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 />
directors’ report<br />
DURING THE 2012 PERIOD THE GROUP MADE CHARITABLE<br />
DONATIONS OF £159,000 PRINCIPALLY TO LOCAL CHARITIES<br />
SERVING THE COMMUNITIES IN WHICH THE GROUP<br />
OPERATES (2011: £158,168).<br />
directors and their interests<br />
The Directors, who served throughout the period and to the date<br />
of this report are set out in the table below.<br />
Director Appointed Resigned<br />
A Gudmundsson 21 January 2011 -<br />
L Gudmundsson 7 March 2011 -<br />
B Bjarnason 7 March 2011 -<br />
H Ludvigsson 7 March 2011 -<br />
G Sigurdsson 25 September 2012 -<br />
A Thoroddsen 7 March 2011 25 September 2012<br />
Both A Gudmundsson and P Gates were appointed Directors on the date of incorporation, 21<br />
January 2011. On completion of the refinancing agreement, being 7 March 2011, P Gates resigned<br />
from the Board of Directors to allow for the Director’s of the Company’s parent, <strong>Bakkavor</strong> Group<br />
ehf., to be appointed. The Company has made qualifying third party indemnity provisions for the<br />
benefit of Directors who remain in force at the date of this report.<br />
EQUAL OPPORTUNITIES<br />
The Group is an equal opportunities employer. Equal opportunities are offered<br />
to all regardless of race, col<strong>our</strong>, nationality, ethnic origin, sex (including<br />
gender reassignment), marital or civil partnership status, disability, religion,<br />
belief, sexual orientation, pregnancy and maternity, age or trade union<br />
membership. All candidates and employees are treated equally in respect<br />
of recruitment, promotion, training, pay and other employment policies and<br />
conditions. All decisions are based on relevant merit and abilities.<br />
DISABLED EMPLOYEES<br />
The Group gives full and fair consideration to employment applications<br />
made by people with disabilities. We offer equal opportunity to all<br />
disabled candidates and employees who have a disability or who<br />
become disabled during the c<strong>our</strong>se of their employment. A full<br />
assessment of the individual’s needs is undertaken and reasonable<br />
adjustments are made to the work environment and/or practices in<br />
order to assist those with disabilities.<br />
DIVIDENDS<br />
The Directors do not propose payment of a dividend for year ended<br />
29 December 2012 (2011: £nil).<br />
FINANCIAL RISK MANAGEMENT POLICIES AND OBJECTIVES<br />
Information on the Group’s financial risk management objectives and<br />
policies and on the exposure of the Group to relevant risks in respect of<br />
financial instruments is set out in the Our Risks section and in Note 29,<br />
Financial Instruments.<br />
SUPPLIER PAYMENT POLICY<br />
The Company’s policy, which is also applied by the Group, is to settle on<br />
appropriate terms of payment with suppliers when agreeing the terms of<br />
each transaction, and to ensure that suppliers are made aware of those terms<br />
of payment and subsequently comply with those terms. Trade creditors of the<br />
Group at 29 December 2012 were equivalent to 66 (2011:60) days’ purchases,<br />
based on the average daily amount invoiced by suppliers during the year.<br />
POLITICAL DONATIONS<br />
No political donations were made during the period (2011: £nil).<br />
STATEMENT OF DIRECTORS’ RESPONSIBILITIES<br />
The Directors are responsible for preparing the <strong>Annual</strong> <strong>Report</strong> and the<br />
financial statements in accordance with applicable law and regulations.<br />
Company law requires the Directors to prepare financial statements for each<br />
financial year. Under that law the Directors have elected to prepare the financial<br />
statements in accordance with International Financial <strong>Report</strong>ing Standards<br />
(IFRSs) as adopted by the European Union. Under Company law the Directors<br />
must not approve the financial statements unless they are satisfied that they<br />
give a true and fair view of the state of affairs of the Company and the Group<br />
and of the profit or loss of the Group for that period. In preparing these financial<br />
statements, International Accounting Standard 1 requires that Directors:<br />
• properly select and apply accounting policies;<br />
• present information, including accounting policies, in a manner that<br />
provides relevant, reliable, comparable and understandable information;<br />
• provide additional disclosures when compliance with the specific<br />
requirements in IFRSs are insufficient to enable users to understand<br />
the impact of particular transactions, other events and conditions on<br />
the entity’s financial position and financial performance; and<br />
• make an assessment of the Company and the Group’s ability to<br />
continue as a going concern.<br />
The Directors are responsible for keeping adequate accounting records that<br />
are sufficient to show and explain the Group’s transactions and disclose<br />
with reasonable accuracy at any time the financial position of the Company<br />
and the Group and enable them to ensure that the financial statements<br />
comply with the Companies Act 2006. They are also responsible for<br />
safeguarding the assets of the Group and hence for taking reasonable<br />
steps for the prevention and detection of fraud and other irregularities.<br />
By order of the Board<br />
Agust Gudmundsson<br />
Director<br />
20 February 2013<br />
PAGE 52 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM