Exhibit 99.1

To the Directors of Lion/Stove Investment 2 S.à.r.l.:

     In our opinion, the accompanying consolidated balance sheets and the related consolidated profit and loss accounts, consolidated statements of total recognized gains and losses, consolidated cash flow statements present fairly, in all material respects, the financial position of Lion/Stove Luxembourg Investment 2 S.à.r.l. and its subsidiaries at 30 September 2009 and 2008, and the results of their operations and their cash flows for each of the three years in the period ended 30 September 2009 in conformity with the accounting principles generally accepted in the U.K. (“U.K. GAAP”). These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the American Institute of Certified Public Accountants (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

     U.K. GAAP varies in certain significant respects from accounting principles generally accepted in the United States of America. Information relating to the nature and effect of such differences is presented in Note 28 to the consolidated financial statements.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Norwich, United Kingdom
27 February 2010

Lion/Stove Luxembourg Investment 2 S.à r.l.

Consolidated profit and loss account for the years ended 30 September

		Notes				2009				2008				2007
						$’000				$’000				$’000
Turnover							250,449				236,121				200,003
Cost of sales							(146,886	)			(139,756	)			(125,767	)
Gross profit							103,563				96,365				74,236
Distribution costs							(46,798	)			(46,110	)			(34,824	)
Administrative expenses							(23,927	)			(26,822	)			(25,536	)
Operating profit			3				32,838				23,433				13,876
Interest receivable and similar income			5				1,064				424				1,769
Interest payable and similar charges			6				(28,123	)			(38,052	)			(35,472	)
Profit/(loss) on ordinary activities before taxation							5,779				(14,195	)			(19,827	)
Tax on profit/(loss) on ordinary activities			7				(9,541	)			(3,120	)			(172	)
Loss for the financial year			17, 18				(3,762	)			(17,315	)			(19,999	)

     The above results relate to continuing operations.

Lion/Stove Luxembourg Investment 2 S.à r.l.

     Consolidated statement of total recognised gains and losses for the years ended 30 September

		Notes				2009				2008				2007
						$’000				$’000				$’000
Loss for the financial year							(3,762	)			(17,315	)			(19,999	)
Exchange gain/(loss) arising on consolidation			17				15,723				22,032				(12,484	)
Total recognised gains and (losses) for the year							11,961				4,717				(32,483	)

Lion/Stove Luxembourg Investment 2 S.à r.l.

Consolidated balance sheet as at 30 September

		Notes				2009				2008
						$’000				$’000
Fixed assets
Intangible assets			8				177,705				188,269
Tangible assets			9				68,551				70,457
							246,256				258,726
Current assets
Stocks			10				13,623				12,158
Debtors			11				28,011				28,737
Cash at bank and in hand							40,456				20,438
							82,090				61,333
Creditors: amounts falling due within one year			12				(42,201	)			(44,815	)
Net current assets							39,889				16,518
Total assets less current liabilities							286,145				275,244
Creditors: amounts falling due after more than one year			13				(287,362	)			(291,749	)
Provisions for liabilities and charges			14				(3,225	)			(459	)
Net liabilities							(4,442	)			(16,964	)
Capital and reserves
Called up share capital			16				13,215				13,215
Other reserves			17				24,013				8,300
Profit and loss account			17				(41,670	)			(38,479	)
Total shareholders’ deficit			18				(4,442	)			(16,964	)

Lion/Stove Luxembourg Investment 2 S.à r.l.

Consolidated cash flow statement for the years ended 30 September

		Notes				2009				2008				2007
						$’000				$’000				$’000
Net cash inflow from operating activities			21				54,997				44,184				30,564
Returns on investments and servicing of finance
Interest received							174				387				738
Interest paid on loans and overdrafts							(11,644	)			(18,071	)			(18,274	)
Interest paid on hire purchase and finance lease arrangements							(27	)			(85	)			(134	)
Net cash outflow from returns on investments and servicing of financing							(11,497	)			(17,769	)			(17,670	)
Taxation							(4,672	)			540				1,971
Capital expenditure and financial investment
Purchase of tangible fixed assets							(14,502	)			(7,688	)			(25,296	)
Purchase of intangible fixed assets							—				(8	)			(20	)
Net cash outflow from capital expenditure and financial investment							(14,502	)			(7,696	)			(25,316	)
Net cash inflow/(outflow) before financing							24,326				19,259				(10,451	)
Financing
Capital element of hire purchase and finance lease arrangements rental payments			23				(816	)			(990	)			(905	)
Loans received from immediate parent company			23				—				—				375
Loans repaid to immediate parent company			23				(298	)			—				—
Bank loans repaid			23				(1,909	)			(10,178	)			—
Increase in bank borrowings			23				—				—				20,000
Net cash (outflow)/inflow from financing							(3,023	)			(11,168	)			19,470
Increase in cash			23				21,303				8,091				9,019

Lion/Stove Luxembourg Investment 2 S.à r.l.

