) \u00a3000 Profit for the year 5,006 14,239 Tax using the UK corporation tax rate of 19.5% (FY22: 19.0%) 976 2,705 Non-deductible expenses 147 182 Effect of tax rates in foreign jurisdictions (13) (40) Tax (over)/under provided in prior periods (111) 219 Utilisation of unrecognised tax losses brought forward (1,211) (1,756) Deferred tax not recognised (18) 86 Losses carried forwards 137 \u2014 Change in tax rate (172) (1,120) Total tax (credit)/expense (265) 276 The Group\u2019s total income tax credit in respect of the period was \u00a3265k (FY22: expense of \u00a3276k). The effective tax rate on the total profit before tax was (5.3)% (FY22: 1.9% on the profit before tax) whilst the effective tax rate on the total profit before Adjusted items was (2.6)% (FY22: 1.7% on the profit before Adjusted items). The difference between the total effective tax rate and the Adjusted tax rate relates to fixed asset impairment charges and reversals within Adjusting items being non-deductible for tax purposes. The current year tax credit recognised above relates to an adjustment to the prior year corporation tax creditor recognised; this was higher than the corporation tax payable when the FY22 corporation tax computations were finalised due to the inclusion of the super deduction in the final year-end tax computations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-426": {
"value": "Accounting policy The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-427": {
"value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-428": {
"value": "11. Dividends Accounting policy At the balance sheet date, dividends are only recognised as a liability if they are appropriately authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. Pence per share FY23 \u00a3000 FY22 \u00a3000 Final dividend for the year ended 1 May 2022 2.4p 1,492 \u2014 Total dividend paid to shareholders during the year 1,492 \u2014 Dividend equivalents totalling \u00a3603k (FY22: \u00a3375k) were accrued in the year in relation to share-based long-term incentive schemes. The Board has recommended the payment of a 1.6 pence per share final dividend in respect of FY23 (FY22: 2.4 pence). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-429": {
"value": "Accounting policy At the balance sheet date, dividends are only recognised as a liability if they are appropriately authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-430": {
"value": "12. Earnings per share Basic earnings per share is calculated by dividing the profit or loss for the period, attributable to ordinary shareholders, by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is based on the weighted average number of shares in issue for the period, adjusted for the dilutive effect of potential ordinary shares. Potential ordinary shares represent shares that may be issued in connection with employee share incentive awards. The Group has chosen to present an Adjusted earnings per share measure, with profit adjusted for Adjusting items (see Note 6 for further details) to reflect the Group\u2019s underlying profit for the year. FY23 Number FY22 Number Number of shares in issue 62,500,000 62,500,000 Number of dilutive share options 621,130 940,673 Number of shares for diluted earnings per share 63,121,130 63,440,673 \u00a3000 \u00a3000 (Restated \u2013 Note 14) Total profit for the financial period 5,271 13,963 Adjusting items 5,052 2,262 Adjusted profit for Adjusted earnings per share 10,323 16,225 Pence Pence (Restated \u2013 Note 14) Basic earnings per share 8.4 22.3 Diluted earnings per share 8.4 22.0 Adjusted basic earnings per share 16.5 26.0 Adjusted diluted earnings per share 16.4 25.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-431": {
"value": "13. Intangible assets Accounting policy Goodwill Goodwill arising on consolidation represents any excess of the consideration paid and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. Goodwill was fully impaired in FY20. Software Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services (such as consultancy), as well as internal payroll related costs for employees who are directly working on the project. Internal payroll related costs are capitalised if the recognition criteria of IAS 38 Intangible Assets are met or are expensed as incurred otherwise. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and seven years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement and treated as an Adjusting item. Goodwill \u00a3000 Software \u00a3000 Total \u00a3000 Cost Balance at 1 May 2022 16,180 9,058 25,238 Additions \u2014 1,309 1,309 Disposals \u2014 (1,057) (1,057) Balance at 30 April 2023 16,180 9,310 25,490 Amortisation and impairment Balance at 1 May 2022 16,180 7,441 23,621 Amortisation charge for the year \u2014 878 878 Impairment charges \u2014 1,118 1,118 Disposals 1 \u2014 (1,043) (1,043) Balance at 30 April 2023 16,180 8,394 24,574 Net book value At 1 May 2022 \u2014 1,617 1,617 At 30 April 2023 \u2014 916 916 1 During FY23 the Group reviewed assets on the fixed asset register with a nil net book value. Following this review intangible assets with a cost and accumulated depreciation of \u00a31,043k were deemed to no longer be in use by the Group and have therefore been disposed of. Goodwill \u00a3000 Software \u00a3000 Total \u00a3000 Cost Balance at 3 May 2021 16,180 8,043 24,223 Additions \u2014 1,015 1,015 Balance at 1 May 2022 16,180 9,058 25,238 Amortisation and impairment Balance at 3 May 2021 (Restated 2 ) 16,180 5,499 21,679 Amortisation charge for the year (Restated 2 ) \u2014 567 567 Impairment charge (Restated 2 ) \u2014 1,375 1,375 Balance at 1 May 2022 (Restated 2 ) 16,180 7,441 23,621 Net book value At 3 May 2021 (Restated 2) \u2014 2,544 2,544 At 1 May 2022 (Restated 2) \u2014 1,617 1,617 2 These balances have been restated to reflect the impact of the prior period restatements in Note 14. Goodwill impairment testing Goodwill of \u00a316.2m was impaired to \u00a3Nil in FY20; therefore, no further impairment testing is necessary in relation to this. Impairment of other intangible assets Please refer to Note 14 for details of impairment of tangible and intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-432": {
"value": "13. Intangible assets Accounting policy Goodwill Goodwill arising on consolidation represents any excess of the consideration paid and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. Goodwill was fully impaired in FY20. Software Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services (such as consultancy), as well as internal payroll related costs for employees who are directly working on the project. Internal payroll related costs are capitalised if the recognition criteria of IAS 38 Intangible Assets are met or are expensed as incurred otherwise. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and seven years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement and treated as an Adjusting item. Goodwill \u00a3000 Software \u00a3000 Total \u00a3000 Cost Balance at 1 May 2022 16,180 9,058 25,238 Additions \u2014 1,309 1,309 Disposals \u2014 (1,057) (1,057) Balance at 30 April 2023 16,180 9,310 25,490 Amortisation and impairment Balance at 1 May 2022 16,180 7,441 23,621 Amortisation charge for the year \u2014 878 878 Impairment charges \u2014 1,118 1,118 Disposals 1 \u2014 (1,043) (1,043) Balance at 30 April 2023 16,180 8,394 24,574 Net book value At 1 May 2022 \u2014 1,617 1,617 At 30 April 2023 \u2014 916 916 1 During FY23 the Group reviewed assets on the fixed asset register with a nil net book value. Following this review intangible assets with a cost and accumulated depreciation of \u00a31,043k were deemed to no longer be in use by the Group and have therefore been disposed of. Goodwill \u00a3000 Software \u00a3000 Total \u00a3000 Cost Balance at 3 May 2021 16,180 8,043 24,223 Additions \u2014 1,015 1,015 Balance at 1 May 2022 16,180 9,058 25,238 Amortisation and impairment Balance at 3 May 2021 (Restated 2 ) 16,180 5,499 21,679 Amortisation charge for the year (Restated 2 ) \u2014 567 567 Impairment charge (Restated 2 ) \u2014 1,375 1,375 Balance at 1 May 2022 (Restated 2 ) 16,180 7,441 23,621 Net book value At 3 May 2021 (Restated 2) \u2014 2,544 2,544 At 1 May 2022 (Restated 2) \u2014 1,617 1,617 2 These balances have been restated to reflect the impact of the prior period restatements in Note 14. Goodwill impairment testing Goodwill of \u00a316.2m was impaired to \u00a3Nil in FY20; therefore, no further impairment testing is necessary in relation to this. Impairment of other intangible assets Please refer to Note 14 for details of impairment of tangible and intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-433": {
"value": "13. Intangible assets Accounting policy Goodwill Goodwill arising on consolidation represents any excess of the consideration paid and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. Goodwill was fully impaired in FY20. Software Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services (such as consultancy), as well as internal payroll related costs for employees who are directly working on the project. Internal payroll related costs are capitalised if the recognition criteria of IAS 38 Intangible Assets are met or are expensed as incurred otherwise. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and seven years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement and treated as an Adjusting item. Goodwill \u00a3000 Software \u00a3000 Total \u00a3000 Cost Balance at 1 May 2022 16,180 9,058 25,238 Additions \u2014 1,309 1,309 Disposals \u2014 (1,057) (1,057) Balance at 30 April 2023 16,180 9,310 25,490 Amortisation and impairment Balance at 1 May 2022 16,180 7,441 23,621 Amortisation charge for the year \u2014 878 878 Impairment charges \u2014 1,118 1,118 Disposals 1 \u2014 (1,043) (1,043) Balance at 30 April 2023 16,180 8,394 24,574 Net book value At 1 May 2022 \u2014 1,617 1,617 At 30 April 2023 \u2014 916 916 1 During FY23 the Group reviewed assets on the fixed asset register with a nil net book value. Following this review intangible assets with a cost and accumulated depreciation of \u00a31,043k were deemed to no longer be in use by the Group and have therefore been disposed of. Goodwill \u00a3000 Software \u00a3000 Total \u00a3000 Cost Balance at 3 May 2021 16,180 8,043 24,223 Additions \u2014 1,015 1,015 Balance at 1 May 2022 16,180 9,058 25,238 Amortisation and impairment Balance at 3 May 2021 (Restated 2 ) 16,180 5,499 21,679 Amortisation charge for the year (Restated 2 ) \u2014 567 567 Impairment charge (Restated 2 ) \u2014 1,375 1,375 Balance at 1 May 2022 (Restated 2 ) 16,180 7,441 23,621 Net book value At 3 May 2021 (Restated 2) \u2014 2,544 2,544 At 1 May 2022 (Restated 2) \u2014 1,617 1,617 2 These balances have been restated to reflect the impact of the prior period restatements in Note 14. Goodwill impairment testing Goodwill of \u00a316.2m was impaired to \u00a3Nil in FY20; therefore, no further impairment testing is necessary in relation to this. Impairment of other intangible assets Please refer to Note 14 for details of impairment of tangible and intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-434": {
"value": "Accounting policy Goodwill Goodwill arising on consolidation represents any excess of the consideration paid and the amount of any non-controlling interest in the acquiree over the fair value of the identifiable assets and liabilities (including intangible assets) of the acquired entity at the date of the acquisition. Goodwill is recognised as an asset and assessed for impairment annually or as triggering events occur. Any impairment in value is recognised within the income statement. Goodwill was fully impaired in FY20. Software Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services (such as consultancy), as well as internal payroll related costs for employees who are directly working on the project. Internal payroll related costs are capitalised if the recognition criteria of IAS 38 Intangible Assets are met or are expensed as incurred otherwise. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and seven years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement and treated as an Adjusting item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-435": {
"value": "Software Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Capitalised software costs include external direct costs of goods and services (such as consultancy), as well as internal payroll related costs for employees who are directly working on the project. Internal payroll related costs are capitalised if the recognition criteria of IAS 38 Intangible Assets are met or are expensed as incurred otherwise. Capitalised software development costs are amortised on a straight-line basis over their expected economic lives, normally between three and seven years. Computer software under development is held at cost less any recognised impairment loss. Any impairment in value is recognised within the income statement and treated as an Adjusting item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-436": {
