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1 General information
Raspberry Pi Holdings plc (the \u201cCompany\u201d) is a public limited company incorporated in England
and Wales. The Company\u2019s registered office is at 194 Cambridge Science Park, Milton Road,
Cambridge, England CB4 0AB, and the company number is 15557387.
\u2022 On 12 March 2024: Raspberry Pi ListCo Ltd was incorporated as a private limited company.
\u2022 On 23 May 2024: Raspberry Pi ListCo Ltd acquired Raspberry Pi Ltd for $288.1 million.
\u2022 On 3 June 2024: The Company was re-registered as Raspberry Pi Holdings plc.
\u2022 On 11 June 2024: The ordinary share capital was listed on the London Stock Exchange.
\u2022 On 23 September 2024: The Company was added to the FTSE 250.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "Raspberry Pi Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-224": { "value": "Raspberry Pi Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-225": { "value": "Raspberry Pi Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "194 Cambridge Science Park, Milton Road, Cambridge, England CB4 0AB", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-226": { "value": " On 3 June 2024: The Company was re-registered as Raspberry Pi Holdings plc. ", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-227": { "value": "
2 Basis of presentation and accounting policies
Explained below are the key accounting policies of Raspberry Pi Holdings plc and all its
subsidiaries (the \u201cGroup\u201d).
2.1 Basis of preparation
The consolidated financial statements are prepared in accordance with UK-adopted
International Accounting Standards (\u201cIAS\u201d) with International Financial Reporting Standards
(\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and with the
requirements of the Companies Act 2006 (the \u201cAct\u201d).
These consolidated financial statements are the first full year report for Raspberry Pi Holdings plc,
the newly formed Group. The prior period is presented as a continuation of the former Raspberry Pi
Ltd\u2019s UK-IFRS accounts, as though the reorganisation had taken place at the start of the earliest
period presented, except for the consolidated reserves of the Group, which were adjusted to
reflect the capital reorganisation explained opposite.
These financial statements should be read in conjunction with the annual financial statements
of Raspberry Pi Ltd for the year ended 31 December 2023 which have been prepared in
accordance with UK-adopted IFRS and the Companies Act 2006 applicable to companies
reporting under IFRS. These are available at Companies House and in the investor section
of the corporate website.
These consolidated financial statements have been prepared under the historical cost convention
unless otherwise stated. The Group\u2019s presentation currency is US Dollars, rounded to the nearest
point million. Since all material subsidiaries have US Dollars as their functional currency, there
is no foreign exchange upon consolidation and hence any cumulative translation reserve.
The standalone entity, Raspberry Pi Holdings plc, prepares its individual financial statements
in accordance with Financial Reporting Standard 102 (\u201cFRS 102\u201d) \u201cThe Financial Reporting
Standard applicable in the UK and Republic of Ireland\u201c and with the requirements of the
Companies Act 2006. No material adjustments are needed to follow the Group\u2019s IFRS
accounting policies, as they are the same when applied in practice.
2.2 Capital reorganisation
On 23 May 2024 Raspberry Pi Holdings plc acquired the entire shareholding of Raspberry Pi Ltd
for $288.1 million by way of a share-for-share exchange agreement. This does not constitute
a business combination under IFRS 3 \u201cBusiness Combinations\u201d as both entities were under
common control and Raspberry Pi Holdings plc as the listing vehicle did not constitute a
business as defined by IFRS 3.
The transaction is accounted for as a capital reorganisation of Raspberry Pi Ltd in the financial
statements of Raspberry Pi Holdings plc. Under a capital reorganisation, the consolidated
financial statements reflect the pre-combination book values of Raspberry Pi Ltd, with
comparative information presented for all periods.
This differs from a common control business combination using predecessor values, where an
entity could elect to account for the acquisition of the acquiree on a prospective basis rather
than retrospectively. In a capital reorganisation, the pre-combination book values of the existing
entity are transferred into the consolidated financial statements, because no substantive economic
change has occurred except that the consolidated reserves of the Group have been adjusted to
reflect the statutory share capital of Raspberry Pi Holdings plc with the difference presented in
the merger reserve.
2.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of Raspberry Pi
Holdings plc (the \u201cCompany\u201d) and its subsidiary undertakings. Subsidiaries are entities over
which the Group has control. Control is achieved when the Group is exposed, or has rights,
to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. All intra-group assets and liabilities, equity, income,
expenses and cash flows relating to transactions between members of the Group are
eliminated in full on consolidation.
2.4 Going concern The consolidated financial statements have been prepared on a going concern basis, assuming the Group can meet its liabilities as they fall due. This assessment is supported by proceeds from the recent listing, access to the extended Revolving Credit Facility (\u201cRCF\u201d), and strong relationships with key customers and suppliers. Profitability and financial position: The Group reported a profit of $11.7 million for the year. Net current assets were $147.1 million, and net current financial liabilities totalled $14.1 million. Cash proceeds from listing: On 11 June 2024, Raspberry Pi Holdings plc raised $32.4 million net of transaction costs by issuing 11.2 million new shares at \u00a32.8 per share, further strengthening its financial position with year-end cash and cash equivalents of $45.8 million. Extension of Revolving Credit Facility: On 5 March 2025, the RCF was extended, increasing available funds to $80.0 million (2024: $40.0 million) and extending the term to 4 March 2029 (2024: 24 April 2027), providing additional liquidity to support operations. Liquidity and cash flow forecasts: The Board\u2019s cash flow forecasts and projections confirm the Group can operate within its cash and committed facilities for the period to 30 April 2026. Available liquidity, including both cash and committed facilities, has been considered in this assessment. The Directors have deemed this period to be appropriate for the going concern assessment. No plausible events or conditions beyond the assessment period that may cast significant doubt on the Group\u2019s ability to continue as a going concern have been identified. Sensitivity analysis and stress testing: Sensitivities applied to forecasts include a 20% reduction in unit sales and a general liquidity reduction. Even under these combined scenarios, the Group expects to meet its funding needs for 2025 and 2026, confirming its ability to continue operations. Reverse stress testing: A reverse stress test modelled the sales decline required to exhaust liquidity and breach banking covenants. This scenario was deemed implausible. Conclusion: Based on these considerations, the Board concludes the Group can operate within its committed facilities and cash resources for the foreseeable future. Accordingly, the Directors have adopted the going concern basis in preparing the consolidated financial statements.
2.5 Critical accounting judgements and estimates (not relating to the IPO)
In preparing these consolidated financial statements, critical judgements in the application of
accounting policies can have a significant effect on the financial results. Any changes in critical
estimates and assumptions made could materially impact the amounts of assets, liabilities,
revenue and expenses reported next year as actual amounts and results could differ from
those estimates or those estimates could change in future.
2.5.1 Critical judgement: Capitalisation of internal and external development costs
We prioritise in-house development with a small, highly skilled engineering team, releasing
new core hardware every three to four years and developing successors to Raspberry Pi 5 and
Raspberry Pi Pico, alongside semiconductor products such as the RP2350 launched this year.
The Group exercises significant judgement in determining whether internal and external
development costs for pipeline products meet the capitalisation criteria within IAS 38
\u201cIntangible Assets\u201d. Costs are capitalised only when they are directly attributable, reliably
measurable and relate to future new products that are considered technically feasible,
commercially viable and supported by the necessary skilled resources and internal
commitment to completion. Forecasted profit margins must exceed capitalised costs.
Management makes judgements when these capitalisation criteria are met and continue to be
met for active pipeline development projects. The costs associated with the Group\u2019s efforts to
develop new products are made up of directly attributable internal employee costs for those
working on development, costs of external materials and services consumed in development
and amortisation of licences (software or designs) used directly in development as per below.
2024 2024 2023 2023
$ million Capitalised
Total
%
Capitalised
Total
%
Internal costs
8.1
17.6
46%
5.5
10.9
50%
External costs
12.5
14.6
86%
8.9
11.1
80%
Directly attributable
R&D \u2013 cash
20.6
32.2
64%
14.4
22.0
65%
Amortisation
6.0
7.4
81%
1.9
2.3
83%
Total directly
attributable R&D
26.6
39.6
67%
16.3
24.3
67%
Overall R&D investment has increased, with total costs rising from $24.3 million in 2023 to
$39.6 million in 2024. Capitalisation of R&D costs in 2024 is 67% of total costs capitalised
(2023: 67%). Given the Group\u2019s rapid growth, the value of costs being capitalised exceeds
amortisation by $19.2 million (2023: $14.0 million).
All costs associated with the research phase of projects are expensed as incurred.
Any development costs relating to maintaining and fixing bugs in the software are also
expensed as incurred. Capitalised employee costs of engineers exclude any share-based
payments and termination payments as they are not considered directly attributable to the
development projects.
2.5.2 Critical judgement: Identification of cash-generating units (\"CGUs\") for impairment
testing of pipeline development costs
Identifying CGUs is a critical step in the impairment review and can have a significant impact
on its results. The objective of identifying CGUs is to identify the smallest identifiable group
of assets that generates largely independent cash inflows. CGUs are identified at the lowest
level to minimise the possibility that impairments of one asset or group will be masked by
a high\u2011performing asset.
The Group has three CGUs: Pi 5, semiconductors, and cameras. The Group has assessed
that projects within each CGU reflect significant interdependencies, where designs and
outputs are shared and integrated, making individual cash flows inseparable without arbitrary
assumptions. The recoverability of intangible assets arising from pipeline development
activities are materially all part of the semiconductor cash-generating unit (\u201cCGU\u201d). The recoverable
amount of the semiconductor CGU is assessed based on the collective earnings of all
products in then CGU.
2.5.3 Critical estimate: Net realisable value of inventory
The valuation of inventory is a significant area of estimation uncertainty for the Group due to
the rapid pace of technological advancements and the risk of product obsolescence inherent
in the computer industry. Inventory is measured at the lower of cost and net realisable value,
which requires significant management judgement and estimation.
In determining net realisable value, the Group evaluates several factors, including market
demand and pricing trends, assessing the likelihood of future sales and the impact of declining
prices on older inventory. Technological obsolescence is also considered, with management
assessing whether inventory remains relevant in light of new product launches and
advancements. Additionally, expected selling costs, such as promotional discounts or
clearance pricing, are factored into the valuation.
The Group reviews inventory balances on a regular basis, taking into account recent sales trends,
the ageing of inventory, and the condition of items, including damaged, slow-moving or obsolete
stock. Future sales projections over a three-year period, based on management-prepared
financial budgets, are used to support these assessments. For the year ended 31 December
2024, the total inventory provision was $6.2 million (2023: $8.9 million). A 10% decrease in
estimated future demand would increase the provision by $0.5 million. Given the inherent
uncertainties, changes in market conditions, technological developments, or consumer
preferences could materially impact the carrying value of inventory.
2.5.4 Critical estimate: Taxation
Accounting for taxation requires significant judgement in determining taxable profit, tax bases,
and the recognition of deferred tax assets and liabilities. Key estimates include interpreting
complex tax regulations, assessing potential challenges from tax authorities, and evaluating
the recognition of Research & Development Expenditure Credit (\u201cRDEC\u201d) claims. Determining
the appropriate RDEC claim involves significant judgement in identifying qualifying R&D activities
and expenditures. Uncertainties in these areas can lead to variations between estimated and
actual credits received. The Group maintains detailed records of R&D activities and consults
with external tax advisers to ensure compliance with legislation. Additionally, changes in facts
and circumstances between the preparation of these accounts and the final tax submission,
expected in approximately nine months, may impact the final tax position. Any changes in tax
laws or interpretations thereof could materially affect future amounts recognised. Whilst there
are a variety of possible outcomes Management believes that it is reasonably plausible that
the actual tax claims submitted could vary to the accounting estimate by approximately $1.5 million
in any accounting period.
2.6 Critical accounting judgements and estimates (relating to the IPO)
As this is the year of the IPO there were several non-recurring accounting judgements that
have been made. These are detailed below.
2.6.1 Critical judgement: Determination of the functional currency of the parent entity
The Directors assessed the Company\u2019s functional currency and concluded that since
Raspberry Pi Holdings plc was originally formed with the sole purpose of operating as
a holding company for its trading subsidiary, Raspberry Pi Ltd, it is appropriate that the
functional currency of the Company aligns with that of its subsidiary.
2.6.2 Critical judgement: Determination of the grant date share price and option life for
IPO share awards
On 11 June 2024, share awards for employees were approved and finalised prior to the
Company\u2019s Admission to the London Stock Exchange. IFRS 2 prescribes that the fair valuation
of these awards should be calculated at the grant date. Management determined the
offer price of \u00a32.80 ($3.56) as the appropriate share price for valuation on the grant date.
According to IFRS 2, the grant date is defined as the date when both the Company and the
participants have a mutual understanding of the Board-approved key terms of the award,
which was confirmed to employees prior to Admission on the morning of 11 June 2024.
Therefore, the fair value of the share-based payment awards has been measured using the
offer price on this date, in accordance with paragraph 16 of IFRS 2. Given the subsequent
increase in share price after the initial offer, using a later grant date would have significantly
altered the valuation of the awards. The value of the awards and therefore the IFRS 2 charge
depends on the grant date share price. A 20% increase in the market price at grant date would
increase the fair value of the awards by a total of $5.1 million, while a 30% rise would add
$7.7 million.
These amounts would then be charged to the Consolidated Statement of Comprehensive
Income over the three-year vesting period. Furthermore, IFRS 2 \u201cShare-based Payment\u201d
requires management to estimate the option life of the share-based payments which, once
the three-year service period is met, can be exercised up to ten years from the date of grant.
Having benchmarked comparable assumptions and applied the employee attrition rate evenly
through the exercise period, it is expected that the average life will be five years. If this assumption
were to move by plus or minus one year, the impact is approximately $1.7 million over the
three-year vesting period.
2.6.3 Critical judgement: Classification of transaction costs associated with the issue of shares The Group incurred $10.3 million in costs related to the IPO, with $7.6 million deducted from share premium, and $2.9 million expensed as non-recurring administrative costs. Costs were classified based on whether they directly related to new share issuance of the broader listing process. Directly attributable costs, such as underwriting, brokerage, and advisory fees were deducted from equity, while expenses for wider listing requirements such as corporate finance and costs of legal support were expensed. Of the total $6.4 million for the global primary and secondary offer, 82% or $5.3 million related to the secondary offer and was paid by the Foundation. As these costs were directly attributable to the equity transaction, including $7.6 million that has been deducted from the gross proceeds of $40.0 million, the net proceeds of $32.4 million are recognised in share premium. $2.9 million was presented as non-recurring transaction costs in administrative expenses. Management determined that legal and finance fees associated with upgrading policies and procedures for post-listing requirements, the costs of internal corporate finance, legal support, and advice on share schemes and wider incentives were not directly attributable to the issue of shares and therefore these expenses are recognised in the Consolidated Statement of Comprehensive Income as non-recurring items.
Alternative performance measures (\u201cAPMs\u201d), which are used in these financial statements,
are also used by the Board and management for planning and reporting. These measures are
also used in discussions with the investors. APMs are not displayed with more prominence,
emphasis or authority than IFRS measures.
Adjusted EBITDA is a non-IFRS measure comprising operating profit adding back amortisation
and depreciation, share-based payments charges and non-recurring items.
Adjusted operating profit is a non-IFRS measure comprising operating profit adding back
share-based payments charges and non-recurring items.
Adjusted research and development expense is a non-IFRS measure comprising research
and development expense adding back amortisation and depreciation, share-based payments
charges and non-recurring items. Share-based payments are excluded as they are paid for by
shareholders dilution and the charges are not comparable due to fluctuations around the
listing process.
Adjusted administrative expense is a non-IFRS measure comprising administrative expenses
adding back amortisation and depreciation, share-based payments charges and non-recurring
items. Share-based payments are excluded as they are paid for by shareholders\u2019 dilution and
the charges are not comparable due to fluctuations around the listing process.
Non-recurring items are presented whenever significant expenses are incurred or income is
received because of events considered to be outside the normal course of business, where the
unusual nature and expected infrequency merits separate presentation to assist comparisons
with previous years.
To arrive at adjusted results, certain adjustments are made for normalised and non-recurring
items that are individually significant, and which could, if included, distort the understanding
of the performance of the year and the comparability between periods.
