Punch Taverns plc 2011 Annual Report

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76 Punch Taverns plc Annual Report and Financial Statements 2011 Notes to the financial statements continued for the 52 weeks ended 21 August 2011 17 Deferred tax continued Deferred tax liabilities Group Accelerated capital allowances £m At 22 August 2009 165.7 Credited to income statement (5.7) At 21 August 2010 160.0 Charged to income statement 4.8 Demerger of the Spirit business (66.8) At 20 August 2011 98.0 At the balance sheet date, the Group has unused tax losses of £57.7m (August 2010: £300.3m) and unused capital losses of £1,656.6m (August 2010: £2,561.3m) available for offset against future profits. A deferred tax asset has been recognised in respect of £56.0m (August 2010: £97.4m) of such losses, which are expected to be utilised against future profit streams within the Group. No deferred tax asset has been recognised in respect of the remaining £1,658.9m (August 2010: £2,764.2m) of losses due to the unpredictability of future profit streams. Current legislation deems that these losses may be carried forward for an unlimited number of years. The 2011 Budget on 23 March 2011 announced that the UK corporation tax rate will reduce to 23% over a period of four years from 2011. The first reduction in the UK corporation tax rate from 28% to 27% (effective from 1 April 2011) was substantively enacted on 20 July 2010, and further reductions to 26% (effective from 1 April 2011) and 25% (effective from 1 April 2012) were substantively enacted on 29 March 2011 and 5 July 2011 respectively. This will reduce the Group’s future current tax charge accordingly. The deferred tax liability at 20 August 2011 has been calculated based on the rate of 25% substantively enacted at the balance sheet date. It has not yet been possible to quantify the full anticipated effect of the announced further 2% rate reduction, although this will further reduce the Group’s future current tax charge and reduce the Group’s deferred tax asset accordingly. Had further tax rate changes been substantively enacted on or before the balance sheet date it would have had the effect of reducing the deferred tax liability recognised at that date by £0.1m per percentage point reduction. 18 Inventories 20 August 2011 £m 21 August 2010 £m Goods held for resale – 7.8 The Group consumed £178.7m of inventories during the year (August 2010: £186.3m) and charged £nil to the income statement for the write down of inventories during the year (August 2010: £nil). 19 Cash Group Company 20 August 2011 £m 21 August 2010 £m 20 August 2011 £m 21 August 2010 £m Cash and cash equivalents 196.5 316.5 0.6 166.6
Punch Taverns plc Annual Report and Financial Statements 2011 77 20 Non-current assets classified as held for sale 20 August 2011 £m 21 August 2010 £m Non-current assets classified as held for sale 125.8 125.1 Non-current assets classified as held for sale represents pubs that are individually being actively marketed for sale with varying expected completion dates within one year. In the prior year, £27.2m of the non-current assets classified as held for sale related to pubs from the demerged managed Spirit business. The value of non-current assets classified as held for sale represents the expected net disposal proceeds, and is the value after an impairment charge of £6.7m. 21 Trade and other payables 20 August 2011 £m Group 21 August 2010 £m 20 August 2011 £m Company 21 August 2010 £m Trade payables 35.8 85.7 – – Amounts owed to group undertakings – – 124.3 116.7 Other tax and social security payable 12.7 22.2 – – Other payables 29.4 36.6 0.2 – Accruals and deferred income 68.0 121.8 – – Share of joint venture liabilities – 2.6 – – 145.9 268.9 124.5 116.7 22 Financial liabilities 20 August 2011 21 August 2010 Amounts falling due Amounts falling due within one year £m after more than one year £m Total £m within one year £m after more than one year £m Secured loan notes: Issued by Punch Taverns Finance plc 26.5 1,481.7 1,508.2 26.1 1,619.4 1,645.5 Issued by Punch Taverns Finance B Limited 33.8 963.3 997.1 30.0 967.0 997.0 Issued by Spirit Issuer plc – – – 5.0 910.7 915.7 Total interest-bearing loans and borrowings 60.3 2,445.0 2,505.3 61.1 3,497.1 3,558.2 Obligations under finance leases 1.0 3.7 4.7 2.4 14.6 17.0 Total financial liabilities 61.3 2,448.7 2,510.0 63.5 3,511.7 3,575.2 Total £m Governance Business review Financial statements
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