140 JUST GROUP PLC Annual Report and Accounts 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
17 DEFERRED TAX
2019
2018
Asset £m
Liability £m
Total £m
Asset £m
Liability £m
Total £m
– – –
(6.0)
(6.0)
Transitional tax Intangible assets Land and buildings Other provisions Total deferred tax
– – –
(8.5)
(8.5)
(19.0)
(19.0)
(22.1)
(22.1)
(0.9) (0.4)
(0.9)
(0.9) (0.7)
(0.9)
11.5 11.5
11.1
18.6 18.6
17.9
(26.3)
(14.8)
(32.2)
(13.6)
The transitional tax liability of £6.0m (2018: £8.5m) represents the adjustment arising from the change in the tax rules for life insurance companies which is amortised over ten years from 1 January 2013 and the transitional adjustments for tax purposes in adopting IFRS which is amortised over ten years from 1 January 2016.
Other provisions principally relate to temporary differences between the IFRS financial statements and tax deductions for statutory insurance liabilities.
The movement in the net deferred tax balance was as follows:
Year ended 31 December 2019 £m
Year ended 31 December 2018 £m
(13.6)
Net balance at 1 January Recognised in profit or loss
(26.2)
(1.2)
13.5
–
Recognised in other comprehensive income
(0.9)
Net balance at 31 December
(14.8)
(13.6)
The Group has unrecognised deferred tax assets of £3.9m (2018: £4.2m).
18 INSURANCE AND OTHER RECEIVABLES
2019 £m 11.1
2018 £m 14.1
Receivables arising from insurance and reinsurance contracts
2.7
Finance lease receivables
–
11.7 25.5
Other receivables
4.8
Total insurance and other receivables
18.9
Finance lease receivables are due as follows:
2019 £m
2018 £m
0.8 0.8 0.8 0.4 2.8
Less than one year
– – – – – – –
Between one and two years Between two and three years Between three and four years
Total undiscounted lease payments receivable
(0.1)
Unearned finance income Net investment in leases
2.7
Other than finance lease receivables, insurance and other receivables of £nil (2018: £nil) are expected to be recovered more than one year after the Consolidated statement of financial position date.
19 CASH AND CASH EQUIVALENTS
2019 £m
2018 £m
267.0
Cash available on demand Units in liquidity funds
113.9 882.5 996.4
1,384.0 1,651.0
Cash and cash equivalents in the Consolidated statement of cash flows
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