PORT OF TYNE ANNUAL REPORT AND ACCOUNTS 2011

36/ANNUAL REPORT AND ACCOUNTS 2011
NOTES TO THE FINANCIAL STATEMENTS/37
16. BORROWING POWERS
19. RESERVES
Authority
In July 2008 a Harbour Revision Order
granted Port of Tyne Authority unlimited
borrowing powers.
a) Profit and loss reserve
Group
2011
(£000’s)
Group
2010
(£000’s)
Authority
2011
(£000’s)
Authority
2010
(£000’s)
17. PROVISIOn FOR LIABILITIES
The amounts provided for deferred tax and
the full potential charge calculated at 26%
(2010 – 27%) are set out below:
At the beginning of the year 64,668 61,123 60,937 58,418
Profit for the year 6,378 2,779 5,157 1,753
Net recognised (losses) and gains in respect of FRS 17 (60) 766 (60) 766
At the end of the year 70,986 64,668 66,034 60,937
b) Revaluation reserves
Group
2011
(£000’s)
Group
2010
(£000’s)
Authority
2011
(£000’s)
Authority
2010
(£000’s)
Investment properties 2011
(£000’s)
At the beginning of the year 6,681 5,932 6,650 5,898
Credit to profit and loss account 476 749 497 752
At the end of the year 7,157 6,681 7,147 6,650
At the beginning of the year 27,879
Revaluation in year 833
At the end of the year 28,712
The elements of deferred tax are as follows:
Group
2011
(£000’s)
Group
2010
(£000’s)
Authority
2011
(£000’s)
Authority
2010
(£000’s)
The movement on total group reserves is
represented by the total gains and losses
recognised since the last annual report.
Difference between accumulated depreciation
and amortisation and capital allowance
8,353 8,106 8,314 8,042
Other short term timing differences (1,196) (1,425) (1,167) (1,392)
Deferred tax liability 7,157 6,681 7,147 6,650
20. COMMITMENTS
a) Capital commitments at the end of the
financial year, for which no provision has
been made, are as follows:
18. DEFERRED INCOME
a) Grants and capital contributions
Group
2011
(£000’s)
Group
2010
(£000’s)
Authority
2011
(£000’s)
Authority
2010
(£000’s)
Contracted 532 1,483 532 1,483
2011
(£000’s)
2010
(£000’s)
b) Annual commitments under noncancellable
operating leases are as follows:
At the beginning of the year 6,865 7,362
Released to profit and loss account (494) (497)
At the end of the year 6,371 6,865
b) Relocation contributions
Group 2011
(£000’s)
Operating leases which expire:
Within one year
In the second to fifth years inclusive
Over five years
257
1,275
—
2010
(£000’s)
117
1,477
—
2011
(£000’s)
2010
(£000’s)
Deferred tax liability 1,532 1,594
At the beginning of the year 2,497 2,657
Released to profit and loss account (159) (160)
At the end of the year 2,338 2,497