Annual Report & ACCOUNTS for the year ended 30 June 2014

HYR 2014

(a) Recognised Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are attributable to the following:

AssetsLiabilitiesNet
2014
£000
2013
£000
2014
£000
2013
£000
2014
£000
2013
£000
Intangible assets(21,738)(27,548)(21,738)(27,548)
Property, plant and equipment(1,641)(1,896)(1,641)(1,896)
Inventories4771,0674771,067
Payables303212303212
Share-based payments719964719964
Losses9090
Employee benefit obligations2921729217
1,8812,260(23,379)(29,444)(21,498)(27,184)

Deferred tax assets and liabilities are offset to the extent that there is a legally enforceable right to offset current tax assets against current tax liabilities.

(b) Unrecognised Deferred Tax

The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognised is £nil (2013: £nil). The estimated unprovided deferred tax liability in relation to these temporary differences is £nil (2013: £nil). Deferred tax assets in relation to losses amounting to £6,000 (2013: £75,000) have not been recognised due to uncertainty over their recoverability.

(c) Movements During the Year


Balance at
1 July
2012
£000
Recognised
in income
£000
Disposals
£000
Recognised
in equity
£000
Foreign
exchange
adjustments
£000
Balance at
30 June
2013
£000
Intangible assets(29,984)4,240(1,804)(27,548)
Property, plant and equipment(1,691)(117)(88)(1,896)
Inventories1,178(112)11,067
Payables26719(86)12212
Share-based payments8138170964
Employee benefit obligations74(58)117
(29,343)4,053(16)(1,878)(27,184)
Balance at
1 July
2013
£000
Recognised
in income
£000
Disposals
£000
Recognised
in equity
£000
Foreign
exchange
adjustments
£000
Balance at
30 June
2014
£000
Intangible assets(27,548)4,147341,629(21,738)
Property, plant and equipment(1,896)(42)193104(1,641)
Inventories1,067(596)6477
Payables2127129(9)303
Share-based payments964(154)(91)719
Losses94(4)90
Employee benefit obligations17287(12)292
(27,184)3,807227(62)1,714(21,498)

Amounts recognised in income relating to continuing operations total £3,807,000 (2013: £4,118,000).