T o build the leading speciality
bakery group in the UK...
Our Vision
Annual Report & Accounts 2015 Strategic Highlights 
•  Acquired the Fletchers Bakery Group (Fletchers) for £56m in October
2014, part funded by an oversubscribed £35m equity raise.
•  Fletchers gives Finsbury a broader spread of customers across food
retail and foodservice channels in cake, bread and morning goods
businesses.
•  Acquired the trade and assets of Johnstone’s Just Desserts Ltd 
(Johnstone’s) from administrators for £1.6m in June 2015.
•  The acquisition of Johnstone’s, a specialist foodservice cake 
manufacturer with signiﬁcant coﬀee shop exposure will augment 
our foodservice oﬀering. 
•  The Group is now one of the largest speciality bakery groups 
in the UK with annualised revenues of approximately £300m.
•  Successful delivery of targeted cost cutting initiatives through 
continuous improvement programmes.
Operational Highlights 
•  Increase in operating proﬁt margin showing the beneﬁts of ongoing
capital investment, continuous improvement, business improvement
initiatives and overhead management. 
•  Organic sales growth of 6.1% versus prior year, driven by market
share growth in the UK Cake business.
•  Foodservice sales growth ahead of market growth with 20 new 
products launched across ﬁve ranges.
•  Winner of 2015 Insider Wales Dealmakers Deal of the Y ear Award.
•  Winner of Bakery Manufacturer of the year for 2015 at the Bakery 
Industry Awards. 
•  Food Manufacturers’ Bakery Manufacturing Company of the year
award 2014 and winner of 1st, 2nd and 3rd place in the Q awards.
•  Successful robotic installation in Hamilton and completion 
of Cake Innovation Centre.
•  Baking Academies set up in Cake and Bread.
Contents 
01 Highlights 
02 Chairman’s Statement 
04 Chief Executive’s Report
06 The Directors 
08 Strategic Report
24 Report on Corporate Governance
26 Audit Committee Report 
28 Directors’ Remuneration Report (unaudited)
29 Directors’ Remuneration Policy Report (unaudited)
39 Consolidated Statement of Proﬁt and Loss 
and Other Comprehensive Income
40 Consolidated Statement of Financial Position
41 Consolidated Statement of Changes in Equity
42 Consolidated Cash Flow Statement
43 Notes to the Consolidated Financial Statements
74 Company Balance Sheet
75 Company Reconciliation of Movements 
in Shareholders’ Funds
76 Notes to the Company’s Financial Statements
81 Directors’ Report
83 Statement of Directors’ Responsibilities in Respect 
of the Annual Report and the Financial Statements
84 Independent Auditor’s Report to the 
Members of Finsbury Food Group Plc
85 Advisers
…and what it means. Lightbody
Based in Hamilton, and employing
over 1,100 people, Lightbody is the
UK’s largest supplier of Celebration
cakes to UK retailers. It has Disney,
Universal, Weight Watchers and
Thorntons cakes within its licenced
portfolio, as well as own-label cake
for supermarket retailers. Products
also include a wide range of sweet
snacks, slices and in-store 
bakery bites. 
Memory Lane Cakes
Memory Lane Cakes is one 
of the UK's leading suppliers of
pre-packed cakes to the multiple
retailers, and the leading supplier
of their own-label ‘sharing’ cake
ranges. It also produces under 
the Thorntons, Disney, Weight
Watchers and Universal brands,
as well as its own Memory Lane
brand. It is now Cardiﬀ’s second
largest employer, with around
850 permanent staﬀ. 
Campbell’s
Campbell’s Cakes has been 
producing hand-ﬁnished cold-set
snacks for almost 20 years in
T wechar, Scotland. It employs over
30 people to produce own-label 
and licensed products, such as
caramel shortcake and tiﬃn, 
for retailers. 
Nicholas & Harris
Nicholas & Harris bakes speciality
bread, rolls and buns for the major
UK supermarket and foodservice
customers, and is potentially the
largest baker of organic bread 
in the UK. It employs 280 people
in Salisbury. Within its portfolio,
N&H has Vogel’s seeded bread,
Cranks Organic and Village 
Bakery Rye bread.
Johnstone’s Food Service 
Johnstone’s produces bite-style
cake products, supplying 
foodservice customers – in 
particular the national coﬀee
shop chains. It employs over 
120 people in East Kilbride. 
Lightbody Europe
Finsbury Foods also operates in 
European markets, particularly in
France and Benelux, through the
50% owned company Lightbody
Stretz. This distributes UK-made
group products as well as 
third-party products.
Fletchers
Fletchers’ highly automated site
in Sheﬃeld produces a wide variety
of bakery products for the UK retail
and foodservice markets. Each year
it produces hundreds of millions of
buns and rolls, and is also a leading
producer of American muﬃns for
the UK market. It employs over
300 people.
Kara
Kara is completely focused 
on the foodservice channel, 
providing various bakery products.
Its Manchester site opened as a
burger-bun factory, and today still
produces frozen buns and rolls.
Kara also manufactures a range
of teacakes and doughballs. It now
has more than 150 employees
working in its highly automated
factory.
Grain D’Or
Grain D'Or operates two bakeries
at its London site, employing 
over 200 people to produce a
wide range of premium bakery
and pastry products for major 
retailers and foodservice 
customers in the UK.
Finsbury Food Group is a leading speciality bakery manufacturer,
producing a diverse range of cakes, bread and bakery snack products
for the major UK multiple retailers and for the foodservice channel.
The Group includes the following brands and bakery companies. 
Group Overview 1
£256.2m £12.4m 
Group revenue of £256.2m up 45.8% (2014: £175.7m)
and up 6.1% on a like-for-like basis.
Adjusted* operating proﬁt of £12.4m up 61% 
(2014: £7.7m) and up 20% on a like-for-like basis.
Group Revenue Adjusted* Operating Proﬁt
4.8% £11.4m  
Group operating proﬁt margin of 4.8% (2014: 4.4%). Proﬁt before tax of £11.4m up 76% (2014: £6.5m). 
Group Operating Proﬁt Margin Proﬁt Before T ax 
£7.4m  7.7p   
Record capital investment of £7.4m 
to ensure long-term competitiveness.
Strong growth in adjusted diluted EPS, up 22% 
to 7.7p per share (2014: 6.3p per share).
Record Capital Investment Adjusted Diluted EPS
1.67p   £21.3m    
Final dividend per share of 1.67p taking total dividend 
for the year to 2.50p (2014: 1.00p per share). 
Net debt of £21.3m equates to 1.0 times pro forma 
annualised EBITDA of the Group. Net debt well within the
long-term banking facility of £51m available to support
current and future growth plans. 
Final Dividend  Net Debt 
* These ﬁgures have been adjusted to eliminate the impact of the following charges required by IFRS and signiﬁcant
non-recurring items (see Note 5) for the 52 week periods ended 27 June 2015 and ended 28 June 2014:
2015 2014
£000 £000
Adjusted proﬁt on continuing operations before tax 11,393 6,470
Signiﬁcant non-recurring items (see Note 5 for detail) (3,181) (759)
Share options charge 10 (9)
Diﬀerence between deﬁned beneﬁt pension scheme charges and cash cost (54) (61)
Movement in the fair value of interest rate swaps 28 708
Movement in the fair value of foreign exchange contracts 181 81
Unwinding of the discount on deferred consideration payable - (4)
Unwinding of the discount on deferred consideration receivable 105 150
Proﬁt on continuing operations before tax 8,482 6,576
Refer to trading results section within the Strategic Report for further details on the adjusted proﬁts.
Highlights 2
…it means we’re becoming 
a diversiﬁed business in channels, 
product and customers.
It is satisfying to look back on a successful year.
Progress is born of an enormous amount of hard work,
a characteristic endemic throughout the business. 
I would like to take this opportunity to express my
thanks to my fellow Directors and to all our members
of staﬀ across the Group. 
Peter Baker
Non-Executive Chairman Our achievements are clearly towards the upper end of the expectations of our
stakeholders. I believe our historical investors recognise that the re-rating of the
Group has started and that the value of their holdings are beginning to reﬂect
the real value of the business. 
Chairman’s Statement
An Enlarged Business
An opportunity arose in the ﬁrst half of the year and the
Board reacted decisively. Fletchers Bakery Group was an
ambitious acquisition, a company in a product area that
was related but clearly distinct.
The acquisition has provided us with diversiﬁcation 
not only in terms of product but also of channels and 
customers. It has delivered beneﬁts of scale in conjunction
with access to fresh markets and opportunities.
Both businesses have similar approaches; we’re very much
in tune culturally and the sum, in our view, is far greater
than the respective parts. 
Our strategy has always been to take advantage of bolt 
on acquisitions if the right opportunity arises. In June 2015
this occurred and we acquired the Johnstone’s business
out of administration. Johnstone’s supplies snacking cake
products to the leading coﬀee chains and its acquisition
represents the initial step of the acquired foodservice
business into Cake products.
I would like to welcome everyone from Fletchers 
and Johnstone’s to the Finsbury Food Group. 
Implementing Comprehensive Structures 
to Support Growth
The pace of growth demands an evolution in the structure
of the business to ensure the Group’s success is supported.
A key role for me as Chairman through such evolutionary
times is ensuring an appropriate composition at Board
level and further upgrades to our structures of corporate
governance. The Nomination Committee is currently 
undertaking a review of the structure of the Board 
to ensure that it has the appropriate balance of skills, 
including experience and independence, required 
to lead the Group through this period of growth 
and development. Implementation in these areas 
is advanced, but not yet complete.
The Board is currently conducting an extensive review of
remuneration across the business to ensure that we have
appropriate rewards and recognition in place to retain and
attract individuals with the skills that the business demands.
The Remuneration Committee has already delivered some
excellent proposals which we are currently in the process
of adopting.
In line with the review of remuneration, the Government’s
National Living Wage initiative, presents a challenge that
the Board is preparing for through a number of initiatives.
As with other businesses in our market, expenditure on
employment is a high proportion of our costs by comparison
with many other industries and this change is potentially
inﬂationary. Adjusting and mitigating the impact will take
time and will require ever-greater focus on eﬃciency 
improvements and cost reduction programmes.
The Opportunity Ahead
Finsbury Foods has undergone a transformation. We have
gone from being a relatively small Group with challenges,
eﬀecting a turnaround of the core and emerging to become
a Group with an annualised turnover of close to £300m.
And yet we still have aspirations and the capabilities 
to grow further.
The economic and market environment remain challenging.
Our customers are having to adjust their oﬀering and formats
and we must be responsive to these changes. While the
last ﬁnancial year oﬀers cause for satisfaction, there is a
dynamic environment at senior level, a restless desire to
pursue our ambitions, to continue to grow organically 
and to seek out further opportunities.  
Our primary focus for this year was on completing and 
integrating a major acquisition whilst driving organic
growth. The consolidation phase is now well advanced
and attention is already focussed towards a new set of
strategic objectives. I see the next 12 months as another
year of opportunity, another year of moving ahead.
3
“We have gone from being 
a relatively small Group....
emerging to become a
Group with an annualised
turnover of close to £300m.” 4 4
…it means we’re creating 
a business of scale.
Food manufacturing is a complex business. Inheriting
a troubled Group with a legacy debt issue in a diﬃcult
market, we articulated a clear strategy from the
outset; a strategy grounded in pragmatic foundations,
organic growth and long-term investment. 
John Duﬀy
Chief Executive Oﬃcer 5
Our attitude has remained consistent. Identifying areas of cost saving, paying
down debt, restructuring our product range for growth, deleveraging the balance
sheet: each element laying the platform for the step change acquisition that would
accelerate progress. 
Chief Executive’s Report
In October 2014, Finsbury acquired the Fletchers Bakery
Group, a bread and morning goods business with three
sites and a £100m turnover.
It was a big call for the Board but the right call. Part
funded by an oversubscribed equity raise, the acquisition 
necessitated re-listing the Company on the AIM market. 
I am pleased to report the larger Group is operating well,
maintaining strong growth and sales trajectories.
T rading Performance
Results for the full 52-week period ending 27 June 2015
are described in greater depth in the Strategic Report but
there are a number of areas I would like to take this 
opportunity to highlight:
• Group revenue from continuing operations 
£256.2 million (£175.7 million in 2014).
• Adjusted proﬁt before tax up 76% to £11.4 million
(2014: £6.5 million).
• Record capital investment spend £7.4 million 
(2014: £6.2 million).
• Strong growth in adjusted diluted EPS, 
up 22% to 7.7p per share.
• Final dividend 1.67p per share, amounting 
to a total dividend of 2.50p per share (2014: 1.00p).
• T otal net debt £21.3 million equates to 1.0 times 
pro forma annualised Group EBITDA.
• Foodservice sales growth outpacing market, 
20 new products launched across ﬁve ranges.
• Winner of 2015 Insider Wales Dealmakers 
Deal of the Y ear Award.
• Winner of Bakery Manufacturer of the year 
for 2015 at the Bakery Industry Awards.
• Food Manufacturers’ Bakery Manufacturing Company
of the Y ear 2014. 1st, 2nd and 3rd place in the Q Awards.
• Successful robotic installation in Hamilton 
and Cake Innovation Centre completed.
• Baking Academies set up in Cake and Bread.
Drilling Down
Our core business continues to perform strongly. Underlining
a robust performance in the second half of last year, our cake
business registered an increase in market share, volume and
turnover. Organic growth of 6% was stimulated by increased
investment in promotional campaigns, outstanding 
performance from licensed products and innovative
methods of optimising the mix for customers.
One acquisition followed another. Reaching the growth
stage has taken longer than anticipated but momentum
was sustained by a second acquisition, Johnstone’s, in June. 
Johnstone’s Just Desserts Ltd oﬀers fresh sales outlets and
distribution channels, this acquisition will complement our
Fletchers growth plans to reconﬁgure established products
– Sharing & Snacking cakes and Artisan Bread – making
them available to an entirely new audience of foodservice
customers.
The pace of progress is evident in all areas of activity. 
We invested £7m in capital expenditure this year and will
spend £11m over the next 12 months. Now employing 3,200
members of staﬀ across the Group, Finsbury is developing
people strategies in both divisions, establishing Baking
Academies and setting up sustainability initiatives.
Our balance sheet has been transformed. Raising fresh
equity enabled the Group to take on less debt, enabling 
us to pay a bigger dividend. T o some degree, a dividend 
is about conﬁdence. What the dividend says is we believe
in the earnings.
However, the economic outlook remains uncertain. 
Consumers still have limited disposable income and they
want to spend it wisely. Discounters are continuing to take
market share in a grocery sector that is relatively static. 
Scale becomes important. If you’re up against a well-run,
well-invested larger business, it’s increasingly hard to
compete in the area of food. I think we’re seeing a number
of small food businesses go into receivership – we’ve just
bought one – and I see more opportunities of this kind 
in the future.
The coming year, behind the scenes, will be demanding.
Fresh layers of infrastructure are required to support £300m
of annualized sales. We have already recruited a senior Group
HR Director; we need to make sure we have the right people
around the table to engage in the debate and make sure
we take the right decisions.
Our vision has never wavered; to build a speciality bakery
group focused on quality products, delivering what 
consumers demand and our customers want. 
That vision is starting to bear fruit. We’ve done the hard
yards, built a track record of doing the right things and
navigated a route to balance sheet resilience.
The Group is taking shape as a diversiﬁed platform,
equipped to increase shareholder value, identify 
acquisition opportunities and deliver further growth. 
“T o some degree, a dividend
is about conﬁdence. What the
dividend says is we believe 
in the earnings.” 6
Peter Baker 
Non-Executive Chairman
Peter joined the Board on 1 July 2014 and 
is Chairman of the Nomination Committee.
Peter has over 30 years’ senior CEO and Board
level experience within the global bakery and
consumer packaged goods industry. He also chairs
another Board and is a Non-Executive Director
in two other businesses. Peter held the position
of Managing Director of Maple Leaf Bakery from
2009 to 2013, moving into this position after
the sale of La Fornaia Bakeries, where he was
the CEO. Prior to these roles, Peter held COO
and Divisional Managing Director positions at
RHM in the Consumer Brands, British Bakeries
and Cereals Divisions (including Rank Hovis Mills).
Peter was previously a Non-Executive Director
at Jordan’s Cereals, now a part of Associated
British Foods. He has also served as Vice President
of CIAA (a European trade association for food
and drink) and was on the Executive Board 
of FDF the UK Food and Drink Federation.  
John Duﬀy
Chief Executive Oﬃcer
John was appointed CEO of Finsbury Food 
Group with eﬀect from 30 September 2009, 
following a year as interim COO, and has led 
the turnaround of an indebted Group with 
a market capitalisation of only £6m in 2009 
to the restructured and fast growing £100m+
market cap growth business of today through
both operational improvement and a number 
of business disposals and acquisitions.
Following an engineering degree, John’s early
career was in the oil industry in exploration and
production with Shell International. John then
completed a full-time MBA at the University 
of Strathclyde Business School before enjoying
10 years at Director-level in manufacturing and
logistics roles at Mars, the global FMCG business.
This was followed by private equity experience
within the portfolio investments of both L&G
Ventures and Bridgepoint including as Operations 
Director at crisps and snacks manufacturer
Golden Wonder and Managing Director of WT
Foods’ largest chilled foods subsidiary, Noon
Products, before and after its sale to Kerry Foods.
John has experience as a Non-Executive Director
in both start-up and established businesses 
including Denby, the household pottery 
manufacturer. 
Stephen Boyd
Group Finance Director
Steve was appointed Group Finance Director 
in January 2010. Steve has spent 19 years in 
the food manufacturing sector and previously 
was Group Finance Director at Golden Wonder,
subsequent to that he was Group Finance Director
and Chief Operating Oﬃcer at WT Foods Group.
Steve worked with John Duﬀy at both Golden
Wonder and WT Foods. 
…it means acting decisively
when opportunities arise. 7
Paul Monk
Non-Executive Deputy Chairman
Paul Monk was appointed to the Board on 
9 December 2002 and elected as joint Deputy
Chairman in February 2007, he is a member of
the Nomination Committee. He has extensive
experience in the food manufacturing industry,
was the Chief Executive of Golden Wonder Ltd
and his other experience includes roles with
Marks & Spencer and the Mars Corporation. 
He also holds other Non-Executive Director
roles within the food industry. 
Edward Beale
Non-Executive Director
Edward Beale was appointed as a Director on 
29 August 2002. He is a chartered accountant
and the Chief Executive of City Group Plc., 
the Company's Company Secretary. He was 
a member of the Accounting Standards Board
and subsequently the Accounting Council of the
FRC for 6 years to August 2013. He is a member
and former Chairman of the Quoted Corporate
Alliance’s Corporate Governance Committee.
He is Chairman of Marshall Monteagle Plc and 
a Non-Executive Director of a number of other
companies. He sits on both the Audit and 
Remuneration Committees.
Raymond Duignan
Non-Executive Director
Raymond Duignan was appointed to the Board
in July 2013. He has extensive industry experience
having set up a specialist investment bank,
Stamford Partners, in the mid-1990s advising
the European food and drink industries with
clients including many blue chip companies. 
He is currently a Non-Executive Director of 
Science in Sport Plc, a member of the Advisory
Board of Active Private Equity and Chairman of
the Consumer Practice at Newton, the operations
and supply chain consulting ﬁrm. He is Chairman
of both the Audit and Remuneration Committees.
The Directors Organic Growth
Acquisitive Growth
Finsbury
Food Group
Eﬃcient 
supply chain,
well-invested
factories, quality
products.
Innovation,
developing new
diﬀerentiated
products.
Understanding
consumer trends
and customer
needs in bread
and cake.
T alented people 
who enjoy 
their work.
Diversiﬁcation
in product mix.
Diversiﬁcation
in channels
and customers.
Building scale
brings stability
and further
acquisition
opportunities.
...it means we’re growing 
organically and through 
acquisition.
8  
 
 
 
 
 
 
 
 
  
 
Creating
shareholder
value.
  
  
 
   
 
 
 
 
Our strategic objective is to create sustainable value for our shareholders, 
customers and other stakeholders by building a UK wide speciality 
bakery group. 
9
We will produce a broad range of high quality products,
targeted at growing channels and market niches, which
deliver growth and diﬀerentiation for our major customers
and fulﬁl the needs of end consumers.
Our growth strategy will continue to be delivered by a
combination of organic growth and targeted acquisitions.
Consolidating our market share in existing areas, such 
as Celebration cakes and organic bread, as well as 
diversifying our existing product capability into new 
channels such as foodservice cake will deliver organic
growth. Further acquisitions will introduce new product,
customer or channels diversiﬁcation or accelerate market
consolidation in our core product areas. The recent 
acquisition of Fletchers introduced signiﬁcant customer
(M&S), channel (foodservice) and product (muﬃns and
croissants) diversiﬁcation into the Group. The Johnstone’s
acquisition similarly took Finsbury into the coﬀee shop
cake market for the ﬁrst time.
Our Markets
The total UK ambient cake market (including pre-packed
cake and in-store bakery) is valued at £1.09bn (source:
Kantar Worldpanel 52 w/e 20 June 2015). The past 12
months has seen value and unit sales grow by +1.2% and
+0.4% respectively. We continue to be the second largest
supplier of pre-packed ambient cake to the UK’s multiple
grocers and have strengthened our leading position 
in the niche areas on which we focus.
Annual bread and morning goods sales in the UK are in
excess of £4.8 billion (source: Kantar Worldpanel), although
the market remains ﬂat. We are a niche player in this market,
manufacturing a comprehensive range of bread and morning
goods such as artisan, healthy lifestyle and organic breads
through to rolls, muffins and morning pastries. All are
available fresh and frozen depending on the customer
channel requirements. The foodservice out of home eating
sector continues to grow while the retail environment 
remains challenging.
“Our growth strategy will
continue to be delivered
by a combination of 
organic growth and 
targeted acquisitions.”
Strategic Report …it means we’re developing 
new quality products for 
our diﬀerent customers.
10 11
Our Business
The Group consists of the UK Bakery and the Overseas
sectors businesses. 
UK Bakery
UK Bakery has eight factories each with its own range 
of products and manufacturing capabilities.
Lightbody of Hamilton Ltd, based in Hamilton, employs over
1,100 people and is the UK’s largest supplier of Celebration
cakes with Disney, Universal, Weight Watchers and Thorntons
products within its Licensed Portfolio as well as Own Label
Cake. It also produces a wide range of sweet snacking
products, slices and in store bakery bites, a number 
of which are under our licensed brands.
Memory Lane Cakes Ltd is based in Cardiﬀ and employs
around 850 permanent staﬀ as well as agency staﬀ during
promotional and seasonal peak times. It is the leading
manufacturer of the UK retailers own label sharing Cake
ranges. Memory Lane Cakes also produces under a number
of our licensed brands as well as our own Memory Lane brand.
The Fletchers Group of Bakeries acquired in October 2014
has three factories located in Sheﬃeld, Manchester and
London employing over 650 people. It produces a wide
range of fresh and frozen bread and morning goods products,
which are distributed to leading UK retailers and foodservice
customers. The Fletchers foodservice business represents
an important new channel to the Group through its Kara
brand and own label oﬀering and should provide revenue
growth opportunities from the development of a foodservice
range of Cake products and the range of Nicholas and
Harris Ltd. (N&H) products.
