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Annual Report & Accounts 2014 - NOTES
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5. 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 €728k (net of tax receivable amounts) at 31 December 2014 (2013: current tax liability from continuing operations of €711k (net of tax receivable amounts)). 2014 2013 €000's €000's current tax expense current year 840 524 prior year (112) 104 728 628 deferred tax origination and reversal of temporary differences - 83 total income tax expense in income statement 728 711 the tax for the year is different from that which would result from applying the standard rate of corporation tax in the uk of 21.5% (2013: 23.25%). A reconciliation is shown below: profit before tax 41,291 13,014 income tax using the domestic corporation tax rate 8,878 3,025 effect of tax rates in foreign jurisdictions (rates decreased) (8,430) (3,603) expenses not deductible for tax purposes 36 (293) utilisation of tax losses (261) (265) tax losses for which no deferred tax assets have been recognised 1,693 1,666 Adjustment in respect of prior years - corporation tax (112) 104 Adjustment in respect of prior years - deferred tax - 83 capital allowances for the period in excess of depreciation (1,076) (6) 728 711 * From 1 April 2014 the UK Corporation Tax rate changed from 23% to 21%. 5.1 taxation amounts Recognised in the Balance sheet current tax deferred tax payable Receivable Asset Liability total €000's €000's €000's €000's €000's Balances at 1 January 2013 (1,185) 943 83 - (159) paid/(received) during the year ended 31 December 2013 1,268 (832) - - 436 (charge)/credit acquired on acquisition (820) 409 - (411) credit/(charge) in income statement for prior years 7 (111) (83) - (187) (charge)/credit in income statement for the year ended 31 December 2013 (1,992) 1,468 - - (524) Balances at 31 december 2013 (2,722) 1,877 - - (845) Balances at 1 January 2014 (2,722) 1,877 - - (845) paid/(received) during the year ended 31 December 2014 1,740 (1,256) - - 484 credit/(charge) in income statement for prior years 112 - - 112 (charge)/credit in income statement for the year ended 31 December 2014 (4,144) 3,304 - - (840) Balances at 31 december 2014 (5,014) 3,925 - - (1,089) tax reclaimable represents a portion of the tax paid by maltese entities in the group which is refundable by the maltese tax authorities to the parent company shortly after the submission of the audited accounts and tax computation for the company the tax is payable in. unrelieved trading tax losses remain available to offset against future trading profits of approximately €34.7 million (2013: €28.7 million). ANNUAL REPORT 2014 42 notes to the consolidated financial statements continued for the year ended 31 december 2014