QinetiQ Annual Report 2017

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124 124 Financial Financial statements statements QinetiQ QinetiQ Group Group plc plc Annual Annual Report Report and and Accounts Accounts 2017 2017 www.qinetiq.com Notes to the financial statements continued 16. Non-current investments As at 31 March all figures in £ million Joint venture and associates financial results 2017 2016 Group net share of joint ventures and associates Joint venture and associates financial results Group net share of joint ventures and associates Non-current assets 0.3 0.1 0.2 0.1 Current assets 6.8 3.3 12.8 6.1 7.1 3.4 13.0 6.2 Current liabilities (4.2) (2.0) (11.2) (5.4) Net assets of joint ventures and associates 2.9 1.4 1.8 0.8 Other non-current investments 0.1 0.1 Total 2.9 1.5 1.8 0.9 During the year ended 31 March 2017 there were sales to associates of £3.4m (2016: £3.2m). At the year end there were outstanding receivables from associates of £0.4m (2016: £0.4m). 17. Deferred tax Deferred tax assets and liabilities are offset only where there is a legally enforceable right to do so and there is an intention to settle the balances net. Movements in the deferred tax assets and liabilities are shown below: Year ended 31 March 2017 Deferred tax asset Short-term all figures in £ million Pension liability timing differences Trading losses Total At 1 April 2016 1.5 8.0 – 9.5 (Charged)/credited to income statement (1.7) 1.1 3.7 3.1 Credited/(charged) to other comprehensive income (31.2) – – (31.2) Transfer to current tax – (0.1) – (0.1) Foreign exchange – 1.0 – 1.0 Acquired in business combinations – (0.1) – (0.1) Transfer to liability 31.4 – – 31.4 Gross deferred tax asset at 31 March 2017 – 9.9 3.7 13.6 Less: liability available for offset (8.2) Net deferred tax asset at 31 March 2017 5.4 Deferred tax liability Accelerated all figures in £ million Pension surplus capital allowances Amortisation Total At 1 April 2016 – (3.1) (2.3) (5.4) Charged to income statement – (1.9) (0.2) (2.1) Foreign exchange – 0.1 (0.2) (0.1) Acquired in business combinations – – (6.2) (6.2) Transfer from asset (31.4) – – (31.4) Gross deferred tax liability at 31 March 2017 (31.4) (4.9) (8.9) (45.2) Less: asset available for offset 8.2 Net deferred tax liability at 31 March 2017 (37.0) Deferred tax has been calculated using the enacted future statutory tax rates. At 31 March 2017, the Group had unused tax losses of £141.7m (2016: £154.8m) which are available for offset against future profits. A deferred tax asset of £3.7m has been recognised in the year, with the income statement credit classified as a specific adjusting item. This asset is in respect of £18.8m of UK losses and £1.4m of Canadian losses. No deferred tax asset is recognised in respect of the remaining £121.5m of losses due to uncertainty over the timing of their utilisation. The Group has £66.5m of time limited losses of which US capital losses of £30.0m will expire in 2020. The remaining £36.5m of losses are time limited with £4.4m expiring in 2034, £22.7m in 2035 and £9.4m in 2036.
www.qinetiq.com QinetiQ QinetiQ Group Group plc plc Annual Annual Report Report and and Accounts Accounts 2017 2017 Financial statements Financial statements 125 125 Year ended 31 March 2016 Deferred tax asset all figures in £ million Pension liability Short-term timing differences Trading losses Total At 1 April 2015 1.6 7.6 25.2 34.4 (Charged)/credited to income statement (2.3) 0.6 (25.2) (26.9) Credited/(charged) to other comprehensive income 2.2 (0.1) – 2.1 Foreign exchange – 0.1 – 0.1 Eliminated on disposal – (0.2) – (0.2) Gross deferred tax asset at 31 March 2016 1.5 8.0 – 9.5 Less: liability available for offset (5.4) Net deferred tax asset at 31 March 2016 4.1 Deferred tax liability all figures in £ million Accelerated capital allowances Amortisation Total At 1 April 2015 (17.7) (3.8) (21.5) Credited to income statement 4.2 0.1 4.3 Eliminated on disposal (0.1) 1.5 1.4 Foreign exchange 0.1 (0.1) – Transferred to current tax 10.4 – 10.4 Gross deferred tax liability at 31 March 2016 (3.1) (2.3) (5.4) Less: asset available for offset 5.4 Net deferred tax liability at 31 March 2016 – 18. Inventories As at 31 March all figures in £ million 2017 2016 Raw materials 12.1 10.0 Work in progress 6.1 4.0 Finished goods 10.7 5.0 28.9 19.0 The increase in inventories reflects the acquisition of Meggitt Target Systems in the year (see note 7).
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