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94 Financial Statements Notes to the Financial Statements Continued 19. Deferred income tax Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset amounts are as follows: Group 2008 2007 £m £m Deferred tax assets: – Deferred tax asset to be recovered after more than 12 months 69.4 85.1 – Deferred tax asset to be recovered within 12 months 0.4 4.9 69.8 90.0 Deferred tax liabilities: – Deferred tax liabilities to be recovered after more than 12 months – – – Deferred tax liabilities to be recovered within 12 months (0.2) (0.2) (0.2) (0.2) Deferred tax asset (net) 69.6 89.8 a) Deferred tax assets Group 2008 2007 £m £m Accelerated depreciation 5.1 6.4 Share-based payments 4.1 4.2 Overseas 0.4 (0.2) Deferred tax asset on retirement benefit liabilities 59.2 75.0 Deferred income 0.5 4.3 Amortisation of intangibles on acquisitions (0.2) 0.1 Other temporary differences 0.5 – Total deferred income tax 69.6 89.8 b) Analysis of movements during the year Group 2008 2007 £m £m Deferred tax asset at 1 April 89.8 103.8 Deferred tax charged to the income statement – continuing operations (note 8) (8.0) (4.7) Deferred tax (charged)/credited to the income statement – discontinued operations (3.6) 1.0 Deferred tax charged to equity (note 8) (8.0) (10.1) Acquisition of subsidiary undertakings (0.6) (0.2) Deferred tax asset at 31 March 69.6 89.8 20. Other receivables Group Company 2008 2007 2008 2007 £m £m £m £m Non-current assets: Loan notes receivable 5.6 – 5.6 – Deferred consideration on disposals 0.1 0.1 – – 5.7 0.1 5.6 – The loan notes receivable reflected above arose on disposal of LSH. Although these loan notes have no redemption date, it is expected that they will be repaid within three years. For further details as at date of disposal of LSH, refer to note 10. All other non-current receivables are due within five years from the balance sheet date. None of the other receivables are past due or impaired. WS <strong>Atkins</strong> plc Annual Report 2008
Financial Statements 95 21. Inventories Group 2008 2007 £m £m Raw materials and consumables 0.3 0.4 The directors consider that the carrying amount of inventories approximates their fair value. There were no amounts of inventories written off during the year (2007: nil). 22. Trade and other receivables Group Company 2008 2007 2008 2007 £m £m £m £m Current assets: Trade receivables 224.1 209.9 – – Less: Provision for impairment of receivables (13.0) (11.8) – – Trade receivables – net 211.1 198.1 – – Amounts recoverable on contracts 44.7 43.6 – – Amounts due from subsidiary undertakings (note 39) – – 8.4 8.5 Amounts due from Joint Ventures (note 39) 9.7 15.8 – – Other receivables 20.3 20.8 – – Prepayments and accrued income 13.9 5.7 – – 299.7 284.0 8.4 8.5 The directors consider that the carrying amount of trade and other receivables approximates their fair value. At 31 March 2008 £172.2m (2007: £161.1m) of trade receivables were within normal payment terms and considered to be fully performing. A further £38.8m (2007: £35.6m) were past due date and aged up to six months from invoice date, which carried a provision for impairment of £1.3m (2007: £nil). Trade receivables aged beyond six months of invoice date totalled £13.1m (2007: £13.2m) and carried a provision for impairment of £11.7m (2007: £11.8m). Movements in the Group provision for impairment of trade receivables were as follows: Group 2008 2007 £m £m Provision for impairment at beginning of year (11.8) (12.2) Increase in provisions (4.1) (5.1) Release of provisions 3.1 4.4 Receivables written off as uncollectable 0.3 1.6 Difference on exchange (0.5) (0.5) Provision for impairment at end of year (13.0) (11.8) The creation and release of the provision have been included within revenue in the income statement. None of the financial assets that are fully performing were renegotiated during the year. Amounts due from Joint Ventures are shown net of contract-related provisions of £22.6m (2007: £nil) which was previously held within amounts recoverable on contracts. The other classes of financial assets shown within trade and other receivables were unimpaired both at 31 March 2008 and 31 March 2007. Introduction Reviews Governance Financial Statements Investor Information WS <strong>Atkins</strong> plc Annual Report 2008
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WS Atkins plc Annual Report 2008 Pl
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Financial Highlights Introduction 0
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Introduction 03 North America 680 *
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Introduction 05 Revenue £374m £27
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Introduction 07 Results I am please
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Introduction 09 Atkins is a consult
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Introduction 11 Each business consi
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Reviews Reviews 14 Human Resources
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Reviews 15 +24% Increase in headcou
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Reviews 17 Reward We continue to mo
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Reviews 19 Key performance indicato
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Reviews 21 Design and Engineering S
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Reviews 23 Our Highways and Transpo
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Reviews 25 The Rail segment perform
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Reviews 27 This year we have reorga
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Reviews 29 Europe As a whole, the E
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Reviews 31 The performance of the M
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Reviews 33 Asset Management had a g
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Reviews 35 £168.4m Net funds Net c
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Operating and Financial Review Prin
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Reviews 39 to be the driver if our
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Reviews 41 During the year our US o
Page 45 and 46: Governance Governance 44 Board of D
Page 47 and 48: Governance 45 James Morley Non-exec
Page 49 and 50: Governance 47 The final phase of im
Page 51 and 52: Governance 49 The directors confirm
Page 53 and 54: Governance 51 The directors of the
Page 55 and 56: Governance 53 A continuing professi
Page 57 and 58: Governance 55 The committee meets t
Page 59 and 60: Governance 57 The targets against w
Page 61 and 62: Governance 59 Audited information D
Page 63 and 64: Independent Auditors’ Report to t
Page 65 and 66: Financial Statements Financial Stat
Page 67 and 68: Consolidated and Parent Company Sta
Page 69 and 70: Financial Statements 67 Consolidate
Page 71 and 72: Financial Statements 69 Transaction
Page 73 and 74: Financial Statements 71 The results
Page 75 and 76: Financial Statements 73 Other recei
Page 77 and 78: Financial Statements 75 (c) Interpr
Page 79 and 80: Financial Statements 77 Derivative
Page 81 and 82: Financial Statements 79 Balance she
Page 83 and 84: Financial Statements 81 b) Investme
Page 85 and 86: Financial Statements 83 6. Employee
Page 87 and 88: Financial Statements 85 b) Factors
Page 89 and 90: Financial Statements 87 Metronet an
Page 91 and 92: Financial Statements 89 14. Goodwil
Page 93 and 94: Financial Statements 91 16. Other i
Page 95: Financial Statements 93 18. Investm
Page 99 and 100: Financial Statements 97 The carryin
Page 101 and 102: Financial Statements 99 29. Retirem
Page 103 and 104: Financial Statements 101 Atkins Rai
Page 105 and 106: Financial Statements 103 Movements
Page 107 and 108: Financial Statements 105 At 31 Marc
Page 109 and 110: Financial Statements 107 The effect
Page 111 and 112: Financial Statements 109 33. Statem
Page 113 and 114: Financial Statements 111 37. Operat
Page 115 and 116: Financial Statements 113 41. Subsid
Page 117 and 118: Financial Statements 115 Consolidat
Page 119 and 120: Investor Information Introduction R
Page 121 and 122: Notes Investor Information 119 Intr
Page 123 and 124: This Annual Report is printed by a
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