Resultados finales
23 de abril de 2024
EL GRUPO DE FRANQUICIA DE PROPIEDAD PLC
(la "Compañía" o el "Grupo")
Resultados finales
Outstanding financial performance in a challenging market, with the post-period Belvoir merger creating the UK's leading property franchise business
The Property Franchise Group PLC, the UK's largest multi-brand property franchisor, is pleased to announce its Final Results for the year ended 31 December 2023 ("FY23").
Aspectos financieros más destacados
· | Group revenue increased to £27.3m (2022: £27.2m) |
· | Management Service Fees ("MSF") increased to £16.1m (2022: £15.9m) |
· | El EBITDA ajustado aumentó a 12.1 millones de libras esterlinas (2022: 11.8 millones de libras esterlinas) |
· | Adjusted operating margin of 42% (2022: 41%) |
· | Profit before tax increased to £9.0m (2022: £8.8m). |
· | Adjusted diluted earnings per share was 28.4p (2022: 28.4p) |
· | Net cash of £5.1m at 31 December 2023 (2022: £1.7m) |
· | Dividend paid and declared for FY23 of 14p (2022: 13.0p) |
· | TPFG has delivered sustained growth over the last 11 years in profit before tax (CAGR +23.5%) and dividends (+23.3%) |
Aspectos operacionales destacados
· | Recurring revenues contributed 56% of total revenue underpinned by double digit growth in lettings revenue with lettings MSF up to 60% of total MSF (2022: 55%) |
· | Lettings MSF increased 11% to £9.9m, a new record for the Group (2022: £8.9m) |
· | Sales outperformed a 19% reduction in UK sales completions year on year with the year-end sales agreed pipeline increasing 4% to £23.1m (2022: £22.2m) |
· | Managed portfolio up 3% to 78,000 rental properties (2022: 76,000) |
· | 22 acquisitions at the franchisee level (2022: 19), added 1,879 managed properties (2022: 1,890) |
· | EweMove sold 31 new territories (2022: 44), with total territories under contract 189 (2022: 189) |
· | Completed the installation of new operating systems and platforms across the Group to enable more digital interaction with our customer database and to improve efficiency |
Belvoir merger
· | Transformational merger with Belvoir Group plc completed on 7 March 2024, creating one of the UK's largest multi-brand lettings and estate agency groups, with an established and growing financial services business |
· | The Combined Group will benefit from increased scale and geographic reach, operating more than 910 outlets in franchised territories, managing in excess of 153,000 tenanted residential properties across the UK, selling more than 28,000 properties per year and advising on the completion of over 21,000 mortgages through its network of approximately 310 advisers |
Operaciones y perspectivas del primer trimestre
· | Q1 has been ahead of management's expectations in terms of both revenue and profitability |
· | Lettings market continues to grow at pace, with anticipated growth in sales revenue in 2024 amidst an improving sales market |
Gareth Samples, director ejecutivo de Property Franchise Group, dijo: "FY23 represents yet another year of record performance in which we have improved the quality of our revenue and adeptly executed our strategic roadmap, whilst continuing to navigate a challenging macroeconomic backdrop. This is testament to the quality and hard work of our team, with the progress made in the year leaving us with a solid foundation on which to grow further, bolstered by increasing revenue visibility for 2024 across a broader base.
"We are delighted to have completed the post-period transformational merger with Belvoir, marking a significant milestone in our journey to become one of the leading players in the UK property market. We see a huge opportunity for the Group, with increased scale, breadth of offering and diversity of brands, as well as enhanced geographic reach, whilst also providing us with a clear opportunity to accelerate growth in our Financial Services division."
Presentación del analista
An analyst presentation will be held at 10.00am today, and those wishing to join the presentation should contact GME@dhr-rgv.com para unir detalles.
Investor presentation and Overview Video
The Company is hosting a live private investor presentation on Wednesday 24 April 2024 at 12.15pm on the Investor Meet Company platform. All existing and potential private investors interested in attending are asked to register using the following link: https://www.investormeetcompany.com/property-franchise-group-plc-the/register-investor
A video overview of the results featuring CEO Gareth Samples and CFO David Raggett is available to view here: https://bit.ly/TPFG_FY23
Para más información, por favor póngase en contacto con:
El grupo de franquicias inmobiliarias PLC Gareth Samples, director ejecutivo David Raggett, director financiero | 01202 405549
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Canaccord Genuity Limited (Asesor designado y conjunto Broker) Max Hartley harry rees | 020 7523 8000
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Mercados de capitales de cantante (Articulación Broker) rick thompson James fischer | 020 7496 3000
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Alma Comunicaciones Estratégicas Justine James Joe Pederzolli Kinvara Verdón
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020 3405 0209 |
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Acerca de Property Franchise Group PLC:
The Property Franchise Group PLC (AIM: TPFG) is the UK's largest multi-brand property franchisor, with a network of over 910 lettings and estate agency businesses delivering high quality services to residential clients, combined with an established Financial Services business.
The Company was founded in 1986 and has since strategically grown to a diverse portfolio of 15 brands operating throughout the UK, comprising longstanding high-street focused brands and two hybrid brands.,. The Property Franchise Group also includes one of the UK's leading networks for mortgage intermediaries, Mortgage Advice Bureau.
The Property Franchise Group's brands are Belvoir, CJ Hole, Country Properties, Ellis & Co, EweMove, Hunters, Lovelle, Martin & Co, Mr and Mrs Clarke, Mullucks, Newton Fallowell, Nicholas Humphreys, Northwood, Parkers, and Whitegates.
Headquartered in Bournemouth, the Company was listed on AIM on the London Stock Exchange in 2013. More information is available at www.propertyfranchise.co.uk
Declaración del presidente
Resumen de desempeño
I am delighted to report on a period in which the Group achieved yet another outstanding financial performance and ongoing execution of our strategy.
The business delivered record profits despite a challenging trading environment and significant market headwinds, demonstrating the resilience of our business model. TPFG has now delivered continued and sustained growth over the last 11 years in profit before tax (CAGR +23.5%) and dividends (+23.3%). The results are underpinned by the strength of our lettings book; our outstanding franchisees; and the success of our acquisitions. This provides visibility to future earnings and confidence moving forward across a broader base following the completion of the Belvoir merger.
Adquisición transformacional
On 7 March 2024, the Group completed the transformational merger with Belvoir Group plc ("Belvoir"), creating one of the UK's largest multi-brand lettings and estate agency groups, combined with an established and growing financial services business.
The coming together of these two great businesses has been the subject of intense work by both parties over the course of many months. We have long held the view that the strengths of the franchise model are ideally suited to the residential property market allowing business owners to prosper and facilitating high quality services to be delivered to consumers by local experts. This merger represents our continuing belief that this business model will continue to grow in importance within the sector.
The merger significantly increased the scale and reach of The Property Franchise Group, positioning ourselves for accelerated growth and enhancing our position as the UK's leading property franchisor. The merger marks a significant milestone for the Group and consolidation is a natural progression on our journey, which started when we changed our name from MartinCo Plc to The Property Franchise Group Plc in 2017.
Belvoir is a complementary business which, like us, has demonstrated the robustness of its business model and strategy in the face of adverse residential and economic conditions on several occasions over the last decade. It has performed at a similar financial level to TPFG, with good earnings quality and strong conversion of EBITDA to cash. The Group now has increased scale and geographic reach, operating more than 910 outlets in franchised territories, managing in excess of 153,000 tenanted residential properties across the UK, selling more than 28,000 properties per year and advising on the completion of over 21,000 mortgages through its network of c310 advisers.
Group pro-forma income statement highlights
(£ 000) | TPFG | Belvoir | Conjunto | |||
| 2022 | 2023 | 2022 | 2023 | 2022 | 2023 |
Ingresos | 27,158 | 27,278 | 33,718 | 34,182 | 60,876 | 61,460 |
Beneficio bruto | 21,583 | 21,878 | 20,269 | 20,480 | 41,852 | 42,358 |
EBITDA ajustado | 11,809 | 12,090 | 10,596 | 11,139 | 22,405 | 23,229 |
PBT | 8,833 | 9,014 | 9,118 | 9,116 | 17,951 | 18,130 |
Going forward, we will continue to seek to exploit the existing and additional income streams that our increased scale presents to us and to assist our franchisees in growing their businesses. One such example is the established Financial Services business, led by Michelle Brook. This presents a great opportunity to scale across the broader footprint with the new focus and leadership.
I would like to take this opportunity to extend my gratitude to our shareholders, employees, customers, suppliers, and other stakeholders for their support and commitment during the merger process and look forward to getting to know our new colleagues in the year ahead.
Generación de efectivo
The highly cash generative nature of the Group has ensured our ability to retain a robust balance sheet with the remaining £2.5m of bank debt repaid post period end and the delivery of a progressive dividend policy for our shareholders. I am pleased to report on the ongoing strength of our business model with free cash flow generated of £8.7m (2022: £8.8m) and net cash of £5.1m (2022: £1.7m) at the year end.
Dividendos
The Board is pleased to announce a 7.7% increase in our total dividend to 14.0p per share (2022: 13.0p). Having paid an interim dividend of 4.6p in October 2023 and a special dividend of 2.0p in February 2024, the proposed final dividend for 2023 will be 7.4p per share and this will be paid on 12 June 2024 to all shareholders on the register at the close of business on 17 May 2024 subject to shareholders' approval on 7 June 2024.
ESG
TPFG has a strong ESG focus and is committed to prioritising environmental, social, and governance to deliver sustainable growth. Integrating sustainability into our business practices aligns with our beliefs and enhances long-term value creation for our stakeholders and the broader community. In June of last year, I was delighted to invite Claire Noyce to join our Board. As Deputy Chair of the QCA, Claire brings a wealth of experience to our Board and will Chair our ESG Committee.
In 2023, we selected Inspired to work alongside us as our ESG partner to help evaluate our current practices and build a strategy and roadmap that would drive meaningful impact. We aim to publish our strategy this year, incorporating aspects of Belvoir's own progress with sustainability and ESG, which will include our areas of focus and the measurements we will use to track our progress.
The Board promotes a culture of good governance, and we continue to apply the 2018 Quoted Companies Alliance Corporate Governance Code (the "QCA Code") as the basis of the Group's governance framework and work has already begun on updates following the revised 2023 QCA Code.
Cambios de junta
Post period end, Belvoir's Michelle Brook was appointed as an Executive Director and Jon Di-Stefano and Paul George, also from Belvoir, were appointed as Non-Executive Directors. At the same time Phil Crooks and our founder Richard Martin left our Board.
I am most grateful to Phil for the considerable insight and expertise he has offered our Board throughout his almost 9-year tenure as an independent Non-Executive Director and Chair of our Audit and Risk Committee.
I would also like to extend my gratitude to Richard Martin, the founder of The Property Franchise Group, for his services to the Group and for his stewardship as he steps down from the Board and assumes his new role as Lifetime President.
Outlook
We remain focused on delivering further value to shareholders and driving profitable growth. The transformational merger with Belvoir provides us with the platform to achieve this and I am very excited about the opportunities that lie ahead for the Group. Pleasingly, the sales market has started strongly and with a broader base of tenanted properties following the merger, we can be confident of further growth in 2024.
Pablo Latham
Presidente no ejecutivo
22 de abril de 2024
Declaración del CEO
Since joining as CEO in April 2020, the business has grown from revenues and adjusted EBITDA of £11.3m and £5.3m respectively for FY19 to £27.3m and £12.1m for FY23, representing a compound annual growth rate ("CAGR") of 24.5% in revenue and 22.7% in adjusted EBITDA. Taking into account the pro forma financials for FY23 following the merger with Belvoir, this CAGR would be 52.5% and 44.4% respectively. This growth has largely come via acquisition, but organic growth has been, and will continue to be, a contributor.
Our business model has proven its strength and resilience time and time again, while our franchise model, with its focus on lettings and the continued diversification of income is improving the resilience of our network.
FY23 represents yet another year of record performance where we have improved the quality of our revenue and adeptly executed our strategic roadmap whilst continuing to navigate a challenging macroeconomic backdrop.
In the year ended 31 December 2023, we grew our recurring revenues from 51% of total revenue to 56% of total revenue and increased adjusted PBT by 4% from £10.7m to £11.2m. In addition, following the repayment of the £2.5m owed to Barclays post period end, the Group is debt free with cash of approximately £4.7m as at 31 March 2024.
The exceptional results achieved in 2023 are testament to the quality and hard work of our team. I would like to take this opportunity to thank them and our franchisees for their continued efforts in delivering this growth. The progress made in the year leaves us with a solid foundation on which to grow further, bolstered by increasing revenue visibility for 2024 across a broader base.
Post-period end, in March, we completed the transformational merger with Belvoir Group, marking a significant milestone in our journey to become one of the leading players in the UK property market. We see a huge opportunity for the Group, with increased scale, breadth of offering and diversity of brands, as well as enhanced geographic reach. Additionally, it provides us with a clear opportunity to accelerate growth in our Financial Services division.
Al mercado
As anticipated, in 2023 we continued to see a strong lettings market which underpinned the Group's financial performance. Rental rates continued to rise driven by demand and increasing costs for landlords. Whilst annual rent increases have historically tracked inflation, new lets in 2022 saw increases of over 10% and in 2023 of 8%. The upcoming introduction of more regulation is expected to drive more landlords to opt to use a letting agent in the future.
Conversely the sales market was subdued in 2023 compared to the prior year, which was an exceptional comparative period. We saw a slight uptick in sales rates in the second half of 2023, having seen lower activity as a result of rising interest rates, the year ended down 19% on 2022 with around 1.0 million sales completions in the UK. We have seen signs of sales activity picking up and are expecting 1.1 million sales completions in 2024.
Despite varying year-on-year market conditions, there is an enduring demand for both rented housing and home ownership, which continues to outstrip supply, enhancing the profitability of both lettings and estate agencies.
Revisión operativa
Adquisiciones
Activity under the assisted acquisitions programme is continuing to build with 22 (2022: 19) of our franchise owners having completed the acquisition of a local competitor adding 1,879 tenanted properties (2022: 1,883). The pipeline of assisted acquisitions continues to be a focus as we continue to seek ways to help our franchisees grow.
As detailed above, the merger with Belvoir was successfully negotiated in 2023, completing in March 2024, which immediately added significant scale and provides increased opportunities for growth in the current year and beyond.
The merger has significantly increased our borrowing capacity and ability to fund earnings accretive acquisitions. We continue to evaluate further accretive acquisition opportunities which would deliver brand expansion and geographic growth and are committed to doing so with limited or no dilution.
Alquileres
Lettings is at the very core of our business. It has been another strong year with the portfolio of managed tenanted properties increasing by 3% to over 78,000. Lettings MSF achieved a new record, growing by 11% to £9.9m (2022: £8.9m) and, in our owned offices, lettings income grew by 13% to £3.4m (2022: £3.0m). Lettings MSF represented 61% of total MSF and 53% of total revenue in the year. As a result, recurring revenues increased to 56% of total revenue.
The Group also successfully executed digitally driven campaigns to win private landlords' business, retain existing landlords and win back lost landlords in the year. This year has had the lowest level of attrition in the Group's history.
Ventas
Against a challenging backdrop, with UK sales completions reducing by 19% over 2022, TPFG outperformed the market. Sales MSF reduced by 11% and our owned offices reported a 15% drop in sales revenue.
Encouragingly, the sales market has improved in Q1 2024, with house prices starting to rise, and the Group is well positioned to capitalise from this recovery.
