Cosalt plc Annual report & financial statements 2008

Financial statements Notes to the financial statements
The average number of Employees of the Group during the year was:
2008 2007
Number Number
Head Office and Directors 9 9
Marine UK 527 523
Marine Europe 89 99
Offshore UK 222 19
Offshore Europe 30 –
Schoolwear 116 157
Holiday Homes 414 461
1,407 1,268
Details of Directors’ emoluments and interests are given in the Remuneration report on pages 31 to 34.
9. Income tax expense
2008 2007
£000 £000
Current tax expense
Current year 1,798 106
Adjustments in respect of prior year – 32
1,798 138
Overseas tax 569 560
Deferred tax expense
2,367 698
Origination and reversal of temporary differences
Current year (1,484) (184)
Adjustments in respect of prior year (12) 22
Total tax expense 871 536
Reconciliation of effective tax rate
2008 2008 2007 2007
% £000 % £000
Profit before taxation – 1,490 – 53
Tax using domestic corporation tax rate 28.9 430 30.0 16
Effect of overseas tax rates (1.4) (21) 47.2 25
Net items not taxable 16.3 243 1801.9 955
Utilisation of capital losses – – (309.4) (164)
Revaluation of investment properties 15.5 231 (601.8) (319)
Accounting base cost not deductible for tax purposes – – 13.2 7
Adjustments in respect of prior year (0.8) (12) 101.9 54
Re-measurement of deferred tax balances – – (71.7) (38)
58.5 871 1011.3 536
Deferred tax recognised directly in equity
2008 2007
£000 £000
Relating to actuarial gains on pension schemes 167 1,264
167 1,264
Cosalt plc Annual report & financial statements 2008
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