MIRA INFORM REPORT

Report No. :	338217
Report Date :	27.08.2015

IDENTIFICATION DETAILS

Name :	NEXT PLC

Formerly Known As :	NEXT GROUP PLC

Registered Office :	Desford Road, Enderby Leicester, Le19 4at

Country :	United Kingdom

Financials (as on) :	31.01.2015

Date of Incorporation :	09.04.2002

Com. Reg. No.:	04412362

Legal Form :	Public Limited With Share Capital

Line of Business :	EA group engaged in the retailer offering exciting, beautifully designed, excellent quality, footwear, accessories and home products.

No. of Employees :	50018

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK has been a net importer of energy since 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output.

In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of 375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company summary

Registered Address

Desford Road
Enderby
Leicester
Le19 4at

Trading Address

Desford Road
Enderby
Leicester
Leicestershire
LE19 4AT

Website Address

http://www.nextplc.co.uk

Company No:

04412362

Telephone Number

08448448888

Fax Number

01162848998

TPS

FPS

Yes

Incorporation Date

09/04/2002

FTSE Index

FTSE 100 company

Previous Name

NEXT GROUP PLC

Type

Public limited with Share Capital

Date of Change

22/11/2002

Filing Date of Accounts

28/05/2015

SIC07

70100

Charity Number

Principal Activity

EA group engaged in the retailer offering exciting, beautifully designed, excellent quality, footwear, accessories and home products.

SIC07 Description

ACTIVITIES OF HEAD OFFICES

Key financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/03/2015	£3,999,800,000	£794,800,000	£322,000,000	50018
31/03/2014	£3,740,000,000	£695,200,000	£286,300,000	52533
31/03/2013	£3,562,800,000	£666,500,000	£285,600,000	82808

Trade debtors / bad debt summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Large company

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has only made late payments on a low percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

The company has more cash than short term bank borrowings.

This company is a member of the FTSE 100 share index.

CCJ

Total Number of Exact CCJs -	1	Total Value of Exact CCJs -	£2,190
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	1	Total Value of Satisfied CCJs -	£2,269
Total Number of Writs -	-

Current directors

Name	Robert John Orr Barton	Date of Birth	23/08/1944
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	09/09/2002
Address	Desford Road, Enderby, Leicester, LE19 4AT

Name	Simon Adam Lord Wolfson Of Aspley Guise	Date of Birth	27/10/1967
Officers Title	Mr	Nationality	British
Present Appointments	21	Function	Director
Appointment Date	09/09/2002
Address	Next Plc Desford Road, Enderby, Leicester, LE19 4AT

Name	Stephen David Barber	Date of Birth	15/03/1952
Officers Title	Mr	Nationality	British
Present Appointments	15	Function	Director
Appointment Date	01/06/2007
Address	Desford Road, Enderby, Leicester, LE19 4AT

Name	Francis William Salway	Date of Birth	05/10/1957
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	01/06/2010
Address	Desford Road, Enderby, Leicester, LE19 4AT

Name	Dianne Thompson	Date of Birth	31/12/1950
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/01/2015
Address	Desford Road, Enderby, Leicester, LE19 4AT

Name	Caroline Mary Helen Goodall	Date of Birth	22/05/1955
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/01/2013
Address	Desford Road, Enderby, Leicester, LE19 4AT

Name	Michael William Law	Date of Birth	17/06/1961
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	01/07/2013
Address	Desford Road, Enderby, Leicester, LE19 4AT

Name	Jane Margaret Shields	Date of Birth	24/10/1963
Officers Title	Ms	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	01/07/2013
Address	Desford Road, Enderby, Leicester, LE19 4AT

Name	Amanda James	Date of Birth	23/08/1971
Officers Title	Mrs	Nationality	British
Present Appointments	18	Function	Director
Appointment Date	01/04/2015
Address	Next Plc Desford Road, Enderby, Leicester, LE19 4AT

Current Company Secretary

Name	Seonna Anderson	Date of Birth	-
Officers Title		Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	03/02/2014
Address	Next Plc Desford Road, Enderby, Leicester, LE19 4AT

