Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
| Assets | Liabilities | Net |
---|
| 2017 £000 | 2016 £000 | 2017 £000 | 2016 £000 | 2017 £000 | 2016 £000 |
---|
Property, plant and equipment | (81) | (70) | 1,697 | 1,743 | 1,616 | 1,673 |
Intangible assets | (115) | (53) | 2,191 | 2,240 | 2,076 | 2,187 |
Inventories | (774) | (737) | — | — | (774) | (737) |
Provisions/accruals | (537) | (327) | 188 | 159 | (349) | (168) |
IFRS2 Share based payments | (835) | (903) | — | — | (835) | (903) |
Tax losses | (457) | (539) | — | — | (457) | (539) |
Tax (assets)/liabilities | (2,799) | (2,629) | 4,076 | 4,142 | 1,277 | 1,513 |
Tax set-off | 440 | 464 | (440) | (464) | — | — |
Net tax (assets)/liabilities | (2,359) | (2,165) | 3,636 | 3,678 | 1,277 | 1,513 |
A potential £2.10m (2016: £1.62m) deferred tax asset relating to the Company's trapped management losses was not recognised on the grounds that recovery of these losses is highly unlikely.
Movement in deferred tax during the year
| 1 April 2016 £000 | Recognised in income £000 | Recognised in equity^ £000 | 31 March 2017 £000 |
---|
Property, plant and equipment | 1,673 | (135) | 78 | 1,616 |
Intangible assets | 2,187 | (270) | 159 | 2,076 |
Inventories | (737) | 15 | (52) | (774) |
Provisions/accruals | (168) | (188) | 7 | (349) |
IFRS2 Share based payments | (903) | (62) | 130 | (835) |
Tax losses | (539) | 152 | (70) | (457) |
| 1,513 | (488) | 252 | 1,277 |
Movement in deferred tax during the prior year
| 1 April 2015 £000 | Recognised in income £000 | Recognised in equity^ £000 | 31 March 2016 £000 |
---|
Property, plant and equipment | 1,522 | 92 | 59 | 1,673 |
Intangible assets | 2,274 | (259) | 172 | 2,187 |
Inventories | (571) | (155) | (11) | (737) |
Provisions/accruals | (143) | (30) | 5 | (168) |
IFRS2 Share based payments | (649) | (164) | (90) | (903) |
Tax losses | (53) | (467) | (19) | (539) |
| 2,380 | (983) | 116 | 1,513 |
^ Amounts recognised in equity include the deferred tax on IFRS2 share based payments and the equity element of foreign exchange differences taken to reserves