Inter Link Foods PLC
annual report 2004 04 highlights
05 chairman’s statement
07 chief executive’s review
11 finance director’s review
12 directors and advisers
13 directors’ report
17 report on directors' remuneration 
20 report of the independent auditors
21 consolidated profit and loss account
22 balance sheets
23 consolidated cash flow statement
24 notes to the financial statements
39 notice of meeting
41 five year review
01 contents Celebrating
ten years
of making great cakes
a warm welcome 02 03
“Turnover and operating
profit each growing by 35%
underlining our continued
growth in market share.”
welcome to
inter link foods plc
annual report 2004
10 years of excellence highlights 04
strategic highlights
❖ Inter Link Foods announces a new licence agreement with
The Walt Disney Company Limited (“Disney”).
❖ £5 million acquisition of Farmhouse Bakery Holdings Limited,
based in Herne Bay, Kent.
turnover
increased by
35% to £69.6 million
(2003: £51.4 million)
£46.0
£51.4
£69.6
2004 2003 2002
profit before 
tax and
goodwill
increased by 35%
to £5.0 million 
(2003: £3.7 million)
£3.3
£3.7
£5.0
2004 2003 2002
profit
before tax
increased by 30%
to £3.9 million 
(2003: £3.0 million)
£3.0
£2.7
£3.9
2004 2003 2002
adjusted
earnings
per share
up 7.6% at 38.2p per
share (2003: 35.5p)
33.8p
35.5p
38.2p
2004 2003 2002
basic
earnings
per share
increased by 4.6%
to 27.5p (2003:
26.3p)
25.2p
26.3p
27.5p
2004 2003 2002
dividends
per share
up 11% at 5.55p per
share (2003: 5.0p) 4.2p
5.0p
5.55p
2004 2003 2002 “We have made further progress
towards our objective of becoming
the second largest cake supplier
in the UK.”
case study
CRAIG MAYO
factory manager
Craig has been with the Company
since it was formed in 1994.
During this time Craig has been
promoted to Section Leader, Shift
Manager, Production Manager and
most recently to Factory Manager
at the Shadsworth Bakery.
05 chairman’s statement It is with great pleasure that we are
presenting our fifth successive record
turnover, profit and earnings per share
since becoming a public company in
August 1998 and further progress towards
our objective of becoming the second
largest cake supplier in the UK. This is
a particularly notable achievement
considering the range of raw material price
increases which affected the input costs of
food manufacturers during the year. The
key highlights this year have been:
❖ Turnover and operating profit each
growing by 35%, underlining our
continuing growth in market share.
❖ Organic growth is nearly three times
greater than the increase in overall
market.
❖ The first full year of Soreen (2003: 3
months) which has delivered
improved profits and has enhanced
the Group’s profile with its customer
base.
❖ In January 2004 we completed the
acquisition of Farmhouse Bakery
Holdings Limited (‘Hoppers’) which
manufactures high quality cakes,
with a particular emphasis on
Christmas products. Since
acquisition, sales volumes have built
strongly.
❖ All our businesses have responded
positively to the impact of increased
raw material prices which affected
the food industry.
❖ The winning of the Disney licence for
small cakes reflects our growing
reputation in the marketing of
licensed products.
❖ Our continuing focus on and
success in product innovation is of
increasing importance in a
competitive marketplace.
Results
Turnover increased by 35.4% to £69.6
million (2003: £51.4million). Profit before
tax, excluding amortisation of goodwill,
increased 35.6% to £5.0 million (2003:
£3.7million) and adjusted earning per
share increased 7.6% to 38.2p (2003:
35.5p). Profit before tax increased 30% to
£3.9 million (2003: £3.0million) and basic
earnings per share increased 4.6% to
27.5p (2003: 26.3p).
Following the purchase of Hoppers for £5
million and capital expenditure throughout
the Group, the Group had net debt of
£19.8 million as at 7 May 2004 (2003:
£12.0 million) excluding any contingent
consideration, resulting in gearing of 94%
(2003: 64%).
Your Board is pleased to propose a final
dividend of 3.7p (2003: 3.3p) per share
making a total for the year of 5.55p
(2003: 5p). Subject to approval at the
Annual General Meeting, the final dividend
will be paid on 17 September 2004 to
those shareholders on the register at 20
August 2004.
Strategy
The Board has a stated objective of
becoming the number two supplier in the
UK cake market and the number one
private label supplier. This objective will
only be achieved by continued organic
growth through a combination of product
development, sector expertise and strong
customer relations, all of which are at the
heart of the Inter Link culture. As in the
past, this will be combined with well
targeted acquisitions.
Our objective of being the number two
supplier must be combined with the
generation of higher levels of profit. We
will endeavour to achieve this by
systematically reducing our manufacturing
costs through a combination of improved
buying of raw materials and packaging,
earnings enhancing capital expenditure
projects and strong manufacturing
controls. The improved operating margins
this year are evidence of our success in
this area. 
Trading
During the year our sales growth
excluding our last two acquisitions,
Soreen Limited and Farmhouse Bakery
Holdings Limited, has increased by 11%
which is tangible evidence of our ability to
achieve organic growth well above the
increase in the market overall.
In addition to this organic growth, the
Board has an excellent record of
acquiring and successfully integrating
complementary businesses. In January
2004 the Group acquired Hoppers, which
manufactures a range of cakes with a
strong emphasis on Christmas lines,
particularly mince pies. The acquisition of
Hoppers has enabled the Group to gain a
foothold in the significant Christmas
market for cake products, particularly
premium mince pies. This company has
historic sales of £12.5 million and also
has strong growth opportunities.
Staff
We continue to strengthen the
management teams by bringing in new
skills to the Group and are delighted to
report that internal promotions have filled
two senior management posts at factory
level. All our employees have worked
hard, with the commitment and team spirit
essential to produce the excellent results
announced today.
Prospects
The Group continues to win opportunities
to strengthen its business with its major
customers. Significant increased demand
for Hoppers' Christmas products has
required the investment at Shadsworth
Bakery, Blackburn in one of the most
automated and efficient production lines
in Europe. This will be making products
from September 2004.
Since the year end we have launched 3
new lines under the Disney brand and 24
under private label and we are very
encouraged by initial sales. Our factories
have been exceptionally busy and in the
first eight weeks sales show 16% growth
like for like and 31.2% including Hoppers.
This provides us with considerable
confidence for the year ahead.
Jeremy Hamer
Chairman
12 July 2004
06 Strategy
In order to achieve strategic objectives,
and to be in the best position to meet
the changing needs of the consumer, we
have continued in our quest to grow
organically and consolidate our position
through acquisition. With nine successful
acquisitions since our formation in 1994,
we have significantly raised the profile of
the Group and our reputation with
customers, and created a strong,
balanced portfolio of private label,
branded and licensed products,
supporting our aim of becoming a
supplier of increasing importance to the
major retailers, wholesalers and
independents.
The Market
(TNS data 52 w/e 28 March 2004) 
The total cake market (ambient and
chilled) is showing steady growth in
value terms of 3.8%. This growth has
been driven by an increase in average
price and a shift towards premium
products within the market, thus
heightening our focus on improving
product quality and added value. In-
store Bakery goods represent 14.3% of
the ambient cake market in value terms
and this too has seen 6% growth year
on year. Healthy cakes now account for
2.4% of the ambient cake market and
this sector is growing rapidly at 18.5%
year on year. In a congested
marketplace, innovation has become the
key to achieving growth, with the private
label sector outperforming most brands
in value terms. This year, the Group
Innovations Team has continued to work
closely with key retailers to develop new
and exciting private label ranges.
Sales
The Group has seen excellent results
this year, with turnover increasing by
35.4% to £69.6m (from £51.4m in
2003). Double-digit organic sales growth
of 11% complements the success of
Hoppers and Soreen. By continuing to
focus all our commercial efforts on the
cake sector, and by supporting and
developing our 8 bakeries, we will
continue to provide the manufacturing
expertise within the sector that our wide
customer base demands.
Acquisition Update
In January 2004 we were pleased to
announce the purchase of “Hoppers”,
based in Herne Bay, Kent. An
established business, owned and
managed by 6 generations of the
Hopper family, the company has a well-
deserved reputation for the production of
high quality cakes with a strong
emphasis on Christmas lines, particularly
premium mince pies. The acquisition
was extremely well received by the
07 chief executive’s review “We have significantly raised the profile
of the group and our reputation, having created
a strong balanced portfolio of private label,
branded and licensed products.”
case study
AMANDA SHERRATT
director of technical
services
Amanda joined Inter Link Foods
seven years ago. Amanda’s role
involves managing the technical
staff at each site to ensure that
food safety standards meet the
stringent requirements of the
Group and its customers.
08 trade, such that Hoppers products are
now in demand from most of the major
retailers and orders for mince pies this
Christmas are forecast at more than
double last year’s. Together with a
heightened focus on new product
development to counterbalance its
seasonal manufacturing bias, we are
confident that with the support of Inter
Link Foods, the business is now well
positioned to capitalise on its
considerable potential for further growth.
The acquisition of Soreen, producer of
the number one malt loaf brand, in
February 2003 has also helped to
deliver strong profits and provided the
Group with a significant foothold in the
branded arena. We are delighted with
the benefits that this purchase has
brought to the Group.
Operations
In operational terms, our continued focus
is to become an even lower cost
operator, by improving productivity,
efficiency, quality and value. As such, we
will continue to invest to achieve this
objective across the Group. In response
to the significant growth in demand for
Hoppers products, Shadsworth Bakery
in Blackburn is preparing to install one of
the most automated production lines in
Europe. This £2.6million investment will
be the Group’s largest capital project to
date exceeding in value four of our
acquisitions. It will allow the site to
produce quality products efficiently, at
more than double current levels of
output. Furthermore, additional
investment has been made at all our
Bakeries to improve productivity and
also to ensure quality is consistently
improving.
Summary
This year is the 10th anniversary of the
birth of the Company, so it is extremely
pleasing to be recognised as the “Most
Entrepreneurial Company” by our peers,
through the Entrepreneur Magazine
Awards. Since flotation in August 1998,
our sales have increased 709% from
£8.6million to £69.6million, and this
year’s profit before tax and amortisation
stands at £5 million, some twelve times
larger than six years ago just before
flotation. With the support of a
committed management team and a
successful growth model, Inter Link
Foods is in its strongest position yet to
achieve its strategic objectives, and I am
confident in our ability to achieve long-
term shareholder growth.
Alwin Thompson
Chief Executive
12 July 2004
09 chief executive’s review continued “Since flotation in August 1998,
our sales have increased 709%
from £8.6 million to
£69.6 million.”
case study
NEIL WATSON
mixing section leader
Neil has worked at Soreen Bakery
for over 30 years. During his time,
he has carried out many roles. Neil
said “Soreen is a much loved
British brand, since I joined the
business we have seen a great
deal of technological advancement
and many new products have
been added to the range. To this
day, there is no other company
that can make a malt loaf like
Soreen.”
10 Trading Results for the Year
The Group has achieved an increase in
sales of 35.4% to £69.6 million. Profit
before tax and goodwill amortisation is
£5million and profit before tax is £3.9
million, both of which are up over 30%.
Adjusted earnings per share has
increased by 7.6% to 38.2 pence,
whilst basic earnings per share has
increased by 4.6% to 27.5 pence. The
percentage increase in earnings per
share reflects the shares that were
issued in February 2003 increasing the
weighted average number of shares in
issue in the year.
The Group’s operating profit (excluding
the impact of goodwill amortisation) has
increased to 8.5% from 8.2% last year.
This is particularly encouraging as this
year has seen significant increases in
certain ingredient prices.
Working Capital
The Group’s working capital
requirement, excluding the impact of
Hoppers, has increased by £1.3 million
largely due to an increase in stocks of
£1.1 million. This reflects the increasing
product range, and the Group’s
purchasing policy for packaging and
fruit which is designed to lower costs.
The acquisition of Hoppers will have an
impact on our working capital pattern.
With the increased emphasis on
seasonal business the Group will have
a larger stock build from August to
October than previously experienced,
resulting in a peak working capital
requirement at the end of October.
Acquisition
The share capital of Hoppers was
acquired in January 2004 for £5 million.
The transaction was financed by new
loan facilities of £5.3 million.
Balance Sheet
The Group continues to strive to
reduce costs in all areas of the
business by investing in plant and
machinery. As a result, last year £3.3
million was invested across all facilities
in the Group. Projects included a new
in-store bakery line, and a continuous
mixing system. Net assets have
increased by £2.4 million generated by
retained profits and the proceeds from
shares issued on the exercise of
options by employees. Net debt has
increased by £7.8 million to £19.8
million as a result of the acquisition of
Hoppers and financing capital
expenditure. As a result, gearing has
increased to 94% (2003: 64%).
Interest 
The Group uses interest rate swaps to
provide protection against the expected
upward movement in interest rates. The
protection afforded by the use of
hedging instruments has resulted in the
Group’s financing costs being
marginally higher in the short term.
Interest cover is 5.2 times (2003: 6.2
times) as a result of the increase in
interest cost and the low contribution of
Hoppers, which traditionally produces
most of its profits in the second half of
the calendar year.
Christopher Neilson
Finance Director
12 July 2004 
11 finance director’s review J.J. Hamer Age 52,
Non-Executive Chairman
Jeremy joined the Group shortly before its
flotation in 1998, having previously been
Managing Director of J F Renshaw Limited,
Jeremy also provides considerable expertise
on acquisition and corporate governance
issues. Jeremy provides strategic guidance
and assists in the successful communication
of Group objectives to investors and
shareholders. Jeremy is an associate of
Elderstreet Investments Limited and is on the
Board of a number of companies.
A.C. Thompson Age 57,
Chief Executive
A founding shareholder of the Group, Alwin
has previously held a variety of executive
director roles within national and international
companies. Since 1994, Alwin has led the
organisation through a process of successful
expansion, through both organic growth and
acquisition. A well known figure in the
industry, Alwin has combined entrepreneurial
flair with strategic vision to considerably raise
the profile of the group and secure its position
as a major player in the UK cake market.
P. Griffiths Age 51,
Group Managing Director 
Paul was appointed September 2003.
Formerly Head of Food Group for United
Coop. From 1991–1996 held senior
positions at Asda in trading and
manufacturing. Previously Sales and
Marketing Director of Danepak and Tulip
International. Early career with ESS-Food
and Danish Agricultural producers. A former
Chairman of the Provision Trade Federation.
C. Neilson Age 50,
Finance Director BA (Hons.) ACA
Chris joined the Group in 1997, having been
employed for twelve years as a Senior
Manager at Grant Thornton. A member of the
Institute of Chartered Accountants in England
and Wales, Chris was instrumental in the
flotation of the Group and also plays a
prominent role in the acquisition process. He
also fulfils the role of the Company Secretary.
E.G. Whitfield Age 54,
Sales Director
With 25 years of national account experience
at companies including Weetabix and Jacobs
Bakery Co (formerly Nabisco), Ted joined the
Company in 1996. Having managed multiple
retail accounts, Ted’s experience has proved
invaluable in the development of successful
trading relationships with the major retailers.
J. Tattersall Age 48,
Operations Director
Having held the position of Managing
Director and having previously held senior
positions, Joe brought a wealth of
experience within the food industry to the
group in 2000. Joe has considerable
expertise in operations, production,
distribution and technical issues and has
been responsible for the smooth integration
of all acquired sites into the Group structure. 
C.E. Davies Age 46,
Non-Executive Director
Colin is a founding shareholder of the Group
and has acted in a non-executive role since
1994. He is a fellow of the Chartered
Institute of Certified Accountants and
currently acts as a Corporate Finance
Adviser to a number of companies.
Secretary
and Registered Office
C. Neilson
Shadsworth Bakery, Sett End Road,
Blackburn, BB1 2PT
Company registration number
03570349
Advisers
Solicitors
Davies Wallis Foyster, Centurion House, 
129 Deansgate, Manchester, M3 3AA
Nominated Adviser and Nominated
Broker
Brewin Dolphin Securities Limited,
National House, 36 St Ann Street,
Manchester, M60 2EP
Joint Broker
Numis Securities Limited, 
143 Cheapside, London, EC2V 6LH
Principal Bankers
National Westminster Bank PLC,
35 King William Street, Blackburn, 
BB1 7EN 
Auditors
KPMG Audit Plc, Chartered Accountants,
Registered Auditor, St James’ Square,
Manchester, M2 6DS
Registrars
Capita IRG Plc, Bourne House, 
34 Beckenham Road, Beckenham, Kent,
BR3 4TU
Public Relations Consultants
Beattie Financial, 37/39 Lime Street,
London, EC3M 7AY
directors and advisers 12 The directors present their report and
the financial statements for the financial
year ended 7 May 2004.
Principal activities and 
business review
The Group is involved in the
manufacture and sale of branded,
licensed and private label cakes and
pastry products to major retail multiples
and the sale and distribution of cakes
and confectionery to independent
retailers and the food service sector. A
review of the Group’s trading during the
year is contained in the Chairman’s
Statement, Chief Executive’s Review,
and Finance Director’s Review on
pages 5 to 11.
Results and dividends
The profit for the year after taxation
amounted to £2,635,000 (2003:
£1,979,000). The directors recommend
a final dividend of 3.7 pence per ordinary
share which, together with an interim
dividend of 1.85 pence, makes a total of
5.55 pence (2003: 5 pence) for the year.
The retained profit of £2,097,000 (2003:
£1,545,000) has been transferred to
reserves.
Directors
The present membership of the Board,
together with their beneficial and family
interests in the shares of the company,
is set out below. All directors, with the
exception of Mr P Griffiths, served
throughout the year.
7 May 4 May 
2004 2003
Number Number
J.J. Hamer (Non-Executive) 21,218 21,218
A.C. Thompson 308,918 286,800
P. Griffiths (Appointed 1 September 2003) 27,000 —
C. Neilson 23,571 14,725
E.G. Whitfield 36,492 18,800
J. Tattersall — 4,000
C.E. Davies (Non-Executive) 276,800 276,800
There have been no changes to the directors’ shareholdings since 7 May 2004.
In accordance with the Articles of Association Mr J.J. Hamer and Mr J. Tattersall
retire and offer themselves for re-election. 
No directors had an interest in any material contract of the company.
Substantial shareholdings
In addition to Mr A.C. Thompson, there were the following holdings of more than
3% of the company’s issued shares at  12 July 2004.
