186 UNITED HAMPSHIRE US REIT Notes to the Financial Statements For the financial year ended 31 December 2025 9 DEFERRED INCOME TAX The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax liabilities are attributed to the following: Group 2025 2024 US$’000 US$’000 Deferred tax liabilities Investment properties (24,548) (20,584) The following are the major components of deferred tax liabilities recognised and movements therein during the current and prior financial years: Tax depreciation Changes in fair value of investment properties Total Group US$’000 US$’000 US$’000 Deferred tax liabilities Balance as at 1 January 2024 (11,140) (4,506) (15,646) Recognised in profit or loss (3,202) (1,736) (4,938) Balance as at 31 December 2024 (14,342) (6,242) (20,584) Recognised in profit or loss (3,322) (642) (3,964) Balance as at 31 December 2025 (17,664) (6,884) (24,548) 10 TRADE AND OTHER PAYABLES Group Trust 2025 2024 2025 2024 US$’000 US$’000 US$’000 US$’000 Trade payables – 680 – 6 Other payables 269 147 – – Deferred income 3,596 2,195 – – Accrued real estate taxes 5 79 – – Accrued capital expenditure 14,907 3,277 – – Accrued expenses 6,264 4,956 1,528 1,563 25,041 11,334 1,528 1,569 Deferred income – Non-current 2,248 3,051 – – 27,289 14,385 1,528 1,569 Deferred income pertains to rental or recoveries income received in advance. Accrued expenses relate to the deferred maintenance credit from the prior owners and the accrual of interest expense, Manager’s base fee and development management fee, various professional fees for audit, tax, valuation, and other professional services incurred for the financial year.
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