The financial statements have been prepared in accordance with the Listing Rules and the Disclosure and Transparency Rules of the UK Financial Conduct Authority (where applicable), International Financial Reporting Standards (IFRS) and International Financial Reporting Standards Interpretation Committee (IFRIC) interpretations as endorsed by the European Union "IFRS-EU", and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The accounting policies applied are consistent with those described in the Annual Report and financial statements for the 52 weeks ended 30 November 2014 of Ocado Group plc.

The financial statements are presented in pounds sterling, rounded to the nearest hundred thousand unless otherwise stated. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial asset investments and certain financial assets and liabilities, which are held at fair value.

The Directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements of the Group and Company.

Standards, Amendments and Interpretations Adopted by the Group in 2014/15 or Issued that are Effective

The Group has considered the following new standards, interpretations and amendments to published standards that are effective for the Group for the financial year beginning 1 December 2014 and concluded that they are either not relevant to the Group or that they would not have a significant impact on the Group's financial statements:

Effective Date
IFRS 10Consolidated Financial Statements*1 January 2014
IFRS 12Disclosure of Interests in Other Entities*1 January 2014
IAS 19Employee Benefits1 July 2014
IAS 27Separate Financial Statements1 January 2014
IAS 32Financial Instruments: Presentation1 January 2014
IAS 36Impairment of Assets1 January 2014
IAS 39Financial Instruments: Recognition and Measurement1 January 2014

*The amendments for investment entities which are effective in IFRS 10, IFRS 12 and IAS 27, above, are not relevant for the Group. Amendments regarding the application of the consolidation exception for IFRS 10 and IFRS 12 are effective from 1 January 2016, and amendments regarding the reinstatement of the equity method as an accounting option for investments in subsidiaries, joint ventures and associates in an entity's separate financial statements are effective from 1 January 2016, and are included in the table below.

Standards, Amendments and Interpretations Issued that are not Effective, and which have not been early Adopted by the Group

The following further new standards, interpretations and amendments to published standards and interpretations which are relevant to the Group have been issued but are not effective for the financial year beginning 1 December 2014 and have not been adopted early:

Effective Date
IFRS 9Financial Instruments1 January 2018
IFRS 10Consolidated Financial Statements1 January 2016
IFRS 11Joint Arrangements1 January 2016
IFRS 12Disclosure of Interests in Other Entities1 January 2016
IFRS 15Revenue from Contracts with Customers1 January 2018
IAS 1Presentation of Financial Statements1 January 2016
IAS 16Property, Plant and Equipment1 January 2016
IAS 27Separate Financial Statements1 January 2016
IAS 28Investments in Associates and Joint Ventures1 January 2016
IAS 38Intangible Assets1 January 2016
VariousAmendments to various IFRSs and IASs including those arising from the IASB's annual improvements project.Various

The following new standards are not yet effective and the impact on the Group is currently under review:

- IFRS 16 "Leases" provides guidance on the classification, recognition and measurement of leases to help provide useful information to the users of financial statements. The main aim of this standard is to ensure all leases will be reflected on the balance sheet, irrespective of substance over form. The new standard will replace IAS 17 "Leases" and is effective for annual periods beginning on or after 1 January 2019 unless adopted early. The Group is currently reviewing the impact of IFRS 16.