REG - Real Good Food Co - Final Results - Part 2

VesuviusAnnouncement

29/10/2014 09:15

- Part 2: For the preceding part double click  ID:nRSA9646Na 

      (15,360)              (15,613)              (16,005)              (16,308)                 (15,363)                 
 Deficit/(surplus) in plan                                      3,673                 3,540                 1,080                 (96)                     582                      
 Amount not recognised in accordance with IAS 19 paragraph 58b  -                     -                     -                     96                       -                        
 Gross amount recognised                                        3,673                 3,540                 1,080                 -                        582                      
 Deferred tax at 20% (2013 - 23%)                               (735)                 (814)                 (259)                 -                        (163)                    
 Net liability                                                  2,938                 2,726                 821                   -                        419                      
 
 
Reconciliation of opening and closing balances of the present value of the
defined benefit obligations 
 
 Defined benefit obligation at start of period                                        19,153   17,085   
 Interest cost                                                                        879      816      
 Actuarial losses                                                                     12       2,805    
 Benefits paid, death in service insurance premiums, expenses and past service costs  (1,011)  (1,553)  
 Defined benefit obligation at end of period                                          19,033   19,153   
 
 
Defined benefit obligation at end of period 
 
19,033 
 
19,153 
 
Reconciliation of opening and closing balances of the fair value of plan
assets 
 
                                                                  31 March 2014 £'000s  31 March 2013 £'000s  
 Fair value of scheme assets at start of the period               15,613                16,005                
 Expected return on scheme assets                                 720                   766                   
 Actuarial (losses)/gains                                         (382)                 208                   
 Contributions paid by the Group                                  320                   187                   
 Benefits paid, death in service insurance premiums and expenses  (911)                 (1,553)               
 Fair value of scheme assets at end of the period                 15,360                15,613                
 
 
The actual return on the scheme assets over the period ended 31 March 2014 was
£338,000 (2013 - £974,000). 
 
Total expense recognised in the Statement of Comprehensive Income within other
finance income 
 
 Interest on liabilities           879    816    
 Expected return on scheme assets  (720)  (766)  
 Past service cost                 (100)  -      
 Total income                      59     50     
 
 
Total income 
 
59 
 
50 
 
Statement of recognised income and expenses 
 
 Actual return on assets less interest                                      (382)  208      
 Experience gains and losses arising on the scheme liabilities: loss        -      (1,923)  
 Actuarial gains /(losses) arising from changes in demographic assumptions  352    (26)     
 Actuarial gains / (losses) arising from changes in financial assumptions   (364)  (856)    
 Total amount recognised in Statement of Other Comprehensive Income         (394)  (2,597)  
 
 
Total amount recognised in Statement of Other Comprehensive Income 
 
(394) 
 
(2,597) 
 
Assets 
 
 UK equity             1,977   869     483     
 Overseas equity       5,141   4,058   5,107   
 Absolute return fund  3,929   3,444   -       
 Bonds                 1,798   2,588   2,260   
 Gilts                 645     406     2,655   
 Property              301     390     434     
 Cash                  748     1,889   1,041   
 Alternative assets    821     1,969   4,025   
 Total assets          15,360  15,613  16,005  
 
 
Total assets 
 
15,360 
 
15,613 
 
16,005 
 
None of the fair values of the assets shown above include any of the Group's
own financial instruments or any property occupied by, or other assets used
by, the Group. 
 
Assumptions 
 
 Inflation                                                                 3.30                  3.20                  2.90                  3.10                   
 Salary increases                                                          -                     -                     -                     -                      
 Rate of discount                                                          4.65                  4.70                  5.00                  5.70                   
 Allowance for pension in payment increases of RPI or 5% p.a. if less      3.20                  3.10                  2.80                  3.10                   
 Allowance for revaluation of deferred pensions of RPI or 5% p.a. if less  2.20                  1.90                  1.90                  3.10                   
 Allowance for commutation of pension for cash at retirement               75% of max allowance  75% of max allowance  75% of max allowance  75% of max  allowance  
 
 
Allowance for commutation of pension for cash at retirement 
 
75% of max allowance 
 
75% of max allowance 
 
75% of max allowance 
 
75% of max  allowance 
 
 Discount rate      Increase/decrease of 0.5% p.a.      Decrease/increase by 7.0%  
 Rate of inflation  Increase/decrease of 0.5% p.a.      Increase/decrease by 2.0%  
                                                                                   
 Rate of mortality  1 year increase in life expectancy  Increase by 4.0%           
 
 
Rate of mortality 
 
1 year increase in life expectancy 
 
Increase by 4.0% 
 
The mortality assumptions adopted at 31 March 2014 imply the following life
expectancies: 
 
 Male retiring at age 65 in 2014    21.6 years  
 Female retiring at age 65 in 2014  23.8 years  
 Male retiring at age 65 in 2033    22.6 years  
 Female retiring at age 65 in 2033  25.0 years  
 
 
The long term expected rate of return on cash is determined by reference to UK
long dated government bond yields at the balance sheet date. The long term
expected return on bonds is determined by reference to UK long dated
government and corporate bond yields at the balance sheet date. The long term
expected rate of return on equities is based on the rate of return on bonds
with an allowance for outperformance. 
 
 Fair value of assets                         15,360    15,613    16,005    16,308    15,363    
 Defined benefit obligation                   (19,033)  (19,153)  (17,085)  (16,212)  (15,945)  
 Surplus/(deficit) in scheme                  (3,673)   (3,540)   (1,080)   96        (582)     
 Experience adjustment on scheme assets       (382)     208       (984)     578       113       
 Experience adjustment on scheme liabilities  -         (1,923)   (46)      387       18        
 
 
Experience adjustment on scheme liabilities 
 
- 
 
(1,923) 
 
(46) 
 
387 
 
18 
 
Audit Status 
 
The preliminary announcement has been prepared under the historical cost
convention, on a going concern basis and in accordance with the recognition
and measurement principles of International Financial Reporting Standards and
IFRIC interpretations as adapted by the EU ("IFRS"), but this announcement
does not in itself contain sufficient information to comply fully with IFRS. 
 
The directors have considered the working capital requirements of the group
for a period of one year from the date of this announcement and believe that
the going concern basis is appropriate due to the current cash balance and
future prospects. 
 
The preliminary announcement has been prepared on the basis of the same
accounting policies as published in the audited financial statements of the
group for the year ended 31 March 2014 and the accounting policies adopted in
the audited financial statements of the group for the period ended 31 March
2014. 
 
The financial information in this announcement does not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006. 
 
The audited statutory financial statements for the period ended 31 March 2014,
which have not yet been delivered to The Registrar of Companies, contain an
unqualified audit report, do not include a reference to any matters to which
the auditor might draw attention by way of emphasis and do not contain a
statement under section 498(2) or 493 (3) of the Companies Act 2006. 
 
This information is provided by RNS
The company news service from the London Stock Exchange