Note 16

Deferred Tax Assets and Liabilities


  2005
£m		 Recognised
in income
£m		 Recognised
in reserves
£m		 2004
£m
Assets         
Inventories 0.9 0.1 - 0.8
Intangible assets 3.0 (0.7) 0.3 3.4
Tax value of loss carry-forwards recognised 0.2 (1.4) - 1.6
Property, plant & equipment 1.7 0.4 (0.1) 1.4
  5.8 (1.6) 0.2 7.2
         
Liabilities         
Intangible assets (0.3) - (0.3) -
Property, plant & equipment (0.6) 0.5 (0.1) (1.0)
Inventories (0.2) - 1.2 (1.4)
  (1.1) 0.5 0.8 (2.4)
Net  4.7 (1.1) 1.0 4.8
2004
£m		 Recognised
in income
£m		 Recognised
in reserves
£m		 2003
£m
Assets         
Inventories 0.8 (0.1) - 0.9
Intangible assets 3.4 (0.7) 0.4 3.7
Tax value of loss carry-forwards recognised 1.6 - 0.9 0.7
Property, plant & equipment 1.4 (0.2) - 1.6
  7.2 (1.0) 1.3 6.9
         
Liabilities         
Property, plant & equipment (1.0) (1.1) 0.1 -
Inventories (1.4) (0.1) - (1.3)
  (2.4) (1.2) 0.1 (1.3)
Net  4.8 (2.2) 1.4 5.6

Unrecognised deferred tax assets

Deferred tax assets have not been recognised in respect of the following items:

  2005
£m		 2004
£m
UK tax losses 8.9 9.1

Deferred tax assets have not been recognised in respect of these items because it is not sufficiently probable that future taxable profit will be available against which the Group can utilise the benefits therefrom.

No taxes have been provided for liabilities which may arise on the distribution of unremitted earnings of subsidiaries on the basis of control. Cumulative unremitted earnings of overseas subsidiaries and associates totalled approximately £55 million at 31 December 2005 (2004: £52 million). It is not practicable to calculate the tax which would arise on remittance of these amounts, though it would be substantially lower than statutory rates after giving effect to foreign tax credits.

Information correct at 02/05/2006