"value": "14. Property, plant and equipment Accounting policy Items of property, plant and equipment are stated at their cost of acquisition or production, less accumulated depreciation and accumulated impairment losses. Depreciation is charged on a straight-line basis over the estimated useful lives as follows: \u2022 Leasehold property improvements: over the life of the lease. \u2022 Fixtures and fittings: 15% per annum straight line or depreciated on a straight-line basis over the remaining life of the lease, whichever is shorter. \u2022 Computer equipment: 25 to 50% per annum straight-line. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in profit or loss. IFRS 16 IFRS 16 creates the concept of right-of-use assets. The accounting policy and description of the accounting treatment in respect of IFRS 16 is included within Note 15. Impairment of tangible and intangible assets The carrying amounts of the Group\u2019s tangible and intangible assets with a measurable useful life are reviewed at each balance sheet date to determine whether there is any indication of impairment to their value. If such an indication exists, the asset\u2019s recoverable amount is estimated and compared to its carrying value. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The Directors consider an individual retail store to be a cash generating unit (CGU), as well as the Company\u2019s website. The recoverable amount of an asset is the greater of its fair value less disposal cost and its value in use (the present value of the future cash flows that the asset is expected to generate). In determining value in use, the present value of future cash flows is discounted using a discount rate that reflects current market assessments of the time value of money in relation to the period of the investment and the risks specific to the asset concerned. The carrying value represents each CGU\u2019s specific assets, as well as the IFRS 16 right-of-use asset, plus an allocation of corporate assets where these assets can be allocated on a reasonable and consistent basis. Where the carrying value exceeds the recoverable amount an impairment loss is established with a charge being made to the income statement. When the reasons for a write down no longer exist, the write down is reversed in the income statement up to the net book value that the relevant asset would have had if it had not been written down and if it had been depreciated. Measuring recoverable amounts The Group estimates the recoverable amount of each CGU based on the greater of its fair value less disposal cost and its value in use (VIU), derived from a discounted cash flow model which excludes IFRS 16 lease payments. In assessing the fair value less disposal cost the ability to sublease each store has been considered and it is concluded that this is not applicable for the majority of the store estate. Where it is deemed reasonable to assume the ability to sublet the potential cash inflows generated are insignificant, therefore the VIU calculation is used for all stores. A proportion of \u2018click and collect\u2019 sales are included in store cash flows to reflect the contribution stores make to fulfilling such orders. The key assumptions applied by management in the VIU calculations are those regarding the growth rates of sales and gross margins, medium-term growth rates, central overhead allocation and the discount rate used to discount the assumed cash flows to present value. Projected cash flows for each store are limited to the useful life of each store as determined by its current lease term unless a lease has already expired or is due to expire within 12 months of 30 April 2023 where the intention is to remain in the store and renew the lease. For these leases, an average lease term is used for cash flow projections. Projected cash flows for the website are limited to 60 months as this is in line with the average useful economic life of the assets assigned to the web CGU. Impairment triggers Due to the challenging macroeconomic environment and the existence of a material brought forwards impairment charge, all CGUs other than stores which have been open for less than 12 months have been assessed for impairment. Key assumptions The key financial assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represent management\u2019s assessment of current market conditions and future trends and have been based on historic data from external and internal sources. Management determined the values assigned to these financial assumptions as follows: The pre-tax discount rate is derived from the Group\u2019s weighted average cost of capital, which has been estimated using the capital asset pricing model, the inputs of which include a company risk-free rate, equity risk premium, Group size premium, a forecasting risk premium and a risk adjustment (beta). The discount rate is compared to the published discount rates of comparable businesses and relevant industry data prior to being adopted. The FY23 pre-tax discount rate has been calculated on a post-IFRS 16 basis. FY22\u2019s originally reported impairment was calculated on a pre-IFRS 16 basis discounted using a pre-IFRS 16 WACC of 17.9%; however, when the prior year restatements documented below were calculated, the cash flows were produced on a post-IFRS 16 basis and discounted using a post IFRS 16 WACC to ensure consistency of approach. FY23 FY22 (Restated) Pre-tax discount rate 12.78% 11.48% Medium-term growth rate 1.0% 2.0% While the online CGU is in a different stage of establishment to that of the store CGUs, the same pre-tax discount rate has been used in the impairment assessment. Given that the website is not performing in line with expectations, all assets relating to the web CGU are fully impaired, as such an increase in the pre-tax discount rate used for the web assessment would not increase the impairment charge recognised. Cash flow forecasts are derived from the most recent Board-approved corporate plans that form the Base Case on which the VIU calculations are based. These are described in Note 1(b)(i) (Going concern). The assumptions used in the estimation of future cash flows are: \u2022 rates of growth in sales and gross margins, which have been determined on the basis of the factors described in Note 1(b)(i) (Going concern); \u2022 central costs are reviewed to identify amounts which are necessarily incurred to generate the CGU cash flows. As a result of the analysis performed at the end of FY23, 87% (FY22: 91%) of central costs have been allocated by category using appropriate volumetrics. Cash flows beyond the corporate plan period (2027 and beyond) have been determined using the medium-term growth rate; this is based on management\u2019s future expectations, reflecting, amongst other things, current market conditions and expected future trends and has been based on historical data from both external and internal sources. Immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the cash flows. The useful economic lives of store assets are short in the context of climate change scenario models therefore no medium to long-term effects have been considered. Impairment charge During FY23, an impairment charge of \u00a37,572k was recognised against 209 stores with a recoverable amount of \u00a324,055k, and an impairment charge of \u00a3616k was recognised against the website (FY22 restated: an impairment charge of \u00a37,540k was recognised against 200 stores with a recoverable amount of \u00a326,528k, and an impairment charge of \u00a31,389k was recognised against the website). An impairment reversal of \u00a33,136k has been recognised in FY23 relating to 100 stores with a recoverable amount of \u00a318,090k as at 30 April 2023 (FY22 restated: an impairment reversal of \u00a36,667k was recognised relating to 108 stores with a recoverable amount of \u00a324,950k). A net impairment charge of \u00a35,052k (FY22 restated: \u00a32,262k) has therefore been shown on the face of the consolidated income statement. In line with the previously adopted treatment, impairment charges and reversals have been shown as Adjusting items. Sensitivity analysis Whilst the Directors believe the assumptions adopted are realistic, reasonably possible changes in key assumptions could still occur, which could cause the recoverable amount of certain stores to be lower or higher than the carrying amount. The impact on the net impairment charge recognised from reasonably possible changes in assumption are detailed below: \u2022 a reduction in sales of 5% from the Base Case plan to reflect a potential Downside Scenario would result in an increase in the net impairment charge of \u00a38,981k. An increase in sales of 5% from the Base Case plan would decrease the net impairment charge by \u00a35,827k; \u2022 a reduction in gross margin of 2% would result in an increase in the net impairment charge of \u00a32,320k. An increase in gross margin of 2% would decrease the net impairment charge by \u00a32,063k; \u2022 a 200 basis point increase in the pre-tax discount rate would result in an increase in the net impairment charge of \u00a31,412k, while a 200 basis point decrease in the pre-tax discount rate would result in a decrease in the net impairment charge of \u00a31,387k; \u2022 a 100 basis point decrease in the medium-term growth rate would result in an increase in the net impairment charge of \u00a3493k, while a 100 basis point increase in the medium-term growth rate would result in an increase in the net impairment charge of \u00a3481k; \u2022 increasing the percentage of central costs allocated across CGUs from 87% to 97% would result in an increase in the net impairment charge of \u00a32,234k. Decreasing the percentage of central costs allocated across CGUs from 87% to 77% would result in a decrease in the net impairment charge of \u00a32,000k Whilst the Directors consider their assumptions to be realistic, should actual results be different from expectations, then it is possible that the value of property, plant and equipment included in the balance sheet could become materially different to the estimates used. RoUA \u2013 property \u00a3000 RoUA \u2013 plant and equipment \u00a3000 Leasehold improvements \u00a3000 Plant and equipment \u00a3000 Fixtures and fittings \u00a3000 Total \u00a3000 Cost Balance at 1 May 2022 (Restated 2 ) 151,091 2,421 10,729 3,818 27,259 195,318 Additions 9,530 13 933 1,109 4,772 16,357 Disposals 1 (6,570) \u2014 (4,254) (1,271) (12,836) (24,931) Balance at 30 April 2023 154,051 2,434 7,408 3,656 19,195 186,744 Depreciation and impairment Balance at 1 May 2022 (Restated 2 ) 75,483 1,408 8,686 3,507 19,717 108,801 Depreciation charge for the year 14,483 357 1,315 307 2,836 19,298 Impairment charge 6,126 \u2014 9 388 547 7,070 Impairment reversals (2,562) \u2014 (172) \u2014 (402) (3,136) Disposals (6,273) \u2014 (4,190) (1,230) (12,792) (24,485) At 30 April 2023 87,257 1,765 5,648 2,972 9,906 107,548 Net book value At 1 May 2022 (Restated 2 ) 75,608 1,013 2,043 311 7,542 86,517 At 30 April 2023 66,794 669 1,760 684 9,289 79,196 1 During FY23 the Group reviewed assets on the fixed asset register with a nil net book value. Following this review, fixed assets with a cost and accumulated depreciation of \u00a317,502k were deemed to no longer be in use by the Group and have therefore been disposed of. The totals disposed of by category were as follows: \u00a33,995k leasehold improvements, \u00a31,172k plant and equipment, \u00a312,375k fixtures and fittings. 