124
Financial statements
OCU Group | Annual report and financial statements 2025
Strategic report
Governance
for the year ended 30 April 2025 Notes to the consolidated financial statements
20. Leasing agreements continued The average lease term of finance leases is three years (2024: three). The Group’s obligations under finance leases are secured over the assets to which they relate. Operating lease commitments At the reporting date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
At 30 April 2024, the Group held interest rate swaps on £50m and £100m variable rate debts at fixed rates of 5.518% and 5.16% respectively, each for periods until 3 November 2024.
2025 £000
2024 £000
Carrying amount of financial liabilities Measured at amortised cost: Trade creditors
(46,039)
(24,585)
2025 £000
2024 £000
(108,805)
Accruals and other creditors
(53,886)
(46,242)
Deferred income
(20,249)
3,538
Within one year
3,522
(31,115)
Other taxes and social security
(17,884)
11,015
Between one and five years
9,332
(18,846)
Hire purchase contracts and finance leases
(11,243)
24,433 38,986
Over five years
24,577
(637,438)
Borrowings
(358,455)
37,431
Measured at fair value through profit and loss: Derivative financial instruments
(1,484)
(132)
21. Financial instruments
(20,349)
Contingent/deferred consideration
(26,377)
2025 £000
2024 £000
(910,318)
(512,811)
Carrying amount of financial assets Measured at amortised cost: Trade debtors
22. Provisions for liabilities
94,508
54,719
Remedial provision £000
Deferred taxation £000
165,833
Accrued income and retention
127,184
Claims £000
Total £000
20,825
Prepayments and other receivables
15,357
At 1 May 2024
1,843
—
—
1,843
7,565
Corporation tax receivable (note 11)
1,821
Charged to profit or loss
1,257
—
1,047
2,304
Measured at fair value through profit and loss: Derivative financial instruments
Arising on business combinations
—
8,719
1,442
10,161
8,223
—
Utilised in year
—
(869)
—
(869)
296,954 199,081 The Group uses cross-currency and interest rate swaps to manage its exposure to movements in exchange rate on its euro borrowings and interest rates on its floating rate borrowings. At 30 April 2025, the Group held cross-currency swaps on the full euro term loan balance of €530m at a rate of 1.199055 until April 2027. At 30 April 2025, the Group held interest rate swaps on £320m variable rate debts at fixed rates of 4.301% until April 2026.
At 30 April 2025
3,100
7,850
2,489
13,439
Powered by FlippingBook