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1.
2. Contents
3. Chairman's Summary
4. Managing Director's Review
5. Looking ahead
6.
7. Competing for the Customer
8.
9. People, Products, Places
10.
11. Rewarding Tourism ExSEllence
12.
13. Performance through Partnership
14.
15. Director's Report
16.
17. Profit & loss account
18. Cash flow statement
19. Notes to the financial statements
20.
21. Notes to the financial statements
22.
23. Notes to the financial statements
24.
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notes to the financial statements
for the year ended 31st March 2009
5
TAX ON SURPLUS / (DEFICIT) ON ORDINARY ACTIVITIES (CONTINUED) 2009
2008 £
£
Factors affecting the tax charge for the year:
Surplus / (deficit) on ordinary activities before tax 145,037
(
20,097) £
£
Surplus / (deficit) on ordinary activities multiplied by standard rate of corporation tax in the UK of 21% (2008: 20%) 30,458
(
4,019)
Effects of: Expenses not deductible for tax purposes 2,646
4,876
difference between depreciation and capital allowances (1,956 )
84
Other timing differences 6,049
13,000
non-taxable element of operating (surplus) / deficit (10,197 )
13,059
adjustments to tax charge in respect of previous periods (1,297 )
(
2,219)
current tax charge for the year 25,703
24,781
6
TANGIBLE FIXED ASSETS Freehold landPlant andMotorTotaland buildingsequipmentvehiclesCost or Valuation££££
at 1st april 2008
545,000
193,889
345,048
1,083,937
additions
-
7,429
30,765
38,194
disposals
-
-
(
54,348 )
(
54,348) At 31st March 2009545,000201,318321,4651,067,783Depreciation
at 1st april 2008
66,241
146,635
266,108
478,984
Provided for the year
6,624
21,075
41,248
68,947
disposals
-
-
(
41,530 )
(
41,530) At 31st March 200972,865167,710265,826506,401Net book valueAt 31st March 2009472,13533,60855,639561,382
at 31st March 2008
478,759
47,254
78,940
604,953
The Board’s freehold land and buildings were valued in 1998 at £545,000. If they had not been revalued they would have been included under the historical cost convention at the following amounts: 2009
2008 £
£
cost 633,119
633,119
aggregate depreciation 160,984
154,360
Included within freehold land and buildings is £280,000 (2008: £280,000) for land upon which no depreciation has been provided.
as referred to in note 1, under the provisions of FrS 15 adopted from March 2000, assets brought into account at the valuation detailed above were retained at their book value at that date and not revalued in the financial statements. If the Board’s property were sold at its 1998 valuation no corporation tax liability would arise (2008: £nil).
7
DEBTORS 2009
2008 £
£
Trade debtors 282,719
438,628
Other debtors 32,367
27,266
Taxation 35,864
74,592
Prepayments and accrued income 41,524
38,758 392,474
579,244
8
CREDITORS: amounts falling due within one year 2009
2008 £
£
Trade creditors 742,843
612,173
Taxation and social security 55,031
55,824
corporation tax 27,000
27,000
Other creditors 160,630
163,243
accruals and deferred income 999,697
1,201,325 1,985,201
2,059,565
9
DEFERRED TAXATION (a) There is no deferred tax liability arising from timing differences between the recognition of gains and losses in the Board’s financial statements and their
recognition for tax purposes. The deferred tax asset arising from such differences on adoption of FrS 19, deferred Tax is immaterial and no provision is made therefore.
(b) There is no liability to taxation on the capital gain which would arise if the Board’s freehold land and buildings were to be sold at the valuation included in
the balance sheet referred to in note 6.
20
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