Number %
ISIS Asset Management plc 1,288,796 13.22%
Pension Services Limited 455,000 4.67%
Gartmore Investment Management Limited 434,326 4.45%
Framlington Investment Management Limited 400,000 4.10%
Close Brothers Growth Capital 375,564 3.85%
F&C Smaller Companies Plc 318,360 3.27%
Stewardship Income Fund 317,000 3.25%
Merrill Lynch Investment Managers Limited 314,504 3.23%
Newton Small Co EXE (AAM3) Fund 300,000 3.08%
Royal Bank of Scotland plc 300,000 3.08%
Invesco English and International Trust plc 299,032 3.07%
Corporate governance
The company has applied the principles of good governance contained in the
Combined Code as practical for a Group of this size.
Board committees
The Board of Directors
The company supports the concept of an effective Board leading and controlling
the Group. The Board is responsible for approving policy and strategy. It meets
monthly and has a schedule of matters specifically reserved to it for decision.
Management supply the Board with appropriate and timely information and the
directors are free to seek any further information they consider necessary.
13 directors’ report The Board consists of five executive
directors, who hold the key operational
positions in the Group, and two non-
executive directors who bring a breadth
of experience and knowledge, one of
whom is independent of management
and any business or other relationship
which could interfere with the exercise
of his independent judgement. The
composition of the Board provides a
balance whereby decision making
cannot be dominated by an individual
or small group.
Audit and remuneration committees
The audit and remuneration committees
of the Board are an important part of
our implementation of the principles of
good corporate governance as set out
in the Combined Code. The audit
committee, chaired by Mr J.J. Hamer,
is formally constituted with written terms
of reference and comprised the two
non-executive directors throughout the
reporting period. The executive
directors are not members of the
committee but the Finance Director
may be invited to attend its meetings.
The committee meets at least twice per
year. The external auditors will attend
for the whole of one meeting and they
have direct access to the non-
executive directors for independent
discussions without the presence of
executive directors.
The audit committee may examine any
matters relating to the financial affairs of
the Group. This includes reviews of the
annual accounts and announcements,
internal control procedures, accounting
policies, compliance with accounting
standards, the appointment of external
auditors and such other related
functions as the Board may require.
The remuneration committee comprised
the two non-executive directors
throughout the reporting period and is
chaired by Mr C.E. Davies. The
committee determines the remuneration
policies of the Group which include the
terms and conditions, including annual
remuneration and incentive awards, of
the executive directors.
Going concern
After making enquiries, the directors
have a reasonable expectation that the
Group has adequate resources to
continue in operational existence for the
foreseeable future. For this reason they
continue to adopt the going concern
basis in preparing the accounts.
Internal control
The Board is responsible for
maintaining a sound system of internal
control to safeguard shareholders’
investment and the Group’s assets,
and for reviewing its effectiveness. 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
loss and misstatement.
The control framework within the Group
is as follows:
❖ A strong culture of internal control
across all areas of operation.
❖ An organisational structure with
clearly defined lines of responsibility,
delegation of authority and reporting
requirements.
❖ Defined expenditure authorisation
limits.
Major commercial, technological and
financial risks are formally assessed
during the annual business planning
process, which takes place in the last
quarter of the financial year. There is a
formal schedule of matters requiring
authorisation by the Board including, for
example, major capital expenditure, and
new business initiatives.
There is a comprehensive system of
financial reporting. The annual budget,
which is derived from the business
plan, is reviewed in detail and approved
by the Board. The Finance Director
presents a report to the Board each
month detailing the results of each
principal business unit, variances
against budget and other performance
data.
The principal system for evaluating and
managing risk is the regular meeting of
the Board members with the
management of business units. The
purpose of the meetings is to monitor
and control operations. Performance is
reviewed, risks identified, financial and
other implications assessed and
corrective actions agreed as necessary.
Each month Board members present
the output of these meetings to the
Board for review.
The Board has considered the need for
an internal audit function but has
decided the size of the company does
not justify it at present.
14 Relations with shareholders
The Group values the views of its
shareholders and recognises their
interest in the Group’s strategy,
performance, Board membership and
quality of management. It therefore
holds regular meetings with its
institutional shareholders to discuss
objectives.
The AGM will be used to communicate
with private investors and they are
encouraged to participate. The
Chairman of each of the audit and
remuneration committees will be
available to answer questions. Separate
resolutions are proposed on each issue
so that they can be given proper
consideration and there is a resolution
to approve the annual report and
accounts. The Group counts all proxy
votes and will indicate the level of
proxies lodged on each resolution, after
it has been dealt with by a show of
hands.
The Group also has a website with links
providing financial information and press
releases. A welcome letter is issued to
all new shareholders registering in their
own name. Every effort is made to
speak or write to any shareholder
making an enquiry.
Share options and employee 
share ownership
Employee involvement in the overall
performance of the Group has been
encouraged by employee share option
schemes. An Inland Revenue approved
executive share option scheme (the
Approved Scheme) and an unapproved
executive share option scheme (the
Unapproved Scheme) were established
in 1998. Under each of the schemes,
directors and employees of the Group
may be offered options to acquire
ordinary shares, which will only be
granted on the achievement of
performance targets.
On 14 January 2004 a senior
employee was granted 3,398 options
under the Approved Scheme and
2,602 under the Unapproved Scheme.
The exercise price is 457.5 pence
and the exercise period is between
14 January 2007 and 13 January
2014. Details of directors
,
share
options are set out on page 18.
On 1 October 2003 options numbering
89,785 granted under the Savings
Related Share Option Scheme were
exercised by the respective directors
and employees. There are no
unexercised options under this
Scheme.
Employees
The Group has continued its practice of
keeping employees informed of matters
affecting them as employees and the
financial and economic factors affecting
the performance of the Group. This is
achieved through works council
meetings and newsletters.
Applications for employment by disabled
persons are given full and fair
consideration for all vacancies in
accordance with their particular aptitudes
and abilities. In the event of an employee
becoming disabled, every effort is made
to retrain them in order that their
employment with the Group may
continue.
It is the policy of the Group that training,
career development and promotion
opportunities should be available to all
employees.
Supplier payment policy
The Group’s policy is to comply with
the terms of payment agreed with
suppliers when terms of business are
established. At 7 May 2004 the
Group’s trade creditors represented 
73 days of purchases (2003: 67 days).
The Group’s trade creditor days figure
is given as it is a more meaningful
measure.
Corporate social responsibility
The success of the Group to date
would not have been achieved without
the continued support of our workforce.
As such, we make every effort to
contribute to the well-being of the
communities in which we operate, by
becoming actively involved in a variety
of charitable initiatives. This year we
became corporate members of
“Business in the Community” (BITC), a
unique movement of over 700 of the
UK’s top organisations whose purpose
is to inspire, challenge, engage and
support the business sector in
continually improving its positive impact
on society.
15 directors’ report continued At the annual BITC Impact Conference
in March 2004, the Group volunteered
to become a mentor under the BITC
“Partners in Leadership” programme,
which has been designed to help guide
and encourage local community
enterprise. Since then, a number of our
employees have also volunteered and
participated in various BITC
programmes, offering their time and
skills within the communities in which
they live and work.
Charitable Support and political
donations
Throughout the year the Group
responds to hundreds of requests to
support a wide variety for fund-raising
initiatives on a local and national level.
Climbers, rowers, walkers, runners and
adventurers, school fetes, Scouts and
a variety of other groups have all
received our support mainly in the form
of product. We have also sponsored
several of our own employees who ran
in this year’s London Marathon. Finally,
at this year’s ‘Pride of East Lancashire
Business Awards’, we were delighted
to receive the ‘Company of the Year’
Award, sponsored by the Lancashire
Evening Telegraph. The award was
accompanied by a £2,000 prize, which
we chose to donate to two local
schools.
The charitable donations for the year
were £3,000 (2003: £nil) and there
were no political donations. (2003: £nil)
Directors’ responsibilities for the
financial statements
Company law requires the directors to
prepare financial statements for each
financial year which give a true and fair
view of the state of affairs of the Group
and company and of the profit or loss
of  the Group for that year. In preparing
those statements, the directors are
required to:
a select suitable accounting policies
and apply them consistently;
b make judgements and estimates
that are reasonable and prudent;
c state whether applicable accounting
standards have been followed,
subject to any material departures
disclosed and explained in the
financial statements;
d prepare the financial statements on
the going concern basis unless it is
inappropriate to presume that the
Group will continue in business.
The directors are responsible for
keeping proper accounting records
which disclose with reasonable
accuracy at any time the financial
position of the company and to enable
them to ensure that the Financial
Statements comply with the
Companies Act 1985. 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.
Auditors
Grant Thornton resigned as auditors on
15 April 2004. KPMG Audit Plc were
appointed to fill the casual vacancy
arising. KPMG Audit Plc have indicated
their willingness to continue as auditors
and offer themselves for reappointment
in accordance with Section 385 of the
Companies Act 1985.
By order of the Board
Christopher Neilson
Company Secretary
12 July 2004 
16 Introduction
The Board recognises that directors’
remuneration is of legitimate concern to
the shareholders and is committed to
following current best practice. The
company operates within a competitive
environment that is subject to rapid
commercial change. Its performance
depends on the individual contributions
of the directors and employees and it
believes in rewarding vision and
innovation.
The Board presents the Report on
Remuneration for shareholder approval.
Composition and function of the
remuneration committee
The remuneration committee comprises
both of the non-executive directors of
the Group. It considers all aspects of
the executive directors’ remuneration
and administers the Group’s share
option schemes. The Committee meets
twice a year. The Committee consults
the Chief Executive and has access to
professional advice both within and
outside the company.
17 report on directors’ remuneration
The remuneration of non-executive
directors is considered by the Board as
a whole following recommendations by
the executive directors.
Policy on executive directors’
remuneration
Executive remuneration packages are
designed to attract, motivate and retain
directors of the calibre necessary to
maintain the Group’s position as a
growing business. The performance
measurement of the executive directors
and the determination of their annual
remuneration package is undertaken by
the committee.
There are three main elements of their
remuneration package:
❖ basic annual salary
❖ annual bonus payments
❖ share option incentives
Each executive director’s basic salary is
reviewed annually by the committee. In
deciding upon appropriate levels of
remuneration the committee has regard
to rates of pay for similar jobs in
comparable companies as well as
internal factors such as the
achievement of strategic objectives,
improvement in operating efficiency and
overall Group performance. Executive
directors’ basic salaries were last
reviewed in May 2004.
The committee establishes the
objectives which must be met for a
cash bonus to be paid. The committee
believes that the award of any bonuses
should be tied to the interests of the
Group’s shareholders and that the
principal measure of those interests is
shareholder value, including growth in
earnings per share, net asset value and
share price. Account is also taken of
the relative success of the different
parts of the business for which the
executive directors are responsible. 
The bonus paid and provided during
the year recognises that the Group has
increased turnover, profit and earnings
per share in every year and the
additional activity involved in the
acquisition of Farmhouse Bakery
Holdings Limited.
Pension arrangements
Executive directors are eligible to be
members of the Group’s defined
contribution pension schemes. Their
dependants are eligible for the payment
of a lump sum in the event of death in
service. The pension costs are charged
by way of contributions related to basic
salary. There have been no changes in
the terms of directors’ pension
entitlements during the year. The Group
has met its contractual commitments to
make payments in respect of directors’
entitlements under the schemes. Share options
The Board believes that share ownership strengthens the link between personal interests and those of shareholders and
encourages long-term improvement in the Group’s performance. All options granted are subject to performance conditions on
exercise.
The committee is responsible for supervising the company’s Inland Revenue Approved Share Option Scheme, Executive Share
Option Scheme and the Management Incentive Scheme. On 8 October 2003 7,812 Approved Share Options and 92,188
Unapproved Share Options were granted to Paul Griffiths at an exercise price of 384 pence. A second tranche of 100,000
Unapproved Share Options were granted to him on 19 January 2004 at an exercise price of 457.5 pence.
Directors’ share options
4 May 7 May Exercise Market price at Exercise period 
2003 Granted Exercised 2004 price date of exercise or date
Executive Scheme
A.C. Thompson 75,000 — 75,000 — 97.5p 462.5p 26/01/04
A.C. Thompson 15,000 — — 15,000 180p — 21/10/2002 to 20/10/2009
A.C. Thompson 50,000 — — 50,000 285p — 16/01/2004 to 15/01/2011
E.G. Whitfield 15,000 — — 15,000 180p — 21/10/2002 to 20/10/2009
E.G. Whitfield 30,000 — 30,000 — 285p 462.5p 26/01/04
C. Neilson 6,731 — — 6,731 97.5p — 21/09/2001 to 20/09/2008
C. Neilson 10,000 — — 10,000 180p — 21/10/2002 to 20/10/2009
C. Neilson 30,000 — — 30,000 285p — 16/01/2004 to 15/01/2011
J. Tattersall 29,474 — — 29,474 285p — 16/01/2004 to 15/01/2011
P. Griffiths — 92,188 — 92,188 384p — 10/10/2006 to 09/10/2013
P. Griffiths — 100,000 — 100,000 457.5p — 20/01/2007 to 19/01/2014
Revenue Approved Scheme
C. Neilson 30,769 — — 30,769 97.5p — 15/09/2001 to 14/09/2008
J. Tattersall 10,526 — 10,526 — 285p 462.5p 26/01/04
C.E. Davies 10,000 — — 10,000 285p — 15/01/2004 to 14/01/2011
J.J. Hamer 10,000 — — 10,000 285p — 15/01/2004 to 14/01/2011
P. Griffiths — 7,812 — 7,812 384p — 08/10/2006 to 07/10/2013
Savings Related Scheme
A.C. Thompson 17,692 — 17,692 — 78p 400p 26/09/03
E.G. Whitfield 17,692 — 17,692 — 78p 400p 26/09/03
C. Neilson 8,846 — 8,846 — 78p 400p 26/09/03
Management Incentive Scheme
A.C. Thompson 32,102 — — 32,102 311.5p — 18/07/2006 to 18/07/2009
A.C. Thompson 202,898 — — 202,898 289p — 18/07/2006 to 18/07/2009
E.G. Whitfield 32,102 — — 32,102 311.5p — 18/07/2006 to 18/07/2009
E.G. Whitfield 120,898 — — 120,898 289p — 18/07/2006 to 18/07/2009
C. Neilson 22,471 — — 22,471 311.5p — 18/07/2006 to 18/07/2009
C. Neilson 130,529 — — 130,529 289p — 18/07/2006 to 18/07/2009
J. Tattersall 22,472 — — 22,472 311.5p — 18/07/2006 to 18/07/2009
J. Tattersall 130,528 — — 130,528 289p — 18/07/2006 to 18/07/2009
C.E. Davies 153,000 — — 153,000 289p — 18/07/2006 to 18/07/2009
J.J. Hamer 53,000 — — 53,000 289p — 18/07/2006 to 18/07/2009
The exercise price was equivalent to the market price of the company’s shares at the date of grant of each option.
The market price of the shares at 30 April 2004 was 484p. The highest price in the year was 492.5p and the lowest 314p.
18 Service contracts 
All the executive directors have contracts, which are
terminable by the company with 12 months’ notice, and
the service agreements for non-executive directors can
be terminated by either party giving three months’ notice.
Performance graph
Inter Link Foods total shareholder return v FTSE AIM
Index
The graph shows the Group’s Total Shareholder
Return (TSR) performance compared with the TSR of
the FTSE AIM Index over the last five years. TSR is
defined as the percentage change over the period in
the market price of shares assuming reinvestment of
income and funding liabilities of the theoretical
holding.
Details of directors’ remuneration
Emoluments for the Chairman, executive and
non-executive directors for the year are set out below.
This information forms part of the audited financial
statements.
Total Pension 
Excluding Contri- Total Total
Salary Benefits Bonus Fees Pension butions 2004 2003
££££££££
Executive
P. Griffiths 89,666 1,313 10,000 — 100,979 8,333 109,312 —
A.C. Thompson 150,000 23,869 27,500 — 201,369 27,667 229,036 202,908
C. Neilson 76,000 14,835 27,500 — 118,335 2,838 121,173 115,276
E.G. Whitfield 87,000 1,733 17,500 — 106,233 — 106,233 125,169
J. Tattersall 81,000 9,678 17,500 — 108,178 15,863 124,041 114,460
Non-Executive
J.J. Hamer — — — 39,791 39,791 — 39,791 50,000
C.E. Davies 15,000 1,719 27,500 59,587 103,806 — 103,806 93,909
498,666 53,147 127,500 99,378 778,691 54,701 833,392 701,722
Included within the fees paid to Mr C.E. Davies is an amount of £59,587 (2003: £77,500) paid to Access Corporate Finance
Limited, which is owned by Mr C.E. Davies, in respect of fees for work on the acquisition undertaken by the Group in the year.
During the year directors have exercised 159,956 options. The aggregate gain based on the market price on the date of
exercise is £488,747.
On behalf of the Board
Colin Davies
Chairman of the remuneration committee
12 July 2004
19 report on directors’ remuneration continued
INTER LINK FOODS – TOT RETURN IND
FTSE ALTERNATIVE INV. MARKET (AIM) – TOT RETURN IND
400
350
300
250
200
150
100
50
0
1999 2000 2001 2002 2003 2004
Source: DATASTREAM We have audited the financial
statements of Inter Link Foods PLC on
pages 21 to 38. We have also audited
the information in the directors’
remuneration report on page 19 that is
described as having been audited.
This report is made solely to the
company’s members, as a body, in
accordance with section 235 of the
Companies Act 1985. 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. To 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 auditors
The directors are responsible for
preparing the Directors’ Report and the
Directors’ Remuneration Report. As
described on page 16, this includes
responsibility for preparing the financial
statements in accordance with
applicable United Kingdom Law and
accounting standards. Our
responsibilities, as independent
auditors, are established in the United
Kingdom by statute, the Auditing
Practices Board and by our profession’s
ethical guidance.
We report to you our opinion as to
whether the financial statements give a
true and fair view and whether the
financial statements and the part of the
directors’ remuneration report to be
audited have been properly prepared in
accordance with the Companies Act
1985. We also report to you if, in our
opinion, the directors’ report is not
consistent with the financial statements,
if the company has not kept proper
accounting records, if we have not
received all the information and
explanations we require for our audit, or
if information specified by law regarding
directors’ remuneration and
transactions with the Group is not
disclosed.
We read the other information
accompanying the financial statements
including the unaudited part of the
directors' remuneration report, and
consider whether it is consistent with
the audited financial statements.
We consider the implications for our
report if we become aware of any
apparent misstatements or material
inconsistencies with the financial
statements.
Basis of audit opinion
We conducted our audit in
accordance with Auditing Standards
issued by the Auditing Practices
Board. An audit includes examination,
on a test basis, of evidence relevant to
the amounts and disclosures in the
financial statements and the part of
the directors’ remuneration report to
be audited. It also includes an
assessment of the significant
estimates and judgements made by
the directors in the preparation of the
financial statements, and of whether
the accounting policies are appropriate
to the Group’s circumstances,
consistently applied and adequately
disclosed.
