131
Financial statements
OCU Group | Annual report and financial statements 2025
Strategic report
Governance
for the year ended 30 April 2025 Notes to the parent company financial statements
1. Accounting policies Basis of preparation
Going concern The financial statements have been prepared on a going concern basis. The Company is the parent company of the OCU consolidated group (the ‘Group’). The Company is under common management of the Group and benefits from Group support when needed. The Group has made operating profits and has generated cash from operations during the year ended 30 April 2025, and has continued to generate robust operating profits in the period to the approval of these financial statements. The Directors have assessed the principal risks facing the Group and the Company along with forecasts covering the period to April 2027 and determined that there are no material uncertainties to disclose. On 7 November 2024, the Group successfully completed a refinancing process, replacing its previous borrowing facilities with term loans of £200m and €530m, a delayed draw term facility of £75m, a revolving credit facility of £150m and a guarantee facility of £80m. On 7 July 2025, the Group increased the sterling term loan by £17.8m and the delayed draw term loan facility by £6.7m along with a reduction in interest rates on the term loans of 50 basis points. Management gave due consideration to the ability of the Group to meet the cash flow obligations introduced by this borrowing structure and remain comfortable that the Group’s cash flow forecasts show sufficient headroom on its ability to make payments as they fall due. At the date of approval of these accounts, the Group has access to undrawn funds of £150m on the revolving credit facility and £54m on the delayed draw term facility, providing additional comfort in its ability to meet short-term cash flow requirements. The Group continues to present a strong balance sheet and cash position and the Group’s cash flow forecasts support the Directors’ expectations that the business will be able to meet its obligations as they fall due. As a result, at the time of approving these financial statements, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements, and for the foreseeable future thereafter. Consequently, they have continued to adopt the going concern basis of accounting in preparing the Company’s financial statements.
Oat Topco Limited is a private limited company limited by shares, domiciled and incorporated on 15 June 2022 in England and Wales. The registered office is Artemis House, 6-8 Greek Street, Stockport, SK3 8AB. These financial statements have been prepared in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (‘FRS 102’) and the requirements of the Companies Act 2006. As permitted by section 408 of the Companies Act 2006, the statement of comprehensive income of the parent company is not presented as part of these financial statements. This Company is a qualifying entity for the purpose of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. The Company has therefore taken advantage of exemptions from the following disclosure requirements: • the requirements of section 4 Statement of Financial Position paragraph 4.12(a)(iv) to prepare a reconciliation of the number of equity shares outstanding at the beginning and at the end of the financial year; • the requirements of section 7 Statement of Cash Flows and section 3 Financial Statement Presentation Paragraph 3.17 (d) to prepare a statement of cash flows; • the requirements of section 11 paragraphs 11.39 to 11.48(a) and section 12 paragraphs 12.26 to 12.29A, regarding disclosures for financial liabilities and assets, as the equivalent disclosures required by FRS 102 are included in the consolidated financial statements of the Group in which the entity is consolidated; • from disclosing the Company key management personnel compensation, as required by paragraph 33.7; and • the requirement of section 33 Related Party Disclosures paragraph 33.9 to disclose related party transactions within other members of the Group headed by Oat Topco Limited. The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest thousand (£000). The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
Investments in subsidiaries Investments in subsidiary undertakings are recognised at cost less impairment.
Financial instruments The Group has elected to apply the provisions of section 11 ‘Basic Financial Instruments’ and section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group’s statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Powered by FlippingBook