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Consolidated Statement of Changes in Equity - Analysis of Other Reserves - GBP (£)
£ in Millions
Other reserves.
Capital reduction reserve
Merger relief reserve
Cash flow hedge reserve
Translation reserve
Cost of hedging
Total
Beginning balance at Dec. 31, 2021 £ (1,927) £ (1,723)   £ 9 £ (211) £ (2) £ 1,264
Net exchange adjustments offset in reserves (232)       (232)   (232)
Net (loss)/gain on net investment hedge (68)       (68)   (68)
Net gain/(loss) on cash flow hedge (6) [1]     (6)     (6) [1]
Cost of hedging (2)         (2) (2)
Total other comprehensive income for the year (308)     (6) (300) (2) (63)
Transactions with owners:              
Merger relief on acquisition of Terminix Global Holdings, Inc. 3,014   £ 3,014       3,014
Cost of issuing new shares (16)   (16)       (16)
Ending balance at Dec. 31, 2022 763 (1,723) 2,998 3 (511) (4) 4,098
Net exchange adjustments offset in reserves (352)       (352)   (352)
Net (loss)/gain on net investment hedge 109       109   109
Net gain/(loss) on cash flow hedge 3 [1]     3     3 [1]
Cost of hedging 9         9 9
Total other comprehensive income for the year (231)     3 (243) 9 156
Ending balance at Dec. 31, 2023 532 (1,723) 2,998 6 (754) 5 4,088
Net exchange adjustments offset in reserves 46       46   46
Net (loss)/gain on net investment hedge (17)       (17)   (17)
Net gain/(loss) on cash flow hedge 27 [1]     27     27 [1]
Cost of hedging (5)         (5) (5)
Total other comprehensive income for the year 51     27 29 £ (5) 352
Ending balance at Dec. 31, 2024 £ 583 £ (1,723) £ 2,998 £ 33 £ (725)   £ 4,228
[1] £27m net gain (2023: £3m net gain; 2022: £6m net loss) on cash flow hedge includes a £51m loss (2023: £28m loss; 2022: £137m gain) from the effective portion of changes in fair value, offset by reclassification to the cost of acquisition of £nil (2023: £nil; 2022: £118m loss) and a £78m gain (2023: £31m gain; 2022: £25m loss) reclassification to the income statement due to changes in foreign exchange rates.