Servicios Financieros
As for Sales, the environment was challenging for financial services, yet we increased the number of franchisees signed up to our service offerings and increased the number of mortgages written as a result. Improved activity in Q1 2024 and a return to writing more new mortgages will assist growth in our financial services' revenues together with the significantly enlarged division now benefitting from the leadership of Michelle Brook.
Reclutamiento
TPFG delivered against its objective to attract new franchisees to the Group, increasing its UK coverage and enabling the resales of existing franchise territories. In the year, 46 new franchise owners were recruited, 15 as traditional agents and 31 to our hybrid model. Then, to bring in new impetus to a mature network, the Group facilitated 21 resales of existing franchises.
Prior to the merger TPFG operated in over 580 franchised outlets and, following the merger, it now operates over 910 franchised outlets. The year has started well, especially in EweMove, and the Board expects an improved performance in 2024.
Marketing digital
Specific milestones in the year included completing the installation of a new operating system for EweMove, the installation of a new operating platform to enable more digital interaction and developing a portal to give our franchisees access to a wealth of information to improve efficiency. We have had positive feedback from franchisees on these operating systems and expect to roll the portal out and further enhancements in 2024 to drive growth.
Creating the UKs largest multi-brand property network
Both Belvoir and TPFG traded well during the year and demonstrated ability to drive earnings. In FY23, the pro forma financials for the Group showed revenue in excess of £61m and adjusted EBITDA of £23m.
We are working on a comprehensive integration strategy with the assistance of Dorian Gonsalves and Louise George which will be completed towards the end of H1 2024. We are delighted that Dorian Gonsalves, former CEO of Belvoir, and Louise George, former CFO of Belvoir, have stayed on for up to a year, to share their expertise and support in the integration of the businesses.
Enlarged Group Strategy
In September 2020, having had 6 months in the Group, I set out 6 key strategic initiatives which have driven our growth since:
· Crecimiento de alquileres
· Desarrollar la actividad de ventas en las marcas líderes en la calle.
· Crecimiento de los servicios financieros
· Reclutamiento EweMove
· Acquisitions (franchisee and franchisor level)
· Marketing digital
It is pleasing to see that significant advances have been made on each of these initiatives. Growth opportunities remain for each. Some are developing into far more reaching initiatives such as for financial services and digital marketing.
The scale of the Group has changed materially since I joined, and we now have a much stronger and broader platform from which to grow with yet greater resilience should we need it. In so doing, we aim to hold on to key financial fundamentals like our 40% operating margin.
Comercio actual y perspectivas
FY24 has started well with lettings' revenues continuing to grow at similar rates to last year and sales revenues ahead of management's expectations in Q1. There are strong indications of further growth in revenue and profitability during 2024.
March 2024 was a pivotal month for TPFG with the completion of the Belvoir merger which is transformational for the business. We are delighted Dorian Gonsalves and Louise George are working with us on the integration of the business which is progressing well with exciting opportunities for the Group and the addition of an established Financial Services business.
Despite some broader headwinds, our high levels of recurring revenue and resilient business model has demonstrated, time and time again, that we can continue to grow profitability regardless of market cycles. For this reason, I look to the future with confidence and excitement about the further value we can deliver for all stakeholders from our increased scale and ongoing ambition.
Muestras de Gareth
CEO
22 de abril de 2024
Financial Review,en
| Porcentaje el cambio | 2023 | 2022 |
Ingresos | + 0% | 27.3m | 27.2m |
Tarifas del servicio de gestión | + 1% | 16.1m | 15.9m |
El costo de ventas | - 3% | 5.4m | 5.6m |
Gastos administrativos | - 0% | 11.8m | 11.9m |
Beneficio operativo ajustado * | + 3% | 11.5m | 11.1m |
Beneficio operativo | + 0% | 9.3m | 9.3m |
Beneficio ajustado antes de impuestos** | + 4% | 11.2m | 10.7m |
Beneficio antes de impuestos | + 2% | 9.0m | 8.8m |
EBITDA ajustado ** | + 2% | 12.1m | 11.8m |
Dividendo | + 8% | 14.0p | 13.0p |
EPS diluido | - 2% | 22.0p | 22.5p |
EPS diluido ajustado** | 0% | 28.4p | 28.4p |
*Before exceptional costs, amortisation of acquired intangibles and share-based payment charges.
** Before exceptional costs, share-based payment charges and losses/gains on listed investments.
Another year of profit growth against a background of challenging market conditions, with our reliable recurring lettings stream growing and more than offsetting the decline in sales income. With further cost synergies being realised from the acquisition of Hunters, it meant profit increased by more than the uplift in revenue.
Lettings income growth was driven by an increase in our managed portfolio of 3% and the significant increases in rents for new lets seen across the industry, which reached close to 9% increase in 2023. Our revenue from sales transactions was slow in the first half of the year but activity picked up in the second half of the year as inflation started to fall and interest rates peaked.
We have once again increased the dividends paid to shareholders, demonstrating our cash generation and our commitment to following a progressive dividend policy.
Ingresos
Group revenue for the financial year ended 31 December 2023 was £27.3m (2022: £27.2m), an increase of £0.1m over the prior year.
Management Service Fees ("MSF"), our key underlying revenue stream, increased 2% from £15.9m to £16.1m and represented 59% (2022: 58%) of the Group's revenue. Lettings contributed 60% of MSF (2022: 55%), sales contributed 39% of MSF (2022: 44%) and financial services contributed 1% of MSF (2022: 1%). Lettings MSF increased by 11% in the year, excluding the amortisation of prepaid assisted acquisitions support, and sales MSF decreased by 11%.
Our franchise sales activity was a mix of sales to new entrants and experienced franchise owners in the high street-led brands and encouraging new entrants into EweMove. Territory sales in EweMove were 31 (2022: 44), which was a great achievement in a challenging sales market.
Financial services suffered from significant mortgage rate increases, uncertainty in the direction of these rates and a reduction in residential sales. Revenue reduced by £0.2m (13%) to £1.5m (2022: £1.7m).
Beneficio operativo
Headline operating profit remained unchanged on the prior year at £9.3m (2022: £9.3m) with an operating margin of 34% (2022: 34%). Adjusted operating profit before exceptional items, amortisation of acquired intangibles and share-based payments charges increased 3% from £11.1m to £11.5m and the resulting operating margin increased to 42% (2022: 41%).
Our cost of sales reduced by 3% to £5.4m (2022: £5.6m) which was due to the lower sales transaction in the owned offices this year but also some further synergies achieved from the Hunters acquisition. Headline administrative expenses decreased by 0.4% to £11.8m (2022: £11.9m).
Se otorgaron opciones sobre acciones a los Consejeros Ejecutivos en 2023 sobre un máximo de 172,619 acciones ordinarias. También se han concedido opciones sobre acciones a los empleados senior durante 2023 por un máximo de 83,334 acciones ordinarias en las mismas condiciones que las aplicables a los Consejeros Ejecutivos. El total de acciones bajo opción a 31 de diciembre de 2023 era de 2,100,453.
An assessment of the share-based payment charges resulting from the options granted was made on 31 December 2023 resulting in £0.8m being charged to the profit and loss account (2022: £0.4m).
Adjusted EBIDTA
Adjusted EBITDA for 2023 was £12.1m (2022: £11.8m), an increase of £0.3m (2%) over the prior year.
Beneficio antes de impuestos
Profit before tax increased to £9.0m (2022: £8.8m). Excluding amortisation arising on acquired intangibles of £1.4m (2022: £1.4m), the share-based payment charges of £0.8m (2022: £0.4m) and the gain on revaluation of the listed investment of £0.09m (2022: loss on revaluation £0.03m), the adjusted profit before tax increased by 4% from £10.7m to £11.2m.
Taxation
The effective rate of corporation tax for the year was 18% (2022: 18%). The total tax charge for 2023 was £1.6m (2022: £1.6m).
Ganancias por acción
Basic earnings per share ("EPS") for the year was 23.0p (2022: 22.6p), an increase of 2%.
Diluted EPS for the year was 22.0p (2022: 22.5p), a decrease of 2% based on the average number of shares in issue for the period plus an estimate for the dilutive effect of option grants vesting, being 33,561,469 (2022: 32,141,592).
El BPA básico ajustado para el año fue de 29.7p (2022: 28.4p), un aumento del 5% basado en el número promedio de acciones en circulación durante el período de 32,142,942 (2022: 32,041,966).
Adjusted diluted EPS for the year was 28.4p (2022: 28.4p), unchanged from last year, based on an estimate of diluted shares in issue of 33,561,469 (2022: 32,141,592).
Los ajustes a las ganancias para obtener las cifras de EPS ajustadas totalizan £2.1 millones (2022: £1.9 millones) y resultan principalmente del cargo por pago basado en acciones de £0.8 millones y la amortización de intangibles adquiridos de £1.4 millones.
El beneficio atribuible a los propietarios aumentó un 2% hasta los 7.4 millones de libras esterlinas (2022: 7.2 millones de libras esterlinas).
Dividendos
La Junta sigue comprometida con su política progresiva de dividendos y al mismo tiempo mantiene una sólida cobertura de dividendos como parte de su política general de asignación de capital.
The Group has grown significantly over the last three years and is generating significantly more cash than ever before. As a result, the Board is pleased to announce a proposed final dividend of 7.4p (2022: 8.8p), after already paying a special dividend of 2.0p, which together with the first interim dividend of 4.6p, brings the total dividend for 2023 to 14.0p (2022: 13.0p). It will be paid on 12 June 2024 to all shareholders on the register on 17 May 2024 conditional on shareholder approval at the AGM. Our shares will be marked ex-dividend on 16 May 2024. The total amount payable is £4.6m (2022: £2.8m), the significant increase over last year being as a result in the increase in share capital of 30.1m shares in March 2024 following the Belvoir Group PLC acquisition.
Flujo de fondos
El Grupo es altamente generador de efectivo desde el punto de vista operativo. La entrada neta de efectivo procedente de actividades operativas en 2023 fue de £9.0 millones (2022: £9.0 millones).
The net cash outflow from investing activities was £0.4m (2022: £0.2m).
The Group borrowed £12.5m from Barclays to fund the majority of the cash element of the consideration for Hunters Property plc in 2021. This was made up of a revolving credit facility ("RCF") of £5.0m and a term loan of £7.5m repayable over 4 years. The term loan was fully repaid in 2022 with an outflow of £6.1m. In 2023, the Group repaid £2.5m of the RCF with the remaining £2.5m being repaid in January 2024 leaving the Group with no debt.
En el año se pagaron dividendos por un total de 4.3 millones de libras esterlinas (2022: 3.8 millones de libras esterlinas).
Liquidez
The Group had cash balances of £7.6m on 31 December 2023 (2022: £6.7m) and after deducting the RCF of £2.5m (2022: £5.0m) mentioned above, net cash was £5.1m (2022: £1.7m).
The RCF expired and was replaced by a £5m overdraft facility in January 2024 providing the Group with sufficient funds together with its existing cash to meet the costs of the merger with Belvoir and ongoing working capital requirements.
Indicadores clave de rendimiento
The Group uses a number of key financial and non-financial performance indicators to measure performance, which are regularly reviewed by the Board to ensure that they remain relevant to the Group's operations.
Situación financiera
The Consolidated Statement of Financial Position remains strong with total assets of £57.7m (2022: £57.8m), the decrease being impacted by amortisation and cash used to pay off the RCF.
Liabilities reduced from £20.6m to £16.9m mainly as a result of the repayment of the £2.5m RCF during the period.
The Group finished the year with the total equity attributable to owners of £40.8m, an increase of £3.6m or 10% over the prior year. It achieved a ROCE of 21% (2022: 20%) and a ROCI of 28% (2022: 27%).
The Group again generated strong cash inflows in 2023 due to growth in lettings revenues and its operating margins.
This put the Group in a strong position to execute on the merger with Belvoir and is expected to provide the Group with an increased predictability of free cash flow generation going forward.
David Raggett
Director Financiero
22 de abril de 2024
Belvoir Merger
Terms of the Merger
Effective on 7 March 2024, The Property Franchise Group Plc acquired the entire issued share capital of Belvoir Group Plc in exchange 30,073,051 ordinary shares of 1p each in TPFG, valuing Belvoir at £103.5m.
Financial performance in FY23
· | FY23 revenue of £34.2m, adjusted EBITDA of £11.2m and adjusted PBT of £11.0m |
· | MSF, the key underlying revenue from franchisees, increased by 5% to £11.5 million (2022: £11.0 million) |
· | The strong lettings market gave rise to an increase of 8% in lettings MSF against a UK rental index for 2023 of 6.2% |
· | 10% lower sales MSF compared favourably with a reduction of 18% in UK housing transactions |
Belvoir Audited Performance
| 2023 | 2022 | Cambio (%) |
Facturación (millones de libras esterlinas) | 34.2 | 33.7 | 1% |
Adjusted* EBITDA (£m) | 11.1 | 10.6 | 5% |
PBT (millones de libras esterlinas) | 9.0 | 9.1 | (1%) |
Adjusted* PBT (£m) | 11.0 | 10.2 | 8% |
EPS básico (p) | 18.7 | 19.9 | (6%) |
Basic adjusted* EPS | 22.6 | 22.1 | 2% |
Efectivo neto (£ m) | 1.7 | 1.2 | 43% |
*Antes de costos excepcionales, amortización de intangibles adquiridos y cargos por pagos basados en acciones.
