Notes to the financial statements - Plasmon

Notes to the financial statements continued
for the year ended 31 March 2003
18 Provisions for liabilities and charges
US
Deferred tax restructuring Total
£’000 £’000 £’000
Group
At 1 April 2002 147 1,206 1,353
Provided in year – 520 520
Utilised in year (116) (1,598) (1,714)
Currency changes – (80) (80)
At 31 March 2003 31 48 79
Deferred tax
All potential deferred tax liabilities have been recognised in the financial statements. These liabilities relate wholly to accelerated capital allowances.
Potential deferred tax assets have not been recognised but are set out below:
2003 2002
£’000 £’000
Group
Research and development tax credits 1,149 987
Trading losses 3,623 1,597
Accelerated capital allowances 416 232
Other short term timing differences 569 1,653
The Company had no deferred tax balances at 31 March 2003 and 31 March 2002.
5,757 4,469
US restructuring provision
The US restructing provision was set up during the year ended 31 March 2002 as an exceptional cost relating to the transfer of the library
manufacturing facilities previously located in Minneapolis to the Group’s other US location in Colorado Springs. During the year ended 31 March
2003, additional provisions were made relating to the transfer of the library development facility also originally located in Minneapolis to Colorado
Springs. The cash impact of the remaining provision is expected to be a cash outflow of £48,000 in 2003/4 (2002/3: £1,206,000). Further details
of the US restructuring costs are given in Note 4.
19 Lease commitments
Obligations under finance leases are repayable as follows:
2003 2002
£’000 £’000
Group
Within one year 1,009 782
One to two years 840 754
Two to five years 895 1,068
Obligations under operating leases payable in the next year where the commitment expires as follows:
2,744 2,604
2003 2002
£’000 £’000
Group
Within one year 253 163
One to two years 24 71
Two to five years 903 1,110
Plasmon Plc
Annual Report 2003
Notes to the financial statements
40
1,180 1,344