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Property, Plant and Equipment
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]    
Property, plant and equipment

8. Property, plant and equipment

 

During the six months ended June 30, 2023, property, plant and equipment decreased by £69.0 million from £122.7 million at December 31, 2022 to £53.7 million at June 30, 2023 primarily due to the transfer of £34.0 million of owned subscription vehicles from property, plant and equipment into inventory to be made available for sale as part of the wind-down of the subscription business.  The Group also recognized a non-cash impairment of £16.3 million relating to leasehold improvements and fixtures and fittings and at sites that have now been vacated as part of the Revised 2023 Plan.

 

In addition, during the six months ended June 30, 2023, the Group acquired property, plant and equipment with a cost of £0.9 million (six months ended June 30, 2022: £18.7 million) and assets (other than those classified as held for sale) with a net book value of £4.9 million were disposed of by the Group during the six months ended June 30, 2023 (six months ended June 30, 2022: £nil), resulting in a net loss on disposal of £3.3 million in continuing operations (six months ended June 30, 2022: £nil).

 

The remainder of the movement in property plant and equipment relates to depreciation of £13.9 million (six months ended June 30,2022: £15.0 million).

15. Property, plant and equipment

 

    Freehold
property		     Leasehold
improvements		     Fixtures and
fittings		     Computer
equipment		     Subscription
vehicles		     Other motor
vehicles		     Plant and
machinery		     Total  
    £’000     £’000     £’000     £’000     £’000     £’000     £’000     £’000  
Cost                                                
At December 31, 2020     14,907       13,702       3,949       598       -       2,742       659       36,557  
Additions     -       12,419       5,210       2,245       82,314       8,011       810       111,009  
Acquisition of subsidiaries     15,921       4,081       1,418       1,013       25,346       367       2,692       50,838  
Disposals     -       -       -       (3 )     (963 )     -       (17 )     (983 )
Transfers     -       -       -       -       (1,713 )     791       -       (922 )
FX revaluation     -       -       -       -       (736 )     -       -       (736 )
                                                                 
At December 31, 2021     30,828       30,202       10,577       3,853       104,248       11,911       4,144       195,763  
Additions     -       17,144       2,066       2,340       66,494       11,149       926       100,119  
Acquisition of subsidiaries     -       168       330       2       6,781       -       61       7,342  
Disposals     -       (134 )     (446 )     (672 )     (14,044 )     (11,212 )     (28 )     (26,536 )
Disposal of subsidiaries     -       (183 )     (471 )     (14 )     (12,212 )     (11 )     (74 )     (12,965 )
Sale and leasebacks     (14,159 )     -       -       -       -       -       -       (14,159 )
Assets held for sale     -       -       (116 )     (225 )     (48,317 )     -       -       (48,658 )
Transfers from inventory     -       -       -       -      

22,255

     -       -      

22,255
Transfers to inventory    
-
      
-
      
-
      
-
      

(70,427

 )    
-
      
-
      

(70,427

 )
FX revaluation    
-
       15       17       13       2,735       20       2       2,792  
                                                                 
At December 31, 2022     16,669       47,202       11,957       5,297      

57,513

       11,857       5,031       155,526  
                                                                 
Accumulated depreciation                                                                
At December 31, 2020     -       (634 )     (415 )     (168 )     -       (75 )     (51 )     (1,343 )
Depreciation charge for the year     -       (4,247 )     (1,495 )     (830 )     (5,938 )     (1,630 )     (542 )     (14,682 )
Disposals     -       -       -       -       1,244       -       -       1,244  
Transfers     -       -       -       -       43       (66 )     -       (23 )
FX revaluation     -       -       -       -       (4 )     -       -       (4 )
                                                                 
At December 31, 2021     -       (4,881 )     (1,910 )     (998 )     (4,655 )     (1,771 )     (593 )     (14,808 )
Depreciation charge for the year     (429 )     (7,844 )     (2,460 )     (1,821 )     (15,429 )     (3,110 )     (927 )     (32,020 )
Disposals     -       162       154       103       1,682       1,501       -       3,602  
Disposal of subsidiaries     -       16       41       7       549       1       18       632  
Assets held for sale     -       -       90       125       3,327       -       -       3,542  
Transfers to inventory     -       -       -       -       6,707       -       -       6,707  
FX revaluation     -       (1 )     5       (10 )     (460 )     (4 )     2       (468 )
                                                                 
At December 31, 2022     (429 )     (12,548 )     (4,080 )     (2,594 )    

(8,279

 )     (3,383 )     (1,500 )    

(32,813

 )
                                                                 
Net book value                                                                
At December 31, 2022     16,240       34,654       7,877       2,703       49,234       8,474       3,531       122,713  
At December 31, 2021     30,828       25,321       8,667       2,855       99,593       10,140       3,551       180,955  

 

The Group completed sale and leaseback transactions during the year ended December 31, 2022 resulting in freehold property with a carrying value of £14.2 million being derecognized from property, plant and equipment (2021: £nil). A loss on rights transferred of £1.9 million (2021: £nil, 2020: £nil) is recognized in the statement of profit or loss within administrative expenses.

 

The Group disposed of property, plant and equipment with a carrying value of £22.9 million during the year ended December 31, 2022 largely as a result of the Revised Business Plans.