92


Finsbury Food Group Annual Report and Accounts 2020


Notes to the Consolidated Financial Statements/Continued


22. Deferred Tax Assets and Liabilities


Recognised Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are attributable to the following:


Assets


2020 £000


Intangibles


Property, plant and equipment Foreign exchange contracts


Short-term temporary differences Interest rate swaps


Discounting of deferred consideration Pension scheme charges


Employee share scheme charges Losses acquired


Tax assets/(liabilities) Net tax assets/(liabilities)


- -


55 38 40 -


2,883 391


1,216 4,623 2,506


2019 £000


- -


37 40 - -


1,923 574


1,081 3,655 1,855


2020 £000


(1,346) (740) - - -


(31) - - -


(2,117) -


Liabilities


2019 £000


(1,325) (415) - -


(30) (30) - - -


(1,800) -


Short-term temporary differences relate to general provisions which will be allowed when utilised. The deferred tax asset recognised for losses relate to acquired businesses, based on current and forecast levels of profitability, the losses are expected to be utilised within 3 years.


Movement in Deferred Tax during the Year


29 June 2019 £000


Intangibles


Property, plant and equipment Foreign exchange contracts


Short-term temporary differences Interest rate swaps


Discounting of deferred consideration Pension Scheme


Employee share Scheme Losses acquired


(1,325) (415) 37 40


(30) (30)


1,923 574


1,081 1,855


30 June 2018 £000


Intangibles


Property, plant and equipment Foreign exchange contracts


Short-term temporary differences Interest rate swaps


Discounting of deferred consideration Pension scheme


Employee share scheme Losses acquired


(1,148) 111 7


(10) (95) -


1,791 711


1,280 2,647


Acquired £000


-


103 - - - - - - -


103


Acquired £000


(291) (127) - - -


(54) - - -


(472)


Recognised in income £000


(21)


(428) 18


(2) 70 (1) 237 (1)


135 7


Recognised in income £000


114


(399) 30 50 65 24 76


119


(199) (120)


The deferred tax liability in respect of intangible assets will unwind in line with the amortisation of intangible assets.


Recognised in equity £000


- - - - - -


723


(182) -


541


Recognised in equity £000


- - - - - -


56


(256) -


(200)


27 June 2020 £000


(1,346) (740) 55 38 40


(31)


2,883 391


1,216 2,506


29 June 2019 £000


(1,325) (415) 37 40


(30) (30)


1,923 574


1,081 1,855


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