search.noResults

search.searching

note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
50 Finsbury Food Group Annual Report & Accounts 2017


3. Expenses and Auditor’s Remuneration Included in profit are the following:


2017 £000


Amortisation of intangibles Depreciation of owned tangible assets


Depreciation on assets under finance leases and hire purchase contracts Impairment of assets and goodwill (Note 4) Loss on foreign exchange


Hire of plant and machinery – operating leases Hire of other assets – operating leases


Movement on fair value of foreign exchange contracts Research and development Share option charges


537


6,715 233


4,000 1,360 1,006 1,833 71


2,328 1,240


Amortisation of intangibles for the year was £537,000 (2016: £539,000) relating to the Fletchers acquisition in October 2014. Auditor’s remuneration:


2017 £000


Audit of these Financial Statements


Amounts receivable by the auditor and its associates in respect of: Audit of the Financial Statements of subsidiaries of the Company Taxation compliance services Other tax advisory Other services


50


123 35 7


100


The auditor’s remuneration is in respect of KPMG LLP. Fees for other services relates to pension advisory services and services relating to information technology.


4. Significant Non-recurring Items


The Group presents certain items as significant and non-recurring. These relate to items which, in management’s judgement, need to be disclosed by virtue of their size or incidence in order to obtain a more meaningful understanding of the financial information.


The Grain D’Or business has been historically loss making and despite the implementation of a range of initiatives to improve the business including strict cost control and new working practices the site remained loss making in the year to 1 July 2017. The Company now proposes to close the site. A formal consultation with representatives of the workforce commenced on 1 September 2017. The consultation is expected to conclude mid October 2017. Until this consultation period concludes uncertainty remains over the use of the assets. In light of this, a decision has been taken to impair the assets used in the business by £4.0 million in the year to 1 July 2017.


A charge of £4.3 million in the previous year relates to impairment of goodwill acquired in 2007. This is included in administrative expenses in the Consolidated Statement of Profit and Loss and Other Comprehensive Income.


2016 £000


47


122 22 -


104


2016 £000


539


6,770 320


4,290 326 810


1,877 134


2,287 739


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86