• Independent auditor’s report
• Consolidated income statement
• Consolidated statement of comprehensive income
• Consolidated and Parent Company balance sheets
• Consolidated statement of changes in equity
• Parent Company statement of changes in equity
• Consolidated and Parent Company statement of cash flows
• Accounting policies
• Notes to the financial statements
• Group financial history
• Shareholders’ information

Notes to the financial statements

12 Intangible assets

		Assets in the course of construction £m		Internally generated £m		Acquired intangibles £m		Total £m
Cost
At 31 March 2012		9.8		26.7		191.2		227.7
Additions		5.7		–		–		5.7
Disposal		–		(7.2)		(173.5)		(180.7)
Transfers and reclassifications		(7.2)		7.2		–		–
Exchange		–		(0.4)		(9.0)		(9.4)
At 31 March 2013		8.3		26.3		8.7		43.3
Additions		1.1		–		–		1.1
Transfers and reclassifications		(2.9)		2.9		–		–
At 31 March 2014		6.5		29.2		8.7		44.4
Accumulated amortisation
At 31 March 2012		–		13.4		43.8		57.2
Disposal		–		(6.8)		(42.4)		(49.2)
Amortisation for the year		–		3.4		3.4		6.8
Impairments		–		–		0.2		0.2
Exchange		–		(0.3)		(1.9)		(2.2)
At 31 March 2013		–		9.7		3.1		12.8
Amortisation for the year		–		3.3		0.4		3.7
At 31 March 2014		–		13.0		3.5		16.5
Net book amount at 31 March 2014		6.5		16.2		5.2		27.9
Net book amount at 31 March 2013		8.3		16.6		5.6		30.5

Amortisation of acquired intangible assets relating to the discontinued St Hubert business, included in the table above amounted to £3.0 million in the year ended 31 March 2013.

Assets in the course of construction comprise systems upgrade costs across all sites and implementation costs in relation to a supply chain demand forecasting model, that are yet to be completed as at 31 March 2014.

Internally generated intangible assets comprise software development and implementation costs across manufacturing sites, the milk&more business and Head Office.

Acquired intangibles comprise predominantly brands acquired with the acquisition of businesses. The largest component within acquired intangibles is the ‘Frylight’ brand acquired with the acquisition of Morehands Limited (MH Foods) in June 2011. A useful life of 15 years has been assumed for this brand.

The remaining useful lives at 31 March 2014 for significant intangible assets are as follows:

Acquired Frylight brand: 12 years

The carrying value of the Frylight brand at 31 March 2014 is £4.9 million (2013: £5.3 million).

2012/2013

Disposal in the year relates to the sale of St Hubert – see Note 29.