Notes to the financial statements for the years ended 30 September

1. Principal accounting policies

     These financial statements are prepared on the going concern basis, under the historical cost convention, modified by the revaluation of certain financial instruments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom (“U.K.”). The principal accounting policies are set out below.

     The group has elected to comply fully with the requirements of Financial Reporting Standard (“FRS”) 23, “The Effects of Changes in Foreign Exchange Rates”, FRS 26, “Financial Instruments: Measurement” and FRS 29, “Financial Instruments: Disclosures”.

     Basis of consolidation

     The consolidated financial statements include the results of the company and its subsidiary undertakings (all of which are wholly owned and have uniform accounting policies) using the principles of acquisition accounting such that the results of the subsidiaries are included in the consolidated profit and loss account from the date of acquisition.

     Intra-group sales and profits are eliminated fully on consolidation. The company has taken the exemption, available under FRS 8, “Related Party Disclosures”, from disclosing details of these and other intra-group transactions.

     Turnover

     Turnover represents the total amount charged to customers for goods supplied, net of discounts and promotional costs, and excluding sales taxes. Turnover is recognised on despatch, at which point the risks and rewards of sale have passed to the customer.

     Deferred taxation

     Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

     A net deferred tax asset is recognised as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted.

     Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on an undiscounted basis.

     Goodwill

     Goodwill in respect of business combinations represents the excess of the fair value of the consideration given over the fair value of the net assets acquired. Goodwill is capitalised and amortised on a straight line basis over a twenty year period, which is deemed to be its useful economic life. Goodwill is reviewed for impairment at the end of the first full financial year following the initial recognition of the goodwill and in other periods if events or changes in circumstances indicate that its carrying value may not be recoverable in full. When it is determined that the carrying value exceeds the recoverable amount, the excess is written off to the profit and loss account.

     Other intangible fixed assets

     Other intangible fixed assets represent patent, trademark and licence costs and are stated at cost less accumulated amortisation, calculated to write-off the cost over the expected useful economic life.

     Tangible fixed assets

     Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is calculated to write off the cost of tangible fixed assets, less their residual values, over their expected useful lives using the straight line basis. The expected useful lives of the assets to the business are reassessed periodically in the light of experience.

		Straight line annual rates of depreciation used are:
		•		Freehold buildings		4% straight line
		•		Plant and machinery		10% straight line
		•		Motor vehicles		25% — 33% straight line
		•		Office equipment		20% — 33% straight line

     Freehold land is not depreciated.

     Interest costs

     Interest costs directly attributable to the acquisition or construction of qualifying assets are capitalised up until the date at which the asset is brought into use. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use. All other interest costs are recognised in the profit and loss account in the period to which they relate.

     Stocks

     Stocks are stated at the lower of cost and net realisable value, the costs incurred being those in bringing each product to its present location and conditions, as follows:

•

Raw materials — purchase cost on a first-in-first-out basis.

•

Work in progress and finished goods — cost of direct materials and labour plus attributable overheads based on normal level of activity.

     Provision for obsolete and slow moving stock is made on a line by line basis, where necessary, in order to reduce stock to the lower of cost and net realisable value.

     Operating leases

     Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

     Foreign exchange

     (a) Functional and presentation currency

     In accordance with FRS 23, items included in the financial statements of each of the group’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in U.S. Dollars ($), which is the company’s presentation currency and the functional currency of the majority of the group’s operations. The company’s functional currency is Euro (€), being the denomination of the debt in the company. It is deemed to be most appropriate to present the financial statements in line with the functional currency of the majority of the group’s operations.

     The €/$ exchange rate at 30 September 2009 was 0.684 (2008: 0.712; 2007: 0.703). The average exchange rate used for the year ended 30 September 2009 was 0.738 (2008: 0.667; 2007: 0.750).

     The $/£ exchange rate at 30 September 2009 was 1.600 (2008: 1.7825; 2007: 2.037). The average exchange rate used for the year ended 30 September 2009 was 1.561 (2008: 1.974; 2007: 1.973).

