8. TAXATION UK corporation tax
Corporation tax under/(over) provision in previous years Deferred taxation
2020 £
40,728 647
9,373 50,748 Surplus on ordinary activities before tax
Surplus on ordinary activities multiplied by the standard rate of UK corporation tax of 19% (2019: 19%)
Effects of:
Amounts not taxable Fixed asset differences
Short-term timing differences Amount relating to prior year Total tax charge
(26,956) 70,300 (1,155) 647
50,748
(100,985) 26,202 17,652
(33,957) 19,827
41,641 7,912
2019 £
51,889
(33,957) 1,895
19,827 583,763 110,915
9. TANGIBLE FIXED ASSETS
Long leasehold premises
£ Cost
At 1st April 2019 Additions Disposals
At 31st March 2020
Depreciation At 1st April 2019 Change for year On disposals
At 31st March 2020 Net book value
At 31st March 2020 At 31st March 2019
2,359,608 2,420,089
3,033,342 3,111,119
577,859 522,323
5,970,809 6,053,531
The Association’s long leasehold premises and specialised property are stated above at deemed cost. However it should be noted that as at 31st March 2019 the two long leasehold properties at Hamble were valued at £3,120,000 on an open market valuation of which £560,000 has been apportioned to investment property (note 2a). The specialised property at Portland was valued at £3,280,000 on a depreciated replacement cost basis. All valuations were carried out by Lambert Smith Hampton, Chartered Surveyors.
21 ANNUAL REPORT AND ACCOUNTS 2020
2,722,500 - -
2,722,500
302,411 60,481 -
362,892
3,500,000 - -
3,500,000
388,881 77,777 -
466,658
2,405,460 314,313
(149,328) 2,570,445
1,883,137 251,145
(141,696) 1,992,586
8,627,960 314,313
(149,328) 8,792,945
2,574,429 389,403
(141,696) 2,822,136
Specialised property
£ Fixtures,
fittings, vehicles & equipment £
Total £
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