Vtech 2007 Annual Report Download - page 45

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VTech Holdings Ltd
Annual Report 2007 43
8 LEASEHOLD LAND PAYMENTS
2007 2006
Note US$ million US$ million
Net book value at 1st April 3.7 1.8
Additions – 0.6
Transfer from tangible assets 7 – 1.4
Amortisation 2 (0.1) (0.1)
Effect of changes in exchange rate 0.1 –
Net book value at 31st March 3.7 3.7
Leasehold land payments in respect of:
Owner-occupied properties 3.7 3.7
9 DEFERRED TAX
The deferred tax assets and liabilities and the deferred tax account movements for the years ended 31st March 2006 and
31st March 2007 are attributable to the following items:
31st March
2006 Credited
Credited and /(charged)
1st April to income Charged 1st April to income 31st March
2005 statement to reserve 2006 statement 2007
US$ million US$ million US$ million US$ million US$ million US$ million
Deferred tax assets
Provisions 0.4 – – 0.4 (0.4) –
Tax losses carried forward 2.1 0.5 – 2.6 (0.1) 2.5
Other deductible
temporary differences 1.7 0.5 – 2.2 0.8 3.0
4.2 1.0 – 5.2 0.3 5.5
Deferred tax liabilities
Accelerated tax depreciation (2.3) 0.1 – (2.2) 0.2 (2.0)
Revaluation of properties – – (2.0) (2.0) – (2.0)
Others – – – – (0.2) (0.2)
(2.3) 0.1 (2.0) (4.2) – (4.2)
Net deferred tax assets 1.9 1.1 (2.0) 1.0 0.3 1.3
Deferred tax assets and liabilities are offset 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:
2007 2006
US$ million US$ million
Deferred tax assets 5.5 5.1
Deferred tax liabilities (4.2) (4.1)
1.3 1.0
Deferred tax assets are recognised for tax losses carried
forward to the extent that realisation of the related tax
benefi t through future taxable profi ts is probable. Deferred
tax assets of US$33.8 million (2006: US$42.9 million) arising
from unused tax losses of US$117.1 million (2006: US$131.2
million) have not been recognised at the end of the year.
12bVtechNotes(E).indd43 2007/7/511:37:50PM