REG - Hilton Food Grp Plc - Interim results for the 28 weeks to 12 July 2015 <Origin Href="QuoteRef">HFG.L</Origin> - Part 2

Hilton FoodAnnouncement

08/09/2015 07:00

- Part 2: For the preceding part double click  ID:nRSH3197Ya 

December 2014                                        72,588          7,259           7,259           
 Issue of new shares on exercise of employee share options  241             24              24              
 At 12 July 2015                                            72,829          7,283           7,283           
                                                                                                                  
 
 
11 Cash, cash equivalents and bank overdrafts 
 
For the purpose of the interim condensed cash flow statement, cash, cash
equivalents and bank overdrafts comprise of the following: 
 
                                             28 weeks ended  28 weeks ended  
                                             12 July         13 July         
                                             2015            2014            
                                             £'000           £'000           
 Cash and cash equivalents                   40,546          19,586          
 Bank overdrafts                             -               (704)           
 Cash, cash equivalents and bank overdrafts  40,546          18,882          
 
 
12 Related party transactions 
 
The Directors do not consider there to be one ultimate controlling party. The
company noted below is deemed to be a related party by way of a joint venture
agreement. 
 
Sales made on an arm's length basis on normal credit terms to related parties
were as follows: 
 
                                                                        28 weeks ended  28 weeks ended  52 weeks ended  
                                                                        12 July         13 July         28 December     
                                                                        2015            2014            2014            
                                                                        £'000           £'000           £'000           
 Woolworths Limited and subsidiaries - recharge of joint venture costs  762             964             1,245           
                                                                                                                        
                                                                                                                        
 Amounts owing from related parties were as follows:                    
                                                                        12 July         13 July         28 December     
                                                                        2015            2014            2014            
                                                                        £'000           £'000           £'000           
 Woolworths Limited and subsidiaries                                    253             942             33              
 
 
13 Financial instruments 
 
The fair value of the financial assets and liabilities approximate their
carrying amounts. 
 
Auditors' review report 
 
Independent review report to Hilton Food Group plc 
 
Report on the condensed consolidated interim financial statements 
 
Our conclusion 
 
We have reviewed the condensed consolidated interim financial statements,
defined below, in the interim results of Hilton Food Group plc for the 28
weeks to 12 July 2015. Based on our review, nothing has come to our attention
that causes us to believe that the condensed consolidated interim financial
statements are not prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European Union and the
Disclosure and Transparency Rules of the United Kingdom's Financial Conduct
Authority. 
 
This conclusion is to be read in the context of what we say in the remainder
of this report. 
 
What we have reviewed 
 
The condensed consolidated interim financial statements, which are prepared by
Hilton Food Group plc, comprise: 
 
·    the balance sheet as at 12 July 2015; 
 
·    the income statement and statement of comprehensive income for the period
then ended; 
 
·    the cash flow statement for the period then ended; 
 
·    the statement of changes in equity for the period then ended; and 
 
·    the explanatory notes to the condensed consolidated interim financial
statements. 
 
As disclosed in note 2, the financial reporting framework that has been
applied in the preparation of the full annual financial statements of the
group is applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union. 
 
The condensed consolidated interim financial statements included in the
interim results have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the European Union
and the Disclosure and Transparency Rules of the United Kingdom's Financial
Conduct Authority. 
 
What a review of condensed consolidated financial statements involves 
 
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. 
 
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and, consequently,
does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion. 
 
We have read the other information contained in the interim results and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed consolidated interim
financial statements. 
 
Responsibilities for the condensed consolidated interim financial statements
and the review 
 
Our responsibilities and those of the Directors 
 
The interim results including the condensed consolidated interim financial
statements are the responsibility of, and have been approved by, the
Directors. The Directors are responsible for preparing the interim results in
accordance with the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority. 
 
Our responsibility is to express to the Company a conclusion on the condensed
consolidated interim financial statements in the interim results based on our
review. This report, including the conclusion, has been prepared for and only
for the Company for the purpose of complying with the Disclosure and
Transparency Rules of the Financial Conduct Authority and for no other
purpose. We do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is shown or
into whose hands it may come save where expressly agreed by our prior consent
in writing. 
 
PricewaterhouseCoopers LLP 
 
Chartered Accountants 
 
Belfast 
 
7 September 2015 
 
The maintenance and integrity of the Hilton Food Group website is the
responsibility of the Directors; the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept
no responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website. Legislation in
the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions. 
 
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