FFIINANNANCCIALIAL S STTAATTEEMMEENNTTSS NOTES TO THE FINANCIAL STATEMENTS CONTINUED S 20 OTHER FINANCIAL ASSETS CONTINUED TR The fair value of the warrant equity option above has been established by applying the proportion of equity represented by the derivative to an assessment A of the enterprise value of AMR GP Limited, which is then adjusted to reflect marketability and control commensurate with the size of the investment. TE G I C There is a further embedded derivative in the agreement in respect of an additional economic interest in the equity of AMR GP Holdings Limited which was R assessed as having a carrying value of £nil at inception. This derivative entitled the Group to subscribe for further share capital in AMR GP Limited in the E P event that the sponsorship agreement is extended for a further five-year period. The fair value movement in this derivative for the year ended 31 December O R 2023 was a £3.8m increase (2022: £0.7m increase) and is recognised within the Consolidated Income Statement in administrative expenses. The movement T in the value of this derivative has been estimated using the same method as the warrant equity option disclosed above. There is no corresponding liability recorded as it is a non-option embedded derivative. G O The Group exercised its option and subscribed for equity in AMR GP Holdings Limited during the year ended 31 December 2023. The Group holds one VE further warrant which is exercisable in the event of the Group agreeing a third period of sponsorship for the period 2031 to 2035. The fair value of this R warrant option is currently assessed as £nil owing to the uncertainty that the sponsorship will be renewed so far in the future. NAN 21 TRADE AND OTHER PAYABLES C Current trade and other payables E 2023 2022 £m £m (restated*) F I Trade payables 143.2 151.2 NAN Repurchase liability 39.7 38.2 C Customer deposits and advances 272.1 335.7 IAL Accruals and other payables 356.5 346.0 S T Deferred income – tax relief* 13.8 14.9 A T E Deferred income – service packages 4.7 5.2 M E N Deferred income – other 10.4 – T 840.4 891.2 S * Detail on the restatement is disclosed in note 2 F U Trade payables are non-interest bearing, and it is the Group’s policy to settle the liability within 90 days. R T H Accruals and other payables consist of product development and capital accruals of £115.4m (2022: £135.7m), sales and marketing accruals of £70.4m E R (2022: £59.0m), manufacturing accruals of £44.4m (2022: £40.7m) and administrative and other accruals of £126.3m (2022: £110.6m). INF At 31 December 2023, a repurchase liability of £39.7m including accrued interest of £1.7m, has been recognised in trade and other payables and net debt OR (see note 24). In 2023, £31.4m of parts for resale, service parts and production stock were sold for £38.0m (gross of indirect tax) and subsequently M A repurchased. Under this repurchase agreement, the Group will repay a total of £40.0m (gross of indirect tax). As part of the arrangement, legal title to the T I parts was surrendered, however, control remained with the Group. During 2023, £40.0m had been repaid relating to the liability of £38.2m as at 31 ON December 2022 following further interest accrual. Contract liabilities Changes in the Group’s contract liabilities during the year are summarised as follows: Significant financing Additional Amounts component for Amounts amounts arising recognised which an interest returned At 31 At 1 January during the within charge is and other December 2023 period revenue recognised changes 2023 £m £m £m £m £m £m Customer deposits and advances 335.7 122.7 (156.1) 7.7 (37.9) 272.1 Deferred income – service packages 13.7 4.2 (5.2) – (0.2) 12.5 Significant financing Additional Amounts component for Amounts amounts arising recognised which an interest returned At 31 At 1 January during the within charge is and other December 2022 period revenue recognised changes 2022 £m £m £m £m £m £m Customer deposits and advances 342.6 108.5 (111.0) 8.0 (12.4) 335.7 Deferred income – service packages 14.9 3.2 (4.7) – 0.3 13.7 ASTON MARTIN LAGONDA ANNUAL REPORT AND ACCOUNTS 2023 174