WindarPhotonics AnnualReport 2018 All - Flipbook - Page 63
13. Income tax
Year ended
Year ended
31 December 2018
31 December 2017
€
€
(a) The tax credit for the year:
UK Corporation tax
-
Foreign tax credit
(120,436)
(66,246)
(120,436) (66,246)
(b) Tax reconciliation
Loss on ordinary activities before tax
Loss on ordinary activities at the UK standard rate
of corporation tax 19% (2017: 19.25%)
Effects of:
Expenses non-deductible for tax purposes
Depreciation for the year (less than)/in excess
of capital allowances
Unrecognised tax losses
Different tax rates applied in overseas jurisdictions
Tax credit for the year
(913,408)
(173,548)
14,141
(20,386)
95,367
(36,010)
(120,436)
(2,292,121)
(441,943)
51,467
71,158
324,106
(71,034)
(66,246)
The tax credit is recognised as 22 per cent. (2017: 22 per cent) of the company’s deficit that relates to
research and development costs. Companies in Denmark, who conduct research and development and
accordingly experience deficits can apply to the Danish tax authorities for a payment equal to 22 per cent.
(2017: 22 per cent) of deficits relating to research and development costs up to DKK 25 million.
(c) Deferred tax – Group
In view of the tax losses carried forward and other timing differences there is a deferred tax asset of
approximately €2,100,238 (2017: €2,106,853) which has not been recognised in these Financial Statements,
given uncertainty around timing and availability of sufficient taxable profits in the relevant Company.
(d) Deferred tax – Company
In view of the tax losses carried forward and other differences there is a deferred tax asset of approximately
€205,968 (2017: €190,485) which has not been recognised in these Financial Statements, given uncertainty
around timing and availability of future profit against which the losses will be able to be used.
All taxes recognized in the Profit and Loss Statement are denominated in DKK.
Windar Photonics - Annual Report and Accounts 2018
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