2.8 Accounting policies and new and amended accounting standards The set of consolidated financial information has been prepared using accounting policies consistent with those in Raspberry Pi Ltd\u2019s Annual Report and Accounts 2023 except for the following standards, amendments and interpretations which have been adopted from 1 January 2024. Newly adopted accounting standards From 1 January 2024, the following standards became effective for the Group\u2019s consolidated financial statements: \u2022 Amendments to IAS 1 \u201cNon-current Liabilities with Covenants\u201d. \u2022 Amendments to IAS 1 \u201cClassification of Liabilities as Current or Non-current\u201d. \u2022 Amendments to IFRS 16 \u201cLeases on Sale and Leaseback\u201d. \u2022 Amendments to IAS 7 and IFRS 7 \u201cSupplier Finance Arrangements\u201d. The following standards were in issue but were not yet effective at the balance sheet date. These standards have not yet been early adopted by the Group: \u2022 Amendments to IAS 21 \u201cLack of Exchangeability\u201d (mandatorily effective 1 January 2025). \u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d (mandatorily 1 January 2027). The adoption of the standards and interpretations listed above has or will not lead to any material impact on the financial position or performance of the Group. The Group has not early adopted other standards, amendments to standards or interpretations that have been issued but are not yet effective. 28 Material accounting policies This note provides a list of other potentially material accounting policies adopted in the preparation of these consolidated financial statements to the extent that they have not already been disclosed in the notes above. These policies have been consistently applied to all of the years presented, unless otherwise stated. The financial statements are for the Group consisting of Raspberry Pi Holdings plc and its subsidiaries as listed in the Company financial statements. 28.1 Revenue recognition Revenue is recognised in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d. Revenue is recognised when control of goods or services is transferred to the customer, reflecting the consideration expected to be received. The five-step model in IFRS 15 is applied, except for royalties for the licence of intellectual property as explained below. Revenue is only recognised if an enforceable right to payment can be demonstrated. Product revenues: Generated by supplying single board computers (\u201cSBCs\u201d), compute modules, accessories, and semiconductors from our contract manufacturer directly to Approved Resellers (\u201cARs\u201d) and original equipment manufacturers (\u201cOEMs\u201d). The Group acts as principal in these direct distribution transactions. Revenues are recognised at the point in time when physical possession of the product has transferred to the customer, based on fixed prices per unit. The transfer is evidenced by receipt of an undisputed delivery note, as the sole performance obligation is satisfied. Royalties: Earned per unit on products that customers manufacture (e.g. Pi 5) and sell (e.g. Pi 4) through licensing of designs and trademarks. According to IFRS 15, the sales-based or usage\u2011based royalty exception (paragraph B63) applies, as the licence is the predominant performance obligation. Royalties are recognised on an accrual basis in accordance with the underlying agreement when the subsequent sale or usage event that triggers the royalty occurs and are presented net of any amounts collected on behalf of third parties, regardless of whether the licence is a right to use or right to access. Component revenues: Recognised at the point in time when physical possession of the product has transferred to the customer, based on fixed prices per unit, following the accounting policy for product revenues, unless the Group has made a promise to repurchase the component. Sales returns provision: The Group recognises a provision for expected sales returns on SBCs, which typically include a 12-month warranty under standard sales terms. Returns are assessed at each reporting date, and if no significant returns are expected, no provision is recognised. This estimate is periodically reviewed based on emerging trends and historical data. As there has been no history of material returns, no such provision has been recognised to date. Repurchase liabilities: These occur when the Group sells components to the contract manufacturer and simultaneously raises an order for the manufacture of a finished product that contains the same component. As the Group will subsequently repurchase the asset, control has not been transferred, with the contract manufacturer limited in its ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset. Consequently, in accordance with paragraph B66(b) of IFRS 15, the transaction is treated as a financing arrangement. The inventory is not derecognised, and instead, the cash received from the contract manufacturer is treated as a short-term financial liability. The difference between the repurchase price and the cash received is associated with processing, which, owing to the immateriality of the time value of money (within 30-day standard payment terms), is recognised directly in cost of sales. Principal versus agent: The Group evaluates the following indicators, among others, when determining whether it is acting as a principal or agent in the transaction and recording revenue on a gross or net basis: (i) The Group is primarily responsible for fulfilling the promise to provide the product. (ii) The Group has inventory risk before the product has been transferred to a customer. (iii) The Group has discretion in establishing the price for the product. We also operate a publishing business, Raspberry Pi Press, which produces magazines and books, as well as the Raspberry Pi Store in Cambridge, England. All revenue is recognised at the point in time that the product is transferred to the customer, except for publishing revenue, which is recognised over the length of the magazine subscription. Furthermore, the Group applies IFRS 15 practical expedients for significant financing components and costs or fulfil contracts, as the Group\u2019s sales cycles are generally short term and do not exceed 12 months. 28.2 Cost of sales The Group recognises cost of sales at the point at which it recognises revenue as explained above. Cost of sales predominantly relates to the cost of goods or services purchased from suppliers and then sold to customers. The cost of sales for products sold by us through our direct distribution channel is the price we pay for them to be manufactured, plus licence fees paid to parties whose intellectual property is used in their design. The Group considers the cost of shipping its products to the customer to be directly associated with generating revenue and therefore presents these costs (2024 $1.9 million, 2023: $1.7 million) within cost of sales. Our cost of sales for products sold through the licensee channel is the licence fees paid to parties whose intellectual property is used in these products\u2019 design. The manufacturing cost of the products sold through our licensee channel is borne by the licensee. 28.3 Foreign exchange All material entities have a US Dollar functional currency. The US Dollar primarily influences both the sales prices for products and services and the cost of associated raw materials and component parts. As the Group\u2019s presentational currency is also US Dollars no exchange reserve arises on consolidation. Underlying foreign currency transactions (primarily transactions in Sterling) are translated into US Dollars using daily average exchange rates. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of Sterling-denominated working capital items, are recognised in the Consolidated Statement of Comprehensive Income. 28.4 Segmental analysis The Group determines and presents operating segments based on the information that is provided internally to the Board, which is the Group\u2019s Chief Operating Decision Maker (the \u201cCODM\u201d). It is the view of the Directors that the Group has a single operating segment, as defined by IFRS 8 \u201cOperating Segments\u201d, being the manufacture and sale of cost-effective programmable computing devices. The CODM makes operating decisions for a single operating unit and operating performance is assessed as a single operating segment. The information used by the CODM is consistent with, and prepared on the same basis as, that presented in the financial statements. 28.5 Current and deferred taxation The tax expense for the period consists of the tax payable on the current period\u2019s taxable income, based on applicable income tax rates, adjusted for changes in deferred tax assets and liabilities due to temporary differences. Current tax receivables and payables are measured at the expected amount to be recovered from or paid to tax authorities, based on the annual corporation tax return prepared with our tax advisers, in accordance with enacted or substantively enacted UK tax rates and legislation. Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. It is calculated using tax rates that have been enacted or substantively enacted by the reporting period\u2019s end and are expected to apply when the timing differences are resolved. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise them. Deferred tax assets and liabilities are offset when there is a legally enforceable right to do so, and they relate to the same taxation authority. Current tax assets and liabilities are similarly offset when there is a legal right to net them, or to realise the asset and settle the liability simultaneously. Excess tax benefits beyond IFRS 2 charges are recognised in equity. Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is recognised accordingly in those areas. The Group applies IFRIC 23 Uncertainty over Income Tax Treatments when assessing tax positions where uncertainty exists regarding acceptance by tax authorities. Under IFRIC 23, tax treatments are evaluated based on whether it is probable that the relevant tax authority will accept them. If acceptance is not probable, the most likely outcome or expected value approach is applied to determine the tax position. The Group recognises uncertain tax positions in current or deferred tax calculations and records provisions where necessary. Changes in facts or circumstances are monitored, and adjustments are made as required. The Group\u2019s policy ensures consistent application of IFRIC 23 principles, with judgements reviewed regularly in consultation with external tax advisers. 28.6 Intangible assets Externally acquired intangible assets predominantly relate to software licences which are initially recognised at cost and subsequently amortised over the life of the license. All other intangible assets are amortised straight line over a period of three to six years. The accounting for capitalised pipeline development projects is considered to contain a critical judgement upon initial capitalisation of the costs and a critical estimate in determining the useful live of the projects once launched. Refer to the critical judgements and estimates relating to these items at Note 2.5. Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within research and development expenses in the Consolidated Statement of Comprehensive Income. For capitalised pipeline developed costs that are not yet complete, these costs are not amortised but subject to mandatory annual impairment testing in accordance with IAS 36 as described below. 28.7 Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation and impairment. Depreciation uses the straight-line method, with asset residual values, useful lives and depreciation methods reviewed periodically. All PPE is depreciated over three years except for leasehold improvements which are depreciated with reference to the life of the lease. The estimated useful lives and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. 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 retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. 28.8 Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (defined as assets with a value of $5,000 or less when new). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever the lease term or payments are changed. The right-of-use assets comprise the initial measurement of the corresponding lease liability, and any initial direct costs any dilapidation or restoration provisions measured under IAS 37 \u201cProvisions\u201d guidance. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. 28.9 Financial instruments Financial assets and liabilities are recognised when the Group becomes a party to the contract provisions. They are initially measured at fair value with subsequent measurement dependent on their classification as either amortised cost or fair value through profit and loss or other comprehensive income. At present all the Group\u2019s financial assets and liabilities are measured at amortised cost comprising trade and other receivables, trade and other payables and cash in the Consolidated Statement of Financial Position. \u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. \u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. \u2022 Trade payables and other payables are not interest bearing and are recognised at fair value (which ordinarily reflects the invoice amount) and subsequently at amortised cost. Trade receivables and payables are amounts due from customers or owed to suppliers in the ordinary course of business. As they are subject to standard payment terms these balances are considered current and are recognised at their invoice value being a reasonable approximation of fair value due to their short-term nature, They are recognised initially at the invoice amount, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and it therefore measures them subsequently at amortised cost. Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the term of the liabilities. Since the RCF is undrawn, the arrangement fee cannot be offset against any borrowing and is therefore recognised within other debtors and prepayments. The arrangement fee is amortised over the term of the RCF. Although there are currently no external borrowings drawn, the Group has access to the RCF, necessitating the inclusion of this accounting policy. The Group\u2019s activities expose it to financial risks from fluctuations in foreign exchange and interest rates. The Board regulates the use of free-standing derivatives (such as forward FX contracts) in line with established risk management strategies, with derivatives employed only once to mitigate foreign exchange exposure related to IPO proceeds. Free-standing derivatives are initially measured at fair value on the contract date and remeasured at each reporting date. As no derivative has straddled a reporting period, a nil value for derivatives applies across all reporting dates. The Group does not apply, nor currently intends to apply, hedge accounting. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Derecognition of financial liabilities The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Consolidated Statement of Comprehensive Income. 28.10 Inventories Inventories, which comprise raw materials, components and finished goods for resale, are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving inventories. Cost comprises all costs of purchase and cost of conversion (excluding borrowing costs). Costs are assigned to individual items of inventory on the basis of weighted average costs. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. 28.11 Provisions A provision is recorded in the Consolidated Statement of Financial Position when the Group has a legal or constructive obligation arising from a past event, and it is likely that settling the obligation will require an outflow of economic benefits. If the impact is material, the provision is calculated by discounting the anticipated future cash flows at a pre-tax rate that reflects current market views on the time value of money and, where relevant, risks specific to the liability. When discounting is applied, the increase in the provision over time is recognised as a finance cost. If it is virtually certain that an insurer will reimburse part or all of the economic outflows required to settle a provision, the reimbursement amount is recognised as an insurance receivable asset and reported separately within other receivables, provided the receivable amount can be measured reliably. 28.12 Employee benefits Liabilities for wages, salaries, non-monetary benefits and annual leave expected to be settled within 12 months are recognised and measured at the expected amounts. Defined contribution plans are expensed as incurred on an accruals basis. 28.13 Deferred income \u2013 RDEC (government grants) The Research and Development Expenditure Credit (\u201cRDEC\u201d) is accounted for as a government grant where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. The tax credits are initially recognised once they are receivable on accruals basis. Whilst IAS 20 Government Grants excludes tax credits from its scope, so does IAS 12 Income Taxes and no other standard either includes it or appears relevant therefore in the absence of any other specific guidance, we follow IAS 20 as it is considered normal in this scenario. To the extent that the credits relate to expenses already incurred the income is presented as a reduction in R&D expenses, offsetting the underlying costs that the RDEC incentives are intended to compensate. To the extent that the credits relate to pipeline development costs that have been capitalised within intangible assets, the income is initially deferred onto the Consolidated Statement of Financial Position and then subsequently recognised in profit and loss to match the amortisation of the related costs being compensated. This income is presented as a reduction in R&D expense within operating profit as the income is taxable. 28.14 Share-based payments The Group issue equity-settled share-based payments which are fair valued at the grant date as described in the critical judgement Note 2.6.2 and the share-based payment Note 27. Once determined the grant date fair value is charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the three-year vesting period, with adjustments for forfeitures as appropriate. The corresponding credit is to the share-based payment reserve. 28.15 Own shares The Group provides finance to Employee Benefit Trusts to either purchase Company shares on the open market, or to subscribe for newly issued share capital, to meet the Group\u2019s obligation to provide shares when employees exercise their options or awards. Costs of running the Trusts are charged to the Consolidated Statement of Comprehensive Income. Shares held by the ESOP Trusts are deducted from reserves and presented in equity as an own share reserve until such time that an employee exercises their award. At the reporting period, there were 155,226 of shares in the Trust at historical cost of approximately US 500 Dollars. 28.16 Dividends Dividends are recognised when they become legally payable. In the case of final dividends, this is when approved by the shareholders at the AGM. Interim dividends are recorded when paid.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-229": { "value": "2 Basis of presentation and accounting policies Explained below are the key accounting policies of Raspberry Pi Holdings plc and all its subsidiaries (the \u201cGroup\u201d). 2.1 Basis of preparation The consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d) with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and with the requirements of the Companies Act 2006 (the \u201cAct\u201d). These consolidated financial statements are the first full year report for Raspberry Pi Holdings plc, the newly formed Group. The prior period is presented as a continuation of the former Raspberry Pi Ltd\u2019s UK-IFRS accounts, as though the reorganisation had taken place at the start of the earliest period presented, except for the consolidated reserves of the Group, which were adjusted to reflect the capital reorganisation explained opposite. These financial statements should be read in conjunction with the annual financial statements of Raspberry Pi Ltd for the year ended 31 December 2023 which have been prepared in accordance with UK-adopted IFRS and the Companies Act 2006 applicable to companies reporting under IFRS. These are available at Companies House and in the investor section of the corporate website. These consolidated financial statements have been prepared under the historical cost convention unless otherwise stated. The Group\u2019s presentation currency is US Dollars, rounded to the nearest point million. Since all material subsidiaries have US Dollars as their functional currency, there is no foreign exchange upon consolidation and hence any cumulative translation reserve. The standalone entity, Raspberry Pi Holdings plc, prepares its individual financial statements in accordance with Financial Reporting Standard 102 (\u201cFRS 102\u201d) \u201cThe Financial Reporting Standard applicable in the UK and Republic of Ireland\u201c and with the requirements of the Companies Act 2006. No material adjustments are needed to follow the Group\u2019s IFRS accounting policies, as they are the same when applied in practice.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-278": { "value": "The consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (\u201cIAS\u201d) with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and with the requirements of the Companies Act 2006 (the \u201cAct\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-230": { "value": "2.2 Capital reorganisation On 23 May 2024 Raspberry Pi Holdings plc acquired the entire shareholding of Raspberry Pi Ltd for $288.1 million by way of a share-for-share exchange agreement. This does not constitute a business combination under IFRS 3 \u201cBusiness Combinations\u201d as both entities were under common control and Raspberry Pi Holdings plc as the listing vehicle did not constitute a business as defined by IFRS 3. The transaction is accounted for as a capital reorganisation of Raspberry Pi Ltd in the financial statements of Raspberry Pi Holdings plc. Under a capital reorganisation, the consolidated financial statements reflect the pre-combination book values of Raspberry Pi Ltd, with comparative information presented for all periods. This differs from a common control business combination using predecessor values, where an entity could elect to account for the acquisition of the acquiree on a prospective basis rather than retrospectively. In a capital reorganisation, the pre-combination book values of the existing entity are transferred into the consolidated financial statements, because no substantive economic change has occurred except that the consolidated reserves of the Group have been adjusted to reflect the statutory share capital of Raspberry Pi Holdings plc with the difference presented in the merger reserve. ", "dimensions": { "concept": "raspberrypiholdingsplc:DescriptionOfCapitalReorganisation", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-231": { "value": "2.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of Raspberry Pi Holdings plc (the \u201cCompany\u201d) and its subsidiary undertakings. Subsidiaries are entities over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-232": { "value": "
2.4 Going concern
The consolidated financial statements have been prepared on a going concern basis,
assuming the Group can meet its liabilities as they fall due. This assessment is supported
by proceeds from the recent listing, access to the extended Revolving Credit Facility (\u201cRCF\u201d),
and strong relationships with key customers and suppliers.
Profitability and financial position: The Group reported a profit of $11.7 million for the
year. Net current assets were $147.1 million, and net current financial liabilities totalled
$14.1 million.
Cash proceeds from listing: On 11 June 2024, Raspberry Pi Holdings plc raised $32.4 million
net of transaction costs by issuing 11.2 million new shares at \u00a32.8 per share, further strengthening
its financial position with year-end cash and cash equivalents of $45.8 million.
Extension of Revolving Credit Facility: On 5 March 2025, the RCF was extended, increasing
available funds to $80.0 million (2024: $40.0 million) and extending the term to 4 March 2029
(2024: 24 April 2027), providing additional liquidity to support operations.
Liquidity and cash flow forecasts: The Board\u2019s cash flow forecasts and projections confirm
the Group can operate within its cash and committed facilities for the period to 30 April 2026.
Available liquidity, including both cash and committed facilities, has been considered in
this assessment. The Directors have deemed this period to be appropriate for the going
concern assessment. No plausible events or conditions beyond the assessment period
that may cast significant doubt on the Group\u2019s ability to continue as a going concern have
been identified.
Sensitivity analysis and stress testing: Sensitivities applied to forecasts include a 20%
reduction in unit sales and a general liquidity reduction. Even under these combined scenarios,
the Group expects to meet its funding needs for 2025 and 2026, confirming its ability to
continue operations.
Reverse stress testing: A reverse stress test modelled the sales decline required to exhaust
liquidity and breach banking covenants. This scenario was deemed implausible.
Conclusion: Based on these considerations, the Board concludes the Group can operate within
its committed facilities and cash resources for the foreseeable future. Accordingly, the Directors
have adopted the going concern basis in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-233": { "value": "2.5 Critical accounting judgements and estimates (not relating to the IPO) In preparing these consolidated financial statements, critical judgements in the application of accounting policies can have a significant effect on the financial results. Any changes in critical estimates and assumptions made could materially impact the amounts of assets, liabilities, revenue and expenses reported next year as actual amounts and results could differ from those estimates or those estimates could change in future. 2.5.1 Critical judgement: Capitalisation of internal and external development costs We prioritise in-house development with a small, highly skilled engineering team, releasing new core hardware every three to four years and developing successors to Raspberry Pi 5 and Raspberry Pi Pico, alongside semiconductor products such as the RP2350 launched this year. The Group exercises significant judgement in determining whether internal and external development costs for pipeline products meet the capitalisation criteria within IAS 38 \u201cIntangible Assets\u201d. Costs are capitalised only when they are directly attributable, reliably measurable and relate to future new products that are considered technically feasible, commercially viable and supported by the necessary skilled resources and internal commitment to completion. Forecasted profit margins must exceed capitalised costs. Management makes judgements when these capitalisation criteria are met and continue to be met for active pipeline development projects. The costs associated with the Group\u2019s efforts to develop new products are made up of directly attributable internal employee costs for those working on development, costs of external materials and services consumed in development and amortisation of licences (software or designs) used directly in development as per below.
