Reconciliation of equity
At 01.04.22 At 30.03.23
Note £ £
Capital and reserves (as previously stated)..............................123,594...............96,094
Deferred tax on assets...............................................1..........(3,122)...............(2,758)
Deferred tax assets on losses......................................1................ -...................1,986
Capital and reserves (as restated)...........................................120,472...............95,322*
Reconciliation of profit or loss for the year
Year ended 31.03.23
Note £
Loss for the year (as previously reported).................................(27,500)
Deferred tax on assets................................................1................364
Deferred tax on losses................................................1..............1,986
Loss for the year (as restated).................................................(25,150)
*For clarity, this figure can be proved as follows:
£
Capital and reserves per FRS 102 at 1 April 2022.........................120,472
Loss for the year under FRS 102................................................(25,150)
Capital and reserves at 31 March 2023.........................................95,322
Notes to the reconciliations
1. Deferred tax
Prior to applying FRS102, Expressions of Lancaster Ltd did not make provisions for deferred tax. FRS102 requires the recognition of deferred tax in respect of timing differences. Consequently, a provision of £3,122 was made on 1 April 2022 to reflect the adjustment in respect of asets. At 31 March 2023 this was reduced to £2,758 and a deferred tax assets on losses of £1,986 was made, resulting in a reduction in the loss for the year of £2,350.