Strategic Report


Corporate Governance


Financial Statements Notes to the Consolidated Financial Statements/Continued


Finsbury Food Group Annual Report and Accounts 2020


91 19. Analysis of Net Debt/Continued


The table below is presented to demonstrate total debt as defined by our banking facility agreement. This excludes the lease liabilities created on transition to IFRS 16 for leases treated as operating leases under IAS 17.


At year ended 29 June 2019 £000


Cash and cash equivalents Debt due after one year


Hire purchase obligations due within one year Hire purchase obligations due after one year Total net bank debt


20. Trade and Other Payables


2020 £000


Current Trade creditors


Other creditors including taxes and social security Accruals and deferred income


21. Provisions and Deferred Consideration Provisions


Site closure £000


Balance at the beginning of the financial year Adjustment on transition to IFRS 16* Utilised during the financial year


Balance at the end of the financial year Current provisions


Non-current provisions 5,875


(3,804) (1,228) 843 450 393


Pension £000


199 -


(21)


178 21


157


Total £000


6,074


(3,804) (1,249) 1,021 471 550


* On adoption of IFRS 16 £3,804,000 of the site closure provision was transferred to impairment of property, plant and machinery (see note 12).


The site closure provision relates to the closure of the Grain D’Or site in October 2017, the provision is based on best estimates of the outcome of negotiations and currently have commitments to June 2023 for service charges, security and insurance costs on a number of leased production units.


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 13 years.


Deferred Consideration The deferred consideration relates to the acquisition of Ultrapharm Limited (Ultrapharm) for £16.9 million plus up to £3.0 million, £2.0 million of which is outstanding at the 27 June 2020 and payable in quarterly instalments to October 2022. Discounted amounts payable within one year of the Consolidated Statement of Financial Position date is £481,000 and amounts due beyond one year is £1,357,000. Amounts charged to finance expenses during the year for the unwinding of the discounting is £14,000 (2019: 139,000).


2019 £000


12,358


(47,144) (335) (493)


(35,614)


Cash flow £000


(2,185) 10,960 88


268 9,131


At year ended 27 June 2020 £000


10,173


(36,184) (247) (225)


(26,483)


30,512 2,046


16,303 48,861


37,162 3,781


14,600 55,543


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