Annual report and accounts 2023 - Flipbook - Page 177
Strategic Report
Accounts
Corporate Governance
Acquisition-related costs
The Group incurred acquisition-related costs of £1.2m (year to 30 January 2022 £0.2m) on legal fees and due diligence costs. These costs have been included
in 'Administrative expenses'.
The goodwill arising represents potential revenue synergies. It is anticipated that on disposal, goodwill and brand will be deductible for tax purposes.
The principal subsidiaries are as follows:
Principal subsidiary
Principal activity
Country of
incorporation
Country of principal
operations
FUNKIN Limited
FUNKIN USA Limited
Rubicon Drinks Limited
MOMA Foods Ltd
Boost Drinks Limited
Distribution and selling of cocktail solutions
Distribution and selling of cocktail solutions
Distribution of fruit based soft-drinks
Distribution and selling of oat drinks and cereals
Distribution and selling of soft-drinks
England
England
England
England
England
UK
UK
UK
UK
UK
A.G. BARR p.l.c. holds 100% of the equity and votes of the subsidiaries. (Year ended 30 January 2022: 100% with the exception of MOMA: 68.2%). The subsidiaries have the
same year end as A.G. BARR p.l.c. and have been included in the Group consolidation. The companies listed are the trading subsidiaries. Refer to Note 31 for a full list of
subsidiary companies.
16. Investment in associates
In June 2019, the Group made a £1m investment in Elegantly Spirited Limited, acquiring a 20% stake in the business. In November 2020, a £1m loan was provided as disclosed
in Note 14.
The following entities have been included in the consolidated financial statements using the equity method:
% of ownership interest
Name of entity
Country of incorporation and
principal place of business
Elegantly Spirited Limited
UK
Carrying amount
2023
%
2022
%
2023
£m
2022
£m
20
20
0.7
0.7
The primary business of Elegantly Spirited Limited is a brand builder, marketing and selling a range of zero proof distilled spirits. The address of its registered office is
19 Langham Street, London, England, W1W 6BP. This investment is consistent with our strategy of building a branded portfolio of products across both alcohol and
non-alcohol beverages. The investment is not considered a material associate and therefore disclosures are limited to the section below.
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