REGISTERED NUMBER: 09647285 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

AMT2 Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTOR:

M J Godfrey

REGISTERED OFFICE:

Unit 1 C/D Birkdale Road

South Park Industrial Estate

Scunthorpe

North Lincolnshire

DN17 2AU

REGISTERED NUMBER:

09647285 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

REVIEW OF BUSINESS

Revenue

The results of the group as set out herein show turnover decreasing from slightly £18.3m FYE 31.3.24 to £17.2m 31.3.25 however operating profit increased from £1.4m to £1.6m respectively .

The group is always actively seeking new opportunities where we can provide enhanced service capabilities and cost benefits to our customers.

The group has been successful with competitive tenders resulting in a number of secured contracts and overall 80% of the revenue streams are under contract with contract periods up to 3 years.

Business Performance

Over the course of the reported financial year the group continued to provide a high quality service across its spectrum of operations and this is borne out from service user, customer satisfaction surveys and customer specific KPIs.

The group continues with its cost control initiatives which have provided tangible cost reductions.

Continued investment in and increased use of technology providing operational efficiency benefits, reducing transactional processing costs and increasing productivity in back office & reporting functions.

Energy efficiency actions

At year end the number of vehicles that were compliant to EURO6 made up 90% of the total fleet of 354 vehicles. AMT2 is all too aware that all businesses generate an environmental impact.

We aim to minimise our impact where possible and we have introduced various initiatives to support our aims which are:

- Working with our ESOS partner to better understand areas in which we can improve

- ESOS Phase 3 Energy Audits that are compliant with ESOS were 96%

- Following the NHS Non emergency patient transport decarbonisation timeline which recommends that from 2023 50% of vehicles used to deliver contracts are of the latest emissions standards Ultra low emissions vehicles (ULEV) or zero emissions vehicles (ZEV) 75% from 2026

- Continued monitoring and reporting of vehicle idling time

- Driver performance scoring. This includes monitoring various areas of driver behaviour and providing awareness and retraining as required

- Improvements in vehicle and asset ppm scheduling

Employees

The board would like to thank all employees for their continued efforts and support to the group, our customers and the service users themselves.

We continue to upskill our employees by way of ad hoc training as well as professional and accredited membership training and we have increasingly utilised the apprenticeship levy scheme to support both internal upskilling and to provide accredited training to new employees.

Regular two way communication with employees takes place in a formal manner through meetings held between the general manager, directors and heads of departments and a minimum of 3 ; maximum 6 employees on a rotating basis to ensure that the business obtain input from a wide base of employees.

ON BEHALF OF THE BOARD:

M J Godfrey - Director

12 September 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group is the provision of ambulance transport, medical courier and SEN transport services

Our operating offices are still located in Grimsby, Scunthorpe (Head office) and Glasgow .

The group operates within the CQC regulatory regime where applicable and as a group we are ISO 9001:2015 accredited, a Qualsafe approved training centre, Cyber Essentials Certified and Disability Confident Committed.

The group is proud to work alongside its customers and to have introduced enhanced & bespoke services which have led to a reduction of turnaround times and operating costs for the customer and a greatly improved service user experience.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTOR

M J Godfrey held office during the whole of the period from 1 April 2024 to the date of this report.

EMPLOYEES

The group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the group. This has been achieved through formal and informal meetings, electronic communication and updates and the annual financial statements.

Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the group continues and that appropriate support and training is provided. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Overall the group policy for recruitment, selection, remuneration, training, development and promotion are designed to ensure that eligibility is considered on the basis of the aptitudes and abilities of the person concerned and that nobody receives less favourable treatment on any grounds.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Godfrey - Director

12 September 2025

Opinion

We have audited the financial statements of AMT2 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Through discussion with management and those charged with governance we gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates and considered the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. During the engagement team briefing we communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, FRS102 (UK GAAP), the Companies Act 2006, tax legislations and industry specific legislation, such as the Care Quality Commission (Register) Regulations 2009. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We evaluated management's incentives and opportunities for fraudulent manipulations of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates.

Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:

- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

- enquiries with the same concerning any actual or potential litigation claims;

- reviewed risk of management override;

- review of journal entries posted with unusual account combinations or posted by senior management;

- reviewing accounting estimates for bias;

- performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud;

- agreeing financial statement disclosures to underlying supporting documentation.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Stothard BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

12 September 2025

TURNOVER

3

17,231,643

18,275,164

Cost of sales

14,574,396

15,959,567

GROSS PROFIT

2,657,247

2,315,597

Administrative expenses

1,072,058

947,916

1,585,189

1,367,681

Other operating income

20,035

19,978

OPERATING PROFIT

5

1,605,224

1,387,659

Interest receivable and similar income

128,977

119,237

1,734,201

1,506,896

Interest payable and similar expenses

6

224,674

124,026

PROFIT BEFORE TAXATION

1,509,527

1,382,870

Tax on profit

7

395,159

427,031

PROFIT FOR THE FINANCIAL YEAR

1,114,368

955,839

Profit attributable to:

Owners of the parent

1,114,368

955,839

PROFIT FOR THE YEAR

1,114,368

955,839

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,114,368

955,839

Total comprehensive income attributable to:

Owners of the parent

1,114,368

955,839

FIXED ASSETS

Tangible assets

10

3,921,243

3,687,809

Investments

11

-

-

3,921,243

3,687,809

CURRENT ASSETS

Stocks

12

70,034

66,842

Debtors

13

5,600,747

4,790,404

Cash at bank and in hand

2,511,502

2,501,815

8,182,283

7,359,061

CREDITORS

Amounts falling due within one year

14

2,661,873

2,765,216

NET CURRENT ASSETS

5,520,410

4,593,845

TOTAL ASSETS LESS CURRENT LIABILITIES

9,441,653

8,281,654

CREDITORS

Amounts falling due after more than one year

15

(1,293,011

)

