IE Domain Registry Annual Report 2019

IE Domain Registry  Annual Report & Review  2019 59 Financial Statements 11. Creditors: amounts falling due within one year 2019 2018 Notes € € Trade creditors (a) 191,205 96,113 Customer deposit accounts 324,321 278,519 Other creditors 140,376 180,729 Corporation tax payable 7,691 4,477 Other taxes and social security costs 42,424 48,090 Accruals (b) 393,383 258,463 Deferred income (c) 2,506,577 2,390,458 3,605,977 3,256,849 Other taxes and social security costs include: € € VAT 42,424 48,090 42,424 48,090 11(a). The payment terms of trade creditors vary between on demand and ninety days. No interest is payable on trade creditors. Tax and social insurance are subject to the terms of the relevant legislation. Interest accrues on late payment at the rate of 0.0274% for each day or part of a day for which payment is overdue. No interest was due at the financial year end date. 11(b). The terms of the accruals are based on the underlying contracts. Other amounts included within creditors not covered by specific note disclosures are unsecured, interest free and repayable on demand. 11(c). The accounting policy for deferred income is outlined in Note 2.3. 12. Creditors: amounts falling due after more than one year 2019 2018 € € Deferred taxation At 1 January 2019 25,260 54,851 Charge/(Credit) to profit and loss account 46,932 (29,591) At 31 December 2019 72,192 25,260 The deferred tax relates to the origination/reversal of timing differences.