N&H, based in Salisbury, employs around 280 people and
produces a range of speciality bread and morning goods
which are distributed to UK retailers and, following the
Fletchers acquisition, to foodservice customers. N&H is
now under Fletchers’ management due to the similar nature
of its business. Its oﬀering however is still diﬀerentiated
from the Fletchers’ business with its focus on ‘clean label’
breads, rolls and buns. Within its brand portfolio, N&H has
Vogel’s seeded bread, Cranks Organic and Village Bakery
Rye bread, all of which have a unique niche position in 
the UK market.
Johnstone's business and assets were acquired in June 2015.
Johnstone’s produces bite style cake products, including
its renowned caramel shortcake. It is based in East Kilbride
employing over 120 people supplying foodservice customers,
particularly national coﬀee shop chains. 
Campbells Cake Company Ltd is based in T wechar near
Glasgow and employs 33 people. Campbells produces
cold set products such as caramel shortbread and tiﬃn 
for retailers.
Brands and Licences
The Group has a large retailer branded own label business
as well as a substantial licensed celebration portfolio which
we continue to develop and seek opportunities to enhance.
Fletchers has a sizeable foodservice business to which we
sell both branded product, through the Kara brand, and
own label product.
Kara
Kara is the foodservice brand of the Finsbury Food Group,
distributing to more than 300 wholesalers, independents
and end-users such as pubs, hotels and restaurant chains.
The Kara brand has been operating in the foodservice
sector for more than three decades and is synonymous
with the famous ﬂoured bap. T oday the Kara brand has 
a fantastic variety of frozen bakery products, providing
foodservice customers with a one stop shop for their 
bakery requirements.
Thorntons
The Group continues to develop and innovate its branded
oﬀering via its licensing arrangement with the Thorntons
confectionery business. Thorntons is the 4th largest brand
in the ambient cake market and continues to grow its unit
sales, outperforming the market over the last 52 weeks
(Source: Symphony IRI 52 w/e 20th June 2015). Ferrero 
International bought Thorntons in August 2015 to expand
its UK business. Ferrero have expressed their intention 
to maintain the Thorntons brand. Thorntons remains the
dominant player within the Cake Bites market holding 
a market share in excess of 40%, and 2015 has seen the
introduction of a raft of new product innovations which
broaden and enhance the brand’s oﬀering in the 
marketplace.
Weight Watchers
Weight Watchers remains one of the largest food brands
in the UK and we hold the licence to manufacture and 
distribute low fat cake to the UK and Ireland’s grocers under
this brand. The Low Fat cake category continues to struggle
in the face of evolving consumer health and dietary 
requirements. Latterly however, there has been a focus 
on product packaging innovation to deliver better portion
control to the consumer and on a stronger more impactful
pack design. On-going we seek to evolve and innovate 
the brand and oﬀering ensuring its continued consumer
relevance.  
Character Licensed Portfolio 
Character Licensed Celebration cake has been a key growth
area for the business, driving an overall value increase 
of 31% in the last 52 weeks (Source: Symphony IRI 52 w/e
20th June 2015). The evolving portfolio of licenses, strong
product innovation and continued partnerships with 
licensors have all played a vital role in this success.
“Eight factories, each with its
own range of products and
manufacturing capabilities.” 12
Strategic Report
Disney
The Disney partnership has allowed us to develop a range
of Celebration cakes to meet multiple age segments and
occasions. Franchises such as the phenomenon of Frozen has
been a resounding success story and Marvel’s superheroes,
Avengers and Spiderman, are ever evolving. Ongoing are
the evergreen classics of Mickey Club House, Disney Princess
Fairies and Cars. Late 2015 will see the much anticipated
next addition to the Star Wars franchise which is sure 
to bring continued excitement into the category.
Other Licensed Celebration Cake 
The mix of evergreen and trend driven licenses has also
been a key driver of performance for the business oﬀering
a comprehensive range of product that meets all key target
markets. Brands such as the ever present Peppa Pig, T urtles,
Spongebob and Me to Y ou, to the new sensation that is the
Minions, have all been key drivers of the success.
Vogel’s
The consumers’ need for healthy nutritious food is the driver
behind the Vogel’s brand. Founded on the principles of Alfred
Vogel, the pioneering Swiss nutritionist, Vogel's is a range
of 'clean label’ seeded breads crammed to bursting with
seeds and grains. The loaves are baked without added
sugar, emulsifiers, enzymes, or artificial preservatives 
or ﬂavourings. And the best thing about Vogel's – the way
we bake it means that it makes the most fantastic toast! 
Village Bakery
The country’s leading Rye bread brand, targeted at consumers
aiming to avoid wheat, comprising a range of wholemeal
and seeded loaves. The bread is made with the simplest 
of all recipes: Organic Rye ﬂour, water and a little sea salt,
with no added yeast, emulsiﬁers or enzymes. 
Cranks
A range of what our customers call 'Proper Bread' made
with organic stoneground ﬂour from a specially selected
group of English farmers. Cranks bread is fermented for
longer – up to six hours – to give it great ﬂavour and texture
without using any additives such as emulsiﬁers and 
enzymes. Cranks is the UK's leading organic bread brand.
Overseas
The Group has a meaningful presence in Continental 
European markets, particularly in France and Benelux,
through its 50% owned Company Lightbody Stretz Ltd,
which supplies and distributes the Group’s UK 
manufactured and third party products.
Principal Risks and Uncertainties
The Group operates in an environment which is continually
changing and as a result the risks it faces will also change
over time. The assessment of risks and the development
of strategies for dealing with these risks are achieved on
an ongoing basis through the way in which the Group is
controlled and managed internally. A formal review of
these risks is carried out by the Group on an annual basis.
The review process involves the identiﬁcation of risks, 
assessment to determine the relative likelihood of them
impacting the business and the potential severity of the
impact, and determination of what needs to be done 
to manage them eﬀectively.
The Directors have identiﬁed the following as the principal
risks and uncertainties that face the Group:
Competitive Environment and Customer Requirements
The environment remains competitive within the Bakery
sector. The monitoring of key performance indicators 
at customer level such as service levels and customer
complaints is part of the risk management process 
associated with this speciﬁc risk. Strong customer service,
quality products, low costs and innovative new product
development are areas of focus to satisfy customer needs
and remain strong in a competitive environment. The Group
invests heavily in category management, new product 
development and marketing skills. This investment 
has helped create an insight into customers and 
consumer demands.  13 Strategic Report
14 Product Quality
Product quality is a key strength of the Group and failure
to maintain a high standard of food quality and safety would
have a severe impact on service levels and customer 
relationships. The Group’s quality assurance procedures,
managed at site level, are reviewed continuously with 
improvements made as appropriate. The Group’s T echnical
Director helps provide focus to ensure there is continuous
improvement across all sites to meet the increasingly high
expectations of our customers. The operating subsidiaries
are subject to regular internal and independent food safety
and quality control audits including those carried out by,
or on behalf of, our customers. The Group maintains product
recall insurance cover to mitigate the potential impact 
of such an occurrence.
Labour Costs, Prices and Supply
Increases in labour costs, for example as a result of the
national living wage, the impact of the price and volatility
of price of raw materials, along with increasing costs of
utilities can impact the core proﬁtability of the business.
Furthermore, the prices of certain key commodities (e.g.
sugar) are tied to the Euro – the relative strength of sterling
and future volatility within the Eurozone will have an impact
on the cost of these commodities. Any related shortage 
in supply of raw materials will impact the business’s ability 
to maintain its service levels to customers – another 
of its key performance indicators.  
The Group maintains a high level of expertise in its buying
team and will consider long-term contracts where 
appropriate to reduce uncertainty in input prices. The team
also cultivates strong relationships with major suppliers to
ensure continuity of supply at competitive prices. Regular
renovation and innovation in our product range can help
to manage margin pressures in an eﬀective manner as far
as the competitive environment allows. The Group also
purchases forward foreign currency in order to minimise
the ﬂuctuation of input costs linked to future currency
conversion rates. The Group invests in site capabilities
such as leading edge robotics to increase eﬃciency and 
eﬀectively manage costs.
Economic Environment
The economic environment remains challenging, 
with consumer behaviour changing and a shift toward
value-oriented discounters. Aﬀordability for consumers 
is essential, the Group will continue to focus on quality and
value for money. Innovation and development of products
that stand out from the crowd help maintain strong 
relationships with customers and licensors. We are 
driven by a passion to meet consumer expectations 
at aﬀordable quality.
T rading Results
Continuing Group revenue for the 52 week period to 
27 June 2015 was £256.2 million (2014: £175.7 million).  
Operating Proﬁt margins were 4.8% (2014: 4.4%). 
Capital investment, improvement in operational eﬃciency
and product mix are the main drivers for the improvement 
in margin. Inﬂationary increases and employee pay rises have
been oﬀset by operational improvements and returns from
capital investment. Administrative expenses have increased,
driven by acquired businesses and through increased retailer
marketing support, new product development, range 
support, remuneration for outperformance of targets 
and improvements in the fabric of the workplace.
Dividend
Subject to shareholder approval at the Company’s AGM 
on 25 November 2015, the ﬁnal dividend of 1.67 pence per
share will be paid on 10 December 2015 to shareholders
on the register at 13 November 2015 and will be recognised
in the ﬁnancial year ending 2 July 2016.
15 16
The following analysis is included to show what the Directors consider to be the underlying performance of the 
Group and eliminates the impact of signiﬁcant non-recurring items and certain charges required by IFRS.
52 week period ended 27 June 2015
Fair value
of interest As per
Non- Deﬁned rate swaps/ Unwinding Consolidated
recurring Share beneﬁt foreign of discount Statement of  
Operating signiﬁcant options pension exchange on deferred Comprehensive
performance items charge scheme contracts consideration Income
£000 £000 £000 £000 £000 £000 £000
Revenue 256,166 ----- 256,166
Cost of sales (177,276) ----- (177,276)
Gross proﬁt 78,890 ----- 78,890
Other costs excluding 
depreciation & amortisation (60,638) (3,181) 10 100 181 - (63,528)
EBITDA 18,252 (3,181) 10 100 181 - 15,362
Depreciation & amortisation (5,836) ----- (5,836)
Results from operating activities 12,416 (3,181) 10 100 181 - 9,526
Finance income 1 --- 28 105 134
Finance costs (1,024) -- (154) -- (1,178)
Proﬁt before tax 11,393 (3,181) 10 (54) 209 105 8,482
T axation (2,452) 644 (2) 11 (42) (21) (1,862)
Proﬁt after tax 8,941 (2,537) 8 (43) 167 84 6,620
Details of non-recurring signiﬁcant items are detailed in Note 5. 
52 week period ended 28 June 2014
Fair value
of interest As per
Non- Deﬁned rate swaps/ Unwinding Consolidated
recurring Share beneﬁt foreign of discount Statement of  
Operating signiﬁcant options pension exchange on deferred Comprehensive
performance items charge scheme contracts consideration Income
£000 £000 £000 £000 £000 £000 £000
Revenue 175,708 ----- 175,708
Cost of sales (127,530) ----- (127,530)
Gross proﬁt 48,178 ----- 48,178
Other costs excluding 
depreciation & amortisation (37,471) (759) (9) 71 81 - (38,087)
EBITDA 10,707 (759) (9) 71 81 - 10,091
Depreciation & amortisation (2,999) ----- (2,999)
Results from operating activities 7,708 (759) (9) 71 81 - 7,092
Finance income - --- 708 150 858
Finance costs (1,238) -- (132) - (4) (1,374)
Proﬁt before tax 6,470 (759) (9) (61) 789 146 6,576
T axation (1,519) 171 2 (73) (195) (37) (1,651)
Proﬁt after tax 4,951 (588) (7) (134) 594 109 4,925
Details of non-recurring signiﬁcant items are detailed in Note 5.
Strategic Report 17 Strategic Report
18 19
Earnings Per Share (EPS)
EPS comparatives to the prior year can be distorted by signiﬁcant non-recurring items and IFRS adjustments. The Board
is focused on growing adjusted diluted EPS, which is calculated by eliminating the impact of the items highlighted on
page 16 and incorporates the dilutive eﬀect of share options. Adjusted diluted EPS is 7.7p for the 52 week period
(2014: 6.3p).   
2013*
2015 2014 (restated) 2012*
Basic EPS 5.8p 6.7p 7.2p 5.1p
Adjusted** basic EPS 8.0p 6.7p 6.5p 5.2p
Diluted*** basic EPS 5.6p 6.3p 6.6p 4.9p
Adjusted* diluted** EPS 7.7p 6.3p 5.9p 5.0p
* EPS for continuing operations only.
** Adjusted EPS measures are calculated by eliminating the impact of signiﬁcant non-recurring items and IFRS adjustments. 
Further details can be found in Note 10.
*** Diluted EPS takes basic EPS and incorporates the dilution eﬀect of share options. 
Non-Financial Key Performance Indicators 
A range of non-ﬁnancial key performance indicators are
monitored at site level covering, amongst others, customer
service, quality and health and safety. The Board receives
an overview of these on a regular basis.
Acquisitions
On 30 October 2014 the Group acquired the Fletchers
Group of Bakeries (Fletchers) for £56 million, funded 
in part by an oversubscribed equity raise of £35 million. 
The remainder was funded through debt. The acquisition
brings opportunities in new foodservice channels, retail
customer diversiﬁcation and complementary product
ranges. Fletchers ﬁts well within our UK bakery business
and the Group is expecting signiﬁcant operational and
commercial synergies. 
On 26 May 2015 the Group acquired 25% of the ordinary
share capital of Dr Zak’s Limited. Dr Zak’s develops and
supplies high protein food including bread, pasta and bagels.
On 16 June 2015 the Group acquired the business, 
production assets, stock and customer list of Johnstone’s
Just Desserts Ltd (‘Johnstone’s’) from administrators FRP
Advisory. Unaudited turnover for 2014 was £9m. This 
acquisition signals the escalation of Finsbury’s entry into
the foodservice cake channel and in particular the high
growth national coﬀee shop segment. This is in line with
the Group’s channel diversiﬁcation strategy, indicated 
at the acquisition of Fletchers.  
Cash Flow
There was a decrease in our working capital requirement of
£2.2 million compared to the last ﬁnancial year. Corporation
tax payments made in the ﬁnancial year totalled £1.2 million
(2014: £1.7 million), the payments in the current year took
account of the research and development tax relief due 
to the Group. Capital expenditure in the year amounted 
to £7.4 million (2014: £6.2 million).  
Debt and Bank Facilities
The Group’s total net debt including deferred consideration
payable is £21.3 million (2014: £8.8 million) up £12.5 million
from the prior year. Within this total, £9.3 million is due
within one year, including cash at bank and invoice ﬁnance
(2014: £5.1 million).  
The Group’s debt facility was renegotiated during the year
driven by the acquisition of Fletchers. The facility is now 
a bilateral facility with HSBC Bank Plc and Lloyds Bank Plc
totalling £50.9m, the key features of the facility are as follows:
• Overdraft (£2.0m)
• T erm loan (£13.  4m)
• Conﬁdential invoice discounting facility (£22.0m)
• Mortgage facility (£3.5m)
• Rolling asset ﬁnance facility (£2.0m)
• Revolving credit facility (£8.0m)
Note 20 gives details of the drawn amounts and 
maturity dates.
The Group is able to oﬀer strong asset backing to secure
its borrowings. The Group owns freehold sites at Memory
Lane in Cardiﬀ, Fletchers    in Sheﬃeld and Lightbody and
Campbells in Scotland. In addition, the Group has a strong
trade debtor book to support the invoice discounting facility,
made up primarily of the UK’s major multiple retailers.
This debtor book stood at £42.8 million (2014: £22.4 million)
at the period end date. 20
The Group recognises the inherent risk from interest rate
rises. T o mitigate these risks, the Group has three interest
rate swaps in place with a total coverage of £14.0 million
(2014: £14.0 million) equivalent to 66% (2014: 159%) 
of year end net bank debt at a weighted average rate 
of 2.5% (2014: 2.5%). 
The eﬀective interest rate for the Group at the year end,
taking account of the interest rate swaps in place and 
deferred consideration with base rate at 0.5% and LIBOR
at 0.58%, was 4.04% (2014: 4.27%). 
Financial Covenants
The Board reviews the Group’s cash ﬂow forecasts and key
covenants on a regular basis to ensure that it has adequate
facilities to cover its trading and banking requirements
with an appropriate level of headroom. The forecasts are
based on management’s best estimates of future trading.
There has been no breach of covenants during the year. 
Interest cover (based on adjusted EBITDA) for the 52 weeks
to 27 June 2015 was 17.8 (2014: 8.6). Net bank debt to
EBITDA (based on adjusted EBITDA) for the year to 27 June
2015 was 1.0 (2014: 0.8). 
T axation
The Group taxation charge for the year was £1.9 million
(2014: £1.7 million). This represents an eﬀective rate 
of 22.0% (2014: 25.1%).  
Further details on the tax charge can be found in Note 9 
to the Group’s Financial Statements.
Environmental Matters
The Group continues to reduce packaging through 
innovation and has delivered further reductions across the
business. The Group takes the key learning and successes
from the Cake Category and applies them across other areas
of the business to deliver category leading innovative 
solutions. Installation of LED lighting, more eﬃcient gas
boilers and improved eﬄuent systems are reducing our
impact on the environment. New production capability,
which has recently been commissioned in Hamilton, further
reduces the consumption of cardboard and reduces food
waste. Work continues with local universities on shelf life
of product, the outcome of which will lead to waste reduction
over the coming years. We are also presently formulating
our Environmental Sustainability Strategy across the Group.
N&H remains a ‘landﬁll-free’ site and all waste materials
are recycled.
Employee Social and Community Issues
All manufacturing sites are active within their local 
communities, supporting local community initiatives. 
We donate regularly to local and national charities in
terms of both product and fund raising activities at 
all sites.
We work closely with local universities through business
projects and placements and plan to continue this 
partnership work further in several areas of training,
development and project work. We continue to invest in
training and development of the workforce supporting 
a programme of vocational qualiﬁcations.
Eight bakers have qualiﬁed from the N&H bakers’ 
apprenticeship scheme this year, with City and Guilds’
qualiﬁcations, adding to the 21 that have qualiﬁed 
in the last two years.
T echnical Matters
The technical integration of the Fletchers businesses has
been smooth and it has enabled Finsbury to start having a
more senior dialogue with customers. Customer relationships
remain robust and after a period of re-structuring across
several retailers they are coming back with a renewed focus
on compliance. Restructuring and strengthening of our
teams during the past year has put us in a good position 
to be able to respond to these new challenges.
One of the biggest changes to date in the British Retail
Consortium (BRC) Food Standard will go live later in 2015.
This requires a focus on vulnerability assessments
throughout the supply chain. This is being documented 
in a consistent manner across the Group and assessments
are being conducted by multidisciplinary teams. All sites
have maintained BRC A or A* grades in the year. BRC are
anticipating fewer suppliers achieving the higher A and
new AA scores.
As part of our ongoing commitment to health we are 
continually working with suppliers to investigate novel 
ingredients, processes and recipes to reduce sugar, 
saturated fat and salt in our products where possible.
The Food Standards Agency has published new salt targets
for 2017, requiring work to be carried out on recipes to meet
these targets. Further reductions will become signiﬁcantly
more technically challenging on certain types of product.
The Group currently sits at around 70% compliance
against the new targets. 
A robust sustainability strategy is being developed for 
the Group covering People, Supply Chain and Factories.
This focus will deliver real beneﬁts for the business 
in these core areas.
The Strategic Report was approved by the Board of Directors
on 18 September 2015 and was signed on its behalf by:
Stephen Boyd 
Director
Strategic Report 21 ...it means we’re maintaining 
strong growth and sales 
trajectories.
22 23
Financial Statements
24 Report on Corporate Governance
26 Audit Committee Report 
28 Directors’ Remuneration Report (unaudited)
29 Directors’ Remuneration Policy Report (unaudited)
39 Consolidated Statement of Proﬁt and Loss 
and Other Comprehensive Income
40 Consolidated Statement of Financial Position
41 Consolidated Statement of Changes in Equity
42 Consolidated Cash Flow Statement
43 Notes to the Consolidated Financial Statements
74 Company Balance Sheet
75 Company Reconciliation of Movements 
in Shareholders’ Funds
76 Notes to the Company’s Financial Statements  
81 Directors’ Report
83 Statement of Directors’ Responsibilities in Respect 
of the Annual Report and the Financial Statements
84 Independent Auditor’s Report to the 
Members of Finsbury Food Group Plc
85 Advisers 24
The Board is committed to high standards of corporate governance and although the Company is not required to comply with the UK Corporate
Governance Code (2012) (“the Code”), the Company’s corporate governance framework is based on the Code’s main principles to the extent
appropriate for the Company. The Board reviews its corporate governance arrangements on a regular basis. 
The Board directs the activities of the Group and develops its strategy. The Board meets at least ﬁve times during the year and reviews performance
against budget at each meeting. There is a schedule of matters which are reserved to the Board for decision. These matters include: 
• Strategy
• Acquisition policy 
• Corporate governance
• Risk management
• Health and safety
• Approval of major capital expenditure 
• Approval of annual budgets
• Approval of Annual Reports
• Dividend recommendations and policy
• Committee reports
The Board comprises the Non-Executive Chairman, Peter Baker who was appointed on 1 July 2014, succeeding Martin Lightbody who stood down from
the Board on 30 June 2014, two Executive Directors (John Duﬀy, Chief Executive and Stephen Boyd, Finance Director), and three Non-Executive Directors
(Paul Monk, Edward Beale and Raymond Duignan. David Marshall who retired from the Board with eﬀect 30 June 2014 had served as a Non-Executive
Director up until that date). 
There is a clear division of responsibilities between the Chairman and the Chief Executive. The Chairman is responsible for leadership of the Board,
setting its agenda and monitoring its eﬀectiveness. He meets regularly and separately with the Chief Executive and the other Non-Executive Directors. 
Edward Beale is the Chief Executive of City Group Plc. City Group Plc is a subsidiary of London Finance & Investment Group Plc, a substantial shareholder
in the Company. City Group Plc provides a full company secretarial service to the Company on an outsourced basis and its fees are set out in Note 31
of the Financial Statements.
Board Committees
The Board has delegated certain responsibilities to the Audit, Nomination and Remuneration Committees.
The Audit Committee is chaired by Raymond Duignan with Edward Beale as the other member. Further details are given in the Audit Committee
Report on pages 26 to 27.
The Remuneration Committee is chaired by Raymond Duignan with Edward Beale as the other member. 
Peter Baker chairs the Nomination Committee with Paul Monk as the other member. The Committee’s main responsibilities include:
• Advising the Board on the appointment of Directors
• Reviewing the composition and size of the Board
• Evaluating the balance of skills, knowledge, experience and diversity of the Board
• Making recommendations on succession planning
Report on Corporate Governance 25
Internal Controls and Risk Management
The Board has overall responsibility for the system of internal controls to safeguard shareholders’ investment and the Group’s assets, as well as reviewing
the eﬀectiveness of those controls. The system of internal controls is designed to manage rather than eliminate the risks of failure to achieve the Group’s
objectives and can only provide reasonable, and not absolute, assurance against material loss and misstatement. Additional resource has been employed
to review current policies and procedures and to test the systems.
Dialogue with Shareholders
The Board maintains a general policy of keeping all interested parties informed by regular announcements and update statements.
In implementing this policy the Board keeps in mind the distribution of shareholders between direct, nominee and institutional shareholders.
Communications are then distributed between these groups accordingly.
