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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated financial statements continued 10 INVESTMENT REVENUE 52 weeks 52 weeks ended ended 29 December 31 December £m 2012 2011 Continuing operations Interest on bank deposits 0.1 0.1 11 OTHER GAINS (NET) 52 weeks 52 weeks ended ended 29 December 31 December £m 2012 2011 Continuing operations Change in the fair value of derivative financial instruments 8.0 6.3 Foreign exchange gains/(losses) 0.4 (0.3) 8.4 6.0 12 FINANCE COSTS 52 weeks 52 weeks ended ended 29 December 31 December £m 2012 2011 Continuing operations Interest on borrowings 53.5 60.3 Interest on obligations under finance leases – 0.1 Amortisation of refinancing costs 6.9 3.8 Unwinding of discount on provisions (note 28) 0.8 0.8 61.2 65.0 Discontinued operations Interest on borrowings 0.1 0.1 Interest on obligations under finance leases 0.2 0.1 0.3 0.2 PAGE 73 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated financial statements continued 13 TAX 52 weeks 52 weeks ended ended 29 December 31 December £m 2012 2011 Continuing operations Current tax: Current period 0.9 3.8 Prior period adjustment 4.9 (1.3) Deferred tax: Current period (note 25) (3.0) (5.5) Prior period adjustment (note 25) – 0.5 2.8 (2.5) Discontinued operations Current tax 0.8 0.1 Deferred tax (note 25) – – 0.8 0.1 Corporation tax is calculated at 24.5% (2011: 26.5%) of the estimated assessable profit/(loss) for the period. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. Of the charge to current tax, £0.8 million (2011: £0.1 million) related to profits/(losses) arising in the disposal group, classed as a discontinued operation during the period. The charge/(credit) for the period can be reconciled to the profit/(loss) per the income statement as follows: 2012 2012 2011 2011 £m % £m % Profit/(loss) before tax: 4.1 100.0 (61.7) (100.0) Tax at the blended UK corporation tax rate of 24.5% (2011: 26.5%) 1.0 24.5 (16.3) (26.5) Non-deductible expenses 1.0 24.5 17.4 28.2 Adjustment in respect of prior periods 4.9 119.5 (0.8) (1.3) R&D tax credits (0.5) (12.2) (1.7) (2.8) Tax effect of utilisation of tax losses not previously recognised (0.4) (9.8) (0.7) (1.1) Tax effect of losses carried forward not recognised 1.1 26.8 1.6 2.6 Overseas taxes at different rates (0.2) (4.9) 0.9 1.5 Release of deferred tax on IBA reversal (2.1) (51.2) (0.8) (1.3) Deferred tax change in rate (2.0) (48.9) (2.1) (3.4) Tax charge/(credit) and effective tax rate for the period 2.8 68.3 (2.5) (4.1) In addition to the amount credited to the income statement, a £0.9 million credit (2011: £5.0m credit) relating to tax has been recognised directly in other comprehensive income. No other tax charges/credits have been recognised directly in equity. During the year the relevant deferred tax balances have been re-measured as a result of the change in the UK main corporation tax rate to 24%, which was substantively enacted on 26 March 2012 and became effective from 1 April 2012; and to 23%, which was substantively enacted on 3 July 2012 and will be effective from 1 April 2013. Further reductions to the UK corporation tax rate were announced in the March 2012 Budget and December 2012 Autumn Statement. The changes propose to reduce the rate to 21% by 1 April 2014. The changes had not been substantively enacted at the balance sheet date and therefore are not recognised in these financial statements. PAGE 74 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
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Annual report AND accounts 2012
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BAKKAVOR ANNUAL REPORT AND ACCOUNTS
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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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More online For more information, p
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leading customer service leading ma
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growing our product pipeline Within
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2 6centres of excellence investing
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corporate governance how we manage
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