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VTech Holdings Ltd Annual Report 2008 41
9 DEFERRED TAX
The deferred tax assets and liabilities and the deferred tax account movements for the years ended 31st March 2007 and
31st March 2008 are attributable to the following items:
1st April
2006
Credited/
(charged)
to income
statement
31st March
2007 and
1st April 2007
Credited/
(charged)
to income
statement
31st March
2008
US$ million US$ million US$ million US$ million US$ million
Deferred tax assets
Provisions 0.4 (0.4) – – –
Tax losses carried forward 2.6 (0.1) 2.5 0.8 3.3
Other deductible temporary di erences 2.2 0.8 3.0 0.6 3.6
5.2 0.3 5.5 1.4 6.9
Deferred tax liabilities
Accelerated tax depreciation (2.2) 0.2 (2.0) (0.2) (2.2)
Revaluation of properties (2.0) – (2.0) – (2.0)
Others – (0.2) (0.2) (0.1) (0.3)
(4.2) – (4.2) (0.3) (4.5)
Net deferred tax assets 1.0 0.3 1.3 1.1 2.4
Deferred tax assets and liabilities are o set when they relate
to income taxes levied by the same taxation authority on the
same taxable entity. The following amounts are shown in the
consolidated balance sheet:
2008 2007
US$ million US$ million
Deferred tax assets 6.9 5.5
Deferred tax liabilities (4.5) (4.2)
2.4 1.3
Deferred tax assets are recognised for tax losses carried forward
to the extent that realisation of the related tax bene t through
future taxable pro ts is probable. Deferred tax assets of US$22.9
million (2007: US$33.8 million) arising from unused tax losses
of US$85.5 million (2007: US$117.1 million) have not been
recognised at the end of the year.
10 INVESTMENTS
2008 2007
US$ million US$ million
(i) Associates
Share of net tangible assets 0.1 0.1
(ii) Other investments
Unlisted investments, at cost 0.1 0.1
0.2 0.2
11 STOCKS
2008 2007
US$ million US$ million
Telecommunication and
electronic products
Raw materials 39.8 34.2
Work in progress 11.0 15.1
Finished goods 81.6 74.8
132.4 124.1
Stocks carried at net realisable value at 31st March 2008
amounted to US$43.1 million (2007: US$26.7 million).
12 DEBTORS AND PREPAYMENTS
2008 2007
Note US$ million US$ million
Trade debtors (Net of provision
for doubtful debts of
US$9.7 million (2007:
US$12.5 million)) 182.2 178.7
Other debtors and
prepayments 44.5 22.6
Pension assets 16 2.5 2.1
229.2 203.4