Speciﬁc methods of communication are:
• Annual general meetings
• Broker brieﬁngs
• Broker and analysts visits to operating sites
• Letters to shareholders when appropriate
• Corporate website (www.ﬁnsburyfoods.co.uk)
• One to one meetings with investors 26
Role and Responsibilities of the Audit Committee 
The principal responsibilities of the Committee are to:
• Monitor the ﬁnancial controls of the Group and the integrity of the Financial Statements of the Group and assist the Board in fulﬁlling 
its responsibilities relating to external ﬁnancial reporting and similar announcements.
• Review signiﬁcant issues and the judgements of management and the methodology and assumptions used in relation to the Financial Statements.
• Review the Group’s ﬁnancial control systems and risk management procedures.
• Recommend the appointment and/or reappointment of the external auditor and approve their terms of engagement.
• Review and monitor the independence of the external auditor and the eﬀectiveness of the audit process.
• Monitor policy on external auditor non-audit services.
• Monitor the operation of the Group’s compliance with all regulatory legislation and practice.
• Review the eﬀectiveness of the internal audit process and approve and review the internal audit work programme.
• Report to the Board on how it has discharged its responsibilities.
The full terms of reference, which can be found on the Company’s website at www.ﬁnsburyfoods.co.uk, are reviewed periodically by the Board. 
Membership
The Committee is chaired by me, and, the other member is Edward Beale, a Non-Executive Director. Edward Beale, a chartered accountant, is a former
member of the UK’s Accounting Standards Board and therefore has recent and relevant ﬁnancial experience.
The Audit Committee met three times during the year. The Finance Director is invited to attend Committee meetings together with other senior members
of the ﬁnance team including those members of staﬀ that conduct internal audits. The external auditors attend those meetings involving the Financial
Statements, the annual audit and other signiﬁcant matters. Time is set aside during at least one meeting each year for the Committee to hold discussions
in private with the external auditors in the absence of management and Executive Directors.  
External Auditor
The Committee carried out an assessment of the eﬀectiveness of the external audit process which focused on criteria which the Committee considered
to be important factors in an eﬀective audit process. These factors included the quality of audit staﬀ, the planning and execution of the audit and the
role of management in the audit process. Following this assessment, the Committee concluded that the external audit process remained eﬀective and
that it provides an appropriate independent challenge.
The engagement of the auditor to carry out non-audit services is approved in advance by me or, in the case of a signiﬁcant instruction, by the Committee.
This enables the Committee to satisfy itself of the Auditor’s independence and objectivity. 
Risk Management and Internal Controls
The Committee is responsible for reviewing the eﬀectiveness of the Group’s system of internal controls. The system of internal control is designed to
manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against
material misstatement or loss.
Group management prepare an Annual Report for the Committee’s consideration that identiﬁes the risks and uncertainties to which the Group is exposed,
the procedures in place to mitigate those risks and uncertainties and the potential impact on the Group. The Committee reviews this report and any
concerns that it has over the adequacy of the controls in place, or the level of risk accepted by the Group, are reported to the Board. The principal risks
and uncertainties to which the Group is exposed are considered by the Board and are set out in the Strategic Report on page 8. Following this review,
the Committee is satisﬁed that the Group has in place eﬀective risk management and internal control systems. The Committee continues to keep under
review the need for a separate dedicated internal audit function in the Group. The Committee remains satisﬁed that the Group’s system of internal
control is appropriate for a Group of the size and nature of the Company and the Committee’s current view is that a separate formal independent
internal audit function is not required at this time. The Committee will monitor the situation closely as the Group continues to expand.
A programme of rolling internal control and risk reviews is monitored by the Committee which considers reports on these reviews at each meeting
and monitors any follow up action that is required.  
Audit Committee Report 27
External Reporting
The Board delegates primary responsibility for the preparation of complete, balanced and accurate Financial Statements and disclosures, in accordance
with Financial Reporting Standards and regulations, to the Finance Director. The responsibility of the Committee includes consideration of signiﬁcant
accounting policies, any changes in policies and signiﬁcant estimates and judgements, taking into account the external auditor’s view, and to report
back to the Board on any concerns that it might have. The Audit Committee reviews the clarity and completeness of disclosures within the Financial
Statements. Ultimate responsibility for reviewing and approving the annual Financial Statements and half yearly reports remains with the Board.
The Committee also reviews related information presented with the Financial Statements, in particular the Strategic Report, the Directors’ Report 
and the Report on Corporate Governance. 
Anti-Bribery
The Company has a Group-wide anti-bribery and corruption policy to comply with the Bribery Act 2010 and it periodically reviews its procedures 
to ensure continued eﬀective compliance. 
Key Agenda Items
In addition to matters referred to elsewhere in this Report, during the year the Committee also considered:
• Revenue recognition
• Internal authorisation levels and procedures
• Interest rate and currency hedging
• Dividend policy
• Systems related issues arising from the Fletchers’ acquisition
• Impairment reviews
• Group insurance programme
• Pension disclosures
If any reader of these accounts has suggestions for improvement in the content or the presentation of the Financial Statements, please can they let
me know by writing to info@ﬁnsburyfoods.co.uk.
Raymond Duignan
Chairman of the Audit Committee 28
Statement from the Chairman of the Remuneration Committee
Dear Shareholder
I am pleased to present the Directors’ Remuneration Report for the year ended 27 June 2015.
Although not subject to the remuneration reporting regulations applicable to fully listed companies in the UK the Committee has decided to take 
into account these regulations in the preparation of the Directors’ Remuneration Report for the year as a matter of best practice. Therefore this report
is presented as:
1. A Directors’ Remuneration Policy – setting out the parameters within which the remuneration arrangements for Directors operate
2. An Annual Report on Remuneration – setting out remuneration earned during the year and any changes planned for the 2015-16 ﬁnancial year
We hope this change will provide our shareholders with greater clarity and transparency on our pay arrangements for our most senior individuals. 
The Committee will continue to monitor remuneration policy to ensure it remains aligned to the long-term interests of the Company, proﬁtable
growth and the delivery of shareholder value.
Review of the 2014-15 Financial Y ear
As described earlier in the Annual Report the Company has performed well delivering strong proﬁts of £18.3 million EBITDA. The Executive Directors
also delivered a number of key strategic milestones as noted in the Highlights on page 1. This delivery of excellent EBITDA growth of 70% on prior year
and against our budget resulted in an annual bonus being earned equating to 100% of salary. In line with the Committee’s commitment to align Executives’
interests with those of shareholders, 50% of total bonuses earned in the year will be paid as cash and 50% in the form of shares, in order to develop
further the shareholdings of the Executive Directors. The Directors were also awarded a bonus relating to the successful execution of the Genius and
Fletcher transactions, which they had handled personally and which had saved the Group signiﬁcant costs with regard to external advisors. 
The Committee remains committed to a fair and responsible approach to Executive pay (including the avoidance of pay level ratcheting). In October 2014
the Committee determined it was appropriate to award the CEO and CFO a 2.5% salary increase which was in line with increases for the wider workforce.
In response to feedback from our shareholders that Executive Directors should be appropriately incentivised over the longer term and build up personal
equity holdings the Committee introduced a new long-term incentive plan following consultation with advisors and our largest shareholder. The new
long-term incentive plan is designed to motivate the senior executives over the longer term to deliver the Group’s strategy and to reward appropriately,
reﬂecting their contribution to shareholder value creation. The plan is based on the achievement of stretching three year performance conditions and
Executive Directors are required to hold shares for a further two years after the end of the performance period. The ﬁrst awards were made on 26 June 2015.
Further details of the plan are set out in the Policy table on the following page and details of the ﬁrst awards are provided in the Annual Report 
on Remuneration.
Outlook for the 2015-16 Financial Y ear
• Having undertaken a detailed review of variable remuneration, the Committee will now seek to embed the new long-term plan into the Group 
and will focus on this in the current year as the primary incentive mechanism. Awards are planned to be made after our 2014-15 preliminary 
announcement and we will review the performance measures at this time and especially our absolute EPS targets to ensure that these support 
our long-term plans.
• Salary increases for 2015-16 will be reviewed in October, after the printing of this document and will therefore be fully disclosed and explained 
in next year’s Report.
• The annual bonus will continue to be based on EBITDA performance as the Committee considers this to be the key short-term ﬁnancial measure.
Raymond Duignan
Chairman of the Remuneration Committee 
18 September 2015
Directors’ Remuneration Report (unaudited)  29
The following section sets out our Directors’ Remuneration Policy (the “Policy”). This Policy will apply to payments made from the next AGM of the
Company which will be held on 25 November 2015.
The main aim of the Company’s Policy is to align the interests of Executive Directors with the Company’s strategic vision and the long-term creation
of shareholder value. The Company aims to provide returns to shareholders through both organic and acquisitive growth. The Policy is intended to
remunerate our Executive Directors competitively and appropriately for eﬀective delivery of this and allows them to share in this success and the
value delivered to shareholders. The Policy is based on a broad set of remuneration principles:-
• Promote shareholder value creation
• Support the business strategy
• Promote sound risk management
• Ensure that the interests of the Directors are aligned with the long-term interests of shareholders
• Deliver a competitive level of pay for the Directors without paying more than is necessary to recruit and retain individuals
• Ensure that the Executive Directors are rewarded for their contribution to the success of the Group and share in the success delivered 
to shareholders and
• Motivate the Directors to deliver enhanced sustainable performance
Executive Directors’ Remuneration Policy
The table below sets out the various elements of Executive Directors’ compensation and how each element operates, as well as the maximum
opportunity of each element and any applicable performance measures.
Directors’ Remuneration Policy Report (unaudited)  
Element of remuneration
Purpose and link 
to strategy
Operation Maximum opportunity Performance measures
Basic salary T o provide a competitive
base salary for the market
in which the Company
operates to attract, motivate
and retain Executives with
the experience, capabilities
and ambition required 
to achieve the Group’s
strategic aims.
Salaries are usually
reviewed annually. 
No overall maximum has
been set under the Policy.
However, salaries are
determined taking into
consideration a range of
factors, which may include:
• Underlying Company 
performance
• Role, experience and
individual performance
• Competitive salary levels
and market forces
• Pay and conditions
elsewhere in the
Company
N/A
Beneﬁts T o provide broadly market
competitive beneﬁts as part
of the total remuneration
package designed to
attract, motivate and
retain Executives with the
experience, capabilities
and ambition required 
to achieve the Group’s
strategic aims.
Executive Directors
currently receive health
insurance for the individual
and his immediate family
and a car allowance.
Other beneﬁts may be
provided at the discretion
of the Committee based on
individual circumstances
and business requirements,
such as relocation expenses
and an invitation to join a
Save As Y ou Earn plan.
Set at a level which 
the Committee deems
appropriate and provides
suﬃcient consideration of
beneﬁt based on individual
circumstances.
N/A 30
Element of remuneration
Purpose and link 
to strategy
Operation Maximum opportunity Performance measures
Pension T o provide broadly market
competitive retirement
beneﬁts as part of the total
remuneration package
designed to attract,
motivate and retain
Executives with the
experience, capabilities
and ambition required 
to achieve the Group’s
strategic aims.
Executive Directors are
eligible to participate 
in the Group deﬁned
contribution pension plan
or in an approved personal
pension. In appropriate
circumstances, such as
where contributions exceed
the annual or lifetime
pension allowance in the
UK, Executive Directors may
be permitted to take 
a pension beneﬁt as
additional salary instead 
of contributions to 
a pension plan.
Executive Directors receive
a salary supplement, in 
lieu of a contribution to 
a pension plan, which for
2015-16 is 10% of basic
salary and which from 
1 April 2014 was formally
built into salary.
N/A
Annual bonus T o incentivise Executive
Directors to deliver against
the short to medium-term
objectives of the Group.
Awards are based on annual
performance. Pay-out levels
are determined by the
Committee after the year
end based on performance
against targets. The
Committee has discretion
to amend the pay-out
should any formulaic
output not reﬂect the
Committee’s assessment
of overall business
performance.
A proportion (normally 50%)
of any bonus earned is paid
in cash and the balance is
paid in the form of shares.
The maximum annual bonus
opportunity is currently
100% of base salary.
T argets are set annually
reﬂecting the Company’s
strategy and aligned with
key ﬁnancial, strategic
and/or individual targets
and the weightings
between these measures
determined by the
Committee each year
taking into account the
Company’s strategic
priorities at the time.
Currently 100% of the
bonus is based on EBITDA
performance.   31
Element of remuneration
Purpose and link 
to strategy
Operation Maximum opportunity Performance measures
Long-term incentive plan
(‘L TIP’)
T o create alignment
between the interests of
Executive Directors and
shareholders through the
delivery of rewards in
Company shares.
The Company has adopted
a new L TIP and future awards
will be made under this plan.
Awards can be made over
conditional shares, nil cost
options and/or market value
share options (or a cash
equivalent).
Vesting will be subject to
the achievement of
speciﬁed performance
conditions over three years.
The Committee may also
require awards to be subject
to an additional two year
holding period from the end
of the performance period.
Awards may include dividend
equivalents earned between
the grant and vesting date.
Awards may be subject to
malus provisions at the
discretion of the Committee.
Normally up to 200% of
base salary in respect of a
ﬁnancial year. In exceptional
circumstances awards may
exceed this.
Relevant performance
measures are set that reﬂect
longer term strategy and
business performance.
Performance measures and
their weighting where there
is more than one measure
are reviewed annually to
maintain appropriateness
and relevance.
For 2015-16, 50% of the
awards will be subject to
EPS growth and 50%
subject to relative TSR
performance against the
FTSE SmallCap Index.
Bonuses (linked to the
acquisition or sale of Group
Companies).
T o reward the growth in
business as a result of the
active exploration of
merger and acquisition
opportunities.
The Executive Directors are
eligible to receive bonuses
in recognition of their role
in growing the business
through mergers and
acquisitions.
Bonuses are paid in cash 
or shares.
There is no maximum
opportunity. However the
Committee will determine
an appropriate bonus taking
into account a number 
of factors including:
• The costs saved as a
result of the Company
executing the work
• The size of the transaction
• The contribution of 
the relevant Executive
Director in the
transaction
• Remuneration already
earned by the Director 
in respect of his
Executive duties
Determined on a 
case-by-case basis
depending upon the
speciﬁc circumstances 
of the transaction. 32
Explanation of Performance Measures Chosen
Performance measures for the annual bonus and long-term incentive are selected that reﬂect the Company’s strategy. Stretching performance
targets are set each year by the Committee, taking into account a number of diﬀerent factors.
The annual bonus is based on EBITDA delivery with threshold pay-out normally requiring outperformance of EBITDA reported in the previous 
ﬁnancial year and compared to broker forecasts. Stretch targets for maximum awards under the bonus are set against outperformance of internal
company forecasts.
The performance measures for the L TIP are EPS growth and relative TSR against the FTSE SmallCap Index across the three year performance period.
The Committee considers EPS to be a key measure of long-term sustainable business performance. Relative TSR is a measure of value delivered to
shareholders against a group of companies which are considered to be an appropriate peer group for Finsbury as the business grows and matures.
The Committee retains the discretion to adjust or set diﬀerent performance measures or targets where it considers it appropriate to do so (for example,
to reﬂect a change in strategy, a material acquisition and/or a divestment of a Group business or change in prevailing market conditions and to
assess performance on a fair and consistent basis from year to year).
Awards and options may be adjusted in the event of a variation of share capital in accordance with the rules of the L TIP .
Legacy Remuneration
The Committee has the right to settle remuneration arrangements (including historic share awards) that were put in place prior to this Policy being
created and in respect of remuneration awarded to individuals prior to becoming an Executive Director (and which was not awarded in anticipation 
of becoming an Executive Director).
Non-Executive Directors’ Remuneration Policy
The remuneration Policy for the Chairman and Non-Executive Directors is to pay fees necessary to attract the individual of the calibre required, 
taking into consideration the size and complexity of the business and the time commitment of the role, without paying more than is necessary.
Details are set out in the table below:
Approach to setting fees Basis of fees Other items
• The fees of the Non-Executive Directors 
are agreed by the Chairman and CEO.
• The fees for the Chairman are determined 
by the Board as a whole.
• Fees are normally reviewed every two years,
but may be reviewed more or less frequently
if it is considered appropriate.
• Fees are set taking into account the level 
of responsibility, relevant experience and
specialist knowledge of each Non-Executive
Director and fees at other companies of 
a similar size and complexity.
• Non-Executive Directors are paid a basic fee
for membership of the Board with additional
fees being paid for membership and
chairmanship of the Remuneration
Committee and the Audit Committee.
• Additional fees may also be paid for other
Board responsibilities or roles, if this is
considered appropriate.
• Fees are normally paid in cash.
• Neither the Chairman nor any of the 
Non-Executive Directors are eligible 
to participate in any of the Company’s
incentive arrangements.
• Non-Executive Directors do not currently
receive any beneﬁts. However, beneﬁts may
be provided in the future if, in the view of 
the Board, this is considered appropriate.
• T ravel and other reasonable expenses
(including fees incurred in obtaining
professional advice in the furtherance 
of their duties) incurred in the course 
of performing their duties are reimbursed 
to Non-Executive Directors. The Company 
may settle any tax due on beneﬁts or 
taxable expenses. 33
Approach to Recruitment Remuneration
The Policy aims to facilitate the appointment of individuals of suﬃcient calibre to lead the business and execute the strategy eﬀectively for the
beneﬁt of shareholders. When considering the remuneration package of a potential new Executive Director, the Committee would seek to apply the
following principles;
• The Committee will ensure that the package is suﬃcient to attract, motivate and retain the appropriate individual, having regard to the skills,
experience, capability and ambition required while ensuring that the long-term interests of the Company and its shareholders are taken into
account and without paying more than is appropriate.
• The Committee will typically seek to align the remuneration package with the Company’s Remuneration Policy (as set out in the Policy table). 
In all circumstances, the maximum level of variable remuneration that may be granted to a new Executive excluding ‘buyout’ awards referred 
to below is 300% of salary. The Committee will ensure that awards within this limit are linked to the achievement of stretching performance
measures in line with the Policy maximums under each plan.
• In some circumstances, the Committee may make payments or awards to recognise or ‘buyout’ remuneration packages forfeited on leaving a
previous employer. In doing so, it will take into account all relevant factors including the form of awards, expected value and vesting timeframe 
of forfeited opportunities. When determining such ‘buyout’ arrangements, the Committee’s intention would be that awards would generally be
on a ‘like-for-like’ basis as those forfeited. The Committee does not intend to use this discretion to make a non-performance related incentive
payment (for example a “golden hello”).
• Where a position is ﬁlled internally, any ongoing remuneration obligations or outstanding variable pay elements shall be allowed to continue,
according to the original terms.
The remuneration package for a newly appointed Chairman or Non-Executive Director will normally be in line with the structure set out in the 
Non-Executive Directors’ Remuneration Policy table on the previous page.
Service Contracts
Each of the Executive Directors has a service contract with the Company. The notice period of Executive Directors’ service will not exceed 
12 months.
All Non-Executive Directors have Letters of Appointment the terms of which recognise that their appointments are subject to the Company’s 
Articles of Association. 
All Non-Executive Directors submit themselves for election at the AGM following their appointment. Directors retire by rotation at each AGM 
in accordance with the Company’s Articles of Association.
Details of the Directors’ service contracts, notice periods and, where applicable, expiry dates are set out below:
Name Commencement Expiry Notice period
J G Duﬀy 30 September 2009 Indeﬁnite 12 months
S A Boyd 18 January 2010 Indeﬁnite 12 months
P Baker 1 July 2014 Initial term of three years until 
1 July 2017 but subject to Articles
of Association
3 months
E J Beale 29 August 2002 Subject to Articles of Association Unspeciﬁed
R Duignan 15 July 2013 Subject to Articles of Association 3 months
P Monk 4 December 2002 Subject to Articles of Association Unspeciﬁed 34
Payments for Loss of Oﬃce
The principles on which the determination of payments for loss of oﬃce will be approached are set out below:
Where a ‘buyout’ award is made then the leaver provisions would be determined at the time of the award.
The Committee reserves the right to make additional payments where such payments are made in good faith in discharge of an existing legal
obligation (or by way of damages for breach of such an obligation) or by way of settlement or compromise or any claim arising in connection with 
the termination of Director’s oﬃce or employment.
Where the Committee retains discretion it will be used to provide ﬂexibility in certain situations, taking into account the particular circumstances 
of the Director’s departure and performance.
There is no entitlement to any compensation in the event of Non-Executive Directors’ contracts not being renewed or the agreement terminating early.
Consultation with Shareholders
The Committee considers shareholder feedback received on remuneration matters including issues raised at the AGM as well as any additional
comments received during any other meeting with shareholders. The Committee will seek to engage directly with major shareholders and their
representative bodies should any material changes be made to the Policy.
Payment in lieu of notice Each Executive Director’s service contract contains provision for payment in lieu of notice at the discretion
of the Company. Such payment would consist of basic salary for the notice period (or the balance of the
notice period, if relevant) and may also include beneﬁts for the relevant period. 
Annual bonus The Committee may determine that an Executive Director remains eligible to receive a bonus for the
ﬁnancial year in respect of which he ceased to be a Director. The Committee will determine the level of
bonus, taking into account a number of factors including, but not limited to, performance during the
bonus period, the length of time employed during the bonus period and the circumstances of departure.
L TIP T o the extent any unvested awards will vest will be determined in accordance with the rules of the L TIP .
Unvested awards will normally lapse on the cessation of employment, other than when the individual 
is considered a ‘good leaver’. A ‘good leaver’ will typically be a leaver by reason of death, disability, injury,
sale of the business or entity employing the leaver out of the Group or any other reason at the
Committee’s discretion. 
Change of control The extent to which unvested awards will vest will be determined in accordance with the rules of the plan. 
Awards under the L TIP will vest early on a takeover, merger or other relevant corporate event. 
The Committee will determine the proportion of awards that will vest by reference to the extent to which
the performance condition is satisﬁed and such other factors as the Committee may consider relevant.
The existing unapproved options awarded under the historic 2006 Company Share Option Plan have 
all vested.
Other payments In appropriate circumstances, payments may also be made in respect of accrued holiday, outplacement,
legal fees and under the terms of the SAYE plan. 35
Unaudited Annual Report on Remuneration
Single T otal Figure of Remuneration
The tables below detail the total remuneration earned by each Director in respect of the ﬁnancial years ended 27 June 2015 and 28 June 2014:
T axable Annual Long-term T otal
Salaries/fees beneﬁts bonus Other incentives Pension remuneration
2015 £000 £000 £000 £000 £000 £000 £000
Chairman
P Baker 75 -- 25 -- 100
Executive Directors
J G Duﬀy 334 12 334 240 -- 920
S A Boyd 211 12 211 240 -- 674
Non-Executive Directors
E J Beale 45 ----- 45
R Duignan 50 -- 50 -- 100
P J Monk 70 ----- 70
785 24 545 555 -- 1,909
T axable Annual Long-term T otal
Salaries/fees beneﬁts bonus Other incentives Pension remuneration
2014 £000 £000 £000 £000 £000 £000 £000
Chairman
M W Lightbody 100 ----- 100
Executive Directors
J G Duﬀy 304 12 328 -- 22 666
S A Boyd 192 12 208 -- 15 427
D C Currie 33 ---- 1 34
Non-Executive Directors
E J Beale 45 ----- 45
R Duignan 48 ----- 48
I R Farnsworth 3----- 3
D C Marshall 40 ----- 40
P J Monk 70 ----- 70
835 24 536 -- 38 1,433
1. Martin Lightbody resigned as Chairman and Director on 30 June 2014, and Peter Baker was appointed as Chairman on 1 July 2014.
