Carphone Warehouse 2002 Annual Report Download - page 37

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The Carphone Warehouse Group PLC Annual Report 2002 35
7Net interest receivable
2002 2001
£’000 £’000
Interest receivable and similar income 5,711 6,015
Interest payable and similar charges:
Bank overdrafts and loans (4,975) (3,168)
Other loans (394) (462)
Interest payable and similar charges (5,369) (3,630)
Net interest receivable 342 2,385
8Tax on profit on ordinary activities
Restated
2002 2001
£’000 £’000
Current tax
UK corporation tax 6,930 7,662
Overseas tax 2,778 473
9,708 8,135
Adjustments in respect of prior periods
UK corporation tax (2,538) (1,888)
Total current tax 7,170 6,247
Deferred tax
Origination and reversal of timing differences (1,008) 5,751
Total deferred tax (1,008) 5,751
Total tax on profit on ordinary activities 6,162 11,998
Restated
2002 2001
£’000 £’000
(Loss) profit on ordinary activities before tax (23,015) 47,397
(Loss) profit on ordinary activities before tax at 30%(6,905) 14,219
Effect of:
Amortisation of goodwill 4,421 2,631
Exceptional items attracting no tax relief or liability 12,420 (4,193)
Other items attracting no tax relief or liability 4,314 5,913
Income taxed at lower rates (5,550) (4,684)
Adjustments in respect of prior periods (2,538) (1,888)
Other timing differences 1,008 (5,751)
Current tax charge for the period 7,170 6,247
The Group earns its profits primarily in the UK, therefore the tax rate used for tax on profit on ordinary activities is the standard rate for UK
corporation tax, currently 30%.
As explained in note 10, the tax charge for the period ended 31 March 2001 has been restated in accordance with FRS 19. The adjustments
relate primarily to provisions and short-term timing differences on acquisitions in respect of which no deferred tax assets, or their subsequent
utilisation, had previously been recognised.
Deferred tax assets of approximately £20 million (2001 – £15 million) for tax losses have not yet been recognised as there is insufficient
evidence that there will be suitable taxable profits against which these losses can be recovered.
Details of deferred tax assets and liabilities are provided in note 21.