Profit & loss

Date Of Accounts	31/01/15	(%)	31/01/14	(%)	26/01/13	(%)	31/01/12	(%)	29/01/11
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£3,999,800,000	6.9%	£3,740,000,000	5%	£3,562,800,000	3.5%	£3,441,100,000	-0.4%	£3,453,700,000
Export	-	-	-	-	£243,500,000	24.6%	£195,400,000	-	-
Cost of Sales	£2,656,400,000	6.3%	£2,499,900,000	2.6%	£2,437,000,000	1.7%	£2,395,800,000	-2%	£2,445,000,000
Gross Profit	£1,343,400,000	8.3%	£1,240,100,000	10.2%	£1,125,800,000	7.7%	£1,045,300,000	3.6%	£1,008,700,000
Wages & Salaries	£646,100,000	3.1%	£626,500,000	21%	£517,600,000	-10.8%	£580,200,000	-14.1%	£675,200,000
Directors Emoluments	£13,720,000	-39%	£22,500,000	329.4%	£5,240,000	17.2%	£4,470,000	-9%	£4,910,000
Operating Profit	£812,100,000	12.4%	£722,800,000	4%	£695,100,000	15.5%	£601,800,000	4.7%	£574,800,000
Depreciation	£112,000,000	-4.3%	£117,000,000	0.5%	£116,400,000	-2%	£118,800,000	-1.6%	£120,700,000
Audit Fees	£490,000	4.3%	£470,000	4.4%	£450,000	-	£450,000	150%	£180,000
Interest Payments	£30,700,000	8.5%	£28,300,000	-2.4%	£29,000,000	-19.9%	£36,200,000	49%	£24,300,000
Pre Tax Profit	£794,800,000	14.3%	£695,200,000	4.3%	£666,500,000	15%	£579,500,000	5.1%	£551,400,000
Taxation	-£159,900,000	-12.6%	-£142,000,000	10.1%	-£157,900,000	-8.7%	-£145,300,000	3.5%	-£150,500,000
Profit After Tax	£634,900,000	14.8%	£553,200,000	8.8%	£508,600,000	17.1%	£434,200,000	8.3%	£400,900,000
Dividends Payable	£433,900,000	81.6%	£238,900,000	61.7%	£147,700,000	9.3%	£135,100,000	4.2%	£129,600,000
Retained Profit	£201,000,000	-36%	£314,300,000	-12.9%	£360,900,000	20.7%	£299,100,000	10.2%	£271,300,000

Balance sheet

Date Of Accounts	31/01/15	(%)	31/01/14	(%)	26/01/13	(%)	31/01/12	(%)	29/01/11
Tangible Assets	£622,400,000	-1.6%	£632,200,000	-1.4%	£641,000,000	-4.1%	£668,700,000	-1.4%	£678,500,000
Intangible Assets	£44,000,000	-0.9%	£44,400,000	-0.9%	£44,800,000	-1.8%	£45,600,000	-1.9%	£46,500,000
Total Fixed Assets	£666,400,000	-1.5%	£676,600,000	-1.3%	£685,800,000	-4%	£714,300,000	-1.5%	£725,000,000
Stock	£416,800,000	8.1%	£385,600,000	16.2%	£331,800,000	-10.8%	£371,900,000	1%	£368,300,000
Trade Debtors	£737,800,000	4.9%	£703,600,000	13.1%	£622,200,000	4.2%	£597,000,000	11.9%	£533,300,000
Cash	£275,500,000	0.8%	£273,300,000	100.5%	£136,300,000	141.7%	£56,400,000	14.4%	£49,300,000
Other Debtors	£106,500,000	2%	£104,400,000	8.9%	£95,900,000	-6.1%	£102,100,000	-9.1%	£112,300,000
Miscellaneous Current Assets	£79,400,000	999.9%	£1,200,000	-94.4%	£21,600,000	72.8%	£12,500,000	204.9%	£4,100,000
Total Current Assets	£1,616,000,000	10.1%	£1,468,100,000	21.6%	£1,207,800,000	6%	£1,139,900,000	6.8%	£1,067,300,000
Trade Creditors	£224,900,000	15.5%	£194,800,000	3%	£189,200,000	-2%	£193,100,000	-1.2%	£195,500,000
Bank Loans & Overdrafts	£2,800,000	7.7%	£2,600,000	-51.9%	£5,400,000	-28.9%	£7,600,000	-25.5%	£10,200,000
Other Short Term Finance	£109,500,000	30.5%	£83,900,000	-58.5%	£202,400,000	85.3%	£109,200,000	-35.7%	£169,900,000
Miscellaneous Current Liabilities	£549,400,000	-0.7%	£553,200,000	32%	£419,000,000	-3.1%	£432,500,000	-5.4%	£457,300,000
Total Current Liabilities	£886,600,000	6.2%	£834,500,000	2.3%	£816,000,000	9.9%	£742,400,000	-10.9%	£832,900,000
Bank Loans & Overdrafts and LTL	£1,076,600,000	4.9%	£1,026,500,000	28.7%	£797,400,000	-11.1%	£896,700,000	21.6%	£737,200,000
Other Long Term Finance	£11,800,000	999.9%	£900,000	-99.5%	£191,000,000	-1.4%	£193,700,000	-59.1%	£473,800,000
Total Long Term Liabilities	£1,073,800,000	4.9%	£1,023,900,000	29.3%	£792,000,000	-10.9%	£889,100,000	22.3%	£727,000,000

