RWS AR 23 Final Single pages - Flipbook - Page 130
Notes to the Consolidated Financial Statements (continued)
Losses
At the balance sheet date the Group has unused tax losses of £113.0m (2022: £143.9m) available for o昀昀set against
future pro昀椀ts. A deferred tax asset of £3.9m (2022: £9.9m) has been recognised in respect of £17.7m (2022: £44.0m)
of such losses. These losses include corresponding adjustments that could be claimed on settlement of uncertain
tax positions with overseas tax authorities as accounted for under International Financial Reporting Interpretations
Committee 23 ('IFRIC 23').
No deferred tax asset has been recognised in respect of the remaining £95.3m (2022: £99.9m) as these can only be
used to o昀昀set limited types of pro昀椀ts and as it is not considered probable that there will be the required type of future
trading or non-trading pro昀椀ts available in the correct entities necessary to permit o昀昀set and recognition.
The unrecognised deferred tax asset on losses is £21.9m (2022: £23.5m).
Recognised deferred tax assets principally relate to UK and US activities of the acquired SDL business.
The Group has recognised deferred tax assets on losses in the US which have a 20 year expiry date and expects to
use these losses in this period, the earliest date these losses expire is 31 December 2033 and at the year-end losses
amounted to £4.2m (2022: £6.0m).
Unremitted earnings
Dividends received from subsidiaries are largely exempt from UK tax but may be subject to dividend withholding taxes
levied by the overseas tax jurisdictions in which the subsidiaries operate. The gross temporary di昀昀erences of those
subsidiaries a昀昀ected by such potential taxes is £79.2m. The Group has an estimated unrecognised deferred tax liability
of £4.9m of unremitted earnings where no distributions are expected to be paid in the foreseeable future.
10. DIVIDENDS TO SHAREHOLDERS
Accounting policy
Dividends payable to the Parent Company’s shareholders are recognised as a liability in the Group’s 昀椀nancial
statements in the period in which dividends are approved by the Parent Company’s shareholders.
2023
£m
2022
£m
Final ordinary dividend for the year ended 30 September 2022 was 9.5p (2021: 8.5p)
37.0
33.1
Interim ordinary dividend, paid 21 July 2023 was 2.4p (2022: 2.0p paid 22 July 2022)
9.3
8.8
46.3
41.9
The Directors recommend a 昀椀nal dividend in respect of the 昀椀nancial year ended 30 September 2023 of 9.8 pence
per ordinary share, to be paid on 23 February 2024 to shareholders who are on the register at 26 January 2024. This
dividend is not re昀氀ected in these 昀椀nancial statements as it does not represent a liability at 30 September 2023. The 昀椀nal
proposed dividend will reduce shareholders’ funds by an estimated £36.8m.
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RWS Holdings plc — Annual Report 2023 NOTES TO THE CONSOLIDATED STATEMENTS
