75 Finsbury Food Group Annual Report & Accounts 2019


Notes to the Consolidated Financial Statements


21. Provisions and Deferred Consideration Provisions


Site closure £000


Balance at the beginning of the financial year Utilised during the financial year


Balance at the end of the financial year Current provisions


Non-current provisions 8,204


(2,329) 5,875 2,622 3,253


Pension £000


217 (18)


199 18


181


Total £000


8,421


(2,347) 6,074 2,640 3,434


The site closure provision relates to the closure of the Grain D’Or site during the year, the provision is based on best estimates of the outcome of negotiations.


The pension provision relates to a contractual liability for pension augmentation, the amount utilised during the year represents payments in relation to the augmentations which are being paid over 14 years.


Deferred Consideration The deferred consideration relates to the acquisition of Ultrapharm Limited (Ultrapharm) for £16.9 million plus up to £3.0 million payable in annual instalments to the period to 30 June 2021.


22. Deferred Tax Assets and Liabilities


Recognised Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are attributable to the following:


Assets


2019 £000


Intangibles


Property, plant and equipment Foreign exchange contracts


Short-term temporary differences Interest rate swaps


Discounting of deferred consideration Pension Scheme charges


Employee share Scheme charges Losses acquired


Tax assets/(liabilities) Net tax assets/(liabilities)


- -


37 40 - -


1,923 574


1,081 3,655 1,855


2018 £000


-


111 7 - - -


1,791 711


1,280 3,900 2,647


2019 £000


(1,325) (415) - -


(30) (30) - - -


(1,800) -


Liabilities


2018 £000


(1,148) - -


(10) (95) - - - -


(1,253) -


Short-term temporary differences relate to general provisions which will be allowed when utilised. The deferred tax asset recognised for losses relate to acquired businesses, based on current and forecast levels of profitability, the losses are expected to be utilised within two years.


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