Directors Report and Accounts 2021/22 - Report - Page 17
NOTES TO THE FINANCIAL STATEMENTS
7. TAXATION
2022
2021
£’000
£’000
Recovery of tax paid on prior period due to loss
-
-
Adjustment in respect of prior years
-
-
Tax
-
-
UK Corporation Tax
The tax assessed for the year is lower (2021: lower) than the standard rate of Corporation Tax in the UK (19%) (2021: 19%).
Profit before taxation:
Profit before taxation multiplied by 19% (2021: 19%) during the year
Effects of:
Differences between capital allowances for the year and depreciation
Interest allowable for Corporation Tax
Income not taxable
(417)
154
(79)
29
2
5
(8)
(18)
(10)
(9)
1
1
Losses carried forward to future years
94
-
Brought forward losses used this year
-
(8)
-
-
Disallowable costs
The small company rate of Corporation Tax in the UK has been 19% with effect from 1 April 2017. Prior to this it was 20% with
effect from 1 April 2011.
8. INTEREST ON SHARE CAPITAL
A provision of £40k (2021: £91k) has been made for interest payable to members accrued at a rate of 0.1% (2021: 0.25%) for
the full year on member balances, (after deducting the proportion for which we hold a declaration of waiver). Interest on the
share capital of a Registered Society is deductible as an expense for the purposes of Corporation Tax.
2022
2021
£’000
£’000
Provision at 1 October
91
82
Interest paid in year
(91)
(84)
Charge for the year
40
93
Provision carried forward at 30 September
40
91
2022
£’000
2021
£’000
311
340
9. TANGIBLE ASSETS
Cost
1 October
3
37
Disposals *
(22)
(66)
30 September
292
311
200
222
43
44
Additions
Accumulated depreciation
1 October
Charge for year
Depreciation on disposals *
(22)
30 September
221
200
111
118
71
111
(66)
Net book value
1 October
30 September
*Disposals and Depreciation on disposals include the removal of £22k (2021: £66k) of fully written down assets with nil net book values.
Shared Interest Society Limited - Directors’ Report and Financial Statements for the year ended 30 September 2022
page 17