2. Crawford Currie stepped down as a Director on 30 November 2013.
3. Ian Farnsworth stepped down as a Director on 15 July 2013.
4. David Marshall stepped down as a Director on 30 June 2014.
5. On 16 July 2013 J G Duﬀy exchanged 1,149,000 vested unapproved options in return for 361,804 shares and the settlement of taxes amounting 
to £198,000 arising on the issue of the shares. This exchange resulted in no cash beneﬁt to J G Duﬀy and no monetary value is therefore included 
in the above table. 
6. “Other” relates to payments awarded to the Executive Directors for the successful execution of the Genius and Fletcher acquisitions and fees 
for the additional time commitment provided by Mr P Baker and Mr R Duignan in respect of their support on these transactions.
7. Cash paid in lieu of pension was incorporated into salary from 1 April 2014.
8. Salaries and fees included consultancy fees paid to Mr P J Monk amounting to £30,000 in both years. 36
Notes to the T able
Base Salaries
The base salaries for the Executive Directors are set with eﬀect from 1 October, the salaries in the ﬁnancial years ended 27 June 2015 and 28 June 2014
were as follows.
With eﬀect from 1 April 2014, cash in lieu of pension was formally built into salary and the ﬁgures above reﬂect this change as though it applied from 
1 October 2013 for comparative purposes. 
T axable Beneﬁts
The taxable beneﬁts for the Executive Directors in the year included a car allowance and private medical insurance.
Annual Bonus
The annual bonus is the total value of the bonus earned in respect of the ﬁnancial year (including the amount delivered in shares). For the ﬁnancial year
ended 27 June 2015 Executive Directors were able to earn a bonus of up to 100% of annual base salary subject to the achievement of stretching EBITDA
performance targets. 
The following table sets out the bonus pay-out to the Executive Directors for 2014-15 and how this reﬂects EBITDA performance for the year.
Long-term Incentives
No long-term incentive awards vested with respect to a performance period ending in the year ended 27 June 2015.
Details of the L TIP awards granted on 26 June 2015 are given in the table below:
*The basis of award was calculated using the share price of the shares issued to fund the acquisition of the Fletchers Group on 30 October 2014.
Vesting of 50% of the award will be based upon the amount of the adjusted diluted Earnings Per Share (EPS) delivered in the ﬁnal Financial Y ear of the
performance period. Below the threshold vesting target of 7.29p, none of this component of the award will vest. 25% of this component will vest if
adjusted diluted EPS is 7.29p, with 100% vesting at 10.23p, and vesting determined on a straight-line basis between these ﬁgures.
Vesting of 50% of the award will be based upon Relative T otal Shareholder Return against the FTSE SmallCap (excluding investment trusts) (“TSR”) 
over the performance period. At below median relative TSR ranking, none of this component of the award will vest. 25% of this component will vest 
at median ranking, with 100% vesting at upper quartile or above ranking and vesting determined on a straight-line basis between these points.
The awards are also subject to a general performance underpin assessing factors, including ROCE and other ﬁnancial indicators of performance over
the performance period, at the discretion of the Remuneration Committee.
Number of shares Basis of award* Performance period Performance conditions
J G Duﬀy 1,137,898 200% of salary 3 ﬁnancial years from 
29 June 2014
50% subject to EPS growth
and 50% subject to relative
TSR (further details below).
S A Boyd 721,217 200% of salary 3 ﬁnancial years from 
29 June 2014
50% subject to EPS growth
and 50% subject to relative
TSR (further details below).
Performance measure Actual performance
Resulting level of award
for each Executive as a
percentage of salary
Earnings before interest, tax, depreciation 
and amortisation (EBITDA) EBITDA £18,252,000 100%
Executive Director From 1 October 2013 From 1 October 2014 Percentage increase
J G Duﬀy £327,493 £335,680 2.5%
S A Boyd £207,750 £212,759 2.5% 37
Pensions
The Chief Executive Oﬃcer and the Group Finance Director are both entitled to a taxable non-pensionable cash allowance equivalent to 10% of their
salaries. From 1 April 2014 these pension allowances were replaced by salary, as in both cases the respective Directors have reached the lifetime limits
set by HMRC.
Non-Executive Director fees
Details of Non-Executive Directors’ fees for 2013/14 and 2014/15 are as set out below:
Payments made to Former Directors during the Y ear
No payments were made in the year to any former Director of the Company.
Payments for Loss of Oﬃce made during the Y ear
No payments for loss of oﬃce were made in the year to any Director of the Company.
Statement of Directors’ Shareholding and Share Interests
The interests of the Directors and their immediate families in the Company’s ordinary shares as at 28 June 2014 and 27 June 2015 were as follows.
The interests of the Directors and their immediate families in the Company’s ordinary shares did not change between 27 June 2015 and the date these
accounts were signed on 18 September 2015.
The interests of each Executive Director of the Company as at 27 June 2015 in the Company’s share schemes were as follows:
Chairman fee
Non-Executive
Director fee
Chairman of the
Remuneration 
Committee
Member of the
Remuneration 
Committee
Chairman of the
Audit Committee
Member of the
Audit Committee
£75,000 £40,000 £5,000 £2,500 £5,000 £2,500
27 June 2015 
Number
28 June 2014 (or date
of appointment) 
Number 
Chairman
P Baker 46,000 -
Executive Directors
J G Duﬀy
S A Boyd
2,111,762
906,629
1,855,163
555,137
Non-Executive Directors
E J Beale
R Duignan
P J Monk
40,000
-
291,547
40,000
-
291,547
Executive Director
Number of options
at 28 June 2014 Granted Exercised Lapsed
Number of options
at 27 June 2015
J G Duﬀy 2,500,000 --- 2,500,000
J G Duﬀy - 1,137,898 -- 1,137,898
S A Boyd 2,900,000 - (146,341) - 2,753,659
S A Boyd - 721,217 -- 721,217
5,400,000 1,859,115 (146,341) - 7,112,774 38
Consideration by the Directors of Matters Relating to Directors’ Remuneration
The Remuneration Committee comprises R Duignan (Chairman) and E J Beale. The Company Secretary attends the meeting as secretary to the
Committee. The Committee’s responsibilities are:
• Maintaining the remuneration policy;
• Reviewing the remuneration packages of the Executive Directors;
• Monitoring the level and structure of the remuneration of Senior Management; and
• Production of the Annual Report on Directors’ remuneration.
The Chief Executive Oﬃcer and Group Finance Director occasionally attend meetings and provide information and support as requested.  
Neither Executive Director is present when his remuneration package is considered. 
Advisors
During the ﬁnancial year the Committee received advice from Deloitte LLP . The Committee is satisﬁed that the advice received is independent and
objective. Deloitte is a founding member of the Remuneration Consultants Group and voluntarily operates under the Code of Conduct in relation 
to executive remuneration consulting in the UK.
Implementation of Directors’ Remuneration Policy for the Financial Y ear commencing 28 June 2015
Information on how the Company intends to implement the Directors’ Remuneration Policy for the ﬁnancial year commencing on 28 June 2015 is set
out below.
Salaries/fees
Salaries for the Executive Directors and fees for the Non-Executive Directors will be reviewed in October and will be disclosed in the Remuneration
Report next year although the Committee does not anticipate making salary increases greater than the awards being made to the wider workforce.
The provision of beneﬁts will remain unchanged.
Annual Bonus
For the ﬁnancial year commencing 28 June 2015 the annual bonus opportunity for the Executive Directors will continue to be 100% of salary subject 
to the achievement of stretching EBITDA performance targets with payment made 50% in cash and 50% in shares.
Long-term Incentives
For the year commencing 28 June 2015 the Executive Directors will receive L TIP awards of 200% of base salary.  
It is the intention that these awards will be subject to the same performance metrics as the L TIP awards made during the ﬁnancial year 2014-15. 
Awards will also be subject to a further two year holding period at the end of the performance period.
Approval
This report was approved by the Board on 18 September 2015 and signed on its behalf by:
Raymond Duignan
Chairman of the Remuneration Committee  39
Consolidated Statement of Proﬁt and Loss and Other Comprehensive Income
for the 52 weeks ended 27 June 2015 and 28 June 2014
2015 2014
Note £000 £000
Revenue 3 256,166 175,708
Cost of sales (177,276) (127,530)
Gross proﬁt 78,890 48,178
Administrative expenses 4 (69,364) (41,086)
Results from operating activities 9,526 7,092
Finance income 8 134 858
Finance cost 8 (1,178) (1,374)
Net ﬁnance cost (1,044) (516)
Share of proﬁts of associates after tax 2 - -
Proﬁt before tax 8,482 6,576
T axation 9 (1,862) (1,651)
Proﬁt for the year 6,620 4,925
Other comprehensive (expense)/income
Items that will not be reclassiﬁed to proﬁt and loss
Remeasurement on deﬁned beneﬁt pension scheme 16 (153) (726)
Movement in deferred taxation on pension scheme liability 24 31 145
T otal items that will not be reclassiﬁed to proﬁt and loss (122) (581)
Other comprehensive expense for the ﬁnancial year, net of tax (122) (581)
T otal comprehensive income for the ﬁnancial year 6,498 4,344
Proﬁt attributable to:
Equity holders of the parent 6,179 4,400
Non-controlling interest 441 525
Proﬁt for the ﬁnancial year 6,620 4,925
T otal comprehensive income attributable to:
Equity holders of the parent 6,057 3,819
Non-controlling interest 441 525
T otal comprehensive income for the ﬁnancial year 6,498 4,344
Earnings per ordinary shares
Basic 10 5.8 6.7
Diluted  10 5.6 6.3
Adjusted earnings per ordinary shares
Basic 10 8.0 6.7
Diluted  10 7.7 6.3
The Notes on pages 43 to 73 form an integral part of these Financial Statements. 40
2015 2014
Note £000 £000
Non-current assets
Intangibles 12 80,071 52,968
Property, plant and equipment 13 46,038 21,541
Investments in equity accounted investees 14 225 -
Other ﬁnancial assets 14 28 28
Deferred tax assets 24 4,446 1,350
130,808 75,887
Current assets
Deferred consideration receivable 15 - 2,895
Inventories 17 11,268 4,530
T rade and other receivables 18 48,381 24,832
Cash and cash equivalents 19 61 592
Current tax asset 14 40 -
Other ﬁnancial assets – fair value of foreign exchange contracts 14 117 -
59,867 32,849
T otal assets 190,675 108,736
Current liabilities
Other interest-bearing loans and borrowings 20 (9,288) (5,718)
T rade and other payables 22 (62,283) (30,736)
Provisions 23 (252) (237)
Deferred purchase consideration (50) -
Other ﬁnancial liabilities – fair value of interest rate swaps/foreign exchange 14 (359) (451)
Current tax liabilities - (28)
(72,232) (37,170)
Non-current liabilities
Other interest-bearing loans and borrowings 20 (11,746) (3,612)
Provisions and other liabilities 23 (161) (199)
Deferred tax liabilities 24 (103) (422)
Pension fund liability 16 (3,837) (3,630)
(15,847) (7,863)
T otal liabilities (88,079) (45,033)
Net assets 102,596 63,703
Equity attributable to equity holders of the parent 
Share capital 27 1,280 669
Share premium account 26 64,952 31,480
Capital redemption reserve 26 578 578
Retained earnings 26 34,580 29,849
101,390 62,576
Non-controlling interest 1,206 1,127
T otal equity 26 102,596 63,703
These Financial Statements were approved by the Board of Directors on 18 September 2015 and were signed on its behalf by:
Stephen Boyd 
Director
Registered Number 00204368
The Notes on pages 43 to 73 form an integral part of these Financial Statements.
Consolidated Statement of Financial Position
at 27 June 2015 and 28 June 2014 41
Consolidated Statement of Changes in Equity
for the 52 weeks ended 27 June 2015 and 28 June 2014
Capital Non- 
Share Share redemption Retained controlling T otal
capital premium reserve earnings interest equity 
Note £000 £000 £000 £000 £000 £000
Balance at 30 June 2013 642 30,779 578 26,865 1,019 59,883
Proﬁt for the ﬁnancial year --- 4,400 525 4,925
Other comprehensive income/(expense):
Remeasurement of deﬁned beneﬁt pension 16 --- (726) - (726)
Deferred tax movement on pension scheme remeasurement 24 --- 145 - 145
T otal other comprehensive expense --- (581) - (581)
T otal comprehensive income for the period --- 3,819 525 4,344
T ransactions with owners, recorded directly in equity:
Shares issued during the year 27 27 701 --- 728
Impact of share based payments 27 --- 9- 9
Deferred tax on share options --- (350) - (350)
Dividend paid 28 --- (494) (417) (911)
Balance at 28 June 2014 669 31,480 578 29,849 1,127 63,703
Balance at 29 June 2014 669 31,480 578 29,849 1,127 63,703
Proﬁt for the ﬁnancial year --- 6,179 441 6,620
Other comprehensive (expense)/income:
Remeasurement on deﬁned beneﬁt pension 16 --- (153) - (153)
Deferred tax movement on pension scheme remeasurement 24 --- 31 - 31
Foreign exchange translation diﬀerences ------
T otal other comprehensive expense --- (122) - (122)
T otal comprehensive income for the period --- 6,057 441 6,498
T ransactions with owners, recorded directly in equity: 
Shares issued during the year 27 611 33,472 --- 34,083
Impact of share based payments 27 --- (10) - (10)
Deferred tax on share options --- 243 - 243
Dividend paid 28 --- (1,559) (362) (1,921)
Balance at 27 June 2015 1,280 64,952 578 34,580 1,206 102,596
The Notes on pages 43 to 73 form an integral part of these Financial Statements. 2015 2014
Note £000 £000
Cash ﬂows from operating activities
Proﬁt for the ﬁnancial year 6,620 4,925
Adjustments for:
T axation 1,862 1,651
Net ﬁnance costs 1,044 516
Depreciation 5,433 2,834
Amortisation of intangibles 403 165
Share options (credit)/charge (10) 9
Contributions by employer to pension scheme (100) (71)
Fair value charge/(credit) for foreign exchange contracts (181) (81)
Operating proﬁt before changes in working capital 15,071 9,948
Changes in working capital:
Increase in inventories (1,004) (197)
Increase in trade and other receivables (7,259) (6)
Increase/(decrease) in trade and other payables 10,510 (2,032)
Cash generated from operations 17,318 7,713
Interest paid (923) (1,084)
T ax paid (1,164) (1,700)
Net cash from operating activities 15,231 4,929
Cash ﬂows from investing activities
Purchase of property, plant and equipment (7,354) (6,167)
Purchase of subsidiary companies 11 (40,809) (217)
Deferred consideration received 11 3,000 -
Settlement of acquired debt (19,740) -
Cash received with acquisition 4,990 -
Net cash used in investing activities (59,913) (6,384)
Cash ﬂows from ﬁnancing activities
Drawdown of new facility 24,028 -
Repayment of invoice discounting (8,159) (300)
Drawdown of revolving credit - 2,000
Repayment of bank loans (3,622) (338)
Repayment of asset ﬁnance liabilities (380) (478)
Issue of ordinary share capital 34,083 728
Dividend paid to non-controlling interest 28 (362) (417)
Dividend paid to shareholders (1,559) (494)
Net cash from ﬁnancing activities 44,029 701
Net decrease in cash and cash equivalents (653) (754)
Opening cash and cash equivalents 592 1,310
Eﬀect of exchange rate ﬂuctuations on cash held 122 36
Cash and cash equivalents at end of period 19 61 592
The Notes on pages 43 to 73 form an integral part of these Financial Statements.
42
Consolidated Cash Flow Statement
for the 52 weeks ended 27 June 2015 and 28 June 2014 43
Presentation of Financial Statements
Basis of Preparation
These accounts cover the 52 week period ended 27 June 2015 (prior ﬁnancial year is the 52 week period ended 28 June 2014). The Group Financial
Statements consolidate those of the Company and its subsidiaries (together referred to as the “Group”).
The Group Financial Statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards 
as adopted by the EU (“Adopted IFRSs”). The Company has elected to prepare its parent company Financial Statements in accordance with UK GAAP;
these are presented on pages 74 to 79.
It should be noted that current liabilities exceed current assets. Having reviewed the Group’s short and medium term plans and available ﬁnancial
facilities, the Board has reasonable expectations that the Group has adequate resources to continue in operational existence for the foreseeable
future. The Group has stayed within its banking facilities during the year, meeting covenant requirements. The Group has continued support from its
banks with facilities of £50.9m. In addition, the Group has a strong asset backing and strong trade debtor book. Accordingly, the Board continues 
to adopt the going concern basis in preparing the Financial Statements for both the Group and the parent company.
The Board reviews the Group’s cash ﬂow forecasts and key covenants on a regular basis to ensure that it has adequate facilities to cover its trading
and banking requirements with an appropriate level of headroom. The forecasts are based on management’s best estimates of future trading. 
There has been no breach of covenants during the year. All covenant tests were passed at the year end.
Critical Accounting Estimates and Judgements
The Group is required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting
estimates will, by deﬁnition, seldom equal the related actual results. Accounting estimates and judgements have been required for the production 
of these Financial Statements. The following are those that are deemed to require the most complex judgements about matters that have the most
signiﬁcant eﬀect on the amounts recognised in the Financial Statements.
• Acquisition related intangible assets are considered to have ﬁnite lives ranging from 15 to 20 years. The determination of the fair value and useful
lives are subject to estimates and judgement. Impairment reviews in respect of intangibles are performed where there is indication of impairment.
Impairment of goodwill is carried out annually and can signiﬁcantly impact the Group’s Consolidated Statement of Proﬁt and Loss for the year.
The Group estimates the recoverable amounts based on historical experience of margin, volumes and cost structure and expectations of future
events. The discount rate takes account of the current market conditions and this has been applied as a pre-tax discount factor to obtain a current
value. Refer to Note 12 for further details.
• The Group has one deﬁned beneﬁt pension scheme. The net deﬁcit or surplus is the diﬀerence between the plan assets and plan liabilities at the
period end date. The valuation of the assets and liabilities is based on a number of judgements. The assets are based on market value at the period
end date, the liabilities are based on actuarial assumptions such as discount, inﬂation and mortality rates. The assumptions applied are based on
advice provided by the Scheme’s actuary, further detail can be found in Note 16. 
• The Group recognises provisions where an obligation exists at the period end date and a reliable estimate can be made. Provisions for employee 
claims and pension augmentation have been recognised in these Financial Statements. Estimates for employee claims are made based on the 
number of reported accidents and incidents and the number of expected claims yet to be reported based on historical evidence, all accrued up 
to the maximum self-insured amount of £10,000 per claim. The pension provision relates to a contractual liability for pension augmentation 
that has been valued by the pension scheme actuaries. See Note 23 for further detail.
Notes to the Consolidated Financial Statements
(forming part of the Financial Statements) 1 Signiﬁcant Accounting Policies
The accounting policies set out below have been applied consistently to all periods presented in these consolidated Financial Statements, except 
as explained in the basis of preparation, which addresses any changes in accounting policies resulting from new or revised standards.
Basis of Consolidation
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the ﬁnancial and
operating policies of an entity so as to obtain beneﬁts from its activities. In assessing control, potential voting rights that are currently exercisable 
or convertible are taken into account. The Financial Statements of subsidiaries are included in the consolidated Financial Statements from the date
that control commences until the date that control ceases. The accounting policies of new subsidiaries are changed when necessary to align them
with the policies adopted by the Group. Intra-group balances and transactions are eliminated in preparing the consolidated Financial Statements.
Lightbody Stretz Limited which is 50% owned by the Group has been consolidated into the Group accounts as a subsidiary with a corresponding 
non-controlling interest on the basis that the Group has the controlling interest. Control arises by virtue of the fact that Lightbody Group Limited, 
a wholly owned subsidiary of Finsbury Food Group, has a majority of voting rights arising from an agreement between Lightbody Group Limited and
Philippe Stretz, the owner of the remaining 50%.
Business Combinations
The acquisition method of accounting is used in accounting for the acquisition of businesses. In accordance with IFRS 3 Business Combinations, 
the assets and liabilities of the acquired entity are measured at fair value. When the initial accounting for a business combination is determined
provisionally, any adjustments to the provisional values allocated are made within twelve months of the acquisition date and are eﬀected from 
the date of acquisition.
As a result of IFRS 10 (2011), the Group has changed its accounting policy for determining whether it has control over and consequently whether 
it consolidates its investees. IFRS 10 introduces a new control model that focuses on whether the Group has power over an investee, exposure or
rights to variable returns from its involvement with the investee and ability to use its power to aﬀect those returns. 
In accordance with the transitional provisions of IFRS 10, the Group reassessed the control conclusion for its investees at 1 January 2014. 
No modiﬁcations of previous conclusions about control regarding the Group’s investees were required.
As a result of IFRS 12, the Group has expanded disclosures about its interests in subsidiaries and equity-accounted investees.
Foreign Currency
T ransactions in foreign currencies are translated to Sterling at the foreign exchange rate ruling at the date of the transaction. Monetary assets 
and liabilities denominated in foreign currencies at the period end date are retranslated to Sterling at the foreign exchange rate ruling at that date. 
Any exchange diﬀerences arising on the settlement of monetary items or on translating monetary items at rates diﬀerent from those at which they
were initially recorded are recognised in the Consolidated Statement of Proﬁt and Loss in the period in which they arise.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to Sterling at
foreign exchange rates ruling at the period end date. The revenues and expenses of foreign operations are translated at an average rate for the year
where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. This revaluation is recognised through Other
Comprehensive Income.
Derivative Financial Instruments
The Group has derivative ﬁnancial instruments in respect of interest rate swaps and foreign exchange hedges. The Group does not hold derivative
ﬁnancial instruments for trading purposes. The existing interest rate swaps and foreign exchange hedges used by the Group while they function 
as hedges, do not meet the criteria for hedge accounting set out by IAS 39, and have thus been treated as ﬁnancial assets and liabilities which are
carried at their fair value in the Consolidated Statement of Financial Position. Fair value is deemed to be market value, which is provided by the
counterparty at the year end date. 
Changes in the market value of interest rate swaps have been recognised through the Consolidated Statement of Proﬁt and Loss as ﬁnance income 
or cost. Changes in the market value of foreign exchange hedges have been recognised through the Consolidated Statement of Proﬁt and Loss within
administrative costs.
44 45
1 Signiﬁcant Accounting Policies (continued)
Non-derivative Financial Instruments
Non-derivative ﬁnancial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents,
loans and borrowings, and trade and other payables.
Unless otherwise indicated, the carrying amounts of the Group’s ﬁnancial assets and liabilities are a reasonable approximation of their fair values.
T rade and other Receivables
The value of trade and other receivables is the amount that would be received if the debt was cleared on the period end date which is a close
approximation to amortised cost.
T rade and other Payables
The value of trade and other payables is the value that would be payable to settle the liability at the period end date.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand and which form an integral part of the Group’s
cash management are included as a component of cash and cash equivalents.
Interest-bearing Borrowings
Interest-bearing borrowings are stated at amortised cost using the eﬀective interest method.
Property, Plant and Equipment
Recognition and Measurement
Items of property, plant and equipment are measured at cost or fair value at the date of acquisition, less accumulated depreciation and impairment
provisions. Costs include expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost
of materials and direct labour and any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs
of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the
related equipment is capitalised as part of that equipment.
