Yudu - John Lewis Partnership Annual Report and Accounts 2013

John Lewis Partnership plc annual report and accounts 2013

Notes to the accounts continued

20 Provisions (continued)

Other provisions include reorganisation costs, accrued holiday pay and property related costs.

The exact timing of utilisation of these provisions will vary according to the individual circumstances. However, the group’s best estimate of utilisation is provided above.

21 Deferred tax

Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 23% (2012: 25%).

The movement on the deferred tax account is shown below:

Consolidated - 2013 £m - 2012 £m

Opening liability 32.1 94.7

Credited to income statement (28.8) (14.2)

Credited to other comprehensive expense (28.9) (48.4)

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Closing (asset)/liability (25.6) 32.1

The movements in deferred tax assets and liabilities during the year (prior to the offsetting of balances within the same jurisdiction, as permitted by IAS 12) are shown below.

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.

Deferred tax liabilities - Accelerated tax depreciation £m - Revaluation of land buildings £m - Rollover gains £m - Other £m - Total £m

At 29 January 2011 179.0 4.9 21.8 1.8 207.5

(Credited)/charged to income statement (13.0) 0.8 0.7 1.8 (9.7)

At 28 January 2012 166.0 5.7 22.5 3.6 197.8

Credited to income statement (18.8) (1.0) (2.6) (1.4) (23.8)

At 26 January 2013 147.2 4.7 19.9 2.2 174.0

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

At 29 January 2011 (2.3) (110.5) (112.8)

Credited to income statement (4.2) (0.3) (4.5)

Credited to other comprehensive expense – (48.4) (48.4)

At 28 January 2012 (6.5) (159.2) (165.7)

Credited to income statement (0.8) (4.2) (5.0)

Credited to other comprehensive expense – (28.9) (28.9)

At 26 January 2013 (7.3) (192.3) (199.6)