BP 2014 Annual Report Download - page 204

2. Taxation
$ million
Tax charge included in the statement of total recognized gains and losses 2014 2013
Deferred tax
Origination and reversal of timing differences in the current year ––
This comprises:
Actuarial gain relating to pensions and other post-retirement benefits (41) 41
Other taxable timing differences 41 (41)
Deferred tax
Deferred tax liability
Pensions –41
Deferred tax asset
Other taxable timing differences –41
Net deferred tax liability (asset) ––
Analysis of movements during the year
At 1 January ––
Charge (credit) for the year on ordinary activities 41 (41)
(Credit) charge for the year in the statement of total recognized gains and losses (41) 41
At 31 December ––
At 31 December 2014, deferred tax assets of $95 million on other timing differences and $25 million on pensions (2013 $72 million on other timing
differences) were not recognized as it is not considered more likely than not that suitable taxable profits will be available in the company from which
the future reversal of the underlying timing differences can be deducted. It is anticipated that the reversal of these timing differences will benefit other
group companies in the future.
3. Fixed assets – investments
$ million
Subsidiary
undertakings
Associated
undertakings
Shares Shares Loans Total
Cost
At 1 January 2014 134,199 2 2 134,203
Additions 5,114 – – 5,114
Disposals – – (2) (2)
At 31 December 2014 139,313 2 – 139,315
Amounts provided
At 1 January 2014 74 – 2 76
Disposals – – (2) (2)
At 31 December 2014 74 – – 74
Cost
At 1 January 2013 133,494 2 2 133,498
Additions 705 – – 705
At 31 December 2013 134,199 2 2 134,203
Amounts provided
At 1 January 2013 74 – 2 76
At 31 December 2013 74 – 2 76
Net book amount
At 31 December 2014 139,239 2 – 139,241
At 31 December 2013 134,125 2 – 134,127
The more important subsidiary undertakings of the company at 31 December 2014 and the percentage holding of ordinary share capital (to the nearest
whole number) are set out below. A complete list of investments in subsidiary undertakings, joint ventures and associated undertakings will be
attached to the company’s annual return made to the Registrar of Companies.
Subsidiary undertakings %
Country of
incorporation Principal activities
International
BP Corporate Holdings 100 England & Wales Investment holding
BP Global Investments 100 England & Wales Investment holding
BP International 100 England & Wales Integrated oil operations
BP Shipping 100 England & Wales Shipping
Burmah Castrol 100 Scotland Lubricants
Canada
BP Holdings Canada 100 England & Wales Investment holding
US
BP Holdings North America 100 England & Wales Investment holding
The carrying value of BP International in the accounts of the company at 31 December 2014 was $67.63 billion (2013 $62.63 billion).
The parent company financial statements of BP p.l.c. on pages 197-206 do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.
200 BP Annual Report and Form 20-F 2014