2024 2024 2023 2023
$ million Capitalised
Total
%
Capitalised
Total
%
Internal costs
8.1
17.6
46%
5.5
10.9
50%
External costs
12.5
14.6
86%
8.9
11.1
80%
Directly attributable
R&D \u2013 cash
20.6
32.2
64%
14.4
22.0
65%
Amortisation
6.0
7.4
81%
1.9
2.3
83%
Total directly
attributable R&D
26.6
39.6
67%
16.3
24.3
67%
Overall R&D investment has increased, with total costs rising from $24.3 million in 2023 to $39.6 million in 2024. Capitalisation of R&D costs in 2024 is 67% of total costs capitalised (2023: 67%). Given the Group\u2019s rapid growth, the value of costs being capitalised exceeds amortisation by $19.2 million (2023: $14.0 million). All costs associated with the research phase of projects are expensed as incurred. Any development costs relating to maintaining and fixing bugs in the software are also expensed as incurred. Capitalised employee costs of engineers exclude any share-based payments and termination payments as they are not considered directly attributable to the development projects. 2.5.2 Critical judgement: Identification of cash-generating units (\"CGUs\") for impairment testing of pipeline development costs Identifying CGUs is a critical step in the impairment review and can have a significant impact on its results. The objective of identifying CGUs is to identify the smallest identifiable group of assets that generates largely independent cash inflows. CGUs are identified at the lowest level to minimise the possibility that impairments of one asset or group will be masked by a high\u2011performing asset. The Group has three CGUs: Pi 5, semiconductors, and cameras. The Group has assessed that projects within each CGU reflect significant interdependencies, where designs and outputs are shared and integrated, making individual cash flows inseparable without arbitrary assumptions. The recoverability of intangible assets arising from pipeline development activities are materially all part of the semiconductor cash-generating unit (\u201cCGU\u201d). The recoverable amount of the semiconductor CGU is assessed based on the collective earnings of all products in then CGU. 2.5.3 Critical estimate: Net realisable value of inventory The valuation of inventory is a significant area of estimation uncertainty for the Group due to the rapid pace of technological advancements and the risk of product obsolescence inherent in the computer industry. Inventory is measured at the lower of cost and net realisable value, which requires significant management judgement and estimation. In determining net realisable value, the Group evaluates several factors, including market demand and pricing trends, assessing the likelihood of future sales and the impact of declining prices on older inventory. Technological obsolescence is also considered, with management assessing whether inventory remains relevant in light of new product launches and advancements. Additionally, expected selling costs, such as promotional discounts or clearance pricing, are factored into the valuation. The Group reviews inventory balances on a regular basis, taking into account recent sales trends, the ageing of inventory, and the condition of items, including damaged, slow-moving or obsolete stock. Future sales projections over a three-year period, based on management-prepared financial budgets, are used to support these assessments. For the year ended 31 December 2024, the total inventory provision was $6.2 million (2023: $8.9 million). A 10% decrease in estimated future demand would increase the provision by $0.5 million. Given the inherent uncertainties, changes in market conditions, technological developments, or consumer preferences could materially impact the carrying value of inventory. 2.5.4 Critical estimate: Taxation Accounting for taxation requires significant judgement in determining taxable profit, tax bases, and the recognition of deferred tax assets and liabilities. Key estimates include interpreting complex tax regulations, assessing potential challenges from tax authorities, and evaluating the recognition of Research & Development Expenditure Credit (\u201cRDEC\u201d) claims. Determining the appropriate RDEC claim involves significant judgement in identifying qualifying R&D activities and expenditures. Uncertainties in these areas can lead to variations between estimated and actual credits received. The Group maintains detailed records of R&D activities and consults with external tax advisers to ensure compliance with legislation. Additionally, changes in facts and circumstances between the preparation of these accounts and the final tax submission, expected in approximately nine months, may impact the final tax position. Any changes in tax laws or interpretations thereof could materially affect future amounts recognised. Whilst there are a variety of possible outcomes Management believes that it is reasonably plausible that the actual tax claims submitted could vary to the accounting estimate by approximately $1.5 million in any accounting period. 2.6 Critical accounting judgements and estimates (relating to the IPO) As this is the year of the IPO there were several non-recurring accounting judgements that have been made. These are detailed below. 2.6.1 Critical judgement: Determination of the functional currency of the parent entity The Directors assessed the Company\u2019s functional currency and concluded that since Raspberry Pi Holdings plc was originally formed with the sole purpose of operating as a holding company for its trading subsidiary, Raspberry Pi Ltd, it is appropriate that the functional currency of the Company aligns with that of its subsidiary. 2.6.2 Critical judgement: Determination of the grant date share price and option life for IPO share awards On 11 June 2024, share awards for employees were approved and finalised prior to the Company\u2019s Admission to the London Stock Exchange. IFRS 2 prescribes that the fair valuation of these awards should be calculated at the grant date. Management determined the offer price of \u00a32.80 ($3.56) as the appropriate share price for valuation on the grant date. According to IFRS 2, the grant date is defined as the date when both the Company and the participants have a mutual understanding of the Board-approved key terms of the award, which was confirmed to employees prior to Admission on the morning of 11 June 2024. Therefore, the fair value of the share-based payment awards has been measured using the offer price on this date, in accordance with paragraph 16 of IFRS 2. Given the subsequent increase in share price after the initial offer, using a later grant date would have significantly altered the valuation of the awards. The value of the awards and therefore the IFRS 2 charge depends on the grant date share price. A 20% increase in the market price at grant date would increase the fair value of the awards by a total of $5.1 million, while a 30% rise would add $7.7 million. These amounts would then be charged to the Consolidated Statement of Comprehensive Income over the three-year vesting period. Furthermore, IFRS 2 \u201cShare-based Payment\u201d requires management to estimate the option life of the share-based payments which, once the three-year service period is met, can be exercised up to ten years from the date of grant. Having benchmarked comparable assumptions and applied the employee attrition rate evenly through the exercise period, it is expected that the average life will be five years. If this assumption were to move by plus or minus one year, the impact is approximately $1.7 million over the three-year vesting period.
2.6.3 Critical judgement: Classification of transaction costs associated with the issue
of shares
The Group incurred $10.3 million in costs related to the IPO, with $7.6 million deducted from
share premium, and $2.9 million expensed as non-recurring administrative costs. Costs
were classified based on whether they directly related to new share issuance of the broader
listing process.
Directly attributable costs, such as underwriting, brokerage, and advisory fees were deducted
from equity, while expenses for wider listing requirements such as corporate finance and costs
of legal support were expensed. Of the total $6.4 million for the global primary and secondary
offer, 82% or $5.3 million related to the secondary offer and was paid by the Foundation.
As these costs were directly attributable to the equity transaction, including $7.6 million that
has been deducted from the gross proceeds of $40.0 million, the net proceeds of $32.4 million
are recognised in share premium. $2.9 million was presented as non-recurring transaction
costs in administrative expenses. Management determined that legal and finance fees
associated with upgrading policies and procedures for post-listing requirements, the costs of
internal corporate finance, legal support, and advice on share schemes and wider incentives
were not directly attributable to the issue of shares and therefore these expenses are
recognised in the Consolidated Statement of Comprehensive Income as non-recurring items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-234": { "value": "2.7 Alternative performance measures (\"APMs\") Alternative performance measures (\u201cAPMs\u201d), which are used in these financial statements, are also used by the Board and management for planning and reporting. These measures are also used in discussions with the investors. APMs are not displayed with more prominence, emphasis or authority than IFRS measures. Adjusted EBITDA is a non-IFRS measure comprising operating profit adding back amortisation and depreciation, share-based payments charges and non-recurring items. Adjusted operating profit is a non-IFRS measure comprising operating profit adding back share-based payments charges and non-recurring items. Adjusted research and development expense is a non-IFRS measure comprising research and development expense adding back amortisation and depreciation, share-based payments charges and non-recurring items. Share-based payments are excluded as they are paid for by shareholders dilution and the charges are not comparable due to fluctuations around the listing process. Adjusted administrative expense is a non-IFRS measure comprising administrative expenses adding back amortisation and depreciation, share-based payments charges and non-recurring items. Share-based payments are excluded as they are paid for by shareholders\u2019 dilution and the charges are not comparable due to fluctuations around the listing process. Non-recurring items are presented whenever significant expenses are incurred or income is received because of events considered to be outside the normal course of business, where the unusual nature and expected infrequency merits separate presentation to assist comparisons with previous years. To arrive at adjusted results, certain adjustments are made for normalised and non-recurring items that are individually significant, and which could, if included, distort the understanding of the performance of the year and the comparability between periods. ", "dimensions": { "concept": "raspberrypiholdingsplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-235": { "value": "2.8 Accounting policies and new and amended accounting standards The set of consolidated financial information has been prepared using accounting policies consistent with those in Raspberry Pi Ltd\u2019s Annual Report and Accounts 2023 except for the following standards, amendments and interpretations which have been adopted from 1 January 2024. Newly adopted accounting standards From 1 January 2024, the following standards became effective for the Group\u2019s consolidated financial statements: \u2022 Amendments to IAS 1 \u201cNon-current Liabilities with Covenants\u201d. \u2022 Amendments to IAS 1 \u201cClassification of Liabilities as Current or Non-current\u201d. \u2022 Amendments to IFRS 16 \u201cLeases on Sale and Leaseback\u201d. \u2022 Amendments to IAS 7 and IFRS 7 \u201cSupplier Finance Arrangements\u201d. The adoption of the standards and interpretations listed above has or will not lead to any material impact on the financial position or performance of the Group. The Group has not early adopted other standards, amendments to standards or interpretations that have been issued but are not yet effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-279": { "value": "
Newly adopted accounting standards
From 1 January 2024, the following standards became effective for the Group\u2019s consolidated
financial statements:
\u2022 Amendments to IAS 1 \u201cNon-current Liabilities with Covenants\u201d.
\u2022 Amendments to IAS 1 \u201cClassification of Liabilities as Current or Non-current\u201d.
\u2022 Amendments to IFRS 16 \u201cLeases on Sale and Leaseback\u201d.
\u2022 Amendments to IAS 7 and IFRS 7 \u201cSupplier Finance Arrangements\u201d.
The following standards were in issue but were not yet effective at the balance sheet date.
These standards have not yet been early adopted by the Group:
\u2022 Amendments to IAS 21 \u201cLack of Exchangeability\u201d (mandatorily effective 1 January 2025).
\u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d (mandatorily 1 January 2027).
The adoption of the standards and interpretations listed above has or will not lead to any
material impact on the financial position or performance of the Group. The Group has not early
adopted other standards, amendments to standards or interpretations that have been issued
but are not yet effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-301": { "value": "The following standards were in issue but were not yet effective at the balance sheet date. These standards have not yet been early adopted by the Group: \u2022 Amendments to IAS 21 \u201cLack of Exchangeability\u201d (mandatorily effective 1 January 2025). \u2022 IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d (mandatorily 1 January 2027). ", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-236": { "value": "3 Revenue The total revenue for the Group derives from its principal activity: the development, marketing, manufacture and sale of cost-effective programmable computing devices.
Year ended Year ended
$ million \u2013 by category 31 December 2024 31 December 2023
Products
181.2
212.3
Components
61.2
43.5
Royalties
15.9
8.8
Other
1.2
1.2
259.5
265.8
Year ended Year ended
$ million \u2013 by customer location 31 December 2024 31 December 2023
UK
118.4
104.8
Europe
48.1
60.3
Americas
49.9
45.3
Asia Pacific
40.8
54.3
Rest of the World
2.3
1.1
259.5
265.8
Product revenues are recognised at the point in time when single board computers, compute modules, accessories or semiconductors are delivered to Approved Resellers or OEMs, establishing an enforceable right to payment. Raspberry Pi generates revenue from selling individual components, including the RP2040 microcontroller, RP1 I/O controller, and memory chips, primarily to OEMs and for manufacturing by licensees, which also earns royalties. Royalties are earned per unit on products organised for manufacture or sale through licensing of designs and trademarks. Revenue is recognised on an accrual basis in accordance with the agreement when the subsequent sale or usage (point of manufacture) event occurs, in line with the IFRS 15 royalty exemption from estimating variable consideration. The Group generated $69.5 million or 27% (2023: $45.5 million or 17%) of revenues from a major electronic component distributor. Sales to the contract manufacturer accounted for $36.9 million or 14% of total revenues (2023: $41.9 million or 16%). The Group operates as a single segment, in accordance with IFRS 8 \u201cOperating Segments\u201d, aligned with its primary activity. The data utilised by the Group\u2019s Chief Operating Decision Makers for resource allocation and performance evaluation is provided on a consolidated basis and therefore no segment analysis is included. All material non-current assets are located in the United Kingdom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "the development, marketing, manufacture and sale of cost-effective programmable computing devices.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-280": { "value": "
Year ended Year ended
$ million \u2013 by customer location 31 December 2024 31 December 2023
UK
118.4
104.8
Europe
48.1
60.3
Americas
49.9
45.3
Asia Pacific
40.8
54.3
Rest of the World
2.3
1.1
259.5
265.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-237": { "value": "
4 Research and development expenses
Year ended Year ended
$ million 31 December 2024 31 December 2023
Employee costs of internal engineers
14.4
10.9
Share-based payment charges
2.3
\u2014
Other employee-related costs
0.9
\u2014
Costs of external services and materials
14.6
11.1
Intangibles amortisation
12.3
4.9
Capitalised amortisation
(6.0)
(1.9)
Capitalised research and development costs
(20.6)
(14.4)
17.9
10.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-281": { "value": "4 Research and development expenses
Year ended Year ended
$ million 31 December 2024 31 December 2023
Employee costs of internal engineers
14.4
10.9
Share-based payment charges
2.3
\u2014
Other employee-related costs
0.9
\u2014
Costs of external services and materials
14.6
11.1
Intangibles amortisation
12.3
4.9
Capitalised amortisation
(6.0)
(1.9)
Capitalised research and development costs
(20.6)
(14.4)
17.9
10.6
5 Administrative expenses
Year ended Year ended
$ million 31 December 2024 31 December 2023
Employee costs
8.0
6.4
Share-based payment charges
2.4
\u2014
Other employee-related costs
2.9
1.5
Professional fees
3.2
3.1
Depreciation
4.4
3.2
Property-related costs
1.2
0.9
Other expenses
2.7
2.7
Non-recurring costs
2.9
\u2014
27.7
17.8
Non-recurring items are presented whenever significant expenses are incurred or income is received because of events considered to be outside the normal course of business, where the unusual nature and expected infrequency merits separate presentation to assist comparisons with previous years. For the year ended 31 December 2024, non-recurring costs consist of IPO\u2011related costs of $2.9 million. Professional fees include audit and interim review services obtained from the Group auditor, Grant Thornton UK LLP. Details of its fees are provided below.
Year ended Year ended
$ million 31 December 2024 31 December 2023
Fees payable to the Group auditor for:
\u2022
the audit of the parent entity and consolidated
financial statements
0.2
\u2014
\u2022
the audit of subsidiary pursuant to legislation
0.4
0.2
Fees payable to the Group auditor for other services:
\u2022
non-audit-related services \u2013 procedures over the rights
issue prospectus
1.2
\u2014
\u2022
audit-related services \u2013 review procedures over interim
accounts
0.2
\u2014
2.0
0.2
Fees payable to the Group auditor presented above exclude VAT. Audit-related non-audit fees in the year of $1.2 million were incurred for the auditor\u2019s role as the reporting accountant during the listing process. These fees were recognised at $1.4 million within the share premium to account for the irrecoverable VAT.
7 Depreciation and amortisation
Year ended Year ended
$ million 31 December 2024 31 December 2023
Depreciation of property, plant and equipment
2.8
2.3
Depreciation of right-of-use assets
1.6
0.9
Amortisation of intangible assets
12.3
4.9
Intangible amortisation capitalised
(6.0)
(1.9)
10.7
6.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-238": { "value": "
5 Administrative expenses
Year ended Year ended
$ million 31 December 2024 31 December 2023
Employee costs
8.0
6.4
Share-based payment charges
2.4
\u2014
Other employee-related costs
2.9
1.5
Professional fees
3.2
3.1
Depreciation
4.4
3.2
Property-related costs
1.2
0.9
Other expenses
2.7
2.7
Non-recurring costs
2.9
\u2014
27.7
17.8
Non-recurring items are presented whenever significant expenses are incurred or income is
received because of events considered to be outside the normal course of business, where
the unusual nature and expected infrequency merits separate presentation to assist comparisons
with previous years. For the year ended 31 December 2024, non-recurring costs consist of
IPO\u2011related costs of $2.9 million. Professional fees include audit and interim review services
obtained from the Group auditor, Grant Thornton UK LLP. Details of its fees are provided below.
