Page 64 - DWF Annual Report 2017
P. 64
Notes to the Financial Statements
Year ended 30 April 2017 (continued)
5. INTEREST PAYABLE 2017 2016
£’000 £’000
Interest payable and similar charges
Bank interest payable on loans and overdrafts 1,149 1,104
Other interest payable and similar charges 42 33
Interest payable 1,191 1,137
6. TAX ON PROFIT OF THE SUBSIDIARIES
Taxation arises within the subsidiary undertakings of the Group and represents: 2017 2016
£’000 £’000
Total tax on profits
UK corporation tax 37 898
The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to
the profit before tax is as follows:
2017 2016
£’000 £’000
Profits before tax 42,364 44,439
Tax on Group profit at standard UK corporation tax rate of 19%
(2016: 20%) 8,049 8,888
Effects of:
Tax borne by the individual Members (8,012) (7,990)
Group total tax charge for the year 37 898
From 1 April 2017, the main rate of UK corporation tax reduced to 19%.
7. MEMBERS’ REMUNERATION CHARGED AS AN EXPENSE
The basis on which profits are shared among the Members is set out in the principal accounting policies. 2017 2016
No. No.
Average number of Members during the year 210 228
The profit attributable to the Member with the highest entitlement to profits was £845,849 (2016: £940,355).
