Notes to the financial statements

for the year ended 31 March 2012

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25 Deferred taxation assets

Consolidated Property,
plant and
equipment
£’000
Other
timing
differences
£’000
Intangible
assets
arising on
acquisition
£’000
Retirement
benefit
obligation
£’000
Total
£’000
At 1 April 2010 41,324 3,106 (2,419) 14,104 56,115
(Charged)/credited to the income statement (note 10) (11,536) 1,444 2,287 (2,970) (10,775)
(Charged) directly to equity and other comprehensive income (710) (9,333) (10,043)
At 31 March 2011 29,788 3,840 (132) 1,801 35,297
(Charged)/credited to the income statement (note 10) (9,801) 420 56 (4,070) (13,395)
Credited directly to equity and other comprehensive income 868 5,602 6,470
At 31 March 2012 19,987 5,128 (76) 3,333 28,372
Parent company
At 1 April 2010 14,104 14,104
(Charged) to the income statement (4,771) (4,771)
(Charged) directly to equity and other comprehensive income (9,333) (9,333)
At 31 March 2011
Charged to the income statement
Charged directly to equity and other comprehensive income
At 31 March 2012

The major components of the deferred taxation asset not recognised are as follows:

Not recognised
2012
£’000
2011
£’000
Losses 1,356 1,241

Deferred tax assets relating to property, plant and equipment and short-term timing differences of £21.5 million (2011: £30.3 million) have been recognised in those subsidiary companies in which there is sufficient available evidence that suitable taxable profits will arise against which these assets are expected to reverse. There are additional deferred tax assets of £1.4 million (2011: £1.3 million) which have not been recognised, as there is insufficient evidence as to the generation of suitable profits against which these assets can be offset. The utilisation of these assets would reduce the Group’s tax charge in future periods. All deferred tax assets and liabilities are provided for at the future rate of corporation tax being 24% (2011: 26%).