Year ended Year ended
$ million 31 December 2024 31 December 2023
Fees payable to the Group auditor for:
\u2022
the audit of the parent entity and consolidated
financial statements
0.2
\u2014
\u2022
the audit of subsidiary pursuant to legislation
0.4
0.2
Fees payable to the Group auditor for other services:
\u2022
non-audit-related services \u2013 procedures over the rights
issue prospectus
1.2
\u2014
\u2022
audit-related services \u2013 review procedures over interim
accounts
0.2
\u2014
2.0
0.2
Fees payable to the Group auditor presented above exclude VAT. Audit-related non-audit fees
in the year of $1.2 million were incurred for the auditor\u2019s role as the reporting accountant
during the listing process. These fees were recognised at $1.4 million within the share
premium to account for the irrecoverable VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-302": { "value": "
Year ended Year ended
$ million 31 December 2024 31 December 2023
Employee costs
8.0
6.4
Share-based payment charges
2.4
\u2014
Other employee-related costs
2.9
1.5
Professional fees
3.2
3.1
Depreciation
4.4
3.2
Property-related costs
1.2
0.9
Other expenses
2.7
2.7
Non-recurring costs
2.9
\u2014
27.7
17.8
7 Depreciation and amortisation
Year ended Year ended
$ million 31 December 2024 31 December 2023
Depreciation of property, plant and equipment
2.8
2.3
Depreciation of right-of-use assets
1.6
0.9
Amortisation of intangible assets
12.3
4.9
Intangible amortisation capitalised
(6.0)
(1.9)
10.7
6.2
11 Intangible assets
On-market Pipeline Other acquired
$ million development development
intangibles
Total
Cost
At 1 January 2023
10.5
20.1
12.1
42.7
Additions
\u2014
16.3
14.2
30.5
Transfers
15.2
(15.2)
\u2014
\u2014
Disposals
\u2014
\u2014
(5.2)
(5.2)
At 31 December 2023
25.7
21.2
21.1
68.0
Additions
\u2014
26.6
0.3
26.9
Transfers
13.3
(13.3)
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
At 31 December 2024
39.0
34.5
21.4
94.9
Amortisation
At 1 January 2023
(5.3)
\u2014
(1.9)
(7.2)
Charge for the year
(2.6)
\u2014
(2.3)
(4.9)
Transfers
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
2.7
2.7
At 31 December 2023
(7.9)
\u2014
(1.5)
(9.4)
Charge for the year
(4.9)
\u2014
(7.4)
(12.3)
Transfers
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
At 31 December 2024
(12.8)
\u2014
(8.9)
(21.7)
Net book value
At 31 December 2024
26.2
34.5
12.5
73.2
At 31 December 2023
17.8
21.2
19.6
58.6
To maintain market leadership and drive growth, we develop next generation technology platforms that embody our brand values of performance, price, quality and ease of use. New core hardware is released every three to four years, with software and documentation support setting Raspberry Pi apart from competitors. We prioritise in-house development with a skilled engineering team of 66 (2023: 52), focused on successors to Raspberry Pi 5, semiconductor chips, new computer boards and accessories. Internal and external development costs are capitalised when the criteria outlined in critical accounting judgement Note 2.5.1 are met. On-market development are amortised from their market launch date over a life of three years for accessories, four years for SBCs, and six years for microcontrollers. Impairment testing is performed only when an internal or external impairment trigger is identified. Pipeline development in progress are not amortised but instead tested annually for impairment. Historically, most capitalised projects have been commercialised at which point they are transferred to on-market projects and thereafter amortised as explained above. Other acquired intangibles category primarily relates to licences but also includes any externally acquired intangible assets not already captured in the above categories. Licences, particularly those related to technical designs, are amortised over the length of the licence. Impairment triggers On-market projects were assessed for the following impairment triggers with none identified. External impairment triggers: Market decline, economic changes, increased competition, technological obsolescence, interest rate shifts, legal or political factors. Internal impairment triggers: Underperformance, asset utilisation changes, physical damage, restructuring, reduced useful life, licensing or contractual issues. As development projects must undertake a mandatory impairment test this is performed at the CGU level as explained at the critical estimate on CGU determination at 2.5.2. Management has determined that the assets associated with the Pi5 product group, the semiconductor product group, and cameras each represent individual CGUs and, therefore, the lowest level at which impairment can be assessed. Additionally, various accessory items are evaluated at the project unit item level, as these products are generally not as dependent on core technology capabilities as the core development platforms. The projected cash flows arising from the CGU are forecast for a period of three to six years after the launch date reflecting the assets\u2019 estimated useful economic life (\u201cUEL\u201d) and consistent with the critical estimate on CGU determination outlined in section 2.5.2 of the 2024 Annual Report. In accordance with IAS 36, impairment testing for projects under development includes estimated future cash outflows required for completion, even if not yet capitalised \u2013 an exception to the general principle. A ten-year forecast was used, as permitted for such projects, instead of the standard five-year period. The impairment test is performed over the length of the useful life which is between three to six years, following the planned launch date which will not exceed 2032. A budgeted gross margin for single board computers (\u201cSBCs\u201d); 30% for accessories and 20% for microcontroller products has been used. The budgeted gross margin is based on past performance for similar products and management\u2019s expectations for the future. In the case of semiconductors developed for use in future products management have based their forecasts on the market prices of equivalent products and projected manufacturing costs based on the past performance of similar products and management\u2019s expectations for the future. A discount rate of 15.7% (2023: 14.0%) has been applied in determining the present value of the cash flows anticipated. The discount rate is a pre-tax rate which reflects any specific risks relating to the relevant products. An asset-specific rate is not available directly from the market, and therefore the discount rate has been estimated to reflect, as far as possible, a market assessment of the time value of money. Management do not consider that any reasonably possible change in the discount rate or cash flow estimates would result in an impairment. Microcontrollers and accessories Sensitivity analysis indicates that a decline in annual cash flows exceeding 10% or an increase in the discount rate by 1% would, all other assumptions remaining equal, reduce headroom but not cause impairment. The impact of external risks, including supply chain uncertainties and market fluctuations, has been considered. The assumptions used align with similar product lifecycles, though uncertainties related to climate change risks, enhancement-related cash flows, and extended forecast periods require ongoing assessment. Given the robust development portfolio, the semiconductor CGU remains well-positioned for future growth. However, as at the date of these financial statements, there remains a high level of uncertainty regarding long-term market conditions, technological advancements, and regulatory changes. The Group continues to monitor potential risks in supply chain logistics, intellectual property regulations, and environmental compliance, ensuring that future developments align with the Group\u2019s strategic objectives and IAS 36 requirements. 12 Property, plant and equipment
Office and
Leasehold Plant and computer
$ million improvements equipment
equipment
Total
Cost
Balance at 1 January 2023
0.4
7.5
1.5
9.4
Additions
1.6
1.3
1.0
3.9
Disposals
(0.3)
\u2014
\u2014
(0.3)
Balance at 31 December 2023
1.7
8.8
2.5
13.0
Additions
0.5
1.2
0.5
2.2
Disposals
\u2014
\u2014
\u2014
\u2014
Balance at 31 December 2024
2.2
10.0
3.0
15.2
Depreciation
Balance at 1 January 2023
(0.2)
(4.5)
(1.0)
(5.7)
Charge for the year
(0.1)
(1.9)
(0.3)
(2.3)
Disposals
0.1
\u2014
\u2014
0.1
Balance at 31 December 2023
(0.2)
(6.4)
(1.3)
(7.9)
Charge for the year
(0.5)
(1.7)
(0.6)
(2.8)
Disposals
\u2014
\u2014
\u2014
\u2014
Balance at 31 December 2024
(0.7)
(8.1)
(1.9)
(10.7)
Net book value
At 31 December 2024
1.5
1.9
1.1
4.5
At 31 December 2023
1.5
2.4
1.2
5.1
As at 31 December 2024, $1.7 million of fully depreciated property, plant and equipment was still in use (2023: $1.5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-303": { "value": "
Year ended Year ended
$ million 31 December 2024 31 December 2023
Fees payable to the Group auditor for:
\u2022
the audit of the parent entity and consolidated
financial statements
0.2
\u2014
\u2022
the audit of subsidiary pursuant to legislation
0.4
0.2
Fees payable to the Group auditor for other services:
\u2022
non-audit-related services \u2013 procedures over the rights
issue prospectus
1.2
\u2014
\u2022
audit-related services \u2013 review procedures over interim
accounts
0.2
\u2014
2.0
0.2
Fees payable to the Group auditor presented above exclude VAT. Audit-related non-audit fees in the year of $1.2 million were incurred for the auditor\u2019s role as the reporting accountant during the listing process. These fees were recognised at $1.4 million within the share premium to account for the irrecoverable VAT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-239": { "value": "
6 Employee information
Year ended Year ended
$ million 31 December 2024 31 December 2023
Wages and salaries
19.0
14.9
Social security costs
2.0
1.5
Pension costs
1.4
0.9
Share-based payments
4.7
\u2014
Employee costs capitalised
(8.1)
(5.5)
19.0
11.8
Further details on share-based payments are provided in Note 27 and employee costs
capitalised in Note 2.5.
Year ended Year ended
Average headcount 31 December 2024 31 December 2023
Engineering
66
52
Corporate and administrative
16
13
Communications and publishing
16
18
Sales and product management
26
23
Retail
10
9
134
115
Directors\u2019 remuneration
Year ended Year ended
$ million 31 December 2024 31 December 2023
Remuneration
2.1
2.4
Pension contributions to defined contribution pension scheme
\u2014
0.1
Share-based payments
0.2
\u2014
2.3
2.5
The information above includes these amounts combined with amounts paid to the Directors for services provided to Raspberry Pi Ltd prior to the IPO. Information on Directors\u2019 remuneration for the year ended 31 December 2024 set out in the Directors\u2019 Remuneration Report discloses the amounts paid to the Directors for qualifying services provided to the Company from March 2024 (Executive Directors) and from June 2024 Non-Executive Directors). The comparative information relates to Directors\u2019 remuneration for Raspberry Pi Ltd. The pension contribution for directors in 2024 amounted to $48,700. This figure is not shown in the table above, as the figures are presented in millions. Total remuneration of the highest paid director in 2024 amounted to $0.7 million (2023: $0.7 million). In both 2024 and 2023, there was one director who was a member of the defined contribution scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-240": { "value": "
8 Net financing items
Year ended Year ended
$ million 31 December 2024 31 December 2023
Finance income
Bank interest receivable
1.1
1.4
Finance costs
Bank interest payable and similar charges
(0.8)
(0.6)
Interest on lease liabilities
(0.4)
(0.2)
Unwinding of discounts
(1.2)
\u2014
(2.4)
(0.8)
Net financing items
(1.3)
0.6
As the Group has no external debt, interest charges primarily relate to RCF arrangement and
non-utilisation fees. Interest income is generated from overnight money market deposits.
Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise
in accordance with leases and financial instrument accounting rules.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-315": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2024 31 December 2023
Finance income
Bank interest receivable
1.1
1.4
Finance costs
Bank interest payable and similar charges
(0.8)
(0.6)
Interest on lease liabilities
(0.4)
(0.2)
Unwinding of discounts
(1.2)
\u2014
(2.4)
(0.8)
Net financing items
(1.3)
0.6
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-314": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2024 31 December 2023
Finance income
Bank interest receivable
1.1
1.4
Finance costs
Bank interest payable and similar charges
(0.8)
(0.6)
Interest on lease liabilities
(0.4)
(0.2)
Unwinding of discounts
(1.2)
\u2014
(2.4)
(0.8)
Net financing items
(1.3)
0.6
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-312": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2024 31 December 2023
Finance income
Bank interest receivable
1.1
1.4
Finance costs
Bank interest payable and similar charges
(0.8)
(0.6)
Interest on lease liabilities
(0.4)
(0.2)
Unwinding of discounts
(1.2)
\u2014
(2.4)
(0.8)
Net financing items
(1.3)
0.6
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-304": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2024 31 December 2023
Finance income
Bank interest receivable
1.1
1.4
Finance costs
Bank interest payable and similar charges
(0.8)
(0.6)
Interest on lease liabilities
(0.4)
(0.2)
Unwinding of discounts
(1.2)
\u2014
(2.4)
(0.8)
Net financing items
(1.3)
0.6
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-282": { "value": "8 Net financing items
Year ended Year ended
$ million 31 December 2024 31 December 2023
Finance income
Bank interest receivable
1.1
1.4
Finance costs
Bank interest payable and similar charges
(0.8)
(0.6)
Interest on lease liabilities
(0.4)
(0.2)
Unwinding of discounts
(1.2)
\u2014
(2.4)
(0.8)
Net financing items
(1.3)
0.6
As the Group has no external debt, interest charges primarily relate to RCF arrangement and non-utilisation fees. Interest income is generated from overnight money market deposits. Interest on lease liabilities and unwinding of discounts on extended trade payable terms arise in accordance with leases and financial instrument accounting rules.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-241": { "value": "
9 Taxation charge
Year ended Year ended
$ million 31 December 2024 31 December 2023
Current tax:
Current taxation charge
3.3
4.5
Adjustments in respect of previous periods
0.1
(0.4)
3.4
4.1
Deferred tax:
Deferred taxation charge
1.6
2.3
Adjustment in respect of previous periods
(0.4)
0.1
Effect of changes in tax rates
\u2014
0.1
1.2
2.5
Taxation charge for the year
4.6
6.6
The charge for the year can be reconciled to the profit per the Consolidated Statement
of Comprehensive Income as follows:
Year ended Year ended
$ million 31 December 2024 31 December 2023
Profit before taxation
16.3
38.2
Corporation tax at an effective rate of 25% (2023: 23.5%)
4.1
9.0
Effect of:
Adjustments in respect of prior years
(0.3)
(0.3)
Expenses not deductible for tax purposes
0.8
0.1
Tax rate changes
\u2014
0.1
Surrender of losses
\u2014
(2.3)
Taxation charge for the year
4.6
6.6
In 2024, the total effective tax rate was 28.2%, which exceeded the underlying rate of 25%.
This increase was primarily due to $2.7 million in non-recurring IPO-related costs, which were
largely non-deductible for tax purposes. In contrast, the 2023 effective tax rate was 17.3%,
lower than the underlying 23.5%, as a result of a $2.3 million final qualified charitable
distribution from the Controlling Shareholder before de-grouping for tax purposes which
precludes any such further loss relief. The underlying tax rate aligns with UK corporation tax
rates, which was 25% for FY 2024 and which was a blended rate of 23.5% for FY 2023 having
increased from 19% to 25% following the 1 April 2023 Spring Budget announcement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-242": { "value": "
10 Earnings per share (\"EPS\")
Basic EPS: Profit for the period attributable to owners divided by the weighted average number
of ordinary shares in issue, excluding unvested shares held by the Employee Benefit Trust,
unless specifically allocated or cancelled.
Diluted EPS: Adjusts the weighted average number of shares to include all potentially dilutive
shares, such as share options.
Adjusted EPS: Is a non-IFRS alternative performance measure which adjusts Basic EPS and
Diluted EPS for the non-recurring items and share-based payments applied in computing
Adjusted EBITDA.
Earnings per share
2024
2023
Profit after tax ($ million)
11.7
31.6
Number of shares in issue during the period
180,669,421
162,034,424
Unvested shares in Employee Benefit Trust
(155,226)
\u2014
Total number of shares for basic EPS
180,514,195
162,034,424
Basic earnings per share (cents)
6.48
19.50
Dilutive effect of legacy performance shares scheme
7,638,832
15,990,754
Dilutive effect of new scheme
546,798
n/a
Weighted average dilutive number of shares during the period
188,699,825
178,025,178
Diluted earnings per share (cents)
6.20
17.75
Adjusted earnings per share
2024
2023
Profit after tax ($ million)
11.7
31.6
Non-recurring costs (disallowable for tax)
2.9
\u2014
Share-based payments, net of tax ($ million)
4.7
\u2014
Adjusted profit after tax ($ million)
19.3
31.6
Total number of shares for basic EPS
180,514,195
162,034,424
Adjusted basic earnings per share (cents)
10.69
19.50
Weighted average dilutive number of shares in the period
188,699,825
178,025,178
Adjusted diluted earnings per share (cents)
10.23
17.75
The 2023 EPS has been re-presented to reflect the new capital structure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-243": { "value": "
11 Intangible assets
On-market Pipeline Other acquired
$ million development development
intangibles
Total
Cost
At 1 January 2023
10.5
20.1
12.1
42.7
Additions
\u2014
16.3
14.2
30.5
Transfers
15.2
(15.2)
\u2014
\u2014
Disposals
\u2014
\u2014
(5.2)
(5.2)
At 31 December 2023
25.7
21.2
21.1
68.0
Additions
\u2014
26.6
0.3
26.9
Transfers
13.3
(13.3)
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
At 31 December 2024
39.0
34.5
21.4
94.9
Amortisation
At 1 January 2023
(5.3)
\u2014
(1.9)
(7.2)
Charge for the year
(2.6)
\u2014
(2.3)
(4.9)
Transfers
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
2.7
2.7
At 31 December 2023
(7.9)
\u2014
(1.5)
(9.4)
Charge for the year
(4.9)
\u2014
(7.4)
(12.3)
Transfers
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
At 31 December 2024
(12.8)
\u2014
(8.9)
(21.7)
Net book value
At 31 December 2024
26.2
34.5
12.5
73.2
At 31 December 2023
17.8
21.2
19.6
58.6
To maintain market leadership and drive growth, we develop next generation technology platforms
that embody our brand values of performance, price, quality and ease of use. New core
hardware is released every three to four years, with software and documentation support
setting Raspberry Pi apart from competitors.
We prioritise in-house development with a skilled engineering team of 66 (2023: 52), focused
on successors to Raspberry Pi 5, semiconductor chips, new computer boards and accessories.
Internal and external development costs are capitalised when the criteria outlined in critical
accounting judgement Note 2.5.1 are met.
On-market development are amortised from their market launch date over a life of three years
for accessories, four years for SBCs, and six years for microcontrollers. Impairment testing is
performed only when an internal or external impairment trigger is identified.
Pipeline development in progress are not amortised but instead tested annually for impairment.
Historically, most capitalised projects have been commercialised at which point they are
transferred to on-market projects and thereafter amortised as explained above.
Other acquired intangibles category primarily relates to licences but also includes any externally
acquired intangible assets not already captured in the above categories. Licences, particularly
those related to technical designs, are amortised over the length of the licence.
Impairment triggers
On-market projects were assessed for the following impairment triggers with none identified.
External impairment triggers: Market decline, economic changes, increased competition,
technological obsolescence, interest rate shifts, legal or political factors.
Internal impairment triggers: Underperformance, asset utilisation changes, physical damage,
restructuring, reduced useful life, licensing or contractual issues.
As development projects must undertake a mandatory impairment test this is performed at the
CGU level as explained at the critical estimate on CGU determination at 2.5.2.
Management has determined that the assets associated with the Pi5 product group, the
semiconductor product group, and cameras each represent individual CGUs and, therefore,
the lowest level at which impairment can be assessed.
Additionally, various accessory items are evaluated at the project unit item level, as these products
are generally not as dependent on core technology capabilities as the core development platforms.
The projected cash flows arising from the CGU are forecast for a period of three to six years
after the launch date reflecting the assets\u2019 estimated useful economic life (\u201cUEL\u201d) and
consistent with the critical estimate on CGU determination outlined in section 2.5.2 of the
2024 Annual Report.
In accordance with IAS 36, impairment testing for projects under development includes
estimated future cash outflows required for completion, even if not yet capitalised \u2013 an
exception to the general principle. A ten-year forecast was used, as permitted for such
projects, instead of the standard five-year period. The impairment test is performed over the
length of the useful life which is between three to six years, following the planned launch date
which will not exceed 2032. A budgeted gross margin for single board computers (\u201cSBCs\u201d);
30% for accessories and 20% for microcontroller products has been used. The budgeted
gross margin is based on past performance for similar products and management\u2019s
expectations for the future. In the case of semiconductors developed for use in future
products management have based their forecasts on the market prices of equivalent products
and projected manufacturing costs based on the past performance of similar products
and management\u2019s expectations for the future.
A discount rate of 15.7% (2023: 14.0%) has been applied in determining the present value of
the cash flows anticipated. The discount rate is a pre-tax rate which reflects any specific risks
relating to the relevant products. An asset-specific rate is not available directly from the
market, and therefore the discount rate has been estimated to reflect, as far as possible, a
market assessment of the time value of money.
Management do not consider that any reasonably possible change in the discount rate or
cash flow estimates would result in an impairment.
Microcontrollers and accessories
Sensitivity analysis indicates that a decline in annual cash flows exceeding 10% or an increase
in the discount rate by 1% would, all other assumptions remaining equal, reduce headroom
but not cause impairment.
The impact of external risks, including supply chain uncertainties and market fluctuations,
has been considered. The assumptions used align with similar product lifecycles, though
uncertainties related to climate change risks, enhancement-related cash flows, and extended
forecast periods require ongoing assessment.