Depreciation
Depreciation is provided to write oﬀ the cost, less estimated residual value, of the property, plant and equipment by equal instalments over their
estimated useful economic lives to the Consolidated Statement of Proﬁt and Loss. When parts of an item of property, plant and equipment have
diﬀerent useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
The depreciation rates used are as follows:
Freehold buildings 2% – 20% Plant and equipment 10% – 33%
Leasehold property Up to the remaining life of the lease Assets under construction Nil
Fixtures and ﬁttings 10% – 33% Motor vehicles 25% – 33%
Impairment reviews of ﬁxed assets are undertaken if there are indications that the carrying values may not be recoverable.
Leased Assets
Leases under the terms of which the Group assumes substantially all the risks and rewards of ownership are classiﬁed as ﬁnance leases. Upon initial
recognition the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments.
Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset.
Assets acquired by ﬁnance lease and hire purchase are depreciated over the lease term or their useful lives.
Obligations under ﬁnance leases are included in liabilities net of the ﬁnance charge allocated to future periods. The ﬁnance element of the rental
payment is charged to the Consolidated Statement of Proﬁt and Loss as ﬁnance expense so as to produce a constant periodic rate of charge on the
net obligations outstanding in each period.
Other leases are operating leases and the leased assets are not recognised on the Group’s Consolidated Statement of Financial Position.
Operating Lease Payments
Payments made under operating leases are recognised in the Consolidated Statement of Proﬁt and Loss on a straight-line basis over the term of the lease.
Finance Lease Payments
Minimum lease payments are apportioned between the ﬁnance charge and the reduction of the outstanding liability. The ﬁnance charge is allocated
to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. 1 Signiﬁcant Accounting Policies (continued)
Associates
Associates are those entities in which the Group has signiﬁcant inﬂuence, but not control, over the ﬁnancial and operating policies. Signiﬁcant inﬂuence
is presumed to exist when the Group holds between 20 and 50 percent of the voting power of another entity. 
Application of the Equity Method to Associates and Joint Ventures
Associates are accounted for using the equity method (equity accounted investees) and are initially recognised at cost. The Group’s investment includes
goodwill identiﬁed on acquisition, net of any accumulated impairment losses. The consolidated Financial Statements include the Group’s share of the
total comprehensive income and equity movements of equity accounted investees, from the date that signiﬁcant inﬂuence commences until the date
that signiﬁcant inﬂuence ceases. When the Group’s share of losses exceeds its interest in an equity accounted investee, the Group’s carrying amount
is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations 
or made payments on behalf of an investee. 
Intangible Assets and Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested
annually for impairment. Intangible assets are capitalised separately from goodwill as part of a business combination, only if the fair value can be
measured reliably on initial recognition and if the future economic beneﬁts are expected to ﬂow to the Group. All intangible assets recognised are
considered to have ﬁnite lives and are amortised on a straight line basis over their estimated useful economic lives that range from 15 to 20 years.
Goodwill arises when the fair value of the consideration for the business exceeds the fair value of the net assets acquired. Where the excess is negative
(negative goodwill), the amount is taken to retained earnings. Goodwill is capitalised and subject to impairment reviews both annually and where
there are indications that the carrying value may not be recoverable.
Impairment
The carrying amounts of the Group’s intangible assets and goodwill are reviewed at each period end date to determine whether there is an indication
of impairment. Intangible assets and goodwill are considered to be impaired if objective evidence indicates that one or more events have had a negative
eﬀect on the estimated future cash ﬂows of that asset. If any such indication exists, the asset’s recoverable amount is estimated.
For goodwill and intangible assets that have an indeﬁnite useful life, the recoverable amount is estimated at each period end date.
An impairment loss would be recognised whenever the carrying amount of an intangible asset, goodwill or its cash generating unit exceeds its
recoverable amount. Impairment losses are recognised in the Consolidated Statement of Proﬁt and Loss.
Calculation of Recoverable Amount
The recoverable amount is the greater of the assets’ fair value less costs to sell and its value in use. In assessing an assets’ value in use, the estimated
future cash ﬂows are discounted to their present value using a pre-tax discount rate that reﬂects current market assessments of the time value of money
and the risks speciﬁc to the asset.
Inventories
Inventories are measured at the lower of cost and net realisable value. Cost is determined on the ﬁrst-in ﬁrst-out basis, and includes all direct costs
incurred and attributable production overheads. Net realisable value is based upon estimated selling price allowing for all further costs of completion
and disposal. Speciﬁc provisions are made against old and obsolete stock taking the value to zero or an estimated reduced value based on the most
likely route for disposal of each particular item of stock.
Employee Beneﬁts
Deﬁned Beneﬁt Plans
Memory Lane Cakes Ltd operates a deﬁned beneﬁt pension scheme and the pension costs are charged to the Consolidated Statement of Proﬁt and Loss
and Other Comprehensive Income in accordance with IAS 19 (revised), with current and past service cost being recognised as an administrative expense,
interest on assets and liabilities is shown as ﬁnance income or a ﬁnance cost in the Consolidated Statement of Proﬁt and Loss. The remeasurements
are recognised in full in Other Comprehensive Income.
Deﬁned Contribution Plans
The costs of contributing to deﬁned contribution and personal pension schemes are charged to the Consolidated Statement of Proﬁt and Loss 
as an administration cost in the period to which they relate.
Share-based Payment T ransactions
The value, as at the grant date, of options granted to employees is recognised as an employee expense, with a corresponding increase in equity, over
the period in which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option
valuation model, taking into account the terms and conditions upon which the options were granted.
46 47
1 Signiﬁcant Accounting Policies (continued)
Revenue
Revenue represents the amounts derived from the sale of bakery products. Revenue is the invoiced value of consideration received or receivable
excluding value added tax, trade discounts, transactions with or between subsidiaries and less the cost of price promotions and sales over-riders.
Revenue is recognised upon despatch of goods.
Segmental Reporting
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including
revenues and expenses that relate to transactions with any of the Group’s other components. All segments’ operating results are reviewed regularly
by the Group’s Board of Directors. The Group’s Chief Operating Decision Maker is considered to be the Board.
Licence Fees
Payments made for licence fee charges are recognised under cost of sales in the Consolidated Statement of Proﬁt and Loss in the period to which they
relate. Any charges relating to future years are deferred and recognised in the Consolidated Statement of Proﬁt and Loss under cost of sales over the
life of the contract.
Finance Income and Cost
Finance costs comprise loan interest payable, interest payable and ﬁnance charges on ﬁnance leases recognised using the eﬀective interest method,
unwinding of the discount on provisions and deferred consideration, interest on the net deﬁned beneﬁt pension plan position and adverse changes 
in the fair value of interest rate swaps.
Finance income comprises, interest receivable on funds invested and favourable changes in the fair value of interest rate swaps. Interest income 
is recognised in Consolidated Statement of Proﬁt and Loss as it accrues, using the eﬀective interest method.
T axation
T ax on the proﬁt or loss for the year comprises current and deferred tax. T ax is recognised in the Consolidated Statement of Proﬁt and Loss except 
to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the period end date,
and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary diﬀerences between the carrying amounts of assets and liabilities for ﬁnancial reporting purposes and the
amounts used for taxation purposes. The following temporary diﬀerences are not provided for: 
• The initial recognition of goodwill;
• The initial recognition of assets or liabilities that aﬀect neither accounting nor taxable proﬁt other than in a business combination; and
• The diﬀerences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities,
using tax rates enacted or substantively enacted at the period end date. A deferred tax asset is recognised only to the extent that it is probable that
future taxable proﬁts will be available against which the temporary diﬀerence can be utilised.
Research and Development Expenditure
Expenditure on research activities, undertaken with the prospect of gaining new scientiﬁc or technical knowledge and understanding, is recognised 
in the Consolidated Statement of Proﬁt and Loss as incurred.  2 Acquisitions
On 30 October 2014 the Group acquired the entire share capital of the Fletchers Group (Fletchers) for £56.4 million less £2.6 million working capital
adjustment. Fletchers produces morning goods and specialist bread products for leading UK grocery retailers and foodservice customers. Strategic and
ﬁnancial beneﬁts of the acquisition include, complementary product ranges and new foodservice channels, retail customer diversiﬁcation, the beneﬁts
of signiﬁcant capital investment within Fletchers’ manufacturing and a multi-channel platform for further acquisitions in due course. In the period
between acquisition date and 27 June 2015, the acquired Group contributed a proﬁt before tax of £3,144,000. 
The cash outﬂow under ‘investing activities’ on the face of the Consolidated Cash Flow Statement relates to the following:
£000
Initial consideration 39,084
Debt settled 19,740
Cash acquired (4,990)
Cash consideration (excluding acquisition costs) 53,834
Working capital adjustment 2,598
T otal consideration 56,432
The acquisition had the following eﬀect on the Group’s assets and liabilities:
Fair value carrying amount
£000
Acquiree’s net assets at acquisition date:
Property, plant and equipment 21,094
Stock 5,387
T rade and other receivables 16,852
Deferred tax asset 3,903
T rade and other payables (20,536)
Working capital adjustment 2,598
Net identiﬁable assets 29,298
Intangibles 8,770
Goodwill 18,364
56,432
Further information on intangible assets is provided in Note 12 to the Financial Statements.
On 16 June 2015 the Group acquired the business, production assets, stock and customer list of Johnstone’s Just Desserts from administrators FRP Advisory
for £1.6 million. A new legal entity Johnstone’s Food Service Limited was formed and trading commenced under this legal entity from the acquisition
date. In the period between acquisition date and 27 June 2015, the new subsidiary contributed a proﬁt before tax of £23,000. 
Fair value carrying amount
£000
Acquiree’s net assets at acquisition date:
Property, plant and equipment 1,489
Stock 496
T rade and other receivables 22
T rade and other payables (829)
Working capital adjustment 40
Net identiﬁable assets 1,218
Goodwill 372
1,590
Consideration paid net of working capital adjustment 1,550
48 49
2 Acquisitions (continued)
Investment in Associate
On 26 May 2015 the Group acquired 25% of the ordinary share capital of Dr Zak’s Ltd for a consideration of £225,000 of which £50,000 has been
deferred and is payable within one year of the acquisition date. 
2015 2014
£000 £000
Carrying amount of immaterial associates 225 -
The Group has not recognised the results relating to the Investment in Dr Zak’s as post acquisition results are less than £1,000 and deemed not
material to the Group.
The total costs associated with the acquisitions amounted to £3,181,000 and are shown as a non-recurring signitiﬁcant item under administration
costs. Share placing costs of £1,484,000 relating to an equity raise to part fund the acquisition of Fletchers have been written oﬀ against the share
premium account.
3 Revenue and Segment Information 
Operating segments are identiﬁed on the basis of internal reporting and decision making. The Group’s Chief Operating Decision Maker is considered 
to be the Board as it is primarily responsible for the allocation of resources to segments and the assessment of performance by segment. 
The Board uses adjusted operating proﬁt, reviewed on a regular basis, as the key measure of the segments’ performance. Operating proﬁt in this
instance is deﬁned as proﬁt before the following:
• Net ﬁnancing expense
• Share option charges
• Signiﬁcant non-recurring items
• Fair value adjustments relating to acquisitions 
• Pension charges or credits in relation to the net pension position 
• Revaluation of interest rate swaps and forward foreign currency contracts
The UK Bakery segment manufactures and sells bakery products to the UK’s multiple grocers and foodservice sectors. This segment primarily
comprises the operations of Memory Lane Cakes Ltd, Lightbody Group Ltd, Campbells Cake Company Ltd, Johnstone’s Food Service Ltd, Fletchers
Bakeries Ltd and Nicholas & Harris Ltd. These subsidiaries are aggregated into a single segment after considering the following criteria:
• The nature of the products – products are similar in nature and are classed as manufactured bakery products
• The production process – the production processes have the same or similar characteristics
• The economic characteristics – the average gross margins are expected to be similar
The core operation of the Overseas segment is the distribution of the Group’s UK manufactured product along with the sale of third party products
primarily to Europe. 
Costs of Group operations plus a 10% premium have been allocated across the segments on the basis of their operating proﬁt. The premium has been
charged to reﬂect the synergies achieved from obtaining resources centrally giving beneﬁts across the operating segments. Operating proﬁt levels have
been chosen as the basis, as this reﬂects the underlying performance of the segment and is also the return the Group expects from those segments.
A purchasing premium of 2% is charged from Group operations, and is calculated on materials and packaging spends at segmental level. This charge 
is based on the rationale that Group operations, through its Group buyers, optimises the Group’s procurement spend through leveraging its 
purchasing power. 
This has resulted in a proﬁt from continuing operations of £0.3m (2014: £0.5m) being presented within the Group Operations segment.
The Group’s ﬁnance income and expenses cannot be meaningfully allocated to the individual operating segments. 50
3 Revenue and Segment Information (continued)
Group 
UK Bakery Overseas Operations T otal Group
£000 £000 £000 £000
52 week period ended 27 June 2015
Continuing
Revenue
External pre acquisition 164,255 22,186 - 186,441
External acquired 69,725 -- 69,725
T otal revenue 233,980 22,186 - 256,166
Proﬁt pre acquisition 7,748 1,154 347 9,249
Proﬁt from acquired businesses 3,167 -- 3,167
T otal underlying proﬁt 10,915 1,154 347 12,416
Fair value foreign exchange contracts 181
Share options charge 10
Deﬁned beneﬁt pension scheme 100
Signiﬁcant non-recurring items (3,181)
Results from operating activities 9,526
Finance income 134
Finance cost (1,178)
Proﬁt before taxation 8,482
T axation (1,862)
Proﬁt after taxation 6,620
At 27 June 2015
Segment assets 183,623 5,042 1,508 190,173
Unallocated assets --- 502
Consolidated total assets --- 190,675
Segment liabilities (53,660) (4,056) (8,786) (66,502)
Unallocated liabilities --- (21,577)
Consolidated total liabilities --- (88,079)
Other segment information
Capital expenditure 7,320 34 - 7,354
Depreciation included in segment proﬁt 5,414 19 - 5,433
Amortisation 403 -- 403
Inter-segmental sale/(purchases) 6,072 (6,072) --
Analysis of unallocated assets and liabilities:
Assets Liabilities
£’000 £’000
Investments 253 Loans and borrowings (21,034)
Financial instruments 117 Financial instruments (359)
Cash and cash equivalents 61 Cash and cash equivalents -
T axation balances 71 T axation balances (184)
Unallocated assets 502 Unallocated liabilities (21,577)
With regard to revenue, ﬁve customers with sales of £53m, £36m, £27m, £24m and £20m account for 62% of revenue, which is attributable to the UK
Bakery and Overseas segments above.  51
3 Revenue and Segment Information (continued)
Group 
UK Bakery Overseas Operations T otal Group
£000 £000 £000 £000
52 week period ended 28 June 2014
Continuing 
Revenue
External 153,740 21,968 - 175,708
Underlying operating proﬁt 6,094 1,139 475 7,708
Fair value foreign exchange contracts 81
Share options charge (9)
Deﬁned beneﬁt pension scheme 71
Signiﬁcant non-recurring items (759)
Results from operating activities 7,092
Finance income 858
Finance cost (1,374)
Proﬁt before taxation 6,576
T axation (1,651)
Proﬁt after taxation 4,925
At 28 June 2014
Segment assets 99,891 4,522 3,613 108,026
Unallocated assets 710
Consolidated total assets 108,736
Segment liabilities (30,588) (3,312) (1,352) (35,252)
Unallocated liabilities (9,781)
Consolidated total liabilities (45,033)
Other segment information
Capital expenditure 6,121 46 - 6,167
Depreciation included in segment proﬁt 2,813 21 - 2,834
Amortisation 165 -- 165
Inter-segmental sale/(purchases) 6,039 (6,039) --
Analysis of unallocated assets and liabilities:
Assets Liabilities
£’000 £’000
Investments 28 Loans and borrowings (9,330)
Financial instruments - Financial instruments (451)
Cash and cash equivalents 592 Cash and cash equivalents -
T axation balances 90 T axation balances -
Unallocated assets 710 Unallocated liabilities (9,781)
With regard to continuing revenue, ﬁve customers with sales of £35m, £35m, £26m, £17m and £16m account for 73% of revenue, which is attributable
to the UK Bakery and Overseas segments above. 3 Revenue and Segment Information (continued)
An analysis by geographical segment is shown below:
Geographical split of turnover by destination
2015 2014
£000 £000
Continuing
United Kingdom 230,299 151,587
Europe 25,856 23,832
Rest of World 11 289
T otal continuing 256,166 175,708
Net asset and margin geographical split would not provide meaningful information owing to the necessity to allocate costs, assets and liabilities.
Capital expenditure on segment assets is detailed in Note 3. 
Geographical split by country of origin
United Kingdom Europe T otal
£000 £000 £000
2015
T urnover 233,980 22,186 256,166
Operating proﬁt 11,262 1,154 12,416
T otal assets 185,633 5,042 190,675
T otal liabilities (84,023) (4,056) (88,079)
Net assets 101,610 986 102,596
United Kingdom Europe T otal
£000 £000 £000
2014
T urnover 153,740 21,968 175,708
Operating proﬁt 6,569 1,139 7,708
T otal assets 104,214 4,522 108,736
T otal liabilities (41,721) (3,312) (45,033)
Net assets 62,493 1,210 63,703
4 Expenses and Auditor’s Remuneration
Included in proﬁt are the following:
2015 2014
£000 £000
Depreciation of owned tangible assets 5,096 2,498
Depreciation on assets under ﬁnance leases and hire purchase contracts 337 336
Diﬀerence on foreign exchange (140) (132)
Hire of plant and machinery – operating leases 679 480
Hire of other assets – operating leases 1,452 803
Share option charges (10) 9
Movement on fair value of interest rate swaps (29) (708)
Movement on fair value of foreign exchange contracts (180) (81)
Research and development 1,737 1,759
Amortisation of intangibles 403 165
52 53
4 Expenses and Auditor’s Remuneration (continued)
Amortisation of intangibles for the year was £403,000 (2014: £165,000) relating to the Fletchers acquisition October 2014, 
(2014: Goswell Enterprises Ltd acquisition during June 2009). 
Auditor’s remuneration:
2015 2014
£000 £000
Audit of these Financial Statements 26 25
Amounts receivable by the auditor and their associates in respect of:
Audit of the Financial Statements of subsidiaries of the Company 116 57
T axation compliance services 16 13
Services related to corporate ﬁnance transactions 278 -
Other services in relation to taxation - 11
Other services 176 137
The auditor’s remuneration is in respect of KPMG LLP . Fee for other services relates to pension advisory services, services relating to information
technology and services relating to remuneration.
5 Non-Recurring Signiﬁcant I   tems
The Group presents certain items as non-recurring and signiﬁcant. These relate to items which, in management’s judgement, need to be disclosed 
by virtue of their size or incidence in order to obtain a more meaningful understanding of the ﬁnancial information. 
Costs of £3,181,000 relate to acquisition transaction costs during the year, (2014: £643,000 relate to redundancy and restructuring and £116,000
relate to due diligence and consultancy expenses associated with an aborted acquisition).
 
6 Staﬀ Numbers and Costs
The average number of persons employed by the Group including Directors and excluding agency staﬀ during the year, analysed by category, 
was as follows:
Number of Employees
2015 2014
Production 2,297 2,000
Selling and distribution 186 146
Administration, technical, new product development 164 143
2,647 2,289
The aggregate payroll costs of these persons were as follows:
2015 2014
£000 £000
Wages and salaries 57,848 44,756
Share option charges (10) 9
Social security costs 4,875 3,856
Charge in respect of deﬁned contribution pension plans 1,191 688
63,904 49,309 7 Remuneration of Directors
2015 2014
£000 £000
Fees 315 206
Executive salaries and beneﬁts 569 653
Bonuses 1,016 324
Company contributions to deﬁned contribution pension plans - 38
1,900 1,221
The aggregate of emoluments and amounts receivable under long-term incentive schemes of the highest paid Director was £914,000 (2014: £483,000),
there were no Company pension contributions made to a deﬁned contribution scheme during the year (2014: £22,000). Bonuses include cash bonus 
of £407,000 and shares issued with a total cost of £161,000. There were no share options exercised in the period by the highest paid Director.  
Number of Directors
2015 2014
Retirement beneﬁts were accruing in the year to the following number of Directors under:
Money purchase schemes - 2
One Director exercised 146,341 share options during the current year at an exercise price of 20.5 pence per share (2014: 111,000 shares at 27.0 pence
per share). The market value at exercise date was 59.4 pence per share.
The emoluments paid to Directors were as follows:
Year Y ear  
Annual ended ended     
Fees Salary Beneﬁts bonus Other 27 June 2015 28 June 2014
£000 £000 £000 £000 £000 £000 £000
P Baker 75 --- 25 100 -
E J Beale 45 ---- 45 45
S A Boyd – paid - 211 12 153 166 542 309
S A Boyd – shares --- 55 74 129 -
D C Currie ----- - 73
J G Duﬀy – paid - 334 12 241 166 753 483
J G Duﬀy – shares --- 87 74 161 -
R Duignan 50 --- 50 100 48
I R Farnsworth ----- - 3
M Lightbody ----- - 150
D C Marshall ----- - 40
P J Monk 70 ---- 70 70
240 545 24 536 555 1,900 1,221
Shares comprise 256,599 shares issued to J G Duﬀy and 205,151 shares issued to S A Boyd. During the year awards over 1,859,115 shares under the newly
adopted long-term incentive plan (L TIP) were granted to Directors in the form of nil cost options (2014: nil). The vesting of the awards are conditional
upon performance conditions over a three year period commencing 1 July 2014 and are subject to a further two year holding period.  
Directors’ rights to subscribe for shares in or debentures of the Company and its subsidiaries are listed below:
Number of Number of Earliest Exercise 
options at options at Exercise exercise expiry  
27 June 2015 28 June 2014 price date date
S A Boyd 2,753,659 2,900,000 20.5p 08/07/2014 30/10/2016
S A Boyd 721,217 - Nil 01/07/2019 30/06/2029
J G Duﬀy 2,500,000 2,500,000 20.5p 08/07/2014 30/10/2016
J G Duﬀy 1,137,898 - Nil 01/07/2019 30/06/2029
7,112,774 5,400,000
The mid-market price of the ordinary shares on 27 June 2015 was 83.5p (2014: 55.0p) and the range during the 52 week period to 27 June 2015 
was 53p to 92p (2014: 47p to 77p).
54 55
8 Finance Income and Cost
Recognised in the Consolidated Statement of Proﬁt and Loss
2015 2014
£000 £000
Finance income
Change in fair value of interest rate swaps 28 708
Bank interest receivable 1 -
Unwinding of discount of deferred consideration receivable 105 150
T otal ﬁnance income 134 858
Finance cost
Net interest on net pension position (154) (132)
Bank interest payable (748) (643)
Interest on interest rate swap agreements (276) (595)
Unwinding of discount on deferred consideration payable - (4)
T otal ﬁnance cost (1,178) (1,374)
9 T axation
Recognised in the Consolidated Statement of Proﬁt and Loss
2015 2014
£000 £000
Current tax
Current year 1,221 1,254
Adjustments for prior years (121) 22
T otal current tax 1,100 1,276
Deferred tax
Origination and reversal of temporary diﬀerences 753 309
Retirement beneﬁt deferred tax charge (11) 73
Adjustments for prior years 20 (7)
T otal deferred tax 762 375
T otal tax expense 1,862 1,651
Reconciliation of Eﬀective T ax Rate
The weighted average hybrid rate of UK and French tax is 22.8% (2014: 25.6%). The tax assessed for the period is lower (2014: lower) than the hybrid
rate of UK and French tax. The hybrid UK corporation tax rate for the period is 20.75% (2014: 22.50%). The diﬀerences are explained below:
2015 2014
£000 £000
Proﬁt before taxation from continuing operations 8,482 6,576
T ax using the UK corporation tax rate of 20.75%, (2014: 22.50%) 1,760 1,480
Overseas proﬁts charged at diﬀerent taxation rate 173 206
Non-deductible expenses 239 85
Amortisation of intangible asset 60 34
T emporary diﬀerences* (143) (179)
Adjustment to restate opening deferred tax and diﬀerences in rates (28) 107
R&D uplift current year (98) (97)
Adjustments to tax charge in respect of prior periods (101) 15
T otal tax expense 1,862 1,651
*T emporary diﬀerences relate to share based payments.  9 T axation (continued)
Reductions in the corporation tax rate from 23% to 21% (eﬀective from 1 April 2014) and to 20% (eﬀective 1 April 2015) were substantively enacted 
on 2 July 2013. In the Budget on 8 July 2015, the Chancellor announced additional planned reductions to 18% by 2020. This will reduce the Company’s
future current tax charge accordingly. The deferred tax asset at 27 June 2015 has been calculated based on the rate of 20% substantively enacted at
the balance sheet date.