We planned and performed our audit so
as to obtain all the information and
explanations which we considered
necessary in order to provide us with
sufficient evidence to give reasonable
assurance that the financial statements
and the part of the directors’
remuneration report to be audited are
free from material misstatement,
whether caused by fraud or other
irregularity or error. In forming our
opinion, we also evaluated the overall
adequacy of the presentation of
information in the financial statements
and the part of the directors’
remuneration report to be audited.
Opinion
In our opinion: 
❖ the financial statements give a true
and fair view of the state of affairs
of the company and the Group at
7 May 2004 and of the profit of the
Group for the year then ended;
and
❖ the financial statements and the
part of the directors’ remuneration
report to be audited have been
properly prepared in accordance
with the Companies Act 1985.
KPMG Audit Plc
Registered Auditor
Chartered Accountants
Manchester
12 July 2004
report of the independent auditors to the members of Inter Link Foods PLC 20 21 consolidated profit and loss account
For the year ended 7 May 2004
2004 2003
Notes £’000 £’000
Turnover
Continuing operations 66,261 48,901
Acquisitions 3,364 2,475
2 69,625 51,376
Cost of sales 3 (43,777) (32,896)
Gross profit 25,848 18,480
Operating expenses
Amortisation of goodwill (1,029) (699)
Other operating expenses (19,946) (14,247)
Total operating expenses 3 (20,975) (14,946)
Operating profit
Continuing operations 4,739 3,332
Acquisitions 134 202
4,873 3,534
Net interest 5 (938) (572)
Profit on ordinary activities before taxation 2 3,935 2,962
Taxation 6 (1,300) (983)
Profit for the financial year 2,635 1,979
Dividends 8 (538) (434)
Profit retained and transferred to reserves 21 2,097 1,545
Basic earnings per share 9 27.5p 26.3p
Adjusted earnings per share 9 38.2p 35.5p
Diluted earnings per share 9 26.5p 25.2p
Diluted adjusted earnings per share 9 36.9p 34.1p
There were no recognised gains or losses other than the consolidated profit for the year.
The accompanying accounting policies and notes form an integral part of these financial statements. At 7 May 2004
Group Company
2004 2003 2004 2003
Notes £’000 £’000 £’000 £’000
Fixed assets
Intangible 11 22,111 18,851 7,049 7,480
Tangible 12 14,778 11,261 5,087 4,167
Investments 13 — — 11,128 5,472
36,889 30,112 23,264 17,119
Current assets
Stocks 14 5,163 2,914 1,280 1,095
Debtors 15 13,932 10,771 18,852 17,487
Cash at bank and in hand 3,240 2,084 1,664 1,802
22,335 15,769 21,796 20,384
Creditors: amounts falling due 
within one year 16 (20,079) (18,222) (13,459) (13,845)
Net current assets/(liabilities) 2,256 (2,453) 8,337 6,539
Total assets less current liabilities 39,145 27,659 31,601 23,658
Creditors: amounts falling due after 
more than one year 17 (16,891) (8,227) (16,387) (8,096)
Provisions for liabilities and charges 19 (1,186) (831) (466) (402)
Net assets 21,068 18,601 14,748 15,160
Capital and reserves
Called up share capital 20 195 190 195 190
Share premium account 21 14,544 14,179 14,544 14,179
Other reserves 21 128 128 — —
Profit and loss account 21 6,201 4,104 9 791
Equity shareholders’ funds 22 21,068 18,601 14,748 15,160
These financial statements were approved by the Board of directors on 12 July 2004 and were signed on its
behalf by:
Alwin Thompson
Christopher Neilson
The accompanying accounting policies and notes form an integral part of these financial statements.
balance sheets 22 For the year ended 7 May 2004
2004 2003
Notes £’000 £’000
Net cash inflow from operating activities 23 6,328 3,702
Returns on investments and servicing of finance
Net interest 5 (938) (572)
Net cash outflow from returns on investments and servicing of finance (938) (572)
Taxation (981) (1,284)
Capital expenditure and financial investment
Investment in development costs (961) (453)
Purchase of tangible fixed assets (2,681) (1,728)
Sale of fixed assets 85 75
Net cash outflow from capital expenditure and financial investment (3,557) (2,106)
Acquisitions and disposals
Purchase of subsidiary undertakings 10 (6,820) (9,849)
Net overdraft acquired with subsidiaries 10 (727) —
Net cash outflow from acquisitions and disposals (7,547) (9,849)
Equity dividends (494) (315)
Net cash outflow before financing (7,189) (10,424)
Financing
Issue of share capital (net of issue costs) 370 6,541
Net movement on loans 25 9,516 2,326
Capital element of finance lease payments 25 (259) (304)
Net cash inflow from financing 9,627 8,563
Increase/(decrease) in cash 24 2,438 (1,861)
The accompanying accounting policies and notes form an integral part of these financial statements.
23 consolidated cash flow statement 1. Principal accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with
applicable accounting standards.
The principal accounting policies of the Group have remained unchanged from the previous year and are set
out below.
Basis of consolidation 
The Group financial statements consolidate the accounts of the company and its subsidiary undertakings, drawn
up to 7 May 2004, using the acquisition method of accounting. The results of the subsidiary acquired during the
year have been included from the date of acquisition. Profits or losses on intra-group transactions are eliminated in
full. On acquisition of a subsidiary, all of the subsidiary’s assets and liabilities which exist at the date of acquisition
are recorded at their fair values reflecting their condition at that date.
Under section 230 (4) of the Companies Act 1985, the company is exempt from the requirement to present its
own profit and loss account.
Turnover
Turnover is the total amount receivable by the Group for services provided, excluding VAT and trade discounts.
Intangible fixed assets
Goodwill
Goodwill arising on consolidation, representing the excess of the fair value of the consideration given over the fair
values of the identifiable net assets acquired, is capitalised and is amortised on a straight line basis over its
estimated useful economic life.
Purchased goodwill first accounted for in accounting periods ending before 23 December 1998, the
implementation date of FRS 10, was eliminated from the financial statements by immediate write-off on acquisition
against reserves. Such goodwill will be charged to the profit and loss account on the subsequent disposal of the
business to which it relates.
Development costs
Development costs incurred on specific projects are capitalised when recoverability can be assessed with
reasonable certainty and amortised over three years commencing in the year after the expenditure is incurred, in
line with the expected sales arising from the projects. Where the anticipated life of a character licence cake is
deemed to be less than 3 years, development costs associated with such a product are written off over a shorter
period following half-yearly reviews. All other development costs are written off in the year of expenditure. 
Tangible fixed assets and depreciation
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset over its
expected useful life on a straight line basis as follows:
Freehold property 50 years
Leasehold property Period of lease
Furniture, fittings and office equipment 3–5 years
Plant and machinery 10–15 years
Motor vehicles 3–7 years
Investments
Investments are stated at cost less amounts written off.
Stocks
Stocks are valued at the lower of cost incurred in bringing each product to its present location and condition, and
net realisable value, on a first in, first out basis after making due allowance for any obsolete or slow-moving items.
notes to the financial statements 24 25 notes to the financial statements continued
1. Principal accounting policies continued
Deferred taxation
The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing
differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised
without discounting in respect of all timing 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.
Leasing commitments
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their expected
useful lives. The interest element of leasing payments represents a constant proportion of the capital balance
outstanding and is charged to the profit and loss account over the period of the lease.
All other leases are regarded as operating leases and the payments made under them are charged to the profit and
loss account on a straight line basis over the lease term.
Pensions
The Group operates a number of defined contribution pension schemes. Contributions are charged to the profit and
loss account as they become payable in accordance with the rules of the schemes. 
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to
the profit and loss account by equal annual instalments over the expected useful lives of the relevant assets.
Government grants of a revenue nature are credited to the profit and loss account in the same period as the
related expenditure.
Financial instruments
Financial assets are recognised in the balance sheet at the lower of cost and net realisable value. Provision is made
for diminution in value where appropriate. Income and expenditure arising on financial instruments is recognised on
the accruals basis, and credited or charged to the profit and loss account in the financial period to which it relates.
Foreign currency
Transactions in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary assets
and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. All
exchange differences are dealt with through the profit and loss account.
Cash
Cash for the purposes of the cash flow statement comprises cash in hand and deposits repayable on demand, less
overdrafts payable on demand.
2. Turnover and profit on ordinary activities before taxation
The turnover and profit on ordinary activities before taxation are attributable to the principal activities as set out on
page 13, and arise wholly within the United Kingdom.
The profit on ordinary activities before taxation is stated after charging/(crediting):
2004 2003
£’000 £’000
Depreciation of tangible fixed assets
— owned assets 1,184 875
— assets held under finance leases 153 116
(Profit) on sale of fixed assets (24) (2)
Amortisation of goodwill 1,029 699
Amortisation of development costs 448 323
Receipt of government grant — (15)
Operating lease rentals
— land and buildings 456 372
— other 161 81
Auditors’ remuneration
— audit services 
— Group 55 46
— Company 20 18
— other services 7 13 3. Cost of sales and other operating expenses
2004 2003
Continuing Acquisitions Total Total
£’000 £’000 £’000 £’000
Cost of sales 41,956 1,821 43,777 32,896
Operating expenses
Distribution costs 5,247 258 5,505 3,202
Administrative expenses:
Amortisation of goodwill 1,029 — 1,029 699
Amortisation of development costs 448 — 448 323
Other 12,842 1,151 13,993 10,722
Total administrative expenses 14,319 1,151 15,470 11,744
Total operating expenses 19,566 1,409 20,975 14,946
4. Employees
Staff costs during the year were as follows:
2004 2003
£’000 £’000
Wages and salaries 15,346 10,599
Social security costs 1,325 850
Pension costs (see note 29) 281 187
16,952 11,636
The average number of employees of the Group (including executive directors) 
during the year was as follows: 2004 2003
Number Number
Management, sales and administration 184 125
Production 1,022 705
1,206 830
Remuneration in respect of directors is covered under the Report on Remuneration on pages 17 to 19.