Capital & reserves

Date Of Accounts	31/01/15	(%)	31/01/14	(%)	26/01/13	(%)	31/01/12	(%)	29/01/11
Called Up Share Capital	£15,300,000	-1.3%	£15,500,000	-	-	-	-	-100%	£18,100,000
P & L Account Reserve	£1,885,600,000	-1.1%	£1,906,900,000	-	-	-	-	-100%	£1,782,600,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-£1,578,900,000	3.5%	-£1,636,100,000	-672.9%	£285,600,000	28.2%	£222,700,000	114.2%	-£1,568,300,000
Shareholder Funds	£322,000,000	12.5%	£286,300,000	0.2%	£285,600,000	28.2%	£222,700,000	-4.2%	£232,400,000

Other financials items

Date Of Accounts	31/01/15	(%)	31/01/14	(%)	26/01/13	(%)	31/01/12	(%)	29/01/11
Net Worth	£278,000,000	14.9%	£241,900,000	0.5%	£240,800,000	36%	£177,100,000	-4.7%	£185,900,000
Working Capital	£729,400,000	15.1%	£633,600,000	61.7%	£391,800,000	-1.4%	£397,500,000	69.6%	£234,400,000
Total Assets	£2,282,400,000	6.4%	£2,144,700,000	13.3%	£1,893,600,000	2.1%	£1,854,200,000	3.5%	£1,792,300,000
Total Liabilities	£1,960,400,000	5.5%	£1,858,400,000	15.6%	£1,608,000,000	-1.4%	£1,631,500,000	4.6%	£1,559,900,000
Net Assets	£322,000,000	12.5%	£286,300,000	0.2%	£285,600,000	28.2%	£222,700,000	-4.2%	£232,400,000

Cash Flow

Date Of Accounts	31/01/15	(%)	31/01/14	(%)	26/01/13	(%)	31/01/12	(%)	29/01/11
Net Cashflow from Operations	£743,200,000	20.9%	£614,800,000	-6.7%	£659,000,000	25.3%	£525,900,000	16.3%	£452,000,000
Net Cashflow before Financing	£637,200,000	24.4%	£512,200,000	-10.7%	£573,300,000	25.8%	£455,700,000	45.2%	£313,900,000
Net Cashflow from Financing	-£636,100,000	-71.1%	-£371,800,000	24.3%	-£491,100,000	-10.1%	-£446,100,000	-18.3%	-£377,200,000
Increase in Cash	£1,100,000	-99.2%	£140,400,000	70.8%	£82,200,000	756.3%	£9,600,000	115.2%	-£63,300,000

Miscellaneous

Date Of Accounts	31/01/15	(%)	31/01/14	(%)	26/01/13	(%)	31/01/12	(%)	29/01/11
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£1,395,800,000	6.5%	£1,310,200,000	21.6%	£1,077,600,000	-3.1%	£1,111,800,000	15.9%	£959,400,000
Number of Employees	50018	-4.8%	52533	-36.6%	82808	-6.4%	88467	50.7%	58706
Accountants
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	NATIONAL WESTMINSTER BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/01/15	31/01/14	26/01/13	31/01/12	29/01/11
Pre-tax profit margin %	19.87	18.59	18.71	16.84	15.97
Current ratio	1.82	1.76	1.48	1.54	1.28
Sales/Net Working Capital	5.48	5.90	9.09	8.66	14.73
Gearing %	334.30	358.50	279.20	402.60	317.20
Equity in %	14.40	13.60	15.40	12.30	13.30
Creditor Days	20.46	18.95	19.32	20.42	20.60
Debtor Days	67.14	68.47	63.56	63.15	56.20
Liquidity/Acid Test	1.35	1.29	1.07	1.03	0.83
Return On Capital Employed %	56.94	53.06	61.85	52.12	57.47
Return On Total Assets Employed %	34.82	32.41	35.19	31.25	30.76
Current Debt Ratio	2.75	2.91	2.85	3.33	3.58
Total Debt Ratio	6.08	6.49	5.63	7.32	6.71
Stock Turnover Ratio %	10.42	10.31	9.31	10.80	10.66
Return on Net Assets Employed %	246.83	242.82	233.36	260.21	237.26

