Jockey Club Racecourses Limited Notes to the financial statements Year ended 31 December 2021
19. Deferred Tax
£m
Deferred tax movement for the year: Net deferred tax asset at 1 January 2021
7.4 1.3
Charged to the income statement
(2.8)
Credited to other comprehensive income
5.9
Net deferred tax asset at 31December 2021
2021
2020
£m
£m
Provision has been made for deferred taxation as follows:
1.9 1.7 4.2
2.5 1.2 2.8
Accelerated capital allowances
Short term timing differences on interest rate swap
Defined benefit pension scheme
(0.6)
Capital gains
(0.4)
5.9
7.4
The precise timing of utilisation of deferred tax assets depends on a number of factors, in particular the timing and extent of taxable profits. It remains probable that the company will remain profitable and fully utilise its deferred tax assets in a reasonable timeframe and the board does not anticipate the tax profile of the company changing significantly over the forthcoming year. 20. Grant Account 2021 2020 £m £m
Balance at 1 January
104.4
96.3
Capital grants credited to the income statement
(8.0)
(8.1)
Balance at 31 December
88.3
96.3
Under the Horserace Betting Levy Board's (HBLB) capital credits scheme, capital grants are available for certain qualifying expenditure. In accordance with accounting principles these are not initially shown as part of shareholders' funds but are released to the income statement over the life of the related assets. The grants are shown within capital and reserves as the associated work has been performed and is not, in any way, repayable.
21. Called up share capital
2021
2020
£m
£m
Authorised, allotted and fully paid: 100,000 ordinary shares of £1 each
0.1
0.1
22. Capital commitments
2021
2020
£m
£m
Expenditure contracted for but not provided in the financial statements
0.5
0.4
671, 132 671
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