Belvoir Non-Financial KPIs
| 2023 | 2022 | Cambio (%) |
Number of property franchise offices | 331 | 338 | (2%) |
Average MSF per franchised office | £35,800 | £34,000 | 2% |
Number of managed properties | 75,200 | 75,500 | - |
MSF p.a. from assisted acquisitions | £400,000 | £300,000 | 33% |
Number of advisers | 308 | 284 | 8% |
Number of mortgages arranged | 19,682 | 18,329 | 7% |
Declaración consolidada de ingreso comprensivo
para el año terminado el 31 de diciembre de 2023
Notas | 2023 000 £ | 2022 000 £ | |
Ingresos | 7 | 27,278 | 27,158 |
El costo de ventas | (5,400) | (5,575) | |
Beneficio bruto | 21,878 | 21,583 | |
Gastos administrativos | 8 | (11,831) | (11,876) |
Cargo por pagos basados en acciones | 9, 30 | (783) | (411) |
Beneficio operativo | 10 | 9,264 | 9,296 |
Ingresos financieros | 11 | 20 | 39 |
Costos financieros | 11 | (357) | (470) |
Otras ganancias y pérdidas | 19 | 87 | (32) |
Beneficio antes del gasto por impuesto a las ganancias | 9,014 | 8,833 | |
Ingreso por gastos de impuesto | 12 | (1,644) | (1,588) |
Utilidad y resultado integral total del año | 7,370 | 7,245 | |
Utilidad y resultado integral total del año atribuible a: |
| ||
Propietarios del padre | 7,395 | 7,229 | |
Interes no controlado | (25) | 16 | |
7,370 | 7,245 | ||
|
| ||
Ganancia por acción atribuible a los propietarios de la controladora | 13 | 23.0p | 22.6p |
Utilidad diluida por acción atribuible a los propietarios de la controladora | 13 | 22.0p | 22.5p |
Estado consolidado de posición financiera
31 de diciembre 2023
Notas | 2023 000 £ | 2022 000 £ | |
Activos |
| ||
Activos no corrientes |
| ||
Activos intangibles | 15 | 43,757 | 44,958 |
Propiedad, planta y equipo. | 16 | 181 | 162 |
Activos por derecho de uso | 17 | 1,525 | 1,613 |
Soporte de adquisiciones asistidas de prepago | 18 | 230 | 297 |
Inversiones | 19 | -- | 137 |
Otros ingresos | 20 | 210 | 240 |
45,903 | 47,407 | ||
Activos circulantes |
| ||
Cuentas comerciales y otras cuentas por cobrar | 20 | 4,134 | 3,718 |
Efectivo y equivalentes de efectivo | 7,642 | 6,684 | |
11,776 | 10,402 | ||
los activos totales | 57,679 | 57,809 | |
Equidad |
| ||
Accionistas |
| ||
Llamado capital social | 21 | 323 | 320 |
Compartir premium | 22 | 4,129 | 4,129 |
Reserva de acciones propias | 24 | (420) | (348) |
Reserva de fusión | 23 | 14,345 | 14,345 |
Otras reservas | 24 | 1,673 | 1,316 |
Ganancias retenidas | 20,765 | 17,399 | |
40,815 | 37,161 | ||
Interes no controlado | (3) | 22 | |
Patrimonio total atribuible a los propietarios | 40,812 | 37,183 | |
Pasivos |
| ||
Pasivos no corrientes |
| ||
Préstamos | 25 | -- | 5,000 |
Pasivos por arrendamiento | 17 | 1,647 | 1,856 |
Impuesto diferido | 27 | 4,394 | 5,168 |
Provisiones | 28 | 181 | 212 |
|
| 6,222 | 12,236 |
Pasivo circulante |
| ||
Préstamos | 25 | 2,500 | -- |
Comerciales y otras cuentas a pagar | 26 | 6,319 | 6,724 |
Pasivos por arrendamiento | 17 | 395 | 506 |
Impuesto a pagar | 1,431 | 1,160 | |
10,645 | 8,390 | ||
Pasivos totales | 16,867 | 20,626 | |
Total patrimonio y pasivos | 57,679 | 57,809 |
Las cuentas anuales fueron aprobadas y autorizadas para su emisión por el Consejo de Administración el 22 de abril de 2024 y firmadas en su nombre por:
David Raggett
Director Financiero
Estado de situación financiera de la empresa
31 de diciembre 2023 (Company No: 08721920)
Notas | 2023 000 £ | 2022 000 £ | |
Activos |
| ||
Activos no corrientes |
| ||
Inversiones | 19 | 60,966 | 60,773 |
Activos por impuestos diferidos | 27 | 820 | 412 |
61,786 | 61,185 | ||
Activos circulantes |
| ||
Cuentas comerciales y otras cuentas por cobrar | 20 | 1,476 | 1,065 |
Efectivo y equivalentes de efectivo | 2,337 | 1,539 | |
3,813 | 2,604 | ||
los activos totales | 65,599 | 63,789 | |
|
| ||
Equidad |
| ||
Accionistas |
| ||
Llamado capital social | 21 | 323 | 320 |
Compartir premium | 22 | 4,129 | 4,129 |
Reserva de acciones propias | 24 | (420) | (348) |
Reserva de fusión | 23 | 32,335 | 32,335 |
Otras reservas | 24 | 1,673 | 1,316 |
Ganancias retenidas | 23,371 | 19,276 | |
Equidad total | 61,411 | 57,028 | |
Pasivos |
| ||
Pasivos no corrientes |
| ||
Préstamos | 25 | -- | 5,000 |
-- | 5,000 | ||
Pasivo circulante |
| ||
Préstamos | 25 | 2,500 | -- |
Comerciales y otras cuentas a pagar | 26 | 1,688 | 1,761 |
4,188 | 1,761 | ||
Pasivos totales | 4,188 | 6,761 | |
Total patrimonio y pasivos
| 65,599
| 63,789
| |
|
|
Según lo permitido por la Sección 408 de la Ley de Sociedades de 2006, el estado de resultados de la empresa matriz no se presenta como parte de estos estados financieros. El beneficio de la empresa matriz durante el ejercicio fue de 8.1 millones de libras esterlinas (2022: 6.4 millones de libras esterlinas).
Las cuentas anuales fueron aprobadas y autorizadas para su emisión por el Consejo de Administración el 22 de abril de 2024 y firmadas en su nombre por:
David Raggett
Director Financiero
Estado de cambios en el patrimonio neto consolidado
para el año terminado el 31 de diciembre de 2023
|
| Atribuible a los propietarios |
|
| |||||||||
Llamado compartir capital 000 £ | retenido ganancias 000 £ | Compartir producto de más alta calidad. 000 £ | Cuota propia reserva 000 £ | Fusión reserva 000 £ | Otro reservas 000 £ | Total equidad 000 £ | Sin control intereses 000 £ | Total equidad 000 £ | |||||
Saldo al 1 de enero de 2022 | 320 | 13,999 | 4,129 | (348) | 14,345 | 905 | 33,350 | 6 | 33,356 | ||||
Utilidad y resultado integral total | -- | 7, 229 | -- | -- | -- | -- | 7,229 | 16 | 7,245 | ||||
Dividendos | -- | (3,829) | -- | -- | -- | -- | (3,829) | -- | (3,829) | ||||
Cargo por pagos basados en acciones | -- | -- | -- | -- | -- | 411 | 411 | -- | 411 | ||||
Total de transacciones con propietarios | -- | (3,829) | -- | -- | -- | 411 | (3,418) | -- | (3,418) | ||||
Saldo al 31 de diciembre de 2022 | 320 | 17,399 | 4,129 | (348) | 14,345 | 1,316 | 37,161 | 22 | 37,183 | ||||
Utilidad y resultado integral total | -- | 7,395 | -- | -- | -- | -- | 7,395 | (25) | 7,370 | ||||
Dividendos | -- | (4,283) | -- | -- | -- | -- | (4,283) | -- | (4,283) | ||||
Acciones emitidas - ejercicios de opciones sobre acciones | 3 | 254 | -- | -- | -- | (524) | (267) | -- | (267) | ||||
Cargo por pagos basados en acciones | -- | -- | -- | -- | -- | 783 | 783 | -- | 783 | ||||
Compra de acciones por Fideicomiso de Beneficios para Empleados | -- | -- | -- | (72) | -- | -- | (72) | -- | (72) | ||||
Impuesto diferido sobre pagos basados en acciones | -- | -- | -- | -- | -- | 98 | 98 | -- | 98 | ||||
Total de transacciones con propietarios | 3 | (4,029) | -- | (72) | -- | 357 | (3,741) | -- | (3,741) |
Saldo al 31 de diciembre de 2023 | 323 | 20,765 | 4,129 | (420) | 14,345 | 1,673 | 40,817 | (3) | 40,812 |
Estado de cambios en el patrimonio neto de la empresa
para el año terminado el 31 de diciembre de 2023
Llamado compartir capital 000 £ | retenido ganancias 000 £ | Compartir producto de más alta calidad. 000 £ | Reserva de acciones propias 000 £ | Fusión reserva 000 £ | Otro reservas 000 £ | Total equidad 000 £ | |
Saldo al 1 de enero de 2022 | 320 | 16,668 | 4,129 | (348) | 32,335 | 905 | 54,009 |
Utilidad y resultado integral total | -- | 6,437 | -- | -- | -- | -- | 6,437 |
Dividendos | -- | (3,829) | -- | -- | -- | -- | (3,829) |
Cargo por pagos basados en acciones | -- | -- | -- | -- | -- | 411 | 411 |
Total de transacciones con propietarios | -- | (3,829) | -- | -- | -- | 411 | (3,418) |
Saldo al 31 de diciembre de 2022 | 320 | 19,276 | 4,129 | (348) | 32,335 | 1,316 | 57,028 |
Utilidad y resultado integral total | - | 8,124 | - | - | - | - | 8,124 |
Dividendos | - | (4,283) | - | - | - | - | (4,283) |
Acciones emitidas - ejercicios de opciones sobre acciones | 3 | 254 | -- | - | - | (524) | (267) |
Compra de acciones por Fideicomiso de Beneficios para Empleados | - | - | - | (72) | - | - | (72) |
Impuesto diferido sobre pagos basados en acciones | - | - | - | - | - | 98 | 98 |
Cargo por pagos basados en acciones | - | - | - | - | - | 783 | 783 |
Total de transacciones con propietarios | 3 | (4,029) | -- | (72) | -- | 357 | (3,741) |
Saldo al 31 de diciembre de 2023 | 323 | 23,371 | 4,129 | (420) | 32,335 | 1,673 | 61,411 |
Estado de flujos de efectivo consolidado
para el año terminado el 31 de diciembre de 2023
Notas | 2023 000 £ | 2022 000 £ | |
flujos de efectivo por actividades operacionales |
| ||
Efectivo generado por operaciones | A | 11,324 | 11,295 |
Pago interesado | (255) | (359) | |
Impuesto pagado | (2,048) | (1,962) | |
Efectivo neto de actividades operativas | 9,021 | 8,974 | |
Flujos de efectivo de actividades de inversión |
| ||
Purchase of intangible assets - Customer lists | (201) | (387) | |
Disposal of investment in shares | 81 | -- | |
The Mortgage Genie deferred consideration | (138) | -- | |
Enajenación de activos intangibles - FDG y cambios de marca | 53 | 143 | |
Enajenación de activos intangibles - Listas de clientes | -- | 150 | |
Compra de activos tangibles | (114) | (38) | |
Soporte de adquisiciones asistidas | (115) | (102) | |
Interés recibido | 20 | 39 | |
Efectivo neto utilizado en actividades de inversión | (414) | (195) | |
Flujos de efectivo de actividades de financiación |
| ||
Emisión de acciones ordinarias | 3 | -- | |
Dividendos de capital pagados | (4,283) | (3,829) | |
Compra de acciones por Fideicomiso de Beneficios para Empleados | (72) | -- | |
Net settlement of share options | (270) | -- | |
Préstamo bancario reembolsado | (2,500) | (6,094) | |
Principal pagado sobre pasivos por arrendamiento | (431) | (473) | |
Intereses pagados sobre pasivos por arrendamiento | (96) | (112) | |
Efectivo neto utilizado en actividades de financiación. | (7,649) | (10,508) | |
Aumento / (disminución) de efectivo y equivalentes de efectivo | 958 | (1,729) | |
Efectivo y equivalentes de efectivo al inicio del año | 6,684 | 8,413 | |
Efectivo y equivalentes de efectivo al final del año | 7,642 | 6,684 |
Notas al estado consolidado de flujos de efectivo
para el año terminado el 31 de diciembre de 2023
A. Conciliación de la utilidad antes del impuesto a la renta con el efectivo generado por las operaciones
2023 000 £ | 2022 000 £ | |
flujos de efectivo por actividades operacionales |
| |
El beneficio antes de impuestos sobre la renta | 9,014 | 8,833 |
Depreciación de propiedades, planta y equipo | 95 | 91 |
Amortización de intangibles | 1,531 | 1,477 |
Amortización del apoyo a adquisiciones asistidas prepago | 183 | 229 |
Amortización de activos por derecho de uso | 234 | 305 |
Beneficio por enajenación de FDG y cambios de marca | (89) | (195) |
Cargo por pagos basados en acciones | 783 | 411 |
(Gain)/loss on revaluation of listed investment | (87) | 32 |
Costos financieros | 357 | 471 |
Ingresos financieros | (20) | (39) |
Flujo de caja operativo antes de cambios en el capital de trabajo | 12,001 | 11,615 |
Aumento de cuentas por cobrar comerciales y otras | (319) | (837) |
(Disminución) / aumento de cuentas comerciales y otras cuentas por pagar | (358) | 517 |
Efectivo generado por operaciones | 11,324 | 11,295 |
Estado de flujos de efectivo de la empresa
para el año terminado el 31 de diciembre de 2023
Notas | 2023 000 £ | 2022 000 £ | |
flujos de efectivo por actividades operacionales | |||
Efectivo generado por operaciones | B | (1,337) | (764) |
Pago interesado | (256) | (359) | |
Efectivo neto utilizado en actividades operativas | (1,593) | (1,123) | |
Flujos de efectivo de actividades de inversión |
| ||
The Mortgage Genie - deferred consideration |
| (138) | -- |
Dividendos de capital recibidos | 9,651 | 7,950 | |
Efectivo neto generado por actividades de inversión | 9,513 | 7,950 | |
Flujos de efectivo de actividades de financiación |
| ||
Emisión de acciones ordinarias | 3 | -- | |
Dividendos de capital pagados | (4,283) | (3,829) | |
Compra de acciones por Fideicomiso de Beneficios para Empleados | (72) | -- | |
Net settlement of share options | (270) | -- | |
Préstamo bancario reembolsado | (2,500) | (6,094) | |
Efectivo neto utilizado en actividades de financiación. | (7,122) | (9,923) | |
Aumento / (disminución) de efectivo y equivalentes de efectivo | 798 | (3,096) | |
Efectivo y equivalentes de efectivo al inicio del año | 1,539 | 4,635 | |
Efectivo y equivalentes de efectivo al final del año | 2,337 | 1,539 |
Notes to the company statement of cash flows
para el año terminado el 31 de diciembre de 2023
B. Reconciliation of profit before income tax to cash generated from operations
2023 000 £ | 2022 000 £ | |
flujos de efectivo por actividades operacionales | ||
El beneficio antes de impuestos sobre la renta | 7,555 | 6,120 |
Cargo por pagos basados en acciones | 613 | 366 |
(Gain)/loss on revaluation of listed investment | (22) | 15 |
Costos financieros | 261 | 358 |
Dividendo de capital recibido | (9,651) | (7,950) |
Flujo de caja operativo antes de cambios en el capital de trabajo | (1,244) | (1,091) |
(Aumento) / disminución de cuentas por cobrar comerciales y otras | (94) | 28 |
Aumento de cuentas por pagar comerciales y otras | 1 | 299 |
Efectivo utilizado en operaciones | (1,337) | (764) |
Notes to the consolidated and company financial statements
para el año terminado el 31 de diciembre de 2023
1. Información general
The principal activity of The Property Franchise Group PLC and its subsidiaries is that of a UK residential property franchise business. The Group operates in the UK. The Company is a public limited company incorporated and domiciled in the UK and listed on AIM. The address of its head office and registered office is 2 St Stephen's Court, St Stephen's Road, Bournemouth, Dorset, BH2 6LA, UK.
2. Base de preparación
Estos estados financieros consolidados se han preparado de acuerdo con las normas contables internacionales adoptadas por el Reino Unido y, en lo que respecta a los estados financieros de la Sociedad Matriz, según se aplican de conformidad con las disposiciones de la Ley de Sociedades de 2006. Los estados financieros consolidados se han preparado según la convención de costo histórico. modificado para incluir la revaluación de ciertas inversiones a su valor razonable.
La preparación de estados financieros de acuerdo con las normas de contabilidad internacionales adoptadas por el Reino Unido requiere el uso de ciertas estimaciones contables críticas. También requiere que la gerencia ejerza su juicio en el proceso de aplicación de las políticas contables del Grupo. Las áreas que involucran un mayor grado de juicio o complejidad, o áreas donde los supuestos y estimaciones son importantes para los estados financieros consolidados se revelan en la nota 5.
La moneda de presentación de los estados financieros es la libra esterlina y los importes se redondean al millar de libras más cercano.
