Annual Reports Keepmoat Homes Annual Report 2018 | Page 41

Notes to the consolidated financial statements
Keepmoat.com
4 – Exceptional items (continued)
Disposal of shared equity portfolio
During the year ended 31 March 2016, the Group disposed of its entire shared equity portfolio. During the current year the
Group received £250,000 of deferred consideration.
Gain on disposal of property
During the year ended 31 March 2018 the Group disposed of its Church street office, its Conquest House office, its Beecham
Court office and its Vallum house office for total cash consideration of £3,838,000 making a gain on disposal of £2,319,000.
Vallum House had been held as an investment property. During the prior year the Group disposed of its Coleshill office for
cash consideration of £2,467,000 making a gain on disposal of £1,183,000.
5 – Finance income and expense
2018 2017
£’000 £’000
Other interest income 51 98
Finance income 51 98
(3,003) (2,545)
(494) (249)
Unwind of discount on provisions (1,204) -
Finance expense (4,701) (2,794)
Net finance expense (4,650) (2,696)
2018 2017
£’000 £’000
- 5,231
Adjustment in respect of previous years (699) 3,921
Current tax (credit)/charge (699) 9,152
(2,411) (630)
Adjustment in respect of previous years 533 (110)
Difference in applicable tax rates 148 106
Deferred tax credit (1,730) (634)
Income tax (credit)/charge for the year (2,429) 8,518
Continuing operations
Unwind of discount on deferred land payments
Other interest payable
6 – Income tax (credit)/charge
Continuing operations
Current tax
UK corporation tax on profit for the year at 19% (2017: 20%)
Deferred tax
Origination and reversal of timing differences
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