34 Prior year restatement continued
31 May 2020 (previously reported) £m
31 May 2020 (restated) £m
Restatement £m
31 May 2020
Cash Flow Statement impact Profit for the year
6.4 3.0 3.2
11.7
(5.3) (1.4) (1.2) (7.9)
Amortisation of software and development costs
4.4 4.4
Income tax expense
39.2
Net cash generated from operating activities Software and development expenditure Net cash used in investing activities Net increase in cash and cash equivalents
47.1
(2.5) (5.3)
(10.4) (13.2)
7.9 7.9
60.1
60.1
–
A third Balance Sheet has been presented in accordance with IAS 1 to illustrate the impact in the opening Balance Sheet for the prior financial year. The Group identified that £3.6m of costs previously capitalised under cloud computing arrangements that should be expensed and £0.1m of amortisation was charged, which is to be reversed. These additional costs give rise to a reduction in the tax charge for the year of £0.6m and a corresponding increase in the deferred tax asset. The opening Balance Sheet of the prior year has accordingly been restated to correct for these, as shown below. Balances at 1 June 2019 are those disclosed after the application of IFRS16 which was adjusted prospectively on inception. The affected financial statement line items are as follows:
1 June 2019 (previously reported) £m
1 June 2019 (restated) £m
Restatement £m
1 June 2019
Balance Sheet impact Other intangible assets
38.3
41.8
(3.5)
2.2
Deferred tax assets
1.6
0.6
273.6 205.9
Total non-current assets
276.5 208.8
(2.9) (2.9)
Net assets
(16.9)
Retained earnings
(14.0)
(2.9) (2.9)
205.9
Total equity
208.8
NCC Group plc — Annual report and accounts for the year ended 31 May 2021
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