Dechra Pharmaceuticals PLC

Dechra Pharmaceuticals PLC

Annual Report and Accounts for the year ended 30 June 2012

14. Deferred Taxes

(a) Recognised Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are attributable to the following:

       Assets      Liabilities     Net
2012
£'000
2011
£'000
2012
£'000
2011
£'000
2012
£'000
2011
£'000
Intangible assets(29,984)(14,204)(29,984)(14,204)
Property, plant and equipment(1,691)(550)(1,691)(550)
Inventories1,1784781,178478
Receivables4141
Payables435161(168)(230)267(69)
Share-based payments813861813861
Employee benefit obligations7474
2,5001,541(31,843)(14,984)(29,343)(13,443)

Deferred tax assets and liabilities are offset to the extent that there is a legally enforceable right to offset current tax assets against current tax liabilities.

(b) Unrecognised Deferred Tax

The aggregate amount of temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognised is £nil (2011: £nil). The estimated unprovided deferred tax liability in relation to these temporary differences is £nil (2011: £nil). Deferred tax assets in relation to losses amounting to £368,000 (2011: £nil) have not been recognised due to uncertainty over their recoverability.

(c) Movements During the Year


Balance at
1 July 2010
£'000
Recognised
in income
£'000
Acquisitions
£'000
Recognised
in equity
£'000
Foreign
exchange
adjustments
£'000
Balance at
30 June
2011
£'000
Intangible assets(13,217)1,699(1,546)(1,140)(14,204)
Property, plant and equipment(556)6(550)
Inventories548(70)478
Receivables49(8)41
Payables80(145)(4)(69)
Share-based payments60095166861
(12,496)1,577(1,546)162(1,140)(13,443)
Balance at
1 July 2011
£'000
Recognised
in income
£'000
Acquisitions
£'000
Recognised
in equity
£'000
Foreign
exchange
adjustments
£'000
Balance at
30 June
2012
£'000
Intangible assets(14,204)2,826(20,205)1,599(29,984)
Property, plant and equipment(550)(389)(835)83(1,691)
Inventories4787001,178
Receivables41(41)
Payables(69)(99)435267
Employee benefit obligations7474
Share-based payments86129(77)813
(13,443)3,026(20,531)(77)1,682(29,343)

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