     (b) Transactions and balances

     Transactions undertaken during the year in foreign currencies are translated at the rate ruling at the date of the transaction. Any resultant gain or loss is taken to the profit and loss account. Monetary assets and liabilities denominated in foreign currencies are reflected in the balance sheet at the exchange rate ruling at the year end. Any gains or losses arising are taken to the profit and loss account.

     (c) Group companies

     The results and financial position of all group entities (none of which has the functional currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

•

assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

•

income and expenses for each profit and loss account are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and

•

all resulting exchange differences are recognised as a separate component of equity.

     Hire purchase and finance lease arrangements

     Assets obtained under hire purchase and finance lease arrangements are capitalised on the balance sheet and are depreciated over their useful lives or, in the case of finance leases, the term of the contract if shorter.

     Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payments is charged to the profit and loss account to produce a constant periodic rate of charge on the net obligation outstanding in each period.

     Pensions

     Certain group companies make defined contributions to a Group Personal Pension Plan for eligible employees. The costs of administering the plan are borne by that company and the profit and loss charge represents amounts payable for the year. The assets of the plan are held separately from those of the company in an independently administered fund.

     Research and development

     Research and development expenditure is written off as incurred.

     Government grants

     Grants received to assist with the purchase of tangible fixed assets are amortised over a period to match the shorter of the life of the asset acquired or the government contract life. Revenue grants are recognised in the profit and loss account in the period in which they are received.

     Financial instruments

     Financial assets and financial liabilities are recognised upon becoming a party to the contractual provisions of the instrument.

     (a) Trade debtors

     A provision for impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payment (more than 30 days overdue), are considered indicators that the trade debtor is impaired. The amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the profit and loss account within administrative expenses. When a trade debtor is uncollectible, it is written off against the bad debt provision. Subsequent recoveries of amounts previously written off are credited against administrative expenses in the profit and loss account.

     (b) Financial liabilities and equity

     Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that gives a residual interest in the assets of the group after deducting all of its liabilities.

     (c) Trade creditors

     Trade creditors are non-interest bearing and are stated at their nominal value at the date of trade.

     (d) Equity instruments

     Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs.

     (e) Interest-bearing borrowings

     Interest-bearing bank loans and overdrafts are initially recorded at the proceeds received, net of associated transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the profit and loss account over the period of the borrowings.

     (f) Derivative financial instruments

     Derivative financial instruments within the scope of FRS 26, are stated at fair value.

     The group uses derivative financial instruments to hedge its exposure to interest rate risks arising from operational and financing activities. The group does not hold or issue derivative financial instruments for trading purposes, however if derivatives do not qualify for hedge accounting they are accounted for as such. Given that the derivative financial instruments do not meet the documentation requirements to qualify for hedge accounting they are classified as held for trading.

     Derivative financial instruments are recognised initially at cost. Subsequent to initial recognition, derivative financial instruments are stated at fair value. The fair value of derivative financial instruments is determined by reference to market values for similar financial instruments, or by discounted cash flows or using valuation models. Any gains or losses on re-measurement are immediately recognised in the profit and loss account.

     Share-based payments

     The group accounts for equity-settled share-based payments in accordance with FRS 20, “Share-based Payment”.

     Equity-settled share-based payments have been issued to certain employees of the company through the issue of Class B interests in the ultimate parent undertaking, Lion/Stove Cayman L.P., a partnership based in the Cayman Islands. In accordance with FRS 20, equity-settled share based payments are measured at fair value at the date of issue. The fair value determined at the issue date is expensed on a straight-line basis over the period over which the employees gain unconditional rights to the partnership interests. The corresponding credit is recognised in equity.

2. Financial risk management

     Financial risk factors

     The group’s operations expose it to limited financial risks that include price risk, credit risk, foreign exchange currency rate risk, cash flow and fair value interest rate risk, and liquidity risk. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the directors are implemented by the finance departments in the operating subsidiaries.

     Price risk

     The group monitors changes in market conditions on an ongoing basis and tailors its pricing accordingly. The group is also exposed to commodity price risk as a result of its operations. Commodity price risk is mitigated through the forward provisioning of key commodities when market conditions are considered favourable.

