11 Deferred Consideration Cashflow
Te total cash outflow during the current year shown as ‘purchase of subsidiary companies’ on the face of the Consolidated Cash Flow Statement relates to: 2014
£000
Deferred consideration paid in respect of Anthony Alan Foods Ltd acquisition Deferred consideration paid in respect of Goswell Enterprises Ltd acquisition
12 Intangibles Intangible assets comprise licences and goodwill. a) Licences
Te value of the licensing agreements is calculated by reference to the additional cash flow they are expected to generate over unbranded sales. Te period over which the value is amortised varies between licences depending on their remaining life.
Te licenses recognised were purchased as part of the acquisition of Goswell Enterprises Ltd in June 2009 and relate to the exclusive licensing agreements for Cranks, Doves Farm breads and Vogels. Te period over which the value is amortised is the life of the license which is five years to June 2014. Tese licences have been renewed at no up front cost.
Total £000
Cost at 29 June 2013 and 28 June 2014 Amortisation at 29 June 2013
Charge for the year 28 June 2014 Amortisation at 28 June 2014
NBV at 29 June 2013 NBV at 28 June 2014
822
(657) (165) (822)
165 -
b) Goodwill Goodwill has arisen on acquisitions and reflects the future economic benefits arising from assets that are not capable of being identified individually and recognised as separate assets. Te goodwill reflects the anticipated profitability and synergistic benefits arising from the utilisation of the Group’s existing distribution channels and customer relationships in the bakery sector. Te goodwill is the balance of the total consideration less fair value of assets acquired and identified. Te carrying value of the goodwill is reviewed annually for impairment.
Total £000
Balance at 29 June 2013 and at 28 June 2014 Te carrying amount of goodwill has been allocated to cash generating units or groups of cash generating units as follows:
2014 £000
Nicholas & Harris
Lightbody of Hamilton Memory Lane Cakes
2,980
48,474 1,514
52,968
2013 £000
2,980
48,474 1,514
52,968 52,968 -
217 217
2013 £000
555 500
1,055
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