The financial statements have been prepared in accordance with the Listing Rules and the Disclosure Guidance 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 29 November 2015 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.
Standards, amendments and interpretations adopted by the Group in the financial period 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 30 November 2015 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 5||Share-based Payments||1 January 2016|
|IFRS 10||Consolidated Financial Statements||1 January 2016|
|IFRS 11||Joint Arrangements||1 January 2016|
|IFRS 12||Disclosure in Other Entities||1 January 2016|
|IAS 1||Presentation of Financial Statements||1 January 2016|
|IAS 16||Property, Plant and Equipment||1 January 2016|
|IAS 28||Investments in Associates and Joint Ventures||1 January 2016|
|IAS 36||Intangible Assets||1 January 2016|
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 30 November 2015 and have not been adopted early:
|IFRS 2||Share-based payments||1 January 2018|
|IFRS 9||Financial Instruments||1 January 2018|
|IFRS 12||Disclosure in Other Entities||1 January 2017|
|IFRS 15||Revenue from Contracts with Customers||1 January 2018|
|IFRS 16||Leases||1 January 2019|
|IAS 28||Investments in Associates and Joint Ventures||1 January 2018|
|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 15 "Revenue from Contracts with Customers" (endorsed by the EU) provides on the recognition and measurement of revenue. The standard establishes a principles-based approach for revenue recognition and is based on the concept of recognising revenue for obligations only when they are satisfied and the control of goods or services is transferred. This applies to all contracts with customers except those in the scope of other standards. This new standard will replace IAS 12 "Revenue" and is effective for annual periods beginning on or after 1 January 2018 unless adopted early. The Group is currently reviewing the impact of IFRS 15.
- 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 Consolidated 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.