     Credit risk

     The group has no significant concentrations of credit risk. The group’s principal financial assets are cash at bank and in hand and trade debtors. The credit risk on bank deposits is managed by only depositing with financial institutions, independently rated with a minimum rating of ‘A’. The group has implemented policies that require appropriate credit checks on potential customers before sales are made to limit credit risk on trade debtors. Reports are reviewed on a weekly basis detailing customers who have invoices which are overdue. The credit risk on derivative financial instruments is limited because the counterparty is a bank with a high credit rating assigned by international credit rating agencies. The counterparty exposure under derivative contracts is $nil (2008: $87,000).

     Concentrations of credit risk with respect to trade debtors are limited due to the group’s diverse customer base. The group also has in place procedures that require appropriate credit checks on potential customers before sales are made. Customer accounts are also monitored on an ongoing basis and appropriate action is taken where necessary to minimise any credit risk. Group management review reports on a weekly basis detailing customers who have invoices which are overdue. The directors therefore believe no further credit risk provision is required in excess of normal provision for impaired trade debtors.

     The maximum exposure to credit risk at each year end is the fair value of each class of debtor as disclosed in note 11.

     Foreign exchange currency rate risk

     The group operates internationally and is exposed to foreign exchange currency rate risk as follows:

	•		to the extent transactions are undertaken in a currency other than the respective entities functional currency, these are not hedged due to the limited extent of such exposures;
	•		borrowings are denominated in both U.K. Sterling and U.S. Dollars to reflect the currency of the underlying cash flows and, accordingly, specific hedging instruments are not entered into; and,
	•		on retranslation of the U.K. Sterling denominated results for the period, there will, in U.S. Dollar terms, be fluctuations year on year but as these relate to reporting risk only, it is the group’s policy not to seek to hedge such fluctuations.

     As at 30 September 2009, if the US Dollar had weakened by 10% against U.K. Sterling with all other variables held constant, post-tax loss for the year would have been $531,000 higher (2008: U.S. Dollar weakened by 10%, post tax loss higher by $1,029,000; 2007: $1,038,000 higher). Equity would have been $14,388,000 lower with the US Dollar 10% weaker (2008: $15,412,000 lower with the U.S. Dollar 10% weaker; 2007: $16,938,000 lower).

     Cash flow and fair value interest rate risk

     The group receives interest on its cash deposits at a variable rate. The exposure from interest rate movements on the group’s loan balances is monitored and appropriate measures taken to mitigate the inherent risks, including the use of derivative financial instruments.

     Analysis of interest rate exposure of financial assets and liabilities:

		2009				2008
		$’000				$’000
Fixed rate (fair value interest rate risk)
Short-term bank borrowings			—				(2,007	)
Long-term bank borrowings			(99,604	)			(198,795	)
Hire purchase and finance lease arrangements			(130	)			(1,027	)
Loan from immediate parent company			(95,387	)			(92,316	)
			(195,121	)			(294,145	)
Floating rate (cash flow interest rate risk)
Cash at bank and in hand			40,456				20,438
Long-term bank borrowings			(91,759	)			—
			(51,303	)			20,438
			(246,424	)			(273,707	)

     Interest was receivable at a floating rate on bank balances amounting to $30,731,000 at 30 September 2009 (2008: $7,115,000).

     The bank borrowings of $191,363,000 (2008: $200,802,000) bear interest charges at floating rates before the effect of the interest rate swaps. See note 24 for further details.

     Finance lease obligations bear interest at rates fixed in line with the lease agreement at the time of drawdown.

     The loan from the immediate parent company bears annual compound interest at a rate of 15.6% (2008: 15.6%; 2007: 15.6%).

     At 30 September 2009 the group has considered the impact of movements in these interest rates over the past year and has concluded that a 0.5% movement is a reasonable benchmark. At 30 September 2009, if interest rates had been 0.5% higher/lower with all other variables held constant, post tax profit for the year would have been $203,000 (2008: $49,000) lower/higher, mainly as a result of the movement in interest rates on the floating rate bank loans net of deposits.

     Liquidity risk

     Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of credit facilities. The group regularly monitors the level of working capital to ensure group companies have sufficient available funds for operations.

     The table below summarises the remaining contractual maturity for the group’s financial liabilities. The amounts shown are the contractual undiscounted cash flows which include interest, analysed by contractual maturity. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by yield curves existing at the reporting date.

