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53
notes to the financial Statements
for the year ended 31 March 2012
9. Income tax
Company tax is calculated at 28% (2011: 30%) of the estimated assessable profit for the year.
The charge for the year can be reconciled to the profit per the income statement as follows:
Group
Parent
2012
2011
2012
2011
$’000
$’000
$’000
$’000
Profit before tax
9,352
11,004
7,698
15,539
Effect of expenses that are non deductible
-
1
779
1
Effect of income that is not assessable
-
(24)
-
(5,274)
-
(23)
779
(5,273)
Taxable profit
9,352
10,981
8,477
10,266
Income tax expense at 28% (2011: 30%)
2,619
3,294
2,374
3,080
Impact of building depreciation no longer tax deductible
-
664
-
664
Effect on deferred tax due to change in tax rates
-
(745)
-
(741)
Effect of prior period tax adjustment in current tax
-
47
-
47
Total tax expense for the year recognised in the
income statement
2,619
3,260
2,374
3,050
Effective tax rate (being Total tax expense divided by
Profit before tax)
28%
30%
31%
20%
Current tax movement
2,932
1,652
2,873
1,563
Deferred tax movement
(313)
1,608
(499)
1,487
Total tax expense for the year recognised in the
income statement
2,619
3,260
2,374
3,050
Attributable to:
Continuing activities
2,619
3,260
2,374
3,050
Amounts recognised directly in other comprehensive income
Aggregate current and deferred tax arising in the reporting period and not recognised in net profit and
loss component of the statements of comprehensive income but directly debited and credited to other
comprehensive income.
Deferred tax - debited (credited) directly to other
comprehensive income
13,746
(47)
13,746
(47)
Total tax expense for the year recognised in other
comprehensive income
13,746
(47)
13,746
(47)
Imputation credit memorandum account
Imputation credits are gained through income tax being paid by the Group and are available for attachment to
future dividends paid.
Opening imputation credit balance
1,070
681
(388)
(783)
Credits gained due to tax payments made
2,155
1,782
2,155
1,788
Credits applied to dividends paid out
(1,526)
(1,393)
(1,526)
(1,393)
Closing imputation credit balance
1,699
1,070
241
(388)
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