(a) Recognised Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities are attributable to the following:
| Assets | Liabilities | Net |
|---|
2019
£m | 2018
£m | 2019
£m | 2018
£m | 2019
£m | 2018
£m |
|---|
| Intangible assets | – | – | (80.8) | (98.4) | (80.8) | (98.4) |
| Property, plant and equipment | – | – | (5.2) | (3.4) | (5.2) | (3.4) |
| Inventories | 1.1 | 0.9 | – | – | 1.1 | 0.9 |
| Receivables/payables | 1.4 | 1.2 | – | – | 1.4 | 1.2 |
| Share-based payments | 1.0 | 2.4 | – | – | 1.0 | 2.4 |
| Losses | 1.6 | 2.1 | – | – | 1.6 | 2.1 |
| R&D tax credits | – | 1.2 | – | – | – | 1.2 |
| Employee benefit obligations | 0.3 | 1.0 | – | – | 0.3 | 1.0 |
| 5.4 | 8.8 | (86.0) | (101.8) | (80.6) | (93.0) |
(b) Unrecognised Deferred Tax
The aggregate amount of gross temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognised is £1.8 million (2018: £1.8 million). The estimated unprovided deferred tax liability in relation to these temporary differences is £0.1 million (2018: £0.1 million).
Deferred tax assets in relation to losses amounting to £0.7 million (2018: £0.9 million) have not been recognised due to uncertainty over their recoverability. Included within unrecognised losses are £0.7 million of losses which expire prior to 2030. Other losses may be carried forward indefinitely.
(c) Movements during the Year
| Balance at
30 June
2017
£m | Recognised
in income
£m | Acquired through business combinations
£m | Recognised
in equity/OCI
£m | Foreign
exchange
adjustments
£m | Balance at
30 June
2018
£m |
|---|
| Intangible assets | (61.3) | 26.6 | (64.6) | – | 0.9 | (98.4) |
| Property, plant and equipment | (3.8) | 0.4 | – | – | – | (3.4) |
| Inventories | 0.8 | 2.0 | (2.0) | – | 0.1 | 0.9 |
| Receivables/payables | 3.5 | (2.3) | – | – | – | 1.2 |
| Share-based payments | 1.6 | (0.1) | – | 0.9 | – | 2.4 |
| Losses | 8.4 | (6.1) | – | – | (0.2) | 2.1 |
| R&D tax credits | 1.3 | 0.1 | – | – | (0.2) | 1.2 |
| Employee benefit obligations | 1.0 | – | – | – | – | 1.0 |
| (48.5) | 20.6 | (66.6) | 0.9 | 0.6 | (93.0) |
| Restated*
Balance at
30 June
2018
£m | Recognised
in income
£m | Acquired through
business
combinations
£m | Recognised
in equity/OCI
£m | Foreign
exchange
adjustments
£m | Balance at
30 June
2019
£m |
|---|
| Intangible assets | (98.4) | 25.6 | (5.1) | – | (2.9) | (80.8) |
| Property, plant and equipment | (3.4) | (0.3) | (1.4) | – | (0.1) | (5.2) |
| Inventories | 0.9 | 1.0 | (0.7) | – | (0.1) | 1.1 |
| Receivables/payables | 2.8 | (1.6) | – | – | 0.2 | 1.4 |
| Share-based payments | 2.4 | (0.2) | – | (1.2) | – | 1.0 |
| Losses | 2.1 | (0.5) | – | – | – | 1.6 |
| R&D tax credits | 1.2 | (1.1) | – | – | (0.1) | – |
| Employee benefit obligations | 1.0 | (0.7) | – | – | – | 0.3 |
| (91.4) | 22.2 | (7.2) | (1.2) | (3.0) | (80.6) |
* The receivables/payables deferred tax asset at 1 July 2019 has been restated as detailed in note 36 Changes to Accounting Policies.
Deferred tax assets and liabilities are analysed in the statement of financial position after offset, to the extent there is a legally enforceable right, of balances within countries as follows:
| 2019
£m | 2018
£m |
|---|
| Deferred tax assets | 0.9 | 3.8 |
| Deferred tax liabilities | (81.5) | (96.8) |
| (80.6) | (93.0) |