Annual Report and Accounts 2012 - Speedy Hire plc

20 Provisions
Financial statements 79
Onerous
property
contracts
£m
At 1 April 2010 7.3
Created in the year 2.5
Provision utilised in the year (5.0)
Unwinding of discount (0.1)
At 31 March 2011 4.7
Created in the year 3.6
Provision utilised in the year (3.9)
Unwinding of discount 0.1
At 31 March 2012 4.5
Of the £4.5m, £2.3m (2011: £3.5m) is due within one year and £2.2m (2011: £1.2m) is due after one year. The key assumption underlying the
calculation of the provision relates to the assumed sub-let period. The provision is calculated based on a gross liability to the earlier of
three years and the estimated date of sub-let, or break clause, and includes estimated dilapidations at current market rates. The total
liability is discounted to current values. If leases on properties which are assumed to be sub-let were not exited/sub-let for a further 12
months beyond the estimated period, the increase required in the discounted provision would amount to £1.3m.
21 Deferred tax
Property,
plant and
equipment
£m
Intangible
assets
£m
Share-based
payments
£m
Other items
£m
At 1 April 2010 17.1 1.9 – (2.0) 17.0
Recognised in income (8.5) (0.4) (0.1) 1.4 (7.6)
Recognised in equity – – – (0.2) (0.2)
At 31 March 2011 8.6 1.5 (0.1) (0.8) 9.2
Recognised in income 3.5 – (0.1) (1.9) 1.5
Recognised in equity – – (0.1) – (0.1)
At 31 March 2012 12.1 1.5 (0.3) (2.7) 10.6
There are no unrecognised deferred tax liabilities (2011: £nil).
The Group has gross trading losses carried forward at 31 March 2012 amounting to approximately £16.5m (2011: £4.9m). A deferred tax
asset of £2.0m (2011: £nil) has been recognised in respect of those losses which is included in other items above.
The Group also has gross capital losses carried forward at 31 March 2012 amounting to approximately £5.5m (2011: £5.8m). No deferred
tax asset has been recognised in respect of these losses.
22 Share capital
Allotted, called-up and fully paid
517.2 million (2011: 517.2 million) ordinary shares of 5 pence each 25.9 25.9
During the year, 18,536 ordinary shares of 5 pence were issued on exercise of options under the Speedy Hire Sharesave Scheme. During
2011, there were no changes to share capital.
An Employee Benefits Trust was established in 2004 (the ‘Trust’). The Trust holds shares issued by the Company in connection with the
Performance Plan and Co-investment Plan. No shares were allotted to the Trust during the year-and 34,375 shares were transferred to
employees during the year. At 31 March 2012, the Trust held 10,260,251 (2011: 10,294,626) shares – including 6,405,980 (2011: 7,594,666)
jointly owned shares.
2012
£m
Total
£m
2011
£m
Speedy Hire Plc Annual Report and Accounts 2012
Financial statements