HORSE SPORT IRELAND
68
Financial Ov
ervie
w
Annual Report
2013
HORSE SPORT IRELAND
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2013
6. TAXATION ON ORDINARY ACTIVITIES
(a) Analysis of charge in the year
2013
2012
Current tax:
Irish Corporation tax based on the results for
the year at 12.50% (2012 - 12.50%)
9,479
605
Over/under provision in prior year
-
(213)
Total current tax
9,479
392
(b) Factors affecting current tax charge
The tax assessed on the surplus on ordinary activities for the year is lower than
the standard rate of corporation tax in Ireland of 12.50% (2012 - 12.50%).
2013
2012
Surplus on ordinary activities before taxation
159,966
26,526
Surplus on ordinary activities by rate of tax
19,996
3,316
Expenses not deductible for tax purposes
(3,845)
1,238
Timing differences
(438)
(1,976)
Utilisation of tax losses
(6,574)
(2,693)
Adjustments to tax charge in respect of previous periods
-
(213)
Additional tax arising on profits chargeable at 25%
340
720
Total current tax (note 6(a))
9,479
392
7. TANGIBLE FIXED ASSETS
Brought
forward 1 Jan. 13
Additions
Carried forward
31 Dec. 13
COST
Fixtures & Fittings
162,548
162,548
Equipment
105,920
105,920
Leasehold Property
272,357
11,931
284,288
540,825
11,931
552,756