84
Finsbury Food Group Annual Report and Accounts 2020
Notes to the Consolidated Financial Statements/Continued
12. Property, Plant and Equipment
Land and buildings £000
Cost Balance at 30 June 2018 Exchange adjustments Additions
Acquisitions Transfers Disposals
Balance at 29 June 2019 Balance at 29 June 2019
Adjustment on transition to IFRS 16 Balance at 30 June 2019 Exchange adjustments Additions
Acquisitions Disposals
Lease modifications under IFRS 16 Balance at 27 June 2020
Accumulated depreciation and impairment Balance at 30 June 2018 Exchange adjustments
Depreciation charge for the financial period Transfers Disposals
Balance at 29 June 2019 Balance at 29 June 2019
Adjustments on transition to IFRS16 – Note 21 Balance at 30 June 2019 Exchange adjustments
Depreciation charge for the financial period Impairment (Note 4) Disposals
Lease modifications under IFRS 16 Balance at 27 June 2020
Net book value At 30 June 2018 At 29 June 2019 At 27 June 2020
Plant and equipment £000
Fixtures and fittings £000
Assets under construction £000
Total £000
19,326 -
122
3,289 -
(157) 22,580
22,580 14,030 36,610 -
753 -
(58) (454) 36,851
(5,570) -
(782) -
157 (6,195)
(6,195) (3,804) (9,999) -
(2,149) -
58 454 (11,636)
13,756 16,385 25,215
73,867 -
6,056 2,188 264
(30) 82,345
82,345 941
83,286 (155)
5,122 -
(332) -
87,921
(39,720) -
(6,120) -
190 (45,650)
(45,650) -
(45,650) -
(7,061) (1,237) 325 -
(53,623)
34,147 36,695 34,298
5,063 (23)
225 289 73
(96) 5,531
5,531 -
5,531 -
158 - - -
5,689
(3,739) (42)
(464) -
84 (4,161)
(4,161) -
(4,161) 4
(365) - - -
(4,522)
1,324 1,370 1,167
695 -
2,201 -
(337) -
2,559
2,559 -
2,559 -
(1,503) - - -
1,056
- - - - - -
- - - - - - - - -
695
2,559 1,056
98,951 (23)
8,604 5,766 -
(283) 113,015
113,015 14,971
127,986 (155)
4,530 -
(390) (454)
131,517
(49,029) (42)
(7,366) -
431 (56,006)
(56,006) (3,804)
(59,810) 4
(9,575) (1,237) 383 454
(69,781)
49,922 57,009 61,736
Property, plant and equipment includes right of use assets recognised for leases previously recognised as operating leases under IAS 17 upon adoption of IFRS 16 of £11,168,000 (cost £14,971,000 net of impairment of £3,804,000 see Note 21) and £1,373,000 previously recognised as a Finance lease under IAS 17 (see Note 11).
There were no additions to right of use assets during the year.
There has been a non-cash impairment of assets at the Cardiff site, this reflects the specific writing down of an asset where there were no firm plans to utilise the asset.
Security HSBC Bank Plc, HSBC Asset Finance (UK) Ltd, HSBC Equipment Finance (UK) Ltd and HSBC Corporate Trustee Company (UK) Limited have debentures incorporating fixed and floating charges over the undertaking and all property and assets including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery. Hire purchase obligations are secured on the underlying assets.
The lease obligations are secured on leased equipment (see Note 18).
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