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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the company financial statements 52 WEEKS ENDED 29 DECEMBER 2012 1 GENERAL INFORMATION Bakkavor Finance (2) plc (the ‘Company’) is a Public Limited Company whose ultimate parent company and controlling party is Bakkavor Group Limited (formerly Bakkavor Holdings Limited), a company registered in the United Kingdom. As the Company was incorporated and registered as a Public Limited Company during the prior period, the comparative Company financial statements are for the 50 week period to 31 December 2011. 2 SIGNIFICANT ACCOUNTING POLICIES The separate financial statements of the Company are presented as required by the Companies Act 2006. As permitted by that Act, the separate financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). The financial statements have also been prepared in accordance with IFRSs adopted by the European Union. The financial statements have been prepared on the historical cost basis, except for the revaluation of financial instruments. The principal accounting policies adopted are the same as those set out in note 2 to the consolidated financial statements except as set out below. Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment. 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 consolidated financial statements. 3 EMPLOYEES, DIRECTORS AND AUDIT REMUNERATION Audit fees of £70,000 (2011: £85,000) for the period ended 29 December 2012 have been borne by fellow Group Company Bakkavor Foods Limited. The Company has no employees and payments to Directors for the period ended 29 December 2012 (2011: £nil) have been borne by fellow Group Company Bakkavor Foods Limited. 4 FINANCE COSTS 52 weeks 50 weeks ended ended 29 December 31 December £m 2012 2011 Interest on borrowings 45.0 41.1 Amortisation of refinancing costs 6.9 3.8 Interest on loans from other group companies 3.1 1.3 55.0 46.2 PAGE 103 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the company financial statements continued 5 TAX The credit for the period can be reconciled to the loss per the income statement as follows: 52 weeks 50 weeks ended ended 29 December 31 December 2012 2011 £m % £m % Loss before tax (55.0) (100.0) (46.2) (100.0) Group relief surrendered at tax rate of 100% (2011: 26.5%) 55.0 100.0 12.2 26.5 Tax credit and effective tax rate for the period 55.0 100.0 12.2 26.5 6 BORROWINGS 29 December 31 December £m 2012 2011 Bank overdraft 32.6 9.7 Bank loans 235.0 259.7 8.25% senior secured notes 352.4 352.0 620.0 621.4 Borrowings repayable as follows: On demand or within one year 57.8 35.7 In the second year 217.4 16.0 In the third to fifth years inclusive 344.8 569.7 620.0 621.4 Analysed as: Amount due for settlement within 12 months (shown within current liabilities) 57.8 35.7 Amount due for settlement after 12 months 562.2 585.7 620.0 621.4 All borrowings are denominated in Pounds Sterling. 7 INVESTMENTS IN SUBSIDIARIES Investment in Group £m Companies Balance at 29 December 2012 and 31 December 2011 929.4 PAGE 104 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
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Annual report AND accounts 2012
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welcome to our Bakkavor 'Fast Read'
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usiness segments united kingdom mar
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key performance indicators WE USE A
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3 4 5 assets Our commitment to cont
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leading customer service leading ma
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growing our product pipeline Within
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corporate governance how we manage
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