BISICHI MINING PLC ANNUAL REPORT 2017

Financial statements Notes to the financial statements
6. INTEREST PAYABLE
On bank overdrafts and bank loans 443 395
Unwinding of discount 92 78
Other interest payable 129 81
Interest payable 664 554
2017
£’000
2016
£’000
7. TAXATION
2017
£’000
2016
£’000
(a) Based on the results for the year:
Current tax - UK 231 10
Current tax - Overseas 136 60
Corporation tax - adjustment in respect of prior year – UK (5) -
Current tax 362 70
Deferred tax 202 (131)
Total tax in income statement charge / (credit) 564 (61)
The 2016 deferred tax recognised in income of £131,000 includes a credit of £168,000 arising on the correction of an error in the calculation of
deferred tax in 2015 related to the accounting of a deferred tax liability incorrectly recognised in respect of management fees. The company adjusted
the effect of this error in its 2016 financial statements by reducing the tax charge for the year by £168,000 and reducing the associated deferred tax
liability as it was not considered to be material to the current or prior year financial statements.
(b) Factors affecting tax charge for the year:
The corporation tax assessed for the year is different from that at the standard rate of corporation tax in the United Kingdom of 19.25% (2016: 20%).
The differences are explained below:
Profit/(Loss) on ordinary activities before taxation 1,485 346
Tax on profit on ordinary activities at 19.25% (2016: 20%) 286 69
Effects of:
Expenses not deductible for tax purposes 107 20
Capital gains on disposal - 153
Adjustment to tax rate 201 (117)
Other differences (27) (32)
Adjustment in respect of prior years (3) (154)
Total tax in income statement (credit) / charge 564 (61)
Bisichi Mining PLC
69