Given the robust development portfolio, the semiconductor CGU remains well-positioned for
future growth. However, as at the date of these financial statements, there remains a high level
of uncertainty regarding long-term market conditions, technological advancements, and
regulatory changes. The Group continues to monitor potential risks in supply chain logistics,
intellectual property regulations, and environmental compliance, ensuring that future
developments align with the Group\u2019s strategic objectives and IAS 36 requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-283": { "value": "11 Intangible assets
On-market Pipeline Other acquired
$ million development development
intangibles
Total
Cost
At 1 January 2023
10.5
20.1
12.1
42.7
Additions
\u2014
16.3
14.2
30.5
Transfers
15.2
(15.2)
\u2014
\u2014
Disposals
\u2014
\u2014
(5.2)
(5.2)
At 31 December 2023
25.7
21.2
21.1
68.0
Additions
\u2014
26.6
0.3
26.9
Transfers
13.3
(13.3)
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
At 31 December 2024
39.0
34.5
21.4
94.9
Amortisation
At 1 January 2023
(5.3)
\u2014
(1.9)
(7.2)
Charge for the year
(2.6)
\u2014
(2.3)
(4.9)
Transfers
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
2.7
2.7
At 31 December 2023
(7.9)
\u2014
(1.5)
(9.4)
Charge for the year
(4.9)
\u2014
(7.4)
(12.3)
Transfers
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
\u2014
At 31 December 2024
(12.8)
\u2014
(8.9)
(21.7)
Net book value
At 31 December 2024
26.2
34.5
12.5
73.2
At 31 December 2023
17.8
21.2
19.6
58.6
To maintain market leadership and drive growth, we develop next generation technology platforms that embody our brand values of performance, price, quality and ease of use. New core hardware is released every three to four years, with software and documentation support setting Raspberry Pi apart from competitors. We prioritise in-house development with a skilled engineering team of 66 (2023: 52), focused on successors to Raspberry Pi 5, semiconductor chips, new computer boards and accessories. Internal and external development costs are capitalised when the criteria outlined in critical accounting judgement Note 2.5.1 are met. On-market development are amortised from their market launch date over a life of three years for accessories, four years for SBCs, and six years for microcontrollers. Impairment testing is performed only when an internal or external impairment trigger is identified. Pipeline development in progress are not amortised but instead tested annually for impairment. Historically, most capitalised projects have been commercialised at which point they are transferred to on-market projects and thereafter amortised as explained above. Other acquired intangibles category primarily relates to licences but also includes any externally acquired intangible assets not already captured in the above categories. Licences, particularly those related to technical designs, are amortised over the length of the licence. Impairment triggers On-market projects were assessed for the following impairment triggers with none identified. External impairment triggers: Market decline, economic changes, increased competition, technological obsolescence, interest rate shifts, legal or political factors. Internal impairment triggers: Underperformance, asset utilisation changes, physical damage, restructuring, reduced useful life, licensing or contractual issues. As development projects must undertake a mandatory impairment test this is performed at the CGU level as explained at the critical estimate on CGU determination at 2.5.2. Management has determined that the assets associated with the Pi5 product group, the semiconductor product group, and cameras each represent individual CGUs and, therefore, the lowest level at which impairment can be assessed. Additionally, various accessory items are evaluated at the project unit item level, as these products are generally not as dependent on core technology capabilities as the core development platforms. The projected cash flows arising from the CGU are forecast for a period of three to six years after the launch date reflecting the assets\u2019 estimated useful economic life (\u201cUEL\u201d) and consistent with the critical estimate on CGU determination outlined in section 2.5.2 of the 2024 Annual Report. In accordance with IAS 36, impairment testing for projects under development includes estimated future cash outflows required for completion, even if not yet capitalised \u2013 an exception to the general principle. A ten-year forecast was used, as permitted for such projects, instead of the standard five-year period. The impairment test is performed over the length of the useful life which is between three to six years, following the planned launch date which will not exceed 2032. A budgeted gross margin for single board computers (\u201cSBCs\u201d); 30% for accessories and 20% for microcontroller products has been used. The budgeted gross margin is based on past performance for similar products and management\u2019s expectations for the future. In the case of semiconductors developed for use in future products management have based their forecasts on the market prices of equivalent products and projected manufacturing costs based on the past performance of similar products and management\u2019s expectations for the future. A discount rate of 15.7% (2023: 14.0%) has been applied in determining the present value of the cash flows anticipated. The discount rate is a pre-tax rate which reflects any specific risks relating to the relevant products. An asset-specific rate is not available directly from the market, and therefore the discount rate has been estimated to reflect, as far as possible, a market assessment of the time value of money. Management do not consider that any reasonably possible change in the discount rate or cash flow estimates would result in an impairment. Microcontrollers and accessories Sensitivity analysis indicates that a decline in annual cash flows exceeding 10% or an increase in the discount rate by 1% would, all other assumptions remaining equal, reduce headroom but not cause impairment. The impact of external risks, including supply chain uncertainties and market fluctuations, has been considered. The assumptions used align with similar product lifecycles, though uncertainties related to climate change risks, enhancement-related cash flows, and extended forecast periods require ongoing assessment. Given the robust development portfolio, the semiconductor CGU remains well-positioned for future growth. However, as at the date of these financial statements, there remains a high level of uncertainty regarding long-term market conditions, technological advancements, and regulatory changes. The Group continues to monitor potential risks in supply chain logistics, intellectual property regulations, and environmental compliance, ensuring that future developments align with the Group\u2019s strategic objectives and IAS 36 requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-244": { "value": "
12 Property, plant and equipment
Office and
Leasehold Plant and computer
$ million improvements equipment
equipment
Total
Cost
Balance at 1 January 2023
0.4
7.5
1.5
9.4
Additions
1.6
1.3
1.0
3.9
Disposals
(0.3)
\u2014
\u2014
(0.3)
Balance at 31 December 2023
1.7
8.8
2.5
13.0
Additions
0.5
1.2
0.5
2.2
Disposals
\u2014
\u2014
\u2014
\u2014
Balance at 31 December 2024
2.2
10.0
3.0
15.2
Depreciation
Balance at 1 January 2023
(0.2)
(4.5)
(1.0)
(5.7)
Charge for the year
(0.1)
(1.9)
(0.3)
(2.3)
Disposals
0.1
\u2014
\u2014
0.1
Balance at 31 December 2023
(0.2)
(6.4)
(1.3)
(7.9)
Charge for the year
(0.5)
(1.7)
(0.6)
(2.8)
Disposals
\u2014
\u2014
\u2014
\u2014
Balance at 31 December 2024
(0.7)
(8.1)
(1.9)
(10.7)
Net book value
At 31 December 2024
1.5
1.9
1.1
4.5
At 31 December 2023
1.5
2.4
1.2
5.1
As at 31 December 2024, $1.7 million of fully depreciated property, plant and equipment was
still in use (2023: $1.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-284": { "value": "
13 Right-of-use (\"ROU\") assets
$ million
2024
2023
At 1 January
6.7
1.4
Additions
\u2014
6.1
Remeasurements
1.0
0.1
Depreciation
(1.6)
(0.9)
6.1
6.7
ROU assets relate to the Group\u2019s property leases over its office buildings and retail store in
Cambridge, and its warehouse in Suffolk.
Property leases include various contractual terms, most commonly variable lease payments
and termination and extension options.
When adjustments to lease payments based on an index or rate take effect, the lease liability
is reassessed and adjusted against the ROU. Lease assets are generally depreciated over
the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
Included in depreciation above is an impairment charge of $0.1 million in 2024 (2023 $0.3 million)
for the old office building that is not currently in use. Depreciation charges are expensed within
administrative expenses in the Consolidated Income Statement.
Details in respect of the Group\u2019s lease liabilities are disclosed in Note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-246": { "value": "
14 Other non-current assets
$ million
2024
2023
Prepaid manufacturing cost
2.0
2.7
Deferred tax asset
0.3
\u2014
2.3
2.7
The prepaid manufacturing cost represents an advance payment made by the Group to its
contract manufacturer for the production of Raspberry Pi products. This prepayment is
amortised over a period of five years. As at 31 December 2024, $0.7 million (2023: $0.7 million)
which is the portion of the prepayment that will be amortised within the next year is classified
as a current prepayment, while the remaining portion of $2.0 million (2023: $2.7 million) is
classified as non-current.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-285": { "value": "14 Other non-current assets
$ million
2024
2023
Prepaid manufacturing cost
2.0
2.7
Deferred tax asset
0.3
\u2014
2.3
2.7
The prepaid manufacturing cost represents an advance payment made by the Group to its contract manufacturer for the production of Raspberry Pi products. This prepayment is amortised over a period of five years. As at 31 December 2024, $0.7 million (2023: $0.7 million) which is the portion of the prepayment that will be amortised within the next year is classified as a current prepayment, while the remaining portion of $2.0 million (2023: $2.7 million) is classified as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-245": { "value": "
15 Inventories
$ million
2024
2023
Components
92.9
67.4
Finished goods
63.8
40.7
156.7
108.1
During the year, $191.8 million (2023: $184.7 million) of inventories were charged as cost
of sales. Write-downs of inventories to net realisable value amounted to $1.5 million
(2023: $7.9 million). These were recognised as an expense during the year ended
31 December 2024 and included in cost of goods sold. The Group recorded an amount
of $4.2 million (2023: $nil) as income resulting from reversal of inventory write-downs that
were recognised in 2023 following a change in customer circumstances and improvement
in microcontroller unit sales. The income was recognised within cost of sales to reverse the
original expense. The remaining provision within inventories of $6.2 million (2023: $8.9 million)
is for anticipated future obsolescence on specific slow-moving units.
As at 31 December 2024, $3.5 million (2023: $5.6 million) of inventories are committed
and have been purchased back after the year end as part of repurchase liabilities described
in Note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-247": { "value": "
16 Trade and other receivables
The Group considers that the carrying amount of trade and other receivables are a reasonable
approximation of their fair value due to their short-term nature.
$ million
2024
2023
Trade receivables
31.0
30.3
Expected credit loss allowance
\u2014
(0.1)
Prepayments
3.6
2.6
VAT receivable
0.9
6.2
Other receivables
0.7
0.7
36.2
39.7
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for all trade receivables. Any movement in expected
credit loss provision is included in administrative expenses in the Consolidated Statement of
Comprehensive Income.
$ million
2024
2023
Current tax receivable
6.6
2.2
As at 31 December 2024 the Group had a receivable from HMRC in respect of current taxation
and Research and Development Expenditure Credits of $6.6 million (2023: $2.2 million).
$3.7m of this asset was received in February 2025. Although the Group is profitable as a UK
taxpayer, a current tax asset arises at each reporting date due to the interaction between
HMRC\u2019s Quarterly Instalment Payment regime and incentives from the Research and
Development Expenditure Credits (\u201cRDEC\u201d) scheme.
A current tax receivable arises as tax payments are made in advance excluding Research and
Development Expenditure Credits leading to an initial overpayment which is later recovered when
the RDEC claim is accepted, typically 12\u201318 months after the reporting date (e.g. $3.7 million).
Further details are available in HMRC\u2019s Corporate Intangibles Research and Development
Manual (CIRD89870).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-305": { "value": "
$ million
2024
2023
Trade receivables
31.0
30.3
Expected credit loss allowance
\u2014
(0.1)
Prepayments
3.6
2.6
VAT receivable
0.9
6.2
Other receivables
0.7
0.7
36.2
39.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-248": { "value": "
17 Cash and cash equivalents
$ million
2024
2023
Cash at bank
5.8
6.5
Money market deposits
40.0
35.7
45.8
42.2
Cash and cash equivalents include money market deposits, cash at bank and cash in hand.
Money market deposits are highly liquid and accessible on demand within 24 hours, and carry
minimal risk of value changes due to interest fluctuations, ensuring certain returns of investment.
The fair value of cash and cash equivalents equals their carrying amount when repayable on
demand. The Group\u2019s cash and cash equivalents are held with Barclays Bank UK PLC with
credit ratings of A (S&P), A1 (Moody\u2019s), and A+ (Fitch); and in a money market fund managed
by JP Morgan Chase & Co. The fund invests in short dated government and supranational
paper and deposits with banks with credit ratings of A (S&P), A1 (Moody\u2019s) and AA (Fitch).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-249": { "value": "
18 Trade and other payables
$ million
2024
2023
Trade payables
83.1
62.4
Accruals and other payables
7.1
8.5
Repurchase liabilities
4.4
8.2
Other taxation and social security
1.0
1.9
Deferred income \u2013 RDEC
0.5
0.2
96.1
81.2
During the fiscal year, the Group agreed extended payment terms from nine to twelve months
with two electronic component suppliers. These payables remain part of the normal operating
cycle. As at 31 December 2024 supplier invoices totalling $52.2 million were discounted
to $51.0 million with reference to observable market interest rates. As the remaining trade
payables are subject to standard 30\u201345 day terms, they are deemed to approximate to their
fair value by the Directors.
Repurchase liabilities, amounting to $4.4 million (2023: $8.2 million), relate to components sold
to contract manufacturers for producing finished products the Group has committed to buy.
When the Group sells components and orders the assembly of a single board computer using
those components, the cash from the sale is deferred as a repurchase liability. This liability is
not released until the contract manufacturer delivers the completed product to us.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-286": { "value": "
$ million
2024
2023
Trade payables
83.1
62.4
Accruals and other payables
7.1
8.5
Repurchase liabilities
4.4
8.2
Other taxation and social security
1.0
1.9
Deferred income \u2013 RDEC
0.5
0.2
96.1
81.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-251": { "value": "
19 Provisions
$ million
2024
2023
Employee
1.4
\u2014
Property
0.5
0.8
1.9
0.8
Non-current provisions of $1.4 million (2023: $nil) relate to the estimate of future employer
National Insurance contributions where the exact timing and amount are uncertain.
These contributions will be made upon employee exercises of post-IPO share awards
between June 2027 and June 2032 providing the period for employee share-dealing purposes.
The remaining non-current provisions in the current and comparative period relate to clauses
to restore property leases to their original condition of the property at the end of the lease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-252": { "value": "
20 Other non-current liabilities
$ million
2024
2023
Deferred income \u2013 RDEC
4.7
2.2
Licence payables
1.3
4.2
6.0
6.4
Raspberry Pi Ltd is eligible to claim tax credits for qualifying expenditure under the
Research and Development Expenditure Credit scheme, which is accounted for under IAS 20
as government grants. A reconciliation of the total movement in both current of $0.5 million
and non-current of $4.7 million is presented below.
$ million
2024
2023
As at 1 January
2.2
0.7
Estimate RDEC claim for the year
3.6
1.8
Released to match incurred costs
(0.5)
(0.2)
Released to match amortisation
(0.2)
(0.1)
5.1
2.2
For RDEC related to incurred costs, the credit is recognised once receivable, and immediately
in the profit and loss as a reduction in R&D expenses, offsetting the underlying costs that the
RDEC incentives are intended to compensate.
For RDEC attributable to costs capitalised as pipeline development projects, within
intangible assets the credit is initially recorded as deferred income \u2013 RDEC on the balance
sheet (a non-current liability). It is subsequently recognised in profit and loss over the period
necessary to match the amortisation project thereby compensating for the associated
intended costs as a reduction in R&D expenses.
The RDEC is claimed in conjunction with our tax advisers each year; there are no substantive
conditions or other contingencies attaching to the claim, other than formal completion of the
approvals process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-250": { "value": "
21 Lease liabilities
$ million
2024
2023
At 1 January
7.1
1.6
Remeasurements
1.0
\u2014
Additions
\u2014
5.4
Interest
0.4
0.2
Principal repayment
(2.2)
(0.3)
Interest payment
(0.4)
(0.2)
Foreign exchange
0.3
0.4
6.2
7.1
Total cash payment made for leases amounted to $2.6 million (2023: $0.5 million) with $0.4 million
relating to interest (2023: $0.2 million).
Maturity analysis
$ million
2024
2023
Less than one year
1.4
1.3
Between one and five years
4.8
4.4
Over five years
\u2014
1.4
6.2
7.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-253": { "value": "
22 Financial commitments
In July 2022, the Group entered into a commitment to purchase other licenses for intellectual
property and related tools over the period to July 2025. As at 31 December 2024, the value
of the commitment was $3.7 million (2023: $5.6 million).
To ensure the uninterrupted supply of essential components to meet projected demand, the
Group has established long-term supply agreements and placed substantial orders with key
suppliers and distributors.
As of 31 December 2024, these agreements have committed to component purchases
over a pre-defined schedule to December 2027 and are valued at $333.0 million
(2023: $466.0 million).
As both the supplier (delivery) and the Group (payment once delivered) have obligations
outstanding, they are not recognised as liabilities on the balance sheet. However, they are
disclosed as significant contractual obligations to provide clarity on the financial commitments.
In late December 2024 communication was made to applicable employees the intention to
issue new nominal-cost options subject to board approval within an open period for employee
share dealing purposes in calendar year 2025.
Furthermore, as detailed in the Annual Report on Remuneration, it is the intention of the
Remuneration Committee to grant options under a new executive scheme option in 2025
with the exact terms and performance or vesting conditions as yet to be determined.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-287": { "value": "22 Financial commitments In July 2022, the Group entered into a commitment to purchase other licenses for intellectual property and related tools over the period to July 2025. As at 31 December 2024, the value of the commitment was $3.7 million (2023: $5.6 million). To ensure the uninterrupted supply of essential components to meet projected demand, the Group has established long-term supply agreements and placed substantial orders with key suppliers and distributors. As of 31 December 2024, these agreements have committed to component purchases over a pre-defined schedule to December 2027 and are valued at $333.0 million (2023: $466.0 million). As both the supplier (delivery) and the Group (payment once delivered) have obligations outstanding, they are not recognised as liabilities on the balance sheet. However, they are disclosed as significant contractual obligations to provide clarity on the financial commitments. In late December 2024 communication was made to applicable employees the intention to issue new nominal-cost options subject to board approval within an open period for employee share dealing purposes in calendar year 2025. Furthermore, as detailed in the Annual Report on Remuneration, it is the intention of the Remuneration Committee to grant options under a new executive scheme option in 2025 with the exact terms and performance or vesting conditions as yet to be determined. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-254": { "value": "
23 Cash flows from operating activities
$ million
2024
2023
Operating profit
17.6
37.6
Adjustments for:
Amortisation and depreciation
10.7
6.2
Prepaid manufacuring charges
0.7
0.2
Loss on disposal of property, plant and equipment
\u2014
0.2
Employee share schemes
6.0
\u2014
Research and development tax credit
(0.8)
(0.5)
Decrease/(increase) in trade and other receivables
3.5
(13.6)
Increase in inventories
(51.1)
(60.2)
Increase in trade and other payables
13.0
54.1
Increase in provisions
0.3
0.4
Cash flows from operating activities
(0.1)
24.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "value": "
24 Financial instruments and financial risk management
All of the Group\u2019s financial assets and liabilities were non-derivative and measured at
amortised cost in the current and comparative period comprising cash and cash equivalents,
trade receivables, trade payables, and both short-term and long-term licence payables.
