Leases

12 Months Ended

Dec. 31, 2021

Disclosure of leases [text block] [Abstract]

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		-		-