The impact of the reduction in the UK corporation tax rate from 21% to 20% from April 2015 amounts to £74,000 lower charge in the ﬁnancial year 
to 27 June 2015. The adjustment for prior year in 2015 relates to additional tax relief on qualifying R&D expenditure for prior periods.
The Company has an unrecognised deferred tax asset of £191,300 (2014: £191,300). This asset has not been recognised in these Financial Statements
as suitable proﬁts to utilise the underlying capital losses are not expected to arise in the future. 
10 Earnings Per Ordinary Share
Basic earnings per share for the period is calculated on the basis of proﬁt for the year after tax, divided by the weighted average number of shares 
in issue being 106,759,000 (2014: 65,635,000).  
Basic diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion of all
potential dilutive ordinary shares. At 27 June 2015 the diluted weighted average number of shares in issue was 110,507,000 (2014: 70,169,000). 
An adjusted earnings per share and an adjusted diluted earnings per share have also been calculated as in the opinion of the Board this will allow
shareholders to gain a clearer understanding of the trading performance of the Group. These adjusted earnings per share exclude:
• Reorganisation and other signiﬁcant non-recurring costs
• IAS 39 ‘Financial Instruments: Recognition and Measurement’ fair value adjustment relating to the Group’s interest rate swaps 
and foreign exchange contracts
• IAS 19 (revised) ‘Accounting for retirement beneﬁts’ relating to net income
• IFRS 3 ‘Business Combinations’ discount charge relating to deferred consideration payable and receivable
• The taxation eﬀect at the appropriate rate on adjustments
Signiﬁcant and non-recurring items are tabled in the Strategic Report on page 8.
52 weeks to 52 weeks to
27 Jun 2015 28 Jun 2014
£000 £000
Proﬁt
Proﬁt attributable to equity holders of the Company (basic) 6,179 4,400
Signiﬁcant non-recurring and other items 2,321 26
Numerator for adjusted earnings per share calculation (adjusted basic) 8,500 4,426
Basic Diluted Basic Diluted
‘000 ‘000 ‘000 ‘000
Shares
Weighted average number of ordinary shares in issue during the period 106,759 106,759 65,635 65,635
Dilutive eﬀect of share options - 3,748 - 4,534
106,759 110,507 65,635 70,169
Basic Diluted Basic Diluted
Pence Pence Pence Pence
Earnings per share
Basic and diluted earnings per share 5.8 5.6 6.7 6.3
Adjusted basic and adjusted diluted earnings per share 8.0 7.7 6.7 6.3
56 57
11 Purchase of Subsidiary Companies and Deferred Consideration Cashﬂow
The net cash outﬂow during the current year shown as ‘purchase of subsidiary companies’ on the face of the Consolidated Cash Flow Statement relates to:
2015 2014
£000 £000
Cash consideration paid in respect of Fletchers Group of Bakeries acquisition 39,084 -
Cash consideration paid in respect of Johnstone’s Just Desserts Ltd acquisition 1,550 -
Cash consideration paid in respect of 25% share of Dr Zak’s Ltd 175 -
Deferred consideration paid in respect of Goswell Enterprises Ltd acquisition - 217
Cash outﬂow 40,809 217
Deferred consideration received in respect of the sale of Free From (3,000) -
12 Intangibles
Intangible assets comprise customer relationships, brands and goodwill.
Brands and Customer
Goodwill licences relationships T otal
£000 £000 £000 £000
Cost at 29 June 2013 and 28 June 2014 52,968 822 - 53,790
On acquisition of subsidiary (Note 2) 18,736 2,861 5,909 27,506
Cost at 27 June 2015 71,704 3,683 5,909 81,296
Amortisation at 29 June 2013 - (657) - (657)
Charge for the year 28 June 2014 - (165) - (165)
Amortisation at 28 June 2014 - (822) - (822)
Charge for the year 27 June 2015 - (107) (296) (403)
Amortisation at 27 June 2015 - (929) (296) (1,225)
NBV at 29 June 2013 52,968 165 - 53,133
NBV at 28 June 2014 52,968 -- 52,968
NBV at 27 June 2015 71,704 2,754 5,613 80,071
The brand and customer relationships recognised were purchased as part of the acquisition of Fletchers Group of Bakeries in October 2014. They are
considered to have ﬁnite useful lives and are amortised on a straight line basis over their estimated useful lives of twenty years for brands and ﬁfteen
years for customers. The intangibles were valued using an income approach, using Multi-Period excess earnings Method approach for customer
relationships and Relief from Royalty Method for brand valuation. 
Goodwill has arisen on acquisitions and reﬂects the future economic beneﬁts arising from assets that are not capable of being identiﬁed individually
and recognised as separate assets. The goodwill reﬂects the anticipated proﬁtability and synergistic beneﬁts arising from the enlarged Group structure.
The goodwill is the balance of the total consideration less fair value of assets acquired and identiﬁed. The carrying value of the goodwill is reviewed
annually for impairment.
The carrying amount of goodwill has been allocated to cash generating units or groups of cash generating units as follows:
2015 2014
£000 £000
Nicholas & Harris 2,980 2,980
Lightbody of Hamilton 48,474 48,474
Memory Lane Cakes 1,514 1,514
Fletchers 18,364 -
Johnstone’s Food Service 372 -
71,704 52,968 12 Intangibles (continued)
The Group tests goodwill for impairment on an annual basis, or more frequently if there are indications that the goodwill may be impaired. The recoverable
amounts of the cash generating units are determined from value in use calculations. The key assumptions for the value in use calculations are the
discount rate used for future cash ﬂows and the anticipated future changes in revenue, direct costs and indirect costs. The assumptions used reﬂect 
the past experience of management and future expectations.
The Group prepares cash ﬂow forecasts based on the most recent ﬁnancial budgets approved by management and extrapolates these forward for the
next ﬁve years with a residual value at the end of the ﬁve years. Changes in revenue and direct costs are based on past experience and expectations 
of future changes in the market.  
The revenue growth rate used for impairment tests at 27 June 2015 was 3% (2014: 3%) for all cash generating units. This inﬂation rate of 3% (2014: 3%)
has been applied to the 2016 budget and for the following ﬁve years on costs of sales, variable costs and indirect costs. The ﬁve year cashﬂow is taken
along with a residual value at the end of the ﬁve year period.
A pre-tax discount rate of 10% (2014: 10%) has been used in these calculations. The Group has considered the economic environment and higher 
level of return expected by equity holders due to the perceived risk in equity markets when selecting the discount rate. 
The discount rate used for each cash generating unit has been kept constant as the market risk is deemed not to be materially diﬀerent between 
the diﬀerent segments of the bakery sector, nor over time.
Sensitivity analyses have been carried out by the Directors and they are comfortable that at reasonable discount levels there are no indications of impairment. 
13 Property, Plant and Equipment 
Land and Plant and Fixtures and Assets under
buildings equipment ﬁttings construction T otal
£000 £000 £000 £000 £000
Cost
Balance at 30 June 2013 10,046 21,034 2,240 920 34,240
Exchange adjustments -- (11) - (11)
Additions 894 5,050 194 29 6,167
T ransfers - 226 - (226) -
Disposals - (185) (122) - (307)
Balance at 28 June 2014 10,940 26,125 2,301 723 40,089
Balance at 29 June 2014 10,940 26,125 2,301 723 40,089
Exchange adjustments -- (16) - (16)
Assets acquired with subsidiary 4,592 40,742 -- 45,334
Additions 11 6,592 446 305 7,354
T ransfers (261) - 261 --
Disposals (22) (316) (139) - (477)
Balance at 27 June 2015 15,260 73,143 2,853 1,028 92,284
Depreciation and impairment 
Balance at 30 June 2013 (3,106) (11,208) (1,717) - (16,031)
Exchange adjustments -- 12 - 12
Depreciation charge for the ﬁnancial period (233) (2,390) (211) - (2,834)
Disposals - 185 120 - 305
Balance at 28 June 2014 (3,339) (13,413) (1,796) - (18,548)
Balance at 29 June 2014 (3,339) (13,413) (1,796) - (18,548)
Exchange adjustments -- 9- 9
Assets acquired with subsidiary (1,092) (21,659) -- (22,751)
Depreciation charge for the ﬁnancial period (333) (4,801) (299) - (5,433)
Disposals 22 316 139 - 477
Balance at 27 June 2015 (4,742) (39,557) (1,947) - (46,246)
Net book value
At 29 June 2013 6,940 9,826 523 920 18,209
At 28 June 2014 7,601 12,712 505 723 21,541
At 27 June 2015 10,518 33,586 906 1,028 46,038
58 59
13 Property, Plant and Equipment (continued)
Leased Plant and Machinery
The net book value of assets held under ﬁnance lease or hire purchase contracts included on the previous page is as follows: 
2015 2014
£000 £000
Plant and equipment 1,502 1,834
Security
HSBC Bank Plc, HSBC Asset Finance (UK) Ltd, HSBC Equipment Finance (UK) Ltd and HSBC Corporate T rustee Company (UK) Ltd 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 20).
14 Other Financial Assets and Liabilities
2015 2014
£000 £000
Non-current 
Investments in equity accounted investees 225 -
Other ﬁnancial assets 28 28
Current assets
Current tax 40 -
Fair value of foreign exchange contracts 117 -
Current liabilities
Fair value of interest rate swaps (359) (387)
Fair value of foreign exchange contracts - (64)
(359) (451)
Investments
During the year the Group purchased 25% of the ordinary share capital of Dr Zak’s Ltd for a consideration of £225,000. The cost of investment is
deemed to be the fair value. The Group’s share of proﬁt of associates after tax is equity accounted and is presented in a single line in the Consolidated
Statement of Proﬁt and Loss. This is nil for the current year.
Under other ﬁnancial assets are the unlisted investments acquired as part of the Lightbody acquisition on 23 February 2007 at a cost of £28,000
consisting of preference shares in Murray T raders Limited (10.5% of the issued capital of that company). There is no active market in these shares,
therefore the fair value cannot be determined and the investments are held at cost.
Interest Rate Swaps at Fair Value
The Group has three interest rate swap arrangements to hedge its risks associated with interest rate ﬂuctuations:
£5.0m for ﬁve years from 1 July 2011 (ﬁxed) at 3.6%
£3.0m for four years from 22 May 2013 (ﬁxed) at 1.7%
£6.0m for three years from 2 June 2014 (ﬁxed) at 1.9%
The total coverage at the year end of £14.0 million (2014: £14.0 million) is equivalent to 66% (2014: 159%) of total net bank debt at a weighted
average rate of 2.5% (2014: 2.5%).
A credit of £28,000 (2014: credit £708,000) is shown in ﬁnance income for the periods 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.
Forward Foreign Exchange Contracts at Fair Value
The Group has entered into a number of forward foreign exchange contracts to minimise the impact of ﬂuctuations in exchange rates. 
A credit of £181,000 (2014: credit £81,000) is shown in administration expenses for the periods reﬂecting changes in their fair value.  15 Deferred Consideration Receivable
On 27 February 2013 the Group sold its Free From business to Genius Foods for a total value of £21,257,000, including £3,000,000 of deferred
consideration which was received on 27 February 2015. 
£000
Balance at 29 June 2014 2,895
Unwinding of discount 105
Amount received during the year (3,000)
Balance at 27 June 2015 -
16 Pension Schemes
A number of companies within the Group operate deﬁned contribution pension schemes with one company also operating a deﬁned beneﬁt scheme. 
Deﬁned Contribution Scheme
The Group made contributions in respect of its deﬁned contribution pension arrangements of £1,191,000 (2014: £688,000). 
Deﬁned Beneﬁt Scheme
The Group’s deﬁned beneﬁt scheme is the Memory Lane Cakes Pension Scheme, which is a separately administered plan. At the ﬁnancial year end, the
scheme had no active members accruing beneﬁts (2014: nil), 217 deferred pensioner members (2014: 227) and 209 pensioner members (2014: 200).
The scheme was closed to future accrual on 31 May 2010. The assets of the scheme are held separately from those of the Company. The amounts 
in the Financial Statements for the 52 weeks ended 27 June 2015 relating to deﬁned beneﬁt pension are based on a full actuarial valuation dated 
31 December 2012, which was updated at the end of the scheme’s ﬁnancial year 2014.
A £100,000 contribution was paid during the ﬁnancial year 2015 by Memory Lane Cakes (2014: £70,834). The Group’s contribution has been agreed
based on the outcome of the full actuarial valuation dated 31 December 2012. The valuation of the scheme on an equity/bond basis and projected unit
method, showed that there was a deﬁcit of £1,910,000 equivalent to a 10% deﬁcit of liabilities over assets. The valuation was conducted by a qualiﬁed
independent actuary. This deﬁcit is payable at a rate of £100,000 per annum until September 2020. A full valuation is due by 31 December 2015 which
will challenge the appropriateness of this recovery plan taking into consideration the deﬁcit recovery contributions and actual returns realised on the
pension scheme assets. 
Approximately 90% of the assets are held in two diversiﬁed growth funds which target 6 month LIBOR +5% and CPI +5% respectively. The scheme’s
assets are expected to provide real returns over the long-term. The expected return on cash balances held is based on the current Bank of England 
base rate rather than long-term deposit rates as cash is held to cover short-term requirements. 
The full actuarial valuation diﬀers from the ﬁnancial year end valuation deﬁcit of £3,837,000 (2014: £3,630,000). No allowance is made in the ﬁnancial
year end valuation for any outperformance expected from the scheme’s actual asset holding over and above high quality corporate bonds.
2015 2014
£000 £000
Fair value of plan assets 20,587 19,741
Present value of deﬁned beneﬁt obligations (24,424) (23,371)
Deﬁcit recognised (3,837) (3,630)
The fair value of plan assets and the return on those assets were as follows:
2015 2014
£000 £000
Equities/target return fund 18,580 17,973
Property 1,939 1,755
Cash 68 13
Fair value of plan assets 20,587 19,741
Actual return on plan assets 1,491 1,789
60 61
16 Pension Schemes (continued)
None of the fair values of the assets shown on the previous page includes any of the Company’s own ﬁnancial instruments or any property occupied 
by, or any other assets used by, the Company.
2015 2014
£000 £000
Movements in present value of deﬁned beneﬁt obligation
At beginning of ﬁnancial year (23,371) (21,571)
Interest on plan obligations (989) (994)
Beneﬁts paid 745 847
Remeasurement (loss)/gain (809) (1,653)
At end of ﬁnancial year (24,424) (23,371)
Movements in fair value of plan assets
At beginning of ﬁnancial year 19,741 18,728
Interest on plan assets 835 862
Return on plan assets less interest 656 927
Beneﬁts paid (745) (847)
Contributions by employer 100 71
At end of ﬁnancial year 20,587 19,741
Remeasurement gains and losses arise due to changes in the key assumptions such as inﬂation, mortality rates, demographic rates and discount rates 
as well as experience gains and losses. Remeasurement gains and losses are shown separately below.
2015 2014
£000 £000
(Expense)/income recognised in the Consolidated Statement of Proﬁt and Loss
Interest on plan assets/ﬁnance income 835 862
Interest on plan obligations/ﬁnance expense (989) (994) 
Past service cost - -
T otal (expense)/income                          (154) (132)
Remeasurement gains and losses recognised directly in equity in the statement 
of recognised income and expense since 1 July 2006, the transition date to Adopted IFRSs
Cumulative amount at beginning of ﬁnancial year (5,852) (5,126)
Recognised in the ﬁnancial year – return on plan assets less interest 656 927
Recognised in the ﬁnancial year – loss from changes to ﬁnancial assumptions (790) (1,653)
Recognised in the ﬁnancial year – loss from changes to demographic assumptions (19) -
Cumulative amount at end of ﬁnancial year                         (6,005) (5,852)
2015 2014
Principal long-term actuarial assumptions at the year end were as follows
CPI price inﬂation assumption 2.3% 2.5%
Increases to pensions in payment 2.3% 2.5%
Discount rate for liabilities 3.9% 4.3%
Rate of return for plan assets 3.9% 4.3% 62
16 Pension Schemes (continued)
The diﬀerential between the assumed rate of inﬂation and the discount rate for liabilities is 1.6% (2014: 1.8%).
Salary inﬂation assumptions are as determined by the Board with regard to price inﬂation. The salary inﬂation from 31 May 2010 when the scheme
closed to future accrual was assumed to be in line with inﬂation.
The ﬁnancial assumptions are based on market conditions as at the review date of 27 June 2015 with discount rates based on the yields on long-dated
high quality corporate bonds. The discount rate is lower than the discount rate used last year reﬂecting the change in bond yields over this period. 
The rate of return for plan assets is the long-term rate that reﬂects the yield on high quality corporate bonds as required under changes to IAS 19. 
The rate of return is eﬀectively based on the discount rate with no allowance made for any outperformance expected from the scheme’s actual asset
holding. The actual return on the scheme’s assets, net of expenses, over the year to the review date was around 7.7%.
2015 2014
Pre-retirement mortality assumption S1NA year of birth tables with CMI 2012 S1NA year of birth tables with CMI 
projections and 1.25% pa long-term 2012 projections and 1.25% pa  
rate of improvement long-term rate of improvement
Post-retirement mortality assumption S1NA year of birth tables with CMI 2012 S1NA year of birth tables with CMI  
projections and 1.25% pa long-term 2012 projections and 1.25% pa
rate of improvement long-term rate of improvement
Under the mortality tables adopted, the assumed future life expectancy at age 65 is as follows:
2015 2014
Male currently at age 45 24.3 24.2
Female currently at age 45 27.0 26.9
Male currently at age 65 22.5 22.5
Female currently at age 65 25.0 25.0
Changing the year end 2015 assumptions to those of 2014 year end listed above, the deﬁcit would have been £3,028,000 compared to the reported
deﬁcit of £3,837,000. 
Sensitivity Analysis
The calculation of the deﬁned beneﬁt obligation is sensitive to the assumptions set out above. The following table summarises changes in these
assumptions and their approximate (decrease)/increase in liabilities.
2015
Discount rate plus 0.5% (£2.2 million)
Discount rate minus 0.5% £2.5 million
Inﬂation plus 0.5% £2.2 million
Inﬂation minus 0.5% (£2.2 million)
Life expectancy plus 1.0 years £0.4 million
Life expectancy minus 1.0 years (£0.4 million)
The above sensitivities are approximate and only show the likely eﬀect of an assumption being adjusted whilst all other assumptions remain the same.
The weighted average duration of the deﬁned beneﬁt obligation is around 19 years.
Risk Mitigation Strategies
Whilst the Scheme does not explicitly hold risk mitigation strategies such as swaps, annuities or liability driven investments, the investment strategy 
is dominated by diversiﬁed growth funds which are intended to reduce the investment risk through diversiﬁcation. 63
16 Pension Schemes (continued)
Eﬀect of the Scheme on the Company’s Future Cashﬂows
The Company is required to agree a Schedule of contributions with the T rustees of the Scheme following a valuation which must be carried out at least
once every three years. The next valuation of the scheme is due as at 31 December 2015. In the event that the valuation reveals a larger deﬁcit than
expected the Company may be required to increase contributions above those set out in the existing Schedule of Contributions. Conversely, if the
position is better than expected contributions may be reduced. The Company expects to pay contributions of £100,000 in the year to 30 June 2016. 
The projected net interest charge to the Consolidated Statement of Proﬁt and Loss for the year to 30 June 2016 is £148,000. This projection assumes
cashﬂows to and from the scheme are broadly unchanged from the current year ﬁgures and that there will be no events that would give rise to 
a settlement/curtailment/past service cost.    
Consolidated Statement of Financial Position
2015  2014  2013  2012  2011  
£000 £000 £000 £000 £000
Fair value of plan assets 20,587 19,741 18,728 18,349 19,102
Present value of the deﬁned beneﬁt obligation (24,424) (23,371) (21,571) (21,424) (20,274)
Deﬁcit (3,837) (3,630) (2,843) (3,075) (1,172)
Experience adjustments on plan assets 656 927 332 (1,772) 644
as a percentage of plan assets 3.2% 4.7% 1.8% 9.7% 3.4%
Experience adjustments on plan liabilities - - 339 - (561)
as a percentage of plan liabilities 0.0% 0.0% 1.6% 0.0% 2.8%
T otal remeasurement (losses)/gains (153) (726) (543) (2,357) 2,224
as a percentage of plan liabilities 0.6% 3.1% 2.5% 11.0% 11.0%
17 Inventories
2015 2014
£000 £000
Raw materials and consumables 5,872 2,612
Finished goods 5,396 1,918
11,268 4,530
Inventories recognised as an expense
Opening inventories 4,530 4,400
Purchases 90,839 84,621
Increase/(decrease) in stock provisions 443 (352)
Closing inventories (11,268) (4,530)
Expensed during the period 84,544 84,139
18 T rade and Other Receivables 
2015 2014
£000 £000
T rade receivables due from third parties 42,845 22,410
Other debtors 2,888 1,125
Prepayments and accrued income 2,648 1,297
48,381 24,832
Within prepayments above is an amount for £nil (2014: £33,000) relating to prepaid pension costs. Speciﬁc provisions are made against doubtful debts
taking the value of trade receivables to an estimated value based on the most likely outcome.
Cash received under the invoice discounting facility, amounting to £3,397,000 (2014: £2,959,000) is shown within current liabilities and is secured 
on the trade receivables above. All the risks and rewards of the trade debtors lie with the Group.  19 Cash and Cash Equivalents including Bank Overdrafts
2015 2014
£000 £000
Cash at bank and on hand 6,147 5,574
Bank overdraft (6,086) (4,982)
61 592
20 Other Interest-Bearing Loans and Borrowings
This Note provides information about the contractual terms and repayment terms of the Group’s interest-bearing loans and borrowings, which are
measured at amortised cost, using the eﬀective interest rate method.  
