Section image
Cherries
oil on canvas
22 x 20 in
1981
Penny Machines
oil on canvas
23¾ x 29¾ in
1961
Stack of Books
oil on canvas
30 x 24 in
n.d.
Seven Suckers
oil on canvas
19 x 23 in
1970
Twin Jackpots
oil on canvas
30 x 46 in
1962
Ties
oil on canvas
20 x 26 in
1980
Notes 32-40
- 32. Accounting policies
- 33. Interest payable and similar charges
- 34. Taxation on loss on ordinary activities
- 35. Fixed asset investments
- 36. Debtors
- 37. Creditors: amounts falling due within one year
- 38. Creditors: amounts falling due after more than one year
- 39. Equity share owners’ funds
- 40. Guarantees and other financial commitments
34. Taxation on loss on ordinary activities
The tax assessed for the year differs from that resulting from applying the current rate of corporation tax in Ireland of 25% (2009 – 25%). The differences are explained below:
| 2010 £m | 2009 £m |
|
|---|---|---|
| Loss on ordinary activities before tax | (31.9) | (22.3) |
| Tax at the current rate of 25% (2009 – 25%) thereon | 8.0 | 5.6 |
| Factors affecting tax charge for the year: | ||
| Unrecognised losses carried forward | (8.0) | (5.6) |
| Current tax charge for the year | – | – |
A deferred tax asset of £13.7m (2009: £5.7 million), in relation to tax losses has not been recognised. The asset will be recovered if the Company makes sufficient profits in the future.