Page 220 - Sigmaroc Annual-Report 2023

SIGMAROC ANNUAL REPORT 2023 FINANCIAL REPORT
Notes to the financial statements
Deferred Tax Liability
As at 1 January 2023 (as previously stated) Adjustment to PPA
As at 1 January 2023 (as restated) Reclassification
Acquisition of subsidiary
Charged/(Credited) directly to income statement Amount charged/(Credited) to OCI
Amount charged/(Credited) to equity
Effect of movements in foreign exchange
At 31 December 2023
Deferred tax assets and liabilities are offset to the extent that there is a legally enforceable right to offset current tax assets against current tax liabilities.
Deferred tax assets in relation to losses of £3.6 million (2022: £3.5 million) and other temporary differences of £6.1 million (2022: £3.4 million) have not been recognised due to uncertainty over their recoverability.
15. ASSET ACQUISITION
During the year, the Group purchased four concrete plants located on the Belgian border with France, along with operating permits, branding, and customer relations. These are collectively considered to be the acquisition of Betons.
The Directors have treated the acquisition of Betons as an asset acquisition as the acquisition was not considered to meet the definition of a business combination under IFRS 3, and therefore they judged the fair value of the assets acquired to be equal to the fair value of the consideration.
Tax losses £’000
Temporary timing differences £’000
Total £’000
(128)
68,732
68,604
-
10,507
10,507
(128)
79,239
79,111
(2,034)
(2,390)
(4,424)
(196)
-
(196)
156
429
585
-
(2,074)
(2,074)
-
250
250
8
(1,041)
(1,033)
(2,194)
74,413
72,219
The amounts acquired as an asset acquisition are shown below:
Property, plant & equipment (refer to note 16) Intangible assets (refer to note 17)
Total asset acquisition
Consolidated
31 December 2023 £’000
31 December 2022 £’000
954
- - -
2,229
3,183