81 Finsbury Food Group Annual Report & Accounts 2019
Notes to the Consolidated Financial Statements
27. Operating Leases
The Group has annual commitments under non-cancellable operating leases relating primarily to land and buildings, fork lift trucks and office equipment. Land and buildings have been considered separately for lease classification. Land and buildings amounts relate to leasehold properties at the Nicholas & Harris site, Fletchers’ sites in London and Manchester and Johnstone’s site in East Kilbride.
During the year £1,571,000 was recognised as an expense in the Consolidated Statement of Comprehensive Income in respect of operating leases (2018: £2,099,000).
Future minimum lease repayments under non-cancellable operating leases at the end of the financial periods are as follows: Land and Buildings
2019 £000
On leases which expire in: Less than one year
Between one and five years More than five years
2018 £000
2019 £000
Other
2018 £000
2,531 6,741 5,045
14,317
2,066 6,604 6,809
15,479
28. Capital Commitments At the financial year ended 29 June 2019, the Group had capital expenditure commitments of £105,000 (2018: £259,000).
29. Related Parties
Related Party Transactions and Directors’ Material Interests in Transactions A 50% owned subsidiary, Lightbody Stretz Ltd, paid Mr P Stretz, the Managing Director of Lightbody Stretz Ltd, £67,000 (2018: £73,000) in respect of rent for offices. No balances were outstanding at either year end.
The Group paid £nil (2018: £33,000) for the supply of finished products from and received £27,000 (2018: £32,000) for the sale of finished products to Party Fizz, a company 50% owned by Mr P Stretz. The amount payable and receivable at the year end was £nil (2018: £nil) and £3,000 (2018: £2,000) respectively.
Transactions with the Memory Lane Pension Scheme are detailed in Note 14.
Mr P Baker is a Director of Crosta & Mollica Limited. The Group sold finished product to Crosta & Mollica for a value of £nil (2018: £154,000), the amount receivable at the year end was £nil (2018: £nil).
Transactions with Key Management Personnel Directors of the Company and their immediate relatives control 3% (2018: 3%) of the voting shares of the Company. The aggregate compensation of key management personnel (Main Board Executive Directors, Divisional MDs, and Executive Committee) is as follows:
2019 £000
Company contributions to money purchase pension Schemes Executive salaries and benefits Executive bonuses
56
1,708 -
1,764
Share options held by Group Directors are set out in Note 7. Details of share options outstanding at 29 June 2019 for other key management personnel by exercise price is shown in the table below:
Exercise price
nil nil nil nil
30. Post Consolidated Statement of Financial Position Events There were no post consolidated Statement of Financial Position events.
31. Ultimate Parent Company Finsbury Food Group Plc is the ultimate Parent Company.
Number of options at 29 June 2019
259,929 304,068 -
61,737 625,734
Number of options at 30 June 2018
exercise date - 30/09/2023
304,068 02/07/2022 338,951 30/09/2019 279,596 30/09/2018 922,615
Earliest expiry date Exercise
21/01/2029 26/10/2027 29/09/2026 04/12/2025
2018 £000
55
1,702 562
2,319
676 593 -
1,269
956
1,023 29
2,008
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