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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012
notes to the consolidated financial statements
continued
24
DERIVATIVE FINANCIAL INSTRUMENTS
Held for trading derivatives that are not designated in hedge accounting relationships:
29 December 31 December
£m 2012 2011
Foreign currency contracts – included in current assets 0.6 0.4
Foreign currency contracts (0.6) (2.0)
Interest rate contracts (9.5) (15.9)
Included in current liabilities (10.1) (17.9)
Total (9.5) (17.5)
Further details of derivative financial instruments are provided in note 29.
25
DEFERRED TAX
The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting
period.
Accelerated
Retirement
tax Fair value Impairment benefit
£m depreciation gains Intangibles Provisions losses obligations Total
At 1 January 2011 29.6 (6.6) 13.3 (1.4) (1.6) 3.2 36.5
Charge/(credit) to income (7.3) 2.4 (4.4) 0.1 0.1 4.1 (5.0)
Credit to equity – – – – – (5.0) (5.0)
Translation of overseas balances 0.6 – – – – – 0.6
As 31 December 2011 22.9 (4.2) 8.9 (1.3) (1.5) 2.3 27.1
Charge/(credit) to income (3.0) 2.1 (2.7) (0.4) 0.1 0.9 (3.0)
Credit to equity – – – – – (0.9) (0.9)
Translation of overseas balances (0.3) – – – – – (0.3)
As 29 December 2012 19.6 (2.1) 6.2 (1.7) (1.4) 2.3 22.9
Certain deferred tax assets and liabilities have been offset and the net liability is shown as deferred tax liabilities in the statement of financial position.
At the statement of financial position date, the Group had unused tax losses of £40.5 million (2011: £17.9 million) available for offset against future
profits. Deferred tax assets are not recognised on the losses carried forward to the extent that it is not probable that the losses will be utilised.
The Group is not aware of any temporary differences associated with undistributed earnings of subsidiaries due to the availability of tax credits
against such liabilities. The Group is in a position to control the timing of the reversal of any such temporary differences should they arise.
Temporary differences arising in connection with interests in associates are insignificant.
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