26
Beta Glass PLC Annual report 2010
Notes to the financial statements for the year ended December 31, 2010 continued 14. Deferred taxation
2010 2009 Note N’000 N’000
At January 1 Provision for the year
1,423,197 1,115,291 6(i) 186,412 307,906
At December 31
1,609,609 1,423,197
15. Staff gratuity
2010 2009 N’000 N’000
At January 1 1,185,691 1,076,570 Provision for the year 259,726 281,036 Payment during the year
1,445,417 1,357,606 (122,060) (171,915)
At December 31
1,323,357 1,185,691
The pension scheme is for all employed permanent staff of the Company, and the provision for the Company’s obligation under the employees’ service gratuity scheme is based on annual actuarial valuations. The last valuation of the scheme was carried out as at December 31, 2010. The principal assumptions used in the actuarial valuation were as follows:
2010 2009
– Discount rate – Average pay increase (p.a.) – Rate of inflation *
11% 15% *15% 13.5% 10% 12%
15% for 2011 and 10% thereafter.
16. Share capital
2010 2009 N’000 N’000
Authorised: 600,000,000 ordinary shares of 50k each
300,000 300,000
Issued and fully paid: At January 1
249,986 249,986
At December 31
249,986 249,986
Issued shares in 2010 is 499,972,000 (2009 – 499,972,000) ordinary shares of 50k each.
17. Revaluation reserve
2010 2009 N’000 N’000
At January 1 At December 31
898,957 898,957
898,957 898,957