Consolidated Profit And Loss Account Page 37
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48NOTES TO THE ACCOUNTS
b)
Deferred tax assets unrecognised
Deferred tax assets have not been recognised in respect of the following items:
Group
2005
2004
HK$ Million
HK$ Million
Deductible temporary differences
17.5
16.2
Future benefits of tax losses
225.5
537.1
243.0
553.3
Deferred tax assets have not been recognised as the Directors consider it is not probable that taxable
profits will be available against which the tax losses and the deductible temporary differences can be
utilised. The deductible temporary differences and tax losses do not expire under current tax legislation.
25. DEFERRED ITEMS
Included in deferred items are deferred profits of HK$356.4 million (2004: HK$356.4 million) and negative
goodwill of HK$110.6 million (2004: HK$119.2 million).
a)
Deferred profits
Deferred profits represent unrealised profits resulting from transactions between the Group and its
associates. The deferred profits will be released to the profit and loss account when the relevant assets
are sold to third parties.
b)
Negative goodwill
Group
2005
2004
HK$ Million
HK$ Million
Cost
Balance at 1 April
119.2
160.1
Realised on disposal of the relevant assets acquired
(8.6)
(45.5)
Addition through increase interests in subsidiaries
–
4.6
Balance at 31 March
110.6
119.2
69
Wheelock and Company Limited Annual Report 2004/05
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