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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated 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. The address of the registered office is given on page 109. The principal activities of the Company and its subsidiaries (the ‘Group’) comprise preparation and marketing of fresh prepared foods and the marketing and distribution of fresh produce. These activities are undertaken in the UK, Continental Europe, Asia, South Africa and the US and products are primarily sold through high street supermarkets. In the current year, the Group has adopted the following interpretations with no material impact on the financial statements of the Group: IFRS 1 Amendments First Time Adoption of IFRSs (Dec 2010) IFRS 7 Amendments Disclosures: Transfers of Financial Assets (Oct 2010) IAS 24 Amendments Related Party Disclosures (Nov 2009) IFRIC 14 Amendments Prepayments of a Minimum Funding Requirement (Nov 2009) Various Amendments Improvements to IFRSs (May 2010) At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective (and in some cases have not yet been adopted by the EU): IFRS 1 Amendments Government loans (Mar 2012) IFRS 7 Amendments Disclosures: Offsetting Financial Assets and Financial Liabilities (Dec 2011) IFRS 9 Financial Instruments (Nov 2009) IFRS 9 Amendments Financial Instruments (Oct 2010) IFRS 10 Consolidated Financial Instruments (May 2011) IFRS 11 Joint Arrangements (May 2011) IFRS 12 Disclosures of Interests in Other Entities (May 2011) IFRS 13 Fair Value Measurement (May 2011) IAS 1 Amendments Presentation of Items of Other Comprehensive Income (June 2011) IAS 12 Amendments Deferred Tax: Recovery of Underlying Assets (Dec 2010) IAS 19 Amendments Employee Benefits (June 2011) IAS 27 Separate Financial Statements (May 2011) IAS 28 Investments in Associates and Joint Ventures (May 2011) IAS 32 Amendments Presentation: Offsetting Financial Assets and Financial Liabilities (Dec 2011) Various Amendments Annual Improvements 2009 – 2011 cycle (May 2012) Various Amendments Consolidated Financial Statements, Joint Arrangements and Disclosures of Interests in Other Entities: Transition Guidance (June 2012) Various Amendments IFRS 10, IFRS 12 and IAS 27: Investments Entities (Oct 2012) With the exception of IAS 19 Employee Benefits and IFRS 9 Financial Instruments, which the Group plans to adopt for the periods beginning on 29 December 2013 and 4 January 2015 respectively, the Directors anticipate that the adoption of these Standards and Interpretations will have no material impact on the financial statements of the Group. The adoption of IAS 19 Employee Benefits and IFRS 9 Financial Instruments will impact the recognition and disclosure of Employee Benefits and the measurement and disclosure of Financial Instruments. It is not practical to quantify the future impact of the application of IFRS 9. PAGE 59 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated financial statements continued 2 SIGNIFICANT ACCOUNTING POLICIES Basis of accounting The 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. These financial statements are presented in Pounds Sterling because that is the currency of the primary economic environment in which the Group operates. Foreign operations are included in accordance with the foreign currency policy set out below. The financial statements have been prepared on the historical cost basis, except for the revaluation of financial instruments. The principal accounting policies adopted are set out below. Corporate Re-organisation In February 2011 a corporate re-organisation was completed in order to establish Bakkavor Finance (2) plc as an intermediate holding company of the Group and was accounted for using the principles of merger accounting. As the corporate re-organisation did not have a direct result on the Group and the underlying business has operated for all periods, the Board of Directors have prepared the financial statements to present all years on a comparative basis as if the Company had existed for all periods. Therefore the comparative figures and the first 20 days of January 2011 relate to its indirect parent, Bakkavor Group Limited (formerly Bakkavor Holdings Limited). Going Concern The Directors have reviewed the historical trading performance of the Group and the forecasts through to December 2015, to assess the level of finance required across the Group. See page 51, for the Directors’ consideration of Going Concern. Basis of consolidation The Group financial statements comprise the financial statements of the parent undertaking and its subsidiary undertakings, together with the Group’s share of the results of associated undertakings comprising a 53 or 52 week period ending on the Saturday nearest to 31 December. Where the fiscal year 2012 is quoted in these financial statements this relates to the 52 week period ended 29 December 2012. The fiscal year 2011 relates to the 52 week period ended 31 December 2011. Subsidiaries Subsidiary undertakings are included in the Group financial statements from the date on which control over the operating and financial policies is obtained, and cease to be consolidated from the date on which control is transferred out of the Group. Control exists when the Group has the power directly, or indirectly, to govern the financial and operating policies of an entity so as to obtain economic benefits from its activities. Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. Associates An associate is an entity over which the Group is in a position to exercise significant influence, through participation in the financial and operating policy decisions of the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Investments in associates are carried in the statement of financial position at cost as adjusted by post-acquisition changes in the Group’s share of the net assets of the associate, less any impairment in the value of individual investments. Goodwill within the associate is separately identifiable at the date of acquisition. Any negative goodwill is credited in the income statement in the period of acquisition. Losses may provide evidence of an impairment of the asset transferred in which case appropriate provision is made for impairment. Where a Group company transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group’s interest in the relevant associate. PAGE 60 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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