| Leases |
21. Leases
Group acting as a lessee
The Group has lease contracts for its offices,
customer collection centers, transporter motor vehicles and furniture and fittings. The Group’s obligations under its leases are
secured by the lessor’s title to the leased assets.
The carrying amounts and movement in the right-of-use
assets are set out below:
| |
|
Leasehold
property |
|
|
Fixtures
and
fittings |
|
|
Subscription
vehicles |
|
|
Other
motor
vehicles |
|
|
Total |
|
| |
|
£’000 |
|
|
£’000 |
|
|
£’000 |
|
|
£’000 |
|
|
£’000 |
|
| Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2019 |
|
|
5,450 |
|
|
|
74 |
|
|
|
- |
|
|
|
1,751 |
|
|
|
7,275 |
|
| Additions |
|
|
13,902 |
|
|
|
- |
|
|
|
- |
|
|
|
6,496 |
|
|
|
20,398 |
|
| Acquisition of a subsidiary |
|
|
30,367 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30,367 |
|
| Disposals |
|
|
(1,387 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,387 |
) |
| At December 31, 2020 |
|
|
48,332 |
|
|
|
74 |
|
|
|
- |
|
|
|
8,247 |
|
|
|
56,653 |
|
| Additions |
|
|
13,271 |
|
|
|
- |
|
|
|
2,942 |
|
|
|
9,048 |
|
|
|
25,261 |
|
| Acquisition of subsidiaries |
|
|
29,268 |
|
|
|
- |
|
|
|
5,536 |
|
|
|
- |
|
|
|
34,804 |
|
| Disposals |
|
|
(5,096 |
) |
|
|
- |
|
|
|
(624 |
) |
|
|
(220 |
) |
|
|
(5,940 |
) |
| Transfers |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(791 |
) |
|
|
(791 |
) |
| FX revaluation |
|
|
- |
|
|
|
- |
|
|
|
(151 |
) |
|
|
- |
|
|
|
(151 |
) |
| At December 31, 2021 |
|
|
85,775 |
|
|
|
74 |
|
|
|
7,703 |
|
|
|
16,284 |
|
|
|
109,836 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2019 |
|
|
(421 |
) |
|
|
(4 |
) |
|
|
- |
|
|
|
(81 |
) |
|
|
(506 |
) |
| Depreciation charge for the year |
|
|
(4,561 |
) |
|
|
(14 |
) |
|
|
- |
|
|
|
(995 |
) |
|
|
(5,570 |
) |
| Disposals |
|
|
143 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
143 |
|
| At December 31, 2020 |
|
|
(4,839 |
) |
|
|
(18 |
) |
|
|
- |
|
|
|
(1,076 |
) |
|
|
(5,933 |
) |
| Depreciation charge for the year |
|
|
(8,108 |
) |
|
|
(15 |
) |
|
|
(3,157 |
) |
|
|
(2,829 |
) |
|
|
(14,109 |
) |
| Disposals |
|
|
2,251 |
|
|
|
- |
|
|
|
- |
|
|
|
143 |
|
|
|
2,394 |
|
| Transfers |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
66 |
|
|
|
66 |
|
| At December 31, 2021 |
|
|
(10,696 |
) |
|
|
(33 |
) |
|
|
(3,157 |
) |
|
|
(3,696 |
) |
|
|
(17,582 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net book value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| At December 31, 2021 |
|
|
75,079 |
|
|
|
41 |
|
|
|
4,546 |
|
|
|
12,588 |
|
|
|
92,254 |
|
| At December 31, 2020 |
|
|
43,493 |
|
|
|
56 |
|
|
|
- |
|
|
|
7,171 |
|
|
|
50,720 |
|
| At December 31, 2019 |
|
|
5,029 |
|
|
|
70 |
|
|
|
- |
|
|
|
1,670 |
|
|
|
6,769 |
|
The carrying amount and movement in the lease
liabilities are set out below:
| |
|
Lease liabilities |
|
| |
|
£’000 |
|
| |
|
|
|
| At December 31, 2019 |
|
|
5,868 |
|
| |
|
|
|
|
| Additions |
|
|
19,850 |
|
| Acquisition of a subsidiary |
|
|
27,972 |
|
| Interest |
|
|
652 |
|
| Payments |
|
|
(6,294 |
) |
| |
|
|
|
|
| At December 31, 2020 |
|
|
48,048 |
|
| |
|
|
|
|
| Additions |
|
|
26,228 |
|
| Acquisition of subsidiaries |
|
|
36,352 |
|
| Interest |
|
|
1,338 |
|
| Payments |
|
|
(18,597 |
) |
| Terminations |
|
|
(2,969 |
) |
| |
|
|
|
|
| At December 31, 2021 |
|
|
90,400 |
|
The following are the amounts recognized in the
statement of profit and loss in respect of lease agreements:
| |
|
Year ended December 31 2021 |
|
|
Year ended December 31 2020 |
|
|
Year ended December 31 2019 |
|
| |
|
£’000 |
|
|
£’000 |
|
|
£’000 |
|
| Depreciation expense |
|
|
14,109 |
|
|
|
5,570 |
|
|
|
506 |
|
| Interest on lease liabilities |
|
|
1,338 |
|
|
|
652 |
|
|
|
64 |
|
| Total |
|
|
15,447 |
|
|
|
6,222 |
|
|
|
570 |
|
Group acting as a lessor
The Group has
entered into operating leases on its subscription vehicles. These leases have terms of between one and three years.
Future minimum
rentals receivable under non-cancellable operating leases are as follows:
| |
|
At December 31
2021 |
|
|
At December 31
2020 |
|
|
At December 31
2019 |
|
| |
|
£’000 |
|
|
£’000 |
|
|
£’000 |
|
| Within one year |
|
|
1,602 |
|
|
|
- |
|
|
|
- |
|
| Within one year but not more than five years |
|
|
469 |
|
|
|
- |
|
|
|
- |
|
| Total |
|
|
2,072 |
|
|
|
- |
|
|
|
- |
|
|