Preocupación continua
The Group has produced detailed budgets, projections and cash flow forecasts, which incorporate the recently acquired Belvoir Group PLC. These have been stress tested to understand the impacts of reductions in revenue and costs. The Directors have concluded after reviewing these budgets, projections and forecasts, making appropriate enquiries of the business, that there is a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future. Accordingly, they have adopted the going concern basis in preparing the financial statements.
Cambios en las políticas contables
a) Nuevas normas, modificaciones e interpretaciones vigentes a partir del 1 de enero de 2023
We do not consider there to be any relevant new standards, amendments to standards or interpretations, that are effective for the financial year beginning on 1 January 2023, which would have had a material impact on the financial statements.
b) Nuevas normas, modificaciones e interpretaciones aún no vigentes
We do not consider there to be any relevant new standards, amendments to standards or interpretations that have been issued, but are not effective for the financial year beginning on 1 January 2023, which would have had a material impact on the financial statements.
Las principales políticas contables aplicadas en la preparación de estos estados financieros se detallan a continuación. Estas políticas se han aplicado consistentemente a todos los años presentados, a menos que se indique lo contrario.
3. Base de consolidación
The Group financial statements include those of the Parent Company and its subsidiaries, drawn up to 31 December 2023. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
El Grupo aplica el método de adquisición para contabilizar las combinaciones de negocios. La contraprestación transferida por la adquisición de una subsidiaria son los valores razonables de los activos transferidos, los pasivos incurridos con los antiguos propietarios de la adquirida y las participaciones emitidas por el Grupo. Los activos identificables adquiridos y los pasivos y pasivos contingentes asumidos en una combinación de negocios se miden inicialmente a sus valores razonables en la fecha de adquisición. Los costos relacionados con la adquisición se cargan a resultados cuando se incurren.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group's accounting policies.
4. Políticas contables importantes
Reconocimiento de ingresos
Obligaciones de desempeño y momento del reconocimiento de ingresos
Los ingresos representan los ingresos, netos de IVA, por la venta de contratos de franquicia, tarifas de reventa y tarifas de servicios de gestión que se cobran mensualmente a los franquiciados en función de su facturación, y otros ingresos son la prestación de servicios ad hoc y el apoyo continuo a los franquiciados. Además, hay ingresos por alquileres y ventas residenciales, netos de IVA, de un pequeño número de oficinas propiedad de Hunters y comisiones de servicios financieros.
Franquicias excluyendo EweMove:
Fees from the sale of franchise agreements are not refundable. These fees are for the use of the brand along with initial training and support and promotion during the opening phase of the new office. As such, the Group has some initial obligations that extend beyond the receipt of funds and signing of the franchise agreement so an element of the fee is deferred and released as the obligations are discharged, usually between 1 to 4 months after receipt of funds, which is the typical period of on-boarding for new franchisees.
Los honorarios de reventa se reconocen en el mes en que se firma un contrato de reventa de una franquicia. Al firmar el contrato se han cumplido todas las obligaciones.
Management Service Fees are recognised on a monthly basis and other income is recognised when the services and support is provided to the franchisee. There are no performance obligations associated with levying the Management Service Fees. For ad hoc services and support, all performance obligations have been fulfilled at the time of revenue recognition.
Movimiento de oveja:
Fees from the sale of franchise agreements for the EweMove brand are not refundable. Some new franchisees pay a higher fee to include the first 12 months' licence fee; in this scenario, the licence fee element of the initial fee is deferred and released over the first 12 months of trading of the franchise where no monthly licence fees are payable. The franchise fee is for the use of the brand along with initial support and promotion during the opening phase of the new franchise. As such, the Group has some initial obligations that extend beyond the receipt of funds and signing of the franchise agreement so an element of the fee is deferred and released as the obligations are discharged, usually between 1 to 4 months after receipt of funds, which is the typical period of on-boarding for new franchisees.
Management Service Fees consist of monthly licence fees and completion fees. Licence fees are recognised on a monthly basis, completion fees are recognised when sales or lettings transactions complete and other income is recognised when the services and support are provided to the franchisee. There are no additional performance obligations associated with levying the licence fee and completion fees beyond providing access to the systems, brand and marketing support. For ad hoc services and support, all performance obligations have been fulfilled at the time of revenue recognition.
Hunters' owned offices:
Los ingresos por la venta de propiedades residenciales se reconocen, neto de IVA, en el momento en que el Grupo ha cumplido su obligación de desempeño para llevar la transacción hasta el intercambio de contratos entre un comprador y un vendedor.
Revenue from lettings represents commission earned from operating as a lettings agent, net of vat. Where the performance obligation relates to the letting of a property, the revenue is recognised at the point the property has been let. Where the performance obligation relates to the management of a lettings property, revenue is recognised over the period the property is managed.
Comisiones de servicios financieros:
Financial services commissions received are recognised upon receipt, being a point in time when the Group has met its obligations in delivering a customer to the mortgage and / or insurance partners. A provision is made for the best estimate of future clawbacks resulting from insurance policies being subsequently cancelled; however, this is not material to the financial statements. There is no vat applicable to financial services commissions.
Ingresos de alquiler:
Rental income represents rent received from short-term licensing arrangements entered into to make use of vacant office space. The Group's obligation is to provide office accommodation through the period of the licence. Revenue is recognised over the period of the licence.
Beneficio operativo
Las ganancias de las operaciones se expresan antes de ingresos financieros, costos financieros y gastos fiscales.
Activos intangibles
Los activos intangibles con vida finita se contabilizan al costo menos la amortización y las pérdidas por deterioro. Los activos intangibles representan partidas que cumplen con los criterios de reconocimiento de la NIC 38, en el sentido de que es probable que los beneficios económicos futuros atribuibles a los activos fluyan hacia la entidad y el costo puede medirse de manera confiable.
De acuerdo con la NIIF 3 Combinaciones de Negocios, se considera que un activo intangible adquirido en una combinación de negocios tiene un coste para el Grupo equivalente a su valor razonable en la fecha de adquisición. El valor razonable del activo intangible refleja las expectativas del mercado sobre la probabilidad de que los beneficios económicos futuros incorporados en el activo fluyan hacia el Grupo.
Los cargos por amortización se incluyen en gastos administrativos en el Estado de Resultados Integrales. La amortización comienza cuando el activo intangible está disponible para su uso por primera vez y se proporciona a tasas calculadas para cancelar el costo de cada activo intangible a lo largo de su vida útil esperada, de forma lineal, de la siguiente manera:
Marcas - CJ Hole, Parkers, Ellis & Co | vida indefinida |
Marcas - EweMove | 21 años |
Marcas - Cazadores | 20 años |
Listas de clientes - libros de alquileres | 12 años |
Listas de clientes - subvenciones al desarrollo de franquicias | 15 años |
Acuerdos de franquicia principal: Whitegates, CJ Hole, Parkers, Ellis & Co | 25 años |
Contratos de máster franquicia - Hunters | 21 años |
Acuerdos de máster franquicia - EweMove | 15 años |
Tecnología - Ewereka | 5 años |
Technology - websites, CRM system and software | 3 años |
Los nombres comerciales adquiridos se identifican como activos intangibles separados donde pueden medirse de manera confiable mediante la valoración de los flujos de efectivo futuros. Se considera que los nombres comerciales CJ Hole, Parkers y Ellis & Co tienen una vida indefinida debido a sus largos historiales comerciales.
Las listas de clientes adquiridas se identifican como un activo intangible separado ya que son separables y pueden medirse de manera confiable mediante la valoración de los flujos de efectivo futuros. Esta valoración también evalúa la vida de la relación particular. La vida de la relación se evalúa anualmente.
Customer lists acquired as part of the Hunters acquisition relate to lettings books and are being written off over an expected useful life of 12 years.
Acquired master franchise agreements are identified as a separate intangible asset as they are separable and can be reliably measured by valuation of future cash flows. The life of the relationship is assessed annually. Master franchise agreements are being written off over an expected useful life of 15-25 years as historical analyses shows that, on average, 4%-10% of franchises will change ownership per annum.
Después del reconocimiento inicial, los activos intangibles se valúan al costo atribuido menos la amortización acumulada y los cargos por deterioro, con excepción de los intangibles de vida indefinida.
Deterioro de activos no financieros
In respect of goodwill and intangible assets that have indefinite useful lives, management is required to assess whether the recoverable amount of each exceeds their respective carrying values at the end of each accounting period.
In respect of intangible assets with definite lives, management is required to assess whether the recoverable amount exceeds the carrying value where an indicator of impairment exists at the end of each accounting period.
El importe recuperable es el mayor entre el valor razonable menos los costos de venta y el valor en uso.
Impairment losses represent the amount by which the carrying value exceeds the recoverable amount; they are recognised in the income statement. Impairment losses recognised in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to the cash generating unit and then to reduce the carrying amount of the other assets in the unit on a pro-rata basis. Where an indicator of impairment exists against a definite life asset and a subsequent valuation determines there to be impairment, the intangible asset to which it relates is impaired by the amount determined.
An impairment loss in respect of goodwill is not reversed should the valuation subsequently recover. In respect of other assets, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
Una pérdida por deterioro se revierte solo en la medida en que el valor en libros del activo no exceda el valor en libros que se habría determinado, neto de depreciación o amortización, si no se hubiera reconocido ninguna pérdida por deterioro.
El contrato de master franquicia se evalúa por separado para determinar su deterioro como un activo independiente que genera entradas de efectivo que son en gran medida independientes de las de otros activos.
Inversión en subsidiarias
Las inversiones en filiales se valoran en el balance de la Sociedad Dominante al coste menos provisiones por deterioro.
Inversiones iguales
Las inversiones en el balance del Grupo representan inversiones cotizadas que se valoran a valor de mercado e inversiones no cotizadas que se valoran a coste. Las inversiones cotizadas se revalúan a su valor razonable a través de la cuenta de pérdidas y ganancias en función del precio de cotización de la acción.
Propiedad, planta y equipo.
Los elementos de propiedad, planta y equipo se valoran al costo de adquisición menos la depreciación acumulada y las pérdidas por deterioro. La depreciación se carga de manera que se cancele el costo de los activos a lo largo de su vida útil estimada sobre las siguientes bases:
Accesorios, herrajes y equipo de oficina. | 15% - 25% saldo reductor o 10% - 33% línea recta |
Equipo de computadora | más de 3 años |
Edificios arrendados y mejoras de arrendamientos cortos | durante el plazo del arrendamiento |
Activos por derecho de uso
Los activos por derecho de uso se relacionan con arrendamientos operativos que se han incorporado al balance según la NIIF 16. Se miden inicialmente por el importe del pasivo por arrendamiento, se reducen por los incentivos de arrendamiento recibidos y se incrementan por:
• pagos de arrendamiento hechos en o antes del comienzo del arrendamiento;
• costos directos iniciales incurridos; y
• the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset
Subsequent to initial measurement, right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
Pasivos por arrendamiento
Los pasivos por arrendamiento se miden al valor presente de los pagos contractuales adeudados al arrendador durante el plazo del arrendamiento, con la tasa de descuento determinada por referencia a la tasa inherente al arrendamiento a menos que (como suele ser el caso) esto no sea fácilmente determinable, en en cuyo caso se utiliza la tasa de endeudamiento incremental del Grupo al inicio del arrendamiento. Los pagos por arrendamiento variables solo se incluyen en la medición del pasivo por arrendamiento si dependen de un índice o tasa. En tales casos, la medición inicial del pasivo por arrendamiento asume que el elemento variable permanecerá sin cambios durante el plazo del arrendamiento. Los demás pagos de arrendamiento variables se registran como gastos en el período al que se refieren.
Después de la medición inicial, los pasivos por arrendamiento aumentan como resultado de los intereses cobrados a una tasa constante sobre el saldo pendiente y se reducen por los pagos de arrendamiento realizados.
Soporte de adquisiciones asistidas de prepago
El apoyo prepago a las adquisiciones asistidas representa montos pagaderos a los franquiciados en relación con la adquisición de carteras de propiedades administradas calificadas y montos pagaderos a brokers para ayudar con la adquisición de esas carteras. Los pagos se reconocen como un activo y se amortizan en la cuenta de pérdidas y ganancias en 5 años. Los importes a pagar a los franquiciados se amortizan como una reducción de los ingresos, mientras que los importes a pagar a brokerLos s se amortizan a través del costo de ventas.
Impuestos sobre la renta
El impuesto a la renta actualmente por pagar se calcula utilizando las tasas impositivas vigentes o sustancialmente promulgadas a la fecha de presentación de informes. La ganancia imponible difiere de la ganancia contable porque algunos ingresos y gastos nunca son imponibles o deducibles, o porque el patrón temporal en el que son imponibles o deducibles difiere entre la ley tributaria y su tratamiento contable.
El gasto por impuestos del período comprende impuestos corrientes y diferidos. El impuesto se reconoce en resultados, excepto si surge de transacciones o eventos que se reconocen en otro resultado integral o directamente en el patrimonio.
Impuesto diferido
Deferred income taxes are calculated using the liability method on temporary differences, at the tax rate that is substantively enacted at the balance sheet date. On 24 May 2021, the Finance Bill 2021 was substantively enacted which amended the corporation tax rate from 19% to 25% with effect from 1 April 2023. Deferred tax is generally provided on the difference between the carrying amount of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Tax losses available to be carried forward as well as other income tax credits to the Group are assessed for recognition as deferred tax assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that the underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date. Changes in deferred tax assets or liabilities are recognised as a component of the tax expense in the income statement. For share-based payments the deferred tax credit is recognised in the income statement to the extent that it offsets the share-based payments charge, with any remaining element after offset being shown in the Statement of Changes in Equity.
Efectivo y equivalentes de efectivo
El efectivo y equivalentes de efectivo se definen como saldos de efectivo en caja y en el banco (incluidos los depósitos en efectivo a corto plazo).
Activos financieros
El Grupo y la Compañía sólo tienen activos financieros que comprenden cuentas por cobrar comerciales y otras y efectivo y equivalentes de efectivo en el Estado Consolidado de Situación Financiera.
These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision. for impairment.
Deterioro de activos financieros
Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised within administrative expenses in the Consolidated Statement of Comprehensive Income. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
Las provisiones por deterioro de cuentas por cobrar a partes relacionadas y préstamos a partes relacionadas se reconocen con base en un modelo de pérdida crediticia esperada prospectiva. La metodología utilizada para determinar el monto de la provisión se basa en si ha habido un aumento significativo en el riesgo de crédito desde el reconocimiento inicial del activo financiero. Para aquellos en los que el riesgo crediticio no ha aumentado significativamente desde el reconocimiento inicial del activo financiero, se reconocen las pérdidas crediticias esperadas a 12 meses junto con los ingresos brutos por intereses. Para aquellos cuyo riesgo crediticio ha aumentado significativamente, se reconocen las pérdidas crediticias esperadas durante toda la vida junto con los ingresos brutos por intereses. Para aquellos que se determina que tienen deterioro crediticio, se reconocen las pérdidas crediticias esperadas durante toda la vida junto con los ingresos por intereses en términos netos.
Pasivos financieros
Los pasivos financieros se componen de cuentas por pagar comerciales y otras cuentas por pagar, préstamos y otros pasivos monetarios de corto plazo, los cuales se reconocen al costo amortizado.
Trade payables, other payables and other short-term monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.
Los préstamos se reconocen inicialmente a su valor razonable, neto de los costos de transacción incurridos. Los préstamos se contabilizan posteriormente al costo amortizado; cualquier diferencia entre los ingresos (neto de los costos de transacción) y el valor de rescate se reconoce en el estado de resultados durante el período de los préstamos utilizando el método de interés efectivo.