     Year ended 30 September 2009

						In More				In More				In More
						Than One				Than Two				Than Five
						Year but				Years but				Years but
		In Less				not More				not More				not More				In More
		Than One				Than Two				Than Five				Than Ten				Than Ten
		Year				Years				Years				Years				Years				Total
		$’000				$’000				$’000				$’000				$’000				$’000
Non-derivative financial liabilities:
Bank loans			5,809				5,940				18,669				224,093				—				254,511
Hire purchase and finance lease arrangements			43				43				59				—				—				145
Loan from immediate parent company — repayable in 2055			—				—				—				—				75,009,130				75,009,130
Creditors			35,419				—				—				—				—				35,419
Derivative contracts:
Gross cash outflows			1,307				—				—				—				—				1,307
Gross cash inflows			(153	)			—				—				—				—				(153	)
Total			42,425				5,983				18,728				224,093				75,009,130				75,300,359

Year ended 30 September 2008

						In More				In More				In More
						Than One				Than Two				Than Five
						Year but				Years but				Years but
		In Less				not More				not More				not More				In More
		Than One				Than Two				Than Five				Than Ten				Than Ten				Total
		Year				Years				Years				Years				Years				$’000
		$’000				$’000				$’000				$’000				$’000				$’000
Non-derivative financial liabilities:
Bank loans			21,744				20,108				62,725				271,161				—				375,738
Hire purchase and finance lease arrangements			959				43				102				—				—				1,104
Loan from immediate parent company — repayable in 2055			—				—				—				—				83,564,859				83,564,859
Creditors			36,438				—				—				—				—				36,438
Derivative contracts:
Gross cash outflows			5,301				1,336				—				—				—				6,637
Gross cash inflows			(6,217	)			(1,522	)			—				—				—				(7,739	)
Total			58,225				19,965				62,827				271,161				83,564,859				83,977,037

     Capital risk management

     The group’s policy is to maintain a strong capital base, defined as bank borrowings plus capital and reserves, so as to maintain investor, creditor and market confidence and to sustain future development of the business. Within this overall policy, the group seeks to maintain an optimum capital structure. There were no changes to the group’s approach to capital management during the year.

     The primary source of funding for the group is bank borrowings.

3. Operating profit

		2009				2008				2007
		$’000				$’000				$’000
Operating profit is stated after charging/(crediting):
Research and development			341				181				266
Net foreign exchange gain			(145	)			(120	)			(48	)
Depreciation of tangible fixed assets:
- owned assets			9,952				9,404				6,974
- hire purchase and finance lease agreements			38				629				603
Loss on disposal of tangible fixed assets			162				52				113
Operating lease rentals:
- plant and machinery			373				390				1,417
- other			2,828				2,721				1,019
Amortisation of intangible fixed assets (including goodwill)			10,556				10,528				10,533
Amortisation of deferred government grants			(85	)			(77	)			—
Audit services:
- fees payable to the company’s auditors for the audit of the parent company and consolidated financial statements			58				57				55
Non-audit services (fees payable to the company’s auditors and its associates for other services):
- the audit of the company’s subsidiaries pursuant to legislation			178				188				180
- tax services			369				172				253
- other			176				20				144

4. Employee information

     Employee costs were as follows:

		2009				2008				2007
		$’000				$’000				$’000
Wages and salaries			34,036				33,299				31,548
Social security costs			3,292				3,351				2,984
Pension costs (note 15)			1,119				1,111				971
Share-based payments (note 26)			561				448				421
			39,008				38,209				35,924

     The average monthly number of persons employed during the year was:

		2009				2008				2007
		Number				Number				Number
Production			664				626				665
Administration			138				127				127
			802				753				792

     Other than the directors, the company had no employees (2008: nil; 2007: nil) and did not incur any staff costs during the year (2008: $nil; 2007: $nil).

     The directors of the company received no emoluments from the company or its subsidiaries during the year (2008: $nil; 2007: $nil).

5. Interest receivable and similar income

		2009				2008				2007
		$’000				$’000				$’000
On bank balances			170				387				1,152
Fair value adjustment in respect of derivative financial instrument			890				—				545
Other			4				37				72
			1,064				424				1,769

6. Interest payable and similar charges

		2009				2008				2007
		$’000				$’000				$’000
On hire purchase and finance lease arrangements			27				85				134
On bank loans and other arrangements			14,196				22,037				22,893
Fair value adjustment in respect of derivative financial instrument			632				1,455				466
Amortisation of lending costs			599				599				532
On loan and other amounts due to immediate parent company			12,669				13,876				11,904
			28,123				38,052				35,929
Finance costs capitalised on qualifying tangible fixed assets			—				—				(457	)
			28,123				38,052				35,472

     Finance costs capitalised on qualifying tangible fixed assets are capitalised at the weighted average cost of the related borrowings up to the date of completion. No finance costs have been capitalised in the year (2008: $nil; 2007: $457,000).

