75 Finsbury Food Group Annual Report & Accounts 2017
Notes to the Company’s Financial Statements
30. Accounting Policies (continued)
Non-derivative Financial Instruments Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables.
Unless otherwise indicated, the carrying amounts of the Group’s financial assets and liabilities are a reasonable approximation of their fair values.
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 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 Interest-bearing borrowings are stated at amortised cost using the effective interest method.
Share Based Payment Transactions The value, as at the grant date, of options granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted.
Taxation The credit for taxation is based on the loss for the year and takes into account taxation deferred because of temporary differences between the treatment of certain items for taxation and accounting purposes.
Deferred tax is recognised, without discounting, in respect of all temporary differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date.
Going Concern After making enquiries and on the basis of current financial projections and available funds and facilities, the Directors are satisfied that the Company has adequate resources to continue in operation for the next 12 months and, therefore, consider it appropriate to prepare the Financial Statements on the going concern basis.
Shares held by Employee Share Trusts Shares held to satisfy options are accounted for in accordance with IAS 32 ‘Financial Instruments’. All differences between the purchase price of the shares held to satisfy options granted and the proceeds received for the shares, whether on exercise or lapse, are charged to reserves.
31. Remuneration of Directors Details of Directors’ remuneration are set out in Note 6 of the Group’s Financial Statements.
32. Staff Numbers and Costs The average number of persons employed by the Company (including Directors) during the year, analysed by category, was as follows:
Number of employees 2017 Directors and administrative staff The aggregate payroll costs of these persons were as follows:
2017 £000
Wages and salaries Social security costs Other pension costs
4,219 382 198
4,799
2016 £000
3,330 463 142
3,935 39 2016 37
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