Las tarifas pagadas por el establecimiento de líneas de crédito se reconocen como costos de transacción del préstamo en la medida en que sea probable que se utilice parte o la totalidad de la línea de crédito. En este caso, la comisión se aplaza hasta que se produzca la disposición. En la medida en que no haya evidencia de que sea probable que parte o la totalidad de la línea de crédito se utilice, la tarifa se capitaliza como un pago anticipado por los servicios de liquidez y se amortiza durante el período de la línea de crédito con la que se relaciona.
Pagos basados en acciones
The Group and Company issue equity-settled share-based payments to employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is amortised through the Consolidated Statement of Comprehensive Income over the vesting period of the options, together with a corresponding increase in equity, based upon the Group and Company's estimate of the shares that will eventually vest.
El valor razonable se mide utilizando el modelo de valoración de opciones de Black-Scholes teniendo en cuenta los siguientes datos:
el precio de ejercicio de la opción;
la vida de la opción;
el precio de mercado en la fecha del otorgamiento de la opción;
la volatilidad esperada del precio de las acciones;
los dividendos esperados sobre las acciones; y
la tasa de interés libre de riesgo durante la vida de la opción.
La vida esperada utilizada en el modelo ha sido ajustada, con base en la mejor estimación de la administración, por los efectos de la intransferibilidad, las restricciones de ejercicio y las consideraciones de comportamiento.
At the end of each reporting period, the Group and Company revise its estimates of the number of options that are expected to vest based on the non-market conditions and recognise the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity.
5. Estimaciones y juicios contables críticos y fuentes clave de incertidumbre en las estimaciones
La Compañía realiza ciertas estimaciones y suposiciones con respecto al futuro. Las estimaciones y juicios se evalúan continuamente con base en la experiencia histórica y otros factores, incluidas las expectativas de eventos futuros que se consideran razonables según las circunstancias. En el futuro, la experiencia real puede diferir de estas estimaciones y supuestos. Las estimaciones y supuestos que tienen un riesgo significativo de causar un ajuste material a los valores en libros de los activos y pasivos dentro del próximo año financiero se analizan a continuación.
Deterioro de activos intangibles
El Grupo está obligado a comprobar, cuando existen indicadores de deterioro o existen activos intangibles con vida indefinida, si los activos intangibles han sufrido algún deterioro. El importe recuperable se determina con base en cálculos del valor en uso. El uso de este método requiere la estimación de los flujos de efectivo futuros y la elección de una tasa de descuento para calcular el valor presente de los flujos de efectivo. Los supuestos clave para el cálculo del valor en uso se describen en la nota 15.
Cargo por pago basado en acciones ("SBPC")
The aggregate fair value expense of each grant is determined through using the Black Scholes model and an estimate for the attainment of the performance conditions, where they exist. All the options granted have a non-market-based performance condition, earnings per share, and a market-based performance condition, total shareholder return.
In order to estimate the likely achievement of the performance conditions, management has used the actual results for FY23, the budget for FY24 and projections of earnings for future years as well as taking into account available market data, performance trends and listed company valuation metrics.
The share-based payment charge in relation to the performance-based options granted in 2021 assumes that the EPS performance condition will generate vesting of 100% of the maximum number of shares available under those options because the performance measurement period has ended and, subject to approval by the Board, full vesting has been achieved. The charge is 0.5m.
The share-based payment charge in relation to the performance-based options granted in 2022 assumes that performance will generate vesting of 55.5% of the maximum number of shares available under those options. The charge is £0.2m. If the adjusted EPS performance condition was 100% achieved, the cumulative charge would increase by £0.1m and if the adjusted EPS performance condition was not achieved at all, so 0%, the cumulative charge would decrease by £0.1m.
The share-based payment charge in relation to the performance-based options granted in 2023 assumes that performance will generate vesting of 23% of the maximum number of shares available under those options. The charge is £0.03m. If the adjusted EPS performance condition was 100% achieved, the cumulative charge would increase by £0.06m and if the adjusted EPS condition was not achieved at all, so 0%, the cumulative charge would decrease by £nil.
6. Informes por segmentos
The Directors consider there to be 2 operating segments in 2023 and 2022, being Property Franchising and Financial Services.
Por el año terminado el 31 de diciembre de 2023:
Propiedades FRANQUICIA |
Servicios Financieros |
Total | |||||||
000 £ | 000 £ | 000 £ | |||||||
Ingresos | 25,776 | 1,502 | 27,278 | ||||||
Beneficio del segmento antes de impuestos | 8,662 | 352 | 9,014 | ||||||
Por el año terminado el 31 de diciembre de 2022:
Propiedades FRANQUICIA |
Servicios Financieros |
Total | |||||||
000 £ | 000 £ | 000 £ | |||||||
Ingresos | 25,429 | 1,729 | 27,158 | ||||||
Beneficio del segmento antes de impuestos | 8,379 | 454 | 8,833 | ||||||
No hubo ingresos entre segmentos en ningún período.
7. Ingresos
2023 000 £ | 2022 000 £ | |
Segmento de franquicias inmobiliarias:
Tarifas del servicio de gestión | 16,099 | 15,882 |
Oficinas en propiedad: alquileres y honorarios de venta | 4,902 | 5,157 |
Ventas de franquicias | 458 | 318 |
Soporte al franquiciado y servicios similares. | 4,317 | 4,072 |
25,776 | 25,429 | |
Segmento de servicios financieros: |
| |
Comisiones de servicios financieros | 1,502 | 1,729 |
27,278 | 27,158 |
Todos los ingresos se obtienen en el Reino Unido y ningún cliente representa más del 10 % de los ingresos totales en ninguno de los años informados.
Véase la nota 20 para detalles de ingresos acumulados y la nota 26 para detalles de ingresos diferidos.
Consulte la nota 18 para conocer el valor del soporte de adquisiciones asistidas prepago amortizado como una deducción de las tarifas del servicio de gestión.
8. Gastos administrativos
Los gastos de administración se relacionan con aquellos gastos que no son directamente atribuibles a ninguna actividad de ventas específica.
Los gastos de administración del año fueron los siguientes:
2023 000 £ | 2022 000 £ | |
Costos de empleados | 6,526 | 6,563 |
Costos de marketing y digitales | 1,032 | 1,004 |
Costos de propiedad | 513 | 408 |
Amortización | 1,766 | 1,782 |
Otros costos administrativos | 1,994 | 2,119 |
11,831 | 11,876 |
9. Empleados y directores
Average numbers of employees (including Executive Directors), employed during the year:
Grupo procesos | Empresa | |||
2023 | 2022 | 2023 | 2022 | |
Administración | 164 | 173 | - | - |
Administración | 12 | 12 | 2 | 2 |
176 | 185 | 2 | 2 |
Los costos de personal (incluidos los de Directores) durante el año ascendieron a:
Grupo procesos | Empresa | |||
2023 000 £ | 2022 000 £ | 2023 000 £ | 2022 000 £ | |
Sueldos y salarios | 7,939 | 8,302 | 1,151 | 929 |
Costos de seguridad social | 842 | 946 | 150 | 126 |
Costos de pensión | 175 | 193 | 48 | 45 |
Seguro médico privado | 24 | 22 | -- | -- |
8,980 | 9,463 | 1,349 | 1,100 | |
Cargo por pagos basados en acciones | 783 | 411 | 613 | 366 |
Key management personnel is defined as Executive Directors and members of the Senior Leadership Team of the Group. Details of the remuneration of the key management personnel are shown below:
2023 000 £ | 2022 000 £ | |
Sueldos y salarios | 2,535 | 2,293 |
Costos de seguridad social | 408 | 314 |
Costos de pensión | 34 | 63 |
2,977 | 2,670 | |
Cargo por pagos basados en acciones | 613 | 372 |
The share-based payments charge for the current year has been charged to the Statement of Comprehensive Income, of this £0.58m (2022: £0.36m) relates to Directors.
10. Desglose de gastos por naturaleza
2023 000 £ | 2022 000 £ | |
La ganancia operativa se declara después de cobrar: |
| |
Depreciación | 95 | 91 |
Amortización - intangibles | 1,531 | 1,477 |
Amortización - soporte de adquisiciones asistidas por prepago | 183 | 229 |
Amortización - arrendamientos | 234 | 305 |
Cargo por pagos basados en acciones | 783 | 411 |
Remuneración del auditor (ver más abajo) | 137 | 127 |
Gastos de personal (nota 9) | 8,980 | 8,791 |
| ||
Servicios de auditoria |
| |
- Audit of the company and consolidated accounts | 137 | 127 |
| ||
137 | 127 | |
|
11. Ingresos y costos financieros
2023 000 £ | 2022 000 £ | |
Ingresos financieros: |
| |
interés bancario | 9 | 37 |
Otros ingresos similares | 11 | 2 |
20 | 39 |
2023 000 £ | 2022 000 £ | |
Costos financieros: |
| |
interés bancario | 261 | 358 |
Gastos por intereses sobre pasivos por arrendamiento | 96 | 112 |
357 | 470 |
12. Impuestos
2023 000 £ | 2022 000 £ | |
Impuesto corriente | 2,439 | 1,930 |
Ajustes con respecto a períodos anteriores | (120) | 60 |
Total de impuestos actuales | 2,319 | 1,990 |
Impuesto diferido sobre combinaciones de negocios adquiridas | (366) | (366) |
Impuesto diferido sobre pagos basados en acciones | (309) | (36) |
Total de impuestos diferidos | (675) | (402) |
Total tax charge in Statement of Comprehensive Income | 1,644 | 1,588 |
The tax rate assessed for the period is lower (2022: lower) than the standard rate of corporation tax in the UK. The difference is explained below.
2023 £ | 2022 £ | |
Beneficio de actividades ordinarias antes de impuestos | 9,014 | 8,833 |
Profit on ordinary activities multiplied by the effective standard rate of corporation tax in the UK of 23.5% (2022: 19%) | 2,118 | 1,678 |
Efectos de: |
| |
Gastos no deducibles a efectos fiscales | 453 | 253 |
Depreciación en exceso de las desgravaciones de capital | 3 | (1) |
Provisión de impuestos diferidos | (675) | (402) |
Ejercicio de opciones sobre acciones | (135) | -- |
Ajustes con respecto a períodos anteriores | (120) | 60 |
Carga fiscal total respecto de actividades continuadas | 1,644 | 1,588 |
Cambios en la tasa de impuestos
The corporation tax rate in the UK changed from 19% to 25% effective from 1 April 2023, meaning the rate applicable for the financial year ended 31 December 2023 was 23.5% and the rate applicable for next year will be 25%. The value of the deferred tax asset at the statement of financial position date in 2023 and 2022 has been calculated using the applicable rate when the asset is expected to be realised.
13. Beneficio por acción
El beneficio por acción se calcula dividiendo el resultado del ejercicio entre el número medio ponderado de acciones durante el ejercicio.
2023 000 £ | 2022 000 £ | |
| ||
Resultado del ejercicio atribuible a los propietarios de la sociedad dominante | 7,395 | 7,229 |
Amortización de intangibles adquiridos | 1,443 | 1,443 |
Cargo por pagos basados en acciones | 783 | 411 |
(Gain)/loss on revaluation of listed investment | (87) | 32 |
| ||
Beneficio ajustado del ejercicio | 9,534 | 9,115 |
Número medio ponderado de acciones |
| |
Número utilizado en las ganancias básicas por acción | 32,142,942 | 32,041,966 |
Efecto dilutivo de las opciones sobre acciones sobre acciones ordinarias | 1,418,527 | 99,626 |
Número utilizado en las ganancias por acción diluidas | 33,561,469 | 32,141,592 |
| ||
Ganancias básicas por acción | 23.0p | 22.6p |
Ganancias diluidas por acción | 22.0p | 22.5p |
Utilidad básica ajustada por acción | 29.7p | 28.4p |
Ganancias por acción diluidas ajustadas | 28.4p | 28.4p |
There were options over 2,100,453 ordinary shares outstanding at 31 December 2023; 676,953 had not vested and have performance conditions which determine whether they vest or not in future; it can be determined that 1,423,500 options under the 2021 scheme will vest in full based on these financial statements.The average share price during the year ended 31 December 2023 was above the exercise price of the 1,423,500 options that are due to vest based on these financial statements; for this reason, in 2023 there is a dilutive effect of share options on the earnings per share calculation.
There were options over 2,213,000 ordinary shares outstanding at 31 December 2022; an option over 100,000 did not have performance conditions attached to it. The average share price during the year ended 31 December 2022 was above the exercise price of the 100,000 options without performance conditions; for this reason, in 2022 there was a dilutive effect of share options on the earnings per share calculation.
14. Dividendos
2023 000 £ | 2022 000 £ | |
Dividendo final para 2022 |
| |
8.8p per share paid 9 June 2023 (2022: 7.8p per share paid 27 May 2022) | 2,807 | 2,489 |
Dividendo a cuenta para 2023 |
| |
4.6 peniques por acción pagados el 6 de octubre de 2023 (2022: 4.2 peniques por acción pagados el 7 de octubre de 2022) | 1,476 | 1,340 |
Dividendo total pagado | 4,283 | 3,829 |
On 10 January 2024 the Board declared a special dividend of 2p per share payable to those shareholders on the register on 19 January 2024. It was paid on 2 February 2024 and amounted to £0.6m in total.
The Directors propose a final dividend for 2023 of 7.4p per share totalling £4.6m, which they expect will be paid on 12 June 2024. As this is subject to approval by the shareholders, no provision has been made for this in these financial statements.
15. Activos intangibles
Franquicia maestra acuerdo 000 £ | Marca. 000 £ | Tecnología 000 £ | Listas de clientes 000 £ | Goodwill 000 £ | Total 000 £ | |
Cost | ||||||
Adelantado el 1 de enero de 2022 | 18,592 | 5,032 | 403 | 3,846 | 23,243 | 51,116 |
Adiciones | - | - | 387 | -- | -- | 387 |
Disposiciones | - | - | - | (527) | -- | (527) |
Prorrogado el 31 de diciembre de 2022 | 18,592 | 5,032 | 790 | 3,319 | 23,243 | 50,976 |
Adiciones | -- | -- | -- | 254 | 76 | 330 |
Prorrogado el 31 de diciembre de 2023 | 18,592 | 5,032 | 790 | 3,573 | 23,319 | 51,306 |
Amortización y deterioro | ||||||
Adelantado el 1 de enero de 2022 | 3,363 | 470 | 344 | 441 | - | 4,618 |
Cobrar por año | 927 | 220 | 31 | 299 | -- | 1,477 |
Amortización de enajenaciones | -- | -- | -- | (77) | -- | (77) |
Prorrogado el 31 de diciembre de 2022 | 4,290 | 690 | 375 | 663 | -- | 6,018 |
Cobrar por el año | 927 | 220 | 60 | 324 | -- | 1,531 |
Prorrogado el 31 de diciembre de 2023 | 5,217 | 910 | 435 | 987 | -- | 7,549 |
Valor neto contable |
|
|
|
|
|
|
Al 31 de diciembre de 2023 | 13,375 | 4,122 | 355 | 2,586 | 23,319 | 43,757 |
Al 31 de diciembre de 2022 | 14,302 | 4,342 | 415 | 2,656 | 23,243 | 44,958 |
El valor en libros de la plusvalía se relaciona con 6 (2022: 6) unidades generadoras de efectivo y refleja la diferencia entre el valor razonable de la contraprestación transferida y el valor razonable de los activos y pasivos comprados.