7. Tax on profit/(loss) on ordinary activities

     a) Analysis of charge for the year:

		2009				2008				2007
		$’000				$’000				$’000
Current tax:
U.K. corporation tax charge — current year			2,572				1,892				—
- adjustments in respect of prior period			219				—				(540	)
US income tax charge — current year			3,656				75				(1,463	)
- adjustments in respect of prior period			(31	)			(22	)			—
Total current tax charge/(credit) (see note 7b)			6,416				1,945				(2,003	)
Deferred tax:
Origination and reversal of timing differences — current year			2,681				1,125				1,799
- adjustments in respect of prior years			444				50				531
Adjustments arising from the Finance Bill 2007			—				—				(155	)
Total deferred tax charge (note 14)			3,125				1,175				2,175
Tax on profit/(loss) on ordinary activities			9,541				3,120				172

     b) Factors affecting the current tax charge for the year:

		2009				2008				2007
		$’000				$’000				$’000
Profit/(loss) on ordinary activities before tax:			5,779				(14,195	)			(19,827	)
Profit/(loss) on ordinary activities multiplied by the standard rate of U.K. corporation tax of 28% (2008: 29%; 2007: 30%)			1,618				(4,117	)			(5,948	)
Permanent differences			6,099				6,670				5,523
Adjustment in respect of foreign tax rates			1,110				8				283
Differences between capital allowances and depreciation			(993	)			(396	)			71
Other timing differences			712				325				794
Tax losses carried forward not recognised			—				—				567
Tax losses utilised			(2,318	)			(523	)			(2,753	)
Adjustments in respect of prior year			188				(22	)			(540	)
Current tax charge/(credit) for the year (see note 7a)			6,416				1,945				(2,003	)

8. Intangible fixed assets

		Patents,
		Trademarks and
		Licence Fees				Goodwill				Total
		$’000				$’000				$’000
Cost
At 1 October 2007			162				209,807				209,969
Additions			8				—				8
Exchange adjustments			(21	)			—				(21	)
At 30 September 2008			149				209,807				209,956
At 1 October 2008			149				209,807				209,956
Exchange adjustments			(15	)			—				(15	)
At 30 September 2009			134				209,807				209,941
Accumulated amortisation
At 1 October 2007			(44	)			(11,122	)			(11,166	)
Charge for the year			(38	)			(10,490	)			(10,528	)
Exchange adjustments			7				—				7
At 30 September 2008			(75	)			(21,612	)			(21,687	)
At 1 October 2008			(75	)			(21,612	)			(21,687	)
Charge for the year			(66	)			(10,490	)			(10,556	)
Exchange adjustments			7				—				7
At 30 September 2009			(134	)			(32,102	)			(32,236	)
Net book value
At 30 September 2009			—				177,705				177,705
At 30 September 2008			74				188,195				188,269

     The company held no intangible fixed assets (2008: $nil).

9. Tangible fixed assets

						Plant and
						Machinery, Office
		Freehold				Equipment and Motor
		land and Buildings				Vehicles				Total
		$’000				$’000				$’000
Cost
At 1 October 2007			35,080				48,105				83,185
Additions			1,506				8,911				10,417
Disposals			(8	)			(176	)			(184	)
Transfers			(1,386	)			1,386				—
Exchange adjustments			(3,127	)			(3,660	)			(6,787	)
At 30 September 2008			32,065				54,566				86,631
At 1 October 2008			32,065				54,566				86,631
Additions			41				12,297				12,338
Disposals			—				(1,057	)			(1,057	)
Transfers			(1,651	)			1,651				—
Exchange adjustments			(2,278	)			(2,575	)			(4,853	)
At 30 September 2009			28,177				64,882				93,059
Accumulated depreciation
At 30 September 2007			(1,873	)			(5,470	)			(7,343	)
Charge for the year			(2,009	)			(8,024	)			(10,033	)
Disposals			6				126				132
Transfers			14				(14	)			—
Exchange adjustments			302				768				1,070
At 30 September 2008			(3,560	)			(12,614	)			(16,174	)
At 1 October 2008			(3,560	)			(12,614	)			(16,174	)
Charge for the year			(1,433	)			(8,557	)			(9,990	)
Disposals			—				895				895
Transfers			440				(440	)			—
Exchange adjustments			228				533				761
At 30 September 2009			(4,325	)			(20,183	)			(24,508	)
Net book value
At 30 September 2009			23,852				44,699				68,551
At 30 September 2008			28,505				41,952				70,457

     The net book value of plant and machinery, office equipment and motor vehicles includes an amount of $107,000 (2008: $2,308,000) in respect of assets held under hire purchase and finance lease arrangements. The depreciation charge for the year in respect of these assets was $38,000 (2008: $629,000; 2007: $603,000).