2 These balances have been restated to reflect the impact of the prior period restatements discussed below. RoUA \u2013 property \u00a3000 RoUA \u2013 plant and equipment \u00a3000 Leasehold improvements \u00a3000 Plant and equipment \u00a3000 Fixtures and fittings \u00a3000 Total \u00a3000 Cost Balance at 3 May 2021 (Restated 2 ) 154,319 1,913 10,410 3,376 26,167 196,185 Additions (Restated 2) 2,540 508 548 476 1,499 5,571 Disposals (5,768) \u2014 (229) (34) (407) (6,438) Balance at 1 May 2022 (Restated 2 ) 151,091 2,421 10,729 3,818 27,259 195,318 Depreciation and impairment Balance at 3 May 2021 (Restated 2 ) 64,619 976 7,712 2,784 17,049 93,140 Depreciation charge for the year (Restated 2 ) 14,662 432 1,268 341 2,431 19,134 Impairment charge (Restated 2 ) 6,165 \u2014 134 411 844 7,554 Impairment reversals (Restated 2 ) (6,094) \u2014 (252) (8) (313) (6,667) Disposals (3,869) \u2014 (176) (21) (294) (4,360) Balance at 1 May 2022 75,483 1,408 8,686 3,507 19,717 108,801 Net book value At 3 May 2021 (Restated 2 ) 89,700 937 2,698 592 9,118 103,045 At 1 May 2022 (Restated 2 ) 75,608 1,013 2,043 311 7,542 86,517 2 These balances have been restated to reflect the impact of the prior period restatements discussed below. Prior period restatements Leasehold assets useful economic lives In prior years, leasehold assets were being depreciated over a life longer than the life of the lease they relate to. To correct this, leasehold improvements depreciation has been restated. The FY21 closing accumulated depreciation has been increased by \u00a31,768k with a corresponding decrease in closing FY21 reserves. The FY22 in year depreciation charge has increased by \u00a3537k, reducing adjusted profit before tax and closing property, plant and equipment net book value. In the consolidated cash flow statement, the FY22 adjustment has increased the \u2018depreciation of property, plant and equipment\u2019 by \u00a3537k, however there is no overall impact on net cash flows from operating, financing and investing activities or on \u2018net increase in cash and cash equivalents\u2019. Lease incentives received and initial direct costs incurred at the inception of a lease In prior years, landlord capital contributions, and capitalised legal fees incurred upon negotiation of lease agreements were recorded within leasehold improvements rather than included within the initial measurement of the IFRS 16 right-of-use asset. Therefore, the costs and accumulated depreciation amounts relating to these assets have been reclassified from \u2018leasehold improvements\u2019 into \u2018RoUA property\u2019, resulting in a \u00a3344k reduction in the right-of-use asset NBV at 3 May 2021, and a \u00a3743k reduction at 1 May 2022, with a corresponding increase in the NBV of leasehold assets. This adjustment has no impact on the consolidated income statement or consolidated cash flow statement. Central cost allocation within fixed asset impairment assessment In prior years, when assessing the impairment of right-of-use assets, property, plant and equipment and intangible assets, central costs were not allocated to each cash generating unit (CGU). During the current year, the directors have reconsidered the allocation of central costs and based on the existence of a consistent store estate and cost base, concluded that certain costs can be allocated to individual CGUs on a reasonable and consistent basis. The directors additionally considered whether a consistent allocation was appropriate in earlier periods and concluded that an allocation became appropriate following the change in strategy to \u201cBetter not just Bigger\u201d, the implementation of which occurred following the appointment of Gavin Peck as CEO in January 2020 over a protracted period as a result of COVID-19, that ultimately resulted in a more consistent store estate and cost base. The directors have applied judgement to conclude that the effect of the revised allocation of central costs in 2023 should be reflected by restating the impairment opening balances at 2 May 2021 and 1 May 2022. The FY21 closing impairment balance relating to right-of-use assets has increased by \u00a326,681k, the closing impairment balance relating to property, plant and equipment has increased by \u00a35,638k, and the closing impairment balance relating to intangible assets has increased by \u00a3281k. The adjustment to closing FY21 reserves is therefore \u00a332,600k. The FY22 reassessment resulted in a \u00a3173k higher net impairment charge relating to right-of-use assets, a \u00a3479k higher net impairment charge relating to property, plant and equipment, and a \u00a31,375k higher net impairment charge relating to intangible assets. Therefore, the reduction in total profit before tax relating to FY22 impairment charges is \u00a32,027k. These adjustments have resulted in the restatement of a number of reconciling items in the consolidated cash flow statement relating to impairment charges, reversal of impairment charges, and profit / loss on disposal of fixed assets, however they have no overall impact on net cash flows from operating, financing and investing activities or on \u2018net increase in cash and cash equivalents\u2019. Depreciation reduction due to impairment restatement As a result of the impairment adjustment detailed above the net book value of fixed assets was lower at the start of the FY21 and FY22, resulting in the depreciation charge in FY21 and FY22 being overstated. The FY21 closing accumulated depreciation has been reduced by \u00a35,120k relating to right-of-use assets, \u00a31,946k relating to property, plant and equipment and \u00a3362k relating to intangible assets, with a corresponding increase in closing FY21 reserves. The FY22 in year depreciation charge has decreased by \u00a34,748k relating to right-of-use assets, \u00a31,658k relating to property, plant and equipment, and \u00a3239k relating to intangible assets, increasing adjusted profit before tax by \u00a36,645k. These adjustments decrease the \u2018depreciation of property, plant and equipment\u2019, \u2018depreciation of right-of-use assets\u2019 and \u2018amortisation of intangible assets\u2019 balances in the consolidated cash flow statement, however there is no overall impact on \u2018net increase in cash and cash equivalents\u2019. Corporation tax restatement The above adjustments have resulted in restatements to the corporation tax charges, current tax assets / liabilities and the deferred tax asset. Please refer to notes 10 and 16 for restated taxation disclosures. The following tables summarise the impact of the above restatements on the Group\u2019s consolidated financial statements including the impact of current and deferred corporation tax. Summarised consolidated income statement Adjustments Per FY22 financial statements Leasehold asset useful economic life reduction Landlord contributions and legal fees incorporation within RoUA Impairment charge increase Depreciation charge reduction Taxation impact of restatements FY22 restated balance Income statement Revenue 264,630 \u2014 \u2014 \u2014 \u2014 \u2014 264,630 Profit before tax (216,053) (425) \u2014 (2,027) 6,645 \u2014 (211,860) Gross profit 48,577 (425) \u2014 (2,027) 6,645 \u2014 52,770 Other operating income (111) \u2014 \u2014 \u2014 \u2014 \u2014 (111) Distribution expenses (9,128) \u2014 \u2014 \u2014 \u2014 \u2014 (9,128) Administrative expenses (24,004) (112) \u2014 \u2014 \u2014 \u2014 (24,116) Operating profit 15,334 (537) \u2014 (2,027) 6,645 \u2014 19,415 Net financing expense (5,176) \u2014 \u2014 \u2014 \u2014 \u2014 (5,176) Profit before tax 10,158 (537) \u2014 (2,027) 6,645 \u2014 14,239 Taxation (1,436) \u2014 \u2014 \u2014 \u2014 1,160 (276) Profit after tax 8,722 (537) \u2014 (2,027) 6,645 1,160 13,963 Summarised consolidated statement of financial position Adjustments Per FY22 financial statements Leasehold asset useful economic life reduction Landlord contributions and legal fees incorporation within RoUA Impairment charge increase Depreciation charge reduction Taxation impact of restatements FY22 restated balance Non-current assets Intangible assets 2,672 \u2014 \u2014 (1,657) 602 \u2014 1,617 Property, plant and equipment 13,970 (2,304) 743 (6,117) 3,604 \u2014 9,896 Right-of-use assets 94,351 \u2014 (743) (26,853) 9,866 \u2014 76,621 Deferred tax assets 3,477 \u2014 \u2014 \u2014 \u2014 1,231 4,708 114,470 (2,304) \u2014 (34,627) 14,072 1,231 92,842 Current assets 56,487 - \u2014 - \u2014 \u2014 56,487 Total assets 170,957 (2,304) \u2014 (34,627) 14,072 1,231 149,329 Liabilities Tax liability (1,115) \u2014 \u2014 \u2014 \u2014 375 (740) Other liabilities (148,211) \u2014 \u2014 \u2014 \u2014 \u2014 (148,211) Total liabilities (149,326) \u2014 \u2014 \u2014 \u2014 375 (148,951) Net assets 21,631 (2,304) \u2014 (34,627) 14,072 1,606 378 Equity attributable to equity holders of the Parent Retained earnings (11,741) (2,304) \u2014 (34,627) 14,072 1,606 (32,994) Other reserves 33,372 \u2014 \u2014 \u2014 \u2014 \u2014 33,372 Total equity 21,631 (2,304) \u2014 (34,627) 14,072 1,606 378 Adjustments Per FY21 financial statements Leasehold asset useful economic life reduction Landlord contributions and legal fees incorporation within RoUA Impairment charge increase Depreciation charge reduction Taxation impact of restatements FY21 restated balance Non-current assets Intangible assets 2,463 \u2014 \u2014 (281) 362 \u2014 2,544 Property, plant and equipment 17,524 (1,768) 344 (5,638) 1,946 \u2014 12,408 Right-of-use assets 112,542 \u2014 (344) (26,681) 5,120 \u2014 90,637 Deferred tax assets 2,852 \u2014 \u2014 \u2014 \u2014 842 3,694 135,381 (1,768) \u2014 (32,600) 7,428 842 109,283 Current assets Tax asset 704 \u2014 \u2014 \u2014 \u2014 (396) 308 Other current assets 44,360 \u2014 \u2014 \u2014 \u2014 \u2014 44,360 45,064 \u2014 \u2014 \u2014 \u2014 (396) 44,668 Total assets 180,445 (1,768) \u2014 (32,600) 7,428 446 153,951 Total liabilities (171,617) \u2014 \u2014 \u2014 \u2014 \u2014 (171,617) Net assets 8,828 (1,768) \u2014 (32,600) 7,428 446 (17,666) Equity attributable to equity holders of the Parent Retained earnings (20,463) (1,768) \u2014 (32,600) 7,428 446 (46,957) Other reserves 29,291 \u2014 \u2014 \u2014 \u2014 \u2014 29,291 Total equity 8,828 (1,768) \u2014 (32,600) 7,428 446 (17,666) Summarised consolidated statement of changes in equity Attributable to equity holders of the Company Share capital \u00a3000 Share premium \u00a3000 Merger reserve \u00a3000 Share-based payment reserve \u00a3000 Hedging reserve 1 \u00a3000 Retained earnings \u00a3000 Total equity \u00a3000 Reported balance at 1 May 2022 625 28,322 (54) 2,252 2,227 (11,741) 21,631 Cumulative adjustment \u2014 \u2014 \u2014 \u2014 \u2014 (21,253) (21,253) Restated balance at 1 May 2022 625 28,322 (54) 2,252 2,227 (32,994) 378 Attributable to equity holders of the Company Share capital \u00a3000 Share premium \u00a3000 Merger reserve \u00a3000 Share-based payment reserve \u00a3000 Hedging reserve 1 \u00a3000 Retained earnings \u00a3000 Total equity \u00a3000 Reported balance at 2 May 2021 625 28,322 (54) 1,601 (1,203) (20,463) 8,828 Cumulative adjustment \u2014 \u2014 \u2014 \u2014 \u2014 (26,494) (26,494) Restated balance at 2 May 2021 625 28,322 (54) 1,601 (1,203) (46,957) (17,666) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-437": {
"value": "Accounting policy Items of property, plant and equipment are stated at their cost of acquisition or production, less accumulated depreciation and accumulated impairment losses. Depreciation is charged on a straight-line basis over the estimated useful lives as follows: \u2022 Leasehold property improvements: over the life of the lease. \u2022 Fixtures and fittings: 15% per annum straight line or depreciated on a straight-line basis over the remaining life of the lease, whichever is shorter. \u2022 Computer equipment: 25 to 50% per annum straight-line. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in profit or loss. ",
"dimensions": {
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"language": "en",
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"fact-438": {
"value": "15. IFRS 16 Accounting policy IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases. IFRS 16 requires the use of a single definition of leases, which recognises a right-of-use asset (RoUA) and a lease liability for all leases, with exceptions only permitted for short-term and low-value leases. Accordingly, the impact of IFRS 16 is to require recognition of a lease liability and a corresponding RoUA in relation to leases previously classified as operating leases, which were hitherto accounted for via a single charge to the profit and loss account. The most significant impact is that the Group\u2019s retail store operating leases are recognised on the balance sheet as right-of-use assets representing the economic benefits of the Group\u2019s right to use the underlying leased assets, together with the associated future lease liabilities. Under IFRS 16, the Group recognises right-of-use assets and lease liabilities at the lease commencement date. Identifying an IFRS 16 lease At the inception of a contract, the Group assesses whether it is, or contains, a lease. A contract is, or contains, a lease if it conveys the right to control the use of an asset for a period of time, in exchange for consideration. Control is conveyed where the Group has both the right to direct the asset\u2019s use and to obtain substantially all the economic benefits from that use. For each lease or lease component, the Group follows the lease accounting model as per IFRS 16, unless the permitted recognition exceptions can be used. Recognition exceptions The Group leases many assets, including properties, IT equipment and warehouse equipment. The Group has elected to account for lease payments as an expense on a straight-line basis over the lease term or another systematic basis for the following types of leases: (i) Leases with a term of 12 months or less. (ii) Leases where the underlying asset has a low value. (iii) Concession leases where the landlord has substantial substitution rights. For leases where the Group has taken the short-term lease recognition exemption and there are any changes to the lease term or the lease is modified, the Group accounts for the lease as a new lease. For leases where the Group has taken a recognition exemption as detailed above, rentals payable under these leases are charged to income on a straight-line basis over the term of the relevant lease except, where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. Lessee accounting under IFRS 16 Upon lease commencement, the Group recognises a right-of-use asset and a lease liability. Initial measurement 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 and an estimate of costs to dismantle and remove the underlying asset, or to restore the underlying asset or the site on which it is located at the end of the lease, less any lease incentives received. