Financials
17 Creditors: amounts falling due within one year
Group
Company
2016
2016
2015
2015
£’000
£’000
£’000
£’000
40,716
-
Trade creditors
44,277
-
945
27,622
Amounts owed to Group undertakings
-
27,387
15,914 35,414 92,989
-
Taxation and social security
16,942 33,806 95,025
- -
Accruals and deferred income
-
27,622
27,387
Amounts owed to Group undertakings relating to intra trading are interest free, unsecured and repayable on demand. Loan interest is charged on intra group loans at a rate based on three month LIBOR plus a premium.
Details of the company’s exposure to liquidity risk are given in the Strategic Report.
18 Deferred tax The deferred tax included in the statement of financial position is as follows
Group
Company
2016
2016
2015
2015
£’000
£’000
£’000
£’000
2,970
Included in debtors (note 16)
4,329
-
-
The movement in the deferred taxation account during the year was
Group
Company
2016
2016
2015
2015
£’000
£’000
£’000
£’000
4,329
At 1 January
1,389
- - - - -
- - - - -
215
Profit and loss account movement arising during the year
148
(1,385)
Utilisation of tax losses
3,261
(189)
Changes in tax rates
(469)
2,970
At 31 December
4,329
Expected net reversal of deferred tax assets and liabilities during 2017:
£’000
At 31 December 2016
2,970
Profit and loss account movement arising during the year
(1,343)
At 31 December 2017
1,627
The balance of the deferred taxation account consists of the tax effect of timing differences in respect of: Group
Company
2016
2016
2015
2015
£’000
£’000
£’000
£’000
1,189 1,794
Capital allowances in excess of depreciation
1,489 2,876
- - - - -
- - - - -
Utilisation of tax losses
-
R & D tax credit
(54)
(13)
Short term timing differences
18
2,970
At 31 December
4,329
The Group recognised a net deferred tax asset of £2,970,000, (2015: £4,329,000) relating to reversal of existing differences on tangible fixed assets and corporation tax losses carried forward at 31 December 2016. Management believe that the company will generate sufficient future profits in order to support the recognition of the deferred tax asset.
Financials | Whistl Annual Report 2016
45
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