ANNUAL REPORT 2011 - Horse Racing Ireland

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)21. Creditors (Amounts falling due after more than one year)2011 2010€’000 €’000GroupBank loan (Note 22) 15,000 15,000Deferred income 718 1,380Finance leases (Note 23) 30 4815,748 16,428Horse Racing IrelandBank loan (Note 22) 15,000 15,000Deferred income 63 17915,063 15,17922. Bank loans2011 2010€’000 €’000GroupRepayable within 1 year - 2,223Repayable within 2 to 5 years 6,000 3,000Repayable after 5 years 9,000 12,00015,000 17,223Horse Racing IrelandRepayable within 1 year - 2,223Repayable within 2 to 5 years 6,000 3,000Repayable after 5 years 9,000 12,00015,000 17,22323. Finance leasesLeasing obligations, net of interest, are due for repayment as follows:2011 2010€’000 €’000GroupRepayable within 1 year 18 16Repayable within 2 to 5 years 30 4848 6424. Provisions for liabilities and charges2011 2010€’000 €’000Deferred taxationAt 1 January 51 315Credit to the Income and Expenditure account (49) (264)At 31 December 2 51The deferred tax liability arises where fixed assets are depreciated over a longer period than that over which capital allowancesare recognised.Horse Racing Ireland Annual Report 2011 47