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the incremental borrowing rate as the rate implicit in the lease cannot be readily determined. Variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability and are initially measured using the index or rate as at the commencement date. Amounts expected to be payable by the Group under residual value guarantees are also included. Variable lease payments that are not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers payment occurs unless the costs are included in the carrying amount of another asset under another accounting standard. The Group has applied judgement to determine the lease term for some lease contracts that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which significantly affects the value of lease liabilities and right-of-use assets recognised. The payments related to leases are presented under cash flows from financing activities and cash flows from operating activities in the cash flow statement. Subsequent measurement After lease commencement, the Group values right-of-use assets using a cost model. Under the cost model, a right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is re-measured to reflect changes in: the lease term (using a revised discount rate); the assessment of a purchase option (using a revised discount rate); the amounts expected to be payable under residual value guarantees (using an unchanged discount rate); and future lease payments resulting from a change in an index or a rate used to determine those payments (using an unchanged discount rate). The re-measurements are matched by adjustments to the right-of-use asset. Lease modifications may also prompt re-measurement of the lease liability unless they are determined to be separate leases. Depreciation of right-of-use assets The right-of-use asset is subsequently depreciated using the straight-line method, from the commencement date to the earlier of either the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability. Determining the lease term Termination options are included in a number of property leases across the Group. These terms are used to maximise operational flexibility. At the commencement date of property leases, the Group determines the lease term to be the full term of the lease, assuming that any option to break or extend the lease is unlikely to be exercised. Leases will be revalued if it becomes likely that a break clause is to be exercised. In determining the likelihood of the exercise of a break option, management considers all facts and circumstances that create an economic incentive to exercise the termination option. For property leases, the following factors are the most relevant: \u2022 The profitability of the leased store and future plans for the business. \u2022 If there are any significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend. COVID-19 concessions The Group elected to account for qualifying COVID-19 related rent concessions as variable lease payments, recognising the concession in the period in which the event or condition that triggers the payments occurs. Rent concessions are qualifying if the following conditions are met: (i) The concession is a direct consequence of the COVID-19 pandemic. (ii) The change in lease payments resulted in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change. (iii) The reduction in lease payments only affects payments due on or before 30 June 2022. (iv) There is no substantive change to other terms and conditions of the lease. The Group has applied this practical expedient consistently to all lease contracts with similar characteristics and in similar circumstances. Amounts recognised in the statement of financial position Right-of-use assets FY23 \u00a3000 FY22 (Restated \u2013 Note 14) \u00a3000 Land and buildings 66,794 75,608 Plant and equipment 669 1,013 Total right-of-use assets 67,463 76,621 Additions to the right-of-use assets during FY23 were \u00a39,543k (FY22: \u00a33,048k). Lease liabilities Lease liabilities included in the statement of financial position as at the financial year end: FY23 \u00a3000 FY22 \u00a3000 Current 23,449 25,434 Non-current 74,766 85,702 98,215 111,136 Maturity analysis \u2013 contractual undiscounted cash flows: FY23 \u00a3000 FY22 \u00a3000 Less than one year 27,163 31,592 One to two years 22,926 27,283 Two to three years 18,039 23,655 Three to four years 12,944 18,977 Four to five years 9,185 13,102 More than five years 21,718 21,862 Total undiscounted lease liabilities 111,975 136,471 Amounts recognised in the statement of profit and loss FY23 \u00a3000 FY22 (Restated \u2013 Note 14) \u00a3000 Depreciation charge on right-of-use assets (RoUA) 14,840 15,094 Interest cost on lease liability 4,130 4,500 Profit on disposal of RoUA / lease liability (1,105) (441) Foreign exchange difference on euro leases (152) 120 Additional impairment charge under IAS 36 3,564 71 Operating lease rentals \u2013 hire of plant, equipment and motor vehicles \u2013 Low-value leases 371 389 Total plant, equipment and motor vehicle operating lease rentals 371 389 Operating lease rentals \u2013 store leases \u2013 Stores with variable lease rentals 877 454 \u2013 Concession leases (the landlord has substantial substitution rights) 977 943 \u2013 Low-value leases 13 (11) \u2013 Lease is expiring within 12 months or has rolling break clauses 53 87 \u2013 Lease has expired 397 484 \u2013 Variable lease payments as a result of COVID-19 concessions (181) (408) Total store operating lease rentals 2,136 1,549 Depreciation of right-of-use asset by class: FY23 \u00a3000 FY22 (Restated \u2013 Note 14) \u00a3000 Land and buildings 14,483 14,662 Plant and equipment 357 432 Total right-of-use asset depreciation 14,840 15,094",
"dimensions": {
"concept": "theworkscoukplc:DisclosureOfIFRS16",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-439": {
"value": "15. IFRS 16 Accounting policy IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases. IFRS 16 requires the use of a single definition of leases, which recognises a right-of-use asset (RoUA) and a lease liability for all leases, with exceptions only permitted for short-term and low-value leases. Accordingly, the impact of IFRS 16 is to require recognition of a lease liability and a corresponding RoUA in relation to leases previously classified as operating leases, which were hitherto accounted for via a single charge to the profit and loss account. The most significant impact is that the Group\u2019s retail store operating leases are recognised on the balance sheet as right-of-use assets representing the economic benefits of the Group\u2019s right to use the underlying leased assets, together with the associated future lease liabilities. Under IFRS 16, the Group recognises right-of-use assets and lease liabilities at the lease commencement date. Identifying an IFRS 16 lease At the inception of a contract, the Group assesses whether it is, or contains, a lease. A contract is, or contains, a lease if it conveys the right to control the use of an asset for a period of time, in exchange for consideration. Control is conveyed where the Group has both the right to direct the asset\u2019s use and to obtain substantially all the economic benefits from that use. For each lease or lease component, the Group follows the lease accounting model as per IFRS 16, unless the permitted recognition exceptions can be used. Recognition exceptions The Group leases many assets, including properties, IT equipment and warehouse equipment. The Group has elected to account for lease payments as an expense on a straight-line basis over the lease term or another systematic basis for the following types of leases: (i) Leases with a term of 12 months or less. (ii) Leases where the underlying asset has a low value. (iii) Concession leases where the landlord has substantial substitution rights. For leases where the Group has taken the short-term lease recognition exemption and there are any changes to the lease term or the lease is modified, the Group accounts for the lease as a new lease. For leases where the Group has taken a recognition exemption as detailed above, rentals payable under these leases are charged to income on a straight-line basis over the term of the relevant lease except, where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. ",
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"concept": "theworkscoukplc:DescriptionOfAccountingPolicyForIFRS16",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-440": {
"value": "16. Deferred tax assets Recognised deferred tax assets Deferred tax assets are attributable to the following: Assets Liabilities FY23 \u00a3000 FY22 (Restated 1 ) \u00a3000 FY23 \u00a3000 FY22 (Restated 1) \u00a3000 Property, plant and equipment 2,876 2,868 \u2014 \u2014 Leases 1,362 1,645 \u2014 \u2014 Temporary timing differences 354 195 \u2014 \u2014 Financial assets/liabilities 262 \u2014 \u2014 \u2014 Tax assets 4,854 4,708 \u2014 \u2014 Movement in deferred tax during the year Fixed assets \u00a3000 Leases \u00a3000 Temporary timing differences \u00a3000 Financial assets/ liabilities \u00a3000 Total \u00a3000 At 1 May 2022 (Restated 1 ) 2,868 1,645 195 \u2014 4,708 Adjustment in respect of prior years (499) \u2014 \u2014 (598) (1,097) Deferred tax (charge)/credit to profit and loss 507 (283) 159 \u2014 383 Deferred tax credit in equity profit and loss \u2014 \u2014 860 860 At 30 April 2023 2,876 1,362 354 262 4,854 1 The FY22 deferred tax asset has been restated to reflect the tax impact of the restatements documented in Note 14. Movement in deferred tax during the year Fixed assets \u00a3000 Leases \u00a3000 Temporary timing differences \u00a3000 Financial assets/ liabilities \u00a3000 Total \u00a3000 At 1 May 2022 (Restated 1 ) 1,574 1,420 372 328 3,694 Adjustment in respect of prior years \u2014 \u2014 (216) \u2014 (216) Deferred tax (charge)/credit to profit and loss (Restated 1 ) 1,294 225 39 (328) 1,230 Deferred tax credit in equity profit and loss \u2014 \u2014 \u2014 \u2014 \u2014 At 1 May 2022 (Restated 1) 2,868 1,645 195 \u2014 4,708 1 The FY22 deferred tax asset has been restated to reflect the tax impact of the restatements documented in Note 14. Tax losses carried forward for which no deferred tax asset has been recognised total \u00a39,273k (FY22: \u00a314,288k) with an expiry date of April 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-441": {
"value": "17. Inventories Accounting policy Inventories comprise stocks of finished goods for resale and are valued on a weighted average cost basis and carried at the lower of cost and net realisable value. \u2018Cost\u2019 includes all direct expenditure and other attributable costs incurred in bringing inventories to their present location and condition. The process of purchasing inventories may include the use of cash flow hedges to manage foreign exchange risk. Where hedge accounting applies, an adjustment is applied such that the cost of stock reflects the hedged exchange rate. Inventory summary FY23 \u00a3000 FY22 \u00a3000 Gross stock value 31,278 29,817 Less: stock provisions for shrinkage and obsolescence (1,037) (3,252) Goods for resale net of provisions 30,241 26,565 Stock in transit 3,200 2,822 Inventory 33,441 29,387 The cost of inventories recognised as an expense during the period was \u00a3119.1m (FY22: \u00a3107.7m). Stock provisions The Group makes provisions in relation to stock quantities, due to potential stock losses not yet reflected in the accounting records, commonly referred to as unrecognised shrinkage and, in relation to stock value, where the net realisable value of an item is expected to be lower than its cost, due to obsolescence. Shrinkage provision During the prior financial year, the Group carried out \u2018tactical\u2019 (perpetual inventory basis) stock counts in its retail stores on a regular basis, such that at the end of the financial year a significant proportion of stock in stores had been counted and stock file adjustments made to correct errors indicated by the counts. In addition, full four wall counts (i.e. a controlled count of all stock in a store) had been performed in 71 stores during the last 6 weeks of the financial year, with an additional 53 four wall counts performed in the month following the financial year end. During FY23, full four wall counts were performed in 524 stores during the last 13 weeks of the financial year. Through these counts, the Group established that its accounting records reflected the actual quantities of stock in stores. This process also provides the Group with an indication of the typical percentage of stock loss, which is used to calculate, by extrapolation, unrecognised shrinkage at the balance sheet date. The stock records were updated to reflect the results of the stock counts, which occurred nearer to the end of the financial year than the counts undertaken in FY22, as a result of which, the provision required for unrecognised shrinkage materially decreased compared with the value at the end of FY22, by \u00a31.4m to \u00a30.4m. The unrecognised shrinkage provision was \u00a30.4m at the Period end (FY22: \u00a31.9m), representing 1.9% of gross store stock (FY22: 8.6%). The provision relates to store stock with a value of \u00a320.9m (FY22: \u00a322.2m). This represents management\u2019s best estimate of the likely level of stock losses experienced. Obsolescence provision Generally, the Group\u2019s inventory does not comprise a large proportion of stock with a \u2018shelf life\u2019. Stock lines which are slow selling because they have been less successful than planned or which have sold successfully and become fragmented as they reach the natural end of their planned selling period, are usually discounted and sold during \u2018sale\u2019 events, for example the January sale. This stock is referred to as terminal stock. During FY23, a high degree of focus has been placed on clearing terminal stock and at the period end the Group held significantly less terminal stock than the prior year. Consequently, the obsolescence provision has reduced by \u00a30.7m to \u00a30.6m. The Group has considered the impact of customer preferences and ESG considerations on potential stock obsolescence, and these factors are not deemed to have a material impact on the level of provision required. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-442": {
