24 Deferred Tax Assets and Liabilities (continued) Movement in deferred tax during the year
29 June 2013
Property, plant and equipment Short-term temporary differences Employee share scheme Pension scheme Interest rate swaps
Foreign exchange contracts IFRS fair value adjustments deferred consideration Movement in deferred tax during the prior year 30 June 2012
Property, plant and equipment Short-term temporary differences Employee share scheme Pension scheme Interest rate swaps
Foreign exchange contracts IFRS fair value adjustments deferred consideration 25 Financial Risk Management
Te main purpose of the Group’s financial instruments which comprise of bank term loans, invoice discounting facility, hire purchase, finance leases, interest rate swaps, foreign currency forwards, cash and liquid resources and various items arising directly from its operations, such as trade receivables and trade payables, is to finance the Group’s operations. Te main risk arising from the Group’s financial instruments are interest rate risk and liquidity risk. Te Group’s policies on the management of liquidity, credit, interest rate and foreign currency risks are set out below and also referred to in the Strategic Report.
a) Fair Values of Financial Instruments All financial assets and liabilities are held at amortised cost apart from forward exchange contracts, interest rate swaps and deferred consideration receivable, which are held at fair value, with changes going through the Consolidated Statement of Profit and Loss. Te Group has not disclosed the fair values for financial instruments such as short-term trade receivables and payables, because their carrying amounts are a reasonable approximation of fair values.
Te fair values of forward exchange contracts and interest rate swaps are determined using a market comparison valuation technique. Te fair values are based on broker quotes. Similar contracts are traded in an active market and the quotes reflect the actual transactions in similar instruments. Te fair values relating to these instruments represent level 2 in the fair value hierarchy which relates to the extent the fair value can be determined by reference to comparable market values. Te classifications range from level 1 where instruments are quoted on an active market through to level 3 where the assumptions used to arrive at fair value do not have comparable market data.
£000 £000 £000
(996) (369) 63
738 468
(9) (8)
(113) (5)
(33) 351
(341) (216) 42 66
(136)
Recognised in income
Recognised in equity
- -
506 257 - - -
763
Disposal 29 June 2013 £000
£000
678 320 - - - - -
998
(323) (82) 920 654 252 33 58
1,512 £000 £000 £000
(323) (82) 920 654 252 33 58
1,512 5
(22) (53) (73)
(175) (20) (37)
(375)
Recognised in income
Recognised in equity
- -
(354) 145 - - -
(209)
Disposal £000
- - - - - - - -
28 June 2014 £000
(318) (104) 513 726 77 13 21
928
52
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