Jubilee Insurance 2010 Annual Report
Jubilee Insurance 2010 Annual Report
Jubilee Insurance 2010 Annual Report
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JUBILEE HOLDINGS<br />
ANNUAL REPORT AND FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 31 ST DECEMBER <strong>2010</strong><br />
49<br />
NOTES (continued)<br />
23. DEFERRED ACQUISITION COSTS<br />
Group<br />
<strong>2010</strong> 2009<br />
Kshs ‘000 Kshs ‘000<br />
At start of year 123,525 112,440<br />
Net (decrease)/increase (17,645) 11,673<br />
Translation gain/ (loss) 6,263 (588)<br />
At end of year 112,143 123,525<br />
24. OTHER RECEIVABLES<br />
Group<br />
Company<br />
<strong>2010</strong> 2009 <strong>2010</strong> 2009<br />
Kshs ‘000 Kshs ‘000 Kshs ‘000 Kshs ‘000<br />
Prepayments 245,257 324,731 - -<br />
Staff accounts 2,872 3,438 - -<br />
Sundry debtors 180,893 123,840 9 9<br />
Total 429,022 452,009 9 9<br />
25. Deferred income tax<br />
Deferred income tax is calculated, in full, on all temporary differences under the liability method using a principal tax rate of 30% (2009: 30%). The<br />
movement in the deferred income tax account is as follows:<br />
Group<br />
Company<br />
<strong>2010</strong> 2009 <strong>2010</strong> 2009<br />
Kshs ‘000 Kshs ‘000 Kshs ‘000 Kshs ‘000<br />
At start of year 184,755 187,458 122,683 122,683<br />
Income statement charge (53,873) (2,703) (64,149) -<br />
Crystalised during the year (46,297) - (46,297) -<br />
At end of year 84,585 184,755 12,237 122,683<br />
Deferred income tax asset 12,619 2,801 - -<br />
Deferred income tax liability 97,204 187,556 12,237 122,683<br />
Net deferred income tax liability 84,585 184,755 12,237 122,683<br />
JUBILEE HOLDINGS
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