Preparation of consolidated financial statements
The financial statements contain information about West Lancaster Investments Limited as an individual company
and do not contain consolidated financial information as the parent of a group. The company is exempt under Section
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the
extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will
be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Foreign currencies
Assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at the balance sheet
date. Transactions in foreign currencies are translated into Euro at the rate of exchange ruling at the date of
transaction. Exchange differences are taken into account in arriving at the operating result.