Accounting policies

Investments in Group companies are valued at cost less accumulated impairment.

Investments

30 November
2014
£m
1 December
2013
£m
Cost482.6476.5
Contributions to subsidiaries:
— Novation of derivative liability in respect of warrants issued by Ocado Limited1.1
— Group share-based payments6.15.0
Carrying value at end of period488.7482.6

Investments represent investments in Group companies, Ocado Holdings Limited and Ocado Innovation Limited. For more information regarding the Company's investments see Note 5.1.

Subsidiaries are recharged for the amount recognised as share-based payments relating to awards to their employees. These are recognised as an increase in the investment in relevant subsidiaries in accordance with IFRS 2 "Share-based Payments".