16 Deferred tax assets and liabilities — Group

Recognised deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:


Assets Liabilities Net
2012
£000
2011
£000
2012
£000
2011
£000
2012
£000
2011
£000
Property, plant and equipment (316) (226) 915 150 599 (76)
Intangible assets (10) 99 175 89 175
Stocks (284) (225) (284) (225)
Provisions/IFRS 2 (628) (414) 72 62 (556) (352)
Tax value of loss c/fwd (267) (1,158) (267) (1,158)
Tax (assets)/liabilities (1,505) (2,023) 1,086 387 (419) (1,636)
Tax set-off 249 43 (249) (43)
Net tax (assets)/liabilities (1,256) (1,980) 837 344 (419) (1,636)

A potential £1.51 million (2011: £1.42 million) deferred tax asset relating to tax losses at TR Fastenings Inc. was not recognised on the grounds that recovery is uncertain. In addition, a potential £1.36 million (2011: £1.27 million) deferred tax asset relating to the Company's management losses was not recognised on the grounds that recovery of these losses is uncertain.

Movement in deferred tax during the year


1 April
2011
£000
Recognised
in income
£000
Recognised
on acquisitions
£000
Recognised
in translation
reserve
£000
31 March
2012
£000
Property, plant and equipment (76) (90) 765 599
Intangible assets 175 (86) 89
Stocks (225) (59) (284)
Provisions/IFRS 2 (352) (26) (72) (106) (556)
Tax value of loss c/fwd (1,158) 888 3 (267)

(1,636) 627 693 (103) (419)

Movement in deferred tax during the prior year


1 April
2010
£000
Recognised
in income
£000
Recognised in translation
reserve
£000
31 March
2011
£000
Property, plant and equipment 30 (115) 9 (76)
Intangible assets 262 (87) 175
Stocks (185) (39) (1) (225)
Provisions/IFRS 2 (102) (253) 3 (352)
Tax value of loss c/fwd (1,705) 551 (4) (1,158)

(1,700) 57 7 (1,636)