Download 15. deferred tax The net movement on the deferred tax account is as

Strategic Report
Stock Code: INL
Our Governance
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Shareholder Information
15. DEFERRED TAX
The net movement on the deferred tax account is as follows:
£000
At 1 July 2014 (restated)
Income statement charge
At 30 June 2015
1,476
(928)
548
The movement in deferred tax assets is as follows:
Capital losses
recognised on
revaluation
gain
£000
At 1 July 2014 (restated)
(Charged)/credited to income
statement
At 30 June 2015
Revaluation
gain
£000
477
(477)
2,320
2,797
(2,320)
(2,797)
Other
£000
Notional
interest on
Share-based
deferred
Losses compensation consideration
£000
£000
£000
Total
£000
802
118
280
276
1,476
(950)
(148)
(118)
0
126
406
14
290
(928)
548
Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit
through future taxable profits is probable. The Group has capital losses amounting to £24,783,000 (2014 restated: £36,202,000) that have
not been recognised as the Directors consider the realisation of the losses is not expected to crystallise in the future.
16. INVENTORIES
Stock and work in progress
2015
£000
2014
£000
Restated
121,031
104,282
During the year, a total of £79,841,000 (2014: £42,857,000) of inventories was included in the Group Income Statement as an expense. The
Group conducted a review of the net realisable value of its land bank in view of current market conditions. Where the estimated future net
realisable value of the site is less than the carrying value within the Group Statement of Financial Position, the Group has impaired the land
value. This has resulted in an impairment of £300,000 (2014: £nil). Included in the value of inventories above is £7.4m (2014: £13.6m) which
is carried at fair value less costs to sell (net realisable value). The amount of inventories pledged as security against borrowings is £70.1m
(2014: £61.1m). Within inventories is land transferred from investments properties at a fair value of £3.8m.
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