"value": "Accounting policy Inventories comprise stocks of finished goods for resale and are valued on a weighted average cost basis and carried at the lower of cost and net realisable value. \u2018Cost\u2019 includes all direct expenditure and other attributable costs incurred in bringing inventories to their present location and condition. The process of purchasing inventories may include the use of cash flow hedges to manage foreign exchange risk. Where hedge accounting applies, an adjustment is applied such that the cost of stock reflects the hedged exchange rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-443": {
"value": "18. Trade and other receivables FY23 \u00a3000 FY22 \u00a3000 Current Trade receivables 2,864 2,606 Other receivables 359 1,793 Prepayments 4,284 4,028 Trade and other receivables 7,507 8,427 Trade receivables are attributable to sales which are paid for by credit card and are classified as finance assets at amortised cost; they are all current. No credit is provided to customers. The value and nature of trade receivables is such that no material credit losses occur; therefore, no loss allowance has been recorded at the period end (FY22: \u00a3Nil). Other receivables relate to stock on water deposits paid, and other accounts payable debit balances. Prepayments relate to prepaid property costs and other expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-444": {
"value": "19. Cash and cash equivalents FY23 \u00a3000 FY22 \u00a3000 Cash and cash equivalents per balance sheet 10,196 16,280 Net cash and cash equivalents 10,196 16,280 The Group\u2019s cash and cash equivalents are denominated in the following currencies: FY23 \u00a3000 FY22 \u00a3000 Sterling 8,208 12,198 Euro 1,949 3,102 US dollar 39 980 Net cash and cash equivalents 10,196 16,280 At 30 April 2023, the Group held net cash (excluding lease liabilities) of \u00a310.2m (FY22: net cash (excluding lease liabilities) of \u00a316.3m). This comprised cash of \u00a310.2m (FY22: cash of \u00a316.3m). For the year ended 30 April 2023, the Group\u2019s bank facilities comprise an RCF of \u00a330.0m expiring 30 November 2025. Since the Period end, the facility was extended by a year and reduced in size by \u00a310.0m. The facility includes financial covenants in relation to the level of net debt to LTM EBITDA and \u2018Fixed Charge Cover\u2019 or ratio of LTM EBITDA prior to deducting rent and interest, to LTM rent and interest. None of the Group\u2019s cash and cash equivalents (FY22: \u00a3Nil) is held by the trustee of the Group\u2019s employee benefit trust in relation to the share schemes for employees. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-445": {
"value": "20. Borrowings Accounting policy Interest-bearing bank loans and overdrafts, loan notes and other loans are recognised in the balance sheet at amortised cost. Finance charges associated with arranging non-equity funding are recognised in the income statement over the life of the facility. All other borrowing costs are recognised in the income statement in accordance with the effective interest rate method. A summary of the Group\u2019s objectives, policies, procedures and strategies with regard to financial instruments and capital management can be found in Note 25. At 30 April 2023, all borrowings were denominated in sterling (FY22: sterling). FY23 \u00a3000 FY22 \u00a3000 Non-current liabilities Lease liabilities 74,766 85,702 Non-current liabilities 74,766 85,702 Current liabilities Lease liabilities 23,449 25,434 Current liabilities 23,449 25,434 Reconciliation of borrowings to cash flows arising from financing activities FY23 \u00a3000 FY22 \u00a3000 Borrowings at start of year (excluding overdrafts) 111,136 143,009 Changes from financing cash flows Payment of lease liabilities (capital) (22,672) (25,969) Payment of lease liabilities (interest) (4,130) (4,500) Proceeds from loans and borrowings 1 4,000 \u2014 Repayment of bank borrowings 1 (4,000) (7,500) Total changes from financing cash flows (26,802) (37,969) Other changes Lease liability additions 10,991 3,634 Disposal of lease liabilities (1,402) (2,340) The effect of changes in foreign exchange rates 152 (120) Interest expense 4,140 4,922 Total other changes 13,881 6,096 Borrowings at end of year (excluding overdrafts) 98,215 111,136 1 \u00a34.0m was drawn under the Group\u2019s RCF from 29 September 2022 until 31 October 2022. Net debt reconciliation FY23 \u00a3000 FY22 \u00a3000 Net debt (excluding unamortised debt costs) Cash and cash equivalents (10,196) (16,280) Net bank cash (10,196) (16,280) Non-IFRS 16 lease liabilities 268 485 Non-IFRS 16 net cash (9,928) (15,795) IFRS 16 lease liabilities 97,946 110,651 Net debt including IFRS 16 lease liabilities 88,018 94,856 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-446": {
"value": "Accounting policy Interest-bearing bank loans and overdrafts, loan notes and other loans are recognised in the balance sheet at amortised cost. Finance charges associated with arranging non-equity funding are recognised in the income statement over the life of the facility. All other borrowing costs are recognised in the income statement in accordance with the effective interest rate method. A summary of the Group\u2019s objectives, policies, procedures and strategies with regard to financial instruments and capital management can be found in Note 25. At 30 April 2023, all borrowings were denominated in sterling (FY22: sterling). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-447": {
"value": "21. Trade and other payables FY23 \u00a3000 FY22 \u00a3000 Current Trade payables 22,960 20,091 Other tax and social security 2,610 2,792 Accrued expenses 8,909 13,075 Trade and other payables 34,479 35,958 Trade payables and accruals principally comprise amounts outstanding for trade purchases and operating costs. The Group has financial risk management policies in place to ensure that all payables are paid within agreed credit terms. The Directors consider that the carrying amount of trade payables approximates to their fair value. Accrued expenses comprise various accrued property costs, payroll costs and other expenses, including \u00a3484k (FY22: \u00a3453k) of deferred income in relation to the customer loyalty scheme. The decrease in the balance from FY22 is due to a decrease in the bonus accrual held at year end. The Group has net US dollar denominated trade and other payables of \u00a36.6m (FY22: \u00a34.9m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-448": {
"value": "22. Provisions and contingent liabilities Accounting policy 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 the best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. HMRC VAT \u00a3000 Property \u00a3000 Total \u00a3000 Balance as at 3 May 2021 \u2014 718 718 Provisions made during the year \u2014 399 399 Balance as at 1 May 2022 \u2014 1,117 1,117 Provisions made during the year 514 450 964 Provisions used during the year \u2014 (218) (218) Balance as at 30 April 2023 514 1,349 1,863 Maturity analysis of cash flows: HMRC VAT \u00a3000 Property \u00a3000 Total \u00a3000 Due in less than one year 514 51 565 Due between one and five years \u2014 760 760 Due in more than five years \u2014 538 538 514 1,349 1,863 Property provision In accordance with IAS 37 Provisions, the Group recognises provisions for the cost of reinstating certain Group properties at the end of their lease term, based on the conditions set out in the terms of the individual leases. The timing of the outflows will match the ends of the relevant leases, which range from 1 to 10 years for stores and 13.2 years for the head office. The average remaining term of the store estate is 4.8 years. HMRC VAT provision HMRC initiated a VAT review in August 2022 in respect of FY19 to FY22 and have reviewed 4 years of sales data. In the initial output of their review, HMRC have identified a number of areas where they disagree with the VAT treatment applied by the business. Management accepts that there is a possibility that the VAT rate charged is incorrect for some SKUs under review, predominantly activity sets that include books and activity resources, and that the rate may be concluded to be mixed or standard rate. HMRCs view is that these rates are not zero, and therefore we believe it appropriate to recognise a provision for a potential liability for \u00a3514k on the basis that 50% of the SKUs under review are concluded to be standard rated, and the 50% mixed rated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-449": {
"value": "Accounting policy 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 the best estimate of the expenditure required to settle the obligation at the end of the reporting period and are discounted to present value where the effect is material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-450": {
"value": "23. Defined contribution pension plans Accounting policy A defined contribution pension plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to \u00a3890k (FY22: \u00a3777k). At the end of the year contributions of \u00a3243k (FY22: \u00a3155k) were outstanding. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-451": {
"value": "23. Defined contribution pension plans Accounting policy A defined contribution pension plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to \u00a3890k (FY22: \u00a3777k). At the end of the year contributions of \u00a3243k (FY22: \u00a3155k) were outstanding. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-452": {
"value": "Accounting policy A defined contribution pension plan is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to \u00a3890k (FY22: \u00a3777k). At the end of the year contributions of \u00a3243k (FY22: \u00a3155k) were outstanding. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-453": {
"value": "24. Share capital and share premium Accounting policy The following describes the nature and purpose of each reserve within equity: \u2022 Share premium account: Proceeds received in excess of the nominal value of shares issued, net of any transaction costs. \u2022 Hedging reserve: Cumulative gains and losses on hedging instruments deemed effective in cash flow hedges. \u2022 Merger reserve: Created in 2018 on the formation of TheWorks.co.uk plc, it represents the difference between the cost of the investment in The Works Investment Limited (and its subsidiaries, The Works Stores Limited and The Works Online Limited) of \u00a351,499,891 and the nominal value of the ordinary shares issued in exchange of \u00a3109. \u2022 Share based payment reserve: Represents the cumulative charges to income under IFRS 2 Share-based Payments on all share options and schemes granted, net of share option exercises. \u2022 Retained earnings: All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere. Ordinary shares are classified as equity. FY23 Number 000 FY22 Number 000 Share capital Allotted, called up and fully paid ordinary shares of 1p: At the start of the period 62,500 62,500 Issued in the period \u2014 \u2014 At the end of the period 62,500 62,500 FY23 \u00a3000 FY22 \u00a3000 Share capital At the start of the period 625 625 Issued in the period \u2014 \u2014 At the end of the period 625 625 Share premium At the start of the period 28,322 28,322 Issued in the period \u2014 \u2014 At the end of the period 28,322 28,322 During the year, the Employee Benefit Trust purchased \u00a3473k (FY22: \u00a3Nil) of the Company\u2019s shares for the purpose of satisfying future employee share-based payment awards. Investment in own shares At 30 April 2023, the Employee Benefit Trust held 1,240,577 (FY22: Nil) of the Company\u2019s shares. The Trust has waived any entitlement to the receipt of dividends in respect of its holding of the Company\u2019s ordinary shares. The market value of these shares at 30 April 2023 was \u00a3390,161 (FY22: \u00a3Nil). In the current period, 1,408,086 (FY22: Nil) were repurchased and transferred into the Trust, with 167,491 (FY22: Nil) reissued on exercise of share options. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-454": {
