19 Deferred Tax The deferred tax included in the statement of financial position is as follows: Group 2017
Company 2017
Group 2016
Company 2016
£’000
£’000
£’000
£’000
2,039
7
Included in debtors (note 16)
2,974
4
The movement in the deferred taxation account during the year was
Group 2017
Company 2017
Group 2016
Company 2016
£’000
£’000
£’000
£’000
2,974
4 3
At 1 January 2017
4,330
1
(132) (112) (693)
Profit and loss account movement arising during the year
218
3
- - -
Acquisitions through business combinations
-
- - -
Tax losses utilised Changes in tax rate At 31 December 2017
(1,385)
2
(189)
2,039
7
2,974
4
Expected net reversal of deferred tax assets and liabilities during 2018:
Group
Company
£’000
£’000
2,039
At 31 December 2017
7
(996)
Profit and loss account movement arising during the year
-
1,043
At 31 December 2018
7
The balance of the deferred taxation account consists of the tax eect of timing dierences in respect of: Group Group Company
Company
£’000
£’000
£’000
£’000
885
- -
Capital allowances in excess of depreciation
1,189 1,794
- -
1,208
Tax losses
(54)
7 7
Short term timing dierences
(9)
4 4
2,039
At 31 December
2,974
The Group recognised a net deferred tax asset of £2,039,000 (2016: £2,974,000) relating to reversal of existing dierences on tangible fixed assets and corporation tax losses carried forward at 31 December 2017. Management believe that the company will generate sucient future profits in order to support the recognition of the deferred tax asset.
20 Provisions for liabilities – Group
Onerous Provision
Total
£’000
£’000
At 1 January 2017 Utilised in the year At 31 December 2017
1,350 (802)
1,350
(802)
548
548
The onerous provision relates to the termination of certain operating leases and will be utilised in 2018.
50 Financials | Whistl Annual Report 2017
Made with FlippingBook - Online magazine maker