106


Finsbury Food Group Annual Report and Accounts 2020


Notes to the Company’s Financial Statements/Continued


40. Investments £000


Cost At beginning of financial year Impairment


At end of financial year


Net book value At 27 June 2020 At 29 June 2019


118,529 (6,527)


112,002


112,002 118,529


Impairment The reassessment of carrying values of the Company’s investment in subsidiaries which resulted in a reduction to the valuation of Ultrapharm at the year end, were carried out on the investments held in the Company. The value in use at a discount rate of 9.5% is £14.0 million, the cost of investment is £17.5 million, therefore an impairment of £3.5 million has been recognised. A further impairment has been taken on Anthony Alan Foods of £3.0 million that had previously been impaired. Note 10 details the considerations supporting an impairment of Ultrapharm goodwill.


41. Deferred Tax Recognised deferred tax assets and liabilities:


Assets


2020 £000


Employee share Scheme charges Interest rate swaps


Discounting of deferred consideration Short-term temporary differences Tax assets/(liabilities) Net tax assets


390 40 -


8


438 407


2019 £000


574 - -


5


579 519


2020 £000


- -


(31) -


(31) -


The deferred tax asset at 27 June 2020 has been calculated based on the rate of 19% substantively enacted at the balance sheet date. Movement in Deferred Tax during the Year


29 June 2019 £000


Employee share scheme Interest rate swaps


Discounting of deferred consideration Short-term timing differences


Movement in Deferred Tax during the Prior Year


30 June 2018 £000


Employee share scheme Interest rate swaps


Discounting of deferred consideration Foreign exchange contracts


712


(95) - -


617


Acquired £000


- -


(54) -


(54)


Recognised in income £000


118 65 24 5


212


Recognised in equity £000


(256) - - -


(256)


29 June 2019 £000


574


(30) (30) 5


519 574


(30) (30) 5


519


Acquired £000


- - - - -


Recognised in income £000


(2) 70


(1) 3


70


Recognised in equity £000


(182) - - -


(182)


27 June 2020 £000


390 40


(31) 8


407 Liabilities


2019 £000


-


(30) (30) -


(60) -


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  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112