     The cost of tangible fixed assets includes $457,000 (2008: $457,000) of aggregate finance costs.

     The company held no tangible fixed assets (2008: $nil).

10. Stocks

		2009				2008
		$’000				$’000
Raw materials			5,373				5,108
Work in progress			336				216
Finished goods			7,914				6,834
			13,623				12,158

     The replacement cost of stocks does not differ materially from the values disclosed above.

     The group incurred no costs (2008: $nil) in writing down stock to its recoverable amount during the period.

11. Debtors

		2009				2008
		$’000				$’000
Amounts falling due within one year:
Trade debtors			26,888				26,523
Less provision for impairment			(798	)			(179	)
Trade debtors — net			26,090				26,344
Prepayments and accrued income			1,921				2,306
Derivative financial instruments (note 24)			—				87
			28,011				28,737

     The carrying value of debtors (excluding derivative financial instruments) is a reasonable approximation to fair value.

     The maximum exposure to credit risk at the reporting date is the fair value of each class of debtor above.

     As of 30 September 2009, trade debtors of $21,716,000 (2008: $23,112,000) were neither past due nor impaired.

     At 30 September 2009 trade debtors of $4,374,000 (2008: $3,232,000) were past due but not impaired. These relate to a number of independent customers for who there is no recent history of default. The ageing analysis of these trade debtors is as follows:

		2009				2008
		$’000				$’000
Up to 1 month past due date			4,187				2,516
Between 1 and 2 months past due date			158				460
Between 2 and 3 months past due date			2				113
Over 3 months past due date			27				143
			4,374				3,232

     At 30 September 2009 amounts up to 1 month past due date of $4,187,000 (2008: $2,516,000), included $2,682,000 (2008: $nil) that became due on that date, and hence was only 1 day overdue.

     At 30 September 2009 trade debtors of $798,000 (2008: $179,000) were past due and impaired. The provision made was $798,000 (2008: $179,000). Included in the provision for impairment of trade debtors are specific amounts receivable owed by specific customers where recovery of the

balance due is considered by management to be less than certain. The ageing analysis of these amounts is as follows:

		2009				2008
		$’000				$’000
Up to 3 months past due date			742				15
Over 6 months past due			56				164
			798				179

     Movements in the provision for impaired trade debtors during the year are as follows:

		2009				2008
		$’000				$’000
Opening provision			179				196
Additional provision			798				12
Provision written back			(157	)			(7	)
Exchange adjustments			(22	)			(22	)
Closing provision			798				179

     Amounts charged or credited to the profit and loss account by way of additional provisions are reflected as administrative expenses.

     The carrying amounts of debtors are denominated in the following currencies:

		2009				2008
		$’000				$’000
Sterling			17,285				17,711
Euro			1,357				1,442
US dollar			9,369				9,584
			28,011				28,737

12. Creditors: amounts falling due within one year

		2009				2008
		$’000				$’000
Bank loans (note 13)			—				2,007
Hire purchase and finance lease arrangements (note 13)			36				920
Trade creditors			14,921				15,470
Amounts owed to group undertakings			318				215
Corporation tax			3,201				1,629
Other taxation and social security payable			1,989				2,048
Derivative financial instruments (note 24)			1,153				1,473
Accruals and deferred income			20,583				21,053
			42,201				44,815

     Accruals and deferred income includes $85,000 (2008: $85,000) in respect of deferred government grants. The directors consider the potential liability to repay grants is unlikely to crystallise due to the performance criteria applicable to the grants.

13. Creditors: amounts falling due after more than one year

		2009				2008
		$’000				$’000
Bank loans			191,363				198,795
Hire purchase and finance lease arrangements			94				107
Loan from immediate parent company			95,387				92,316
Deferred income			518				531
			287,362				291,749

     The loan from the immediate parent company is denominated in Sterling, unsecured, bears interest at a fixed rate of 15.6% which rolls-up and is added to the principal balance annually, and is repayable in 2055.

