Recognised Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities are attributable to the following:
| Assets | Liabilities | Net |
2020
£m | Restated*
2019
£m | 2020
£m | Restated*
2019
£m | 2020
£m | Restated*
2019
£m |
| Intangible assets | – | – | (62.4) | (75.9) | (62.4) | (75.9) |
| Property, plant and equipment | – | – | (4.0) | (3.8) | (4.0) | (3.8) |
| Inventories | 1.4 | 1.8 | – | – | 1.4 | 1.8 |
| Receivables/payables | 3.2 | 1.4 | – | – | 3.2 | 1.4 |
| Share-based payments | 0.7 | 1.0 | – | – | 0.7 | 1.0 |
| Losses | 0.5 | 1.6 | – | – | 0.5 | 1.6 |
| R&D tax credits | 0.3 | – | – | – | 0.3 | – |
| Employee benefit obligations | 0.4 | 0.3 | – | – | 0.4 | 0.3 |
| 6.5 | 6.1 | (66.4) | (79.7) | (59.9) | (73.6) |
Unrecognised Deferred Tax
The aggregate amount of gross temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognised is £1.2 million (2019: £1.0 million). The estimated unprovided deferred tax liability in relation to these temporary differences is £0.1 million (2019: £0.1 million).
Deferred tax assets in relation to losses amounting to £1.1 million (2019: £0.7 million) have not been recognised due to uncertainty over their recoverability. Included within unrecognised losses are £1.1 million of losses which expire prior to 2030. Other losses may be carried forward indefinitely.
Movements During the Year
| Balance at
30 June
2018
£m | Recognised
in income
£m | Restated*
Acquired through business combinations
£m | Recognised
in equity/OCI
£m | Restated*
Foreign
exchange
adjustments
£m | Restated*
Balance at
30 June
2019
£m |
| Intangible assets | (98.4) | 25.6 | (0.3) | – | (2.8) | (75.9) |
| Property, plant and equipment | (3.4) | (0.3) | – | – | (0.1) | (3.8) |
| Inventories | 0.9 | 1.0 | – | – | (0.1) | 1.8 |
| Receivables/payables | 2.8 | (1.6) | – | – | 0.2 | 1.4 |
| Share-based payments | 2.4 | (0.2) | – | (1.2) | – | 1.0 |
| Losses | 2.1 | (0.5) | – | – | – | 1.6 |
| R&D tax credits | 1.2 | (1.1) | – | – | (0.1) | – |
| Employee benefit obligations | 1.0 | (0.7) | – | – | – | 0.3 |
| (91.4) | 22.2 | (0.3) | (1.2) | (2.9) | (73.6) |
| Restated* Balance at
30 June
2019
£m | Recognised
in income
£m | Acquired through
business
combinations
£m | Recognised
in equity/OCI
£m | Foreign
exchange
adjustments
£m | Balance at
30 June
2020
£m |
| Intangible assets | (75.9) | 14.9 | – | – | (1.4) | (62.4) |
| Property, plant and equipment | (3.8) | (0.1) | – | – | (0.1) | (4.0) |
| Inventories | 1.8 | (0.3) | – | – | (0.1) | 1.4 |
| Receivables/payables | 1.4 | – | – | 1.8 | – | 3.2 |
| Share-based payments | 1.0 | – | – | (0.3) | – | 0.7 |
| Losses | 1.6 | (1.0) | – | – | (0.1) | 0.5 |
| R&D tax credits | – | 0.3 | – | – | – | 0.3 |
| Employee benefit obligations | 0.3 | 0.1 | – | – | – | 0.4 |
| (73.6) | 13.9 | – | 1.5 | (1.7) | (59.9) |
* Restated as detailed in note 31 Acquisitions.
Deferred tax assets and liabilities are analysed in the statement of financial position after offset, to the extent there is a legally enforceable right, of balances within countries as follows:
| 2020
£m | Restated*
2019
£m |
| Deferred tax assets | 2.7 | 0.9 |
| Deferred tax liabilities | (62.6) | (74.5) |
| (59.9) | (73.6) |
* Restated as detailed in note 31 Acquisitions.
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