Business combinations completed in October 2014 - Xperience and Whitegates
Goodwill is assessed for impairment by comparing the carrying value to the value in use calculations. The value in use of the goodwill arising on the acquisitions of Xperience Franchising Limited ("XFL") and Whitegates Estate Agency Limited ("WEAL") is based on the cash flows derived from the actual revenues and operating margins for 2023 and projections through to 31 December 2028. Thereafter, projected revenue growth was assumed to decline linearly to a long-term growth rate of 2.2%.
Los flujos de caja resultantes se descontaron mediante el coste medio ponderado del capital, que incluía una prima de riesgo de las pequeñas empresas para tener en cuenta factores como la iliquidez de las acciones. Estas tasas de descuento fueron del 13.5% para XFL y del 15.0% para WEAL; esta última tasa más alta refleja el tamaño más pequeño de WEAL y sus ganancias más volátiles. Esto dio como resultado un valor total para cada empresa de los activos intangibles identificables que excedía los valores en libros del fondo de comercio de las respectivas empresas.
Los Consejeros no consideran que el fondo de comercio esté deteriorado. Los Directores creen que ningún cambio razonablemente posible en los supuestos al final del año causará que el valor en uso caiga por debajo del valor en libros y, por lo tanto, deteriore el fondo de comercio.
Los contratos de master franquicia se amortizan en 25 años. El plazo de amortización restante a 31 de diciembre de 2023 fue de 15 años 10 meses.
The brand names under which XFL trades of CJ Hole, Parkers and Ellis & Co have been in existence for between 75 years and 173 years. Management sees them as strong brands with significant future value and has deemed them to have indefinite useful lives as there is no foreseeable limit to the period over which the assets are expected to generate net cash inflows for the Group. As a consequence, management annually assesses whether the carrying value of these brands has been impaired.
Los Directores creen que ningún cambio razonablemente posible en los supuestos al final del año causará que el valor en uso de las marcas CJ Hole, Parkers y Ellis & Co caiga por debajo de sus valores en libros y, por lo tanto, deteriore sus valores intangibles.
La marca Whitegates fue valorada de manera similar y se consideró que tenía un valor inmaterial cuando se realizó la adquisición debido principalmente a su falta de rentabilidad en años anteriores. Por tanto, no se reconoce por separado.
Combinación de negocios completada en septiembre de 2016 - EweMove
Goodwill is assessed for impairment by comparing the carrying value to the value in use calculations. The value in use of the goodwill arising on the acquisition of EweMove Sales & Lettings Ltd ("ESL") is based on the cash flows derived from the actual revenues and operating margins for 2023 and projections through to 31 December 2028. Thereafter, projected revenue growth was assumed to be 2.2% per annum.
The revenue growth rates used in the valuation range from 11% in FY24 to 4% in FY27.
Los flujos de caja resultantes se descontaron al coste de capital medio ponderado del 15.17%, que incluía una prima de riesgo de las pequeñas empresas para tener en cuenta factores como la iliquidez de las acciones. Esto resultó en que el valor en uso excediera el valor en libros de la plusvalía y los activos intangibles identificables por separado. El valor total de la empresa excede el valor en libros de la unidad generadora de efectivo.
La vida útil del contrato de master franquicia se evaluó en 15 años y se mantiene sin cambios. El plazo de amortización restante a 31 de diciembre de 2023 fue de 7 años 8 meses.
The remaining useful life of the brand name was also reviewed. It continues to attract and recruit a similar level of franchisees as in previous years and to attract higher numbers of customers. Given these 2 factors, the remaining useful life of the brand was considered to be unaltered at 21 years. The period of amortisation remaining at 31 December 2023 was 13 years and 8 months.
The carrying value of EweMove, the identified cash generating unit, was £8.0m at 31 December 2023 whereas the recoverable amount was assessed to be £13.0m at the same date. Headroom of £5.0m therefore existed at the year end.
The cumulative effect of an increase in the discount rate to 19.8% and a 75% reduction in the assumed growth rate of the free cash flows would result in a carrying value of £8m.
Combinación de negocios completada en marzo de 2021 - Hunters
Goodwill is assessed for impairment by comparing the carrying value to the value in use calculations. The value in use of the goodwill arising on the acquisitions of Hunters is based on the cash flows derived from the actual revenues and operating margins for 2023 and projections through to 31 December 2028. Thereafter, projected revenue growth was assumed to be 2.0% per annum.
The annual revenue growth rates used in the valuation for FY24 to FY28 ranged from 3% to 7%.
The cash flows arising were discounted by the weighted cost of capital being 10.1%. This resulted in the value in use exceeding the carrying value of the goodwill and separately identifiable intangible assets. The enterprise's overall value exceeds the carrying value.
La vida útil del contrato de master franquicia se evaluó en 21 años y se mantiene sin cambios. El plazo de amortización restante a 31 de diciembre de 2023 fue de 18 años 3 meses.
También se revisó la vida útil de la marca. No ha habido cambios significativos desde su adquisición por lo que se considera inalterado a 20 años. El plazo de amortización restante a 31 de diciembre de 2023 era de 17 años y 3 meses.
La vida útil de los libros de arrendamiento se evaluó en 12 años y se mantiene sin cambios. El plazo de amortización restante a 31 de diciembre de 2023 fue de 9 años 3 meses.
The carrying value of Hunters, the identified cash generating unit, was £25.0m at 31 December 2023 whereas the recoverable amount was assessed to be £41m at the same date. Headroom of £16m therefore existed at the year end.
The cumulative effect of limiting growth in free cash flow to 2% and increasing the discount rate to 13.6% would result in a carrying value of £25.0m.
Combinación de negocios completada en septiembre de 2021 - The Mortgage Genie
Goodwill is assessed for impairment by comparing the carrying value to the value in use calculations. The value in use of the goodwill arising on the acquisitions of The Mortgage Genie Limited and The Genie Group UK Limited is based on the cash flows derived from the actual revenues and operating margins for 2023 and projections through to 31 December 2028. Thereafter, projected revenue growth was assumed to decline linearly to a long-term growth rate of 2.2%.
The Directors do not consider goodwill to be impaired despite the poorer trading performance in 2023 resulting from the Liz Truss government at the end of 2022, the continued uncertainty over the direction of mortgage rates in 2023 and the general economic uncertainty. Another year of the same could cause the Board to take a view that the carrying value of the goodwill is impaired. However, the mortgage market started to improve in the second half of 2023 and that has continued into 2024. As a result, the Board expects an improvement in the financial performance of The Mortgage Genie in 2024.
El crédito mercantil y los activos intangibles de vida indefinida han sido asignados para propósitos de pruebas de deterioro a las siguientes unidades generadoras de efectivo.
Los valores en libros son los siguientes:
Goodwill | Marca. | |||
2023 000 £ | 2022 000 £ | 2023 000 £ | 2022 000 £ | |
Xperience Franchising Limitado | 912 | 912 | 571 | 571 |
Whitegates Agencia Inmobiliaria Limitada | 401 | 401 | - | - |
Martin & Co (Reino Unido) Limited | 75 | 75 | - | - |
EweMove Ventas y Alquileres Ltd | 5,838 | 5,838 | - | - |
Cazadores propiedad limitada | 15,871 | 15,871 | - | - |
The Mortgage Genie Limited y The Genie Group UK Ltd | 222 | 146 | - | - |
23,319 | 23,243 | 571 | 571 |
Empresa
No existen fondos de comercio ni listas de clientes en la Sociedad Matriz.
16. Propiedades, planta y equipo
Grupo procesos
Arrendamiento corto mejoras 000 £ | Oficina equipo 000 £ | Motor vehículos 000 £ | Accesorios y guarniciones 000 £ | Total 000 £ | ||
Cost | ||||||
Adelantado el 1 de enero de 2022 | 44 | 267 | -- | 162 | 473 | |
Adiciones | -- | 29 | -- | 8 | 37 | |
Disposiciones | -- | (1) | -- | -- | (1) | |
Prorrogado el 31 de diciembre de 2022 | 44 | 295 | -- | 170 | 509 | |
Adiciones | -- | 21 | 66 | 27 | 114 | |
Prorrogado el 31 de diciembre de 2023 | 44 | 316 | 66 | 197 | 623 | |
Depreciación | ||||||
Adelantado el 1 de enero de 2022 | 39 | 154 | -- | 63 | 256 | |
Cobrar por año | 3 | 59 | -- | 29 | 91 | |
Prorrogado el 31 de diciembre de 2022 | 42 | 213 | -- | 92 | 347 | |
Cobrar por año | 2 | 51 | 14 | 28 | 95 | |
Prorrogado el 31 de diciembre de 2023 | 44 | 264 | 14 | 120 | 442 | |
Valor neto contable |
|
|
|
|
| |
Al 31 de diciembre de 2023 | -- | 52 | 52 | 77 | 181 | |
Al 31 de diciembre de 2022 | 2 | 82 | -- | 78 | 162 | |
17. Arrendamientos
The Group has several operating leases relating to office premises and motor vehicles. Under IFRS 16, which was adopted on 1 January 2019, these operating leases are accounted for by recognising a right-of-use asset and a lease liability.
Activos por derecho de uso:
Tierra y edificios 000 £ | Motor vehículos 000 £ | Total 000 £ | |
Al 1 de enero de 2022 | 1,506 | 62 | 1,568 |
Reclassification from Investment Properties | 256 | -- | 256 |
Adiciones | 94 | -- | 94 |
Amortización | (277) | (28) | (305) |
Prorrogado el 31 de diciembre de 2022 | 1,579 | 34 | 1,613 |
Adiciones | 146 | -- | 146 |
Amortización | (211) | (23) | (234) |
Prorrogado el 31 de diciembre de 2023 | 1,514 | 11 | 1,525 |
|
|
|
|
Pasivos por arrendamiento:
Tierra y edificios 000 £ | Motor vehículos 000 £ | Total 000 £ | |
Al 1 de enero de 2022 | 2,693 | 47 | 2,740 |
Adiciones | 95 | -- | 95 |
Gastos por intereses | 109 | 3 | 112 |
Pagos de arrendamiento | (555) | (30) | (585) |
Prorrogado el 31 de diciembre de 2022 | 2,342 | 20 | 2,362 |
Adiciones | 143 | -- | 143 |
Gastos por intereses | 95 | 1 | 96 |
Disposiciones | (32) | -- | (32) |
Pagos de arrendamiento | (506) | (21) | (527) |
Prorrogado el 31 de diciembre de 2023 | 2,042 | -- | 2,042 |
18. Soporte de adquisiciones asistidas por prepago
Grupo procesos
Total 000 £ | ||||
Cost | ||||
Adelantado el 1 de enero de 2022 | 1,166 | |||
Adiciones | 102 | |||
Prorrogado el 31 de diciembre de 2022 | 1,268 | |||
Adiciones | 115 | |||
Prorrogado el 31 de diciembre de 2023 |
|
|
| 1,383 |
Amortización | ||||
Adelantado el 1 de enero de 2022 | 742 | |||
Cargo por año - a ingresos | 185 | |||
Cargo por año - al costo de ventas | 44 | |||
Prorrogado el 31 de diciembre de 2022 | 971 | |||
Cargo por año - a ingresos | 148 | |||
Cargo por año - al costo de ventas | 34 | |||
Prorrogado el 31 de diciembre de 2023 |
|
|
| 1,153 |
Valor neto contable | ||||
Al 31 de diciembre de 2023 |
|
|
| 230 |
Al 31 de diciembre de 2022 | 297 |
Reembolso y brokerLa comisión se presenta como soporte de adquisiciones asistidas prepago.
The additions represent sums provided to franchisees that have made qualifying acquisitions to grow their lettings portfolios. The cashback sum provided is based on a calculation of the estimated increase in MSF as a result of the acquisition and the sum provided for brokerLa comisión se basa en el cargo pagadero al broker. In providing these sums, the Group ensures that franchisees are contractually bound to the relevant franchisor for a period in excess of that required for the economic benefits to exceed the sums provided.
Empresa
No prepaid assisted acquisitions support exists in the Parent Compañía.
19. Inversiones
Grupo procesos
Shares in listed and unlisted companies 000 £ | Total
000 £ | ||
Cost | |||
Al 1 de enero de 2022 |
| 169 | 169 |
Movimiento en el valor razonable de la inversión cotizada | (32) | (32) | |
Al 31 de diciembre de 2022 |
| 137 | 137 |
Movimiento en el valor razonable de la inversión cotizada |
| 87 | 87 |
Disposal of listed investment |
| (224) | (224) |
Al 31 de diciembre de 2023 |
| -- | -- |
Valor neto contable |
|
|
|
Al 31 de diciembre de 2023 |
| -- | -- |
Al 31 de diciembre de 2022 | 137 | 137 |
Empresa
Shares in Group empresas 000 £ | Shares in listed company 000 £ | Total
000 £ | |
Cost | |||
Al 1 de enero de 2022 | 60,675 | 68 | 60,743 |
Movimiento en el valor razonable de la inversión cotizada | -- | (15) | (15) |
Aportación de capital a filiales - opciones sobre acciones | 45 | -- | 45 |
Al 31 de diciembre de 2022 | 60,720 | 53 | 60,773 |
The Mortgage Genie additional consideration | 76 | -- | 76 |
Movimiento en el valor razonable de la inversión cotizada | -- | 22 | 22 |
Disposal of listed investment | -- | (75) | (75) |
Aportación de capital a filiales - opciones sobre acciones | 170 | -- | 170 |
Al 31 de diciembre de 2023 | 60,966 | -- | 60,966 |
Valor neto contable |
|
|
|
Al 31 de diciembre de 2023 | 60,966 | -- | 60,966 |
Al 31 de diciembre de 2022 | 60,720 | 53 | 60,773 |
The Property Franchise Group PLC was incorporated on 7 October 2013. On 10 December 2013, a share for share exchange acquisition took place with Martin & Co (UK) Limited; 17,990,000 ordinary shares in The Property Franchise Group PLC were exchanged for 100% of the issued share capital in Martin & Co (UK) Limited.
On 31 October 2014, the Company acquired the entire issued share capital of Xperience Franchising Limited and Whitegates Estate Agency Limited for a consideration of £6.1m.
On 5 September 2016, the Company acquired the entire issued share capital of EweMove Sales & Lettings Ltd, and its dormant subsidiary Ewesheep Ltd, for an initial consideration of £8m. Of the total consideration, £2.1m represented contingent consideration, of which £0.5m was paid out on 30 July 2017 and £0.5m was paid out on 31 December 2017. No further sums are due.
On 19 March 2021, the Company acquired the entire issued share capital of Hunters Property plc for a total consideration of £26.1m.
On 6 September 2021, the Company acquired the entire issued share capital of The Genie Group UK Ltd and 80% of the issued share capital of The Mortgage Genie Limited for £0.5m which comprised an initial cash consideration of £0.4m and a deferred consideration of £0.1m, which was settled in the year ended 31 December 2023.
Se ha considerado deterioro del valor en libros de la inversión en EweMove mediante cálculos del valor en uso y se determinó que no se requería deterioro en el año finalizado el 31 de diciembre de 2023.
Se ha considerado el deterioro del valor en libros de la inversión en Hunters Property Limited mediante cálculos del valor en uso y se determinó que no se requería deterioro en el año finalizado el 31 de diciembre de 2023.
