NOTES TO THE GROUP CONSOLIDATED FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2026
14. Property, plant and equipment
15. Leases continued
15.2 Carrying value of right-of-use assets Set out below are the carrying amounts of right-of-use assets recognised and movements during the year:
Land and buildings £m
Leasehold improvements £m
Plant and equipment £m
Total £m
Land and buildings £m
Plant and machinery £m
Cost At 1 April 2024
Total £m
7.3 0.5
5.2 1.3
41.3
53.8
Additions Disposals
3.6
5.4
At 1 April 2024
18.2
2.4
20.6
– –
– – –
(2.4)
(2.4)
Exchange adjustments Additions/modifications Depreciation charge
(0.1)
–
(0.1)
Business acquired (note 11) Exchange adjustments
1.6
1.6
10.6
1.0
11.6
(0.5)
(0.8)
(1.3)
(6.2) (0.1)
(1.1)
(7.3) (0.4)
At 31 March 2025
7.3 0.1
6.5 0.4
43.3
57.1
Terminations
(0.3)
Additions Disposals
5.2
5.7
Business acquired (note 11)
2.9
0.1 2.1
3.0
– – –
(0.3)
(2.0)
(2.3)
At 31 March 2025
25.3
27.4 0.4 12.7
Business acquired (note 11) Exchange adjustments
0.1
0.1
0.2
Exchange adjustments Additions/modifications Depreciation charge Business acquired (note 11)
0.4 11.5
–
0.2 6.9
(0.1)
0.1
1.2
At 31 March 2026
7.4
46.5
60.8
(6.3)
(1.1)
(7.4)
Accumulated depreciation At 1 April 2024
0.2 31.1
–
0.2
3.4 0.3
2.4 0.6
27.5
33.3
At 31 March 2026
2.2
33.3
Charge for the year
3.6
4.5
15.3 Carrying value of lease liabilities Set out below are the carrying amounts of lease liabilities and the movements during the year:
Disposals
–
– –
(2.4) (0.8)
(2.4) (1.3)
Exchange adjustments
(0.5)
At 31 March 2025 Charge for the year
3.2 0.3
3.0 0.6
27.9
34.1
Total £m
4.2
5.1
Disposals
–
(0.3)
(1.8) (0.4)
(2.1) (0.3)
At 1 April 2024
(20.1)
Exchange adjustments
(0.2)
0.3 3.6 3.3 3.5
Exchange adjustments Additions/modifications
0.2
At 31 March 2026
3.3 4.1
29.9 16.6
36.8 24.0 23.0
(11.4) (1.0)
Net book value at 31 March 2026 Net book value at 31 March 2025
Interest for the year Lease payments
4.1
15.4
7.5 0.4
Land and buildings includes land with a cost of £1.1m (2025: £1.0m) that is not subject to depreciation. At 31 March 2026 the Group had contractual capital expenditure commitments for plant and equipment and leasehold improvements of £nil (2025: £0.4m) for which no provision has been made. 15. Leases 15.1 Leasing arrangements The Group leases manufacturing and warehousing facilities, offices and various items of plant, machinery, equipment and vehicles. Manufacturing and warehouse facilities generally have lease terms between three and ten years. Lease contracts generally include extension and termination options.
Terminations
Business acquired (note 11)
(3.0)
At 31 March 2025
(27.4) (0.5) (12.5)
Exchange adjustments Additions/modifications
Interest for the year Lease payments
(1.3)
7.9
Business acquired (note 11)
(0.2)
At 31 March 2026
(34.0)
2026 £m
2025 £m
6.5
Current liabilities
6.2
27.5 34.0
Non-current liabilities
21.2 27.4
Payment of lease liabilities is shown under Financing Activities in the consolidated Statement of Cash Flows.
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discoverIE Group plc Innovative Electronics
Annual Report and Accounts for the year ended 31 March 2026
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