Annual Report 2012 - Cadogan

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NOTES ON THE FINANCIAL STATEMENTS 31 DECEMBER 2012 8 taxation (continued) (b) Factors affecting tax charge for the year The tax charge for the current year is lower than the current standard rate of corporation tax in the UK of 24.5% (2011 – 26.5%). The difference is explained as follows: Standard tax rate Actual current tax rate Difference 2012 2011 % % 25 27 15 14 (10) (13) Explained by: Effect of rollover relief and indexation allowance on taxable profits on property disposals. Capital allowances in excess of depreciation Non-taxable write back of provision for diminution in value of investment properties Sundry permanent differences Adjustment to tax in respect of prior periods (7) (6) (1) (2) (2) (6) 1 2 (1) (1) (10) (13) (c) Factors that may affect future tax charges The UK corporation tax rate reduced to 24% from April 2012 and will reduce to 23% from April 2013. A further 2% reduction was proposed in the December 2012 Autumn Statement, taking the rate to 21% by April 2014. In addition, a further 1% reduction was proposed in the March 2013 Budget, taking the rate to 20% by April 2015. As at the balance sheet date, only the first 1% tax reduction from April 2013 had been “substantively enacted” and hence in accordance with accounting standards, it is only the impact of this 1% reduction that has been reflected in the group’s financial statements as at 31 December 2012. The effect on the group of the further proposed reductions in the UK corporation tax rate will be reflected in the group's financial statements in future years, as appropriate, once the proposals have been substantively enacted. The effect of the reduction in the tax rate to 20% on the group's deferred tax liability would be to reduce the deferred tax liability (set out in note 17) by £1,466,000. The rate changes will also impact the amount of future tax payments to be made by the group. No provision has been made for deferred tax which would arise in the event that the group disposed of its investment properties at their current market values included in these financial statements. Tax would be payable on these disposals to the extent that rollover relief is not available. The total potential deferred tax liability on the sale of all the group’s investment properties is £741 million (2011 – £699 million). 32
NOTES ON THE FINANCIAL STATEMENTS 31 DECEMBER 2012 9 Dividends 2012 2011 £000 £000 15.83p per share paid on 11 June 2012 12.5p per share paid on 28 December 2012 12.5p per share paid on 4 October 2011 12.5p per share paid on 14 December 2011 19,000 – 15,000 – – 15,000 – 15,000 34,000 30,000 10 Retained Profit For the Year The profit for the year has been retained by: The company Subsidiaries 2012 2011 £000 £000 131,315 110,870 (116,197) (79,985) 15,118 30,885 The parent company’s profit before dividends for the financial year was £165,315,000 (2011 – £140,870,000). 11 earnings Per share The calculation of earnings per ordinary share for 2012 is based on earnings attributable to ordinary shareholders of £49,118,000 (2011 – £60,885,000) and on 120,000,000 ordinary shares (2011 – 120,000,000 ordinary shares) being the effective number of such shares in issue during the year. 33
Page 1 and 2: CADOGAN GROUP LIMITED Annual Report
Page 3 and 4: CHAIRMAN’S STATEMENT 31 DECEMBER
Page 5 and 6: Financial Highlights GROSS RENTS AN
Page 8: CHIEF ExECUTIVE’S REVIEW 31 DECEM
Page 16 and 17: CHIEF ExECUTIVE’S REVIEW 31 DECEM
Page 21 and 22: 20 DIRECTORS’ REPORT 31 DECEMBER
Page 23 and 24: INDEPENDENT AUDITOR’S REPORT 31 D
Page 25 and 26: CONSOLIDATED BALANCE SHEET 31 DECEM
Page 27 and 28: COMPANY BALANCE SHEET 31 DECEMBER 2
Page 29 and 30: NOTES ON THE FINANCIAL STATEMENTS 3
Page 33: NOTES ON THE FINANCIAL STATEMENTS 3
Page 47 and 48: FIVE YEAR SUMMARY 31 DECEMBER 2012

Annual Report 2012 - Cadogan

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