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
21/07/2015	Annual Returns
15/06/2015	New Accounts Filed
15/06/2015	New Accounts Filed
29/05/2015	New Accounts Filed
21/05/2015	Mr J.D. Dawson has left the board
06/04/2015	Mr D.W. Keens has left the board
06/04/2015	New Board Member Ms A. James appointed
06/01/2015	New Board Member Ms D. Thompson appointed
19/07/2014	Annual Returns
12/06/2014	Mr C.E. Angelides has left the board
07/06/2014	New Accounts Filed
23/05/2014	Ms C. Cross has left the board
06/02/2014	New Company Secretary S. Anderson appointed
05/02/2014	Mr A.J. McKinlay has resigned as company secretary
04/07/2013	New Board Member Ms J.M. Shields appointed

Previous Company Names

Date	Previous Name
22/11/2002	NEXT GROUP PLC
11/09/2002	BRONZEJASPER PUBLIC LIMITED COMPANY

Writ Details

No writs found

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
NEXT PLC	04412362	31.01.2015	Y	£3,999,800,000
NEXT GROUP PLC	00035161	24.01.2015	N	£202,200,000
NEXT DISTRIBUTION LI...	03045421	24.01.2015	N	£443,580,000
NEXT SOURCING (UK) L...	05188107	31.01.2015	N
VENTURA NETWORK DIST...	06056341	31.01.2015	N
AGRATECH LIMITED	07218431	31.01.2015	N
PROJECT DONCASTER LI...	09189080	-	N
BRECON DEBT RECOVERY...	00866802	31.01.2015	N
LIPSY LIMITED	05728110	24.01.2015	N	£71,853,000
NEXT BRAND LIMITED	02570797	31.01.2015	N
THE NEXT DIRECTORY L...	02570808	31.01.2015	N
NEXT FINANCIAL SERVI...	02958128	31.01.2015	N
NEXT NEAR EAST LIMITED	00123434	25.01.2014	N
NEXT PENSION TRUSTEE...	00497131	31.01.2015	N
NEXT PROPERTIES LTD	02570546	31.01.2015	N
NEXT RETAIL LIMITED	04521150	24.01.2015	N	£3,919,433,000
PAIGE GROUP LIMITED(...	00452053	31.01.2015	N
V.C.S.M. LIMITED	02570801	31.01.2015	N
VENTURA GROUP LIMITED	01210373	31.01.2015	N

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
26/09/2012	NORTHAMPTON CCMCC	£2,190	Judgment	2YL15315	-
02/11/2009	DERBY	£2,269	Satisfied	9DE05164	21/01/2010

Possible CCJs Details

Possible CCJ matches show CCJs that may be matched to a company based on various criteria such as similar trading names or addresses. This data is provided for your information only as an aid to decision-making

There are no possible CCJ details

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
David Wilson Keens	3	24
Nicholas George Brookes	6	12
William Robert Barnes	25	26
Alistair Campbell Mitchell Innes	0	152
OFFICE ORGANIZATION & SERVICES LIMITED	163	1272
David Charles Jones	24	53
Derek Nigel Donald Netherton	3	16
Jonathan Donald Sherlock Dawson	3	11
Andrew John Varley	3	19
PRECIS COMPANY SERVICES LIMITED	4	32
Julia Ann Parker	0	3
Christos Emilios Angelides	0	3
PEREGRINE SECRETARIAL SERVICES LIMITED	48	514
Anthony Stephen Grabiner	1	2
Christine Cross	1	3
Andrew John Robert McKinlay	10	24
INSTANT COMPANIES LIMITED	2431	120340
SWIFT INCORPORATIONS LIMITED	2579	263489
SWIFT INCORPORATIONS LIMITED	2579	263489

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.16
UK Pound	1	Rs.103.87
Euro	1	Rs.75.89

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TPT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.