Carphone Warehouse 2014 Annual Report Download - page 79

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Carphone Warehouse Group plc
Annual Report 2014 77
FINANCIAL STATEMENTS
5 EMPLOYEE COSTS AND SHARE‑BASED PAYMENTS continued
c) EMPLOYEE SHARE OWNERSHIP TRUST
The Group has an ESOT, which held .m shares in the Company at  March  (: .m) for the benefit of the employees of the Group.
The maximum number of shares held by the Group’s ESOT during the year was .m, from July  to March  (: .m, from April 
to August ), which represented .% (: .%) of the Company’s issued share capital. The ESOT has waived its rights to receive dividends
and its shares have not been allocated to specific schemes. At  March  the shares had a market value of £.m (: £.m).
6 INTEREST INCOME AND EXPENSE
Interest income is analysed as follows:
2014 2013
£m £m
Interest on cash and cash equivalents 11
Interest and other finance income from joint ventures 11
Unwind of discounts on trade receivables 6—
82
Interest expense is analysed as follows:
2014 2013
£m £m
Interest on bank overdrafts and loans (11) —
Interest on deferred consideration (1) —
Other interest expense (5) —
(17) —
7 CORPORATION TAX
a) AMOUNTS RECOGNISED IN PROFIT OR LOSS
The corporation tax charge comprises:
2014 2013
£m £m
Current tax:
UK corporation tax 10 —
Overseas tax 3—
13 —
Adjustments made in respect of prior years:
UK corporation tax 1—
Overseas tax (6) —
(5) —
Total current tax 8—
Deferred tax:
Origination and reversal of temporary differences 18 —
Adjustments in respect of prior years (7) 1
Total deferred tax 11 1
Total tax charge 19 1
The standard rate of corporation tax reduced from % to % with effect from  April  in accordance with the Finance Act . In addition,
the Finance Act  was substantively enacted on  July , further reducing the standard rate of UK corporation tax from % to % with
effect from April, and from % to % from  April . The reduced rates have been reflected in the calculation of deferred tax.