Sweett Group plc (“Sweett Group” or "the Group") Audited final results for the year ended 31 March 2014
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- £’000 £’000
- (b) Factors affecting the tax charge for the year
- 7. Dividends 2014 2013
- 8. Earnings per share 2014 2013
- Number Number
- Before exceptional administrative expenses and performance share plan charges
- 9. Financial assets and loans and other receivables
- £’000 £’000 £’000
- At 31 March 2014 87 91 178
6. Income tax expense
(b) Factors affecting the tax charge for the year: The tax on the Group’s profit before taxation differs from the UK statutory rate as follows:
The weighted average applicable tax rate is 33.0% (2013: 26.8%). Changes to the UK Corporation tax rates were substantively enacted as part of the Finance Act 2013 on 2 July 2013. These include reductions to the main rate to reduce the rate to 21% from 1 April 2014 and to 20% from 1 April 2015. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
The Board has declared a final dividend in respect of the year ended 31 March 2014 of 0.8p per share (2013: 0.7p per share) amounting to 1.3p for the year (2013: 1.0p for the year). These financial statements do not reflect the final dividend for 2014.
Basic Basic earnings per share is calculated by dividing the profit attributable to owners of the parent by the weighted average number of Ordinary shares in issue during the year excluding Ordinary shares purchased by the company and held as treasury shares (Note 24). The weighted number of shares excludes shares held by employee trusts. Diluted Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company’s dilutive potential ordinary shares are share options. A calculation is performed to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the company’s shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options. Before exceptional administrative expenses and performance share plan charges Tax-adjusted earnings per share are calculated before exceptional administrative expenses and Performance Share Plan charges and after amortisation of acquired intangibles using the weighted average number of shares. 9. Financial assets and loans and other receivables
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