Tesco 2013 Annual Report Download - page 94

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90 Tesco PLC Annual Report and Financial Statements 2013
Notes to the Group financial statements
Note 6 Taxation continued
Certain deferred tax assets and liabilities have been offset and analysed as follows:
2013
£m
2012
£m
Deferred tax assets 58 23
Deferred tax liabilities (1,006) (1,160)
Deferred tax liabilities relating to disposal group (8) –
(956) (1,137)
No deferred tax liability is recognised on temporary differences of £3.6bn (2012: £3.4bn) relating to the unremitted earnings of overseas subsidiaries
and joint ventures as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse
in the foreseeable future. The deferred tax on unremitted earnings at 23 February 2013 is estimated to be £159m (2012: £161m) which relates to
taxes payable on repatriation and dividend withholding taxes levied by overseas tax jurisdictions. UK tax legislation relating to company distributions
provides for exemption from tax for most repatriated profits, subject to certain exceptions.
Unrecognised deferred tax assets
Deferred tax assets in relation to continuing operations have not been recognised in respect of the following items (because it is not probable that
future taxable profits will be available against which the Group can utilise the benefits):
2013
£m
2012
£m
Deductible temporary differences 11 29
Tax losses 170 141
181 170
As at 23 February 2013, the Group has unused trading tax losses from continuing operations of £858m (2012: £666m) available for offset
against future profits. A deferred tax asset has been recognised in respect of £169m (2012: £110m) of such losses. No deferred tax asset has been
recognised inrespect of the remaining £689m (2012: £556m) due to the unpredictability of future profit streams. Included in unrecognised tax
losses are losses of £544m that will expire in 2017 (2012: £479m in 2016) and £37m that will expire between 2018 and 2033 (2012: £21m between
2017 and 2032). Other losses will be carried forward indefinitely.
Note 7 Discontinued operations and non-current assets classified as held for sale
2013
£m
2012
£m
Assets of disposal groups*307 65
Non-current assets classified as held for sale 324 445
Total assets of the disposal group and non-current assets classified as held for sale 631 510
Total liabilities of the disposal group*(282) (69)
Total net assets classified as held for sale 349 441
* The year ending 23 February 2013 represents the US, while the year ending 25 February 2012 represents Japan.
The non-current assets held for sale consist mainly of properties in the UK and China due to be sold within one year.