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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2010
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
(Continued)
15. Employee benefits asset (continued)
b) Movement in the pension plan benefit asset in the statement of financial position: (continued)
The plan’s financial funding position is assessed by means of triennial actuarial valuations carried out by an
independent actuary. The last funding valuation was carried out as at 31 December 2009 and revealed that
Readymix (West Indies) Limited’s section of the plan was in surplus to the extent of $1.4 million. The current
rate of company contributions is 15.7% of salaries, which is at least sufficient to maintain the surplus.
A roll forward valuation in accordance with IAS 19 ‘Employee Benefits’ using assumptions indicated above
was done as at 31 December 2010 for the sole purpose of preparing these financial statements.
16. Deferred taxation
2010 2009
$ $
(a) Movement in deferred taxation (net)
Balance as at 1 January 5,023 4,621
(Credit)/charge to income (46) 402
Balance at 31 December 4,977 5,023
(b) Components of deferred tax assets/(liabilities)
Tax losses 785 677
Provisions 315 282
Deferred tax assets 1,100 959
Accelerated depreciation (4,903) (4,946)
Finance leases (625) (644)
Post retirement asset (549) (392)
Deferred tax liabilities (6,077) (5,982)
Net balance at 31 December 4,977 5,023
Tax losses available for set off against future taxable profit amounted to $5.2 million (2009:$4.5 million) but
are yet to be agreed with the tax authorities.
17. Stated capital
Authorised
An unlimited number of ordinary shares of no par value
Issued and fully paid
2010 2009
$ $
12 million (2009: 12,000,000) ordinary shares of no par value 12,000 12,000
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BUILD TO LAST FOR GENERATIONS