Financial Statements - Chemring Group PLC

2 0 0 3 F I N A N C I A L S T A T E M E N T S10. INTEREST PAYABLEContinuingoperations£000Discontinuedoperations£0002003Totaloperations£000Continuingoperations£000Discontinuedoperations£0002002Totaloperations£000Bank overdraft interestLoan stock interest (see Note 19)Medium term loan interestFinance lease interestAmortisation of debt finance costs91421,8092763053,306127----1271,04121,8092763053,34497222,0522161023,344142----1421,11422,0522161023,48611. TAX ON PROFIT ON ORDINARY ACTIVITIESCorporation tax:Corporation tax charge for the yearOverseas taxationOver provision in prior yearsTotal current taxDeferred tax:Timing differences – current year(Over)/under provision in prior yearsTotal deferred taxAssociate’s taxTax on profit on ordinary activities2003£0001,876569(388)2,0571,759(293)1,466553,5782002£0002982,362(680)1,980(951)547(404)291,605The standard rate of current tax for the year is 30%. The tax charge for the year is 30% for the reasons set out in the followingreconciliation:20032002£000 £000Profit on ordinary activities before taxation12,0745,416Tax on profit on ordinary activities at standard rateFactors affecting charge:Income not deductible for taxPrior year adjustmentsOverseas profits taxed at rates higher than the standard rateDeferred tax movementsTotal current year tax charge3,622199(388)383(1,759)2,0571,625(624)(680)7848751,980P 39