Notes to the Financial Statements continued for the year ended 31 May 2021
18 Deferred tax assets and liabilities (Group) continued Movement in deferred tax during the year:
1 June 2020 (restated) 2 £m
31 May 2021 £m
Recognised in income £m
Exchange differences £m
Recognised in equity £m
Adjustment to opening reserves £m
0.9 4.8 0.5
Plant and equipment
0.9 6.1 0.5
–
–
– – – –
– – – – – –
Short-term temporary differences
(0.8)
(0.5)
IFRS 16 assets/liabilities
–
–
(7.5)
Intangible assets
(9.0)
0.8 0.9 0.1
0.7
1.6 0.5
Share-based payments
0.5 0.4
(0.1)
0.3
Tax losses
–
–
Total
0.8
(0.6)
1.0
0.1
0.3
–
1 June 2019 (restated) 2 £m
Recognised in income £m
Exchange differences £m
Recognised in equity £m
Adjustment to opening reserves £m
31 May 2020 £m
Plant and equipment
0.4 5.1
0.5 0.8
–
– – – – – –
– –
0.9 6.1 0.5
Short-term temporary differences
0.2
IFRS 16 assets/liabilities
–
–
–
0.5
Intangible assets
(10.2)
1.4
(0.2)
– – –
(9.0)
Share-based payments
0.6 0.4
(0.1)
– –
0.5 0.4
Tax losses
–
Total
(3.7)
2.6
–
–
0.5
(0.6)
The Group has recognised a deferred tax asset of £0.5m (2020: £0.4m) on tax losses as management considers it probable that future taxable profits will be available against which it can be utilised. The Group has not recognised a deferred tax asset on £25.6m (2020: £13.9m) of tax losses carried forward in the UK (£21.8m), Australia (£2.8m), North America (£0.5m) and Singapore (£0.3m) due to current uncertainties over their future recoverability (and in the case of the UK and North America because of specific legislative restrictions). A deferred tax asset of £1.0m (2020: £0.8m) in respect of R&D tax claims submitted in North America has been partially provided against due to uncertainty with regard to recoverability; an amount of £0.6m has been provided (2020: £0.8m). No deferred tax liability is recognised on temporary differences of £0.2m (2020: £0.3m) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.
19 Trade and other payables
Group 2021 £m
Company 2021 £m
Group 2020 £m 10.8 11.7 23.9
Company 2020 £m
3.3 7.9
– – –
Trade payables
– – –
Non-trade payables
34.0
Accruals
–
13.5
Amounts owed to Group companies
–
13.0
Total
45.2
13.5
46.4
13.0
The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.
168
NCC Group plc — Annual report and accounts for the year ended 31 May 2021
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