DEFINING DESIGN
QUALITY
80
19.
Deferred tax (cont’d)
Statement of
Financial Position
2014
2013
Company
$’000 $’000
Deferred tax assets
Excess of net book value of plant and
equipment over tax values
(40)
–
Provisions
11
–
Unutilised tax losses
202
–
173
–
Deferred tax liabilities
Excess of net book value of plant and
equipment over tax values
–
(38)
Provisions
–
10
–
(28)
Unrecognised tax losses
As at 31 December 2014, the Group has unabsorbed tax losses and unutilised capital allowances totalling $845,000
(2013: $611,000) available for offset against future taxable profits of certain subsidiaries in which the tax losses and
capital allowances arose, for which no deferred tax asset is recognised due to the uncertainty of its recoverability.
These unabsorbed tax losses and unutilised capital allowances are available for offset against future taxable profits
for an unlimited future period except for amounts of $70,000, $129,000, $303,000 and $87,000 (2013: $68,000,
$126,000, $296,000 and $Nil) which expire in the reporting years ending 31 December 2016 to 2019 respectively. The
use of these tax losses and capital allowances is subject to the agreement of the tax authorities and compliance with
certain provisions of the tax legislation in which the subsidiaries operate.
Unrecognised temporary differences relating to investments in subsidiaries
Deferred tax liabilities of $331,000 (2013: $271,000) have not been recognised for taxes that would be payable on
the distribution of the undistributed earnings of certain subsidiaries for the reporting year ended 31 December 2014
as the Group has determined that the undistributed earnings of these subsidiaries will not be distributed in the
foreseeable future.
Tax consequences of proposed dividends
There are no income tax consequences attached to the dividends to the shareholders of the Company of $4,864,000
(2013: $4,833,000) proposed by the Company but not recognised as a liability in the financial statements as at the
end of the reporting year (Note 29).
20.
Inventories
Group
2014
2013
$’000 $’000
Project materials
2,182
1,561
Project materials recognised as cost of sales during the reporting year amounted to $907,000 (2013: $1,434,000).
Notes to the Financial Statements
31 December 2014