Frequency of Year of Facility Drawn Current Non-Current
2015 Margin repayments maturity £000 £000 £000 £000
Invoice discounting 1.50%/base On demand Revolving* 22,000 3,397 3,397 -
T erm loan 2.00%/LIBOR Quarterly 2019 13,400 12,116 3,211 8,905
Revolving credit 2.00%/LIBOR Varies 2019 8,000 2,000 2,000 -
Mortgage 1.75%/LIBOR Quarterly 2022 3,470 3,287 461 2,826
Finance lease liabilities 1.76%/base Monthly Various 2,000 474 284 190
Overdraft 2.00%/base On demand - 2,000 ---
50,870 21,274 9,353 11,921
Unamortised transaction costs (240) (65) (175)
21,034 9,288 11,746
Secured bank loans and mortgages over one year 11,921
Unamortised transaction costs (175)
11,746
Repayments are as follows:
Between one and two years 3,006
Between two and ﬁve years 7,389
Between ﬁve and ten years 1,351
11,746
Frequency of Year of Facility Drawn Current Non-Current
2014 Margin repayments maturity £000 £000 £000 £000
Invoice discounting 1.50%/base On demand Revolving* 15,000 2,959 2,959 -
Revolving credit 2.00%/LIBOR Monthly 2017 8,000 2,000 2,000 -
Mortgage 1.75%/base Monthly 2023 4,000 3,593 399 3,194
Finance lease liabilities 1.76%/base Monthly Various 2,000 854 382 472
Overdraft 2.00%/base On demand - 3,000 ---
32,000 9,406 5,740 3,666
Unamortised transaction costs (76) (22) (54)
9,330 5,718 3,612
Secured bank loans and mortgages over one year (included above) 3,666
Unamortised transaction costs (54)
3,612
Repayments are as follows:
Between one and two years 630
Between two and ﬁve years 1,262
Between ﬁve and ten years 1,720
3,612
* Revolving maturity above relates to the payment terms on the invoice discounting which is up to 90 days from the date of invoice. 
The invoice discounting facility renewal date is October 2019.
64 65
20 Other Interest-Bearing Loans and Borrowings (continued)
Finance lease liabilities are payable as follows:
2015 2014
Minimum Minimum
lease lease
payments Interest Principal payments Interest Principal
£000 £000 £000 £000 £000 £000
Less than one year 294 10 284 403 21 382
Between one and ﬁve years 194 4 190 486 14 472
488 14 474 889 35 854
All of the above loans are denoted in pounds sterling, with various interest rates and maturity dates. The main purpose of the above facilities is to ﬁnance
the Group’s operations. For more information about the Group’s exposure to interest rate risk, see Note 25.
HSBC Bank Plc, HSBC Asset Finance (UK) Ltd, HSBC Equipment Finance (UK) Ltd and HSBC Corporate T rustee Company (UK) Ltd 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.
As part of the bank borrowing facility the Group needs to meet certain covenants every six months. There were no breaches of covenants during 
the year. The covenant tests required are as follows:
Net bank debt: EBITDA 
Interest cover 
Debt service cover
Capital expenditure
The bank facilities (excluding overdraft) available for drawdown are £48.9m (2014: £29.0m). At the period end date the facility utilised was £21.3m
(2014: £9.4m), giving £27.6m (2014: £19.6m) headroom.
21 Analysis of Net Debt
At At
year ended year ended
28 June   27 June
2014 Cash ﬂow 2015
Note £000 £000 £000
Cash at bank 592 (531) 61
Debt due within one year (2,399) (3,273) (5,672)
Debt due after one year (3,194) (8,537) (11,731)
Invoice discounting due within one year (2,959) (438) (3,397)
Hire purchase obligations due within one year (382) 98 (284)
Hire purchase obligations due after one year (472) 282 (190)
T otal net bank debt (8,814) (12,399) (21,213)
Debt 20 (9,330) - (21,034)
Cash at bank 592 - 61
Unamortised transaction costs (76) - (240)
T otal net bank debt (8,814) - (21,213)
Deferred consideration payable -- (50)
T otal net debt including deferred consideration payable (8,814) - (21,263)
Cash at bank 592 - 61
T otal debt including deferred consideration payable excluding cash (9,406) - (21,324)
Deferred consideration receivable 2,895 - -
T otal debt including deferred consideration payable and receivable excluding cash (6,511) - (21,324) 22 T rade and Other Payables 
2015 2014
£000 £000
Current
T rade creditors 37,457 20,254
Other creditors including taxes and social security 1,718 1,245
Accruals and deferred income 23,108 9,237
62,283 30,736
The higher balances in trade and other payables are driven by the acquisitions during the year and increased levels of trading. 
23 Provisions
Employee
claims Pension T otal
£000 £000 £000
Balance at beginning of ﬁnancial year  237 199 436
Made during the ﬁnancial year ---
Utilised during the ﬁnancial year (3) (20) (23)
Balance at end of ﬁnancial year 234 179 413
Current provisions 234 18 252
Non-current provisions - 161 161
The employee claims provision is based on the number of reported accidents and incidents and the number of expected claims yet to be reported based
on historical evidence, all accrued at amounts up to the maximum self-insured amount of £10,000 per claim. 
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 14 years. 
24 Deferred T ax Assets and Liabilities 
Recognised deferred tax assets and liabilities. 
Deferred tax assets and liabilities are attributable to the following:
Assets Liabilities
2015 2014 2015 2014 
£000 £000 £000 £000
Property, plant and equipment - - (41) (318)
Short-term temporary diﬀerences - - (39) (104)
Losses 2,849 - - -
Employee share scheme charges 758 513 - -
Pension scheme charges 767 726 - -
Interest rate swaps 72 77 - -
Foreign exchange contracts - 13 (23) -
IFRS fair value adjustments on deferred consideration - 21 - -
T ax assets/(liabilities) 4,446 1,350 (103) (422)
Net tax assets/(liabilities) 4,343 928 - -
Short-term temporary diﬀerences relate to general provisions which will be allowed when utilised.            
66 67
24 Deferred T ax Assets and Liabilities (continued)
Movement in deferred tax during the year
Recognised Recognised
28 June 2014 in income  in equity Acquired 27 June 2015
£000 £000 £000 £000 £000
Property, plant and equipment (318) (215) - 492 (41)
Short-term temporary diﬀerences (104) (171) - 236 (39)
Losses - (326) - 3,175 2,849
Employee share scheme 513 2 243 - 758
Pension scheme 726 10 31 - 767
Interest rate swaps 77 (5) -- 72
Foreign exchange contracts 13 (36) -- (23)
IFRS fair value adjustments deferred consideration 21 (21) -- -
928 (762) 274 3,903 4,343
Movement in deferred tax during the prior year 
Recognised Recognised
29 June 2013 in income  in equity 28 June 2014
£000 £000 £000 £000
Property, plant and equipment (323) 5- (318)
Short-term temporary diﬀerences (82) (22) - (104)
Employee share scheme 920 (53) (354) 513
Pension scheme 654 (73) 145 726
Interest rate swaps 252 (175) - 77
Foreign exchange contracts 33 (20) - 13
IFRS fair value adjustments deferred consideration 58 (37) - 21
1,512 (375) (209) 928
25 Financial Risk Management 
The main purpose of the Group’s ﬁnancial instruments which comprise of bank term loans, invoice discounting facility, hire purchase, ﬁnance leases,
interest rate swaps, foreign currency forwards, cash and liquid resources and various items arising directly from its operations, such as trade receivables
and trade payables, is to ﬁnance the Group’s operations. The main risks arising from the Group’s ﬁnancial instruments are interest rate risk and liquidity
risk. The Group’s policies on the management of liquidity, credit, interest rate and foreign currency risks are set out below and also referred to in the
Strategic Report on page 8.
a) Fair Values of Financial Instruments
All ﬁnancial assets and liabilities are held at amortised cost apart from forward exchange contracts, interest rate swaps and deferred consideration
receivable, which are held at fair value, with changes going through the Consolidated Statement of Proﬁt and Loss. The Group has not disclosed the fair
values for ﬁnancial instruments such as short-term trade receivables and payables, because their carrying amounts are a reasonable approximation 
of fair values.  
The fair values of forward exchange contracts and interest rate swaps are determined using a market comparison valuation technique. The fair values
are based on broker quotes. Similar contracts are traded in an active market and the quotes reﬂect the actual transactions in similar instruments. 
The fair values relating to these instruments represent level 2 in the fair value hierarchy which relates to the extent the fair value can be determined 
by reference to comparable market values. The classiﬁcations range from level 1 where instruments are quoted on an active market through to level 3
where the assumptions used to arrive at fair value do not have comparable market data.  25 Financial Risk Management (continued)
b) Liquidity
The Group’s policy is to ensure that it has suﬃcient facilities to cover its future funding requirements. Short-term ﬂexibility is available through the
existing bank facilities and the netting oﬀ of surplus funds. The carrying amounts are the amounts due if settled at the period end date. The contractual
undiscounted cash ﬂows include estimated interest payments over the life of these facilities. The estimated interest payments are based on interest
rates prevailing at the 27 June 2015. 
Contractual cashﬂows including estimated interest
Carrying 1 year   1 to 2 2 to 5 5 years   
amount  T otal or less years years and over
At year ended 27 June 2015 £000 £000 £000 £000 £000 £000
Non-derivative ﬁnancial liabilities
Secured bank loans (17,163) (18,412) (6,026) (3,198) (7,785) (1,403)
Finance lease liabilities (474) (488) (293) (137) (58) -
Invoice discounting (3,397) (3,397) (3,397) ---
Deferred consideration (50) (50) (50) ---
T rade creditors (37,457) (37,457) (37,457) ---
Derivative ﬁnancial liabilities
Interest rate swaps liabilities (359) (377) (270) (107) --
(58,900) (60,181) (47,493) (3,442) (7,843) (1,403)
Contractual cashﬂows including estimated interest
Carrying 1 year   1 to 2 2 to 5 5 years   
amount  T otal or less years years and over
At year ended 28 June 2014 £000 £000 £000 £000 £000 £000
Non-derivative ﬁnancial liabilities
Secured bank loans (5,517) (5,990) (2,487) (436) (1,258) (1,809)
Finance lease liabilities (854) (892) (403) (294) (195) -
Invoice discounting (2,959) (2,959) (2,959) ---
T rade creditors (20,254) (20,253) (20,253) ---
Derivative ﬁnancial liabilities
Interest rate swaps liabilities (387) (650) (271) (271) (108) -
(29,971) (30,744) (26,373) (1,001) (1,561) (1,809)
The carrying amount relating to interest rate swaps is the fair value.
The information relating to the interest rate swaps shown in the tables above indicate the cash ﬂows associated with these instruments. This also reﬂects
the expected eﬀect on the future proﬁt. These amounts will change as interest rates change.
Short-term ﬂexibility is available through existing bank facilities and the netting oﬀ of surplus funds.
c) Credit Risk
Credit risk is the risk of ﬁnancial loss to the Group if a customer or counterparty to a ﬁnancial instrument fails to meet its contractual obligations, and
arises principally from the Group’s receivables from customers. These trading exposures are monitored and managed at operating level and are also
monitored at Group level. Whilst there is a concentration of credit risk arising from the proﬁle of ﬁve customers accounting for 62% of total revenue,
the Group deems this to be low risk due to the nature of these customers. The carrying amount of the ﬁnancial assets represents the maximum credit
exposure. Therefore, the maximum exposure to credit risk for the trade receivables at the period end date was £42.8 million (2014: £22.4 million) and
the ageing of trade receivables at the period end date was:  
2015 2014
£000 £000
Not past due 39,445 21,052
Past due 0 – 30 days 2,263 1,167
Past due 31 – 120 days 1,097 144
Past due more than 120 days 40 47
42,845 22,410
The above numbers are net of impairment provisions. Group policy is to provide in full against all receivable balances whose full recovery is signiﬁcantly 
in doubt. The provision is netted oﬀ the gross receivable.
68 69
25 Financial Risk Management (continued)
The Group’s strategy is to focus on supplying UK multiple grocers and foodservice distributors, the nature of these customers is such that there is a relatively
low risk of them failing to meet their contractual obligations. There is no impairment necessary to the value of trade receivables at the period end date
over and above the speciﬁc credit note provision and bad debt provision held at the year end. The balance of £1.1 million past due by more than 30 days
is equivalent to less than 2 day sales (2014: £0.2 million, equivalent to 1 day).
Deferred consideration amounting to £3 million was received from Genius Foods Ltd on 27 February 2015. 
d) Market Risk
i) Interest Rate Risk
The Group’s interest rate risk exposure is primarily to changes in variable interest rates. The Group has entered into three interest rate swap
arrangements in order to hedge its risks associated with any ﬂuctuations. Details of swaps are given in Note 14.
The proﬁle of the Group’s loans including deferred consideration and overdraft at the period end date were split as follows:
2015 2014
£000 £000
Variable rate liabilities 21,274 9,406
Swaps amounting to £14,000,000 (2014: £14,000,000) limit the risk associated with the variable rate liabilities, the weighted average interest rate 
at 27 June 2015 is 2.5% (2014: 2.5%).
Sensitivity
A 1% increase in the base rate or LIBOR would have the following impact on interest charges and associated net assets for the Group, this sensitivity
relates to interest-bearing bank borrowings and interest rate swaps only and excludes possible changes in pension ﬁnancing costs. 
2015 2014
£000 £000
Proﬁt decrease 318 160
Decrease in net assets 318 160
A 1% decrease in the base rate or LIBOR would have an equal and opposite impact to those listed above. 
The above movement is not equal to 1% of interest-bearing loans because of interest rate swap cover that is in place. 
ii) Commodity Prices
Any rises in commodity prices can adversely impact the core proﬁtability of the business. The Group will aim to pass on its increased costs to its
customers as far as is reasonable in the circumstances whilst maintaining its tight control over overhead costs to mitigate the impact on consumers.
The Group maintains a high expertise in its buying team and will consider long-term contracts where appropriate to reduce uncertainty in commodity
prices. Further information on input prices and risks is contained in the Strategic Report.
iii) Foreign Exchange Risk
The Group currently supplies UK manufactured products to Lightbody Stretz Ltd, its 50% owned selling and distribution business trading primarily 
in Europe. The Group also purchases some raw materials in foreign currency. The consequence of this is that the Group is exposed to movement 
in foreign currency rates. Forward foreign exchanges contracts are used to manage the foreign exchange exposure.
e) Debt and Capital Management
The Group’s objective is to maximise the return on net invested capital while maintaining its ongoing ability to operate and guaranteeing adequate returns
for shareholders and beneﬁts for other stakeholders, within a sustainable ﬁnancial structure. An interim dividend for the six months to 27 December 2014
of 0.83p per share was paid on 24 April 2015 to shareholders on the register at the close of business on 7 April 2015. Subject to shareholder approval 
at the Company’s AGM on 25th November 2015, the ﬁnal dividend of 1.67 pence per share will be paid on 10 December 2015 to all shareholders on the
register at 13 November 2015. It is the Company's intention to pay dividends at an aﬀordable rate so that the Company can continue to invest in the
business in order to grow proﬁts. 25 Financial Risk Management (continued)
The Group manages its capital by monitoring its gearing ratio on a regular basis, there are also covenant tests which are monitored regularly and presented
to the Group’s banks every 6 months. There have been no breaches of covenant tests during the year and the gearing ratio stands at 0.2 (2014: 0.1).
The gearing ratio is calculated taking total net debt including deferred consideration over net assets.
The Group considers its capital to include share capital, share premium and capital redemption reserve.
The Group does not have any externally imposed capital requirements.
26 Capital and Reserves
The reconciliation of movement in capital and reserves is shown as a primary statement: Consolidated Statement of Changes in Equity on page 41. 
Equity comprises the following:
• Share capital representing the nominal value of equity shares
• Share premium representing the excess of the fair value of consideration received for the equity shares; (net of expenses of the share issue) 
over nominal value of the equity shares
• Capital redemption reserve representing the buyback and cancellation of shares at nominal value
• Retained earnings representing retained proﬁts
27 Share Capital
2015 2014
000’s 000’s
In issue at beginning of the ﬁnancial year 66,894 64,155
Shares issued 61,143 2,739
In issue at end of the ﬁnancial year – fully paid 128,037 66,894
2015 2014
£000 £000
Allotted, called up and fully paid
Ordinary shares of 1p each 1,280 669
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings 
of the Company. 
Share-based Payments 
The Group operates both approved and unapproved share option schemes. 
The fair value is calculated at the grant date and ultimately expensed in the Consolidated Statement of Proﬁt and Loss over the vesting period, 
based on the best available estimate of the number of share options expected to vest, with a corresponding credit to reserves.
Upon exercise of the share options the proceeds received net of attributable transaction costs are credited to share capital and where appropriate
share premium.
There have been a number of options granted during the course of the ﬁnancial year to 27 June 2015 with further details given below. 
Amount
Number expensed in 
Number of options year to 27 
of options  expected Exercise Fair value June 2015 Period of
Date of grant granted to vest price £000 £000 expense
3 July 2014 155,172 155,172 54.8p 13 4 3 years
26 June 2015 1,859,115 680,436 Nil 135 - 4 years
Charge relating to options granted in the current year 4
Charge relating to options granted in prior years (14)
Charge included in Administration expenses (10)
70 71
27 Share Capital (continued)
There were a number of options granted during the course of the ﬁnancial year to 28 June 2014 with further details given below.
Amount
expensed in
year to 28
Number of options Exercise Fair value June 2014 Period of
Date of grant granted price £000 £000 expense
16 May 2014 302,758 58.0p 31 3 years
Charge relating to options granted in the current year 1
Charge relating to options granted in prior years 8
Charge included in Administration expenses 9
Details of share options outstanding at 28 June 2014 and movements during the year by exercise price is shown below:
First Last
Exercise exercise  exercise At 28 June At 27 June
price date date 2014 Granted Forfeited Cancelled Exercised 2015
58.0p May 2017 May 2024 302,758 -- -- 302,758
54.8p Jul 2017 Jul 2024 - 155,172 -- - 155,172
20.5p Jul 2014 Oct 2016 3,289,374 -- - (535,715) 2,753,659
20.5p Jul 2014 Oct 2016 3,035,714 -- - (535,714) 2,500,000
20.0p Feb 2015 Aug 2015 341,280 - (3,960) (20,340) (277,740) 39,240
18.0p Jan 2014 Jul 2014 29,200 - (29,200) -- -
14.0p Mar 2012 Mar 2019 56,600 - (28,300) -- 28,300
Nil Jun 2019 Jun 2025 - 1,859,115 -- - 1,859,115
7,054,926 2,014,287 (61,460) (20,340) (1,349,169) 7,638,244
A summary of share options outstanding and movements for the year to 28 June 2014 is shown below: 
At 29 June At 28 June 
2013 Granted Forfeited Cancelled Exercised 2014
Number of options 11,225,472 302,758 (409,613) (1,679,702) (2,383,989) 7,054,926
There were 5,321,199 (2014: 85,800) options exercisable at the period end date. There were 1,349,169 options exercised during the year (2014: 2,383,989). 
The options outstanding at the year end have weighted average exercise price of 27.1p (2014: 22.0p) and a weighted average contractual life of 5.5 years
(2014: 4.5 years).
The Company has used the QCA-IRS option valuer TM (based on the Black-Scholes-Merton based option pricing model) to calculate the fair value 
of the outstanding options. This model was developed by The QCA partnered with Independent Remuneration Solutions (IRS) and City Group Plc. 
The development was led by Mr Edward Beale, a Director of the Company and Chief Executive of City Group Plc.
The inputs into the Black-Scholes-Merton based option pricing model to calculate the charge for share options granted in the ﬁnancial year were 
as follows:
2015 2014
Expected life of option 3.0-4.0 years 3.0 years
Volatility of share price 33.1%-28.9% 33%
Dividend yield 1.3%-3.0% 1.3%
Risk-free interest rate 1.18%-1.29% 1.18%
Share price at date of grant 54.8p-83.5p 58.0p
Exercise price 54.8p-59.0p 58.0p
Bid price discount 10% 10%
Estimated conversion rate 100% 100%
Fair value per option 8.4p-19.9p 9.3p
Volatility is calculated on a consistent basis for each grant of options and is based on the historic annualised standard deviation of continuously
compounded rates of return.  28 Dividends
An interim dividend for the six months to 27 December 2014 of 0.83p per share was paid on 24 April 2015 to shareholders on the register at the close 
of business on 7 April 2015. The amount paid was £1,059,549. A ﬁnal dividend of 1.67p per share has been proposed taking the total dividend for the
year to 2.50p per share. Subject to shareholder approval at the Company’s AGM on 25th November 2015, the ﬁnal dividend will be paid on 10 December
2015 to shareholders on the register at 13 November 2015.
During the year a dividend of £362,000 (2014: £417,000) was paid to the holders of the non-controlling interest in Lightbody Stretz Ltd.
29 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, part of the Lightbody of Hamilton site, Fletchers’ sites in London and Manchester and Johnstone’s site in East Kilbride.
During the year £2,131,000 was recognised as an expense in the Consolidated Statement of Proﬁt and Loss in respect of operating leases 
(2014: £1,283,000).
Future minimum lease repayments under non-cancellable operating leases at the end of the ﬁnancial periods are as follows: 
Land and Buildings Other 
2015   2014 2015 2014 
£000 £000 £000 £000
On leases which expire in:
Less than one year 51 55 234 121
Between one and ﬁve years 770 474 1,168 1,042
More than ﬁve years 11,427 11,537 47 15
12,248 12,066 1,449 1,178
30 Capital Commitments
At the ﬁnancial year ended 27 June 2015, the Group had capital expenditure commitments of £1,266,000 (2014: £523,000).
31 Related Parties
Related Party T ransactions and Directors’ Material Interests in T ransactions
Mr E J Beale is the Chief Executive and Mr D C Marshall is the Chairman of City Group Plc. City Group Plc provides Company Secretarial and ancillary
services to the Group. Fees for these services amounted to £38,544 including VA T (2014: £39,589). In addition Directors’ fees of £45,000 for Mr E J Beale
(2014: £85,000 for Mr E J Beale and Mr D C Marshall) have been paid to City Group. Directors’ fees for Mr Beale are ceded to his primary employer, 
City Group. Directors’ fees for Mr Marshall were paid to a company in which none of the Directors has an interest. Mr Marshall stepped down from 
the Finsbury Food Group Plc Board on 1 July 2014. 
A 50% owned subsidiary, Lightbody Stretz Ltd, paid Mr P Stretz, the Managing Director of Lightbody Stretz Ltd, £58,000 (2014: £57,000) in respect 
of rent for oﬃces. No balances were outstanding at either year end. 
The Group paid £97,000 (2014: £187,000) for the supply of ﬁnished products from and received £100,000 (2014: £105,000) 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 £23,000 (2014: £22,000) and
£9,000 (2014: £10,000) respectively.
The Group sold ﬁnished product to Dr Zak’s for a value of £27,000 between the acquisition date of 16 June 2015 and the year end date of 27 June 2015, 
the amount receivable at the year end was £27,000 (2014: nil). 
T ransactions with the Memory Lane Pension Scheme are detailed in Note 16.
72 73
31 Related Parties (continued)
T ransactions with Key Management Personnel
Directors of the Company and their immediate relatives control 3% (2014: 16%) 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:
2015 2014 
£000 £000
Fees - 75
Company contributions to money purchase pension schemes 42 82
Executive salaries and beneﬁts 1,291 1,240
Executive bonuses 1,118 481
2,451 1,878
Share options held by Group Directors are set out in Note 7. Details of share options outstanding at 27 June 2015 for other key management personnel 
by exercise price is shown in the table below.
Number of Number of
options at options at   Earliest Exercise
Exercise 27 June  28 June   exercise expiry 
price 2015 2014 date date
54.75p 51,724 - 03/07/2017 03/07/2024
58.00p 155,172 155,172 16/05/2017 16/05/2024
206,896 155,172
32 Post Consolidated Statement of Financial Position Events
Since the period end date there have been no signiﬁcant events.