"value": "24. Share capital and share premium Accounting policy The following describes the nature and purpose of each reserve within equity: \u2022 Share premium account: Proceeds received in excess of the nominal value of shares issued, net of any transaction costs. \u2022 Hedging reserve: Cumulative gains and losses on hedging instruments deemed effective in cash flow hedges. \u2022 Merger reserve: Created in 2018 on the formation of TheWorks.co.uk plc, it represents the difference between the cost of the investment in The Works Investment Limited (and its subsidiaries, The Works Stores Limited and The Works Online Limited) of \u00a351,499,891 and the nominal value of the ordinary shares issued in exchange of \u00a3109. \u2022 Share based payment reserve: Represents the cumulative charges to income under IFRS 2 Share-based Payments on all share options and schemes granted, net of share option exercises. \u2022 Retained earnings: All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere. Ordinary shares are classified as equity. FY23 Number 000 FY22 Number 000 Share capital Allotted, called up and fully paid ordinary shares of 1p: At the start of the period 62,500 62,500 Issued in the period \u2014 \u2014 At the end of the period 62,500 62,500 FY23 \u00a3000 FY22 \u00a3000 Share capital At the start of the period 625 625 Issued in the period \u2014 \u2014 At the end of the period 625 625 Share premium At the start of the period 28,322 28,322 Issued in the period \u2014 \u2014 At the end of the period 28,322 28,322 During the year, the Employee Benefit Trust purchased \u00a3473k (FY22: \u00a3Nil) of the Company\u2019s shares for the purpose of satisfying future employee share-based payment awards. Investment in own shares At 30 April 2023, the Employee Benefit Trust held 1,240,577 (FY22: Nil) of the Company\u2019s shares. The Trust has waived any entitlement to the receipt of dividends in respect of its holding of the Company\u2019s ordinary shares. The market value of these shares at 30 April 2023 was \u00a3390,161 (FY22: \u00a3Nil). In the current period, 1,408,086 (FY22: Nil) were repurchased and transferred into the Trust, with 167,491 (FY22: Nil) reissued on exercise of share options. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-455": {
"value": "Accounting policy The following describes the nature and purpose of each reserve within equity: \u2022 Share premium account: Proceeds received in excess of the nominal value of shares issued, net of any transaction costs. \u2022 Hedging reserve: Cumulative gains and losses on hedging instruments deemed effective in cash flow hedges. \u2022 Merger reserve: Created in 2018 on the formation of TheWorks.co.uk plc, it represents the difference between the cost of the investment in The Works Investment Limited (and its subsidiaries, The Works Stores Limited and The Works Online Limited) of \u00a351,499,891 and the nominal value of the ordinary shares issued in exchange of \u00a3109. \u2022 Share based payment reserve: Represents the cumulative charges to income under IFRS 2 Share-based Payments on all share options and schemes granted, net of share option exercises. \u2022 Retained earnings: All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-456": {
"value": "25. Financial instruments Accounting policy Non-derivative financial assets Non-derivative financial assets comprise trade and other receivables and cash and cash equivalents. The Group classifies all its non- derivative financial assets as financial assets at amortised cost. Financial assets at amortised cost are initially measured at fair value plus directly attributable transaction costs, except for trade and other receivables without a significant financing component that are initially measured at transaction price. Subsequent to initial recognition, non-derivative financial assets are carried at amortised cost using the effective interest method, subject to impairment. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is \u2018credit impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Group measures loss allowances at an amount equal to lifetime expected credit loss. Cash and cash equivalents comprise cash in hand, at bank and on short-term deposit for less than three months. Bank overdrafts, within borrowings, that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purposes of the cash flow statement. Non-derivative financial liabilities Non-derivative financial liabilities comprise bank borrowings and trade and other payables. Non-derivative financial liabilities are initially recognised at fair value, less any directly attributable transaction costs, and subsequently stated at amortised cost using the effective interest method. Derivative financial instruments Derivative financial instruments are mandatorily categorised as fair value through profit or loss (FVTPL), except to the extent they are part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative contracts to manage the foreign exchange risk on future US dollar denominated purchases. Gains and losses in respect of foreign exchange derivative financial instruments that are not part of an effective hedging relationship are recognised within cost of sales and net finance expense. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income (OCI) and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships and applies a hedge ratio of 1:1. The change in fair value of the forward element of forward exchange contracts (forward points) is separately accounted for as a cost of hedging and recognised in the hedging reserve separately as costs of hedging. When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory. Hedging gains and losses and costs of hedging transferred to the cost of inventory in the year were \u00a3175k (FY22: (\u00a3441k). If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Fair value estimation The techniques applied in determining the fair values of financial assets and liabilities are disclosed below. Foreign currency The consolidated financial statements are presented in pounds sterling, which is the functional currency of the Group. Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. The majority of currency transactions that are not in the functional currency of the trading entity relate to inventory purchases. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement within cost of sales, except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign currency gains and losses are reported on a net basis. The Group is exposed to foreign currency risk, most significantly to the US dollar as a result of sourcing certain products which are paid for predominantly in US dollars. The Group hedges these exposures using forward foreign exchange contracts and hedge accounting is applied when the requirements of IFRS 9 are met, which include that a forecast transaction must be \u2018highly probable\u2019. The Group has applied judgement in assessing whether the forecast purchases remain \u2018highly probable\u2019. The Group\u2019s policy is that approximately 50% of the forecast purchase requirements are initially hedged, approximately 12 months prior, with incremental hedges taken out over time, as the buying period approaches and therefore as certainty increases over the forecast purchases. As a result of this progressive strategy, reducing the supply pipeline of inventory, should this occur, does not immediately lead to over-hedging and the disqualification of \u2018highly probable\u2019. If the forecast transactions were no longer expected to occur, any accumulated gain or loss on the hedging instruments would be immediately reclassified to profit or loss. Financial risk management The Board has overall responsibility for managing risks and uncertainties and these are reviewed on an ongoing basis. The principal financial risks faced by the Group include market risk, currency risk, cash flow interest rate risk, credit risk and liquidity risk. In order to manage the Group\u2019s exposure to these risks, in particular the Group\u2019s exposure to currency risk, the Group enters into forward foreign currency contracts. No transactions in derivatives are undertaken for speculative purposes. Further details of the Group\u2019s approach to managing risk are included in the \u2018Principal Risks and Uncertainties\u2019 section of the Strategic report and in the Corporate governance report. (a) Market risk The Group\u2019s activities expose it to two types of market risk, being currency risk and cash flow interest rate risk. The Group\u2019s policies for managing currency risk and interest rate risk are set out below. (i) Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated. A significant proportion of the Group\u2019s retail products are procured from overseas suppliers in transactions denominated in US dollars. The Group uses foreign currency derivative contracts and US dollar denominated cash balances to manage the foreign exchange risk on US dollar denominated inventory purchases. As described above, the Group takes a prudent, but flexible, approach to hedging the risk of exchange rate fluctuations. At 30 April 2023, the Group held forward contracts with a nominal value of $40.0m (FY22: $30.0m), all with maturity dates of less than one year. These contracts have an average forward rate of $1.2183 (FY22: $1.3964). Exposure to currency risk The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows: Liabilities Assets FY23 \u00a3000 FY22 \u00a3000 FY23 \u00a3000 FY22 \u00a3000 US dollar 6,552 4,905 39 980 Euro 352 454 1,958 3,092 Currency sensitivity analysis The Group is exposed to the US dollar and, to a significantly lesser extent, the euro. The following table details the Group\u2019s sensitivity to a 10% increase or decrease in sterling against the relevant foreign currencies. 10% represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit and other equity where sterling strengthens 10% against the relevant currency. For a 10% weakening of sterling against the relevant currency, there would be a comparable impact on the profit and other equity, and the balances below would be negative. USD impact Euro impact FY23 \u00a3000 FY22 \u00a3000 FY23 \u00a3000 FY22 \u00a3000 Profit/(loss) for the period 592 357 (146) (240) This is mainly attributable to the exposure outstanding on US dollar and euro cash balances held, trade payables and other accruals at the reporting date. The sensitivity analysis above represents the inherent foreign exchange risk as at the year end, but is not reflective of the exposure, and therefore the profit impact, to foreign currency exchange movements during the year. (ii) Interest rate risk The Group is also exposed to the effects of fluctuations in the interest rate on its banking facility. The sensitivity analysis below has been determined based on an increase in the interest rate of 1.0% on the average cash balances throughout the year. FY23 \u00a3000 FY22 \u00a3000 Variable rate instruments (100 bp increase) 132 123 Variable rate instruments (100 bp decrease) (132) (123) (b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group does not offer any credit to customers; therefore, the credit risk with respect to exposure to customers is low. The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are related entities. