56
AVESCO GROUP PLC ANNUAL REPORT 2011
www.avesco.com
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2011
2011
Gross finance lease liabilities - minimum lease payments In 1 year or less
Later than 1 year and no later than 5 years Later than 5 years
Future finance charges on finance leases Present value of future lease liabilities
Present value of finance lease liabilities In 1 year or less
Later than 1 year and no later than 5 years Later than 5 years
£000s 5,769
3,903 382
10,054 (434)
9,620 2011
£000s 5,483
3,797 340
9,620 25. Deferred income tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Group deferred tax asset
Accelerated
capital allowances £000s
Deferred tax assets At 1 October 2009
Prior period adjustments
Credited to the income statement Exchange differences
At 30 September 2010
Credited to the income statement Exchange differences
At 30 September 2011
Unrecognised deferred tax assets At 30 September 2011 At 30 September 2010
459 -
191 -
650 258
- 908
1,138 1,793
Tax losses £000s
3,106 (71)
852 (67)
3,820 1,397
(8) 5,209
6,134 7,027
Total £000s
3,565 (71)
1,043 (67)
4,470 1,655
(8) 6,117
7,272 8,820
An element of the total deferred tax assets are unrecognised due to uncertainties concerning the extent and timing of recoverability. These are dependent on the generation of certain classes of taxable profits by the Group’s operations.
Deferred taxation assets have only been recognised for companies with a past history of profitability and where taxable profits are expected to arise in the future against which the tax losses and accelerated capital losses can be offset.
The amount of deferred tax asset due to be recoverable in less than one year is £2,240,000 (2010: £1,262,000). The unrecognised deferred tax assets are not expected to expire.
2010
£000s 5,546
3,082 -
8,628 (370)
8,258 2010
£000s 5,279
2,979 -
8,258
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