Investor Presentaiton
BOOHOO GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
(FORMING PART OF THE FINANCIAL STATEMENTS) CONTINUED
22 LEASE LIABILITIES
25 RESERVES
ANNUAL REPORT AND ACCOUNTS 2021
/// FINANCIAL STATEMENTS
More than
Within 1 year
1-2
years
2-5
years
5-10 years
10
years
Minimum lease payments due
£ million
£ million
£ million
£ million
£ million
£ million
28 February 2021
Lease payments
Finance charges
Net present value
Current lease liability
Non-current lease liability
Total
Movement in lease liabilities:
Opening balance
Transition on adoption of IFRS 16
Interest accrued
Cash flow lease payments
Additions
Closing balance
23 SHARE CAPITAL
6.9
6.9
4.8
(0.2)
(0.1)
6.7
6.8
4.8
18.6
Total
Translation reserve
Capital redemption reserve
Reconstruction reserve
2021
£ million
0.5
2020
£ million
0.1
(515.3)
0.1
(515.3)
(0.3)
18.3
Acquisition of non-controlling interest in PrettyLittleThing.com Limited
Proceeds from issue of growth shares in boohoo holdings Limited
(281.3)
0.8
(795.2)
(515.2)
2021
2020
£ million
£ million
6.7
5.4
11.6
10.8
The translation reserve arises from the movement in the revaluation of subsidiary balance sheets in foreign currencies; the capital redemption
reserve arose from a capital reconstruction in 2014; the reconstruction reserve arose on the impairment of the carrying value of the subsidiary
in 2014 at that date; and the acquisition of the non-controlling interest in PrettyLittleThing is the excess of consideration paid over the
company
carrying value of the non-controlling interest as at the date of acquisition in May 2020, written off to reserves.
18.3
16.2
2021
2020
26 RELATED PARTY DISCLOSURES
£ million
£ million
16.2
-
18.4
Related party
Company transacting with
the related party
2021
Nature of relationship
£ million
2020
£ million
0.2
0.2
(5.9)
(6.0)
7.8
18.3
3.6
16.2
Amounts included in the statement
of financial position
Amounts owed to related party
undertakings
2021
2020
1,263,255,457 authorised and fully paid ordinary shares of 1p each (2020: 1,168,033,762)
£ million
12.6
£ million
11.7
During the year, a total of 5.2 million shares were issued under the share incentive plans (2020: 5.1 million). On 27 February 2021, 14,276
(2020: 16,925) new ordinary shares were issued to non-executive directors as part of their annual remuneration.
The directors do not recommend the payment of a dividend so that cash is retained in the group for capital expenditure projects that are required
for the rapid growth and efficiency improvements of the business and for suitable business acquisitions (2020: £nil).
24 SHARES TO BE ISSUED
2021
2020
£ million
31.9
£ million
The shares to be issued represents the fair value of the contingent shares to be issued to the non-controlling interests of PrettyLittleThing.com
Limited, in accordance with the acquisition agreement entered into and announced on 28 May 2020. Under this agreement, 16,112,331 Ordinary
Shares in boohoo group plc are to be issued subject to the group's share price averaging 491 pence per share over a six-month period, up until a
longstop date of 14 March 2024. If this condition is not met, the consideration will lapse.
Kamani Commercial Property Limited
Lease liabilities
boohoo.com UK Limited
Common directors and shareholders
boohoo.com UK Limited
PrettyLittleThing.com Limited
Common directors and shareholders
Common directors and shareholders
2.2
3.1
0.1
Kamani Commercial Property Limited
Kamani Commercial Property Limited
Amounts included in the statement
of comprehensive income
Purchases
The Pinstripe Property Investment Co. boohoo.com UK Limited
Limited
Kamani Construction Limited
Kamani Commercial Property Limited
Admin costs - marketing
The White Cube Creative Limited
Kamani Global Investments Limited
Depreciation-right-of-use assets
Kamani Commercial Property Limited
Kamani Commercial Property Limited
Pinstripe Hong Kong Limited
Amounts included in equity
Umar Kamani
boohoo.com UK Limited.
PrettyLittleThing.com Limited
boohoo.com UK Limited
boohoo.com UK Limited
boohoo.com UK Limited
PrettyLittleThing.com Limited
boohoo.com UK Limited
boohoo group plc
Common directors and shareholders
Common directors and shareholders
Common directors and shareholders
Director of supplier is the husband of
Carol Kane, boohoo group plc director
Common directors and shareholders
0.1
10
0.2
0.1
10
Common directors and shareholders
Common directors and shareholders
Common directors and shareholders
0.7
0.8
0.1
0.1
0.1
0.1
Umar is the son of Mahmud Kamani,
Chairman of boohoo group plc
301.7
110
Kamani Commercial Property Limited has been the lessor of boohoo's and PrettyLittleThing's head office buildings in Manchester since the IPO in 2014.
The
company exercised its option to buy the non-controlling interest of 34% of the share capital of PrettyLittleThing.com Limited (formerly
21Three Clothing Company Limited) in May 2020, in advance of the original maturity date in March 2022. Umar Kamani, a related party as the
son of Mahmud Kamani, executive chairman and director of boohoo group plc, is a director and shareholder of PrettyLittleThing.com Limited and
held 31.5% of that company before the option was exercised.
Related party transactions are considered to be on arm's length commercial terms.
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