Los valores en libros de las otras inversiones (todas las empresas excepto EweMove y Hunters) han sido considerados por deterioro y se ha determinado que el valor de las entradas de efectivo futuras descontadas excede el valor en libros. Por lo tanto, no existe cargo por deterioro.
The listed investments at 31 December 2022 comprised a 0.2% holding of ordinary shares in OnTheMarket plc, a company listed on the Alternative Investment Market. The shares were sold in 2023.
Las inversiones de la Sociedad a la fecha del balance en el capital social de sociedades incluyen las siguientes, todas las cuales tienen su domicilio social en el mismo domicilio que la Sociedad:
Subsidiarias
Numero de compañia | Clase de acciones | % ownership and voting rights | País de constitución | |
Martin & Co (Reino Unido) Limited | 02999803 | Ordinario | 100 | England |
Xperience Franchising Limitado | 02334260 | Ordinario | 100 | England |
Whitegates Agencia Inmobiliaria Limitada | 00757788 | Ordinario | 100 | England |
EweMove Ventas y Alquileres Ltd | 07191403 | Ordinario | 100 | England |
Ovejas Ltda* | 08191713 | Ordinario | 100 | England |
MartinCo Limited | 09724369 | Ordinario | 100 | England |
Cazadores propiedad limitada | 09448465 | Ordinario | 100 | England |
Cazadores Property Group Limited* | 03947557 | Ordinario | 100 | England |
Greenrose Network (franquicia) limitada* | 02934219 | Ordinario | 100 | England |
Franquicia de cazadores limitada* | 05537909 | Ordinario | 100 | England |
Cazadores (Midlands) Limitado* | 02587709 | Ordinario | 100 | England |
Cazadores de servicios financieros limitados* | 02604278 | Ordinario | 100 | England |
Hapollo Limitado* | 08008359 | Ordinario | 100 | England |
RealCube limitado* | 07736494 | Ordinario | 100 | England |
Grupo de cazadores limitado* | 02965842 | Ordinario | 100 | England |
Hunters Land y casas nuevas limitadas* | 06292723 | Ordinario | 100 | England |
Maddison James Limitado* | 05920686 | Ordinario | 100 | England |
Herriot Cottages Limitado* | 04452874 | Ordinario | 100 | England |
Cazadores Socios Limited* | 03777494 | Ordinario | 100 | England |
Encuesta y valoración de cazadores limitada* | 02602087 | Ordinario | 100 | England |
Tecnología RealCube limitada* | 08139888 | Ordinario | 100 | England |
The Genie Group Reino Unido Ltd | 12372201 | Ordinario | 100 | England |
El genio hipotecario limitado | 09803176 | Ordinario | 80 | England |
Michael Searchers Property Management Ltd* | 03056834 | Ordinario | 100 | England |
* Indirectly owned.
All companies in the subsidiaries list above are exempt from the requirements of the Companies Act 2006 relating to the audit of accounts under section 479A of the Companies Act 2006.
On 31 January 2023 Hunters (Midlands) Limited acquired Michael Searchers Property Management Ltd, having applied the concentration test in IFRS 3 it was concluded that the transaction was in substance the purchase of a customer list rather than a business combination.
At the year end, The Property Franchise Group plc has guaranteed all liabilities of all companies in the subsidiaries list above. The value of the contingent liability resulting from this guarantee is unknown at the year end.
20. Cuentas por cobrar comerciales y otras
Grupo procesos | Empresa | |||
2023 000 £ | 2022 000 £ | 2023 000 £ | 2022 000 £ | |
Cuentas por cobrar comerciales | 2,792 | 1,856 | 1 | 11 |
Menos: provisión por deterioro de cuentas por cobrar comerciales | (892) | (420) | - | - |
Cuentas por cobrar comerciales - netas de provisiones por deterioro | 1,900 | 1,436 | 1 | 11 |
Préstamos a franquiciados | 433 | 319 | - | - |
Otros ingresos | 248 | 60 | 96 | - |
Importes adeudados por empresas del Grupo | - | - | 952 | 770 |
pagos adelantados e interes ganado | 1,763 | 2,143 | 38 | 9 |
Impuestos por cobrar | - | - | 389 | 275 |
Total de cuentas por cobrar comerciales y otras | 4,344 | 3,958 | 1,476 | 1,065 |
Menos: porción no corriente - Préstamos a franquiciados | (210) | (240) | - | - |
Porción actual | 4,134 | 3,718 | 1,476 | 1,065 |
The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and ageing. The expected loss rates are based on the Group's historical credit losses experienced over the previous year. Forward-looking factors are considered to the extent that they are deemed material.
The Group is entitled to the revenue by virtue of the terms in the franchise agreements and can force the sale of a franchise to recover a debt if necessary.
Antigüedad de las cuentas por cobrar comerciales
The following is an analysis of trade receivables that are past due date but not impaired. These relate to a number of customers for whom there is no recent history of defaults or where a sale of a franchise could be forced to recover debt. The ageing analysis of these trade receivables is as follows:
2023 000 £ | 2022 000 £ | |
Grupo procesos |
| |
No más de 3 meses | 186 | 72 |
Más de 3 meses pero no más de 6 meses | 106 | -- |
Más de 6 meses pero no más de 1 año | 148 | -- |
440 | 72 |
Los Consejeros consideran que el valor en libros de las cuentas por cobrar comerciales y otras cuentas por cobrar representa su valor razonable.
Loans to franchisees are secured against the franchise and the franchisees give personal guarantees over all debts. If a loan payment default occurs, the franchisor could force immediate repayment, pursue the personal guarantees or force a resale of the franchise.
Included within "Prepayments and accrued income" is accrued income of £1.2m (2022: £1.1m) in relation to Management Service Fees for some of our brands that are invoiced at the beginning of the month following the month to which they relate and EweMove licence fees. Hunters invoices to franchisees are dated the same month to which they relate; therefore, their December month balance is included in trade receivables rather than accrued income at the year end.
21. Capital social solicitado
2023 | 2022 | |||
Número | 000 £ | Número | 000 £ | |
Grupo procesos |
|
| ||
Authorised, allotted, issued and fully paid ordinary shares of 1p each | 32,255,107 | 323 | 32,041,966 | 320 |
Empresa |
|
| ||
Authorised, allotted, issued and fully paid ordinary shares of 1p each | 32,255,107 | 323 | 32,041,966 | 320 |
On 10 July 2023, 213,041 shares were issued at £0.01 to the 2 Executive Directors following the exercise of share options.
22. Prima de emisión
Numero de veces compartido | Capital social 000 £ | Compartir premium 000 £ | |
Al 31 de diciembre de 2023 | 32,255,107 | 323 | 4,129 |
Al 31 de diciembre de 2022 | 32,041,966 | 320 | 4,129 |
La prima de emisión es el importe suscrito del capital social en exceso del valor nominal. |
|
|
|
23. Reserva de fusión
Fusión reserva 000 £ | |
Grupo procesos | |
Al 1 de enero de 2022 | 14,345 |
A 1 de enero de 2023 y 31 de diciembre de 2023 | 14,345 |
Empresa | |
Al 1 de enero de 2022 | 32,335 |
A 1 de enero de 2023 y 31 de diciembre de 2023 | 32,335 |
Adquisición de Martin & Co (UK) Limited
La adquisición de Martin & Co (UK) Limited por The Property Franchise Group PLC no cumplió con la definición de combinación de negocios y, por lo tanto, queda fuera del alcance de la NIIF 3. Esta transacción se realizó en 2013 y se contabilizó de acuerdo con los principios de la contabilidad de fusiones.
La contraprestación pagada a los accionistas de la filial fue de 17.99 millones de libras esterlinas (el valor de la inversión). Dado que estas acciones tenían un valor nominal de 179,900 libras esterlinas, la reserva de fusión de la empresa es de 17.81 millones de libras esterlinas.
On consolidation, the investment value of £17.99m is eliminated so that the nominal value of the shares remaining is £0.1799m and, as there is a difference between the Company value of the investment and the nominal value of the shares purchased in the subsidiary of £100, this is also eliminated, to generate a merger reserve in the Group of £0.1798m.
Adquisición de EweMove Sales & Lettings Ltd
La contraprestación por la adquisición de EweMove Sales & Lettings Ltd incluyó la emisión de 2,321,550 acciones a los proveedores a precio de mercado. Se reconoce en el Grupo y en la Sociedad una reserva de fusión de £2.797 millones, siendo la diferencia entre el valor de la contraprestación y el valor nominal de las acciones emitidas como contraprestación.
Adquisición de Hunters Property plc
La contraprestación por la adquisición de Hunters Property plc incluyó la emisión de 5,551,916 acciones a los vendedores a precio de mercado. Se reconoce en el Grupo y en la Sociedad una reserva de fusión de 11.548 millones de libras esterlinas, siendo la diferencia entre el valor de la contraprestación y el valor nominal de las acciones emitidas como contraprestación.
24. Own share reserve and other reserves
Reserva de acciones propias
Costo promedio ponderado de las acciones propias mantenidas en el Fideicomiso de Beneficios a los Empleados.
Otras reservas
Basado en acciones reserva de pago 000 £ | Otra reserva
000 £ | Total 000 £ | |
Grupo procesos | |||
Al 1 de enero de 2022 | 905 | -- | 905 |
Cargo por pago basado en acciones | 411 | - | 411 |
Al 1 de enero de 2023 | 1,316 | - | 1,316 |
Cargo por pago basado en acciones | 783 | - | 783 |
Liberación de reserva - opciones sobre acciones ejercidas | (524) | -- | (524) |
Impuesto diferido sobre pagos basados en acciones | -- | 98 | 98 |
Al 31 de diciembre de 2023 | 1,575 | 98 | 1,673 |
Empresa | |||
Al 1 de enero de 2022 | 905 | - | 905 |
Cargo por pago basado en acciones | 411 | - | 411 |
Al 1 de enero de 2023 | 1,316 | - | 1,316 |
Cargo por pago basado en acciones | 783 | - | 783 |
Liberación de reserva - opciones sobre acciones ejercidas | (524) | -- | (524) |
Impuesto diferido sobre pagos basados en acciones | -- | 98 | 98 |
Al 31 de diciembre de 2023 | 1,575 | 98 | 1,673 |
Reserva de pago basada en acciones
The share-based payment reserve comprises charges made to the income statement in respect of share-based payments.
25. Préstamos
Grupo procesos | Empresa | |||
2023 000 £ | 2022 000 £ | 2023 000 £ | 2022 000 £ | |
Reembolsable en 1 año: |
|
| ||
Banca loan (revolving credit facility) | 2,500 | -- | 2,500 | -- |
Reembolsable en más de 1 año: |
|
| ||
Préstamo bancario (línea de crédito rotativa) | -- | 5,000 | -- | 5,000 |
Los préstamos bancarios con vencimiento posterior a más de 1 año se reembolsan de la siguiente manera: |
|
| ||
Between 1 and 2 years (revolving credit facility) | -- | 5,000 | -- | 5,000 |
|
|
|
|
On 30 March 2021, the Company drew down a £12.5m loan facility provided by Barclays to partially fund the purchase consideration for the acquisition of Hunters Property plc. This loan facility comprised:
Term loan - £7.5m drawn down on 30 March 2021 and was repaid early on 28 November 2022.
Revolving credit facility ("RCF") - £5m drawn down on 30 March 2021. £2.5m was repaid on 30 June 2023 and £2.5m was repaid on 3 January 2024. The facility ended on 26 January 2024. Interest was charged quarterly on the outstanding amount; the rate was variable during the term at 2.2% above the Bank of England base rate. The amount outstanding at 31 December 2023 was £2.5m (2022: £5.0m).
Los préstamos están garantizados con una carga fija y flotante sobre los activos del Grupo y una garantía cruzada entre todas las empresas del Grupo.
The cash outflow for borrowings arising from financing activities during the year was £2.5m (2022: £6.1m).
26. Acreedores comerciales y otras cuentas por pagar
Grupo procesos | Empresa | |||
2023 000 £ | 2022 000 £ | 2023 000 £ | 2022 000 £ | |
Comercio a pagar | 1,546 | 1,627 | 12 | 51 |
Otros impuestos y seguridad social | 1,223 | 1,231 | 93 | 92 |
Otras cuentas por pagar | 315 | 230 | 71 | - |
Importes adeudados a empresas del Grupo | - | - | -- | 257 |
Cuentas de regularización | 3,235 | 3,636 | 1,512 | 1,361 |
|
| |||
6,319 | 6,724 | 1,688 | 1,761 |
Los Consejeros consideran que el valor en libros de las cuentas por pagar comerciales y otras cuentas por pagar se aproxima a su valor razonable.
En "Acumulaciones e ingresos diferidos" se incluyen ingresos diferidos de 0.4 millones de libras esterlinas (2022: 0.6 millones de libras esterlinas) en relación con los ingresos recibidos por adelantado que se reconocerán durante los próximos 2 años.
27. Impuesto diferido
Grupo procesos | Empresa | |||
2023 000 £ | 2022 000 £ | 2023 000 £ | 2022 000 £ | |
Saldo al inicio del año | (5,168) | (5,570) | 412 | 377 |
Movimiento durante el año: |
|
| ||
Estado de cambios en el Patrimonio Neto | 98 | -- | 98 | -- |
Estado del resultado integral | 823 | 402 | 457 | 35 |
Liberación del saldo de impuestos diferidos relacionados con opciones sobre acciones ejercidas en el año | (148) | -- | (148) | -- |
|
| |||
Saldo al final del año | (4,394) | (5,168) | 820 | 412 |
Los impuestos diferidos se han previsto de la siguiente manera:
Grupo procesos | Empresa | |||
2023 000 £ | 2022 000 £ | 2023 000 £ | 2022 000 £ | |
Desgravaciones de capital aceleradas | 6 | 6 | 10 | 10 |
Pagos basados en acciones | 853 | 445 | 810 | 402 |
Combinaciones de negocios adquiridas | (5,253) | (5,619) | -- | -- |
(4,394) | (5,168) | 820 | 412 |
28. Provisiones
The provisions relate to dilapidations on office buildings of £0.18m (2022: £0.21m) in relation to Hunters.
29. Instrumentos financieros
Instrumentos financieros - gestión de riesgos
El Grupo está expuesto a través de sus operaciones a los siguientes riesgos financieros:
riesgo crediticio;
riesgo de liquidez; y
riesgo de tipo de interés.
Al igual que todos los demás negocios, el Grupo está expuesto a riesgos que surgen del uso de instrumentos financieros. Esta nota describe los objetivos, políticas y procesos del Grupo para gestionar dichos riesgos y los métodos utilizados para medirlos.
No ha habido cambios sustanciales en la exposición del Grupo a los riesgos de los instrumentos financieros, sus objetivos, políticas y procesos para administrar esos riesgos o los métodos utilizados para medirlos de períodos anteriores, a menos que se indique lo contrario en esta nota.
