Financial statements
- Independent auditors' report
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated statement of changes in shareholders' equity
- Consolidated balance sheet
- Consolidated cash flow statement
- Notes to the financial statements
- Independent auditors' report
- Company balance sheet
- Notes to the Company financial statements
Notes to the financial statements
for the year ended 31 October 2011
20. Deferred income tax
Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 25% (FY2010: 27%) for the UK and 33.3% (FY2010: 33.3%) for France. The movement on the deferred tax account is as shown below:
The gross movement on the deferred income tax account is as follows:
| Note | 2011 £'000 |
2010 £'000 |
|
At 1 November |
114,059 | 108,808 | |
Profit and loss (credit)/charge |
7 | (4,846) | 2,864 |
Released to equity |
— | 2,846 | |
Exchange differences |
266 | (459) | |
At 31 October |
109,480 | 114,059 |
At 31 October 2011, the Group had capital losses of £4.0 million (FY2010: losses of £4.0 million) in respect of its UK operations, all of which are not recognised in the balance sheet.
Deferred tax assets have been recognised in respect of all trading tax losses and other temporary differences giving rise to deferred tax assets because it is probable that these assets will be recovered.
The movements in deferred tax assets and liabilities (prior to the offsetting of balances within the same jurisdiction as permitted by IAS 12) during the period are shown below.
Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net.
Deferred tax liability |
Revaluation of investment properties £'000 |
Other timing differences £'000 |
Total £'000 |
At 1 November 2009 |
119,070 | 1,187 | 120,257 |
Charged to income statement |
5,074 | (2,105) | 2,969 |
Released to equity |
— | 53 | 53 |
Exchange differences |
(722) | — | (722) |
At 31 October 2010 |
123,422 | (865) | 122,557 |
At 1 November 2010 |
123,422 | (865) | 122,557 |
Credit to income statement |
(6,846) | 480 | (6,366) |
Exchange differences |
319 | — | 319 |
At 31 October 2011 |
116,895 | (385) | 116,510 |
Deferred tax asset |
Tax losses £'000 |
Interest swap £'000 |
Total £'000 |
At 1 November 2009 |
8,655 | 2,794 | 11,449 |
Charged to income statement |
(2,131) | 2,236 | 105 |
Released to equity |
— | (2,793) | (2,793) |
Exchange differences |
(263) | — | (263) |
At 31 October 2010 |
6,261 | 2,237 | 8,498 |
At 1 November 2010 |
6,261 | 2,237 | 8,498 |
Charged to income statement |
(885) | (635) | (1,520) |
Exchange differences |
53 | — | 53 |
At 31 October 2011 |
5,429 | 1,602 | 7,031 |
The deferred tax liability due after more than one year is £116.5 million (FY2010: £122.6 million).