     Deferred income includes $312,000 (2008: $397,000) in respect of deferred government grants. The directors consider the potential liability to repay grants is unlikely to crystallise due to the performance criteria applicable to the grants. The balance will be recognised in the profit and loss account over the coming five years.

     The net obligations to which the group are committed in respect of bank loans and hire purchase and finance lease arrangements are:

										Hire Purchase
										and Finance
										Lease
										Arrangements
		Bank Loans								Creditor
		2009				2008				2009				2008
		$’000				$’000				$’000				$’000
In one year or less			—				2,007				36				920
Between one and two years			—				—				38				38
Between two and five years			—				—				56				69
After five years			191,363				198,795				—				—
			191,363				200,802				130				1,027

     The amounts due under hire purchase and finance lease arrangements are secured on the relevant fixed assets.

										Annual Interest				Currency of
Bank Loans Comprise:		2009				2008				Charge		Date of Repayment		Repayment
		$’000				$’000
Mezzanine finance facility			68,963				73,457			LIBOR plus 8.50%, of which 4.50% is rolled up until maturity		31 December 2015		Sterling
Senior finance facility			93,095				94,500			LIBOR plus 2.00%		31 December 2014		US Dollars
Senior finance facility			34,242				38,723			LIBOR plus 2.00%		31 December 2014		Sterling
			196,300				206,680
Unamortised element of directly attributable fees and other finance costs			(4,937	)			(5,878	)
Total			191,363				200,802
Analysed as:
Amounts falling due within one year			—				2,007
Amounts falling due after one year			191,363				198,795
Total			191,363				200,802

     Partial repayment of the bank loans is potentially due annually dependent upon ratios extracted from the group’s audited results for that financial year. It is not possible to accurately determine the amount of any such repayments for the financial years 2010 and after but the directors have estimated that no such amounts will become payable in the 2010 financial year. In October 2009 the group made a voluntary early loan repayment of $15,467,000 (October 2008: $nil; October 2007: $10,000,000).

     All advances are subject to compliance with certain financial covenants. Projections prepared by the directors indicate that the group will continue to comply with these covenants. The senior and mezzanine facilities are secured by way of a fixed and floating charge over the assets of the major trading subsidiaries of the group.

     Directly attributable fees and other finance costs were incurred by the group in raising the facilities. These fees have been offset against the related loan balances and are being amortised over the term of the loans.

     On 14 November 2006 the group entered into an interest rate swap arrangement to mitigate 50% of the exposure to interest rate movements over the period to 16 November 2009 (see note 24).

     As at 30 September 2009 the group has access to undrawn bank loan facilities of $20,000,000 (2008: $20,000,000). These facilities are due to expire on 31 December 2014.

14. Provisions for liabilities and charges

     Analysis of recognised deferred tax liability:

		2009				2008
		$’000				$’000
Capital allowances in excess of depreciation			(6,314	)			(5,207	)
Other timing differences			3,089				1,872
Tax losses carried forward			—				2,876
Deferred tax liability			(3,225	)			(459	)
Movement during the year:
At 1 October			(459	)			240
Foreign exchange adjustments			359				476
Amounts charged to the profit and loss account (note 7)
- Current year			(2,681	)			(1,125	)
- Adjustments in respect of prior years			(444	)			(50	)
At 30 September			(3,225	)			(459	)

     Deferred tax has been provided at 28% (2008: 28%) and at prevailing overseas taxation rates where applicable.

     In addition to the amounts disclosed above, a potential liability to deferred tax exists in relation to a corporate restructuring in 2004. This gave rise to a potentially taxable gain which only crystallises in the event a subsidiary company (Kettle Foods Limited) is disposed of outside of the group. As there is no intention on behalf of the directors of the Company to enter such arrangements, the potential tax arising has not been provided for, nor, given the remoteness of such an event, has the potential liability been quantified, reflecting the fact that such quantification would be subject to a number of significant variables.

     Analysis of unrecognised deferred tax asset:

		2009				2008
		$’000				$’000
Depreciation in excess of capital allowances			—				91
Other timing differences			—				747
Tax losses carried forward			134				169
Deferred tax asset			134				1,007
Movement during the year:
At 1 October			1,007				684
Differences between capital allowances and depreciation			(80	)			91
Other timing differences			(654	)			191
Losses carried forward not recognised			(17	)			174
Foreign exchange			(122	)			(133	)
At 30 September			134				1,007