Page 153 - Annual Report 2014

Notes to the Financial Statements

Year ended 31 December 2014

6 Deferred Taxes

Movements in deferred tax assets and liabilities during the year are as follows:

Recognised

Effect of At Recognised in other
prior years’ 1.1.2014
At adjustment (restated) in income comprehensive At
1.1.2014 31.12.2014
Group $m $m statement income
2014 $m $m
$m $m

Deferred tax liabilities (139.2) – (139.2) (4.7) – (143.9)
Property, plant and equipment and 8.9 (0.4) 8.5 (3.8) (0.6) 4.1
2.3 2.3 6.2 8.5
intangible assets – – – 4.1 – 4.1
Other payables and accruals – 1.8 –
Unutilised capital allowances (128.0) (0.4) (128.4) (0.6) (127.2)
Unutilised tax losses
Total

Recognised Recognised

Effect of At in income in other At
prior years’ 1.1.2013 31.12.2013
At adjustment (Restated) statement comprehensive (Restated)
1.1.2013
Group $m $m (Restated) income $m
2013 $m
$m $m

Deferred tax assets (7.9) – (7.9) 7.9 – –
Property, plant and equipment and 10.4 – –
– 10.4 (10.4) – –
intangible assets 2.5
Deferred income – 2.5 (2.5)
Total

Deferred tax liabilities (121.6) – (121.6) (17.6) – (139.2)
Property, plant and equipment and 2.4 (0.2) 2.2 6.9 (0.6) 8.5
– – 2.3 2.3
intangible assets – (8.4) –
Other payables and accruals (119.2) (0.2) (119.4) (0.6) (128.4)
Unutilised capital allowances
Total

Deferred tax assets are recognised to the extent that realisation of the related tax benefits through future taxable profits
is probable.

Deferred tax assets have not been recognised in respect of the following items:

2014 2013
$m $m

Tax losses 60.0 54.2
Deferred tax assets 10.2 9.2

The Group has not recognised deferred tax assets in respect of the above tax losses as the Group does not expect to
recover these potential deferred tax assets in the foreseeable future. The Group reassesses the recovery of these potential
deferred tax assets annually.

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