89 Finsbury Food Group Annual Report & Accounts 2019
Notes to the Company’s Financial Statements
41. Debtors
2019 £000
Amounts owed by Group undertakings Other taxation
Prepayments and accrued income Amounts due from Group undertakings are classified as current as they are repayable on demand.
42. Forward Foreign Exchange Contracts at Fair Value There were no forward currency contracts in place in the Company at the year end. At the year ended 30 June 2018 the Company had entered into a number of forward foreign exchange contracts to minimise the impact of fluctuations in exchange rates. A credit of £49,000 was included in administrative expenses for the prior year period reflecting changes in their fair value.
43. Creditors: Amounts Falling Due Within One Year
2019 £000
Trade creditors
Amounts due to Group undertakings Corporation tax
Other taxes and social security Accruals and deferred income Deferred consideration1
146 20 62
156
5,020 1,000 6,404
1. Deferred consideration is the consideration payable for the Ultrapharm acquisition payable in annual instalments to 30 June 2021. Amounts due to Group undertakings are classified as current as they are repayable on demand.
In the prior year accounts, the combined Revolving Credit facility and transaction costs of £24,685,000 were disclosed within the above table as “Amounts Falling Due Within One Year”. Refer to “Presentation of Financial Statements – Basis of Preparation” on page 54 for more detail.
Other Financial Liabilities – Fair Value Interest Rate Swaps The Company has two interest rate swaps. A five-year swap from 3 July 2017 with a coverage of £20.0 million fixed at a rate of 0.455% and a three-year swap from 28 March 2019 with a coverage of £5.0 million fixed at a rate of 1.002%. There was 53% coverage at year end (2018: 80%).
A charge of £382,000 (2018: £143,000 credit) is shown in finance expenses (2018: income) for the 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.
44. Interest-bearing Loans and Borrowings
This Note provides information about the contractual terms and repayment schedule of the Company’s interest-bearing loans and borrowings, which are measured at amortised cost. For more information about the Group’s exposure to interest rate risk, see Note 23. 2019
Currency Revolving credit Unamortised transaction costs Margin GBP 1.5%/LIBOR
Frequency of repayments
Varies
Year of maturity
2023
Facility £000
£55,000
Total £000
47,144 (248)
46,896 Restated 2018 Revolving credit Unamortised transaction costs Currency Margin GBP 1.3%/LIBOR
Frequency of repayments
Varies
Year of maturity
2023
Facility £000
£45,000
Total £000
25,000 (315)
24,685
Current £000
- - -
Current £000
- - -
Non-current £000
47,144 (248)
46,896
Non-current £000
25,000 (315)
24,685
Restated 2018 £000
111 20
106 151
6,398 -
6,786
45,533 95
265 45,893
2018 £000
42,907 63 76
43,046
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