Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
Movement in deferred tax during the year
Assets 2024 €’000
Liabilities
Net
2024 €’000
2024 €’000
2023 €’000
2023 €’000
2023 €’000
18
(1,838)
16
At 1 January
(835)
(1,820)
(819)
13. FINANCE LEASE RECEIVABLE
(15)
-
6
(Charge)/credit to other comprehensive income Charge to Statement of profit or loss (Note 8)
-
(15)
6
(3)
(1,673) (3,511)
(4) 18
(1,003) (1,838)
(1,676) (3,511)
(1,007) (1,820)
Finance lease receivables are payable as follows:
-
At 31 December
(b) Unrecognised deferred tax At 31 December 2024 the Group has unrecognised deferred tax assets arising as follows.
Future minimum lease payments receivable
Present value of minimum lease payments
Interest receivable
2024 €’000
2024 €’000
2024 €’000
2023 €’000
2023 €’000
2023 €’000
2024 €’000
2023 €’000
34
2
32
34
Less than one year
2
32
137 206 377
30 94
107 112 251
137 240 411
Between one and five years
30
107 126 265
Gross
Tax value
Gross
Tax value
114 146
More than five years
14,249
4,702 1,060
Temporary differences on fair value of investment properties
14,713 10,616
4,855 1,327
126
8,477 1,003
Unutilised capital allowances Other temporary differences
167
1,128
142
The Group is party to an agreement in respect of a leased property whereby a fixed rental income is received over a fixed, long-term period, with the option available for the ownership of the property to transfer to the lessee at the end of the term.
23,729
5,929
At end of year
26,457
6,324
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying temporary differences can be deducted. The directors cannot assess with reasonable certainty when suitable taxable profits will arise.
14. DEFERRED TAX ASSETS (a) Recognised deferred tax Group Deferred tax assets and liabilities are attributable to the following:
Deferred tax asset €’000
At 1 January 2024
6,324
Assets
Liabilities
Movement in unrecognised deferred tax arising on: Temporary differences on fair value of investment properties
2024 €’000
2024 €’000
2023 €’000
2023 €’000
(153) (267)
Unutilised capital allowances Other temporary differences
25
- - - - - - -
(3,213) (298)
- -
Investment properties
(2,266)
Financial assets
5,929
At 31 December 2024
- -
428
Unutilised capital losses
- -
18
Employee benefits
Tax assets/(liabilities)
(3,511)
446
(2,266)
Deferred tax asset €’000
-
(428)
428
Net of tax (liabilities)/assets Net tax assets/(liabilities)
(3,511)
18
(1,838)
At 1 January 2023
8,298
Movement in unrecognised deferred tax arising on: Temporary differences on fair value of investment properties
458
The net deferred tax asset arises entirely in respect of temporary differences on retirement benefit liabilities. The net deferred tax liability arises in respect of temporary differences on fair value of investment properties, financial assets and tax depreciation, offset by a deferred tax asset arising on capital losses. As these losses can be fully offset against capital gains it is appropriate to recognise the deferred tax asset arising from these losses and offset this against the related deferred tax liability.
Unutilised tax losses
(246)
Unutilised capital allowances Other temporary differences
(2,148)
(38)
At 31 December 2023
6,324
92
93
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