Annual Reports Keepmoat Homes Annual Report 2018 | Page 44

Notes to the consolidated financial statements
Keepmoat.com
6 – Income tax (credit)/charge (continued)
Fair value
adjustments Retirement
benefit
obligation Total
£’000 £’000 £’000
Deferred tax liabilities
At 1 April 2016 - 266 266
Reclassification - (151) (151)
On acquisition of subsidiary 1,378 - 1,378
(Credit)/charge to income statement (245) (77) (322)
Credit to other comprehensive income - (243) (243)
Liabilities associated with liabilities classified as held for sale - 402 402
1,133 197 1,330
(1,008) - (1,008)
- 55 55
125 252 377
At 1 April 2017
Credit to income statement
Charge to other comprehensive income
At 31 March 2018
There is no unprovided deferred tax (2017: nil).
7 – Discontinued operations
Disposal of Regeneration business
On 1 March 2017, the Group entered into a sale agreement to dispose of 100% of its Regeneration business. The proceeds
of the sale substantially exceeded the carrying amount of the related net assets and, accordingly, no impairment losses were
recognised on the classification of these operations as held for sale. The disposal was completed on 30 April 2017 on which
date control of the Regeneration business’ operations passed to the acquirer. Details of the assets and liabilities disposed of,
and the calculation of the profit on disposal are disclosed in note 8.
Analysis of profit for the year from discontinued operations
The results of the discontinued operations included in the profit for the year are set out below.
2018 2017
£’000 £’000
Revenue 48,109 682,117
Expenses (49,005) (648,608)
(896) 33,509
19 206
- (1,262)
(877) 32,453
Profit on disposal of Regeneration business (note 8) 241,533 -
Profit for the year from discontinued operations 240,656 32,453
- (910)
240,656 31,543
(Loss)/profit before interest and tax of discontinued operations
Finance income
Tax
(Loss)/profit for the year from discontinued operations
Other comprehensive expense
Total comprehensive income from discontinued operations
Revenue includes £nil (2017:£9,088,000) of inter-group trading with the continuing part of the business.
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