Vtech 2014 Annual Report Download - page 57

55VTech Holdings Limited Annual Report 2014
8 Leasehold Land Payments
Note
2014
US$ million
2013
US$ million
Net book value at 1 April 5.2 5.1
Amortisation 2 (0.1) (0.1)
Effect of changes in
exchange rates –0.2
Net book value at 31 March
(note (i)) 5.1 5.2
Leasehold land payments
in respect of:
Owner-occupied properties 5.1 5.2
Note:
(i) Included in leasehold land payments is the amount of US$3.0 million
(2013: US$3.0 million) paid for the acquisition of certain sites in the PRC.
(b) The components of deferred tax assets and liabilities and the movements for the years ended 31 March 2013 and 31 March 2014 are
as follows:
Depreciation
allowances
in excess of
the related
depreciation
US$ million
Revaluation
of properties
US$ million
Unutilised
tax losses
US$ million
Other
temporary
differences
US$ million
Total
US$ million
Deferred tax arising from:
At 1 April 2012, as previously reported (0.1) (5.1) 4.3 1.0 0.1
Effect of adoption of IAS 19 (Revised 2011) – – – 1.1 1.1
At 1 April 2012, as restated (0.1) (5.1) 4.3 2.1 1.2
Credited/(charged) to consolidated income
statement 0.1 – (2.2) 0.6 (1.5)
Credited/(charged) to reserves – 0.6 – (0.2) 0.4
At 31 March 2013, as restated – (4.5) 2.1 2.5 0.1
At 1 April 2013, as previously reported – (4.5) 2.1 1.6 (0.8)
Effect of adoption of IAS 19 (Revised 2011) – – – 0.9 0.9
At 1 April 2013, as restated – (4.5) 2.1 2.5 0.1
Credited/(charged) to consolidated income
statement – – (2.0) 0.3 (1.7)
Credited/(charged) to reserves – 0.4 – (0.4) –
At 31 March 2014 – (4.1) 0.1 2.4 (1.6)
9 Income Tax in the Consolidated Balance
Sheet
(a) Current taxation in the consolidated balance sheet represents:
2014
US$ million
2013
US$ million
Provision for profits tax for the year (22.6) (22.7)
Provisional profits tax paid 18.3 16.2
(4.3) (6.5)
Balance of profits tax provision
relating to prior years 0.1 (0.3)
(4.2) (6.8)
Taxation recoverable 0.9 0.4
Taxation payable (5.1) (7.2)
(4.2) (6.8)
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:
2014
US$ million
2013
(Restated)
US$ million
Deferred tax assets 2.5 4.6
Deferred tax liabilities (4.1) (4.5)
(1.6) 0.1
Deferred tax assets are recognised for tax losses carried forward to
the extent that realisation of the related tax benefit through future
taxable profits is probable. Deferred tax assets of US$5.0 million
(2013: US$5.1 million) arising from unused tax losses sustained
in the operations of certain subsidiaries of US$30.1 million (2013:
US$30.4 million) have not been recognised as the availability of
future taxable profits against which the assets can be utilised is not
considered to be probable at 31 March 2014.
The tax losses arising from Hong Kong operations do not expire
under current tax legislation. The tax losses arising from the
operations in the PRC expire 5 years after the relevant accounting
year end date. The tax losses arising from the United States
operations expire up to 20 years after the relevant accounting year
end date, depending on the relevant jurisdictions.
10 Stocks
(a) Inventories in the consolidated balance sheet comprise:
2014
US$ million
2013
US$ million
Raw materials 83.1 89.9
Work in progress 25.0 29.2
Finished goods 157.8 157.8
265.9 276.9
Stocks carried at net realisable value at 31 March 2014 amounted
to US$8.2 million (2013: US$5.8 million).