33 Ultimate Parent Company
Finsbury Food Group Plc is the ultimate parent company. 74
2015 2014 
Note £000 £000
Fixed assets
Investments 41 100,629 61,587
100,629 61,587
Current assets
Deferred consideration receivable 42 - 3,000
Debtors 43 23,180 3,401
Cash and cash equivalents 2,498 3,582
25,678 9,983
Creditors: amounts falling due within one year 44 (14,433) (3,766)
Net current assets 11,245 6,217
T otal assets less current liabilities 111,874 67,804
Creditors: amounts falling due after more than one year 45 (11,556) (3,140)
Net assets 100,318 64,664
Capital and reserves
Called up share capital 47 1,280 669
Share premium account 47 64,952 31,480
Capital redemption reserve 48 578 578
Proﬁt and loss account 48 33,508 31,937
Shareholders’ funds 48 100,318 64,664
These Financial Statements were approved by the Board of Directors on 18 September 2015 and were signed on its behalf by:
Stephen Boyd 
Director
Registered Number 204368
The Notes on pages 76 to 80 form an integral part of these Financial Statements.
Company Balance Sheet
at 27 June 2015 and 28 June 2014 75
 2015 2014
£000 £000
Loss for the ﬁnancial year (893) (827)
Dividends received 4,062 4,958
Retained proﬁt 3,169 4,131
Impact of share based payments current year (credit)/credit (10) 3
Impact of share based payments credit to subsidiaries (29) (136)
New share capital subscribed (net of issue costs) 34,083 728
Dividends paid (1,559) (494)
Net increase to shareholders’ funds 35,654 4,232
Opening shareholders’ funds 64,664 60,432
Closing shareholders’ funds 100,318 64,664
The Notes on pages 76 to 80 form an integral part of these Financial Statements.
  
Company Reconciliation of Movements in Shareholders’ Funds
for the 52 weeks ended 27 June 2015 and 28 June 2014 34 Accounting Policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Financial
Statements.
Basis of Preparation
The ﬁnancial year was the 52 weeks ended 27 June 2015 (prior ﬁnancial year 52 weeks ended 28 June 2014). The Financial Statements for the Company
have been prepared in accordance with applicable accounting standards, and under the historical cost accounting rules and in accordance with
applicable United Kingdom Generally Accepted Accounting Principles (UK GAAP) and law.
Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own Proﬁt and Loss Account. The proﬁt 
or loss for the year is set out in the Reconciliation of Movements in Shareholders’ Funds.
Under FRS1 the Company is exempt from the requirement to prepare a cash ﬂow statement on the grounds that it is included within the consolidated
accounts.
The accounting policies of the Company are the same as for the Group except for the following:
Investments
Investments are stated at cost less provision for any permanent diminution in value.
T axation
The credit for taxation is based on the loss for the year and takes into account taxation deferred because of temporary diﬀerences between the
treatment of certain items for taxation and accounting purposes.
Deferred tax is recognised, without discounting, in respect of all temporary diﬀerences between the treatment of certain items for taxation and
accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19.
35 Remuneration of Directors
Details of Directors’ remuneration are set out in Note 7 of the Group’s Financial Statements.
36 Staﬀ Numbers and Costs
The average number of persons employed by the Company (including Directors) during the year, analysed by category, was as follows:
Number of Employees
2015 2014
Directors and administrative staﬀ 35 35
The aggregate payroll costs of these persons were as follows:
2015 2014
£000 £000 
Wages and salaries 2,790 2,669
Social security costs 399 343
Other pension costs 105 145
3,294 3,157
37 Employee Share Schemes
No share options were granted during the year to 27 June 2015 under the ShareSave scheme, (2014: nil). Details of Directors’ share options are set out 
in Note 7 of the Group’s Financial Statements.  
38 Share Based Payments
As set out in Note 27 to the Group Financial Statements, 51,724 (2014: 251,034) of the total 155,172 (2014: 302,758) share options granted during 
the year were issued to employees of the Company resulting in a charge to the Company proﬁt and loss account of £1,000 (2014: £3,000). The remaining
options were granted to employees of the subsidiary companies with corresponding charges to the relevant proﬁt and loss accounts. Credits relating 
to options exercised, cancelled or lapsed after vesting have also been passed to the subsidiaries during the year. The credit totalled £42,000 (2014: credit
£136,000) and has resulted in a reduction (2014: reduction) in the total cost of investments in the Company balance sheet. Details of Directors’ share
options are set out in Note 7 of the Group’s Financial Statements.
76
Notes to the Company’s Financial Statements
(forming part of the Financial Statements) 77
39 Dividends 
On 10 December 2014 a ﬁnal dividend was paid to shareholders on the register at the close of business on 24 October 2014. An interim dividend for 
the six months to 27 December 2014 of 0.83 per share was paid on 24 April 2015 to shareholders on the register at the close of business on 7 April 2014.
The amount paid was £1,059,549. 
A ﬁnal dividend of 1.67p per share has been proposed taking the total dividend for the year to 2.50p per share. Subject to shareholder approval at the
Company’s AGM on 25 November 2015, the ﬁnal dividend will be paid on 10 December 2015 to all shareholders on the register at 13 November 2015.
40 Investment in Subsidiaries 
Set out below are all undertakings of the Company whose results are included in the consolidated Financial Statements for the period ended 27 June 2015.
Direct/Indirect Country of Class of Ownership Ownership
Subsidiary ownership incorporation shares held 2015 2014  
Anthony Alan Foods Ltd Direct England and Wales Ordinary £1 100% 100%
California Cake Company Ltd Indirect Scotland Ordinary £1 100% 100%
California Cake Company (Holdings) Ltd Direct Scotland Ordinary £1 100% 100%
Campbells Cake Company Ltd Indirect Scotland Ordinary £1 100% 100%
Campbells Cake (Holdings) Ltd Direct Scotland Ordinary £1 100% 100%
Dr Zak’s Ltd Indirect England and Wales Ordinary £1 25% -
Fennel Acquisition Ltd Direct England and Wales Ordinary £1 100% -
Fletchers Bakeries Ltd Indirect England and Wales Ordinary £1 100% -
Fletchers Bakeries Investment Ltd Indirect England and Wales Ordinary £1 100% -
Goswell Enterprises Ltd Indirect England and Wales Ordinary £1 100% 100%
Goswell Marketing Ltd Indirect England and Wales Ordinary £1 100% 100%
Johnstone’s Food Service Ltd Indirect Scotland Ordinary £1 100% -
Lightbody Celebration Cakes Ltd Indirect Scotland Ordinary £1 100% 100%
Lightbody Group Ltd Direct Scotland Ordinary £1 100% 100%
Lightbody Holdings Ltd Indirect Scotland Ordinary £1 100% 100%
Lightbody of Hamilton Ltd Indirect Scotland Ordinary £1 100% 100%
Lightbody-Stretz Ltd Indirect Scotland Ordinary £1 50% 50%
Memory Lane Cakes Ltd Direct England and Wales Ordinary 1p 100% 100%
Murray T raders Ltd Indirect Scotland Preference £1 10.5% 10.5%
Nicholas & Harris Ltd Indirect England and Wales Ordinary £1 100% 100%
Storesurvey Ltd Direct England and Wales Ordinary £1 100% 100%
In accordance with the transitional provisions of IFRS10, the Group reassessed the control conclusion for its investees at 1 January 2014. 
No modiﬁcations of previous conclusions about control regarding the Group’s investees were required.
41 Fixed Asset Investments
£000
Cost 
At beginning of ﬁnancial year 61,587
Additions 39,084
Disposals (42)
At end of ﬁnancial year 100,629
Net book value
At 27 June 2015 100,629
At 28 June 2014 61,587
The additions relate to the consideration paid for the acquisition of the Fletchers Group of Bakeries. The disposals relate to share option credit 
of £42,000 (2014: credit £136,000) passed down to individual subsidiaries.
42 Deferred Consideration Receivable
On 27 February 2013 the Group sold its Free From business to Genius Foods for a total value of £21,257,000, £3,000,000 of which was deferred 
at the time of sale, and was received on 27 February 2015.  43 Debtors
2015 2014 
£000 £000
Amounts owed by Group undertakings 22,065 2,945
Other taxation 15 15
Deferred taxation 365 362
Prepayments and accrued income 735 79
23,180 3,401
44 Creditors: Amounts Falling Due Within One Year
2015 2014 
£000 £000
Bank loan 5,607 2,377
T rade creditors 105 43
Amounts due to Group undertakings 42 22
Other taxes and social security 96 84
Accruals and deferred income 8,583 1,240
14,433 3,766
45 Creditors: Amounts Falling Due After More Than One Year 
2015 2014 
£000 £000
T otal bank loans and mortgages 11,556 3,140
HSBC Bank Plc, HSBC Asset Finance (UK) Ltd, HSBC Equipment Finance (UK) Ltd and HSBC Corporate T rustee Company (UK) Ltd 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.
46 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 25.
Frequency of Year of T otal Current  Non-current
2015 Currency Margin Above repayments maturity £000 £000 £000
T erm loan GBP 2.00% LIBOR Quarterly 2019 12,116 3,211 8,905
Revolving credit GBP 2.00% LIBOR Quarterly 2019 2,000 2,000 -
Mortgage GBP 1.75% LIBOR Monthly 2022 3,287 461 2,826
Unamortised transaction costs (240) (65) (175)
17,163 5,607 11,556
Repayments are as follows:
Between one and two years 2,873
Between two and ﬁve years 7,332
Between ﬁve and ten years 1,351
Between ten and ﬁfteen years -
11,556
78 79
46 Interest-Bearing Loans and Borrowings (continued)
Frequency of Year of T otal Current  Non-current
2014 Currency Margin Above repayments maturity £000 £000 £000
Revolving credit GBP 2.00% LIBOR Quarterly 2017 2,000 2,000 -
Mortgage GBP 1.75% Base Monthly 2023 3,593 399 3,194
Unamortised transaction costs (76) (22) (54)
5,517 2,377 3,140
Repayments are as follows:
Between one and two years 347
Between two and ﬁve years 1,073
Between ﬁve and ten years 1,720
Between ten and ﬁfteen years -
3,140
47 Called Up Share Capital
Note 27 in the Group Financial Statements gives details of called up share capital.
48 Capital and Reserves
Reconciliation of movement in capital and reserves 
Capital 
Share Share redemption Retained T otal
capital premium reserve earnings equity
£000 £000 £000 £000 £000
Balance at 30 June 2013 642 30,779 578 28,433 60,432
Shares issued 27 701 -- 728
Impact of share based payments --- (133) (133)
Retained proﬁt for the ﬁnancial year --- 4,131 4,131
Dividends payable --- (494) (494)
Balance at 28 June 2014 669 31,480 578 31,937 64,664
Balance at 29 June 2014 669 31,480 578 31,937 64,664
Shares issued 611 33,472 -- 34,083
Impact of share based payments --- (39) (39)
Retained proﬁt for the ﬁnancial year --- 3,169 3,169
Dividends payable --- (1,559) (1,559)
Balance at 27 June 2015 1,280 64,952 578 33,508 100,318
49 Contingent Liabilities
The Company has guaranteed the overdrafts of its subsidiaries; there was a net cash position at the year end of £61,000 (2014: £592,000).
50 Related Party Disclosures
Note 31 in the Group’s Financial Statements gives details of related party transactions. 
51 Financial Risk Management
The Company’s policies on the management of liquidity, credit and interest rate risks are managed at a Group level and are set out in Note 25 
in the Group’s Financial Statements and also referred to in the Strategic Report. 80
Presentation of Financial Statements
Basis of Preparation of Consolidated Financial Statements
The following accounting standards and interpretations, issued by the International Accounting Standards Board (“IASB”) or IFRIC 
(as endorsed by the EU), are eﬀective for the ﬁrst time in the current ﬁnancial year:
• IAS 32 (Amendment) Oﬀsetting Financial Assets and Financial Liabilities – eﬀective 1 January 2014
• IAS 36 (Amendments) Recoverable amount disclosures for non-ﬁnancial assets – eﬀective 1 January 2014
• IFRS 10 Consolidated Financial Statements – eﬀective 1 January 2014
• IFRS 11 Joint Arrangements – eﬀective 1 January 2014
• IFRS 12 Disclosure of Interests in Other Entities – eﬀective 1 January 2014
• IAS 27 Separate Financial Statements – eﬀective 1 January 2014
• IAS 28 Investments in Associates and Joint Ventures
As a result of IFRS 10 (2011), the Group has changed its accounting policy for determining whether it has control over, and consequently consolidates,
its investees. IFRS 10 introduces a new control model that focuses on whether the Group has power over an investee, exposure or rights to variable returns
from its involvement with the investee and ability to use its power to aﬀect those returns. In accordance with the transitional provisions of IFRS 10,
the Group reassessed the control conclusion for its investees at 1 January 2014. No modiﬁcations of previous conclusions about control regarding 
the Group’s investees were required.
The application of the above standards and interpretations has not had a material eﬀect on the net assets, results and disclosures of the Group.
New Standards and Interpretations Endorsed but not yet Eﬀective
The IASB and the IFRIC have also issued the following standards and interpretations with an eﬀective date after the date of these Financial Statements:  
• IAS 19 (Amendments) Deﬁned Beneﬁt Plans: Employee contributions – eﬀective 1 February 2015
• Annual Improvements to IFRSs: IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16 and IAS 24 – eﬀective 1 February 2015
It is not anticipated that the adoption of any of these standards and interpretations will have a material impact on the Group’s Financial Statements.
New Standards and Interpretations not yet Endorsed and not yet Eﬀective
The IASB and the IFRIC have also issued the following standards and interpretations that are yet to be endorsed with an eﬀective date after the date
of these Financial Statements: 
• IFRS 9 Financial Instruments – eﬀective 1 January 2018
• IFRS 15 Revenue from Contracts with Customers – eﬀective 1 January 2017
These standards will be adopted by the Group in future accounting periods. The Directors do not anticipate that the adoption of any of these
standards and interpretations will have a material impact on the Group’s Financial Statements.
Notes
(forming part of the Consolidated Financial Statements) 81
Background
The Group operates in the cake and bread markets which are focused on premium, celebration and well-being products. These products are supplied
both under the retailers’ own brands and through a number of licensed brands to which the Group has access.
A review of the activities and any likely future developments in the business of the Group is given in the Chairman’s Statement, Chief Executive’s Report 
and the Strategic Report on pages 8 to 21.
Dividend
On 20 March 2015, the Board approved an interim dividend for the six months to 27 December 2014 of 0.83p per share which was paid on 24 April 2015.
The Directors have recommended a ﬁnal dividend of 1.67p per share. Subject to shareholder approval at the Company’s AGM on 25 November 2015, 
the ﬁnal dividend will be paid on 10 December 2015 to all shareholders on the register at 13 November 2015.
Directors and their Interests in the Company
The Directors and brief biographies are detailed on page 6. Martin Lightbody and David Marshall resigned from the Board on 30 June 2014 and 
Peter Baker was appointed a Director and Non-Executive Chairman on 1 July 2014. 
In accordance with the Articles of Association Mr J G Duﬀy and Mr P J Monk retire by rotation and being eligible oﬀer themselves for re-election 
at the Company’s forthcoming AGM.
The beneﬁcial interests of the Directors in the Ordinary Shares of the Company on 27 June 2015 and 28 June 2014 are set out below:  
Ordinary Shares
27 June 2015 28 June 2014
P Baker 46,000 -
E J Beale 40,000 40,000
S A Boyd 906,629 555,137
J G Duﬀy 2,111,762 1,855,163
P J Monk 291,547 291,547
Details of Directors’ share options are set out in Note 7 to the Financial Statements.
Details of the emoluments of the Directors are given in Note 7 to the Financial Statements.
There have been no changes in the interests of Directors as set out above since 27 June 2015.
Share Capital
Details of the changes in the share capital of the Company during the year are set out in Note 27 to the Financial Statements.
Substantial Interests
The following substantial interests (3 percent or more) in the Company’s issued share capital have been notiﬁed to the Company as at 29 August 2015: 
Number % of issued
of shares share capital
Ruﬀer LLP 23,130,164 18.07%
Hargreave Hale 12,964,927 10.13%
London Finance & Investment Group P .L.C. 10,000,000 7.81%
Henderson Global Investors 7,025,000 5.49%
M W Lightbody 5,700,000 4.45%
Investec Asset Management 5,451,526 4.26%
Miton Asset Management Ltd 5,227,917 4.08%
Premier Asset Managers 5,212,126 4.07%
Downing LLP 3,995,224 3.12%
Directors’ Report 82
Research and Development
Research and development expenditure is written oﬀ in the year in which it is incurred.
Directors and Oﬃcers’ Liability Insurance
The Company maintains a Directors and Oﬃcers liability insurance policy.
Financial Instruments
The Group’s ﬁnancial instruments comprise mortgage, asset ﬁnance facilities, a conﬁdential invoicing facility, revolving credit facility, cash and liquid
resources, and various items arising directly from its operations, such as trade creditors. The main purpose of these ﬁnancial instruments is to ﬁnance
the Group’s acquisitions and operations. It is the Group’s policy that no trading in ﬁnancial instruments shall be undertaken.
The main risks arising from the Group’s ﬁnancial instruments are interest rate risk and liquidity risk. The Board reviews and agrees policies for
managing these risks, which have remained substantially unchanged for the year under review. The policies are summarised below:
Interest Rate Risk
The Group ﬁnances its operations by retained proﬁts and bank borrowings. A suite of borrowing facilities totalling £50.9 million is available of which
£21.2 million was drawn at the balance sheet date leaving a headroom of £29.7 million. The interest rate risk is managed through three interest rate
swap transactions. The total balance of these swaps was £14.0 million at the period end date. The counterparty to these transactions is HSBC Bank Plc.
Liquidity Risk
Short-term ﬂexibility is available through existing bank facilities and the netting oﬀ of surplus funds. Full details of the Group’s ﬁnancial assets and
liabilities are given in Note 25.
Employee Involvement
The Group aims to improve the performance of the organisation through the development of its employees. Their involvement is encouraged 
by means of team working, team brieﬁngs, consultative committees and working parties. 
Disabled Employees
The Group is committed to equality of employment and its policies reﬂect a disregard of factors such as disability in the selection and development 
of employees.  
Political and Charitable Contributions
During the year charitable donations amounting to £4,000 (2014: £1,000) were made, primarily to local charities.
Going Concern
On the basis of current ﬁnancial projections and available funds and facilities, the Directors are satisﬁed that the Group has adequate resources 
to continue in operation for the foreseeable future and, therefore, consider it appropriate to prepare the Financial Statements on the going concern
basis. Further details are set out in the Basis of Preparation.
Auditors
In accordance with Section 489 of the Companies Act 2006, a resolution for the re-appointment of KPMG LLP as auditors is to be proposed 
  at the forthcoming AGM.
• So far as each Directors is aware, there is no relevant audit information of which the Company’s auditor is unaware; and
• Each Director has taken all the steps that they ought to have taken as a Director in order to make himself aware of any relevant audit 
information and to establish that the Company’s auditor is aware of that information.
The Directors’ Report was approved by the Board of Directors on 18 September 2015 and was signed on its behalf by:
Stephen Boyd 
Director 83
The Directors are responsible for preparing the Annual Report and the Group and parent company Financial Statements in accordance with applicable
law and regulations.
Company law requires the Directors to prepare Group and parent company Financial Statements for each ﬁnancial year. As required by the AIM Rules 
of the London Stock Exchange they are required to prepare the Group Financial Statements in accordance with IFRSs as adopted by the EU and applicable
law and have elected to prepare the parent company Financial Statements in accordance with UK Accounting Standards and applicable law 
(UK Generally Accepted Accounting Practice).
Under company law the Directors must not approve the Financial Statements unless they are satisﬁed that they give a true and fair view of the state 
of aﬀairs of the Group and parent company and of their proﬁt or loss for that period. In preparing each of the Group and parent company Financial
Statements, the Directors are required to:
• Select suitable accounting policies and then apply them consistently;
• Make judgments and estimates that are reasonable and prudent;
• For the Group Financial Statements, state whether they have been prepared in accordance with IFRSs as adopted by the EU;
• For the parent company Financial Statements, state whether applicable UK Accounting Standards have been followed, subject to any material 
departures disclosed and explained in the Financial Statements; and
• Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Group and the parent company 
will continue in business.
The Directors are responsible for keeping adequate accounting records that are suﬃcient to show and explain the parent company's transactions and
disclose with reasonable accuracy at any time the ﬁnancial position of the parent company and enable them to ensure that its Financial Statements
comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets
of the Group and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and ﬁnancial information included on the company's website.
Legislation in the UK governing the preparation and dissemination of Financial Statements may diﬀer from legislation in other jurisdictions. 
By Order of the Board
Stephen Boyd
Director 
18 September 2015
Statement of Directors’ Responsibilities in Respect
of the Annual Report and the Financial Statements 84
We have audited the Financial Statements of Finsbury Food Group Plc for the 52 weeks ended 27 June 2015 set out on pages 39 to 80. The ﬁnancial
reporting framework that has been applied in the preparation of the Group Financial Statements is applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the EU. The ﬁnancial reporting framework that has been applied in the preparation of the parent company Financial
Statements is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work
has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor’s report and for
no other purpose. T o the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
members, as a body, for our audit work, for this report, or for the opinions we have formed.
Respective Responsibilities of Directors and Auditor
As explained more fully in the Directors' Responsibilities Statement set out on page 83, the Directors are responsible for the preparation of the
Financial Statements and for being satisﬁed that they give a true and fair view. Our responsibility is to audit, and express an opinion on, the Financial
Statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with
the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the Audit of the Financial Statements
A description of the scope of an audit of Financial Statements is provided on the Financial Reporting Council’s website at
www.frc.org.uk/auditscopeukprivate
Opinion on Financial Statements
In our opinion:
• The Financial Statements give a true and fair view of the state of the Group's and of the parent company's aﬀairs as at 27 June 2015 
and of the Group's proﬁt for the ﬁnancial year then ended;
• The Group Financial Statements have been properly prepared in accordance with IFRSs as adopted by the EU;
• The parent company Financial Statements have been properly prepared in accordance with UK Generally Accepted Accounting Practice;
• The Financial Statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other Matter Prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and Directors' Report for the ﬁnancial year for which the Financial Statements 
are prepared is consistent with the Financial Statements.
Matters on which we are Required to Report by Exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• Adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received 
from branches not visited by us; or
• The parent company Financial Statements are not in agreement with the accounting records and returns; or
• Certain disclosures of Directors' remuneration speciﬁed by law are not made; or
• We have not received all the information and explanations we require for our audit.
Ian Brokenshire 
Senior Statutory Auditor
for and on behalf of KPMG LLP , Statutory Auditor
Chartered Accountants
3 Assembly Square
Britannia Quay
Cardiﬀ Bay
CF10 4AX
18 September 2015
Independent Auditor’s Report to the
Members of Finsbury Food Group Plc 85
Registered Oﬃce
Maes-y-coed Road
Cardiﬀ
CF14 4XR
T el: 029 20 357 500
Company Secretary
City Group Plc
6 Middle Street
London
EC1A 7JA
Nominated Advisor & Broker
Cenkos Securities Plc
6.7.8 T okenhouse Yard
London
EC2R 7AS
Registered Number
204368
Registrars
Capita Registrars
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Auditor
KPMG LLP
Chartered Accountants
3 Assembly Square
Britannia Quay
Cardiﬀ Bay
CF10 4AX 
Solicitors
CMS Cameron McKenna LLP 
Cannon Place 
78 Cannon Street 
London 
EC4N 6AF
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