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:
|IFRS 10||Consolidated Financial Statements*||1 January 2014|
|IFRS 12||Disclosure of Interests in Other Entities*||1 January 2014|
|IAS 19||Employee Benefits||1 July 2014|
|IAS 27||Separate Financial Statements||1 January 2014|
|IAS 32||Financial Instruments: Presentation||1 January 2014|
|IAS 36||Impairment of Assets||1 January 2014|
|IAS 39||Financial Instruments: Recognition and Measurement||1 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:
|IFRS 9||Financial Instruments||1 January 2018|
|IFRS 10||Consolidated Financial Statements||1 January 2016|
|IFRS 11||Joint Arrangements||1 January 2016|
|IFRS 12||Disclosure of Interests in Other Entities||1 January 2016|
|IFRS 15||Revenue from Contracts with Customers||1 January 2018|
|IAS 1||Presentation of Financial Statements||1 January 2016|
|IAS 16||Property, Plant and Equipment||1 January 2016|
|IAS 27||Separate Financial Statements||1 January 2016|
|IAS 28||Investments in Associates and Joint Ventures||1 January 2016|
|IAS 38||Intangible Assets||1 January 2016|
|Various||Amendments 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.