The Board regulates the use of free-standing derivatives (such as forward foreign exchange
contracts) in accordance with established risk management strategies. Derivatives have been
employed only once, to mitigate foreign exchange exposure related to the IPO proceeds,
and have never spanned a month-end reporting date.
The Group is exposed to currency, liquidity, and credit risks arising from its financial
instruments. The Group\u2019s risk management policies are designed to mitigate potential adverse
impacts on financial performance. The key risks are addressed as follows:
24.1 Market risk analysis
$ million
2024
2023
Trade receivables
31.0
30.3
Cash and cash equivalents
45.8
42.2
Financial assets at amortised cost due within one year
76.8
72.5
Currency risk: The Group presents its consolidated financial statements in US Dollars, being the currency that predominantly influences the sales prices; nonetheless, operations are primarily UK based, which is where the majority of employees work and activities occur. Consequently, the Group is exposed to foreign currency risk arising from exchange rate movements mainly between US Dollar, British Pounds Sterling and Euro. These movements affect the value of transactions (e.g. UK payroll) and the translation of comparative financial results. From Q1 2025, Raspberry Pi intends to manage currency risk through derivatives, such as forward foreign exchange contracts. These will mitigate foreign exchange exposures by fixing the value of forecasted future transactions, including payroll expenses in the UK. In accordance with IFRS 7, the Group is required to present sensitivity analysis illustrating hypothetical changes in foreign exchange rates on profit or loss and shareholders\u2019 equity. \u2022 A 10% strengthening of the US Dollar would result in an FX gain of $0.5 million (2023: $0.4 million). \u2022 A 10% weakening of the US Dollar would result in an FX loss of $0.4 million (2023: $0.5 million). The impact on profit and loss and shareholders\u2019 equity would be identical as no currency translation reserve or difference arises on consolidation as all subsidiaries share a US Dollar functional currency. Interest rate risk: The Group does not have any external borrowings outside of property leases that contain fixed rates of interest in the current or comparative periods, and therefore interest rate risk is not considered material. Management regularly reviews forecast debt, cash and cash equivalents and interest rates to monitor this risk and would consider hedging instruments if the perceived risk was to increase. 24.2 Credit risk analysis Exposure to credit risk emerges primarily through trade receivables of $31.0 million (2023: $330.3 million) for providing credit to customers in the normal course of business. In order to minimise credit risk, the Group has policies to check that potential customers are demonstrably creditworthy and this, together with the aggregate financial exposure, is monitored. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. Commercial insurance is also obtained as deemed necessary. There have been no material instances of actual or expected credit losses during the current or prior financial years. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Any movement in expected credit loss provision is included in administrative expenses in the Consolidated Statement of Comprehensive Income. Liquidity risk: Refers to the risk that the Group will not have sufficient financial resources to meet its obligations as they fall due.
$ million
2024
2023
Trade payables
77.6
62.4
Other financial liabilities
3.0
\u2014
Financial liabilities at amortised cost due within one year
80.6
62.4
Financial liabilities at amortised due over one year
1.3
4.3
Financial liabilities at amortised cost
81.9
66.7
The amounts above reflect the contractual undiscounted cash flows, which may differ to the carrying values of the liabilities at the reporting date. The Group mitigates this risk by: \u2022 maintaining appropriate levels of cash and access to credit facilities; \u2022 monitoring forecast and actual cash flows; and \u2022 matching the maturity profiles of financial assets and liabilities. The Group constantly reviews revenue, purchases, inventory and cash flow forecasts to ensure that obligations can be met as they arise. Since the Group\u2019s financial assets and liabilities arise from operations, they all have a maturity within the one-year business operating cycle. Subsequent to the balance sheet date, the Group has increased and replaced its access to a Revolving Credit Facility (\u201cRCF\u201d) from $40.0 million to $80.0 million, with a maturity date extended to 4 March 2029. Further details are provided in Note 32. The Group does not have any external borrowings in the current or comparative period therefore net debt is positive as net cash being $39.6 million (2023: $35.2 million) represented by cash and cash equivalents in Note 17 less the lease liabilities in Note 21. As at 31 December 2024, the Group has access to a $40.0 million undrawn RCF after an updated agreement was signed on 24 April 2024 extending its availability to the Group until 24 April 2027. As discussed in Note 32, subsequently on 5 March 2025, the Group signed a replacement facility with a new RCF for $80.0 million. The facility remains undrawn.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-288": { "value": "24 Financial instruments and financial risk management All of the Group\u2019s financial assets and liabilities were non-derivative and measured at amortised cost in the current and comparative period comprising cash and cash equivalents, trade receivables, trade payables, and both short-term and long-term licence payables. The Board regulates the use of free-standing derivatives (such as forward foreign exchange contracts) in accordance with established risk management strategies. Derivatives have been employed only once, to mitigate foreign exchange exposure related to the IPO proceeds, and have never spanned a month-end reporting date. The Group is exposed to currency, liquidity, and credit risks arising from its financial instruments. The Group\u2019s risk management policies are designed to mitigate potential adverse impacts on financial performance. The key risks are addressed as follows:
24.1 Market risk analysis
$ million
2024
2023
Trade receivables
31.0
30.3
Cash and cash equivalents
45.8
42.2
Financial assets at amortised cost due within one year
76.8
72.5
Currency risk: The Group presents its consolidated financial statements in US Dollars, being the
currency that predominantly influences the sales prices; nonetheless, operations are primarily
UK based, which is where the majority of employees work and activities occur. Consequently,
the Group is exposed to foreign currency risk arising from exchange rate movements mainly
between US Dollar, British Pounds Sterling and Euro. These movements affect the value of
transactions (e.g. UK payroll) and the translation of comparative financial results.
From Q1 2025, Raspberry Pi intends to manage currency risk through derivatives, such as
forward foreign exchange contracts. These will mitigate foreign exchange exposures by fixing
the value of forecasted future transactions, including payroll expenses in the UK. In accordance with
IFRS 7, the Group is required to present sensitivity analysis illustrating hypothetical changes in
foreign exchange rates on profit or loss and shareholders\u2019 equity.
\u2022 A 10% strengthening of the US Dollar would result in an FX gain of $0.5 million (2023: $0.4 million).
\u2022 A 10% weakening of the US Dollar would result in an FX loss of $0.4 million (2023: $0.5 million).
The impact on profit and loss and shareholders\u2019 equity would be identical as no currency
translation reserve or difference arises on consolidation as all subsidiaries share a US Dollar
functional currency.
Interest rate risk: The Group does not have any external borrowings outside of property leases
that contain fixed rates of interest in the current or comparative periods, and therefore interest
rate risk is not considered material. Management regularly reviews forecast debt, cash and
cash equivalents and interest rates to monitor this risk and would consider hedging
instruments if the perceived risk was to increase.
24.2 Credit risk analysis
Exposure to credit risk emerges primarily through trade receivables of $31.0 million
(2023: $330.3 million) for providing credit to customers in the normal course of business.
In order to minimise credit risk, the Group has policies to check that potential customers are
demonstrably creditworthy and this, together with the aggregate financial exposure, is monitored.
Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt
ageing and collection history. Commercial insurance is also obtained as deemed necessary.
There have been no material instances of actual or expected credit losses during the current
or prior financial years.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which
uses a lifetime expected loss allowance for all trade receivables. Any movement in expected
credit loss provision is included in administrative expenses in the Consolidated Statement of
Comprehensive Income.
Liquidity risk: Refers to the risk that the Group will not have sufficient financial resources
to meet its obligations as they fall due.
$ million
2024
2023
Trade payables
77.6
62.4
Other financial liabilities
3.0
\u2014
Financial liabilities at amortised cost due within one year
80.6
62.4
Financial liabilities at amortised due over one year
1.3
4.3
Financial liabilities at amortised cost
81.9
66.7
The amounts above reflect the contractual undiscounted cash flows, which may differ to the
carrying values of the liabilities at the reporting date.
The Group mitigates this risk by:
\u2022 maintaining appropriate levels of cash and access to credit facilities;
\u2022 monitoring forecast and actual cash flows; and
\u2022 matching the maturity profiles of financial assets and liabilities.
The Group constantly reviews revenue, purchases, inventory and cash flow forecasts to ensure
that obligations can be met as they arise. Since the Group\u2019s financial assets and liabilities arise
from operations, they all have a maturity within the one-year business operating cycle. Subsequent
to the balance sheet date, the Group has increased and replaced its access to a Revolving
Credit Facility (\u201cRCF\u201d) from $40.0 million to $80.0 million, with a maturity date extended to
4 March 2029. Further details are provided in Note 32.
The Group does not have any external borrowings in the current or comparative period
therefore net debt is positive as net cash being $39.6 million (2023: $35.2 million) represented
by cash and cash equivalents in Note 17 less the lease liabilities in Note 21.
As at 31 December 2024, the Group has access to a $40.0 million undrawn RCF after an updated
agreement was signed on 24 April 2024 extending its availability to the Group until 24 April 2027.
As discussed in Note 32, subsequently on 5 March 2025, the Group signed a replacement
facility with a new RCF for $80.0 million. The facility remains undrawn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-306": { "value": "24.1 Market risk analysis
$ million
2024
2023
Trade receivables
31.0
30.3
Cash and cash equivalents
45.8
42.2
Financial assets at amortised cost due within one year
76.8
72.5
Currency risk: The Group presents its consolidated financial statements in US Dollars, being the currency that predominantly influences the sales prices; nonetheless, operations are primarily UK based, which is where the majority of employees work and activities occur. Consequently, the Group is exposed to foreign currency risk arising from exchange rate movements mainly between US Dollar, British Pounds Sterling and Euro. These movements affect the value of transactions (e.g. UK payroll) and the translation of comparative financial results. From Q1 2025, Raspberry Pi intends to manage currency risk through derivatives, such as forward foreign exchange contracts. These will mitigate foreign exchange exposures by fixing the value of forecasted future transactions, including payroll expenses in the UK. In accordance with IFRS 7, the Group is required to present sensitivity analysis illustrating hypothetical changes in foreign exchange rates on profit or loss and shareholders\u2019 equity. \u2022 A 10% strengthening of the US Dollar would result in an FX gain of $0.5 million (2023: $0.4 million). \u2022 A 10% weakening of the US Dollar would result in an FX loss of $0.4 million (2023: $0.5 million). The impact on profit and loss and shareholders\u2019 equity would be identical as no currency translation reserve or difference arises on consolidation as all subsidiaries share a US Dollar functional currency. Interest rate risk: The Group does not have any external borrowings outside of property leases that contain fixed rates of interest in the current or comparative periods, and therefore interest rate risk is not considered material. Management regularly reviews forecast debt, cash and cash equivalents and interest rates to monitor this risk and would consider hedging instruments if the perceived risk was to increase. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-307": { "value": "24.2 Credit risk analysis Exposure to credit risk emerges primarily through trade receivables of $31.0 million (2023: $330.3 million) for providing credit to customers in the normal course of business. In order to minimise credit risk, the Group has policies to check that potential customers are demonstrably creditworthy and this, together with the aggregate financial exposure, is monitored. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. Commercial insurance is also obtained as deemed necessary. There have been no material instances of actual or expected credit losses during the current or prior financial years. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Any movement in expected credit loss provision is included in administrative expenses in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-308": { "value": "Liquidity risk: Refers to the risk that the Group will not have sufficient financial resources to meet its obligations as they fall due.
$ million
2024
2023
Trade payables
77.6
62.4
Other financial liabilities
3.0
\u2014
Financial liabilities at amortised cost due within one year
80.6
62.4
Financial liabilities at amortised due over one year
1.3
4.3
Financial liabilities at amortised cost
81.9
66.7
The amounts above reflect the contractual undiscounted cash flows, which may differ to the carrying values of the liabilities at the reporting date. The Group mitigates this risk by: \u2022 maintaining appropriate levels of cash and access to credit facilities; \u2022 monitoring forecast and actual cash flows; and \u2022 matching the maturity profiles of financial assets and liabilities. The Group constantly reviews revenue, purchases, inventory and cash flow forecasts to ensure that obligations can be met as they arise. Since the Group\u2019s financial assets and liabilities arise from operations, they all have a maturity within the one-year business operating cycle. Subsequent to the balance sheet date, the Group has increased and replaced its access to a Revolving Credit Facility (\u201cRCF\u201d) from $40.0 million to $80.0 million, with a maturity date extended to 4 March 2029. Further details are provided in Note 32. The Group does not have any external borrowings in the current or comparative period therefore net debt is positive as net cash being $39.6 million (2023: $35.2 million) represented by cash and cash equivalents in Note 17 less the lease liabilities in Note 21. As at 31 December 2024, the Group has access to a $40.0 million undrawn RCF after an updated agreement was signed on 24 April 2024 extending its availability to the Group until 24 April 2027. As discussed in Note 32, subsequently on 5 March 2025, the Group signed a replacement facility with a new RCF for $80.0 million. The facility remains undrawn.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-309": { "value": "
25 Deferred taxation
The principal deferred tax liabilities relate to differences between the tax and accounting
base of intangible assets relating to development costs capitalised. Deferred tax liabilities
associated with intangible assets unwind to offset the tax distortion that would otherwise
occur as the assets are amortised.
$ million
2024
2023
Deferred tax liabilities
Development costs capitalised
(13.1)
(10.6)
Property, plant and equipment
(0.7)
(0.7)
(13.8)
(11.3)
Deferred tax assets
Share-based payments
2.1
\u2014
Deferred income \u2013 RDEC
1.3
0.9
Other timing differences
0.3
0.2
3.7
1.1
Net deferred tax liability
(10.1)
(10.2)
Development costs are capitalised and amortised over future periods for accounting profit but
are immediately deductible under Section 1308 of the Corporation Tax Act 2009 for taxable
profit. These costs have a tax base of nil, creating a temporary difference between their
carrying amount and tax base. This deferred tax liability (\u201cDTL\u201d) reflects future tax payable as
amortisation occurs, with the full tax deduction claimed upfront. The DTL unwinds over the
asset\u2019s useful life, aligning tax and accounting treatments.
Deferred tax is provided on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. It is calculated using tax
rates that have been enacted or substantively enacted by the reporting period\u2019s end and are
expected to apply when the timing differences are resolved. As the deferred tax asset on
share-based payments exceeds 25% of the IFRS 2 charge, the excess amount of $1.6 million
is taken to the equity. All other movements in deferred tax have been accounted in the profit
and loss.
In accordance with IAS 12 rules, all deferred tax balances are presented as long term, are not
discounted and are presented net on the balance sheet to the extent that they arise with the
same tax authority.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "value": "26 Share capital and other reserves The share capital represents the nominal value of share capital subscribed for. Raspberry Pi Holdings plc has the following share capital upon Admission to the London Stock Exchange and as at the reporting date.
Nominal capital
Share capital
Number of shares
$ million
Ordinary shares of \u00a30.0025 each
193,415,715
0.6
Deferred shares of \u00a30.0025 each
61,610,435
0.2
255,026,150
0.8
Share capital 193,415,715 ordinary shares of \u00a30.0025 each have been listed for trading on the London Stock Exchange. 61,610,435 deferred shares of \u00a30.0025 each were created as part of the share capital reorganisation. The deferred shares have no voting rights or rights to a dividend. It is intended for the holders of the deferred shares to transfer them to the Company otherwise than for valuable consideration pursuant to s659(1) CA 2006 in Q2 2025. They will then be cancelled pursuant to s662(1)(c). Share premium account The share premium account records the amount above the nominal value received for shares issued, less transaction costs. The share premium account is in most circumstances not immediately available for distribution. Share-based payment reserve This reserve represents the cumulative income statement charges for unvested employee share awards. Once the awards vest this reserve is recycled to retained earnings and the issue of equity is reflected in share capital, share premium or retained earnings as appropriate. Merger reserve The merger reserve and retained earnings are presented gross on consolidation such that the Group\u2019s retained earnings are a reasonable measure of the underlying distributable reserves of the Company on a standalone entity basis as this is considered useful information for investors. Retained earnings This reserve represents the total of all current and prior retained earnings available to facilitate future shareholder distributions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-289": { "value": "
The share capital represents the nominal value of share capital subscribed for. Raspberry Pi
Holdings plc has the following share capital upon Admission to the London Stock Exchange
and as at the reporting date.
Nominal capital
Share capital
Number of shares
$ million
Ordinary shares of \u00a30.0025 each
193,415,715
0.6
Deferred shares of \u00a30.0025 each
61,610,435
0.2
255,026,150
0.8
Share capital
193,415,715 ordinary shares of \u00a30.0025 each have been listed for trading on the London Stock
Exchange. 61,610,435 deferred shares of \u00a30.0025 each were created as part of the share
capital reorganisation. The deferred shares have no voting rights or rights to a dividend. It is
intended for the holders of the deferred shares to transfer them to the Company otherwise
than for valuable consideration pursuant to s659(1) CA 2006 in Q2 2025. They will then be
cancelled pursuant to s662(1)(c).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-290": { "value": "
Share premium account
The share premium account records the amount above the nominal value received for shares
issued, less transaction costs. The share premium account is in most circumstances not
immediately available for distribution.
Share-based payment reserve
This reserve represents the cumulative income statement charges for unvested employee
share awards. Once the awards vest this reserve is recycled to retained earnings and the issue
of equity is reflected in share capital, share premium or retained earnings as appropriate.
Merger reserve
The merger reserve and retained earnings are presented gross on consolidation such that
the Group\u2019s retained earnings are a reasonable measure of the underlying distributable
reserves of the Company on a standalone entity basis as this is considered useful
information for investors.
Retained earnings
This reserve represents the total of all current and prior retained earnings available to facilitate
future shareholder distributions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-257": { "value": "
27 Share-based payments
All share-based payments are related to employee share schemes and are equity-settled
for shares of Raspberry Pi Holdings plc. Equity awards are a key component of the overall
remuneration package, being essential for retaining, motivating and rewarding key employees.
On 11 June 2024, upon listing onto the London Stock Exchange, all previous employee share
schemes vested and new awards were immediately granted. The share-based payment
charges are as follows:
Year ended Year ended
$ million 31 December 2024 31 December 2023
Legacy 2020 LTIP scheme \u2013 IFRS 2 charge
0.8
\u2014
Legacy 2020 LTIP scheme \u2013 accelerated charge on settlement
1.2
\u2014
Market value and nil-cost options \u2013 granted on 11 June 2024
2.7
\u2014
4.7
\u2014
Settlement of 2020 LTIP scheme upon listing on the London Stock Exchange
In 2020, the Board approved a Long-Term Incentive Plan (\u201cLTIP\u201d) and up to the listing date
had awarded 19,480 B ordinary shares to employees. These shares were designed to
participate in the proceeds from an exit, defined as the Company\u2019s sale or a stock exchange
listing. On the sale of Raspberry Pi Ltd to Raspberry Pi Holdings plc in May 2024, the B shares
were exchanged for shares with equivalent rights in Raspberry Pi Holdings plc.
