Strategic Review


94 Finsbury Food Group Annual Report & Accounts 2018


Notes to the Company’s Financial Statements


Corporate Governance


Financial Statements


40. Forward Foreign Exchange Contracts at Fair Value


The Group has entered into a number of forward foreign exchange contracts to minimise the impact of fluctuations in exchange rates. A charge of £145,000 (2017: charge £350,000) is included in administrative expenses for the periods reflecting changes in their fair value. The closing fair value is nil (2017: £145,000 asset).


41. Creditors: Amounts Falling Due Within One Year


2018 £000


Bank loan Trade creditors


Amounts due to Group undertakings Corporation tax


Other taxes and social security Accruals and deferred income


24,932 111 20


106 151


6,399 31,719


Other Financial Liabilities – Fair Value Interest Rate Swaps The Group has one interest rate swap for five years from 3 July 2017 with a coverage of £20.0 million fixed at a rate of 0.455%.


There was 80% coverage at year end (2017: £nil).


A credit of £143,000 (2017: £555,000) is shown in finance income for the previous year reflecting changes in the fair values of interest rate swaps. The fair values are liabilities as a result of the current low levels of base and LIBOR interest rates. The closing fair value of the asset is £558,000 (2017: £415,000).


42. Creditors: Amounts Falling Due After More Than One Year


2018 £000


Total bank loans and mortgages Deferred tax liability


-


95 95


2017 £000


5,800 96


5,896


HSBC Bank Plc, HSBC Asset Finance (UK) Ltd, HSBC Equipment Finance (UK) Ltd and HSBC Corporate Trustee Company (UK) Limited have debentures incorporating fixed and floating charges over the undertaking and all property and assets including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.


2017 £000


2,883 45 52


134 122


6,397 9,633


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