40 Finsbury Food Group Annual Report & Accounts 2016








 as explained in the basis of preparation, which addresses any changes in accounting policies resulting from new or revised standards.


Basis of Consolidation    that control commences until the date that control ceases. The accounting policies of new subsidiaries are changed when necessary to align them 


Lightbody Stretz Limited which is 50% owned by the Group has been consolidated into the Group accounts as a subsidiary with a corresponding non-controlling interest on the basis that the Group has the controlling interest. Control arises by virtue of the fact that Lightbody Group Limited,  and Philippe Stretz, the owner of the remaining 50%.


Business Combinations  the assets and liabilities of the acquired entity are measured at fair value. When the initial accounting for a business combination is determined  the date of acquisition.


Foreign Currency  and liabilities denominated in foreign currencies at the period end date are retranslated to Sterling at the foreign exchange rate ruling at that date.


 


The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to Sterling, at foreign exchange rates ruling at the period end date. The revenues and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates ruling at the dates of the transactions.


Derivative Financial Instruments     counterparty at the year end date.


  within administrative costs.


Non-derivative Financial Instruments  loans and borrowings, and trade and other payables.





Trade and other Receivables The value of trade and other receivables is the amount that would be received if the receivable was paid on the period end date which is a close approximation to amortised cost.


Trade and other Payables The value of trade and other payables is the value that would be payable to settle the liability at the period end date.


 Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand and which form an integral part of the Group’s cash management are included as a component of cash and cash equivalents.


Interest-bearing Borrowings 


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