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10. Deferred tax
Group
Company
2011
2010
2011
2010
Deferred tax asset
Accelerated capital allowances for tax purposes
(495 038)
(181 915)
(26 226)
(13 768)
Liabilities for accrued expenses
75 050
102 470
5 492
66 829
Tax losses available for set off against future taxable income
11 258 026 3 242 802
2 845 145 1 958 237
Income received in advance
71 554
19 740
-
-
10 909 592 3 183 097 2 824 411 2 011 298
Reconciliation of deferred tax asset (liability)
Group
Company
2011
2010
2011
2010
At beginning of the year
3 183 097 2 155 747
2 011 298 1 017 898
Increase in tax losses available for set off against future taxable
income
2 073 830
38 224
886 908
921 310
Acquisition through business combination
291 169
-
-
-
Originating temporary difference on tangible fixed assets
137 420
884 095
(12 458)
5 261
Originating temporary difference on accrued expenses
(88 725)
80 906
(61 337)
66 829
Originating temporary difference on income received in advance
71 554
19 740
-
-
Arising from previously unrecognised tax losses and temporary
differences
5 241 247
-
-
-
10 909 592 3 183 097 2 824 411 2 011 298
The group restructure and recapitalisation process initiated in 2010 has resulted in reduced overhead structures, diversifica-
tion of the group’s product offering, unlocking additional revenue streams and increasing their market share. These elements
in conjunction with the continued drive to increase the group’s operating performance indicate that sufficient future taxable
profits will be available to utilise the accumulated tax losses.
11. Inventories
Raw materials
263 066
239 919
-
-
Finished goods
198 104
367 719
-
-
Merchandise
338 669
49 444
-
-
799 839 657 082
-
-
The amount of inventory recognised
as an expense during the period amounted to
2 386 982 4 093 129
-
-
Inventory pledged as security
There are no inventories pledged as security.