Principales instrumentos financieros
Los principales instrumentos financieros utilizados por el Grupo y la Sociedad, de los que surge el riesgo de instrumento financiero, son los siguientes:
cuentas por cobrar;
loans to franchisees;
cash at bank;
comerciales y otras cuentas a pagar; y
préstamos
Activos financieros
Activos financieros medidos a costo amortizado:
Grupo procesos | Empresa | |||
2023 000 £ | 2022 000 £ | 2023 000 £ | 2022 000 £ | |
Préstamos y cuentas por cobrar: |
|
| ||
Cuentas por cobrar comerciales | 1,900 | 1,435 | - | - |
Préstamos a franquiciados | 433 | 319 | - | - |
Otros ingresos | 248 | 60 | - | - |
Efectivo y equivalentes de efectivo | 7,642 | 6,684 | 2,337 | 1,539 |
Ingresos acumulados | 1,209 | 1,093 | - | - |
Importe adeudado por las empresas del grupo | - | - | 819 | 20 |
11,432 | 9,591 | 3,156 | 1,559 |
Pasivos financieros
Pasivos financieros medidos a costo amortizado:
Grupo procesos | Empresa | |||
2023 | 2022 | 2023 | 2022 | |
Otros pasivos financieros: |
|
| ||
Comercio a pagar | 1,546 | 1,627 | 11 | 51 |
Otras cuentas por pagar | 315 | 230 | 461 | 92 |
Acumulaciones | 2,845 | 3,028 | 1,124 | 751 |
Cantidades adeudadas a empresas del Grupo | - | - | -- | 257 |
4,706 | 4,885 | 1,596 | 1,151 |
All of the financial assets and liabilities above are recorded in the Statement of Financial Position at amortised cost.
Objetivos, políticas y procesos generales
La Junta tiene la responsabilidad general de la determinación de los objetivos y políticas de gestión de riesgos del Grupo y, aunque conserva la responsabilidad final sobre ellos, ha delegado la autoridad para diseñar y operar procesos que aseguren la implementación efectiva de los objetivos y políticas a la función financiera. La Junta recibe informes mensuales de la función financiera a través de los cuales revisa la efectividad de los procesos implementados y la idoneidad de los objetivos y políticas que establece.
El objetivo general del Consejo es establecer políticas que busquen reducir el riesgo en la medida de lo posible sin afectar indebidamente la competitividad y flexibilidad del Grupo. A continuación se detallan más detalles sobre estas políticas:
Política de gestión de capital
El Consejo considera capital como el valor en libros del capital y la deuda. Su objetivo de capital es mantener una base de capital sólida y eficiente para respaldar los objetivos estratégicos del Grupo, proporcionar rendimientos progresivos para los accionistas y salvaguardar el estatus del Grupo como empresa en funcionamiento. Los principales riesgos financieros que enfrenta el Grupo son el riesgo de liquidez y el riesgo de tipo de interés. Los Directores revisan y acuerdan políticas para gestionar cada uno de estos riesgos. Estas políticas se mantienen sin cambios con respecto a años anteriores.
The Board monitors a broad range of financial metrics including growth in MSF, operating margin, EBITDA, return on capital employed and balance sheet gearing.
Gestiona la estructura de capital y realiza cambios a la luz de los cambios en las condiciones económicas. Para mantener o ajustar la estructura de capital, podrá ajustar el monto de los dividendos pagados a los accionistas.
Riesgo crediticio
El riesgo de crédito es el riesgo de pérdida financiera para el Grupo si un franquiciado o contraparte de un instrumento financiero no cumple con sus obligaciones contractuales. Es política del Grupo evaluar el riesgo crediticio de los nuevos franquiciados antes de celebrar contratos y obtener información crediticia durante el acuerdo de franquicia para resaltar los riesgos crediticios potenciales.
La mayor exposición al riesgo está relacionada con los préstamos a franquicias y su capacidad para pagar su deuda. Los Directores han establecido una política crediticia según la cual se analiza la solvencia de los franquiciados antes de ofrecerles un préstamo. La revisión del Grupo incluye calificaciones externas, cuando están disponibles, y en algunos casos referencias bancarias. El Grupo no considera que actualmente tenga una concentración significativa de riesgo crediticio con préstamos concedidos a franquiciados por valor de 433 libras esterlinas.
The Group does not offer credit terms with regards to sales and lettings transactions occurring in the offices it operates itself, revenue is typically recognised at the sale's completion date for a property or upon receipt of rent from a tenant.
Riesgo de liquidez
El riesgo de liquidez surge de la gestión del capital de trabajo del Grupo y de los cargos financieros y los reembolsos de principal de sus instrumentos de deuda. Es el riesgo de que el Grupo encuentre dificultades para cumplir con sus obligaciones financieras a medida que vencen.
Para mantener la liquidez y garantizar que haya fondos suficientes disponibles para las operaciones en curso y el desarrollo futuro, el Grupo monitorea mensualmente las entradas y salidas de efectivo previstas.
La siguiente tabla establece los vencimientos contractuales (que representan flujos de efectivo contractuales no descontados) de los pasivos financieros, incluidos los cargos por intereses futuros, que pueden diferir del valor en libros de los pasivos a la fecha de presentación de informes:
Hasta el mes 3 | Entre 3 y 12 meses | Entre 1 y 2 años. | Entre 2 y 5 años. | Durante años 5 | |
Al 31 de diciembre de 2023 | 000 £ | 000 £
| 000 £
| 000 £
| 000 £ |
Comerciales y otras cuentas a pagar |
1,861 | -- | -- | -- | -- |
Préstamos y empréstitos | 2,500 | -- | -- | -- | -- |
Pasivos por arrendamiento | 83 | 249 | 295 | 892 | 525 |
Total | 4,444 | 249 | 295 | 892 | 525 |
Riesgo de tipo de interés
The Group's exposure to changes in interest rate risk relates primarily to interest earning financial assets and interest-bearing financial liabilities. Interest rate risk is managed by the Group on an ongoing basis with the primary objective of limiting the effect of an adverse movement in interest rates. The Group has bank borrowings with a variable interest rate linked to the Bank of England base rate (see note 25). The recent rate increases are in line with expectations and the Group has factored in further changes to its forecasts.
Valores razonables de instrumentos financieros
El valor razonable de los activos y pasivos financieros se considera igual que los valores en libros.
30. Pagos basados en acciones
There are a number of share options schemes in place which aim to incentivise Executive Directors and senior management. For each of the schemes, the estimated fair value of the option is calculated at the year ended 31 December 2023 (or at the vesting date if earlier) and the fair value, moderated for the extent to which the option is expected to vest, is spread as a charge between grant and the assumed vesting date. Accordingly, a share-based payments charge is recognised in the Statement of Comprehensive Income in the year ended 31 December 2023.
Esquema de opciones sobre acciones 2023
On 17 May 2023, options over 255,953 ordinary shares were granted to the 2 Executive Directors and certain senior managers. All options have an exercise price of £0.01.
These options have a vesting condition based on 2 performance conditions: adjusted basic earnings per share adjusted for exceptional income/costs, amortisation arising on consolidation and share-based payment charges ("adjusted EPS"); and total shareholder return ("TSR") over the 3 years to 31 December 2025. Each performance condition will apply to 50% of the award being made.
In respect of both performance conditions, growth of 20% in adjusted EPS and 48% in TSR over the 3-year period will be required for threshold vesting of the awards (the "collar"), with growth of 42% or higher in adjusted EPS and 72% or higher in TSR required for all of the awards to vest (the "cap"). Straight-line vesting applies between the collar and the cap.
The following principal assumptions were used in the valuation of the grant made in the year ended 31 December 2023 using the Black Scholes option pricing model:
Supuestos | ||||||||
Fecha de adjudicación | 30/04/2026 |
| ||||||
Precio de la acción en el momento de la concesión | £3.13 |
| ||||||
Precio de ejercicio | £0.01 |
| ||||||
Tasa libre de riesgo | 4.50% |
| ||||||
Rentabilidad por dividendo | 4.50% |
| ||||||
Vida esperada | 3 años |
| ||||||
Volatilidad del precio de las acciones | 31.00% |
| ||||||
Expected volatility is a measure of the amount by which a share price is expected to fluctuate during a period. The assumptions used in valuing each grant are based on the daily historical volatility of the share price over a period commensurate with the expected term assumption.
The risk-free rate of return is the implied yield at the date of grant for a zero coupon UK government bond with a remaining term equal to the expected term of the options.
It's expected that with an exercise price of £0.01, should the EPS condition be met, the holder will exercise as soon as the option vests. The Group announces its results usually in April. So, it has been assumed that the options will be exercised on 30 April 2026.
Las EPS se miden como las ganancias básicas por acción, excluyendo cualquier ingreso/coste excepcional y cualquier cargo por pagos basados en acciones.
Management has used the budget for FY24 and the market outlook and projections for FY25 to determine, at 31 December 2023, the achievement of the EPS condition. The expectation is that 23% of the options will vest.
A share-based payment charge of £29,765 has been recognised in the Statement of Comprehensive Income in the year ended 31 December 2023.
La vida contractual media ponderada restante de esta opción es de 2 años y 4 meses.
Esquema de opciones sobre acciones 2022
On 9 August 2022, an option over 175,000 ordinary shares was granted to the Chief Executive Officer, an option over 115,000 ordinary shares was granted to the Chief Financial Officer and options over 175,000 ordinary shares were granted to senior management. All options have an exercise price of £0.01.
These options have a vesting condition based on 2 performance conditions: adjusted basic earnings per share adjusted for exceptional income/costs, amortisation arising on consolidation and share-based payment charges ("adjusted EPS"); and total shareholder return ("TSR") over the 3 years to 31 December 2024. Each performance condition will apply to 50% of the award being made.
In respect of both performance conditions, growth of 20% in adjusted EPS and 20% in TSR over the 3-year period will be required for threshold vesting of the awards, with growth of 42% or higher in adjusted EPS and 42% or higher in TSR required for all of the awards to vest. Straight-line vesting applies between the floor and the cap.
Management has used the budget for FY24 and the market outlook and projections for FY25 to determine, at 31 December 2023, the achievement of the EPS condition. The expectation is that 55.5% of the options will vest.
A share-based payments charge of £225,556 has been recognised in the Statement of Comprehensive Income in the year ended 31 December 2023.
La vida contractual media ponderada restante de esta opción es de 1 años y 4 meses.
Esquema de opciones sobre acciones 2021
On 24 April 2021, an option over 700,000 ordinary shares was granted to the Chief Executive Officer and an option over 400,000 ordinary shares was granted to the Chief Financial Officer under this scheme. On 7 July 2021, options over 425,500 ordinary shares were granted to a Director and senior management under this scheme. All the options issued had an exercise price of £0.01.
These options have a vesting condition based on 2 performance conditions: adjusted basic earnings per share adjusted for exceptional income/costs, amortisation arising on consolidation and share-based payment charges ("adjusted EPS"); and total shareholder return ("TSR") over the 3 years to 31 December 2023. Each performance condition will apply to 50% of the award being made.
In respect of both performance conditions, growth of 60% in adjusted EPS and 80% in TSR over the 3-year period will be required for threshold vesting of the awards, with growth of 65% or higher in adjusted EPS and 90% or higher in TSR required for all of the awards to vest. At threshold vesting, 75% of the shares subject to each performance condition will vest.
A share-based payments charge of £466,511 has been recognised in the Statement of Comprehensive Income in the year ended 31 December 2023, this has been calculated on the basis of 100% of the EPS condition being met and 0% of the TSR condition being met (as a market-based condition whose fair value was measured at the grant date as zero and not revisited).
Post period end 100% of the share options vested.
La vida contractual media ponderada restante de esta opción es de 4 meses.
Esquema de opciones sobre acciones: aplazamiento del bono del CEO
On 24 March 2021, the Chief Executive Officer was granted an option over 100,000 ordinary shares. The award of the nil cost option was in substitution for two thirds of the total £150,000 performance-based cash bonus payable to the Chief Executive Officer for the financial year to 31 December 2020, with a 100% uplift based on a 30-day VWAP applied to the deferred element, and became exercisable 2 years' after being granted, subject to continued employment, vesting criteria and malus conditions. Under the award, the Chief Executive Officer is not be able to dispose of any of the acquired shares for a further period of 2 years (save as required to pay tax due on exercise).
This option vested in full and was exercised in the year ended 31 December 2023.
A share-based payments charge of £23,785 has been recognised in the Statement of Comprehensive Income in the year ended 31 December 2023.
Plan de opciones sobre acciones de incentivo a la gestión empresarial ("EMI") 2020
There were options over 200,000 ordinary shares granted which fully vested and were exercised in 2023.
A share-based payments charge of £37,091 has been recognised in the Statement of Comprehensive Income in the year ended 31 December 2023.
El movimiento en el número de acciones ordinarias bajo opciones para todos los planes fue el siguiente:
2023 | 2022 | |||
'000 | Ponderado promedio precio de ejercicio | '000 | Ponderado promedio precio de ejercicio | |
Número de opciones sobre acciones |
|
| ||
Destacado a principios de año | 2,213 | £0.01 | 1,826 | £0.01 |
Ejercido | (300) | £0.01 | -- | -- |
Perdido | (69) | £0.01 | (116) | £0.01 |
Concedido | 256 | £0.01 | 503 | £0.01 |
Sobresaliente al final del año | 2,100 | £0.01 | 2,213 | £0.01 |
Durante el año terminado el 31 de diciembre de 2023:
- 200,000 options were exercised under the 2020 scheme;
- 100,000 options were exercised under the 2020 deferred bonus scheme; and
- 255,953 options were granted under the 2023 scheme.
The outstanding options at 31 December 2023 comprised 1,423,500 options under the 2021 scheme which will vest in full upon the announcement of these financial statements. There were also 421,000 options under the 2022 scheme and 255,953 options under the 2023 scheme whose vesting is subject to conditions and, to the extent those conditions are achieved, will vest in 2025 and 2026 respectively.
La vida contractual restante media ponderada de las opciones es de 0.8 años (2022: 1.4 años).
31. Divulgaciones de partes relacionadas
Transacciones con directores
Dividendos
During the year, the total interim and final dividends paid to the Directors and their spouses were as follows:
2023 | 2022 | |
Dividendo a cuenta y final (acciones ordinarias de £0.01 cada una) |
| |
Richard Martin | 943 | 845 |
Pablo Latham | 11 | 9 |
phil ladrones | 2 | 1 |
campo decano | 5 | 5 |
David Raggett | 55 | 46 |
Muestras de Gareth | 7 | - |
Glynis Frew | - | 37 |
1,023 | 943 |
Emolumentos de directores
Incluidos dentro de la remuneración de la gerencia y el personal clave detallada en la nota 9, se pagaron a los Directores los siguientes montos:
2023 000 £ | 2022 000 £ | |
Sueldos y salarios | 1,151 | 1,098 |
Costos de seguridad social | 150 | 145 |
Contribución a la pensión | 48 | 45 |
1,349 | 1,288 |
32. Hechos posteriores a la fecha del informe
Effective 7 March 2024, the Group acquired the entire issued share capital of Belvoir Group PLC, a competitor property franchisor with a network of over 300 franchised offices across the UK operating under 6 brands which also has a significant financial services division comprising a network of over 300 mortgage advisers. The consideration was £107.2m, being £103.5m in relation to a share for share exchange whereby each Belvoir shareholder was issued 0.806377 new shares in The Property Franchise Group PLC and £3.7m cash consideration which was used to settle share option obligations. It is likely that the majority of consideration will be attributed to intangible fixed assets including master franchise agreements, brands, customer relationships and goodwill.
Due to the proximity of the acquisition to the date the financial statements were authorised for issue by the Board, it has not been possible to provide all of the information required for disclosure in accordance with IFRS 3 'Business Combinations'. The main areas of non-disclosure include a qualitative description of the factors which make up goodwill and a fair value of the amounts recognised as of the acquisition date for each major class of assets acquired and liabilities assumed. Further disclosure of the items required under IFRS 3 will be included in the June 2024 half year report.
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