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Annual Report & Accounts 2012 - NOTES
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H ANNUAL REPORT 2012 o l d i n g G~VC s 4. OPERATING COSTS (continued) 4.2 Employees The average monthly number of persons (including Directors) employed by the Group during the year was: 2012 2011 Number of personnel With employment contracts or service contracts 153 116 Contractors 7 7 160 123 5. FINANCIAL INCOME AND EXPENSES 2012 2011 €000's €000's Financial income - interest income 2 5 Financial expense - interest payable - Unwinding of discount on deferred consideration (see note 11) (2,206) (2,387) (2,204) (2,382) 6. TAXATION Current tax for the current and prior periods is classified as a current liability to the extent that it is unpaid. Amounts paid in excess of amounts owed are classified as a current asset. There is a current tax liability from continuing operations of €480k (net of tax receivable amounts) at 31 December 2012 (2011: Current tax liability from continuing operations of €319k (net of tax receivable amounts)). 2012 2011 €000's €000's Current tax expense Current year 410 256 Prior year 70 63 480 319 Deferred tax Origination and reversal of temporary differences - (83) Total income tax expense in income statement 480 236 The tax for the year is different from that which would result from applying the standard rate of Corporation Tax in the UK (24.5%, 2011: 26.5%*). A reconciliation is shown below: Profit/(loss) before tax 10,830 (386) Income tax using the domestic corporation tax rate 2,653 (102) Effect of tax rates in foreign jurisdictions (rates decreased) (2,460) (69) Expenses not deductible for tax purposes 504 482 Utilisation of tax losses (242) (13) Tax losses for which no deferred tax assets have been recognised 31 25 Adjustment in respect of prior years - corporation tax 70 61 Adjustment in respect of prior years - deferred tax - (38) Capital allowances for the period in excess of depreciation (76) (110) 480 236 *From 1 April 2012 the UK Corporation Tax rate changed from 26% to 24% and from 1 April 2013 the rate will reduce to 23%. 38 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 31 December 2012