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Accounting policies (Tables)

6 Months Ended

Jun. 30, 2019

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Schedule of Reconciliation about operating lease obligations

The following table reconciles the opening balance for the lease liabilities as at 1 January 2019 based upon the operating lease obligations as at 31 December 2018:

		£m
Operating lease commitments at 31 December 2018			3,628.2
Short-term leases not included in lease liabilities			(73.8	)
Extension options reasonably certain to be exercised			115.1
Signed leases not yet commenced			(598.1	)
Gross lease liabilities at 1 January 2019			3,071.4
Effect of discounting			(745.2	)
Lease liabilities at 1 January 2019			2,326.2

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- Definition

The explanation of the difference between: (a) operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application of IFRS 16, discounted using the incremental borrowing rate at the date of initial application; and (b) lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2019-01-01
-Name IFRS
-Number 16
-IssueDate 2018-01-01
-Paragraph C12
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=16&date=2018-03-01&anchor=para_C12_b&doctype=Appendix&seq=3
-URIDate 2018-03-16

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- Definition

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