5. Net interest
2004 2003
£’000 £’000
On loans and overdrafts 887 540
Finance charges in respect of leases 53 33
940 573
Interest receivable (2) (1)
938 572
26 27 notes to the financial statements continued
6. Taxation
2004 2003
£’000 £’000
Corporation tax at 30% (2003: 30%) 1,108 903
Adjustment in respect of prior years (23) —
Total current tax 1,085 903
Deferred tax (see note 19) 215 80
1,300 983
Factors affecting the tax charge for the year
The corporation tax assessed for the year is lower (2003: higher) than the standard rate of corporation tax 
in the United Kingdom of 30% (2003: 30%). The differences are explained below:
2004 2003
£’000 £’000
Profit on ordinary activities before tax 3,935 2,962
Profit on ordinary activities multiplied by standard rate of 
corporation tax in the UK of 30% (2003: 30%). 1,180 889
Effect of:
Expenses including goodwill not deductible for tax purposes 76 54
Capital allowances in excess of depreciation (233) (89)
Other short-term timing differences 14 (2)
Adjustment in respect of prior years (23) —
Disallowed amortisation on consolidated goodwill 71 51
Current tax charge for the year 1,085 903
7. Profit for the financial year
The parent company has taken advantage of section 230 of the Companies Act 1985 and has not included its
own profit and loss account in these financial statements. The loss for the financial year of the company before
dividends payable was £244,000 (2003: profit of £744,000).
8. Dividends
2004 2003
£’000 £’000
Equity dividends:
Interim dividend of 1.85p (2003: 1.67p) per ordinary share 178 118
Final proposed dividend of 3.7p (2003: 3.33p) per ordinary share 360 316
538 434 9. Earnings per share
Earnings per share is calculated on the basis of profit for the year after tax divided by the weighted average
number of shares in issue for 2004 of 9,595,168 (2003: 7,537,192).
Diluted earnings per share is calculated on the basis of profit for the year after tax divided by the weighted
average number of shares in issue for 2004 adjusted for the dilutive effect of options granted which totals
9,932,132 (2003: 7,862,991).
An adjusted earnings per share and a diluted adjusted earnings per share, which exclude goodwill amortisation, have
also been calculated to allow shareholders to gain a clearer understanding of the trading performance of the Group.
2004 2003
Weighted Per Share Weighted Per Share
Earnings Average No. Amount Earnings Average No. Amount
£’000 of shares pence £’000 of shares pence
Earnings attributable to ordinary 
shareholders 2,635 9,595,168 27.5 1,979 7,537,192 26.3
Amortisation of goodwill 1,029 — — 699——
Adjusted earnings per share 3,664 9,595,168 38.2 2,678 7,537,192 35.5
Dilutive effect of securities
Options — 337,024 — — 325,799 —
Diluted earnings per share 2,635 9,932,192 26.5 1,979 7,862,991 25.2
Diluted adjusted earnings 
per share 3,664 9,932,192 36.9 2,678 7,862,991 34.1
10. Acquisitions
On 13 January 2004, the entire issued share capital of Farmhouse Bakery Holdings Limited was acquired for a
consideration of £5,050,000. 
The acquisition has been accounted for using the acquisition method of accounting, and goodwill arising on
consolidation has been capitalised and will be amortised over a period of 20 years, its expected useful life.
The following table sets out the identifiable assets and liabilities acquired:
Book value Adjustments Fair values
£’000 £’000 £’000
Tangible fixed assets 1,575 — 1,575
Stocks 1,240 (127) 1,113
Debtors 2,839 — 2,839
Bank overdraft (727) — (727)
Creditors (1,409) (557) (1,966)
Taxation (410) (19) (429)
Net assets acquired 3,108 (703) 2,405
Goodwill (see note 11) 3,809
6,214
Satisfied by:
Cash 5,050
Acquisition costs 1,164
6,214
28 29 notes to the financial statements continued
10. Acquisitions continued
The principal fair value adjustments which have been made are to reduce the valuation of stock existing at the
date of acquisition and the provision for onerous obligations is based on the directors’ best estimate at 7 May
2004 and are subject to further review during the year ending 30 April 2005.
The loss before taxation of the Farmhouse Bakery Holdings Limited group for the period from 1 July 2003, the
beginning of the financial year, to 13 January 2004, the date of acquisition, was £171,836. The profit before
taxation for the year ended 30 June 2003 was £773,023. 
During the year the Farmhouse Bakery Holdings Limited group made the following contributions to, and
utilisations of, Group cash flow:
2004
£’000
Net cash inflow from operating activities 1,997
Capital expenditure and financial investment (1,170)
Increase in cash 827
Analysis of net outflow of cash in respect of acquisitions was as follows:
2004
£’000
Acquisition costs — current year acquisition 6,214
Deferred and contingent consideration paid — acquisitions of previous years 606
6,820
Contingent consideration of £500,000 was paid in respect of the acquisition of the Creative Cake Company 
and £106,000 in respect of the acquisition of Cakes for the Connoisseur in line with the respective acquisition
agreements.
Details of deferred and contingent consideration carried forward are provided in note 30. 11. Intangible fixed assets
Development
Goodwill costs Total
Group £’000 £’000 £’000
Cost
At 4 May 2003 19,357 1,387 20,744
Additions 218 961 1,179
Adjustment in respect of deferred consideration (251) — (251)
On acquisition 3,809 — 3,809
At 7 May 2004 23,133 2,348 25,481
Amortisation
At 4 May 2003 1,434 459 1,893
Charge for the year 1,029 448 1,477
At 7 May 2004 2,463 907 3,370
Net book amount
At 7 May 2004 20,670 1,441 22,111
At 3 May 2003 17,923 928 18,851
Development
Goodwill costs Total
Company £’000 £’000 £’000
Cost
At 4 May 2003 7,912 460 8,372
Additions — 345 345
Adjustment in respect of deferred consideration (251) — (251)
At 7 May 2004 7,661 805 8,466
Amortisation
At 4 May 2003 820 72 892
Charge for the year 383 142 525
At 7 May 2004 1,203 214 1,417
Net book amount
At 7 May 2004 6,458 591 7,049
At 3 May 2003 7,092 388 7,480
During the year the directors reassessed the provision for onerous obligations taken over on the acquisition of
the business and assets of Soreen. The provisions were increased by £218,000 to cover the ongoing payment
of personal disability benefits to six employees and commitments to sponsorship agreements. 
The contingent deferred consideration payable in respect of Cakes for the Connoisseur has reduced by
£251,000 as a result of turnover achieved by that business in the year ended 7 May 2004.
The useful economic life of the goodwill in respect of all acquisitions is 20 years, based on the directors’
assessment of the income streams of the acquired businesses.