(1,368,412

)

PROVISIONS FOR LIABILITIES

19

(364,338

)

(242,806

)

NET ASSETS

7,784,304

6,670,436

CAPITAL AND RESERVES

Called up share capital

20

50

550

Share premium

21

464,306

464,306

Merger reserve

21

19,450

19,450

Retained earnings

21

7,300,498

6,186,130

SHAREHOLDERS' FUNDS

7,784,304

6,670,436

The financial statements were approved by the director and authorised for issue on 12 September 2025 and were signed by:

M J Godfrey - Director

FIXED ASSETS

Tangible assets

10

-

-

Investments

11

750

750

750

750

CURRENT ASSETS

Debtors

13

6,880

-

Cash at bank

41

3,500

6,921

3,500

CREDITORS

Amounts falling due within one year

14

3,740

3,700

NET CURRENT ASSETS/(LIABILITIES)

3,181

(200

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,931

550

CAPITAL AND RESERVES

Called up share capital

20

50

550

Retained earnings

3,881

-

SHAREHOLDERS' FUNDS

3,931

550

Company's profit for the financial year

3,881

130,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 12 September 2025 and were signed by:

M J Godfrey - Director

Called up

share

Retained

Share

Merger

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

550

5,360,291

464,306

19,450

5,844,597

Changes in equity

Dividends

-

(130,000

)

-

-

(130,000

)

Total comprehensive income

-

955,839

-

-

955,839

Balance at 31 March 2024

550

6,186,130

464,306

19,450

6,670,436

Changes in equity

Issue of share capital

(500

)

-

-

-

(500

)

Total comprehensive income

-

1,114,368

-

-

1,114,368

Balance at 31 March 2025

50

7,300,498

464,306

19,450

7,784,304

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

550

-

550

Changes in equity

Dividends

-

(130,000

)

(130,000

)

Total comprehensive income

-

130,000

130,000

Balance at 31 March 2024

550

-

550

Changes in equity

Issue of share capital

(500

)

-

(500

)

Total comprehensive income

-

3,881

3,881

Balance at 31 March 2025

50

3,881

3,931

Cash flows from operating activities

Cash generated from operations

1

2,023,033

2,730,058

Interest paid

(17,493

)

(16,123

)

Interest element of hire purchase payments paid

(207,181

)

(107,903

)

Tax paid

(358,122

)

(286,175

)

Net cash from operating activities

1,440,237

2,319,857

Cash flows from investing activities

Purchase of tangible fixed assets

(303,656

)

(472,806

)

Sale of tangible fixed assets

368,009

344,259

Interest received

128,977

119,237

Net cash from investing activities

193,330

(9,310

)

Cash flows from financing activities

Loan repayments in year

(281,216

)

(276,006

)

Capital repayments in year

(853,015

)

(921,455

)

Amount introduced by directors

736,784

130,240

Amount withdrawn by directors

(1,225,933

)

(735,976

)

Share issue

(500

)

-

Equity dividends paid

-

(130,000

)

Net cash from financing activities

(1,623,880

)

(1,933,197

)

Increase in cash and cash equivalents

9,687

377,350

Cash and cash equivalents at beginning of year

2

2,501,815

2,124,465

Cash and cash equivalents at end of year

2

2,511,502

2,501,815

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Profit before taxation

1,509,527

1,382,870

Depreciation charges

1,039,375

988,584

Profit on disposal of fixed assets

(190,414

)

(167,209

)

Finance costs

224,674

124,026

Finance income

(128,977

)

(119,237

)

2,454,185

2,209,034

(Increase)/decrease in stocks

(3,192

)

9,023

(Increase)/decrease in trade and other debtors

(265,102

)

675,501

Decrease in trade and other creditors

(162,858

)

(163,500

)

Cash generated from operations

2,023,033

2,730,058

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

2,511,502

2,501,815

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

2,501,815

2,124,465

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

and in hand

2,501,815

9,687

2,511,502

2,501,815

9,687

2,511,502

Debt

Finance leases

(1,774,913

)

853,015

(1,146,748

)

(2,068,646

)

Debts falling due

within 1 year

(276,006

)

11,519

-

(264,487

)

Debts falling due

after 1 year

(319,698

)

269,698

-

(50,000

)

(2,370,617

)

1,134,232

(1,146,748

)

(2,383,133

)

Total

131,198

1,143,919

(1,146,748

)

128,369

1.	STATUTORY INFORMATION

AMT2 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In applying the Group's accounting policies set out below management is required to make certain estimates and judgements concerning the future. These judgements are regularly reviewed and updated as necessary. The estimates and judgements that have most significant effect on the amounts included in these financial statements are as follows:

- Useful lives of plant and equipment

Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the company's accounting policy. The selection of these estimated useful lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then depreciation charges in the financial statements would increase and carrying amounts of property, plant and equipment would reduce accordingly.

- Trade debtors

The Group reviews the reconcilability of trade debtors and makes allowances for doubtful debts where considered appropriate. If there is evidence of impairment the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised immediately in the income statement.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates, and value added tax and other sales taxes. Turnover includes revenue earned from the sales of goods and from the rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised.

Repairs and maintenance are charged to the income statement during the period in which they are incurred.

Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets, except for freehold land, evenly over their expected useful lives. It is calculated at the following rates:

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

20% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated on an average cost basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.