(a) Recognised Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are attributable to the following:

AssetsLiabilitiesNet
2017
£000
Restated
2016
£000
2017
£000
Restated
2016
£000
2017
£000
Restated
2016
£000
Intangible assets(61,316)(63,711)(61,316)(63,711)
Property, plant and equipment(3,772)(3,604)(3,772)(3,604)
Inventories831(74)831(74)
Receivables/payables3,4881,5553,4881,555
Share-based payments1,5811,3701,5811,370
Losses8,41414,0428,41414,042
R&D tax credits1,2897931,289793
Employee benefit obligations9921,1759921,175
16,59518,935(65,088)(67,389)(48,493)(48,454)

Deferred tax assets and liabilities are offset to the extent that there is a legally enforceable right to offset current tax assets against current tax liabilities.

(b) Unrecognised Deferred Tax

The aggregate amount of gross temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognised is £1,478,000 (2016: £nil). The estimated unprovided deferred tax liability in relation to these temporary differences is £74,000 (2016: £nil).

Deferred tax assets in relation to losses amounting to £1.1 million (2016: £1.0 million) have not been recognised due to uncertainty over their recoverability. Included within unrecognised losses are £1.1 million of losses which expire prior to 2030. Other losses may be carried forward indefinitely.

(c) Movements during the Year

Balance
at 1 July
2015
£000
Recognised
in income
£000
Acquired through business combinations (restated)
£000
Recognised
in equity
£000
Foreign exchange adjustments
£000
Balance
at 30 June 2016
(restated)
£000
Intangible assets(17,235)3,824(44,715)(5,585)(63,711)
Property, plant and equipment(1,806)(127)(1,289)(382)(3,604)
Inventories1652,698(2,873)(64)(74)
Receivables/payables4806892471391,555
Share-based payments1,210481121,370
Losses9919712,79794914,042
R&D tax credits1291358566793
Employee benefit obligations667(212)251385841,175
(16,291)7,130(34,997)497(4,793)(48,454)
Balance at
1 July
2016
(restated)
£000
Recognised in income
£000
Acquired through business combinations
£000
Recognised in equity/OCI
£000
Foreign exchange adjustments
£000
Balance at
30 June
2017
£000
Intangible assets(63,711)11,135(6,397)(2,343)(61,316)
Property, plant and equipment(3,604)(101)(67)(3,772)
Inventories(74)1,273(286)(82)831
Receivables/payables1,5551,873603,488
Share-based payments1,370133781,581
Losses14,042(6,226)5988,414
R&D tax credits793479171,289
Employee benefit obligations1,175292(535)60992
(48,454)8,858(6,683)(457)(1,757)(48,493)

Deferred tax assets and liabilities are analysed in the statement of financial position, after offset of balances within countries as follows:

2017
£000
Restated
2016
£000
Deferred tax asset:780466
Deferred tax liability:(49,273)(48,920)
(48,493)(48,454)