OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 16 DEFERRED TAX LIABILITIES (continued) Unrecognised deferred tax liabilities At 31 December 2023, there was a deferred tax liability of $2.0 million (2022: $1.6 million) for temporary differences of $39.0 million (2022: $32.7 million) related to investments in subsidiaries and a joint venture. However, this liability was not recognised because the Group controls the dividend policy of its subsidiaries and is able to veto the payment of dividends of its joint venture – i.e. the Group controls the timing of reversal of the related taxable temporary differences and management is satisfied they will not reverse in the foreseeable future. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following item: Group 2023 2022 $’000 $’000 Tax losses 107,360 93,496 Tax losses with expiry dates are as follows: Group 2023 2022 $’000 $’000 Within 5 years 55,944 51,678 The remaining tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of this item because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom. 17 SHARE CAPITAL Ordinary shares 2023 2022 Number of shares Number of shares ’000 ’000 Company In issue at beginning and end of the year, including treasury shares 1,665,144 1,665,144 Less: Treasury shares (3,435)1 (3,435) In issue at end of the year, excluding treasury shares 1,661,709 1,661,709 (a) All issued ordinary shares (excluding treasury shares) are fully paid, with no par value. All shares rank equally with regards to the Company’s residual assets. (b) The holders of ordinary shares (excluding treasury shares) are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meeting of the Company. All rights attached to the treasury shares are suspended until those shares are reissued. 1 The treasury shares have been cancelled during the year. Notes to the Financial Statements Year ended 31 December 2023 195 ANNUAL REPORT 2023
RkJQdWJsaXNoZXIy NTM2MDQ5