Upon listing on the London Stock Exchange, all outstanding awards vested and settled by
the granting of ordinary shares in Raspberry Pi Holdings plc. When the awards vested, the
cumulative $3.3 million charged to the income statement since 2020 was transferred to
retained earnings.
New option awards granted upon on Admission to the London Stock Exchange
On 11 June 2024 immediately before the IPO, alongside the settlement of legacy share awards,
new awards were granted in the form of market value options and nominal-cost options over
shares of Raspberry Pi Holdings plc.
The market value options have an exercise price equal to the IPO share issue price of \u00a32.80.
The nominal-cost options have a quarter pence nominal exercise price. The awards vest on the
third anniversary of the date of grant, subject to the employee remaining in Group employment.
The awards are not subject to other performance or holding conditions. The options expire on
the tenth anniversary of the date of grant or upon leaving.
Grant date fair value of new market value and nominal-cost option awards
The grant date fair value of the new awards was calculated with assistance from external
valuation expert using a Black-Scholes model with the following inputs and assumptions:
Market value options
Nil cost
Grant date
11 June 2024
11 June 2024
Number of awards granted
11,561,566
253,773
Grant date share price
\u00a32.80
\u00a32.80
Exercise price
\u00a32.80
\u00a30.00
Expected term
5 years
3 years
Expected volatility
35.0%
35.0%
Risk free rate
4.2%
4.4%
Dividend yield
0.0%
0.0%
The volatility was estimated at 35%, based on the midpoint between five-year equity volatilities
and enterprise volatilities for the FTSE 250 (excluding financials and investment trusts) and for
comparable listed technology and software companies as of the 11 June 2024 grant date.
The actual volatility experience post-IPO has been an average of 55%. Whilst this does not
change the grant date assumption under IFRS 2, it will inform the assumptions on awards
granted in the future.
The market value options were valued at \u00a31.06 per award and the nominal-cost options valued
at \u00a32.80. After applying an estimated 5% employee attrition assumption the combined fair
value of all awards granted is $14.1 million, which will be recognised in the Consolidated
Statement of Comprehensive Income evenly over the three-year service period resulting in
a charge of $2.7 million for the period from 11 June 2024 to 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "value": "
28.1 Revenue recognition
Revenue is recognised in accordance with IFRS 15 \u201cRevenue from Contracts with Customers\u201d.
Revenue is recognised when control of goods or services is transferred to the customer,
reflecting the consideration expected to be received. The five-step model in IFRS 15 is applied,
except for royalties for the licence of intellectual property as explained below. Revenue is only
recognised if an enforceable right to payment can be demonstrated.
Product revenues: Generated by supplying single board computers (\u201cSBCs\u201d), compute modules,
accessories, and semiconductors from our contract manufacturer directly to Approved
Resellers (\u201cARs\u201d) and original equipment manufacturers (\u201cOEMs\u201d). The Group acts as principal
in these direct distribution transactions. Revenues are recognised at the point in time when
physical possession of the product has transferred to the customer, based on fixed prices
per unit. The transfer is evidenced by receipt of an undisputed delivery note, as the sole
performance obligation is satisfied.
Royalties: Earned per unit on products that customers manufacture (e.g. Pi 5) and sell (e.g. Pi 4)
through licensing of designs and trademarks. According to IFRS 15, the sales-based or
usage\u2011based royalty exception (paragraph B63) applies, as the licence is the predominant
performance obligation. Royalties are recognised on an accrual basis in accordance with the
underlying agreement when the subsequent sale or usage event that triggers the royalty
occurs and are presented net of any amounts collected on behalf of third parties, regardless
of whether the licence is a right to use or right to access.
Component revenues: Recognised at the point in time when physical possession of the
product has transferred to the customer, based on fixed prices per unit, following the
accounting policy for product revenues, unless the Group has made a promise to repurchase
the component.
Sales returns provision: The Group recognises a provision for expected sales returns on SBCs,
which typically include a 12-month warranty under standard sales terms. Returns are assessed
at each reporting date, and if no significant returns are expected, no provision is recognised.
This estimate is periodically reviewed based on emerging trends and historical data. As there
has been no history of material returns, no such provision has been recognised to date.
Repurchase liabilities: These occur when the Group sells components to the contract
manufacturer and simultaneously raises an order for the manufacture of a finished product
that contains the same component. As the Group will subsequently repurchase the asset,
control has not been transferred, with the contract manufacturer limited in its ability to direct
the use of, and obtain substantially all of the remaining benefits from, the asset. Consequently,
in accordance with paragraph B66(b) of IFRS 15, the transaction is treated as a financing
arrangement. The inventory is not derecognised, and instead, the cash received from the
contract manufacturer is treated as a short-term financial liability. The difference between
the repurchase price and the cash received is associated with processing, which, owing
to the immateriality of the time value of money (within 30-day standard payment terms),
is recognised directly in cost of sales.
Principal versus agent: The Group evaluates the following indicators, among others, when
determining whether it is acting as a principal or agent in the transaction and recording
revenue on a gross or net basis:
(i) The Group is primarily responsible for fulfilling the promise to provide the product.
(ii) The Group has inventory risk before the product has been transferred to a customer.
(iii) The Group has discretion in establishing the price for the product.
We also operate a publishing business, Raspberry Pi Press, which produces magazines and
books, as well as the Raspberry Pi Store in Cambridge, England. All revenue is recognised at
the point in time that the product is transferred to the customer, except for publishing revenue,
which is recognised over the length of the magazine subscription. Furthermore, the Group
applies IFRS 15 practical expedients for significant financing components and costs or fulfil
contracts, as the Group\u2019s sales cycles are generally short term and do not exceed 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "value": "
28.2 Cost of sales
The Group recognises cost of sales at the point at which it recognises revenue as explained
above. Cost of sales predominantly relates to the cost of goods or services purchased from
suppliers and then sold to customers. The cost of sales for products sold by us through our
direct distribution channel is the price we pay for them to be manufactured, plus licence fees
paid to parties whose intellectual property is used in their design. The Group considers the cost
of shipping its products to the customer to be directly associated with generating revenue and
therefore presents these costs (2024 $1.9 million, 2023: $1.7 million) within cost of sales. Our cost
of sales for products sold through the licensee channel is the licence fees paid to parties whose
intellectual property is used in these products\u2019 design. The manufacturing cost of the products
sold through our licensee channel is borne by the licensee.
", "dimensions": { "concept": "raspberrypiholdingsplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-260": { "value": "
28.3 Foreign exchange
All material entities have a US Dollar functional currency. The US Dollar primarily influences
both the sales prices for products and services and the cost of associated raw materials
and component parts.
As the Group\u2019s presentational currency is also US Dollars no exchange reserve arises
on consolidation.
Underlying foreign currency transactions (primarily transactions in Sterling) are translated into
US Dollars using daily average exchange rates. Foreign exchange gains and losses resulting
from the settlement of such transactions, and from the translation of Sterling-denominated
working capital items, are recognised in the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-291": { "value": "As the Group\u2019s presentational currency is also US Dollars no exchange reserve arises on consolidation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-261": { "value": "
28.4 Segmental analysis
The Group determines and presents operating segments based on the information that is
provided internally to the Board, which is the Group\u2019s Chief Operating Decision Maker
(the \u201cCODM\u201d).
It is the view of the Directors that the Group has a single operating segment, as defined by
IFRS 8 \u201cOperating Segments\u201d, being the manufacture and sale of cost-effective programmable
computing devices.
The CODM makes operating decisions for a single operating unit and operating performance is
assessed as a single operating segment. The information used by the CODM is consistent
with, and prepared on the same basis as, that presented in the financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-262": { "value": "
28.5 Current and deferred taxation
The tax expense for the period consists of the tax payable on the current period\u2019s taxable
income, based on applicable income tax rates, adjusted for changes in deferred tax assets
and liabilities due to temporary differences. Current tax receivables and payables are
measured at the expected amount to be recovered from or paid to tax authorities, based
on the annual corporation tax return prepared with our tax advisers, in accordance with
enacted or substantively enacted UK tax rates and legislation.
Deferred tax is provided on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. It is calculated using tax
rates that have been enacted or substantively enacted by the reporting period\u2019s end and
are expected to apply when the timing differences are resolved. Deferred tax assets are
recognised only if it is probable that future taxable amounts will be available to utilise them.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to do so,
and they relate to the same taxation authority. Current tax assets and liabilities are similarly
offset when there is a legal right to net them, or to realise the asset and settle the liability
simultaneously. Excess tax benefits beyond IFRS 2 charges are recognised in equity.
Current and deferred tax is recognised in profit or loss, except when it relates to items
recognised in other comprehensive income or directly in equity, in which case the tax is
recognised accordingly in those areas.
The Group applies IFRIC 23 Uncertainty over Income Tax Treatments when assessing tax
positions where uncertainty exists regarding acceptance by tax authorities. Under IFRIC 23,
tax treatments are evaluated based on whether it is probable that the relevant tax authority will
accept them. If acceptance is not probable, the most likely outcome or expected value approach is
applied to determine the tax position. The Group recognises uncertain tax positions in current
or deferred tax calculations and records provisions where necessary. Changes in facts or
circumstances are monitored, and adjustments are made as required. The Group\u2019s policy
ensures consistent application of IFRIC 23 principles, with judgements reviewed regularly
in consultation with external tax advisers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-292": { "value": "28.5 Current and deferred taxation The tax expense for the period consists of the tax payable on the current period\u2019s taxable income, based on applicable income tax rates, adjusted for changes in deferred tax assets and liabilities due to temporary differences. Current tax receivables and payables are measured at the expected amount to be recovered from or paid to tax authorities, based on the annual corporation tax return prepared with our tax advisers, in accordance with enacted or substantively enacted UK tax rates and legislation. Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. It is calculated using tax rates that have been enacted or substantively enacted by the reporting period\u2019s end and are expected to apply when the timing differences are resolved. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise them. Deferred tax assets and liabilities are offset when there is a legally enforceable right to do so, and they relate to the same taxation authority. Current tax assets and liabilities are similarly offset when there is a legal right to net them, or to realise the asset and settle the liability simultaneously. Excess tax benefits beyond IFRS 2 charges are recognised in equity. Current and deferred tax is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is recognised accordingly in those areas. The Group applies IFRIC 23 Uncertainty over Income Tax Treatments when assessing tax positions where uncertainty exists regarding acceptance by tax authorities. Under IFRIC 23, tax treatments are evaluated based on whether it is probable that the relevant tax authority will accept them. If acceptance is not probable, the most likely outcome or expected value approach is applied to determine the tax position. The Group recognises uncertain tax positions in current or deferred tax calculations and records provisions where necessary. Changes in facts or circumstances are monitored, and adjustments are made as required. The Group\u2019s policy ensures consistent application of IFRIC 23 principles, with judgements reviewed regularly in consultation with external tax advisers. 28.13 Deferred income \u2013 RDEC (government grants) The Research and Development Expenditure Credit (\u201cRDEC\u201d) is accounted for as a government grant where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. The tax credits are initially recognised once they are receivable on accruals basis. Whilst IAS 20 Government Grants excludes tax credits from its scope, so does IAS 12 Income Taxes and no other standard either includes it or appears relevant therefore in the absence of any other specific guidance, we follow IAS 20 as it is considered normal in this scenario. To the extent that the credits relate to expenses already incurred the income is presented as a reduction in R&D expenses, offsetting the underlying costs that the RDEC incentives are intended to compensate. To the extent that the credits relate to pipeline development costs that have been capitalised within intangible assets, the income is initially deferred onto the Consolidated Statement of Financial Position and then subsequently recognised in profit and loss to match the amortisation of the related costs being compensated. This income is presented as a reduction in R&D expense within operating profit as the income is taxable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-263": { "value": "
28.6 Intangible assets
Externally acquired intangible assets predominantly relate to software licences which are
initially recognised at cost and subsequently amortised over the life of the license. All other
intangible assets are amortised straight line over a period of three to six years.
The accounting for capitalised pipeline development projects is considered to contain a critical
judgement upon initial capitalisation of the costs and a critical estimate in determining the
useful live of the projects once launched. Refer to the critical judgements and estimates
relating to these items at Note 2.5.
Capitalised development costs are amortised over the periods the Group expects to benefit
from selling the products developed. The amortisation expense is included within research
and development expenses in the Consolidated Statement of Comprehensive Income.
For capitalised pipeline developed costs that are not yet complete, these costs are not
amortised but subject to mandatory annual impairment testing in accordance with IAS 36
as described below.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-264": { "value": "
28.7 Property, plant and equipment
Property, plant and equipment is stated at historical cost less depreciation and impairment.
Depreciation uses the straight-line method, with asset residual values, useful lives and
depreciation methods reviewed periodically. All PPE is depreciated over three years except
for leasehold improvements which are depreciated with reference to the life of the lease.
The estimated useful lives and depreciation method are reviewed at the end of each reporting
period, with the effect of any changes in estimate accounted for on a prospective basis.
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 retirement of an asset is determined as the difference between the
sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-293": { "value": "28.7 Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation and impairment. Depreciation uses the straight-line method, with asset residual values, useful lives and depreciation methods reviewed periodically. All PPE is depreciated over three years except for leasehold improvements which are depreciated with reference to the life of the lease. The estimated useful lives and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. 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 retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-265": { "value": "
28.8 Leases
The Group assesses whether a contract is or contains a lease, at inception of the contract.
The Group recognises a right-of-use asset and a corresponding lease liability with respect to
all lease arrangements in which it is the lessee, except for short-term leases (defined as leases
with a lease term of 12 months or less) and leases of low value assets (defined as assets
with a value of $5,000 or less when new). For these leases, the Group recognises the lease
payments as an operating expense on a straight-line basis over the term of the lease unless
another systematic basis is more representative of the time pattern in which economic
benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not
paid at the commencement date, discounted by its incremental borrowing rate. The lease
liability is subsequently measured by increasing the carrying amount to reflect interest on the
lease liability (using the effective interest method) and by reducing the carrying amount to
reflect the lease. The Group remeasures the lease liability (and makes a corresponding
adjustment to the related right-of-use asset) whenever the lease term or payments are changed.
The right-of-use assets comprise the initial measurement of the corresponding lease liability,
and any initial direct costs any dilapidation or restoration provisions measured under IAS 37
\u201cProvisions\u201d guidance. Right-of-use assets are depreciated over the shorter period of lease
term and useful life of the underlying asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-266": { "value": "28.9 Financial instruments Financial assets and liabilities are recognised when the Group becomes a party to the contract provisions. They are initially measured at fair value with subsequent measurement dependent on their classification as either amortised cost or fair value through profit and loss or other comprehensive income. At present all the Group\u2019s financial assets and liabilities are measured at amortised cost comprising trade and other receivables, trade and other payables and cash in the Consolidated Statement of Financial Position. \u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. \u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. \u2022 Trade payables and other payables are not interest bearing and are recognised at fair value (which ordinarily reflects the invoice amount) and subsequently at amortised cost. Trade receivables and payables are amounts due from customers or owed to suppliers in the ordinary course of business. As they are subject to standard payment terms these balances are considered current and are recognised at their invoice value being a reasonable approximation of fair value due to their short-term nature, They are recognised initially at the invoice amount, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and it therefore measures them subsequently at amortised cost. Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the term of the liabilities. Since the RCF is undrawn, the arrangement fee cannot be offset against any borrowing and is therefore recognised within other debtors and prepayments. The arrangement fee is amortised over the term of the RCF. Although there are currently no external borrowings drawn, the Group has access to the RCF, necessitating the inclusion of this accounting policy. The Group\u2019s activities expose it to financial risks from fluctuations in foreign exchange and interest rates. The Board regulates the use of free-standing derivatives (such as forward FX contracts) in line with established risk management strategies, with derivatives employed only once to mitigate foreign exchange exposure related to IPO proceeds. Free-standing derivatives are initially measured at fair value on the contract date and remeasured at each reporting date. As no derivative has straddled a reporting period, a nil value for derivatives applies across all reporting dates. The Group does not apply, nor currently intends to apply, hedge accounting. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Derecognition of financial liabilities The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-313": { "value": "Financial assets and liabilities are recognised when the Group becomes a party to the contract provisions. They are initially measured at fair value with subsequent measurement dependent on their classification as either amortised cost or fair value through profit and loss or other comprehensive income. At present all the Group\u2019s financial assets and liabilities are measured at amortised cost comprising trade and other receivables, trade and other payables and cash in the Consolidated Statement of Financial Position. \u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. \u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. \u2022 Trade payables and other payables are not interest bearing and are recognised at fair value (which ordinarily reflects the invoice amount) and subsequently at amortised cost. Trade receivables and payables are amounts due from customers or owed to suppliers in the ordinary course of business. As they are subject to standard payment terms these balances are considered current and are recognised at their invoice value being a reasonable approximation of fair value due to their short-term nature, They are recognised initially at the invoice amount, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and it therefore measures them subsequently at amortised cost. Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the term of the liabilities. Since the RCF is undrawn, the arrangement fee cannot be offset against any borrowing and is therefore recognised within other debtors and prepayments. The arrangement fee is amortised over the term of the RCF. Although there are currently no external borrowings drawn, the Group has access to the RCF, necessitating the inclusion of this accounting policy. The Group\u2019s activities expose it to financial risks from fluctuations in foreign exchange and interest rates. The Board regulates the use of free-standing derivatives (such as forward FX contracts) in line with established risk management strategies, with derivatives employed only once to mitigate foreign exchange exposure related to IPO proceeds. Free-standing derivatives are initially measured at fair value on the contract date and remeasured at each reporting date. As no derivative has straddled a reporting period, a nil value for derivatives applies across all reporting dates. The Group does not apply, nor currently intends to apply, hedge accounting. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Derecognition of financial liabilities The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-310": { "value": "Financial assets and liabilities are recognised when the Group becomes a party to the contract provisions. They are initially measured at fair value with subsequent measurement dependent on their classification as either amortised cost or fair value through profit and loss or other comprehensive income. At present all the Group\u2019s financial assets and liabilities are measured at amortised cost comprising trade and other receivables, trade and other payables and cash in the Consolidated Statement of Financial Position. \u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. \u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. \u2022 Trade payables and other payables are not interest bearing and are recognised at fair value (which ordinarily reflects the invoice amount) and subsequently at amortised cost. Trade receivables and payables are amounts due from customers or owed to suppliers in the ordinary course of business. As they are subject to standard payment terms these balances are considered current and are recognised at their invoice value being a reasonable approximation of fair value due to their short-term nature, They are recognised initially at the invoice amount, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and it therefore measures them subsequently at amortised cost. Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the term of the liabilities. Since the RCF is undrawn, the arrangement fee cannot be offset against any borrowing and is therefore recognised within other debtors and prepayments. The arrangement fee is amortised over the term of the RCF. Although there are currently no external borrowings drawn, the Group has access to the RCF, necessitating the inclusion of this accounting policy.
