25. Deferred taxation
Deferred tax as at 31 December relates to the following:
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when the deferred taxes relate to the same taxable entity and the same taxation authority. The amounts
determined after appropriate offsetting are included in the consolidated balance sheet as follows:
Tax consequences of proposed dividends
There are no income tax consequences (2013: S$Nil) attached to the dividends to the shareholders proposed by the Company
but not recognised as a liability in the financial statements (Note 32).
NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
Group
Consolidated
balance sheet
Consolidated
income statement
2014
2013
2014
2013
(Restated)
(Restated)
S$’000
S$’000
S$’000
S$’000
Deferred tax assets
Provisions
7,544
975
(6,569)
515
Unutilised tax losses
415
146
(269)
(140)
7,959
1,121
Deferred tax liabilities
Revaluation of investment properties to fair value
–
–
–
(293)
Excess of net carrying value of property, plant and
equipment over tax written down value
(984)
(845)
139
(99)
(984)
(845)
6,975
276
Deferred income tax credit
(6,699)
(17)
Group
2014
2013
(Restated)
S$’000
S$’000
Net deferred tax assets
6,978
279
Net deferred tax liabilities
(3)
(3)
6,975
276
Hock Lian Seng Holdings Limited
Annual report 2014
81