30 31 notes to the financial statements continued
12. Tangible fixed assets
Plant,
machinery
Freehold Leasehold Fixtures and motor
property property and fittings vehicles Total
Group £’000 £’000 £’000 £’000 £’000
Cost
At 4 May 2003 3,974 543 746 12,838 18,101
Additions 65 236 525 2,514 3,340
On acquisition — 387 89 2,850 3,326
Disposals — — — (511) (511)
At 7 May 2004 4,039 1,166 1,360 17,691 24,256
Depreciation
At 4 May 2003 248 62 369 6,161 6,840
Charge for the year 72 62 143 1,060 1,337
On acquisition — 231 61 1,459 1,751
Disposals — — — (450) (450)
At 7 May 2004 320 355 573 8,230 9,478
Net book amount
At 7 May 2004 3,719 811 787 9,461 14,778
At 3 May 2003 3,726 481 377 6,677 11,261
Plant,
machinery
Freehold Leasehold Fixtures and motor
property property and fittings vehicles Total
Company £’000 £’000 £’000 £’000 £’000
Cost
At 4 May 2003 1,536 506 535 4,018 6,595
Additions 18 230 489 677 1,414
Disposals — — — (294) (294)
At 7 May 2004 1,554 736 1,024 4,401 7,715
Depreciation
At 4 May 2003 83 61 252 2,032 2,428
Charge for the year 37 41 108 296 482
Disposals — — — (282) (282)
At 7 May 2004 120 102 360 2,046 2,628
Net book amount
At 7 May 2004 1,434 634 664 2,355 5,087
At 3 May 2003 1,453 445 283 1,986 4,167 12. Tangible fixed assets continued
The figures stated above include assets held under finance leases and similar hire purchase contracts as
follows:
Plant and 
machinery Total
Group £’000 £’000
Net book amount
At 7 May 2004 1,753 1,753
At 3 May 2003 820 820
Depreciation 153 153
Company
Net book amount
At 7 May 2004 537 537
At 3 May 2003 478 478
Depreciation 92 92
13. Fixed asset investments
Company £’000
Cost and net book amount
At 4 May 2003 5,472
Additions 5,656
At 7 May 2004 11,128
The additions to investments comprise £5,656,000 in respect of the acquisition of Farmhouse Bakery Holdings
Limited and its subsidiary undertaking Farmhouse Bakery Products (Canterbury) Limited. At 7 May 2004, the
Group held 100% of the allotted share capital of the following subsidiary undertakings, all of which are registered
in England and Wales:
Proportion held Proportion held
Name Nature of Business by parent company by the Group
Crossfield Foods Limited Bakery — 100%
Lisa Bakery Limited Bakery — 100%
William Lusty Limited Bakery 100% 100%
Soreen Limited Bakery 100% 100%
Farmhouse Bakery Products
(Canterbury) Limited Bakery — 100%
Farmhouse Bakery Holdings Limited Intermediate Holding Company 100% 100%
Inter Link Food Group Limited Intermediate Holding Company 100% 100%
Biscuits for the Connoisseur Limited Dormant 100% 100%
Cakes for the Connoisseur Limited Dormant 100% 100%
Creative Cakes Limited Dormant 100% 100%
Hepworth & Whittles Limited Dormant 100% 100%
Maid Marian Bakeries Limited Dormant 100% 100%
Multibake Limited Dormant — 100%
Premier Fine Foods Limited Dormant — 100%
32 33 notes to the financial statements continued
14. Stocks
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Raw materials 3,074 1,864 686 493
Finished goods 2,089 1,050 594 602
5,163 2,914 1,280 1,095
15. Debtors
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Trade debtors 10,517 8,521 3,814 3,544
Amounts due from Group companies — — 12,238 11,888
Other debtors 1,399 1,209 1,174 1,039
Prepayments and accrued income 2,016 1,041 722 607
Corporation tax — — 904 409
13,932 10,771 18,852 17,487
16. Creditors: amounts falling due within one year
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Bank overdraft 3,255 4,537 1,322 4,091
Bank loans 1,650 1,720 1,754 1,720
Other loans 662 11 — —
Trade creditors 9,038 7,243 3,896 3,896
Finance lease obligations 611 238 246 163
Corporation tax 758 365 — —
Other taxes and social security 554 335 263 171
Accruals 2,383 2,210 518 777
Amounts owed to Group companies — — 4,623 2,052
Other creditors 365 632 34 44
Deferred and contingent consideration (see note 30) 443 615 443 615
Proposed dividends 360 316 360 316
20,079 18,222 13,459 13,845
17. Creditors: amounts falling due after more than one year
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Bank loans 16,230 7,295 16,230 7,295
Finance lease obligations 661 247 157 116
Deferred and contingent consideration (see note 30) — 685 — 685
16,891 8,227 16,387 8,096 18. Financial instruments
During the year the Group increased its bank loan facility from £8.35 million to £17.33 million in conjunction with
the acquisition of Farmhouse Bakery Holdings Limited. Part of the facility is currently used to guarantee loan
notes amounting to £3,180,666 which were issued to the vendors of Hepworth & Whittles Limited and will be
used to redeem the loan notes when notice is served by the holders of those notes. The loan facility is repayable
by quarterly instalments over a 4 year period with quarterly instalments of £375,000 in the next twelve months.
The bank loan facility includes an amount of £5 million which is a revolving loan which is not repayable until
October 2009.
In addition, the Group has a mortgage of £1,050,000 which is repayable by quarterly instalments of £37,500
over 7 years.
At 7 May 2004, net bank borrowings including the guarantee provided to the holders of the loan notes and
certain loans totalling £17,895,000 were secured by cross guarantees between the company and its subsidiary
undertakings, together with a fixed and floating charge over the assets of the company. Amounts owed under
finance leases are secured against the specific assets to which they relate.
The Group has unutilised overdraft facilities of £1,985,000 at 7 May 2004 which are subject to review in
December 2004. This overdraft facility is technically repayable on demand.
The Group uses financial instruments comprising cash, short-term borrowings, trade debtors and trade creditors,
that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the
Group’s operations.
The main risks arising from the Group’s financial instruments are interest rate risk and liquidity risk. The directors
review and agree policies for managing each of these risks and they are summarised below. Short-term debtors
and creditors have been excluded from the following disclosures.
Interest rate risk
The Group finances its operations through a mixture of retained profits and bank and other borrowings. The loan
notes carry a coupon of 5%, and a margin of 2.0% is payable. Interest rates ranging between 1.5% and 2.25%
over base rate apply to loans and a margin of 1.25% applies to the bank overdraft up to a level of £2 million,
above which the rate increases to 1.75%. The Group’s policy is to keep approximately 40% of borrowing at fixed
rates of interest. Interest rates are forecast to increase in the reasonably foreseeable future; therefore, the
percentage of borrowing on fixed rates has been allowed to increase to 52%.
The interest rate exposure of the net financial liabilities of the Group as at 7 May 2004 was:
2004 2003
£’000 £’000
Fixed — loan notes and finance lease obligations 10,239 3,665
Floating — loans and overdrafts 9,590 8,299
19,829 11,964
The weighted average fixed interest rate is 6.9% and the weighted average period for which the rate is fixed is
3.1 years. The floating rate of interest is based on LIBOR.
Liquidity risk
The Group seeks to manage financial risk, to ensure sufficient liquidity is available to meet foreseeable needs
and to invest cash assets safely and profitably. The Group’s general policy throughout the year has been, to
ensure continuity of funding, that at least 10% of its borrowings should mature in more than five years.
At the year end 28% of Group borrowings were due to mature in more than 5 years and throughout the year it
was 5%. Short-term flexibility is achieved by overdraft facilities.
34 35 notes to the financial statements continued
18. Financial instruments continued
Fair values
The fair values of the Group’s financial instruments are considered equal to book values.
Borrowings, excluding bank overdrafts, are repayable as follows:
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Within one year
Bank and other borrowings 2,312 1,731 1,754 1,720
Finance leases 611 238 246 163
After one year and within two years
Bank and other borrowings 2,400 1,970 2,400 1,970
Finance leases 661 247 157 116
After two years and within five years
Bank and other borrowings 8,530 4,875 8,530 4,875
Amounts due after five years
Bank and other borrowings 5,300 450 5,300 450
19,814 9,511 18,387 9,294
19. Provisions for liabilities and charges
Provisions for liabilities and charges comprises deferred taxation on a full provision basis as follows:
Group Company
£’000 £’000
At 4 May 2003 831 402
On acquisition 199 —
Fair value adjustment (59) —
Charged to profit and loss account (see note 6) 215 64
At 7 May 2004 1,186 466
Deferred tax provision
Accelerated capital allowances 1,268 474
Other timing differences (82) (8)
1,186 466
20. Called up share capital
2004 2003
£’000 £’000
Authorised
15,000,600 ordinary 2p shares (2003: 15,000,600) 300 300
Issued and fully paid
9,749,916 ordinary 2p shares (2003: 9,502,105) 195 190
During the year 247,811 shares have been allotted to directors and employees who have exercised share
options. The difference between the consideration received of £370,000 and the nominal value of those shares
of £5,000 has been credited to the share premium account. 21. Share premium account and reserves
Share premium Other Profit and
account reserves loss account
Group £’000 £’000 £’000
At 4 May 2003 14,179 128 4,104
Arising on issue of shares 365 — —
Retained profit for the year — — 2,097
At 7 May 2004 14,544 128 6,201
Share premium Profit and
account loss account
Company £’000 £’000
At 4 May 2003 14,179 791
Arising on issue of shares 365 —
Retained loss for the year — (782)
At 7 May 2004 14,544 9 
22. Reconciliation of movement in equity shareholders’ funds
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Profit/(loss) for the financial year 2,635 1,979 (244) 744
Dividends (538) (434) (538) (434)
Issue of shares (net of issue costs) 370 6,541 370 6,541
Net increase/(decrease) in equity shareholders’ funds 2,467 8,086 (412) 6,851
Equity shareholders’ funds at 4 May 2003 18,601 10,515 15,160 8,309
Equity shareholders’ funds at 7 May 2004 21,068 18,601 14,748 15,160
23. Reconciliation of operating profit to net cash flow from operating activities
2004 2003
£’000 £’000
Operating profit 4,873 3,534
Depreciation 1,337 991
Amortisation 1,477 1,022
Profit on sale of fixed assets (24) (2)
Increase in stocks (1,136) (683)
Increase in debtors (322) (3,606)
Increase in creditors 123 2,446
Net cash inflow from operating activities 6,328 3,702
36 37 notes to the financial statements continued
24. Reconciliation of net cash flow to movement in net debt
2004 2003
£’000 £’000
Increase/(decrease) in cash in the year 2,438 (1,861)
Cash (inflow)/outflow from movement in debt and lease financing (9,257) (2,022)
Change in net debt resulting from cash flows (6,819) (3,883)
New finance leases (658) (210)
Finance lease acquired with subsidiary (388) —
Movement in net debt (7,865) (4,093)
Net debt at 4 May 2003 (11,964) (7,871)
Net debt at 7 May 2004 (19,829) (11,964)
25. Analysis of net debt
At 4 May Non-cash At 7 May 
2003 Cash flow movement Acquisition 2004
£’000 £’000 £’000 £’000 £’000
Cash at bank and in hand 2,084 1,156 — — 3,240
Bank overdraft (4,537) 2,009 — (727) (3,255)
(2,453) 3,165 — (727) (15)
Loans (9,026) (9,516) — — (18,542)
Finance leases (485) 259 (658) (388) (1,272)
(11,964) (6,092) (658) (1,115) (19,829)
Non-cash movements relate to assets purchased under finance leases.
