8
DEFERRED TAX ASSETS AND LIABILITIES
(continued)
At
1 January 2014
Charged
to income
statement
At
31 December
2014
Charged
to income
statement
At 31 December
2015
Company
$’000
$’000
$’000
$’000
$’000
Deferred tax assets
Inventories
(9)
3
(6)
(18)
(24)
Accruals
(30)
17
(13)
13
–
Others
(70)
38
(32)
(2)
(34)
(109)
58
(51)
(7)
(58)
Deferred tax liabilities
Property, plant and equipment
73
–
73
26
99
(36)
58
22
19
41
Deferred tax liabilities and assets are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred taxes relate to the same taxation authority. The amounts determined after appropriate
offsetting are included in the balance sheet as follows:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Deferred tax assets
1,022
730
–
–
Deferred tax liabilities
187
366
41
22
The following deductible temporary differences have not been recognised:
Group
2015
2014
$’000
$’000
Deductible temporary differences
123
77
Unutilised capital allowances
16
15
Unutilised tax losses
1,233
657
Unrecognised deferred tax assets
343
187
The tax losses are subject to agreement by the tax authorities and compliance with tax regulations in the respective countries
in which certain subsidiaries operate. The deductible temporary differences do not expire under current tax legislation.
As at 31 December 2015 and 2014, deferred tax assets had not been recognised because it was not probable that future
taxable profits would be available against which the Group could utilise the benefits.
87
TELECHOICE INTERNATIONAL LIMITED
2015 ANNUAL REPORT
NOTES TO THE
FINANCIAL STATEMENTS
