8 Finance Income and Costs Recognised in the Consolidated Statement of Profit and Loss


2014 £000


Finance income Expected net return on defined benefit pension plan Change in fair value of interest rate swaps Tax related


Unwinding of discount of deferred consideration receivable Total finance income


Finance costs Interest on defined benefit plan obligations Bank interest payable


Interest on interest rate swap agreements Interest on deferred consideration


Unwinding of discount on deferred consideration payable Total finance costs


9 Taxation Recognised in the Consolidated Statement of Profit and Loss


Continuing 2014 £000


Current tax Current year


Adjustments for prior years Total current tax


Deferred tax Origination and reversal of temporary differences Retirement benefit deferred tax charge Adjustments for prior years Total deferred tax Total tax expense


1,254 22


1,276


309 73


(7) 375 1,651


continuing Discontinued 2013 £000


1,513 1,296


(217)


(233) 209 28 4


1,300


Reconciliation of effective tax rate Te tax assessed for the period is higher (2013: lower) than the standard rate of corporation tax in the UK of 21%, (2013: 23%). Te hybrid corporation tax rate is 22.50% (2013: 23.75%). Te differences are explained below:


2014 £000


Profit before taxation from continuing operations


Tax using the UK corporation tax rate of 22.50%, (2013: 23.75%) Non-deductible expenses


Amortisation of intangible asset Temporary differences*


Adjustment to restate opening deferred tax and differences in rates Differences on depreciation on IBA’s and allowances claimed R&D uplift current year


Adjustments to tax charge in respect of prior periods Overseas profits charged at different taxation rate Group relief from discontinued Total tax expense


*Temporary differences in the current year relate to share based payments. 40


6,576 1,480


36 34


(179) 107 49


(97) 15


206 -


1,651


2013 £000


6,075 1,443


10 34


(338) (25) 45


(87)


(189) 132 275


1,300 Restated


2014 £000


- - -


- - - - -


Discontinued 2013 £000


239


(16) 223


- - - -


223


862 708 -


150 1,720


(994) (643) (595) -


(4) (2,236)


Restated 2013 £000


826 855 1


48 1,730 (966)


(1,115) (812) (53) (32)


(2,978)


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