26. Leasing commitments
Operating lease payments amounting to £727,000 (2003: £511,000) are due within one year. The leases to
which these amounts relate expire as follows:
Land & Buildings Other
2004 2003 2004 2003
Group £’000 £’000 £’000 £’000
In one year or less — — 2 —
Between two and five years 252 156 165 85
After five years 308 270 — —
560 426 167 85
Land & Buildings       Other
2004 2003 2004 2003
Company £’000 £’000 £’000 £’000
In one year or less — — — —
Between two and five years 161 157 94 22
After five years 308 232 — —
469 389 94 22 27. Related party transactions
The company has taken advantage of the exemptions within FRS 8 and has not disclosed transactions with
other Group companies, on the basis that all subsidiaries are wholly owned.
28. Contingent liabilities
There were no contingent liabilities at 7 May 2004 or 3 May 2003.
29. Pensions
The Group operates a number of defined contribution schemes for the benefit of employees. The assets of the
schemes are administered by trustees in funds independent from those of the Group. The pension costs for the
year were £281,000 (2003: £187,000). There were no prepaid or outstanding contributions at either the
beginning or end of the financial year.
30. Capital commitments
The Group has capital commitments at 7 May 2004 amounting to £2,540,000 (2003: £411,000).
Contingent consideration of £400,000 has been provided in respect of the acquisition of The Creative Cake
Company because the gross profit criteria which would give rise to the final payment have been met in 2004.
The final payment of the contingent consideration for the Creative Cake Company is £400,000 in the year
ending 30 April 2005. The sales performance of the Cakes for the Connoisseur division in 2004 has caused the
directors to reduce their estimate of the contingent consideration from £294,000 to £43,000 under the terms of
the acquisition agreement which will be paid in August 2004. That payment will be the final payment under the
agreements to purchase Cakes for the Connoisseur.
38 39 notice of meeting
Notice is hereby given that the Annual
General Meeting of the Company will
be held at The Media Theatre, Jack
Walker Stand, Blackburn Rovers FC,
Ewood Park, Bolton Road, Blackburn,
Lancashire, BB2 4JF, at 12 noon on 10
September 2004 for the following
purposes:
Ordinary Business 
1. To receive and adopt the financial
statements and the reports of the
directors and auditors of the
Company for the year ended 
7 May 2004.
2. To receive and approve the
Board’s Report on Remuneration.
3. To declare a final dividend for the
financial year ended 7 May 2004
of 3.7p per ordinary share,
payable to shareholders on the
register at the close of business
on 20 August 2004.
4. To re-elect Mr J.J. Hamer who
retires in accordance with the
Company’s articles of association.
5. To re-elect Mr J. Tattersall who
retires in accordance with the
Company’s articles of association.
6. To appoint KPMG Audit Plc as
auditors and to authorise the
directors to fix their remuneration.
Special Business 
To consider and, if thought fit, to pass
the following Resolutions, of which
Resolution 7 will be proposed as an
Ordinary Resolution and Resolution 8
will be proposed as a Special
Resolution:
7. THAT the directors be and they
are hereby generally and
unconditionally authorised for the
purposes of Section 80 of the
Companies Act 1985 (“the Act”) to
exercise all powers of the
Company to allot, grant options
over, offer or otherwise deal with
or dispose of relevant securities
(within the meaning of Section 80
of the Act) up to an aggregate
nominal value of £65,000
provided that:
(i) this authority shall expire
fifteen months from the date
of this Resolution or at the
conclusion of the Annual
General Meeting of the
Company to be held in
2005, whichever is earlier,
unless previously renewed,
varied or revoked by the
Company in General Meeting
save that before such expiry
the Company may make an
offer or agreement which
would or might require
relevant securities of the
Company to be allotted after
such expiry and the directors
may allot relevant securities
in pursuance of such offer or
agreement as if the authority
conferred by this Resolution
had not expired; and
(ii) the authority conferred by
this Resolution shall be in
substitution for all existing
powers conferred on the
directors pursuant to the said
Section 80.
8. THAT, subject to the passing of
Resolution 7, the directors be and
they are hereby empowered
pursuant to Section 95 of the Act
to allot securities (within the
meaning of Section 94 of the Act)
for cash pursuant to the authority
conferred by the foregoing
Resolution as if subsection (1) of
Section 89 of the Act did not
apply to any such allotment
provided that this power shall be
limited:
(a) to the allotment of equity
securities in connection with
a rights issue in favour of
ordinary shareholders where
the equity securities
respectively attributable to
the interests of all ordinary
shareholders are
proportionate (as nearly as
may be but subject to such
exclusions or other
arrangements as the
directors may deem
necessary or desirable to
deal with fractional
entitlements or legal or practical problems under the
laws of, or the requirements
of any recognised regulatory
body or any stock exchange
in, any territory) to the
respective number of
ordinary shares held by
them; and
(b) to the allotment (otherwise
than pursuant to
subparagraph (a) above) of
equity securities up to an
aggregate nominal value of
£9,750
and shall expire fifteen months
from the date of this Resolution or
at the conclusion of the Annual
General Meeting of the Company
to be held in 2005, whichever is
earlier, save that the Company
may before such expiry make an
offer or agreement which would or
might require equity securities to
be allotted after such expiry and
the directors may allot equity
securities in pursuance of such an
offer or agreement as if the power
conferred hereby had not expired.
By order of the Board
C. Neilson
Company Secretary
12 July 2004
Registered Office:
Shadsworth Bakery
Sett End Road
Blackburn
Lancashire
BB1 2PT
Note:
Any member entitled to attend and vote
at the Annual General Meeting may
appoint one or more proxies to attend
and, on a poll, vote instead of him and
such proxy need not be a member of
the Company. To be effective, the
instrument appointing a proxy (and
power of attorney or other attorney (if
any) under which it is signed or a
notarially certified or office copy thereof)
must be deposited at Capita IRG Plc,
Proxy Department, Bourne House, 34
Beckenham Road, Beckenham, Kent,
BR3 4TU not less than 48 hours before
the time of holding the meeting.
Completion and return of the form of
proxy will not preclude shareholders
from attending the Annual General
Meeting and voting in person if they
wish to do so.
The register of interests of the directors
and their families of the share capital of
the company and copies of contracts
of service of directors with the
Company or with any of its subsidiary
undertakings will be available for
inspection at the registered office of the
company during normal business hours
(Saturdays and public holidays
excepted) from the date of this notice
until the conclusion of the Annual
General Meeting.
notice of meeting 40 5 Year Summary Profit and Loss Account
2004 2003 2002 2001 2000
£’000 £’000 £’000 £’000 £’000
Turnover 69,625 51,376 45,989 18,715 11,977
EBITA 5,902 4,233 3,804 1,926 1,182
Interest 938 572 519 140 73
Profit before tax and amortisation of goodwill 4,964 3,661 3,285 1,786 1,109
Amortisation of goodwill 1,029 699 600 128 —
Tax 1,300 983 917 513 310
Profit for the year 2,635 1,979 1,768 1,145 799
Diluted earnings per share 26.5p 25.2p 24.5p 20.5p 16.5p
Diluted earnings per share before amortisation 36.9p 34.1p 32.8p 22.8p 16.5p
Dividend per share 5.5p 5.0p 4.2p 3.6p 2.4p
5 Year Summary Balance Sheets
2004 2003 2002 2001 2000
£’000 £’000 £’000 £’000 £’000
Fixed assets
Intangible 22,111 18,851 12,060 11,314 927
Tangible 14,778 11,261 7,900 6,416 2,813
36,889 30,112 19,960 17,730 3,740
Current assets
Stock 5,163 2,914 1,681 1,414 666
Debtors 13,932 10,771 6,979 5,963 1,801
Cash 3,240 2,084 1,947 432 391
22,335 15,769 10,607 7,809 2,858
Current liabilities 20,079 18,222 12,573 8,071 2,827
Long-term liabilities 18,077 9,058 7,479 8,481 1,278
Net assets 21,068 18,601 10,515 8,987 2,493
41 five year review
41 financial calendar
Annual General Meeting 10 September 2004
Final Dividend 2004 Paid 17 September 2004
Interim Announcement 11 January 2005
Interim Dividend 2005 Paid 18 March 2005
Preliminary Announcement 2005 July 2005 ◆
◆
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Produced by Jones & Palmer Limited, Birmingham. tel: (0121) 236 9007
This Annual Report is printed on Revive Silk.
A true recycled product with an industry beating minimum
75% de inked post-consumer waste content.
manufacturing sites and depots 42
sites
1 Shadsworth Bakery Blackburn, Lancashire
2 Crossfield Foods Blackburn, Lancashire
3 Lisa Bakery Oldham, Greater Manchester
4 Soreen Urmston, Greater Manchester
5 Newton House Bakery Dewsbury, West Yorkshire
6 William Lusty Heywood, Lancashire
7 The Creative Cake Company Salisbury, Wiltshire
8 Farmhouse Bakery (Hoppers) Herne Bay, Kent
depots
9 Cakes for the Connoisseur Hamilton, Scotland
Huddersfield, West Yorkshire
Luton, Bedfordshire
Bristol, Avon
Key
● Sites
◆ Depots
●
●
◆
9
4
1 2
3
6
5
9
9
9
7
8 Inter Link Foods PLC
Blackburn BB1 2PT
Tel: 01254 55495 Fax: 01254 663602
www.interlinkfoods.co.uk
www.soreen.com