Download our latest Annual Report - Bakkavor
Download our latest Annual Report - Bakkavor
Download our latest Annual Report - Bakkavor
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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012<br />
notes to the company financial statements<br />
52 WEEKS ENDED 29 DECEMBER 2012<br />
1<br />
GENERAL INFORMATION<br />
<strong>Bakkavor</strong> Finance (2) plc (the ‘Company’) is a Public Limited Company whose ultimate parent company and controlling party is <strong>Bakkavor</strong> Group Limited<br />
(formerly <strong>Bakkavor</strong> Holdings Limited), a company registered in the United Kingdom.<br />
As the Company was incorporated and registered as a Public Limited Company during the prior period, the comparative Company financial statements<br />
are for the 50 week period to 31 December 2011.<br />
2<br />
SIGNIFICANT ACCOUNTING POLICIES<br />
The separate financial statements of the Company are presented as required by the Companies Act 2006. As permitted by that Act, the separate<br />
financial statements have been prepared in accordance with International Financial <strong>Report</strong>ing Standards (IFRSs) as issued by the International<br />
Accounting Standards Board (IASB). The financial statements have also been prepared in accordance with IFRSs adopted by the European Union.<br />
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial instruments. The principal accounting<br />
policies adopted are the same as those set out in note 2 to the consolidated financial statements except as set out below.<br />
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.<br />
Going concern for the Company has been considered along with the Group, by the Directors. This consideration is set out in note 3 to the<br />
consolidated financial statements.<br />
3<br />
EMPLOYEES, DIRECTORS AND AUDIT REMUNERATION<br />
Audit fees of £70,000 (2011: £85,000) for the period ended 29 December 2012 have been borne by fellow Group Company <strong>Bakkavor</strong> Foods Limited.<br />
The Company has no employees and payments to Directors for the period ended 29 December 2012 (2011: £nil) have been borne by fellow Group<br />
Company <strong>Bakkavor</strong> Foods Limited.<br />
4<br />
FINANCE COSTS<br />
52 weeks 50 weeks<br />
ended ended<br />
29 December 31 December<br />
£m 2012 2011<br />
Interest on borrowings 45.0 41.1<br />
Amortisation of refinancing costs 6.9 3.8<br />
Interest on loans from other group companies 3.1 1.3<br />
55.0 46.2<br />
PAGE 103 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
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