 |
 |
 |
|
|
||
|
2009 |
2008 |
|
|
|
£'000 |
£'000 |
|
Overseas current tax |
892 |
(718) |
|
Overseas prior year adjustment to current tax |
(193) |
(187) |
|
Deferred tax - current year |
78 |
(382) |
|
Deferred tax - prior year adjustment |
922 |
28 |
|
Tax charge/(credit) |
1,699 |
(1,259) |
In addition to the total tax charged/(credited) to the income statement, a deferred tax credit of £12,158,000 (2008 charge of £7,158,000) has been recognised directly in equity during the year.
The tax on the Group's profit before tax differs from the theoretical amount that would arise using the standard UK tax rate applicable to profits of the consolidated entities as follows:
|
2009 |
2008 |
|
|
|
£'000 |
£'000 |
|
Profit/(loss) before taxation |
991 |
(20,728) |
|
|
||
|
Profit/(loss) before taxation at the standard rate of 28% (2008: 28%) |
277 |
(5,804) |
|
Permanent differences |
(658) |
2,245 |
|
Losses for which no deferred taxation asset was recognised |
997 |
3,286 |
|
Adjustments to taxation charge in respect of previous periods |
729 |
(159) |
|
Differences in overseas tax rates |
354 |
(827) |
|
Tax charge/(credit) |
1,699 |
(1,259) |
|
Deferred tax (assets) and liabilities |
||
|
Movements on the deferred tax account were: |
||
|
2009 |
2008 |
|
|
|
£'000 |
£'000 |
|
Liability at the beginning of the year |
12,991 |
6,182 |
|
Charged/(credited) to the income statement |
1,000 |
(354) |
|
(Credited)/charged to the statement of recognised income and expense |
(12,158) |
7,158 |
|
Exchange differences |
(34) |
5 |
|
Liability at the end of the year |
1,799 |
12,991 |
|
Reclassified as assets held for sale |
34 |
33 |
|
Total |
1,833 |
13,024 |
Deferred tax assets have been recognised in respect of temporary differences giving rise to deferred tax assets where it is probable that these assets will be recovered.
|
Deferred tax liabilities |
||||
|
Retirement benefit obligations |
Accelerated capital allowances |
|||
|
Other |
Total |
|||
|
|
£'000 |
£'000 |
£'000 |
£'000 |
|
At 30 September 2007 |
4,586 |
272 |
1,930 |
6,788 |
|
Charged/(credited) to the income statement |
414 |
(272) |
(799) |
(657) |
|
Charged to the statement of recognised income and expense |
7,158 |
- |
- |
7,158 |
|
At 30 September 2008 |
12,158 |
- |
1,131 |
13,289 |
|
Charged to the income statement |
- |
1,257 |
(297) |
960 |
|
Credited to the statement of recognised income and expense |
(12,158) |
- |
- |
(12,158) |
|
Exchange differences |
- |
(34) |
47 |
13 |
|
At 30 September 2009 |
- |
1,223 |
881 |
2,104 |
|
Deferred tax assets |
|
|
Retirement benefit obligations |
|
|
|
£'000 |
|
At 30 September 2007 |
(606) |
|
Charged to the income statement |
303 |
|
Charged to the statement of recognised income and expense |
- |
|
Exchange differences |
5 |
|
(298) |
|
|
Reclassified as assets held for sale |
33 |
|
At 30 September 2008 |
(265) |
|
Charged to the income statement |
40 |
|
Exchange differences |
(47) |
|
(272) |
|
|
Reclassified as assets held for sale |
1 |
|
At 30 September 2009 |
(271) |
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current assets against current tax liabilities and when the deferred taxes relate to the same fiscal authority.
The offset amounts are as follows:
|
2009 |
2008 |
||
|
|
|
£'000 |
£'000 |
|
Deferred tax assets: |
|
||
|
Deferred tax asset to be recovered after more than 12 months |
(271) |
(265) |
|
|
Included within assets held for sale |
(34) |
(33) |
|
|
|
|
(305) |
(298) |
|
Deferred tax liabilities: |
|
||
|
Deferred tax liability to be recovered after more than 12 months |
2,104 |
13,289 |
|
|
Deferred tax liability to be recovered within 12 months |
- |
- |
|
|
|
|
2,104 |
13,289 |
|
|
|||
|
Net deferred tax liabilities |
|
1,799 |
12,991 |
The Group has not recognised deferred tax assets in respect of the following, as it is uncertain when the criteria for recognition of those assets will be met.
|
2009 |
2008 |
|
|
|
£'000 |
£'000 |
|
Losses |
(8,526) |
(9,366) |
|
Accelerated capital allowances |
(1,909) |
(630) |
|
Retirement benefit obligations |
(2,345) |
(31) |
|
Other |
(1,778) |
(882) |
|
|
(14,558) |
(10,909) |