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The carrying amount of the financial assets recorded in the financial statements represents the Group\u2019s and the Company\u2019s exposure to credit risk. (c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The following tables detail the Group\u2019s remaining contractual maturity for its financial assets and liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows, excluding interest, based on the earliest date on which the Group can be required to pay. Contractual maturity of financial liabilities Within 1 year \u00a3000 1-5 years \u00a3000 5+ years \u00a3000 Total \u00a3000 30 April 2023 Interest bearing \u2014 \u2014 \u2014 \u2014 Non-interest bearing 31,950 760 538 33,248 Finance lease liability (undiscounted cash flows) 27,163 63,094 21,718 111,975 Derivative Forward currency contracts 1,048 \u2014 \u2014 1,048 60,161 63,854 22,256 146,271 1 May 2022 Interest bearing \u2014 \u2014 \u2014 \u2014 Non-interest bearing 32,917 913 \u2014 33,830 Finance lease liability (undiscounted cash flows) 31,592 83,017 21,862 136,471 Derivative Forward currency contracts \u2014 \u2014 \u2014 \u2014 64,509 83,930 21,862 170,301 Hedge accounting IFRS 9 requires the Group to ensure that hedge accounting relationships are aligned with the Group\u2019s risk management objectives and strategy and to apply a qualitative and forward-looking approach to assessing hedge effectiveness. The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be, and has been, effective in offsetting cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 The effect of counterparties and the Group\u2019s own credit risk on the fair value of the forward foreign exchange contracts, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates. \u2022 Changes in the timing of the hedged transactions. Fair value measurements Financial instruments carried at fair value are measured by reference to the following fair value hierarchy, based on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Derivative financial instruments are carried at fair value under a Level 2 valuation method. All other financial instruments carried at fair value are measured using the Level 1 valuation method. There were no transfers between the levels during the current or prior year. Derivative financial instruments The fair value of derivative financial instruments at the balance sheet date is as follows: FY23 \u00a3000 FY22 \u00a3000 Net derivative financial instruments Foreign exchange contracts (1,048) 2,393 Classification of financial instruments The table below shows the classification of financial assets and liabilities as at 30 April 2023. The fair value of financial instruments has been assessed as approximating to their carrying value. Mandatorily at FVTPL \u00a3000 Cash flow hedging instruments \u00a3000 Financial assets at amortised cost \u00a3000 Other financial liabilities \u00a3000 As at 30 April 2023 Financial assets measured at fair value Derivative financial instruments \u2014 \u2014 \u2014 \u2014 Financial assets not measured at fair value Trade and other receivables \u2014 \u2014 7,507 \u2014 Cash and cash equivalents \u2014 \u2014 10,196 \u2014 Financial liabilities measured at fair value Derivative financial instruments \u2014 (1,048) \u2014 \u2014 Financial liabilities not measured at fair value Unsecured bank loans \u2014 \u2014 \u2014 \u2014 Lease liabilities \u2014 \u2014 \u2014 (98,215) Trade and other payables \u2014 \u2014 \u2014 (34,479) As at 30 April 2023 \u2014 (1,048) 17,703 (132,694) Mandatorily at FVTPL \u00a3000 Cash flow hedging instruments \u00a3000 Financial assets at amortised cost \u00a3000 Other financial liabilities \u00a3000 As at 1 May 2022 Financial assets measured at fair value Derivative financial instruments \u2014 2,393 \u2014 \u2014 Financial assets not measured at fair value Trade and other receivables \u2014 \u2014 8,427 \u2014 Cash and cash equivalents \u2014 \u2014 16,280 \u2014 Financial liabilities measured at fair value Derivative financial instruments \u2014 \u2014 \u2014 \u2014 Financial liabilities not measured at fair value Unsecured bank loans \u2014 \u2014 \u2014 \u2014 Lease liabilities \u2014 \u2014 \u2014 (111,136) Trade and other payables \u2014 \u2014 \u2014 (35,958) As at 1 May 2022 \u2014 2,393 24,707 (147,094) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-457": {
"value": "Accounting policy Non-derivative financial assets Non-derivative financial assets comprise trade and other receivables and cash and cash equivalents. The Group classifies all its non- derivative financial assets as financial assets at amortised cost. Financial assets at amortised cost are initially measured at fair value plus directly attributable transaction costs, except for trade and other receivables without a significant financing component that are initially measured at transaction price. Subsequent to initial recognition, non-derivative financial assets are carried at amortised cost using the effective interest method, subject to impairment. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is \u2018credit impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Group measures loss allowances at an amount equal to lifetime expected credit loss. Cash and cash equivalents comprise cash in hand, at bank and on short-term deposit for less than three months. Bank overdrafts, within borrowings, that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purposes of the cash flow statement. Non-derivative financial liabilities Non-derivative financial liabilities comprise bank borrowings and trade and other payables. Non-derivative financial liabilities are initially recognised at fair value, less any directly attributable transaction costs, and subsequently stated at amortised cost using the effective interest method. Derivative financial instruments Derivative financial instruments are mandatorily categorised as fair value through profit or loss (FVTPL), except to the extent they are part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative contracts to manage the foreign exchange risk on future US dollar denominated purchases. Gains and losses in respect of foreign exchange derivative financial instruments that are not part of an effective hedging relationship are recognised within cost of sales and net finance expense. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income (OCI) and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships and applies a hedge ratio of 1:1. The change in fair value of the forward element of forward exchange contracts (forward points) is separately accounted for as a cost of hedging and recognised in the hedging reserve separately as costs of hedging. When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory. Hedging gains and losses and costs of hedging transferred to the cost of inventory in the year were \u00a3175k (FY22: (\u00a3441k). If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Fair value estimation The techniques applied in determining the fair values of financial assets and liabilities are disclosed below. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-458": {
"value": "Derivative financial instruments Derivative financial instruments are mandatorily categorised as fair value through profit or loss (FVTPL), except to the extent they are part of a designated hedging relationship and classified as cash flow hedging instruments. The Group utilises foreign currency derivative contracts to manage the foreign exchange risk on future US dollar denominated purchases. Gains and losses in respect of foreign exchange derivative financial instruments that are not part of an effective hedging relationship are recognised within cost of sales and net finance expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-459": {
"value": "Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income (OCI) and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships and applies a hedge ratio of 1:1. The change in fair value of the forward element of forward exchange contracts (forward points) is separately accounted for as a cost of hedging and recognised in the hedging reserve separately as costs of hedging. When foreign exchange hedged forecast transactions subsequently result in the recognition of inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the inventory. Hedging gains and losses and costs of hedging transferred to the cost of inventory in the year were \u00a3175k (FY22: (\u00a3441k). If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is included in the cost of inventory on its initial recognition. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-460": {
"value": "Foreign currency The consolidated financial statements are presented in pounds sterling, which is the functional currency of the Group. Transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. The majority of currency transactions that are not in the functional currency of the trading entity relate to inventory purchases. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement within cost of sales, except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign currency gains and losses are reported on a net basis. The Group is exposed to foreign currency risk, most significantly to the US dollar as a result of sourcing certain products which are paid for predominantly in US dollars. The Group hedges these exposures using forward foreign exchange contracts and hedge accounting is applied when the requirements of IFRS 9 are met, which include that a forecast transaction must be \u2018highly probable\u2019. The Group has applied judgement in assessing whether the forecast purchases remain \u2018highly probable\u2019. The Group\u2019s policy is that approximately 50% of the forecast purchase requirements are initially hedged, approximately 12 months prior, with incremental hedges taken out over time, as the buying period approaches and therefore as certainty increases over the forecast purchases. As a result of this progressive strategy, reducing the supply pipeline of inventory, should this occur, does not immediately lead to over-hedging and the disqualification of \u2018highly probable\u2019. If the forecast transactions were no longer expected to occur, any accumulated gain or loss on the hedging instruments would be immediately reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-461": {
"value": "The consolidated financial statements are presented in pounds sterling, which is the functional currency of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-462": {
"value": "Financial risk management The Board has overall responsibility for managing risks and uncertainties and these are reviewed on an ongoing basis. The principal financial risks faced by the Group include market risk, currency risk, cash flow interest rate risk, credit risk and liquidity risk. In order to manage the Group\u2019s exposure to these risks, in particular the Group\u2019s exposure to currency risk, the Group enters into forward foreign currency contracts. No transactions in derivatives are undertaken for speculative purposes. Further details of the Group\u2019s approach to managing risk are included in the \u2018Principal Risks and Uncertainties\u2019 section of the Strategic report and in the Corporate governance report. (a) Market risk The Group\u2019s activities expose it to two types of market risk, being currency risk and cash flow interest rate risk. The Group\u2019s policies for managing currency risk and interest rate risk are set out below. (i) Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated. A significant proportion of the Group\u2019s retail products are procured from overseas suppliers in transactions denominated in US dollars. The Group uses foreign currency derivative contracts and US dollar denominated cash balances to manage the foreign exchange risk on US dollar denominated inventory purchases. As described above, the Group takes a prudent, but flexible, approach to hedging the risk of exchange rate fluctuations. At 30 April 2023, the Group held forward contracts with a nominal value of $40.0m (FY22: $30.0m), all with maturity dates of less than one year. These contracts have an average forward rate of $1.2183 (FY22: $1.3964). Exposure to currency risk The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows: Liabilities Assets FY23 \u00a3000 FY22 \u00a3000 FY23 \u00a3000 FY22 \u00a3000 US dollar 6,552 4,905 39 980 Euro 352 454 1,958 3,092 Currency sensitivity analysis The Group is exposed to the US dollar and, to a significantly lesser extent, the euro. The following table details the Group\u2019s sensitivity to a 10% increase or decrease in sterling against the relevant foreign currencies. 10% represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit and other equity where sterling strengthens 10% against the relevant currency. For a 10% weakening of sterling against the relevant currency, there would be a comparable impact on the profit and other equity, and the balances below would be negative. USD impact Euro impact FY23 \u00a3000 FY22 \u00a3000 FY23 \u00a3000 FY22 \u00a3000 Profit/(loss) for the period 592 357 (146) (240) This is mainly attributable to the exposure outstanding on US dollar and euro cash balances held, trade payables and other accruals at the reporting date. The sensitivity analysis above represents the inherent foreign exchange risk as at the year end, but is not reflective of the exposure, and therefore the profit impact, to foreign currency exchange movements during the year. (ii) Interest rate risk The Group is also exposed to the effects of fluctuations in the interest rate on its banking facility. The sensitivity analysis below has been determined based on an increase in the interest rate of 1.0% on the average cash balances throughout the year. FY23 \u00a3000 FY22 \u00a3000 Variable rate instruments (100 bp increase) 132 123 Variable rate instruments (100 bp decrease) (132) (123) (b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group does not offer any credit to customers; therefore, the credit risk with respect to exposure to customers is low. The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are related entities. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The carrying amount of the financial assets recorded in the financial statements represents the Group\u2019s and the Company\u2019s exposure to credit risk. (c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The following tables detail the Group\u2019s remaining contractual maturity for its financial assets and liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows, excluding interest, based on the earliest date on which the Group can be required to pay. Contractual maturity of financial liabilities Within 1 year \u00a3000 1-5 years \u00a3000 5+ years \u00a3000 Total \u00a3000 30 April 2023 Interest bearing \u2014 \u2014 \u2014 \u2014 Non-interest bearing 31,950 760 538 33,248 Finance lease liability (undiscounted cash flows) 27,163 63,094 21,718 111,975 Derivative Forward currency contracts 1,048 \u2014 \u2014 1,048 60,161 63,854 22,256 146,271 1 May 2022 Interest bearing \u2014 \u2014 \u2014 \u2014 Non-interest bearing 32,917 913 \u2014 33,830 Finance lease liability (undiscounted cash flows) 31,592 83,017 21,862 136,471 Derivative Forward currency contracts \u2014 \u2014 \u2014 \u2014 64,509 83,930 21,862 170,301 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-463": {
