Financial statements Notes to the Consolidated Financial Statements continued For the 52 weeks ended 26 June 2021 12 Deferred tax assets/liabilities Deferred tax is provided in full on temporary differences under the liability method using a taxation rate of 25.0% unless the asset/liability is expected to be realised or settled before the corporation tax rate increase in 2023 in which case the rate of 19.0% has been used (2020: 19.0%). Deferred taxation assets and liabilities are attributable to the following: Assets Liabilities Net assets/(liabilities) 2021 2020 2021 2020 2021 2020 £’m £’m £’m £’m £’m £’m Property, plant and equipment 3.6 2.5 – – 3.6 2.5 Share-based payments 6.5 2.2 – – 6.5 2.2 Hedging 1.0 – – (1.2) 1.0 (1.2) Other temporary differences 0.3 0.7 – – 0.3 0.7 11.4 5.4 – (1.2) 11.4 4.2 Assets Liabilities Net assets/(liabilities) 2021 2020 2021 2020 2021 2020 £’m £’m £’m £’m £’m £’m Deferred tax recoverable/(payable) after more than 12 months 4.6 2.6 – – 4.6 2.6 Deferred tax recoverable/(payable) within 12 months 6.8 2.8 – (1.2) 6.8 1.6 11.4 5.4 – (1.2) 11.4 4.2 The movement in the net deferred tax balance is as follows: Balance at Balance at 30 June Recognised in Recognised in 27 June 2019 income equity 2020 £’m £’m £’m £’m Property, plant and equipment 1.6 0.9 – 2.5 Share-based payments 0.3 0.6 1.3 2.2 Hedging (1.1) – (0.1) (1.2) Other temporary differences - 0.7 – 0.7 0.8 2.2 1.2 4.2 Balance at Balance at 28 June Recognised in Recognised in 26 June 2020 income equity 2021 £’m £’m £’m £’m Property, plant and equipment 2.5 1.1 – 3.6 Share-based payments 2.2 1.4 2.9 6.5 Hedging (1.2) – 2.2 1.0 Other temporary differences 0.7 (0.4) – 0.3 4.2 2.1 5.1 11.4 204 DUNELM GROUP PLCANNUAL REPORT & ACCOUNTS 2021