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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012
notes to the company financial statements
continued
11
RELATED PARTY TRANSACTIONS
Transactions
During the period, the Company entered into the following transactions with related parties.
Amounts owed by
Amounts owed to
related parties
related parties
£m 2012 2011 2012 2011
Group Companies 55.0 12.2 83.1 51.6
£82.7 million (2011: £51.6 million) is a corporate loan owed to Bakkavor London Limited with a further £0.4 million (2011: nil) owed to another group
company, Bakkavor European Marketing Limited. £55.0 million (2011: £12.2 million) is tax Group relief owed to Bakkavor Finance (2) plc by various
other Group Companies.
These amounts are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful
debts in respect of the amounts owed by related parties.
Amounts are denominated in Sterling. All related party payables and receivables are held at amortised cost.
12
13
EVENTS AFTER THE STATEMENT OF FINANCIAL POSITION DATE
There were no significant events after the statement of financial position date.
CONTROLLING PARTY
On 27 September 2012, Bakkavor Group Limited (formerly Bakkavor Holdings Limited) became the parent company of the Bakkavor Group following
a shareholder meeting of Bakkavor Group ehf (EHF) where it was agreed to implement a decrease in the share capital of EHF and to effect the
distribution of EHF’s shares in Bakkavor Group Limited to EHF’s shareholders.
The company name of Bakkavor Holdings Limited was formally changed to Bakkavor Group Limited to reflect its status as parent of the Bakkavor Group.
The Company’s ultimate parent company and ultimate controlling party is Bakkavor Group Limited, a Company registered in the United Kingdom.
The largest Group in which the results of the Company are consolidated is that headed by Bakkavor Group Limited and has included the Company
in its group financial statements. The smallest Group into which the accounts are consolidated is Bakkavor Finance (2) plc.
Copies of both the Bakkavor Group Limited and Bakkavor Finance (2) plc financial statements are available from West Marsh Road, Spalding,
Lincolnshire, PE11 2BB, United Kingdom.
The immediate parent of the Company is Bakkavor Finance (1) Limited.
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