Page 64


Notes to the accounts

continued


22 Deferred tax (continued)

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.

Capital gains tax on land and buildings Accelerated tax depreciation Revaluation of land and buildings Rollover gains Other Total
Deferred tax liabilities £m £m £m £m £m £m

At 26 January 2008 – 166.7 21.8 23.9 1.4 213.8
Credited to income statement 0.2 2.6 (15.5) 0.2 (0.2) (12.7)

At 31 January 2009 0.2 169.3 6.3 24.1 1.2 201.1
Charged to income statement (0.2) 11.4 0.4 (0.7) 1.0 11.9

At 30 January 2010 – 180.7 6.7 23.4 2.2 213.0

Capital gains tax on land and buildings Pensions and provisions Capital losses Total
Deferred tax assets £m £m £m £m

At 26 January 2008 (14.2) (154.3) (0.2) (168.7)
Charged to income statement 14.2 10.0 0.2 24.4
Credited to equity – (78.5) – (78.5)

At 31 January 2009 – (222.8) – (222.8)
Credited to income statement (2.0) (7.7) (0.1) (9.8)
Credited to equity – (22.3) – (22.3)

At 30 January 2010 (2.0) (252.8) (0.1) (254.9)

Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future profits is probable. There were no unrecognised deferred tax assets in respect of losses for the year ended 30 January 2010 (2009: £nil).

The deferred tax balance associated with the pension deficit has been adjusted to reflect the current tax benefit obtained in the current year following the contribution of the limited partnership interest in JLP Scottish Limited Partnership to the pension scheme (see note 25).

All of the deferred tax liabilities were available for offset against deferred tax assets and hence the net deferred tax asset at 30 January 2010 was £41.9m (2009: £21.7m). The net deferred tax asset is recoverable after more than one year.

Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84