Carphone Warehouse 2009 Annual Report Download - page 67

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www.cpwplc.com 63
Financial Statements
The deferred tax assets recognised by the Group and movements thereon during the year are as follows:
Timing
Share-based differences on Other timing
payments capitalised costs Tax losses differences Total
£m £m £m £m £m
Opening balance (restated) 23 8 65 – 96
Credit (charge) to the income statement (2) 24 18 2 42
Charge to reserves (16) – – – (16)
Disposal of subsidiaries (3) (3) (9) 1 (14)
Closing balance 2 29 74 3 108
No deferred tax assets and liabilities have been offset in either year, except where there is a legal right to do so in the relevant
jurisdictions.
From 1 April 2008, the UK statutory rate of corporation tax reduced from 30% to 28%. The impact of this change on the value
of deferred tax assets was recognised at 29 March 2008.
At 31 March 2009 the Group had unused tax losses of £307m (2008: £357m) available for offset against future taxable prots.
A deferred tax asset of £74m (2008: £65m) has been recognised in respect of £263m (2008: £216m) of such losses, based on
expectations of recovery in the foreseeable future.
No deferred tax asset has been recognised in respect of the remaining £44m (2008: £141m) as there is insufcient evidence that
there will be suitable taxable prots against which these losses can be recovered. All losses may be carried forward indenitely.
At 31 March 2009 the Group has unrecognised deferred tax liabilities of £20m (2008: £46m) in respect of temporary differences
associated with the undistributed earnings of subsidiaries of £78m (2008: £240m). No liability has been recognised in respect of
these differences because the Group is in a position to control the timing of their reversal and it is probable that they will not
reverse in the foreseeable future.
10 Equity dividends
2009 2008
£m £m
Final dividend for the year ended 31 March 2007 of 2.25p per ordinary share – 20
Interim dividend for the year ended 29 March 2008 of 1.25p per ordinary share – 11
Final dividend for the year ended 29 March 2008 of 3.00p per ordinary share 26 –
Interim dividend for the year ended 31 March 2009 of 1.35p per ordinary share 12 –
38 31
Proposednal dividend for the year ended 31 March 2009 of 3.00p per ordinary share 27
The proposed nal dividend for the year ended 31 March 2009 is subject to shareholders’ approval at the Annual General
Meeting and has not been included as a liability in these nancial statements.
The expected cost of this dividend reects the fact that the Group’s Employee Share Ownership Trust has agreed to waive its
rights to receive dividends (see note 25).