47. Deferred tax

There are no deferred tax liabilities and assets recognised by the Company during the current and prior reporting periods. The Company’s taxable income was fully taxable within the Irish tonnage tax system.

The estimated value of deferred tax assets not recognised is €0.1 million (2019: €0.1 million). Deferred tax assets are not recognised as it is not probable that taxable profits will be available against which deductible temporary differences can be utilised.