"value": "(a) Market risk The Group\u2019s activities expose it to two types of market risk, being currency risk and cash flow interest rate risk. The Group\u2019s policies for managing currency risk and interest rate risk are set out below. (i) Currency risk The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated. A significant proportion of the Group\u2019s retail products are procured from overseas suppliers in transactions denominated in US dollars. The Group uses foreign currency derivative contracts and US dollar denominated cash balances to manage the foreign exchange risk on US dollar denominated inventory purchases. As described above, the Group takes a prudent, but flexible, approach to hedging the risk of exchange rate fluctuations. At 30 April 2023, the Group held forward contracts with a nominal value of $40.0m (FY22: $30.0m), all with maturity dates of less than one year. These contracts have an average forward rate of $1.2183 (FY22: $1.3964). Exposure to currency risk The carrying amounts of the Group\u2019s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows: Liabilities Assets FY23 \u00a3000 FY22 \u00a3000 FY23 \u00a3000 FY22 \u00a3000 US dollar 6,552 4,905 39 980 Euro 352 454 1,958 3,092 Currency sensitivity analysis The Group is exposed to the US dollar and, to a significantly lesser extent, the euro. The following table details the Group\u2019s sensitivity to a 10% increase or decrease in sterling against the relevant foreign currencies. 10% represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit and other equity where sterling strengthens 10% against the relevant currency. For a 10% weakening of sterling against the relevant currency, there would be a comparable impact on the profit and other equity, and the balances below would be negative. USD impact Euro impact FY23 \u00a3000 FY22 \u00a3000 FY23 \u00a3000 FY22 \u00a3000 Profit/(loss) for the period 592 357 (146) (240) This is mainly attributable to the exposure outstanding on US dollar and euro cash balances held, trade payables and other accruals at the reporting date. The sensitivity analysis above represents the inherent foreign exchange risk as at the year end, but is not reflective of the exposure, and therefore the profit impact, to foreign currency exchange movements during the year. (ii) Interest rate risk The Group is also exposed to the effects of fluctuations in the interest rate on its banking facility. The sensitivity analysis below has been determined based on an increase in the interest rate of 1.0% on the average cash balances throughout the year. FY23 \u00a3000 FY22 \u00a3000 Variable rate instruments (100 bp increase) 132 123 Variable rate instruments (100 bp decrease) (132) (123) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-464": {
"value": "(b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group does not offer any credit to customers; therefore, the credit risk with respect to exposure to customers is low. The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are related entities. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The carrying amount of the financial assets recorded in the financial statements represents the Group\u2019s and the Company\u2019s exposure to credit risk",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-465": {
"value": "(c) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The following tables detail the Group\u2019s remaining contractual maturity for its financial assets and liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows, excluding interest, based on the earliest date on which the Group can be required to pay. Contractual maturity of financial liabilities Within 1 year \u00a3000 1-5 years \u00a3000 5+ years \u00a3000 Total \u00a3000 30 April 2023 Interest bearing \u2014 \u2014 \u2014 \u2014 Non-interest bearing 31,950 760 538 33,248 Finance lease liability (undiscounted cash flows) 27,163 63,094 21,718 111,975 Derivative Forward currency contracts 1,048 \u2014 \u2014 1,048 60,161 63,854 22,256 146,271 1 May 2022 Interest bearing \u2014 \u2014 \u2014 \u2014 Non-interest bearing 32,917 913 \u2014 33,830 Finance lease liability (undiscounted cash flows) 31,592 83,017 21,862 136,471 Derivative Forward currency contracts \u2014 \u2014 \u2014 \u2014 64,509 83,930 21,862 170,301 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-466": {
"value": "Hedge accounting IFRS 9 requires the Group to ensure that hedge accounting relationships are aligned with the Group\u2019s risk management objectives and strategy and to apply a qualitative and forward-looking approach to assessing hedge effectiveness. The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be, and has been, effective in offsetting cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: \u2022 The effect of counterparties and the Group\u2019s own credit risk on the fair value of the forward foreign exchange contracts, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in exchange rates. \u2022 Changes in the timing of the hedged transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-467": {
"value": "Fair value measurements Financial instruments carried at fair value are measured by reference to the following fair value hierarchy, based on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Derivative financial instruments are carried at fair value under a Level 2 valuation method. All other financial instruments carried at fair value are measured using the Level 1 valuation method. There were no transfers between the levels during the current or prior year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-468": {
"value": "Derivative financial instruments The fair value of derivative financial instruments at the balance sheet date is as follows: FY23 \u00a3000 FY22 \u00a3000 Net derivative financial instruments Foreign exchange contracts (1,048) 2,393 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-469": {
"value": "26. Equity-settled share-based payment arrangements Accounting policy The Group operates an equity-settled share-based compensation plan. The cost of the awards to employees is expensed to the income statement, together with a corresponding adjustment to equity, on a straight-line basis over the vesting period of the award. The total income statement charge is based on the Company\u2019s estimate of the number of share awards that will eventually vest in accordance with the vesting conditions. The awards granted during FY23 include market-based vesting conditions. At each balance sheet date, the Company revises its estimate of the number of awards that are expected to vest. Any revision to estimates is recognised in the income statement, with a corresponding adjustment to equity. During FY23, the Group had three (FY22: three) share-based payment schemes, which are described below. TheWorks.co.uk Long-Term Incentive Plan (LTIP) Further details of the Group\u2019s LTIP arrangements are included in the Directors\u2019 remuneration report. The LTIP rules provide for the grant of performance related and restricted awards. The LTIP awards are subject to a three-year vesting period and will usually only vest following the satisfaction of performance conditions. Vested shares will not be released until the end of an additional holding period of two years beginning on the vesting date. Performance measures under the LTIP are based on financial measures. For FY23, the vesting conditions require three years\u2019 service from the grant date and the achievement of an EPS target, and a share price target (FY22 awards: three years\u2019 service from the grant date and the achievement of an EPS target, and a share price target). Restricted stock awards (RSA) Restricted stock awards have previously been granted to certain employees, with a three-year vesting period. Restricted share awards are not subject to performance conditions. Save As You Earn Scheme (SAYE) A Save As You Earn Scheme is established which is a UK tax-qualified scheme under which eligible employees (including Directors) may save up to a maximum monthly limit of \u00a3250 (as determined by the Remuneration Committee) over a period of three years. Participants are granted an option to acquire shares at up to a 20% discount to the price as at the date of grant. The number of shares under option is that which can be acquired at that price using savings made. LTIP RSA SAYE Number of share options Outstanding at 1 May 2022 2,720,807 1,525,242 2,064,003 Granted 2,682,726 1,097,879 2,349,307 Forfeited (181,818) (192,598) (1,641,100) Lapsed (485,828) \u2014 (1,009,860) Exercised (206,266) (66,773) \u2014 Outstanding at 30 April 2023 4,529,621 2,363,750 1,762,350 LTIP RSA SAYE Weighted average exercise price (\u00a3) Outstanding at 1 May 2022 \u2014 \u2014 0.56 Granted \u2014 \u2014 0.36 Forfeited \u2014 \u2014 0.41 Lapsed \u2014 \u2014 0.58 Exercised \u2014 \u2014 \u2014 Outstanding at 30 April 2023 \u2014 \u2014 0.43 Weighted average remaining contractual life (years) 3.85 2.48 2.13 The exercise prices of outstanding share options as at 30 April 2023 range from \u00a30.21 to \u00a30.81. Expense recognised in the income statement FY23 \u00a3000 FY22 \u00a3000 LTIP \u2013 share-based payment expense 275 486 RSA \u2013 share based payment expense 199 98 SAYE \u2013 share-based payment expense 54 67 Total IFRS 2 charges 528 651 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-470": {
"value": "Accounting policy The Group operates an equity-settled share-based compensation plan. The cost of the awards to employees is expensed to the income statement, together with a corresponding adjustment to equity, on a straight-line basis over the vesting period of the award. The total income statement charge is based on the Company\u2019s estimate of the number of share awards that will eventually vest in accordance with the vesting conditions. The awards granted during FY23 include market-based vesting conditions. At each balance sheet date, the Company revises its estimate of the number of awards that are expected to vest. Any revision to estimates is recognised in the income statement, with a corresponding adjustment to equity. During FY23, the Group had three (FY22: three) share-based payment schemes, which are described below. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-471": {
"value": "27. Capital commitments At 30 April 2023 the Group had capital commitments of \u00a3368k (FY22: \u00a3139k). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-472": {
"value": "28. Related party transactions Identity of related parties with which the Group has transacted Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates are disclosed below. Transactions with key management personnel The compensation of key management personnel (including the Directors) is as follows: FY23 \u00a3000 FY22 \u00a3000 Key management remuneration - including social security costs 3,132 2,077 Pension contributions 184 134 Long-Term Incentive Plan - including social security costs 313 621 Total transactions with key management personnel 3,629 2,832 Further details on the compensation of key management personnel who are Directors are provided in the Group\u2019s Directors\u2019 remuneration report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-473": {
"value": "Transactions with key management personnel The compensation of key management personnel (including the Directors) is as follows: FY23 \u00a3000 FY22 \u00a3000 Key management remuneration - including social security costs 3,132 2,077 Pension contributions 184 134 Long-Term Incentive Plan - including social security costs 313 621 Total transactions with key management personnel 3,629 2,832 Further details on the compensation of key management personnel who are Directors are provided in the Group\u2019s Directors\u2019 remuneration report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
},
"fact-474": {
"value": "29. Subsidiary undertakings The results of all subsidiary undertakings are included in the consolidated financial statements. The principal place of business and the registered office addresses for the subsidiaries are the same as for the Company. Company Active/ dormant Direct/ indirect control Registered number Class of shares held Ownership The Works Investments Limited Active Direct 09073458 Ordinary 100% The Works Stores Limited Active Indirect 06557400 Ordinary 100% The Works Online Limited Dormant Indirect 08040244 Ordinary 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:894500W7PWBCCWBN9R03",
"period": "2022-05-02T00:00:00/2023-05-01T00:00:00"
}
}
}
}