The Group\u2019s activities expose it to financial risks from fluctuations in foreign exchange and
interest rates. The Board regulates the use of free-standing derivatives (such as forward
FX contracts) in line with established risk management strategies, with derivatives employed
only once to mitigate foreign exchange exposure related to IPO proceeds. Free-standing
derivatives are initially measured at fair value on the contract date and remeasured at each
reporting date. As no derivative has straddled a reporting period, a nil value for derivatives
applies across all reporting dates. The Group does not apply, nor currently intends to apply,
hedge accounting.
Derecognition of financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows from
the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction
in which substantially all of the risks and rewards of ownership of the financial asset are
transferred or in which the Group neither transfers nor retains substantially all of the risks and
rewards of ownership and does not retain control of the financial asset. On derecognition
of a financial asset, the difference between the carrying amount of the asset (or the carrying
amount allocated to the portion of the asset that is derecognised) and the consideration
received (including any new asset obtained less any new liability assumed) is recognised in the
Consolidated Statement of Comprehensive Income. Any interest in such transferred financial
assets that is created or retained by the Group is recognised as a separate asset or liability.
Derecognition of financial liabilities
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged,
cancelled or have expired. The difference between the carrying amount of the financial liability
derecognised and the consideration paid and payable is recognised in the Consolidated
Statement of Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-294": { "value": "
\u2022 Cash and cash equivalents comprise cash at bank and in hand and short-term deposits
maturing in less than three months. For the purposes of the Consolidated Statement of
Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined
above, net of outstanding bank overdrafts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-295": { "value": "\u2022 Trade and other receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-296": { "value": "
\u2022 Trade payables and other payables are not interest bearing and are recognised at fair value
(which ordinarily reflects the invoice amount) and subsequently at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-297": { "value": "
Interest-bearing loans and overdrafts are initially recorded at fair value, net of direct issue
costs, and subsequently measured at amortised cost using the effective interest method,
with interest expense recognised over the term of the liabilities. Since the RCF is undrawn,
the arrangement fee cannot be offset against any borrowing and is therefore recognised within
other debtors and prepayments. The arrangement fee is amortised over the term of the RCF.
Although there are currently no external borrowings drawn, the Group has access to the RCF,
necessitating the inclusion of this accounting policy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-298": { "value": "Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Derecognition of financial liabilities The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-267": { "value": "
28.10 Inventories
Inventories, which comprise raw materials, components and finished goods for resale, are
valued at the lower of cost and net realisable value, after making due allowance for obsolete
and slow-moving inventories. Cost comprises all costs of purchase and cost of conversion
(excluding borrowing costs). Costs are assigned to individual items of inventory on the basis
of weighted average costs. Net realisable value is the estimated selling price in the ordinary
course of business less the estimated costs necessary to make the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-269": { "value": "
28.11 Provisions
A provision is recorded in the Consolidated Statement of Financial Position when the Group
has a legal or constructive obligation arising from a past event, and it is likely that settling the
obligation will require an outflow of economic benefits.
If the impact is material, the provision is calculated by discounting the anticipated future cash
flows at a pre-tax rate that reflects current market views on the time value of money and,
where relevant, risks specific to the liability.
When discounting is applied, the increase in the provision over time is recognised as a finance
cost. If it is virtually certain that an insurer will reimburse part or all of the economic outflows
required to settle a provision, the reimbursement amount is recognised as an insurance
receivable asset and reported separately within other receivables, provided the receivable
amount can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-268": { "value": "
28.12 Employee benefits
Liabilities for wages, salaries, non-monetary benefits and annual leave expected to be settled
within 12 months are recognised and measured at the expected amounts. Defined contribution
plans are expensed as incurred on an accruals basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-270": { "value": "
28.13 Deferred income \u2013 RDEC (government grants)
The Research and Development Expenditure Credit (\u201cRDEC\u201d) is accounted for as a government
grant where there is a reasonable assurance that the grant will be received, and the Group will
comply with all attached conditions. The tax credits are initially recognised once they are
receivable on accruals basis. Whilst IAS 20 Government Grants excludes tax credits from its
scope, so does IAS 12 Income Taxes and no other standard either includes it or appears
relevant therefore in the absence of any other specific guidance, we follow IAS 20 as it is
considered normal in this scenario.
To the extent that the credits relate to expenses already incurred the income is presented as
a reduction in R&D expenses, offsetting the underlying costs that the RDEC incentives are
intended to compensate.
To the extent that the credits relate to pipeline development costs that have been capitalised
within intangible assets, the income is initially deferred onto the Consolidated Statement
of Financial Position and then subsequently recognised in profit and loss to match the
amortisation of the related costs being compensated. This income is presented as a reduction
in R&D expense within operating profit as the income is taxable.
", "dimensions": { "concept": "raspberrypiholdingsplc:DescriptionOfAccountingPolicyForDeferredIncomeAndGovernmentGrants", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-271": { "value": "
28.14 Share-based payments
The Group issue equity-settled share-based payments which are fair valued at the grant date
as described in the critical judgement Note 2.6.2 and the share-based payment Note 27.
Once determined the grant date fair value is charged to the Consolidated Statement of
Comprehensive Income on a straight-line basis over the three-year vesting period, with
adjustments for forfeitures as appropriate. The corresponding credit is to the share-based
payment reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-273": { "value": "
28.15 Own shares
The Group provides finance to Employee Benefit Trusts to either purchase Company shares on
the open market, or to subscribe for newly issued share capital, to meet the Group\u2019s obligation
to provide shares when employees exercise their options or awards. Costs of running the
Trusts are charged to the Consolidated Statement of Comprehensive Income. Shares held by
the ESOP Trusts are deducted from reserves and presented in equity as an own share reserve
until such time that an employee exercises their award. At the reporting period, there were
155,226 of shares in the Trust at historical cost of approximately US 500 Dollars.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-272": { "value": "
28.16 Dividends
Dividends are recognised when they become legally payable. In the case of final dividends, this
is when approved by the shareholders at the AGM. Interim dividends are recorded when paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-274": { "value": "
29 Alternative performance measures (\"APMs\")
Adjusted EBITDA (as presented in the Consolidated Statement of Comprehensive Income),
adjusted operating profit, adjusted research and development expenses and adjusted
administrative expenses are non-IFRS measures used by the Board and management
to monitor the Group\u2019s performance.
Year ended Year ended
$ million 31 December 2024 31 December 2023
Operating profit
17.6
37.6
Amortisation and depreciation
10.7
6.2
EBITDA
28.3
43.8
Share-based payment charges
4.7
\u2014
NI on share-based payment charges
1.3
\u2014
Employee share schemes
6.0
\u2014
Non-recurring costs
2.9
\u2014
Adjusted EBITDA
37.2
43.8
Amortisation and depreciation
(10.7)
(6.2)
Adjusted operating profit
26.5
37.6
Year ended Year ended
$ million 31 December 2024 31 December 2023
Research and development expenses
17.9
10.6
Amortisation (net of capitalised amortisation)
(6.3)
(3.0)
Share-based payment charges
(2.3)
\u2014
NI on share-based payment charges
(0.6)
\u2014
Adjusted research and development expenses
8.7
7.6
Year ended Year ended
$ million 31 December 2024 31 December 2023
Administrative expenses
27.7
17.8
Depreciation
(4.4)
(3.2)
Share-based payment charges
(2.4)
\u2014
NI on share-based payment charges
(0.7)
\u2014
Non-recurring costs
(2.9)
\u2014
Adjusted administrative expenses
17.3
14.6
", "dimensions": { "concept": "raspberrypiholdingsplc:DisclosureOfAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-275": { "value": "
30 Controlling shareholder(s)
Under UK Listing Rule 5.3, a controlling shareholder is any party that, alone or with others,
controls 30% or more of voting rights. No single entity holds a majority stake in the Group
or is considered its ultimate controlling party.
The Raspberry Pi Foundation (the \u201cFoundation\u201d) is a registered charity in England and Wales
(Charity No. 1129409), owns 90,326,121 (46.7%) ordinary shares in the Company through its
wholly owned subsidiary, Raspberry Pi Mid Co Limited (the \u201cControlling Shareholder\u201d), and
is incorporated in England and Wales (Reg. No. 13603843). The address of both entities is
37 Hills Road, Cambridge CB2 1NT.
As disclosed to the takeover panel in May 2024, the Group considers Ezrah Charitable Trust
(3.32% holding) to be acting in concert with the Foundation due to its relationship with the
Foundation and its management.
After raising $180.0 million through the secondary offer at Admission, the 46.7% shareholding
has not changed. It incurred $6.6 million in transaction costs, which were directly settled as
attributable to its proceeds which consequently raised a net amount of $173.4 million to
advance its goal of helping young people realise their full potential through the power of
computing and digital technologies.
On 11 June 2024, the Group entered into Relationship Agreements with the Foundation, the Controlling Shareholder, and the Ezrah Charitable Trust (together, the \u201cControlling Shareholders\u201d) to ensure the Group operates independently, at arm\u2019s length and on a normal commercial basis. These agreements prohibit the Foundation from voting on matters affecting itself or actions that could breach Listing Rules or compromise the Group\u2019s independence. The Controlling Shareholder may nominate up to two Non-Executive Directors if its shareholding exceeds 25%, or one if above 10%. Currently, Daniel Labbad, a trustee of the Foundation until 10 June 2024, is the sole Board Director of the Company nominated by the Foundation in this manner. All other Board members were appointed independently. In September 2020 Raspberry Pi Ltd and the Foundation entered into to an agreement to transfer the Raspberry Pi brand to Raspberry Pi Ltd. As a condition of that agreement Raspberry Pi Ltd undertook to provide low costs computers to education customers. Failure to meet this would result in trademark ownership reverting to the Foundation. On 21 February 2024, Raspberry Pi Ltd amended its trademark agreement with the Foundation, to change the definition of low cost to be a price of no more than $45 (or, if higher, manufactured cost plus 20%, plus applicable taxes and fees). Between listing and the reporting date, the Foundation purchased $27,400 in goods from the Group. The Group had historically provided life assurance and medical insurance for employees jointly with the Foundation. For administrative simplicity the Group paid the entire premium and recharged the relevant share to the Foundation. Annual arrangements were in place at the time of the listing and accordingly will continue to their expiry. Post-listing pension contributions and life assurance costs for the Foundation, totalling $802,346, were recharged, with an amount $47,200 outstanding as of 31 December 2024. These transactions do not relate to the main business of the Group. All other related party transactions are disclosed in Note 31. As required by UK Listing Rule 6.2.3, all the Independent Directors confirm that, since listing, the Group has operated independently from the Controlling Shareholders at all times.", "dimensions": { "concept": "raspberrypiholdingsplc:DisclosureOfControllingShareholders", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-299": { "value": "30 Controlling shareholder(s) Under UK Listing Rule 5.3, a controlling shareholder is any party that, alone or with others, controls 30% or more of voting rights. No single entity holds a majority stake in the Group or is considered its ultimate controlling party. The Raspberry Pi Foundation (the \u201cFoundation\u201d) is a registered charity in England and Wales (Charity No. 1129409), owns 90,326,121 (46.7%) ordinary shares in the Company through its wholly owned subsidiary, Raspberry Pi Mid Co Limited (the \u201cControlling Shareholder\u201d), and is incorporated in England and Wales (Reg. No. 13603843). The address of both entities is 37 Hills Road, Cambridge CB2 1NT. As disclosed to the takeover panel in May 2024, the Group considers Ezrah Charitable Trust (3.32% holding) to be acting in concert with the Foundation due to its relationship with the Foundation and its management. After raising $180.0 million through the secondary offer at Admission, the 46.7% shareholding has not changed. It incurred $6.6 million in transaction costs, which were directly settled as attributable to its proceeds which consequently raised a net amount of $173.4 million to advance its goal of helping young people realise their full potential through the power of computing and digital technologies.
On 11 June 2024, the Group entered into Relationship Agreements with the Foundation, the
Controlling Shareholder, and the Ezrah Charitable Trust (together, the \u201cControlling Shareholders\u201d)
to ensure the Group operates independently, at arm\u2019s length and on a normal commercial
basis. These agreements prohibit the Foundation from voting on matters affecting itself
or actions that could breach Listing Rules or compromise the Group\u2019s independence.
The Controlling Shareholder may nominate up to two Non-Executive Directors if its
shareholding exceeds 25%, or one if above 10%. Currently, Daniel Labbad, a trustee of the
Foundation until 10 June 2024, is the sole Board Director of the Company nominated by the
Foundation in this manner. All other Board members were appointed independently.
In September 2020 Raspberry Pi Ltd and the Foundation entered into to an agreement to transfer
the Raspberry Pi brand to Raspberry Pi Ltd. As a condition of that agreement Raspberry Pi Ltd
undertook to provide low costs computers to education customers. Failure to meet this would
result in trademark ownership reverting to the Foundation. On 21 February 2024, Raspberry Pi Ltd
amended its trademark agreement with the Foundation, to change the definition of low cost to
be a price of no more than $45 (or, if higher, manufactured cost plus 20%, plus applicable taxes
and fees).
Between listing and the reporting date, the Foundation purchased $27,400 in goods from the
Group. The Group had historically provided life assurance and medical insurance for employees
jointly with the Foundation. For administrative simplicity the Group paid the entire premium
and recharged the relevant share to the Foundation. Annual arrangements were in place at the
time of the listing and accordingly will continue to their expiry. Post-listing pension contributions and
life assurance costs for the Foundation, totalling $802,346, were recharged, with an amount
$47,200 outstanding as of 31 December 2024. These transactions do not relate to the main
business of the Group. All other related party transactions are disclosed in Note 31.
As required by UK Listing Rule 6.2.3, all the Independent Directors confirm that, since listing,
the Group has operated independently from the Controlling Shareholders at all times.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-276": { "value": "
31 Related party transactions
The Group\u2019s related parties include subsidiary undertakings, Board members and their close
family members, and principal shareholders holding 10% or more of voting rights. Transactions
between the parent and subsidiaries are eliminated on consolidation and are not disclosed in
this note. Key management personnel is defined as the Board. Board remuneration is detailed
in Note 6 and in the Directors\u2019 Remuneration Report. In addition to the short-term employee
benefits, post-employment benefits, and share-based payment expenses outlined in Note 6,
a total of $0.3 million was paid for social security contributions related to key management
personnel. Related party transactions with the Controlling Shareholder are disclosed in Note 30.
During the year, a close family member of a Board member, whose employment ended
on 30 June 2024, received $255,000, comprising wages of $100,000, social security costs
of $16,000, pension contributions of $10,000, share-based payments of $85,000, and a
$44,000 severance payment. Furthermore, in January 2025, the Company was notified
that 30,000 ordinary shares were sold by the close family member at a price of \u00a36.20
on 31 December 2024.
In February 2024, the Group issued 171 Raspberry Pi Ltd shares to Non-Executive Directors
Martin Hellawell, Rachel Izzard and David Gammon (via Rockspring Nominees Ltd) for
$0.8 million. These converted into 249,104 ordinary shares of Raspberry Pi Holdings plc
on the IPO.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-311": { "value": "31 Related party transactions The Group\u2019s related parties include subsidiary undertakings, Board members and their close family members, and principal shareholders holding 10% or more of voting rights. Transactions between the parent and subsidiaries are eliminated on consolidation and are not disclosed in this note. Key management personnel is defined as the Board. Board remuneration is detailed in Note 6 and in the Directors\u2019 Remuneration Report. In addition to the short-term employee benefits, post-employment benefits, and share-based payment expenses outlined in Note 6, a total of $0.3 million was paid for social security contributions related to key management personnel. Related party transactions with the Controlling Shareholder are disclosed in Note 30. During the year, a close family member of a Board member, whose employment ended on 30 June 2024, received $255,000, comprising wages of $100,000, social security costs of $16,000, pension contributions of $10,000, share-based payments of $85,000, and a $44,000 severance payment. Furthermore, in January 2025, the Company was notified that 30,000 ordinary shares were sold by the close family member at a price of \u00a36.20 on 31 December 2024. In February 2024, the Group issued 171 Raspberry Pi Ltd shares to Non-Executive Directors Martin Hellawell, Rachel Izzard and David Gammon (via Rockspring Nominees Ltd) for $0.8 million. These converted into 249,104 ordinary shares of Raspberry Pi Holdings plc on the IPO.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-300": { "value": "31 Related party transactions The Group\u2019s related parties include subsidiary undertakings, Board members and their close family members, and principal shareholders holding 10% or more of voting rights. Transactions between the parent and subsidiaries are eliminated on consolidation and are not disclosed in this note. Key management personnel is defined as the Board. Board remuneration is detailed in Note 6 and in the Directors\u2019 Remuneration Report. In addition to the short-term employee benefits, post-employment benefits, and share-based payment expenses outlined in Note 6, a total of $0.3 million was paid for social security contributions related to key management personnel. Related party transactions with the Controlling Shareholder are disclosed in Note 30. During the year, a close family member of a Board member, whose employment ended on 30 June 2024, received $255,000, comprising wages of $100,000, social security costs of $16,000, pension contributions of $10,000, share-based payments of $85,000, and a $44,000 severance payment. Furthermore, in January 2025, the Company was notified that 30,000 ordinary shares were sold by the close family member at a price of \u00a36.20 on 31 December 2024. In February 2024, the Group issued 171 Raspberry Pi Ltd shares to Non-Executive Directors Martin Hellawell, Rachel Izzard and David Gammon (via Rockspring Nominees Ltd) for $0.8 million. These converted into 249,104 ordinary shares of Raspberry Pi Holdings plc on the IPO.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-277": { "value": "
32 Events after the reporting period
On 5 March 2025, the Revolving Credit Facility was replaced, increasing the available funds
to $80.0 million (2024: $40.0 million) with improved terms extended until 4 March 2029
(2024: 24 April 2027). The facility remains undrawn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:984500F5FB0E4FEBED17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }