44 AVESCOGROUPPLC ANNUAL REPORT 2009
www.avesco.com
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2009
12. Finance income and costs
2009 2008
£000s £000s
Interest on short term bank deposits 13 85
Other interest receivable 80 500
Finance income 93 585
Interest on bank borrowings (611) (1,013)
Interest element of finance lease obligations (517) (453)
Other interest expense (17) (49)
Finance costs (1,145) (1,515)
Net finance costs (1,052) (930)
13. Income tax expense/(credit)
Analysis of taxation expense/(credit) for the year
2009 2008
£000s £000s
Current tax 47 85
Deferred tax (note 26)
Origination and reversal of temporary differences 35 (263)
82 (178)
Factors affecting the taxation charge
The taxation charge for the year is higher (2008: lower) than the standard rate of corporation tax in the UK (28%). The differences are explained below:
2009 2008
£000s £000s
(Loss)/profit on continuing operations before tax (13,161) 6,483
Tax calculated at standard rate of UK corporation tax of 28% (2008: 29%) (3,685) 1,880
Expenses not deductible for tax purposes 309 57
Unrecognised differences between capital allowances and depreciation (9) (461)
Tax losses for which no deferred income tax asset has been recognised 3,274 290
Other permanent differences 63 (2,042)
Utilisation of previously unrecognised tax losses (47) -
Differences in tax rates 177 98
Tax charge/(credit) 82 (178)
14. Net foreign exchange gains
The exchange differences credited to the income statement are included as follows:
2009 2008
£000s £000s
Exchange rate gains 455 508
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